One of leading Real estate firm Ashiana Housing Ltd reported a 32 per cent rise in net profit at Rs 11.71 crore for the quarter ended June 30 against Rs 8.9 crore in the year ago period. The revenue grew by 47 per cent to Rs 42.85 crore during the first quarter of this fiscal against Rs 29.23 crore in the corresponding period of last fiscal

Ashiana Housing focuses on developing retirement resorts under the brand name ‘Utsav’. It has developed resorts for elderly people at Bhiwadi in Haryana and Jaipur in Rajasthan. The company is building a retirement resort at Lavasa township project, which is being developed by construction major HCC on 12,500 acres of land near Pune.

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Confederation of Real Estate DevelopersAssociation of India (Credai) plans to file a case against the proposed Goods and Services Tax (GST).

Acording to the national Vice president of CREDAI Mr Prakash Challa “Currently we are collecting it from our customers which we don’t want to. Soon we will file a case at the national level,’’.

He said the service tax would only escalate cost (to customers). Developers collect money either by charging 4.12 per cent of the construction cost or by collecting 10.3 per cent from the overall saleable value.

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In apartments, rainwater is filtered and harvested from the terrace roof area and channelled into an open well. Rainwater can also be filtered and let flow into a borewell through an indirect recharge pit. The cost of the project can be divided equally among the apartment owners. Considering that the project's lifecycle is over 50 years, it is a successful one since huge amount of water will be saved from going waste and adding to urban flooding. The water can be used for watering plants, washing vehicles as well as washing clothes and other utilities.

Courtesy ET Realty Dtd. 13-08-2010

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K.K. Birla Group company Texmaco Ltd will soon make a foray into real estate development in the national capital.

The company would be developing a residential-cum-commercial unit opposite Delhi University to begin with.

Speaking to reporters after the company's annual general meeting on Thursday, Texmaco chairman Saroj Poddar said the Supreme Court had recently allowed Texmaco Ltd to develop onethird of a 31-acre plot opposite Delhi University.

The said land earlier belonged to Birla Mills and had been engaged in a legal tangle for some time.

The remaining two-thirds of the plot opposite the university would lie with Delhi Development Authority (DDA), the Delhi government's developmental agency, which will share half the revenue received from any development with the company.

Poddar added that currently the finer aspects of the project are being studied with the DDA and would be finalised very soon.

He also pointed out the futility of setting up more wagon making units in the country when the ones operated by the private sector are not used to their optimum capacity.

It may be mentioned that Union Railway Minister Mamata Banerjee had announced setting up four wagon-making units while presenting the Railway Budget for 2010-11.

Texmaco has recently demerged its core wagon making and steel foundry business to Texmaco Rail and Engineering Ltd retaining the real estate business with itself.

The de-merged entity is planning to venture into a new business of setting up logistics for the Railways via foreign collaboration, Ramesh Maheshwari, executive vice chairman, said without giving any further details.

Courtesy Hindustan times dtd 03-08-2010

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Patel Engineering Ltd. comes with new project named “Patel Neotown” in your city which is located at Noida Extension. They are providing the Residential Apartments according to your comfort. They offer two and three bedroom Apartments along with various amenities such as Club, Swimming Pool, Party Lawn, Badminton & Basketball & Tennis Court, Cricket Practice Pitch etc. which are a part of the township.

Patel Engineering Ltd. offer special Prices according to the type of booking:-

·         The basic sale price for 2 bed room, hall and kitchen plus 2 Toilet starts from Rs.915/- per Sq. Ft. to the extent of Rs.1,090 per Sq. Ft..

·         The basic sale price for 3 bed rooms, hall and kitchen plus 2 Toilet starts from Rs.1,345/- per Sq. Ft. to the extent of Rs.1,630/- per Sq. Ft...

·         Additional Charges include Open and Closed car parking, Road Facing, Park Facing, One Time Leas Rent, Club Membership and Power Back up Charges etc.

Other features of Residential Apartment are listed below:

·         The Walls and Ceiling of Living cum dining room, master bedroom, other bedrooms, servant or study room, kitchen and toilet are plastered and painted with combination of Ceramic tiles, Oil Bound Distempers paints and Emulsion paint.

·         Flooring of living cum dining room and bedroom is done by vitrified tiles.

·         Flooring of Servant room, Study Room, Balconies, Kitchen and Toilet is done by Ceramic Tiles and Anti Skid Ceramic Tiles.

·         Doors of Living room, Master bedroom, Servant or Study room and other bedrooms are up of Wooden or Ply door frame with flush door.

·         Kitchen contains a Granite Counter with Stainless Steel Sink with Drain Board.

·         Wiring of all rooms is done with Copper Wires with MCB supported Circuit with adequate number of power point and lights points.

·         There is provision for power points television and telephone in Living Cum Dining Room and Bedrooms.

·         External Door and Windows coated with Aluminum Powder.

·         For the security purpose they provide secured gated community with 24 hrs intercom facility.

At the time of Booking of Apartment they offer three type of payment plan:-

·         Down Payment Plan A:- At the time of booking you have to pay 10 percent of Basic Sale Price and within 45 days from booking you have to pay 85 percent of basic sale price.

·         Construction Payment Linked Plan B:- At the time of booking and within 30 days of booking you have to pay 10 percent of basic sale price.

·         Flexi Payment Plan C:- At the time of booking you have to pay 10 percent of Basic Sale price and within 45 days of booking you have to pay 30 percent of basic sale price

For more queries regarding the project please contact 01142470622, 9810445860 and submit Project inquiry form and for booking please send your application forms at info@zameen-zaidad.com and for more information visit www.zameen-zaidad.com.

Maxheight Township & Project Pvt. Ltd. launches project named “Maxheight Metroview” in your city which is located at Sonepat. They are providing the Residential Apartments according to your comfort. Maxheights offer two, three and four bedroom Apartments along with various amenities such as Swimming Pool, Club House, Gym, Jacuzzi, Pool for Children with Water Park, Lawn for common functions etc. at no extra cost. Maxheight Metroview, only 300 Meter away from KMP Express Highway from NH1 to NH2 just beside Ansal Baderwals Green Escape Group Housing on one side and proposed Delhi Metro Rail From way on other side.

They offer special Prices according to the type of booking:-

·         The basic sale price for 2 bed room plus Living cum Dining room plus kitchen plus 2 Toilet plus 4 Balconies is Rs.1,600 per Sq. Ft..

·         The basic sale price for 3 bed room plus Living cum Dining room plus kitchen plus 2 or 3 Toilet plus 3 or 2 Balconies is Rs.1,600 per Sq. Ft..

·         The basic sale price for 4 bed room plus Living cum Dining room plus kitchen plus 4 Toilet plus 2 Balconies is Rs.1,600 per Sq. Ft..

·         Additional Charges include Covered car parking, External or Internal Development Charges and Power Back up Charges.

Other features of Residential Apartment are listed below:

·         The Walls of Living cum dining room, master bedroom and other bedrooms are plastered and painted with Oil Bound Distempers with pleasing shades over Birla White putty with POP cornices.

·         There will be 24 hrs water and electrical supply facility.

·         They offer well designed complex with beautiful landscape.

·         They offer regulated entry with Intercom Connection from the entrance gate to each Apartment & High Tech Security System.

·         The wall of toilet made up of Glazed Ceramic tiles upto Lintel Level. Toilet contains the fittings like Washbasins, mirrors etc. in different shades.

·         Flooring of living cum dining room, bedroom and Kitchen is done by vitrified tiles.

·         Flooring of Balconies and Toilet is done by Anti Skid Ceramic Tiles.

·         All Doors, Windows and fittings of all rooms are coated with aluminum powder. There will be Decorative Panel Door of Masonite.

·         Kitchen contains a Granite Stone Counter with Stainless Steel Sink and Drain Board.

·         Wiring of all rooms is done with Copper Wires with MCB supported Circuit with adequate number of power point and lights points. There is also provision for power points for television and telephone.

At the time of Booking of Apartments they will offer only one payment plan i.e.

·         Construction Linked Installment Plan:- At the time of booking you have to pay 20 percent of Basic Sale Price and at the time of Possession you have to pay 5 percent of basic sale price  plus other charges.

For more queries regarding the project please contact 01142470622, 9810445860 and submit Project inquiry form and for booking please send your application forms at info@zameen-zaidad.com and for more information visit www.zameen-zaidad.com.

Asmall house will look spacious and airy if simple principles of Vaastu are observed. This will also increase the happiness and wellbeing of the residents.
If there is only one room in the house, it is advisable for the shape of the room to be square or rectangular Interior decoration of a square or rectangular room is easy to be done as per Vaastu
It is auspicious to have the main door of the room on the left in a south-facing room and on the right side in the north-facing room
The place of worship can be anywhere in the room. It is not necessary to make it in the north-east zone
The bed should be kept in such a way that the headboard is in the south and the legs should be in the north while sleeping. It is believed to be beneficial for health
If the bed has some storage space, then store only off-seasonal clothes in it
A small bed can be kept beneath the bed for the children, which they can use as an extra bed
The bed should be kept in such a way that it is used from both sides. It should never be along the wall. If the bed is along the wall from one side it disturbs the harmony between couples
It is considered inauspicious to sleep with the legs pointing in the direction of the door
There should not be any beam, loft or fan just above the bed. This increases mental tension. An overhead tank above the bedroom is also considered inauspicious

Courtesy Times Property Dtd. July 16, 2010

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Agarden balcony, terrace or even a place to put a few plants, there are many ways to up the style quotient of such an area. With a little imagination, a verandah or balcony can become a striking feature of your home, drawing attention away from the interior of the house, and creating a feel of extra space.
    Balconies do not merely have to be restricted to a space for drying clothes. They can be designed to make a pleasant getaway for city dwellers in need of space and fresh air.
    Most of us, however, tend to ignore our verandahs or balconies while decorating the house. As a result the space becomes an ideal place for drying clothes or to keep knick-knacks in the corner. If the space is designed properly, your verandah or balcony can double as your private getaway.
    Generally it's a common perception to consider a balcony and verandah as the same. The difference is a balcony is an outside area attached to an inside room of a house, apartment, flat or other building. It is usually accessible from inside the house. Balconies are usually built in multi-storey buildings, to provide a small outdoor living area for units or apartments that are above ground level.
    While decorating your verandah or balcony you must remember that it has access to three critical aspects - the sun, the wind and the rain. You ought to make sure while decorating it that it is functional so you can enjoy all the three natural elements without being affected by them i.e. without getting sunburn, feeling cold or getting wet.
    In a small space, every inch counts, so make sure you plan it well. Make sure the scale of the various built elements and furnishings is appropriate to the size of your overall space.
    Use 'layering' (foreground, middle ground, background) to create the illusion of greater size and depth within your balcony.
    Since verandahs are open on three sides and walled on one side, you have the advantage of getting as much natural light as possible. For the nights, you can use small lamps or niches or electronic diffused lamps. You can also place a small coffee table and an armchair or a rocking chair to enjoy your evening.
Furniture
    Space permitting, furniture could also be coordinated for the outdoorsy look. There are the space-saving folding stools and chairs that could serve double duty inside as well as outside. A garden swing is, of course, the most preferred piece of furniture for those who have the space. Hammocks can be strung up on a need-to-use basis, giving the whole 'laidback' feel to your verandah or garden.
    If your balcony is large enough one can also recreate a miniature garden by placing synthetic grass and potted plants in a corner. But ensure that the space is not cluttered with too many potted plants and see to it there is an outlet for water to flow smoothly to avoid any sort of leakages.
    Alternatively, a small balcony in a smaller apartment can serve as a playroom for kids, or a quiet place to meditate, a study (if well protected from the dust, sun and rain) or a dressing room (if covered with opaque glass), a store room or a private lounge! So all you need to do is to let your creativity run free.

Courtesy Times Property Dtd. July 16, 2010

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London : Property repossessions and mortgage arrears in UK fall in first quarter of 2010Arrears and repossessions in the UK are down but there is still vulnerability in the system as the property market remains fragile, experts are warning.

The latest figures from the Council of Mortgage Lenders show that repossessions and mortgages entering arrears both fell in the first quarter of the year. However, the CML warned that this was no cause to complacency as a large number of households are ‘just coping’ and are vulnerable to any further shocks arising from the current economic uncertainty.

Repossessions fell from 10,600 in the previous quarter to 9,800 in the first three months of 2010. As a proportion of all mortgages, repossessions accounted for 0.09%. The total proportion of loans with arrears equivalent to 2.5% or more of the mortgage balance was 2.38%, down from 2.52% in the previous quarter. And the number of loans in arrears fell from 196,400 at the end of 2009 to 186,300.

‘With all eyes on the new government and what steps it will take to address the fiscal deficit, we cannot emphasise too strongly the importance of continuing to fund the support mechanisms that are proving effective in containing mortgage arrears and repossessions,’ said CML director general Michael Coogan.

‘The fall was more marked in the lower arrears bands than among those with more substantial arrears, where the reduction was only very modest. This suggests that low interest rates and relatively stable employment have been helping to prevent new households falling into difficulty, but that many households with more entrenched problems are still struggling to restore their financial position and repay arrears. This debt overhang will require careful management over an extended period,’ he explained.

‘We hope and expect to be able to revise down our 53,000 forecast for repossessions in 2010, but we are acutely conscious of the beneficial influence that low interest rates and the package of support have played so far. The dampening effects on households and the wider housing market that fiscal tightening is likely to exert are still to be felt, but it should be a key priority to support borrowers most in need and maintain funding for the government’s housing policies,’ he added.

The Royal Institution of Chartered Surveyors said it expects the number of repossessions in 2020 not to exceed 45,000. Chief economist Simon Rubinsohn said that a combination of low interest rates, early signs of economic recovery, an understanding attitude from lenders and the raft of measures introduced by the government have resulted in the decline in the number of repossessions.

‘Just as significant and welcome are the indications that this trend will continue to improve over the coming quarter. Claims issued, the initial stage of the repossession process, stood at just 18,500 which compares with a recent peak of almost 40,000 in the first quarter of 2008. There was also a further fall in the number of claims leading to an order. They are now barely 50% of where they were in the final three months of 2008,’ said Rubinsohn.

‘It is of course too soon to claim that the worst of the repossession news is now in the past. The prospect of a significant fiscal squeeze will take its toll on homeowners and it is improbable that interest rates can remain at 0.5% indefinitely. That said, the private sector is slowly gaining traction and should begin adding jobs over the coming year,’ he added

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PRIOR TO kick-starting redevelopment, the society should have paid appropriate stamp duty and registration

DEVELOPERS ENTER into an agreement with the residents to merely develop the land. They don't own the land.

THE SOCIETY should have a valid conveyance deed of land and building in its favour.

ONCE THE society members’ consent is obtained, the society should submit the copy of the conveyance deed, certified copies of the property registration card, the latest electricity bill, water bill, municipal tax bill, etc to the developer. It should contain technical details such as the number of open car parking space, stilt car parking and closed parking allotted to existing society members.

THE DEVELOPMENT agreement should spell out the broad specifications and amenities to be offered in the new building.

THE AGREEMENT should mention the schedule of payments, tentative date for vacating the flats, the time period for completion etc. The old building by the members shall be linked with the plans being approved by the authority concerned. It should contain a penalty clause if the developer fails to meet the deadline.

Courtesy By: The Economic Times Dtd: July 6, 2010

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Every landlord is bound to keep the premises in good and tenantable repairs. If the landlord neglects or fails to undertake any repairs which he is bound to undertake, within a reasonable time after notice in writing, the tenant may undertake the repairs himself and deduct the expenses on such repairs from the rent to recover them from the landlord. This is subject to the condition that the amount so deducted or recoverable in any year does not exceed one-twelfth of the rent payable by the tenant for that year.
It is the responsibility of the landlord to ensure that the tenanted premises are habitable and safe. If need be, he should ensure that adequate repairs are undertaken to ensure this. In case the landlord is unable to do so or is unwilling to do so, the tenant may undertake these repairs. He needs to give proper notice to the landlord about this, specifically mentioning the nature of problems, the nature of inconvenience caused, the nature of safety hazards, and the necessary steps required to correct the problem. Moreover, it should be specifically mentioned that in case the landlord fails to undertake the repairs within the specified time, the tenant will have them done and will be eligible to recover the amount spent from the landlord.
However, it should be noted that this would cover only repairs which are essential and urgent. It would not cover circumstances wherein the tenant wants some alterations or additions for his convenience. The essential test is if the repairs are needed to keep the premises safe, habitable and usable.
In case any repairs are to be undertaken, without which the premises are not habitable or usable except with undue inconvenience, and the landlord neglects or fails to undertake them after notice in writing, the tenant may apply to the controller under the Rent Acts for permission to undertake the repairs himself. He may submit to the controller an estimate of the costs of such repairs. If any repairs not covered by the amount are necessary in the opinion of the controller, and the tenant agrees to bear the excess cost himself, the controller may permit the tenant to undertake the repairs.

Courtesy by: Times Property Dtd: July 3, 2010

MAHINDRA & Mahindra (M&M), the diversified business group, plans to set up a 250-acre special economic zone (SEZ) catering to the aerospace sector near Bangalore International Airport. 
    The M&M group has shown interest in setting up the SEZ, which is going to be built under a public-private partnership (PPP) model, said a state government official. Besides M&M, other companies have also put in evinced interest in aerospace SEZ, but their names could not be ascertained. 
    “Mahindra Lifespaces, the infrastructure and real estate arm of the $7.1-billion Mahindra Group, is in preliminary dialogue with the Karnataka government for developing the aerospace SEZ,” said Anita Arjundas, CEO, real estate sector, Mahindra & Mahindra. “The company has strong experience in this kind of industrial development zones being the pioneer in the space with its Mahindra World City at Chennai and Jaipur.” 
    M&M, which recently forayed into the aviation sector with the acquisition of two companies in Australia to manufacture aircraft, recently opened a component-making facility at Malur, on the outskirts of Bangalore. 
The Karnataka government plans to set up second SEZ focused on the aviation sector. The first facility in Belgaum is an aerospace engineering and manufacturing SEZ by QuEST Global. 
According to the official, the state government has already identified close to 1,200 acres for setting up aerospace SEZ at Devanahalli and it is estimated that each company would require a minimum of 250 acres to set up their facility. 
    The Karnataka government, during the recently concluded global investors meet (GIM), signed MoUs with a couple of companies planning to invest in the aerospace sector at the SEZ in Devanahalli. 
    BEML is planning a Rs 316-crore facility in the designated zone to provide design & manufacturing services in aircraft components, sub-assemblies and MRO activities. 
    Dynamatic Technologies plans to invest Rs 465 crore to set up aerospace component unit and Starracheckert Machine Tools also plans to invest 127 crore for the same. 

    The Karnataka government is expecting the aviation sector to be one of the state’s key industries. The eco-system of public sector units engaged in aircraft manufacturing & development, large number of IT companies and presence of precision equipment manufacturers makes the state an attractive destination for aviation companies.

Courtesy by: The Economic Times      Dtd: July 3, 2010

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In a bonanza for residents of a Khar housing society, a builder has been buying off their mid-sized flats, paying each family between Rs 4 crore and Rs 5.5 crore.

Mumbai-based Parinee Developers claims to have shelled out between RS 4 crore to RS 4.5 crore for a one-BHK flat and RS 5 crore to Rs 5.5 crore for a two and-a-a-half-BHK in the three decade-old Bharatiya Bhavan Cooperative Housing Society, which is located at the corner of 17^th Road in Khar (west).

Parinee plans to demolish the buildings and set up a high-end residential tower.

However, there is a word of caution from real estate experts. They warn these huge amounts may send wrong signals in the redevelopment market, unnecessarily create hype and raise expectations of other housing societies in the area. However, Parinee said it is paying this astronomical price only because the society has utilized barely 40% of its floor space index(FSI). The developer has already bought out 20 of the 37 flats in the society and said it is negotiating with the remaining owners. “We are the finalizing the purchase of the remaining 17 flats. Our acquisition cost for all the flats is around Rs 200 crore,” said a spoke-person for the developer.

The society comprising six building, each ground plus two floors, is spread over an area of 5,570 square and car parking. The one-BHKs have a carpet area of between 580 to 625 sq ft while the two BHKs are between 800 to 900 sq ft in size.

Courtesy: Times of India Dtd: June 22, 2010

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VASCON Engineers has been trading range-bound since its listing early this year and has not been able to beat the market. In the past one-week, ET Realty index and BSE Realty gained 5% and 4%, respectively, while the Vascon stock climbed just about 2%.

Over the past five months, Vascon’s performance on bourses has not been a great one either. For instance, it was down 7% in the past three months, the stock was down 12%.

Vascon is present in western and southern regions. It recently launched a couple of residential projects, after its IPO and has received a good response to the same. Selling at an average price of Rs 3,500 per sq ft in locations like Nashik, Pune and Coimbatore, the company has clocked a lot of presales. It has also bagged some new EPC contracts and currently its order book stands at Rs 3,500 crore. The company’s average size of EPC contracts has increased to Rs 60 crore from Rs 30 crore. Thus, even with a small number of orders, the company is expected to do well. As the company follows the project completion method, EPC will form a major proportion of the overall revenue of the company. For the year ended March ’10, the ratio for real estate and EPC in total revenue was 20% and 80%, respectively, and for 2011, it is expected to be 30% and 70%, respectively.

Out of RS 115-crore funds raised, the company has repaid Rs 40 crore of loan and the balance is being utilized as per the issue objectives.

The company’s net sales increased 47% for the year ended March 31, ’10 at Rs 738 crore compared to Rs 502 crore clocked last year. The Pune-based builder has been able to cut down its operational expenses, thus, boosting EBIDTA margins by 70 basis points to 11.6% in the current year. Net profit margins have just doubled for the same period and are now at 7% at RS 53 crore. Tax outflow was high on account of certain regulatory provisioning being done. Going forward, the company expects to maintain its current growth rate, despite having a high base.

At an annual EPS of Rs 6.71 and current price of Rs 135.2, the company is valued at 20 times its earnings. It can’t be compared to standalone contracting companies, as it has a significant exposure to realty as well. Thus, at the current level, investors can look at entering the stock.

Courtesy By: The Economic Times       Dtd: June 29, 2010

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Servicing two EMIs will substantially reduce tax benefits on second flat

The rise in disposable income of the salaried has prompted bankers to aggressively sell them several of their products, like credit cards and personal loans. And, now, they are approaching them to give loans for second homes.

According to reports, the country’s largest bank, State Bank of India, is wooing existing home owners with a  good repayment record with a second home loan. The target age: 35 and above. The reasoning being that many of these customers have already purchased a first home and could be willing to upgrade. Or, purchase a second one as an investment.

“Only existing customers with a very good loan repayment record have been approached. Since their salaries have risen substantially, they will be easily able to service a second loan. And credit cards to such customers,”  said an SBI official.

Advantage: While a home buyer gets tax benefits up to Rs 1.5 lakh interest payments on a first home loan, there is no limit on a second home laon. So, the entire interest payout is tax free.

Precautions

But while it does make sense in purchasing a second home, most financial planners would advise that it’s best not to put too much stress on one’s finances. Ideally, do not take a second home loan until you have repaid the first one or reduced it substantially. Experts say it is important to maintain a healthy EMI(equated monthly installment) to salary ratio, not more than 40-50 per cent. Otherwise, your other expenses might be adversely impacted and hurt your saving ability.

Pankaj Mathpal, a certified financial planner, said while upgrading a first home could be good option, a second property may eat into a person’s savings. Unlike buying a second property, upgrading a property is easier, as it would involve a lower cost, since the bulk of the capital is likely to come from the first property. A loan over and above this would help ease matters.

For example, if one had purchased a property of Rs 20 lakh around 10 years earlier, the price would have most likely reached Rs 30-35 lakh. Also, the major chunk of the loan would have been repaid. Purchasing a second property worth Rs 60 lakh would imply that 50 per cent of the money can be paid from the purchase of property. The rest of the amount can be raised through a loan. The bank, in this situation, will add the outstanding amount of the first laon with the new loan. The equated monthly installment will also increase, but not substantially.\

Check the return

But if you are purchasing a second home, it is important to identify areas where a good rent is possible. This will ensure the burden on salary is reduced substantially.

“Through buying real estate for the purpose of investing is a good idea and it is a good time to buy, as prices have still not peaked in many places, be cautious about the area you choose and your loan repayment capability,” warms Anil Rego, CEO, Right Horizons, a  financial advisory firm.

In fact, if you really want to invest in property, but it is a strain on your finances, go for a smaller property like a one-room and kitchen in a good area that will fetch a decent rental.

The important thing is to remember that real estate prices may stagnate some-times. And, the return on acquisition, especially to satisfy investment needs has to justify the strain on finances.

Courtesy: BS Dtd: June 24, 2010

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Housing finance companies (HFCs) grew their mortgage portfolios at a faster rate than banks  in the year up to March 31, thereby increasing their market share to 31 per cent, according to a study by Icra.

According to its estimates, the total housing credit outstanding in India as on March 31 was Rs 4,31,300 crore, as on March 31,2009, growth of 13 per cent.

The housing loan portfolios of HFCs as a whole reported a growth of 31 per cent during 2009-10, higher than the 10 per cent growth reported by commercial banks. With that, the share of HFCs in the mortgage market increased to 31 per cent as on March 31, from 29 per cent as on March 31, 2009.

Vibha Batra, Senior Vice President and Co-Head, Financial, Sector Ratings, said, “HFCs continue to maintain superior asset quality vis-à-vis public sector banks (PSBs). The top five PSBs had a gross non-performing (NPA) percentage of 2.6 per cent in their housing finance book a on March 31, against which HFCs had 0.9  per cent. Credit provisions were low for HFCs at 0.07 per cent of average advances during 2009-10.”

HDFC, State Bank of India (SBI), ICICI Bank and LIC Housing Finance (LIC HFL) dominate the domestic mortgage, together accounting for 55 per cent of the total housing credit in India as of March 31, the report said.

Credit growth in the Indian mortgage finance market improved to 13 per cent in 2009-10 from 10 per cent in the previous financial year. This was party on the strength of an improved operating environment and expectations of appreciation in property prices and partly on account of the attractive interest rate schemes offered by both banks and HFCs. The “8 per cent home loan scheme” that was initially launched by State Bank of India in August 2009 to benefit home buyers during the festive season forced other lenders to launch similar products. While most withdrew the scheme by March some large players have extended it to June.

Courtesy by BS    dtd:  June 17, 2010

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Home loan takers can rejoice. The revised discussion paper on the Direct Tax Code (DTC) has proposed to continue with the existing system of deducting interest payment (up to Rs 1.5 lakh) against home loan from total income before calculating the tax liability.
The discussion paper released on August 2009 had proposed to do away with all the exemptions, including the tax benefit on interest payment against home loan. This, if implemented, could discourage home buyers.
However, the department had also increased the exemption limit to Rs 3 lakh from the present level of Rs 1.1 lakh against investments in select instruments like PPF, pension funds and life insurance schemes. The Rs 1.5 lakh interest benefit against home loan will be included under 3 lakh ceiling.
In the DTC, the government had earlier argued that as the exemption limit against investments has been increased, taxpayers will not be affected if benefit on interest payment against home loan is withdrawn. However, the withdrawal attracted a lot of criticism. And the government finally decided to get back to the earlier system.
Even if the interest payment against home loan is not treated as a separate category and will be the part of the exemption limit of Rs 3 lakh, taxpayers will still benefit. According to the original DTC proposal, interest payment against home loan was not allowed for deduction from the income. As many middle-income taxpayers will find it difficult to exhaust the 3 lakh ceiling, inclusion of interest payment of Rs 1.5 lakh in the total exemption limit will be beneficial.
According to experts, government should continue with the deduction against interest payment on home loan as a separate category, considering contribution of the housing sector to the gross domestic product.

Courtesy TOI dtd: 16/06/2010

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South Asian Real Estate, a foreign private-equity fund and a fully integrated investment and development company based in Cyprus and owned by UK- based Duet Group, has joined hands with Amritsar-based Impact Projects to launch Crescent ParC.

The township will be spread over 104 acres on the Amritsar bypass. The project is barely 10 minutes drive from the Golden Temple via the elevated highway. Ashberry Homes has 276 residential units which include one-, two- and three-bedroom apartments in the ground+4and shift+4 formats.

Courtesy Ht estate Dtd: 12/06/2010

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The finance minister has made a number of amendments to the Finance Bill for the year 2010-11. This includes concessions that will reduce the incidence of service tax on housing as well. There's some relief for the real estate sector with the finance minister offering a partial roll-back of service tax that was imposed on the sector during the budget.
There is also some relief for the housing sector with the service tax burden on construction services being reduced. The revised proposal provides tax relief to this sector by enhancing the rate of abatement from 67% to 75% of the gross value, where the value includes value of land constructed upon.
The service tax outgo will now be calculated on 25% and not 33% of the value of the house. This will be a significant relief to consumers, although the quantum of impact will not be very big. However, it might have developers shifting focus to affordable developments.
In the original budget proposal, construction services were brought under the ambit of the service tax. This would have raised the cost of apartments that are still under construction. The finance ministry had suggested that construction would be deemed to be a taxable service if the building or complex is still under construction and approval from the regulatory authority concerned — which in most cases is the municipal authority — hasn't yet been granted. The levy would cover all construction services.
The service tax levy would be 10.3% and would also apply to additional services such as those offering preferential locations for flats in multi-storey buildings where flats in each floor are priced at a premium due to their location. This too had been described as a service and hence taxable.
The premium is typically levied on categories such as flats or apartments that are above a certain floor rise or have other high value attributes such as being in front of a garden. The proposal was to tax construction if the entire payment for the flat was made before completion of construction. The service tax was 10.3 percent on 33 percent of the price of the apartment, while on the remaining 67 percent tax was not to be levied. Now, this will be 10.3 percent of 25 percent of the price of the apartment.
For example, in case the cost of an apartment is Rs 25 lakhs, the service tax leviable will be on 25 percent of Rs 25 lakhs, i.e., Rs 6,25,000. The service tax will therefore be 10.3 percent of Rs 6,25,000, i.e., Rs 64,375.
In addition, housing projects developed as part of slum redevelopment and rehabilitation under the Rajiv Awas Yojana (RAY) will be eligible for investment linked deduction for income tax purposes.

Courtesy: times property dtd:-15/05/ 2010

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Real estate financing in India has changed significantly over the past 50 years for both developers and customers. Real estate developers have seen the universe of funding agencies expanding from unorganized moneylenders to the entire gamut of funding sources, including loans from banks and housing finance institutions, private equity, public equity offerings, bonds, and debentures. Customers have seen the shift from own-resource-funded home purchases to bank-funded mortgage finance. This shift has helped the real estate sector match the fast-growing customer demand on one hand, and has boosted the financial flexibility of developers to provide adequate real estate supply on the other.
Back in the 1960s, the real estate sector was largely unorganized and was perceived as a speculative and risky segment. Developers were funded mainly by moneylenders, who charged exorbitantly high interest rates of above 36 per cent. Customers largely funded home purchases through household savings, loans from friends and relatives, sale of property and ornaments, and subsidised housing loans extended by some private and public-sector employers. The banks did not provide mortgage finance to the retail customers until the late 1970s. In the organised sector, the government was the sole provider of housing finance, through its various social housing schemes including low-cost housing. The government implemented its schemes through state housing boards, which were responsible for allotting plotted developments and built flats to individuals.
In the 1970s, two key institutions were set up--the public-sector housing company, the Housing and Urban Development Corporation, in 1970, and the private-sector housing finance company, the Housing Development Finance Corporation, in 1977.
In the late 1980s, the Government of India (GoI) started recognizing the integral role of housing in the overall economic development of the country and undertook various policy measures to enhance the financing options of the sector. In 1988, the National Housing Bank (NHB) was set up to channel resources to housing finance. In the same year, GoI introduced the draft National Housing Policy, which was later adopted by the Parliament in 1994. Also, in the late 1980s, the government directed insurance companies, commercial banks, provident funds, the Unit Trust of India, and other agencies to invest part of their annual incremental resources in housing. The Reserve Bank of India (RBI) guidelines of 1989 required commercial banks to set aside at least 1.5 per cent of their incremental deposits for housing finance, direct or indirect.
During the 1980s and 1990s, housing finance institutions (HFIs) emerged as the key lenders in the real estate sector. These HFIs were set up either by industrial groups and individual developers (in which case the source of funds was public deposits or NHB refinancing) or as subsidiaries of commercial banks and insurance companies (which largely tapped banking or insurance funds).
The interest rates for loans closely followed the competitive activity on the housing financing front. While HFIs did not face significant competition from banks, interest rates remained highly stable and unchanged until the early 1990s; this was also due to the stability of the sources, namely insurance and NHB funds.
Further, the interest rates continued to be regulated by NHB until as late as 1994. Even when HFIs were finally allowed to charge market-linked rates in 1994, housing loans continued to be offered at fixed interest rates and any change in the cost of the deposits of HFIs was reflected in only new loans. The maximum tenure of home loans also remained under 15 years, as customer appetite for high-tenure loans was also low. The fixed-interest-rate loans resulted in asset-liability mismatch for HFIs. This, along with competition from banks, led to the emergence of variable interest-rate home loans.
Commercial banks started posing serious competition to HFIs 2001 onwards, and overtook HFI lending volumes in 2002-03. Bank loans for real estate developers increased sharply in between 2004-05 and 2009-10. Outstanding real estate loans grew at a rate well above 40 per cent during 2007-08 and 2008-09 to reach the Rs. 916 million as on March 31, 2009.
In 2002, the GoI permitted 100-per cent foreign direct investment (FDI) in housing through integrated township development. However, the rules required prior approval of the Foreign Investment Promotion Board, three-year lock-in period for repatriation of the original capital, and a minimum land holding of 100 acres. However, this did not have the desired effect, as stringent conditions continued to restrict the flow of FDI in the real estate sector. Accordingly, to overcome these constraints, in 2005, GoI allowed automatic approval of FDI in real estate, subject to certain conditions related to minimum development area, minimum investment options, and timelines for the completion of projects. Through the automatic approval route, foreign investors are not required to obtain prior permissions or approvals from GoI or RBI for making investments. As a result, FDI in the real estate sector increased from a paltry USD0.1 billion in 2003-04 to USD27.1 billion in 2008-09.
Strong growth in the real estate sector in 2005 and 2006 was accompanied by considerable investor interest in the sector. However, it was not before 2006 that significant events such as initial public offerings by real estate companies and the listing of such companies on national stock exchanges started to occur frequently. Real estate companies also tapped qualified institutional investors in 2009 to raise equity funds quickly and to meet debt liabilities during stretched liquidity situations.
Over the next decade, real estate mutual funds are expected to emerge as the next funding opportunity in the funding universe of the Indian real estate sector. Many real estate companies are already trying to raise funds at Singapore-listed real estate investment trusts. These developments will help diversify the investor base in the real estate sector.
To sum up, the increased availability of funding opportunities over the past 50 years have enhanced the growth opportunities for the Indian real estate sector manifold. It has also enabled the transformation of the sector from a largely unorganized one to a largely corporate one. This, in turn, will translate into a strong, resilient real estate sector, thereby paving way for the robust economic growth of India.

Courtesy: times property dtd:-15/05/ 2010

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   Question: Can I get a loan on cash salary if I provide Form 16 and a salary certificate?

Answer: You will get a home loan provided you have documented proof of income. A Form 16 that actually shows a deduction of tax at source from salary and payment dates to the government would be good proof of income. Similarly, proof for deduction and payment of statutory dues such as provident fund and profession tax are also a good proof of income. Salary certificate by itself will not be sufficient proof of income.

Question: I have already paid 15 per cent of an under-construction apartment.

The project is supposed to come up in the next two years. I am not sure if I should pay pre-EMI or construction linked EMI on the loan amount. Please tell me which will be beneficial?

Answer: If you pay the pre-EMI or the simple interest till such time that the loan is completed, disbursed and the construction is complete, the loan outstanding remains as it is. In case of paying EMI from the time the loan is disbursed, the loan amount out- standing will gradually reduce. In both cases, tax deduction benefits on home loan for under-construction property will be available from the financial year in which the construction is completed. In option I (where you pay pre-EMI interest), the total amount of interest will be higher whereas in option II, you will lose the benefit of deduction of principal payment made during the year in which construction was not complete. You can make a choice as per your convenience.

Question: How do I increase my eligibility of the home loan apart from co- applicant's income?

Answer: If you have valuable collateral security such as shares, mutual funds, insurance policies with high surrender value, etc. you may be able to enhance loan eligibility.

Question: My father has two properties in his name. He is ready to sell one of them. Can I legally purchase this property from my father and take a loan for it? What tax exemptions will I get?

Answer: You can get a home loan to buy your father's property if your income can justify the loan. You can get tax deduction benefit of Rs.1 lakh for the principal under section 80 C and if the property is self-occupied for the interest payable up to Rs. 1.5 lakh under section 24 on a home loan. The lender will closely examine the value of the property since it is a transaction between related parties and provide a loan of 85 per cent of the property value as determined by them or the agreement value whichever is lower.

I intend applying for a home loan.

But I have already taken a personal loan from another bank, which I am not indicating in my home loan application. If I show this personal loan I will not be eligible for the home loan. Is there a way my home loan bank can get my personal loan details and reject my home loan application?

It is not advisable to with- hold facts from the prospective lender. In any case, banks will access information regarding a potential loan borrower's loan, repayment history, etc through credit bureaus such as CIBIL. It is advisable that you declare the information.

If you are not eligible for a loan, you can take a joint loan with a co-borrower.

Courtesy: HT Estate Dtd:-15-05-2010

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Owning a home is a lifelong dream for most of the people. After making substantial investments in that dream abode, one needs to be insured against future risks and perils. There are two kinds of policies that a borrower must consider; one is for the life of the borrower and another one for the property. People many a times perceive insurance, while buying a home, as an unnecessary expense. In reality, it is important that a borrower must opt for an additional cover as per the loan amount even if already there exists as insurance policy in the borrower’s name. This is because the loan is an addition to the borrower’s liabilities and that in case of the unfortunate demise of the borrower the family should be able to continue the existing lifestyle without having to provide for the loan from the receivables of the existing insurance policy. If the borrower goes for an added cover, this cover would take care of the home loan and leave the existing policies to take care of other regular obligations for which the borrower would have taken them in the first place. There are two main options while taking a cover for the home loan.

The borrower may opt for a policy where the cover keeps reducing with the loan amount as it is repaid. The cover is restricted to the amount of loan outstanding and thus is adjusted directly with bank in the event of the unfortunate demise of the borrower. Due to this the cost for this option is lower than the normal term insurance and the customer ends up getting maximum benefits at the minimum cost.

The customer may opt for the basic life cover/term insurance plan for a minimum period equal to the tenure of the loan and amount minimum equal to the loan amount. In this case the borrower is insured for an amount equal to the loan amount at the start and remains insured for the same till the end of the loan tenure. In the event of the unfortunate demise of the borrower, the nominee gets an amount equal to the loan amount. Part of this can then be used to settle the loan and the remaining can be used for other requirement as the case may be.

Similarly the property insurance also plays an important role in case of hazards like fire, earthquake etc. and protects the borrower from loss incurred therein.

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DLF on Monday confirmed it had decided to sell its stake in ultra-luxury hotel group Aman Resorts as part of its planned exit from the hospitality business, but a sale would exclude Aman’s New Delhi property.

THEcountry’s top real estate company DLF confirmed on Monday it had decided to sell its stake in ultra-luxury hotel group Aman Resorts as part of its planned exit from the hospitality business, but a sale would exclude Aman’s New Delhi property.
DLF CFO Ashok Tyagi told analysts that that the company was looking at potential investors for Aman, which has 23 hotels across 12 countries patronised by the super-rich. This portfolio includes the Aman Lodhi, a 68-room hotel which was commissioned in 2009. DLF hopes the sale of its 97% stake in Aman will help it pay down debt, which now stands at Rs 14,821 crore following the consolidation of liabilities of DLF Asset Ltd.
DLF bought its 97% stake in Aman in 2007 for $400 million. It is hoping to raise Rs 2,000 crore from the sale, which is being managed by Goldman Sachs. Aman’s founder Adrian Zecha owns the remaining 3% stake. DLF did not say why it planned to retain the Aman Lodhi and what it would do with it after the sale, but its exclusion is unlikely to matter much to potential buyers, most of whom would be mainly attracted by its resort properties. The Aman Lodhi is the group’s first and only city property. DLF has also dropped its plan to sell the wind energy business. The group has plans to cut its debt by Rs 5,000 crore, more than half of which — Rs 2,700 crore – will be from the sale of non-core assets and refunds from various government authorities in the next 12-18 months.

Courtesy:- Economics time dtd:- 18-may-2010

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Arun Kumar & Paramita Chatterjee NEW DELHI

SENSING a turnaround in the housing market, financial investors led by high networth individuals (HNIs) are moving in for the kill, booking houses to resell them later to end users at a premium, according to realty consultants and developers that ETspoke to.

Typically, investors in the housing market keep a 6-12 month return in mind, whereas an end-user’s demand is a function of job security and affordability. “With demand picking up in the residential space, investors are entering the market rather aggressively,” says Amit Bhagat, managing partner at ASK Equity Fund, a domestic private equity fund.

Financial investors today account for about 30% of all sales in residential units in a sector that’s running short of the peaks witnessed three years ago. Industry estimates show that almost 70% of the newly launched projects in 2007 were bought by investors, leaving the rest to end users.

Given the robust economic growth and the fact that prices are still below the peak level of 2007-08, financial investors are confident that genuine demand residential as project is going to stay or even increase further in near term, Mr Bhagat says.

Investor participation is unlikely to touch the boom period of 2007-08 fiscal, and most are investing in projects where prices are lower than the peak level, says Anuj Puri, chairman and country head of realty consultancy Jones Lang LaSalle Meghraj.

Sales of premium residential units are mostly driven by investors. “Sale of premium houses is not solely dependent on prices but location. Savvy financial Investors are increasingly cashing in on this segment,” says Anurag Mathur, MD at Cushman & Wakefield.

Real estate was one of the sectors worst hit by the global financial slowdown as buyers turned away from the market fearing salary cuts and pink slips, and banks got wary of lending. “The situation is now changing as buyers’ sentiments have turned positive thanks to renewed activity on the employment front and increasing income scenario coupled with benign interest rates of home loan,” says Anil Kumar, CEO & deputy MD of Delhi-based real estate firm Ansal API.

During the slowdown, prices of residential units had fallen in the range of 35%, which has started now started moving northwards.

However, in extended suburbs and tier II-III cities, prices are expected to remain under control as supply of residential units in these locations still outstrip demand.

Courtesy ET Realty dtd.14-05-2010

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Developers opt to fund their construction projects through pre-launch and pre-sale mechanisms, as by far, these are the cheapest sources of finance available

Namrata Kohli  Real estate finance is a grey area. In reality, realty funding happens through pre launches. So, a builder typically asks buyers to cough up, say, a third of the final cost of a house even before the first piles are drilled into the ground. In effect, very little of the builder's own capital is at risk. This has been the done thing - an arrangement between builder and buyer, which has been successful owing to scarcity of housing in the country.

Real estate development business requires constant acquisition of land for future projects. According to Sharad Jhingan, COO (private equity fund) at Lanco Infratech Limited, "Due to the short supply of land and lack of habitable locations and urban infrastructure outside established locations, a developer starts to sell even before finalizing the development plans. This is more a reflection of supply-side constraints. A developer wants to grow as fast as possible. All these methods allow him to acquire - what to him is the key constraint - land banks."

Even though pre-launches are illegal, a developer realizes that the penalty for transgression is very light, and public memory is short. But as Jhingan adds, "The core issue needs to be addressed - that of increasing the land supply and speedy development of alternative urban centers, along with strict imposition of penalties similar to what Sebi does."

In theory, the funding of construction using advance money from buyers is "fading out" owing to "competition and financial sophistication" and "foreign investors are queuing up to bring in equity into our markets".

But equity financing is only a short-term option. Sachin Sandhir, MD and country head of RICS India shares his perspective: "Yes, there has been a visible shift towards equity financing for projects. Real estate companies have been very ambitious in the past and most are already highly leveraged. Although RBI allowed debt restructuring for a year, there is an astounding Rs 75,000 crore of outstanding debt with one third of it due by June 2010. Even as unit sales have picked up, developers have not booked enough profit to repay their debts. Consequently, other sources like equity dilution and bulk selling to long-term investors at 30-40% discounts are the present-day necessities. Developers are also trying to attract PE funds to invest in short-term, small-format projects with completion schedules of 3-4 years. In fact, private equity has experienced a phenomenal growth over the last two decades as institutional investors, seeking higher returns have embraced this alternative to traditional asset classes." But, cut to reality and equity is much costlier than debt, so no businessman wants to dilute more than what is absolutely necessary. Experts feel that almost all sectors in India witness high leveraging. Real estate is no exception. According to Jhingan: "Presently, the reason to raise more equity is lack of sufficient cash flows to service the loans. The fundamental issue is of excessive leveraging in anticipation of huge profits from fast growth in sales. This did not materialize and hence developers now want to raise equity to repay loans. This argument itself is absurd."

How do private equity funds view Indian property market? It seems PE funds are both keen and wary of India. They are keen because of India's growth story, and they are wary because it is difficult for them to operate in India. They want ease of entry and exit and faster court processes in case of disputes - lack of transparency and corruption further increases their wariness.

Ritesh Vohra, MD of Real Estate - Saffron Asset Advisors, feels that debt and equity will always have a role to play in Indian real estate. He adds that while equity is required for land purchase, debt would be required for financing construction, especially in case of office or retail building, which have a build and lease model. Ankur Gupta, of Ashiana Housing, agrees: "Both are critical for real estate funding. Joint ventures with landowners are also part of equity financing, which we have been doing regularly and find that the best way to get equity financing. Debt in construction financing works to make sure you are achieving your speed of construction." Ankur adds, "We do our funding mostly through customer advances and internal accruals. Secondly, we look at bank lending as they are the two cheapest form of project financing available."

Private equity funds are bullish in all metropolitan cities as well as developed Tier II cities. The verticals for investment include retail, and specifically affordable segments in residential projects, which spell opportunity for most of these funds. Vohra's fund is focusing on the residential space - especially the midmarket and affordable housing segment. In the long term, retail will also emerge stronger and so would commercial segments.

He says that both these segments need to resolve a few issues to ensure their long-term attractiveness - for retail it is about focusing on quality of shopping center management and developing greater depth amongst the retailer community. For commercial, it is largely about managing the present oversupply situation in many micromarkets and gradually moving away from the over dependence on IT. Industrial space and warehousing are some of the other interesting verticals.

There are many PE funds, which have taken a long-term view on India and which remain committed to investing here. Equally, there are some daunted by the unstructured nature of the markets. Bank lending is a very important source of funding which has emerged and is here to stay. Experts conclude that bank lending will be an important source of funding for developers.

FOCAL POINT

In theory, the funding of construction using advance money from buyers is "fading out" owing to "competition and financial sophistication" and "foreign investors are queuing up to bring in equity into our markets" Experts feel that almost all sectors in India witness high leveraging. Real estate is no exception

Courtesy ET Realty dtd.14-05-2010

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Shri Ram Shaw With the days of economic slowdown rapidly coming to an end, there's a housing bonanza in the offing for the burgeoning population of the National Capital Region (NCR). The Delhi Development Authority (DDA) is likely to announce a new megahousing scheme, where approximately 8,000 flats will be up for a draw. The projects are spread across the national capital in areas like Jasola, Narela, Vasant Kunj and Dwarka, among others. Of the 15,000 houses currently under construction, nearly 8,000 will be ready by June.

The ministry of urban development says that the DDA has to announce its next scheme soon to avoid watch and ward costs and maintenance cots on the completed units. Watch and ward costs entail hiring of security personnel to watch over completed units to ensure that fittings and fixtures are not stolen. These costs could run up a steep bill.

A senior DDA official said that a three month gap is usually preferred between the announcement of the scheme and the allotment of the houses. Since the houses will be ready for possession by June, the announcement is likely to be made three months ahead. Official confirmed that another 7,000 units were at various stages of completion. No formal date has been set for the announcement and the finer details of the scheme are being worked out.

The last time the DDA announced a housing scheme was in September 2008, and the draw for it was held in December. Under that scheme, 5,238 houses were up for sale and the authority received nearly six lakh applications. Officials expect the 2010 scheme to draw upwards of 10 lakh applications. In December 2008, after the last draw, a proposal was made by the DDA to the ministry of urban development, requesting a clause be inserted into future schemes, wherein houses under the SC/ST category will not be allowed to be resold for at least 15 years after the allotment. The ministry is still sitting over the proposal.

Courtesy ET Realty dtd.14-05-2010

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Sponsored Section Having a home of your own is no longer a far-fetched dream. Today, thanks to initiatives by the government as well as the banks, most of us can have one before our retirement years. Besides giving tax benefits, banks also offer lucrative discounts, waiving off of fees and disbursing of loans within a record period of three to 15 days Some financial institutions offer attractive incentives such as free property insurance, discounts and even waiving off professing fee or the pre-payment penalty. Some also sanction of the loan without making you zero-in on the property you want to purchase

Among the basic few necessities of life, most people count having a home of their own as among the top three. Gone are the times when one would consider oneself lucky if a house was passed one from one generation to the next. The others, who were better off, could dream of building one of their own, or buying one. Not anymore. Today, thanks to the endeavor of banks and the government initiatives that look at provide housing solutions for every pocket, a home of ones own can be any ones dream - a dream that can come true.

Having said that, more credit goes to banks and the initiatives taken by them to facilitate home loans and make them accessible, less hassle free and with affordable. If you look at the home loans segment in India, you witness a whole lot of movement in the rates in the recent past years. For instance, the home loan rates that were offered at around 7 per cent floating rate of interest in 2004, have now gone up to as much as 10 per cent. Consequently, EMI payments on loan amounts have also gone up. What bring a little relief are seasonal festive discounts offered by leading banks. And it should come as no surprise that of the home loan market in India, approximately 80 per cent of the loan market is made of that below Rs 20 lakh.

Not only the government of India, but also RBI has also done its part by assigning lower risk weight to home loans up to Rs 20 lakh, thus facilitating banks to offer smaller loans at lower rates. And much to the loan seekers delight, on an average, the loans are disbursed within three-15 days of satisfactory and complete documentation and completion of the banks relevant procedure. And while some financial institutions ask for one or two guarantors, others don t have it as their requisite option. On an average, the repayment option range from five to 15 years.

Home loans also keep your investment portfolio healthy and give you health benefits. Both principal and home loan interest attract tax benefits. For instance, for rental property, it is adjusted against the rental income. For those who are self-employed, the income if treated at nil and the interest payment is treated as minus the income, which is then adjusted other income. Also, the principal amount of the repayment of loan - along with features such as provident fund, peoples provident fund, life insurance premium and so on - is eligible for deduction from gross income up to a maximum of Rs 1,00,000.

In the home loans category, there are several kinds of loans offered by banks. Some of them are:

Home purchase loan: As the name suggests, it is to buy a home.

Land purchase loan: Again, it is offered to purchase land for building ones own home or merely using the land as an investment tool.

NRI loan: This is offered to those non-resident Indians who wish to have a home of their own in India.

Home construction loan: This loans is also to own a home, but it is offered to construct one, rather than just purchase one.

Home conversion loan: It is given to those who have already got a loan for the present home, and are now purchasing or moving to another home for which additional funds may be needed. Here, the existing loan is transferred to the new home and includes the additional amount. The procedure does not require the need for pre-payment of the previous home loan.

Home improvement loan: This kind of loan is offered to renovate and repair the home.

Bridge loan: If you wish to sell the existing house and purchase another, this is the loan for you. It helps you tide over the time between purchasing a new house and finding a buyer for the old one.

Refinance loan: It helps you repay debt you are under while borrowing from private sources such as friends and family for the purchase of your home.

Balance transfer loan: This kind of loan assists you in paying off an existing home loan that has a higher interest rate and get a loan that has a lower interest rate.

But there is some amount of fine print one should know of while seeking a home loan. One, there are extra costs involved with home loans. A processing charge is levied by the bank and is a fee to be paid to the lender for the loan. It can be fixed or a percentage of the loan amount. Pre-payment penalties are charged by the bank if the loan if paid before the stipulated duration. Commitment fee is levied if the loan that has been processed and sanctioned is not availed of within a specified period of time. The others include documentation, consultation charges or registration of mortgage deed.

Some financial institutions offer attractive incentives such as free property insurance, discounts and even waiving off professing fee or the pre-payment penalty. Some also sanction of the loan without making you zero-in on the property you want to purchase.

The other thing to keep in mind is the types of interest rates that are offered for home loans. These can be divided into three categories: daily reducing is a system wherein the principal, on which you pay interest, comes down from the day your pay for EMI. Monthly reducing system is one in which the principal reduces every month that you pay your EMI. In the annual reducing scheme, the principal reduces at the end of each year.

Courtesy:-  Business Standards dt:- 27-April-2010

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A growing population, high purchasing power and attractive loans being offered by the banks are just some of the factors that are fuelling the growth of the real estate sector in India.

The years 2008-09 have been tough for the real estate industry with the economic recession in full swing. But 2010 seems to have started on a positive note. The economy is showing positive signs of growth which spells good times ahead for the real estate industry. The last few months have witnessed tremendous activity with top builders coming up with state of the art projects.

The return of normalcy in the real estate industry indicates the return of good times for the country as well. The Indian real estate sector, which is playing a significant role in the countrys economy, has witnessed rapid growth during the last few years. Today, the real estate sector is second only to agriculture in terms of employment generation and contributes heavily towards the gross domestic product (GDP). It has been estimated that almost five per cent of the countrys GDP is contributed to by the housing sector. In the next five years, this contribution to the GDP is expected to rise to 6 per cent.

The residential sector dominates the real estate scene in India. Nearly 80 per cent of real estate developed in India is residential space. The rest comprises of offices, shopping malls, hotels and hospitals. Apart from the huge demand, India also scores on the construction front. It has been estimated that the average profit from construction in India is 18 per cent, which is double the profitability for a construction project undertaken in the US.

A growing population, high purchasing power and attractive loans being offered by the banks are just some of the factors that are fuelling the growth of the real estate sector in India.

It is much easier to afford a house now compared to a few years ago. Today, a consumer can get attractive loans at affordable rates from banks. Further, with rise in the population in the region, the demand for residential real estate has shot up. Major cities and towns are being developed to accommodate the rising population and hence leading developers are undertaking projects to meet the increasing demand.

Further, the economy of India is also growing at a rapid pace. This has led to more work opportunities and the disposable incomes of people have also increased. This has lead to an increased demand for real estate. Today, people are not buying property only for residential or commercial purposes but for investment purpose as well. Even global investors are putting in large amounts of money in the region because of the high ROI.

In a bid to attract foreign investment the Government is taking various initiatives and reforms to boost up the existing infrastructure. Wider roads, better water and waste management, new bridges and flyovers, are some of the efforts being made in various parts of the country to fasten the de v e l o p m e n t process, thereby attracting global investment.

The current scenario of growing retail sector has further shot the demand of real estate, thereby raising the commercial property prices.

Changing lifestyles, increased consumerism have led to the development of numerous malls, specialty malls, multiplexes and retail showrooms. This is a common phenomena that can be seen in cities and towns in the Northern part of the country.

Courtesy:-  Business Standards dt:- 27-April-2010

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Jaypee Greens is launching the Kingswood Oriental, which has taken cues for design elements from the oriental architecture and landscapes, says
Krishna Kumar Mangalam

    Jaypee Greens Noida is launching a new product at Jaypee Greens Wish Town, Noida — Kingswood Oriental. The Kingswood Oriental community comprises premium individual residences, adjacent to an 18-hole Graham Cooke golf course, with an expansive and breathtaking view of golf greens on one side and a chip & putt golf course on the other.
    There are 160 units, in two sizes, with a built-up area of approximately 3,700 sq ft and 4,600 sq ft. “We will be offering different layout designs to the customers,” says Manu Goswamy, head of business development and strategy at Jaypee Greens. The price of these exclusive homes starts from Rs 3 crore at a basic selling price of Rs 8,100 sq ft — each villa will have three floors.
    Kingswood Oriental is aimed at a niche market — the discerning clientele will be offered a very exclusive community of luxury homes where the design elements have taken cues from oriental architecture and landscaping, apart from of course providing them with the finest in luxury fittings and fixtures. The community will have some special features, as it has been billed as “one of its kinds in the country”, and to give it a premium look and feel the following features are proposed for the community as a whole, and for individual villas.
Community special features
Kingswood Oriental will be a separate community within Wish Town and access to this will be restricted only to the buyers and their guests Multicoloured Orientalstyle wall paintings in common areas like social clubs, etc Zen Gardens and Bonsai draped landscaping to go with the theme Beautiful waterbodies as landscaping element Adjacent to the 18-hole golf course Oriental street lighting and street furniture Pebble walkways in parks lined with flora from the Far East Golf carts for local transportation within the community
Home features
Use of wood and bamboo in the design to go with an oriental feel Private lily ponds in each home Provision for elevators in each home Jacuzzi in the master bathroom Miniature gazebos in the back garden of the house Terrace garden with barbeque Top-of-the-line security system featuring videophones and burglar sensors
Oriental clubhouse
Exclusively designed clubhouse which has been designed using cues from the Southeast Asian architecture, will be of approximately 60,000 sq ft of built up area Wellness zone with state-of-the-art gymnasium and fitness centre; yoga, aerobics areas Multi-cuisine restaurant Exclusive members lounge area Party halls & gardens
Range of sports facilities
Tennis courts Squash Swimming pool Pool/snooker Library Goswamy says, “The Kingswood Oriental residences will be a perfect harmony of luxury lifestyle with a touch of oriental architecture, combined with the latest technology for leisurely life. We have added 17,000 customers in the last two years alone in the NCR. The customers for individual houses in the higher and premium segment look for uniqueness and demand exclusivity and this project will fill this gap in Delhi NCR.” Wish Town, the largest township in Noida, is spread over 1,162 acres. It is a gated resid e n t i a l community with dedicated s p a c e s catering to all comforts in urban living and the developer says it offers the finest choices for the new home buyers in the NCR. Just off the Noida-Greater Noida Expressway, it is on a 30-minute drive from Connaught Place, and 15 minutes from Ashram chowk. Jaypee Greens Noida bills itself as “Golf-centric real estate development” — there are two golf courses in Wish Town. Some of the features of Wish Town, an integrated township, where Kingswood Oriental is coming up: 9-hole and 18-hole golf course designed by Graham Cooke Acres of landscaped greens and Zentheme gardens 450-bed Jaypee Super Specialty Medical and Research Centre, equipped with the latest medical equipment and healthcare services
    Boomerang (A club which is expected to be one the finest clubs in the country)
    Some of the advantages of Wish Town are its location — it is close to the Noida-Greater Noida expressway. Also, it is just 10 minutes drive from Ashram Chowk and it is slated to have Metro connectivity in the near future.
    The Jaypee Group is a well-diversified infrastructural and industrial conglomerate in India with engineering and construction, cement, private hydropower, hospitality, real estate development, expressways and highways among its portfolio. The group is synonymous with premium lifestyle developments through exclusive golf-centric real estate, and in the words of Goswamy, “Our focus is not just on the house you buy, but also the environment you live in.”
    Jaypee Greens in Greater Noida bagged the “Best Golf Development-India” from CNBC Asia Pacific Property Awards in 2008.

Courtesy:- Times Property  dt:- 10-April-2010

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Most ads, whether those of builder, local authorities, or even banks, are aimed only at 4% of the population with an income of over Rs 5 lakh per annum, says Vivek Shukla

    Are our policy planners and key stakeholders of realty sector serious about providing affordable homes to lakhs of Indians? This is really a very key question given that these days, talking and discussing affordable homes has become a fashion, practically among everyone even remotely associated with realty sector. It goes without saying that the term 'affordable housing' sounds alluring.
    But when we talk about affordable homes, we must ask — affordable for whom? Is it affordable for those earning Rs 8,500 to Rs 40,000 per month, who comprise 44% of our populace and fall both in the formal and the informal sectors? And if so, where are the flats for these 44%? Where are the builders? And, critically, where are the banks which will dole out the loans? The answer for all these questions is the same — as good as none. These are some of the key questions, which have been discussed by Arun Mohan, a senior advocate and writer, in his latest offering "Affordable Housing: How Law and Policy can make it possible". He also tries to grapple with some of the answers.
    Arun Mohan has tried to prove that all the advertisements, whether by the builders or the local development authorities, bank finances is for the top few - about 4%! While the lower 52% will have to wait for the country to develop further, the 44% of the population, or the great Indian middle class, is a victim through absence of laws and they have denied what is their due — an opportunity for an ownership of flats. At whichever strata or class a person is born, housing must be notionally considered a fundamental right — a right step has been taken with regard to education by making it a fundamental right. The rest depends on his skills, labour, determination, and also, to an extent, on his destiny.
    A basic flat as a shelter is a prerequisite for proper education. In his endeavor in moving upwards, the laws of the land should not fail a citizen, but encourage and support him.
    The issue has perforce to be addressed from the standpoint of annual household income. Presently, only those with Rs 5 lakhs plus annual income (or less than 4% of the population) are attended to. Unless we attend to the 'middle class' (44%), which we easily can, we can never hope to attend to the 52% poorer masses.
    Arun Mohan argues in his book that there are three areas that deserve urgent attention to provide affordable homes: One, availability of land for housing; two, availability of flats which are affordable; and, three, availability of bank finance. There is another problem and because of that prices are so high and the market is restricted. And that is there is crisis of confidence. And what is the answer to these issues? According to him, after analysing this problem, he believes a "certifying-cum-performance guaranteeing company" [or a regulator] is needed, which keeps a control on the builder and issues a "wide-guarantee certificate" to the flat buyer that he will be delivered the flat he pays for. With this guarantee in hand, a flat buyer will be willing to part with his money and a bank will also be willing to finance it.
    While making sufficient land available for affordable housing is important, one has to cater to the flat buyer who is not willing to part with his life savings and assume a liability because he does not trust the builder. There is the bank that is not willing to lend. And there is the builder, who, in the absence of a large market, cannot have the economies of scale and pass that benefit on to the buyer in terms of lower price.
    Mohan writes that it is this "crisis of confidence" which is one of the major factors that has stifled growth of affordable housing in the country. So large is this sector and so important is housing, both for the citizen welfare and for nurturing and education of the young ones, that attention to this section, who comprise 44%, will hopefully propel national growth.
    Once this crisis of confidence has been overcome, the housing sector will see a boost. It will also enable modern housing in rural sector, as serving a cluster of villages.
    Talking about some of the main points of his research, Mohan says that pricing is unnecessarily high, when it need not necessarily be so. If we divide the population of our country into sectors according to income, it is only the top 4%, in fact less, and who are attended to by the banks for home finance. Only those at the top can afford houses. He notes that 44% of our middle and upper-middle class, which earns more than Rs 1 lakh a year or even Rs 5 lakhs a year receives no assistance for housing primarily because the flats that they can afford are not worth the money and, two, the bank finance is not available to them.

Courtesy:- Times Property  dt:- 10-April-2010

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Realty major Unitech said on Tuesday it had appointed Ernst &Young (E&Y) and two other advisors for exploring opportunities for potential restructuring of its business, to unlock value for shareholders. The company’s board of directors has constituted a restructuring committee for evaluating opportunities for “potential merger of subsidiaries, demerger and other forms of restructuring, or acquisition, or spin-off with the ultimate object of enhancing and unlocking shareholders’ value”

Courtesy:-BS dt:- 07-April-2010

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Realty major Unitech said on Tuesday it had appointed Ernst &Young (E&Y) and two other advisors for exploring opportunities for potential restructuring of its business, to unlock value for shareholders. The company’s board of directors has constituted a restructuring committee for evaluating opportunities for “potential merger of subsidiaries, demerger and other forms of restructuring, or acquisition, or spin-off with the ultimate object of enhancing and unlocking shareholders’ value”

Courtesy:-BS dt:- 07-April-2010

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These days, attractive housing finance schemes are being offered that seek to make life easier for homebuyers. However, there are certain

 important aspects of personal finance that have to be taken into account before applying for a home loan.

A home loan account and EMIs (equated monthly installments) usually run for a long tenure - at least five years, and over 20 years in some cases. Therefore , it becomes very important to choose the right home loan scheme and plan for other expenditures through the tenure as well. Home loan schemes are classified based on interest rate variations. Here are some of the common home loan schemes available in the market today.

FIXED INTEREST RATE

The interest charged on the loan amount remains fixed under this scheme. Most banks have stopped offering fixed interest rates for entire duration of the home loan. Some banks offer a fixed rate at a rate significantly higher than the prevailing rates. It comes with a clause of variability. These schemes are not feasible.

FLOATING INTEREST RATE

Under the floating interest rate schemes, the interest rate varies with time, based on the market conditions. Usually, the borrower's interest rate is linked to the bank's internal interest rate. The interest on the account changes when the bank decides to change its benchmark lending rate. Usually, you get an attractive deal in terms of interest rates under a floating rate scheme. Borrowers with enough liquidity in hand are advised to go for this.

HYBRID SCHEMES

These schemes offer a mix of fixed and floating interest rates. There are many variants of such schemes available in the market that promise to suit different borrowers' needs. But, it is important to analyse such options, before getting locked into a particular scheme. Schemes that offer fixed rates during the initial few years are comfortable for those who start EMI payment immediately.

Courtesy:- ET Realty  dt:- 02-April-2010

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An apartment covering an area of 3,000 sq ft was sold at a total value of Rs 2,24,00,000 in the highly sought-after Koramangala area. This high-end apartment commanded an average capital value of close to Rs 7,466 per sq ft, which is well within the commanded range of Rs 6000– 8500 per sq ft in the locality. A villa in Whitefield, spread across 4,000 sq ft, was sold for a total cost of Rs 1,75,00,000. This high-end villa commanded an average capital value of Rs 4,375 per sq ft, which was below the prevalent range of Rs 5,600– 7,000 per sq ft. The demand in the city of Bangalore has been largely driven by affordable housing projects and smaller sized-apartments.

Cushman & Wakefield, a commercial real estate services firm with offices worldwide, delivers solutions including advising, implementing and managing on behalf of landlords, tenants, and investors.

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A beach house spread across 3500 sq ft, located on the East Coast Road was leased for a monthly rental value of Rs 1.75 lakh. This apart, another apartment admeasuring 3500 sq ft at Boat Club was leased out for a rental of Rs 1.4 lakh per month. This highend apartment’s rental is well within the prevalent range of Rs 80,000–2,25,000 per month. Properties on the East Coast Road, which are closer to the city limits, have been witnessing a buoyant demand in the recent past.

Cushman & Wakefield, a commercial real estate services firm with offices worldwide, delivers solutions including advising, implementing and managing on behalf of landlords, tenants, and investors.

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Read on to know what this Right of redemption means and how it operates

The Right of Redemption is an essential attribute of a mortgage. It is an inherent issue in itself. The mortgagor's right to redemption is not merely a contractual right. It is a right given to him by the statute itself. The provisions concerned are contained under Section 60 of the Transfer of Property Act 1882. The property mortgaged is only a security for the payment of the money lent. The mortgagor is entitled to get his property back on payment of the principal and interest, after the expiry of the due date for the repayment of the mortgagee's money. This right of the mortgagor is called the Right of Redemption.

Section 60 the Transfer of Property Act reserves this right. The right cannot be fettered by any condition which prevents redemption. The right cannot be controlled by any contract to the contrary. According to the provisions of Section 60, at any time after the principal money has become due, and upon payment, a mortgagor has these rights.

Obligations of a mortgagee: mortgage The mortgagee has to return the deed and all documents relating to the mortgaged property which are in his possession.

If the mortgagee is in possession of the mortgaged property, he has to hand over the possession He has to transfer the mortgaged property back to the mortgagor, at the cost of the mortgagor

He has to execute and register an acknowledgement that any rights in derogation of the interest transferred to him have been extinguished

The mortgagor can exercise the right before it is extinguished by the act of the parties or by the operation of law. The right can also be extinguished by a decree from a court. A mortgagor is not entitled to redemption before the mortgage money is due - before the time fixed for payment of the mortgage money. The rights are subject to the condition that the rights conferred have not been extinguished by acts of the parties or by a decree from a court.

A mortgage deed may provide that the time fixed for payment of the principal money should be allowed to pass or in case no such time has been fixed, the mortgagee should be entitled to reasonable notice before payment of the money.

It is to be noted that these statutory provisions will not apply to redemption of a portion of the mortgaged property. The provisions will not entitle a person interested in a part of the mortgaged property only to redeem just his own share, on payment of a proportionate part of the amount remaining due on the mortgage. The rights as conferred belong to and may be enforced by the mortgagor or by any encumbrancer.

Where a mortgagor is entitled to redemption, on completion of the requisite conditions which enable a retransfer, he may ask the mortgagee to either retransfer the property to him, or assign the mortgage debt and transfer the mortgaged property to a third person. In such a case, the mortgagee will be bound to assign and transfer accordingly.

Courtesy:- ET Realty dt:- 19-03-2010

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Service tax burden imposed by the Union Budget on realty transactions will affect the sector. Read on to know what are the pluses and the minuses of the new budget

The Union Budget 2010-11 is a big disappointment to the middle-class urban housing sector. However, it has bet on the economic growth to drive demand in the sector. By tweaking the income slab, finance minister Pranab Mukherjee has put some extra money into the pocket of middle-class tax payers. A person having an income of Rs 5 lakh per annum is likely to gain Rs 20,600 per annum from the provision. But, if his income is more than Rs 8 lakh, his annual gains will be around Rs 51,500. These are a big booster to the economy as they will increase the purchasing capacity of individuals. Ultimately, tax saving is equivalent to money earned.

Service tax on apartments under construction   

But at the same time, the finance minister has imposed service taxes on a number of services related to the real estate sector. Anshuman Magzine, MD of global consultancy firm CBRE Asia, says that these provisions will be a dampener and affect the revival of the real estate sector. Another realty consultancy firm,

Knight Frank also said that it would affect the sector adversely. According to a budget provision, in cases where a property under construction is bought and a consumer makes payment over a period of time, then it will attract service tax. "In the 'Construction of complex service', it is being provided that unless the entire consideration for the property is paid after the completion of construction (that is, after receipt of completion certificate from the competent authority), the activity of construction would be deemed to be a taxable service provided by the builder/promoter/developer to the prospective buyer and the service tax would be charged accordingly," reads the provision.

A senior tax consultant of KPMG says that this clearly means that if a house or apartment is sold before the completion of the construction, a buyer will have to pay the service tax. In fact, Sunil Mitra, revenue secretary, said that even if a house is already sold but the completion certificate could be secured from the concerned authority in 2010-11 or after March 31, 2010, the service tax would be levied on such transaction. According to tax experts, this will lead to a tax outgo of 3.4% of the sale value of the house. Mitra also confirmed that the department would allow an abatement of 67% on the value of house to calculate the service tax at the rate of 10.3%.

This means, if you have bought a house for Rs 50 lakh at the time of launch of a project, your tax liability would be Rs 1.70 lakh. However, with the service tax levied from service provider, a senior builder said they would pass on the liability to the customer. He said that since they have started launching affordable apartments, the margin is so thin that they would not be able to absorb them. The budget has also included the renting of immovable property under the service tax net. Knight Frank says that this will have a negative impact on the real estate sector. The levy of service tax will impact rented commercial property with retrospective effect from June 1, 2007. Even in cases where a developer takes land on lease and pays lease rent, the lease rent will attract service tax.

Preferred location will be taxed   

Interestingly, the differential charges for higher floor, or for preferential view, better spaces, etc will also attract service tax. "Certain additional services provided by a builder to prospective buyers like providing preferential location or external or internal development of complexes on extra charges. However, service of providing vehicle-parking space would not be subjected to tax," the new provision says. However, there are some positive aspects also, which will benefit the construction sector as a whole.

Hotel industry gets a boost   

According to a new provision, all new hotels of 2-star and above category will be benefited because of the investment-linked deduction - 100% of the capital expenditure incurred by a hotel can be reduced from taxable income. This will enhance the returns for developers of hotel projects, says Knight Frank. "The provision will enable investments in the hospitality segment and boost supply in the organized sector. It aims to provide support to the hospitality sector in expectation of growth in tourism and both business and leisure travel," says Anurag Mathur, MD of Cushman & Wakefield India.

Relief under 80 IB   

The budget has also given relief to developers under Section 80 IB (10). It has provided the extension of income tax exemption for housing projects by one year. It will give a relief to projects that were delayed during the slump. These projects should have been sanctioned on or before March 31, 2008 and be completed in five years. Similarly, the provision for commercial establishments has been increased from 5% or 2,000 sq ft of built-up area, whichever is less, to 3% or 5,000 sq ft of built-up area, whichever is higher. Therefore, at least 5,000 sq ft of shop establishments can now be developed in these projects while continuing to remain eligible for income tax exemption, says Knight Frank.

The relief to developers by allowing extension for claiming deduction of their profits within a period of five years under the section, says Mathur, would help those developers who were impacted by the global financial crisis last year. This announcement is likely to provide a breather for developers who were finding it difficult to complete projects due to liquidity crunch.

However, on the other hand, the announcement may be a cause of concern for the consumer/end user as relief extended to developers might result in further delay in project completion.

In addition, it is suggested that the norms for built-up area of shops and other commercial establishment in housing projects will be relaxed to enable basic facilities for the residents.

Courtesy:- ET Realty dt:- 19-03-2010

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Raheja Atlantis, 4 bedroom Duplex Apartments  for sale @ Rs. 3,44,70,000 in NH-8, Sector-31, Gurgaon,  2 minutes drive  from IMT Manesar, 1 Km from Delhi-Rewari Railway line, Very close to Dronacharya Engineering College, 7 Km from Delhi – Gurgaon Border, 1 Km from Rajiv chowk, 15 Km from IGI Airport

Atlantis is our premium residential offering meant to cater only to the ultra-sophisticated clients who appreciate quality and value beyond all else. Presently under construction, Atlantis gives you the opportunity of living in five-star elegance in the heart of Gurgaon opposite 32 nd milestone and directly accessible from NH-8.

It offers 3 and 4 bedroom condominiums, luxurious penthouses, presidential suites and grand villas to suit to a large range of preferences and budgets. It also offers premium on-site features like power backup, round-the-clock security, double-level basement parking, a shopping complex, business center, gym, health club, spa, sauna, swimming pools etc.

Features

• Distinguished architectural design based on the latest concepts and specifications at par with the international standards conforming to Delhi’s seismic code.

• High efficiency floor plans with minimum super area.

• Energy efficient building with latest climatologically controls.

• Pollution-free and noise- free environment.

• Tree-lined jogging trails and flower essenced open lawns.

• Split level AC in all the apartments.

• Big airy windows and large balconies.

• Imported Marble has been provided in the Living, Dinning and Common Passage.

• Tinted Glass in UPVC windows.

• The Master bedroom has been provided with an imported Remote Operated, Temperature controllable Jacuzzi with a CD player and FM plug-in-jack.

• Space for Split Air conditioner units.

• Power backup, Round the clock Security and Double level Basement Parking.

• Health club, spa facilities, sauna, steam bath, table tennis.

• Two Swimming pools, Fountains and Waterfalls.

• Modular Kitchen from HACKER(Germany).

• Electronically operated Shower Cubicles.

• Velvet touch Finsh on the walls.

• Laminated Wooden, Natural Wood (Parquet), Vitrified Tile Floorings.

• Imported tiles, Sensor operated-bath fittings, Single lever mixers in toilets.

• Rubberwood and Masonite Doors.

• Stainless Steel Railings.

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ILD Trade Center, Commercial Office Space for sale @ Rs. 3607058 * onwards in Sohan Road, Gurgaon3Km from Rajiv chowk, 5 Km from NH-8, 6 Km from Iffco Chowk, 7 Km from proposed metro station , 15 Km from IGI Airport, Close proximity to School, Hospitals.

ILD Trade Centre” an exclusive retail cum office complex at Sec -47 Sohna Road, Gurgaon. The complex promises trendy and unique blend of retail and commercial floors so that there are numerous choice for customers. Ground and First Floor shall be meant for retails and 2nd floor to 9th floor for office units. Three level basement for car parking and building services. The retail space is dedicated for reputed brands in clothing, stationery, fashion, health & beauty products, home appliances, electronics, gifts, craft & souvenir, groceries and eatables, kids stuff etc. The small snack corners, eateries, parlors of specialized flavors and ethnic food outlets shall be the all time attraction for visitors. The upper floors consist of business suites suitable for corporate, MNC/IT companies and professionals. The project has been exquisitely designed by Mr. Mohit Gujral (Design Plus) one of the best renowned architect to serve the needs of a modern, busy & challenging lifestyle. 

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Real estate developer BPTP today said it plans to rise around Rs 1,500 cr through an initial public offer (IPO) by early 2010-11

“We have applied to the Securities and Exchange Board of India (Sebi) for approval. We hope to launch our IPO of Rs 1,500 cr early next fiscal,” BPTP Managing Director Kabul Chawla said.

The company, which has a net worth of Rs 1,600 cr, is hoping to clock a top line of Rs 1,000 cr and profit after tax of Rs 200 cr in 2010-11.

The company plans to pre-pay its Rs 325 cr debt from the issue proceeds, while Rs 500 cr has been earmarked for government use (conversion of land), he said.

The realty major has a consolidated debt of Rs 900 cr. In 2011, Rs 150 cr will come up for repayment and the year after Rs 600 cr, Chawla said, adding “though we are not stressed in terms of debt, we plan to pre-pay Rs 325 cr out of the issue proceeds”.

JP Morgan and SSKI is the book running lead managers (BRLMs) to the issue. The company, which is primarily into mid-housing development, also has four special economic zone (SEZ) projects but, is currently going slow on them.

“Given prevailing market conditions, we have deferred activity on our SEZs so as not to over leverage our balance sheet,” Chawla said. Going forward, BPTP might explore the option of converting these SEZs into residential use, Chawla said.

“We have the option of converting our four IT SEZs, at Noida, Greater Noida, Gurgaon and Faridabad, for residential purposes. We might exercise this option if the market conditions so demand,” he said. On its focus on the national capital region (NCR) market Chawla said: “There is tremendous potential here and we intend to continue focusing on this region.”

Besides NCR, the company has one project in Hyderabad spread over 10 acres, which it plans to take up at an appropriate time.

BPTP has a land bank of 1,860 acres. It has 37 million sq ft of ongoing projects and has sold 31 million sq ft, worth Rs 5,500 cr, so far.

Courtesy:- BS dt:- 11-Mar-2010

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Kumar Mangalam Birla’s retail venture, Aditya Birla Retail, is reportedly open to roping in a financial investor to fund its expansion plans. Even though the company declined comment, it is learnt from sources that the firm is not averse to diluting its equity by about 10% to a sleeping partner. However, it would rather wait for more clarity on the regulatory front with respect to such investments.

Given the rate at which Aditya Birla Retail is expanding, funding will be an important factor especially with the rising rentals in the realty market, industry sources said. Aditya Birla Retail operates supermarkets under the ‘more’ brand and hypermarkets under the ‘more. Megastore’ brand across the country.

It is opening its sixth megastore in Thane (the first in Mumbai/Thane) on Thursday. With 632 supermarkets and 5 hypermarkets under its wings, Aditya Birla Retail is gradually moving ahead with its expansion plans, even as it continues to identify and shut down unviable stores.

‘‘We may close down 40-50 stores which we feel are not viable. However, this year we would also be adding around 48 more stores as part of our expansion drive,’’ Thomas Varghese, CEO, Aditya Birla Retail told TOI.

According to Varghese, this year is critical for all the company’s stores from the profitability point of view.

Courtesy:- TOI dt:-11-Mar-2010

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Service tax burden imposed by the Union Budget on realty transactions will affect the sector, says Prabhakar Sinha

    The Union Budget 2010-11 is a big disappointment to the middle-class urban housing sector. However, it has bet on the economic growth to drive demand in the sector. By tweaking the income slab, finance minister Pranab Mukherjee has put some extra money into the pocket of middle-class tax payers. A person having an income of Rs 5 lakh per annum is likely to gain Rs 20,600 per annum from the provision. But, if his income is more than Rs 8 lakh, his annual gains will be around Rs 51,500. These are a big booster to the economy as they will increase the purchasing capacity of individuals. Ultimately, tax saving is equivalent to money earned.
Service tax on apartments
under construction
    But at the same time, the finance minister has imposed service taxes on a number of services related to the real estate sector. Anshuman Magzine, MD of global consultancy firm CBRE Asia, says that these provisions will be a dampener and affect the revival of the real estate sector. Another realty consultancy firm, Knight Frank, also said that it would affect the sector adversely.
    According to a budget provision, in cases where a property under construction is bought and a consumer makes payment over a period of time, then it will attract service tax. “In the ‘Construction of complex service’, it is being provided that unless the entire consideration for the property is paid after the completion of construction (that is, after receipt of completion certificate from the competent authority), the activity of construction would be deemed to be a taxable service provided by the builder/promoter/developer to the prospective buyer and the service tax would be charged accordingly,” reads the provision.
    A senior tax consultant of KPMG says that this clearly means that if a house or apartment is sold before the completion of the construction, a buyer will have to pay the service tax. In fact, Sunil Mitra, revenue secretary, said that even if a house is already sold but the completion certificate could be secured from the concerned authority in 2010-11 or after March 31, 2010, the service tax would be levied on such transaction. According to tax experts, this will lead to a tax outgo of 3.4% of the sale value of the house. Mitra also confirmed that the department would allow an abatement of 67% on the value of house to calculate the service tax at the rate of 10.3%.
    This means, if you have bought a house for Rs 50 lakh at the time of launch of a project, your tax liability would be Rs 1.70 lakh. However, with the service tax levied from service provider, a senior builder said they would pass on the liability to the customer. He said that since they have started launching affordable apartments, the margin is so thin that they would not be able to absorb them.
    The budget has also included the renting of immovable property under the service tax net. Knight Frank says that this will have a negative impact on the real estate sector. The levy of service tax will impact rented commercial property with retrospective effect from June 1, 2007. Even in cases where a developer takes land on lease and pays lease rent, the lease rent will attract service tax.
Preferred location will be taxed
    Interestingly, the differential charges for higher floor, or for preferential view, better spaces, etc will also attract service tax. “Certain additional services provided by a builder to prospective buyers like providing preferential location or external or internal development of complexes on extra charges. However, service of providing vehicle-parking space would not be subjected to tax,” the new provision says. However, there are some positive aspects also, which will benefit the construction sector as a whole.
Hotel industry gets a boost
    According to a new provision, all new hotels of 2-star and above category will be benefited because of the investment-linked deduction – 100% of the capital expenditure incurred by a hotel can be reduced from taxable income. This will enhance the returns for developers of hotel projects, says Knight Frank. “The provision will enable investments in the hospitality segment and boost supply in the organized sector. It aims to provide support to the hospitality sector in expectation of growth in tourism and both business and leisure travel,” says Anurag Mathur, MD of Cushman & Wakefield India.
Relief under 80 IB
    The budget has also given relief to developers under Section 80 IB (10). It has provided the extension of income tax exemption for housing projects by one year. It will give a relief to projects that were delayed during the slump. These projects should have been sanctioned on or before March 31, 2008 and be completed in five years. Similarly, the provision for commercial establishments has been increased from 5% or 2,000 sq ft of built-up area, whichever is less, to 3% or 5,000 sq ft of built-up area, whichever is higher. Therefore, at least 5,000 sq ft of shop establishments can now be developed in these projects while continuing to remain eligible for income tax exemption, says Knight Frank.
    The relief to developers by allowing extension for claiming deduction of their profits within a period of five years under the section, says Mathur, would help those developers who were impacted by the global financial crisis last year. This announcement is likely to provide a breather for developers who were finding it difficult to complete projects due to liquidity crunch.
    However, on the other hand, the announcement may be a cause of concern for the consumer/end user as relief extended to developers might result in further delay in project completion. In addition, it is suggested that the norms for built-up area of shops and other commercial establishment in housing projects will be relaxed to enable basic facilities for the residents.
Interest rate subvention
    Interest rate subvention of 1% will continue to benefit individuals borrowing up to Rs 10,00,000 for residential property costing not over Rs 20,00,000 for one more year, and this will continue to help affordable housing. Mathur said that the continuation of the interest rate subvention on loans for low-cost housing would further provide a stimulus to the demand for low-cost housing. However, the real positive impact of this measure would be experienced only in peripheral locations of Tier 1 cities and in Tier 2 and 3 locations.
    Higher allocation for Rajiv Awas Yojana and Indira Awas Yojana will benefit residential sectors aimed at economically weaker and LIG segment in both urban and rural centers, says Knight Frank. Increased allocation under schemes like Rajiv Awas Yojana, Bharat Nirman, Indira Awas Yojana, amongst others, is expected to reduce the demand to supply gap for low-cost housing and is also expected to provide increased opportunity for developers to participate in government led projects, Mathur said.
    Another positive aspect in the budget for the real estate sector is the impetus to SEZs, which will be beneficial and have a cascading impact on the sector by way of development of satellite townships and cities.

Courtesy:- Times Property dt:- 06-Mar-2010

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Large building complexes like offices, housing apartments, malls, multiplexes, which have changed the urbanscape, do not have any mandatory inspections to ensure that building plans and fire safety norms are in place, says
Vivek Shukla

    The avoidable tragedy at Carlton Towers in Bangalore on February 23 has once again highlighted the sheer apathy of agencies that look after the safety aspect of our buildings.
The investigation into the Carlton Towers tragedy has revealed that the magnitude of the tragedy could have been worse as the terrace was stocked with 1,000 liters of diesel. And before Carlton Towers, another shocking incident took place close to Bangalore on January 26, where a building under construction collapsed, killing 27 people – this too has brought into sharp focus several chinks and lacunae in safety norms followed in the building construction industry. Even as investigations are going on in both these cases, experts admit that violation of building plans is normal looking at the state of other buildings under construction.
    Large building complexes like offices, housing apartments, malls, multiplexes, which have changed the urbanscape, do not have any mandatory inspections to ensure that the building plans and fire safety norms are in place.
    Some say that developers deviate even up to 10% from the sanctioned plan in many of these buildings. Violations through non-installation of fire equipment, congested staircases, and entry to the main building from basement, narrow entry roads and absence of trained personnel to tackle emergencies are major causes of concern in all highrise buildings.
    Brushing aside all these allegations on developers, R K Arora, CMD of Supertech Group, says that it is not at all true that developers ignore the guidelines of National Building Code (NBC) in order to earn more. Realtors are providing all the essential safety measure in their projects and they also have a team of highly qualified professionals to take care of all the construction work as per the norms set by the NBC, he avers.
    Echoing these thoughts, Ajmal Zaheer Khan of Kothari Associates, said that no realtor with any standing in the market could afford to overlook safety measures in buildings. He made it clear that they should work on this aspect every time and all the time.
    Some say that another factor that compromises building safety is the extensive use of filtered sand in many structures. As this is not of good quality and does not have a binding nature, tragedy is waiting to happen in many constructions everywhere.
    And, for various reasons, civic authorities have been found wanting in ensuring that the buildings are constructed as per building bylaws and the NBC.
    A study conducted not long ago by a consumer organization in Mumbai and Gujarat looked at 18 housing projects, comprising 4,500 units, constructed by private and government agencies. Predictably, findings spoke of gross violation of building bylaws, use of substandard materials, and inadequate/ nil technical supervision. Residents speak of damp roofs, peeling plaster, faulty wiring, leaky taps, corroded reinforcement, splintered windows and vibrating parapets. Most of the users had to replace shutters and fixtures of the joinery within a short time.
    Another disturbing trend that is gaining ground is that, now, priority is given to elegance and aesthetics, and safety in building construction is given a go by. “It is really very unfortunate that priority is given to elegance and aesthetics, and not to safety of the buildings,” rues Nazma Rizvi, formerly of School of Planning and Architecture, adding, “I think some developers award contracts to builders on the basis of lowest quotation. Quality of construction takes a backseat. As a result, neither the materials nor the workmanship is tested as specified by the NBC.”
    Quality shortfall can have lethal fallout. Realty market watcher, Devinder Gupta of Century 21 India, strongly feels that there is a possibility that some realtors in small towns play with the lives of people because they violate the norms of NBC, but that in big cities they cannot afford to take such a risk. One, Carlton-like incident completely ruins their reputation. No realtor can take this huge risk while constructing his building, he says.
    “Absolutely,” says Sunil Jindal, CEO of SVP Developers, “Quality of construction has always been a top priority for established developers. Every contract awarded to a contractor invariably contains inspection and testing clause, on the basis of which it becomes mandatory for the contractor to undertake certain prescribed tests to ensure best quality construction.”
    Some also say that, at least in some cases, developers also violate NBC in respect of materials, workmanship, size and height of rooms to be adopted for comfortable living, utilizing the latest developments in building designs and construction techniques. The situation can improve only when developers arrange for quality checking, either directly or through independent agencies.
    Rajeev Rai, vice-president (Corporate) at Assotech Ltd, says that it is not at all fair to blame the entire community of developers for one or two incidents.
    “Fact of the mater is that they see to it that inspection and testing procedures are followed at project sites. Their engineers at site also ensure that all inspection and testing is done as per the guidelines of NBC,” he says.
    As far as National Building Code is concerned, it is a document containing standardized requirement for the design and construction of buildings in the country. Although codes may sometimes seem fuzzy, they are the result of years of experience and testing, says Rizvi.
    Building codes exist to protect the public’s health, safety and welfare. It regulates building construction and building use in order to protect the health, safety and welfare of the occupant. There cannot be any debate that all the stakeholders have to ensure that NBC is followed in letter and spirit so that the lives of innocent people are not put in danger.

Courtesy:- Times Property dt:- 06-Mar-2010

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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

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Foreign debt, banned in real estate, is finding its way into property firms as bankers and lawyers help builders cobble together new deals to raise money.

Even though foreign loans—better known as external commercial borrowings—are not permitted in construction, property firms have spotted a mechanism where the debt can be provided by foreign institutional investors (FIIs) registered with Sebi. No rules are broken and the deals, involving a three-way transaction, come across as normal private placements in the corporate bond market.

The process begins with a real estate company placing nonconvertible debentures (NCDs) with a local entity, such as a nonbanking finance company (NBFC). The next step involves listing the debt security, soon after which an FII steps in. Once the NCD is listed on a stock exchange, the NBFC offloads the paper to a foreign fund. Since FIIs cannot invest in unlisted debt, the NBFC warehouses the NCD till the paper is listed and then recovers the money by selling the debentures to a foreign fund.

The two transactions are part of a back-to-back deal struck between the firm issuing the NCD, the local NBFC and the FII. At least four developers—three from Mumbai and one from Bangalore—have risen over Rs 1,000 cr in the past few months through this route.

“It does not directly violate the Press Note on foreign investment in property, and such FII investment is within the overall corporate bond ceiling applicable to foreign funds... but it’s against the spirit of the regulation,” admitted a senior banker who has advised one such NCD issue.

Indeed, a few foreign banks have made presentations to property firms on the convenience of such fund-raising which has become more attractive since the government plugged a loophole on the foreign direct investment (FDI) regulations in the real estate sector.

Courtesy:- ET dt:- 04-Mar-2010

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The Budget proposals have thrown up a dampener for the housing industry. Construction services have now been brought under the ambit of the service tax in an unexpected move that would raise cost of apartments that are still under construction. As per the Budget proposal, the finance ministry has suggested that construction would be deemed to be a taxable service if the building or complex is still under construction and approval from the concerned regulatory authority — which in most cases is the resident municipal authority — hasn’t yet been granted. The levy would cover all construction of complex service or commercial or industrial construction services, the Finance Bill suggested.

The service tax levy would be 10.3% and would also apply to additional services such as those offering preferential locations for flats in multi-storey buildings where flats in each floor are priced at a premium due to their location. This too has been described as a service and hence taxable, according to the proposal which was tabled in Parliament on Friday by finance minister Pranab Mukherjee. The premium is typically levied on categories such as flats or apartments that are above a certain floor rise or have other high value locations such as being in front of a garden or a sea or any other preferred locality.

“The proposal is to tax construction if the entire payment for the flat is made before completion of construction,” said consulting firm RSM Astute executive director K H Viswanathan. “This would increase the cost of the apartment and may discourage potential buyers.” The service tax would be 10% on 33% of the price of the apartment, while on the remaining 67%, tax won’t be levied.

Till now, for all apartments under construction, customers paid in installments based on plinth level construction and also on the progress in building activity. Banks too lent money to the customers according to the requirement of the builder. Now most developers would ask customers to pay the entire value of the building if they sought to lock in at a certain value. This would mean paying the entire sum before the construction. Typically, in cities such as Mumbai, where there is a pressure on space and hence apartments and flats are much sought after, customers booking for flats in an under-construction building, is very common. “The service tax and excise duty hike on cement would increase the overall cost of apartment by about 10%,” said Dharmesh Jain, managing director of Nirmal Lifestyles, a Mumbai-based developer. “It’s a negative step and we are considering to meet the finance minister to plead for a relook on this measure,” he added. But there are other positive measures that the Budget proposes such as allowing pending projects to be completed within a period of 5 years instead of 4 years, for claiming deduction of profits, as one time interim relief. There is also a suggestion that the commercial area included in a housing project would now be 3% of the aggregate built-up area of the housing project or 5,000 sq. ft, whichever is higher, compared to the existing limit of 2% and 2,000 sq.ft. respectively. This would help developers and real estate companies to make their projects more viable.

Courtesy:- ET dt:- 01-march-2010

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Half a dozen developers control 70 per cent of Transferable Development Rights in the city.

A cartelisation of Mumbai’s real estate, one of the costliest in the world, in the matter of transferable development rights (TDR) has put upward pressure on prices and has also caused concern in policy circles. In a recent development, just six-odd builders and developers hold 70 per cent of the 2.5-3 million sq ft TDR available. The price of TDR has also surged to Rs 2,500-Rs 3,000 per sq ft from Rs 800-1,000 sq ft in the past six months.

TDRs are rights granted by the civic or state agency to a property developer who surrenders land to the government and, in exchange, is allowed proportionate or more development rights on land in the vicinity or northwards. He may sell that property so developed or sell the right itself, the TDR; these are transferable.

Realty sector sources said the Mumbai cartel had meant a rise in TDR prices practically every month. The development is a sequel to a 2008 order of the High Court here, which stayed a state government decision to allow 33 per cent extra building rights (measured as more of Floor Space Index, or FSI, the ratio of what can be erected on a plot of land to its area) in return for more premium.

The order was in response to a public-interest suit on the issue.

A state government official, who did not want to be quoted, said the government may approach the court shortly to reiterate its plea for additional FSI (they may even go to the Supreme Court to get the stay vacated, say officials). The higher FSI, if allowed, will stop the builders’ cartel from jacking up prices at will, he said.

Maharashtra’s minister of state for housing, Sachin Ahir, said: “The government will take all necessary measures to curb cartelisation in the use of TDR in Mumbai.”

Sunil Mantri, chairman, Sunil Mantri Realty, said, “Prices of TDR are unaffordable.”

However, Nainesh Shah, executive director of Everest Developers, argued that TDR rates can be brought down only by an increase in the stock of land and the government is the only entities that can make this happen. “More land needs to be released,” he said.

Ashutosh Limaye, associate director, strategic consulting, Jones Lang LaSalle Meghraj, said TDR trading follows the open market principle. For areas that are popular and in demand for real estate development (Bandra, Chembur, Vile Parle, etc), land prices is high and it makes sense to buy TDR even at a higher rate.

Mumbai’s own peculiarity is that TDR, in practice, can only be deployed in the northern suburbs, while it is generated in the area south of this. This contributes to the upward pressure on its price. The government order which the court stayed, on allowing more FSI on payment of a premium, had sought to widen the supply, was the official argument.

Opponents of the way TDR has worked in practice, including those who went to court on the issue mentioned, argue that it has led to congestion in the suburbs, haphazard and unplanned development, and intense pressure on infrastructure. It may be noted that this policy, pioneered in Mumbai, has since been adopted by state and civic agencies through the country.

Courtesy:- BS:- 03-march-2010

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Realty sector, riding on the back of affordable housing, is registering a robust growth with almost one lakh apartments in various stages of construction in NCR. Prabhakar Sinha writes

    Real estate prices, after remaining flat in the first three quarters of 2009, have begun to see some upward movement. The main driving factor behind revival in the sector is the launch of affordable apartments coupled with the stimulus packages of the government and liquidity infusion by RBI to keep interest rates around 8.5% on fresh home loans.
As demand for affordable housings in the range of Rs 15 lakh to Rs 40 lakh is large, the new mantra of constructing low-budget houses to tide over the slowdown in the sector has led to unprecedented construction activities in National Capital Region. According to one estimate by real estate consultancy and research firm, PropEquity, at present, over 1 lakh apartments are in various stages of construction in NCR region. Anshuman Magazine, CMD of global consultancy firm CB Richard Ellis, said developers’ decision to go for construction of affordable housing has resulted in an unprecedented construction activity in NCR.
The good thing is, he says, as economy picked up, demand for commercial office space has also started rising. After a lull of more than a year, a number of MNCs have started enquiring about office space to expand operations, Magazine said.
    While IT/ITeS sector has been slower to get onto the recovery path, corporate office space being taken up has been quite encouraging, he says. Financial institutions, FMCG and telecom sectors have all contributed to demand for office space. Though volumes are still at lower end of the spectrum, market is not as moribund as it used to be at the beginning of 2009, he says.
    Demand for residential real estate follows that of commercial space. According to a thumb rule, the requirement for residential space to meet housing needs of the employees working in newly occupied office space is 10 to 12 times the area of that office space.
    According to a Cushman and Wakefield report, in 2009, 3.82 million sq ft of office space was absorbed in NCR region. At an average house size of 1,000 sq ft, occupancy of 3.82 million sq ft office space is good enough for the creation of a fresh demand for around 40,000 apartments. In 2008, according to the report, a total of 8.6 million sq ft of fresh office space was absorbed. In 2010, the demand for office space is likely to increase substantially over that of 2009. However, whether it will reach the 2008-level is yet to be seen.
    Because of a boom in the sector, as demand for both office and residential space is growing year after year, the supply is also increasing proportionately. Following the trend of the last few years, developers in NCR were ready with a supply of 8.6 million sq ft of office space in 2009.
    But as demand fell sharply in the second half of 2008, and also in the first half of 2009, there is a condition of oversupply in commercial real estate. This has led to a fall in rentals ranged between 3% and 26%. Vacancy rates went up substantially. But, now, as demand for office space has again picked up, there are expectations that there would be stabilization in rentals across most locations in NCR. However, Gurgaon (IT/SEZ) may witness some fall in rentals.
    All this has made the demand quality conscious. Magazine says: “As supply has overtaken demand, facilitating increased competition, better quality developments are attracting demand. This is encouraging for real estate sector as a whole, with commitment to quality finally getting its due rewards.”
    Another positive aspect to the story is the development of infrastructure in NCR due to forthcoming Commonwealth Game. All government – central and state, along with municipal and civic – agencies in NCR are working overtime to develop physical infrastructure in the city.
    In the main, intra-city connectivity is witnessing an unprecedented improvement. Widening of major roads and de-congestion of other main roads through construction of a series of flyovers, which began sometime ago, is already close to completion. It is not Delhi administration alone, but other local authorities of NCR like Noida, Ghaziabad, Meerut, Faridabad, Gurgaon and Sonipat, which are also working overtime to improve connectivity of their areas with other parts of NCR.
    Kundli-Manesar-Palwal (KMP) and Kundli-Ghaziabad-Palwal (KGP) Expressways are major projects in this direction. The alignment of KMP Expressway, which is also known as western peripheral expressway, takes off from National Highway 1 near Kundli, crosses NH-10 at West Bahadurgarh, crosses NH-8 near Manesar and finally joins NH-2 near Palwal. It passes through Gurgaon, Mewat, Rohtak, Jhajjar and Faridabad, which top urban growth in NCR. On the other hand, KGP expressway, also known as eastern peripheral expressway, provide signal-free connectivity between Ghaziabad, Faridabad and Palwal.The expansion of Metro line to Gurgaon and Noida are other positive aspect to the development of connectivity in the city.
    These developments have considerably reduced travel time from Noida, Mayur Vihar, Patparganj, Shahdara, and other parts of East Delhi to Central Delhi like ITO, Central Secretariat and Connaught Place.
    Improvement in connectivity will not only help traffic flow and reduce travel time, but will go a long way in increasing development of real estate at affordable prices in the region. This will bring in huge chunk of areas, which were not developed so far because of poor connectivity, into the city’s mainstream and spur development of residential units there. Availability of land for construction will lead to increase in supply of residential and commercial units in the city. This will have a salutary impact on prices of real estate. As supply improves, prices will remain under control. Improved connectivity to far-flung areas has already started showing results. A number of townships are developing in remote areas, which are going to get good connectivity due to the new development in infrastructure. Some notable townships likely to become residential hubs in the near future are Crossings Republik, Raj Nagar Extension, Naharpar, Kundli, Sonipat and a large number of sectors in Noida and Gurgaon, which are now considered remote from Delhi.
    Due to availability of cheaper land in these areas, developers are selling apartments at Rs 1,500 to Rs 2,400 per sq ft. That means, a two-bedroom apartment is available for as low a price as Rs 12,00,000 in some of these new settlements. This has enabled a large number of people from middle class to buy that sweet home of theirs. With improvement in connectivity, these townships provide good residential solution to middle-class residents. At the same time, as demands in this segment is huge, developers are getting a good business.

Courtesy: Times Property 27^th Feb 2010

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    You always have the option of closing a home loan. This is done at the end of the tenure, or before the specified tenure if you have an alternate source of funds. One may have excess funds or may be selling off the property. Either way, the closure of the loan account is almost as important as opening it.
    While initially submitting your documents to the bank, it is advisable to get an acknowledgement of the number of documents that you have submitted. This will help you prove your point just in case you find that certain documents are missing at the time of the loan closure. In case there has been a change of address, you should get it updated in the bank’s records.
Process
    If you have paid off the last EMI and all the outstanding payments have been made, you need to write a letter to the bank stating the facts and asking for the return of the original documents that you submitted at the time of taking the loan. If you require other papers including invoice copies, you could include these in your request to the bank.
    The bank generally responds to such requests in about seven working days. The bank returns your original documents and issues a closure letter or a no-objection certificate indicating that there is no outstanding amount to be paid. It will also issue a no-objection certificate that states the termination of the hypothecation agreement that you had entered into with the bank. It is a confirmation that the bank no longer has an interest in the property.
    In the case of a home loan where the mortgage is registered, the no-objection certificate needs to be taken to the Registrar of Properties to get the lien removed. Both the borrower as well as a representative of the bank needs to do this at the same time. But if the mortgage is not registered, the bank simply returns the title deeds.
Prepayment
    In the case of prepayment of a loan, you need to start the entire process with a request to find out the outstanding amount, followed by one stating your inclination to pay the entire amount by a particular date. Also, you need to find out the interest amount you need to pay, particularly if you decide to close the loan in the middle of your monthly repayment cycle or after the fixed date on which the bank calculates interest.
    Check the interest calculation in addition to the outstanding amount to ensure there is no confusion. Also, if you have given post-dated cheques and decide to prepay the loan, you need to let the bank know in advance, so that they can return the post-dated cheques with the other documents. In case the postdated cheques have already been sent for clearance by the bank, they will ensure they are eventually returned to you. It is best to let the bank know 15 days before your next payment date.
Prepayment fee
    Most banks do not levy a prepayment fee if the funds have come from the borrower’s own resources such as from the sale of a property. However, to avail of this benefit, you need to be able to show proof of the source of the income.

Courtesy: Times Property 27^th Feb 2010

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Better connectivity and central location make it the most prefered destination for investors

Puniet Singh

Central Delhi, designed in the shape of a ship's helm, is one of the most happening hubs of the city. Government ministries, large mansions, clean and long stretches of green neighbourhoods best describe Central Delhi. The area can be divided into Old Delhi and New Delhi, which can be further sub-divided into Karol Bagh, Paharganj and Daryaganj.

Central Delhi, which inherits a history of more than a 100 years - artistic Mughal structures, British architecture and urban construction -is today one of the most premium zones of the city. Central Delhi is one of the most preferred locations for investors, as it is centrally located with good connectivity to all parts of the city and the NCR Region ­ thanks to the Metro. Being in the Capital city, it is also the 16th most expensive real estate market in the world and one of the costliest retail destinations in India.
Improved infrastructure because of the Commonwealth Games will also give Delhi world-class status ­ and that's bound to attract more investors to these parts, which also cinclude the Central Business District (CBD).

Preparations for upcoming international events such as the Commonwealth Games has made all the difference. Metro connectivity in the area, infrastructure upgradation and the finishing touches being given to Connaught Place area have all led to a hike in property prices.

Connaught Place was designed by renowned British architect Robert Tor Russell. Regarded as Delhi's best business and shopping g district, it is an intrinsic part of the city's rich heritage. It offers both commercial and residential options. The connecting links of the city like Barakhamba Road, Tolstoy s Marg, KG Marg, Janpath Road, Akbar Road and Tilak Marg are century-old connects. Huge mansions, villas, bungalows dot roads such as Aurangzeb Road, Humayun Road, Babar Road, Prithviraj Road, Golf Links, Sundar Nager, Shahjanhabad, and Ashok Road... with many of these dwellings reserved for ministerial occupants.

The area offers both commercial and residential properties, be it apartments or plots, retail space, builder floors or independent houses.
It comprises Connaught Place, Hanuman Road commercial zone, Hanuman Road residential zone and Lady Hardinge Road. The area outside the extended commercial zone consists of Parliament Street, Panchkuian Road, Babar Road, Jhandewalan, Barakhamba road, Janpath, Windsor Place, Jantar Mantar, Mandir Marg, Minto Road, Bhagat Singh Market, Krishna Market -Paharganj and Motia Khan.

Real estate consultants have observed a rising trend in both capital values and rentals in this belt. The capital value of apartments in Central Delhi range from Rs.15,000 to Rs 35,000 per sq ft, builder flats cost Rs 8,000-Rs 26,000 per sq yard and plots Rs.1.50 lakh to Rs 5.50 lakh per sq yard. Rental values of 2 BHK apartments range from Rs. 20,000 to Rs 1.50 lakh and builder flats cost anything from Rs 10,000 to Rs 30,000 per month.
Price per unit usually starts at Rs 22,000 per sq. ft. in and around Connaught Place (source: Cushman & Wakefield).

NRIs, too, flock to Central Delhi because of its being centrally located and having good infrastructure. Of late, the changing face of real estate structure and government initiatives for NRIs and FDI have been welcomed by people in the real estate sector.
The author is CEO, Sherwoods Independent Property Consultants India (P) Ltd

Courtesy: HT Estates 20^th Feb 2010

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After having got the home loan sanctioned from the bank, it's time you look at documents you will be required to submit before moving into the apartment you've decided to purchase.
We list some of them here. Stamp duty Stamp duty is a type of tax that needs to be paid to the State Government on transfer, i.e. sale or purchase of an immovable property, through the execution of an agreement. Let's try and simplify issues pertaining to stamp duty and the related documentation required for the same. Execution of the instrument: When a seller and buyer sign papers pertaining to the sale of an immovable property, (like a flat or apartment), whereby the rights of the seller are transferred to the purchaser, in such a case, the instrument is said to have been executed. Who has to pay stamp duty: Stamp duty is payable on the agreement through which the immovable property is sold or transferred. Usually the purchaser pays the stamp duty.

Market value of the property: Though stamp duty is payable on the agreement, the same is calculated based on the value of the immovable property such as a flat. Stamp duty is payable either on the market or agreement value, whichever is higher. The agreement value refers to the value, consideration or price mentioned in the agreement. This is the amount the purchaser will pay for the property. The market value, on the other hand, refers to the price the property could fetch if it were to be sold in the open market.

The market value is calculated based on a formula stipulated by the stamp duty authorities.

Payment of stamp duty: After calculating the stamp duty in accordance with the formula prescribed by the stamp duty authorities, the same can be paid in any bank that has been authorised by the state government to collect stamp duty.

You will have to request your bank for a pay order to pay the stamp duty. The bank will give you a confirmation of the payment. You will then need to give the original agreement to the bank.

Checklist for payment of stamp duty: The pay order should be drawn in favour of that bank where stamp duty will be paid. For e.g. if the stamp duty is being paid in XYZ bank, then the pay order will be drawn in favour of `XYZ a/c Stamp Duty'.

Do not sign the agreement (either the seller or the buyer) until the stamp duty is paid. Once the pay order of the stamp duty amount is given to the authorised bank, the bank will frank the document. This means that the bank will put the seal of the amount paid on the agreement, indicating that the stamp duty has been paid. The parties to the agreement should retain the original receipt issued by the bank.
This will be required when registering the agreement.

Risks of not paying stamp duty: You may be tempted to ask, what happens if I do not pay stamp duty?

The downside risks of not paying stamp duty on the executed transaction may be rather serious, so ensure that this leg of the transaction is executed properly.

The agreement for the purchase or sale of immovable property should be carefully stamped i.e. full stamp duty should be paid on such agreements. If the stamp duty is not properly paid, it will lead to a number of difficulties later such as: The agreement will not be accepted at the time of registration. The purchaser will be liable to pay a penalty for such nonpayment.

The title of the purchaser will not be clear and the courts will not accept such agreements as evidence in case of litigation.

Rates payable on stamp duty: Land is a state subject and hence stamp duty also falls within the state's jurisdiction. Thus, different states prescribe different stamp duty rates. Stamp duty is payable in the state where the immovable property is located.
Registration When the purchase/sale of the immovable property is completed after paying the applicable stamp duty and both parties sign on the agreement, the agreement should then be furnished to the registration authorities for registration. The registration authorities will verify the agreement, take the signature of the purchaser, seller and witnesses and record the contents of the agreement. This way, the authorities give legal evidence of the transaction of purchase/sale of the immovable property that has been entered into between the purchaser and seller.

Advantages of registration: By registering the agreement, both the buyer and the seller stand to benefit in the following ways: The title of the purchaser becomes clear and the same can be admitted in the court as evidence, in case of any litigation. Registering the agreements with the registration authorities automatically makes the government a witness to the legality of transaction. If the owner wants to take a loan from a bank against the property, then the bank generally insists on examining the registered agreements and may not give a loan on unregistered agreements.

Place of registration: In India, the registration usually takes place in the office of the Sub-Registrar, in whose jurisdiction the immovable property is situated.

Registration fees: Registration fees refer to those fees charged by the Government for registering the agreement. Such fees are determined by the Government and the same should be paid through a pay order at the time of registration of the agreement.

Checklist for registration: Each state has different rules for registration. However, the following documents are essential to have: Prescribed registration forms duly filled and signed by both parties to the agreement, i.e. the purchaser and seller. Pay order of the amount of registration fees. Original agreement duly stamped with the amount of stamp duty paid and signed by both the parties, i.e. the purchaser and seller. Original receipt of the stamp duty paid.

Along with the above papers, the parties should also arrange for the following documents relating to the immovable property which has been purchased / sold: The assessment bill from the municipality or any other municipal authorities certificate as may be applicable from state to state. Certificate from the society giving details of the property such as the area, year of construction, number of lifts, city survey number, etc., duly signed by the secretary / chairman of the society. `No objection' certificate from the society stating that the society has no objection if the seller sells the immovable property to the purchaser and that the society has no objection in admitting the new purchaser as a member of the society.
`No dues' certificate from the society that all the dues, outgoing and maintenance and other charges have been paid by the seller as on the date of the sale.
Any other details, documents or evidences as may be required or applicable from state to state.

If the purchaser or seller are being represented by some third person for the purpose of registration, then a special power of attorney in favour of such a third person which is properly signed, stamped and notarised should also be furnished to the registering authorities.

You may also take two additional people along to the registering authorities.

These individuals can sign as witnesses at the time of registration. Bye-laws of a cooperative society Bye-laws simply mean those rules and regulations that are framed for the internal working of the co-operative society. These are the rules and regulations, which the society has to follow to conduct its day-to-day activities.

These are laws that must be adhered to while making decisions pertaining to the society. For instance, carrying out major repairs or installation of lifts. The members of the society are also obliged to adhere to these bye-laws of the society.
Condominium rules When there are less then 10 members occupying the premises and where a cooperative housing society cannot be formed, a condominium is formed. When an immovable property is transferred in a co-operative housing society, registration is not compulsory. However, in case where an immovable property is transferred in a condominium, then registration is compulsory.

Each unit owner in a condominium has to follow the bye-laws and rules and regulations framed for such condominiums. Property ownership A person who purchases or holds immovable property in India is governed by various laws and acts. His/her rights, duties, obligations and liabilities must be in accordance with such laws and acts.

Transfer of Property Act 1882: This act contains various provisions, sections and rules under which the rights of the owner of the immovable property are governed.

Indian Stamp Act, 1899: These acts are important as under the said acts, stamp duty rates are prescribed for various documents, including purchase of immovable property. Any person who wants to purchase immovable property should ensure that the stamp duty is paid in accordance with the provisions of the act.

Income Tax Act, 1961: Any person purchasing or selling immovable property should also ensure that the same is done keeping in mind the provisions of Income Tax Act, especially those pertaining to capital gains tax.

Indian Registration Act 1908: The Indian Registration Act 1908 lays down different categories of documents for which registration is compulsory. According to section 17 the following transactions of immovable properties are required to be compulsorily registered.
Instruments of gift of immovable property Lease of immovable property Instruments which create or extinguish any right or title to or in an immovable property.
(The author is a Chartered Accountant with Vimal Punmiya and Co. The article was published in Knight Frank's guide book titled Real Investment: A real estate investment guide for India )

Courtesy: HT Estates 20^th Feb 2010

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Tarun is planning to buy a second house worth Rs 45 lakh with a home loan of Rs 36 lakh. He already has a flat that is worth Rs 40 lakh for which he has taken a loan of Rs 32 lakh three years ago. His income is Rs 1.2 lakh a month. He is now scouting for another home loan. He is also not clear about the tax implication of the two home loans.
Analysis First home loan - Rs 32 lakh Current year - Third Interest rate - 8.25 per cent Interest amount to be paid in the current year - Rs. 2.50 lakh Principal amount to be paid in the current year - Rs. 77, 000 Second home loan - Rs 36 lakh Current year - First Interest rate - 8.25 per cent Interest amount to be paid in the current year - Rs 2.94 lakh Principal amount to be paid in the current year - Rs 73,800 With regard to his first home loan for Rs 32 lakh, he is entitled to Rs 1.
1.5 lakh of maximum tax deduction on the interest paid under Section 24 (b), and Rs 2. 1 lakh of maximum tax deduction on the principal paid under Section 80 (c).

So, he can avail of deduction of Rs. 1.50 lakh against the interest amount of Rs. 2.50 lakh to be paid and Rs 77,000 against the principal amount of Rs 77,000.

But since he is planning to take a second home loan for his second house, the calculation of his tax deduction will be something as described below. Tax deduction for principal paid Under section 80 C, one gets maxi- mum deduction of Rs. 1 lakh for principal amount paid against a home loan, and this is valid in case of multi- ple property too. So, in Tarun's case it will work out as follows: Principal paid against the first home loan - Rs 77,000 Principal paid against the second home loan - Rs 73,800 Total principal paid - Rs 150,800 Tax deduction under 80 C - Rs. 1 lakh. Tax deduction on Interest paid For the sake of calculation, one is allowed to consider one of the two houses as self-occupied and the other as rented, even if an individual is using both of them for his own use. First home If treated as self occupied: Interest paid in third year - Rs 2.50 lakh Tax deduction on interest paid - Rs 1.50 lakh If treated as notionally rented out : Net Income from rent Annual Rent - 1.80 lakh (assuming a rent of 1.5 lakh pm) Less: Standard Deduction at 30 per cent of rent - Rs 54,000 Less: Interest paid - Rs 2.50 lakh Net Outflow = (Rs 1.24 lakh) Loss of Income Second home If treated as self occupied: Interest paid in first year - Rs 2.94 lakh Tax deduction as per 80 C - Rs. 1.50 lakh If treated as notionally rented out: Net Income from rent Annual Rent - Rs 1.44 lakh Less: Standard Deduction at 30 per cent of rent - Rs 43,200 Less: Interest paid - Rs 2.94 lakh Net Outflow = (Rs 193,200) Loss of Income Net outflow is calculated by deduct- ing the standard deduction from the annual rent and then further deduct- ing the remainder from the interest paid Option 1 House one for self - Rs 1.50 lakh House two on rent - Rs 1,93,200 Total Outflow - Rs 3,43,200 Option 2 House one on rent - Rs 1.24 lakh House two for self - Rs 1.50 lakh Total Outflow - Rs 2.74 lakh Therefore, option 1 is the better option as he will get tax deduction of around Rs. 3,43,200 from his income.
Summary Tax deduction on Principle paid - Rs. 1 lakh Tax deduction on interest paid - Rs.
3,43,200 He gets a total of Rs 4,43,200 as deduction Name: TARUN Working in: Private company Salary per month: Rs 1.2 lakh

Courtesy: HT Estates 20^th Feb 2010

Most locations in Delhi are witnessing a rise in prices, thanks largely to infrastructure development and improved connectivity

Ashish Jindal

During the last few years, the residential segment in Delhi has witnessed substantial growth in terms of property prices and the rise of locations like Dwarka and Rohini, where most of the new housing stock has been added. Infrastructure development and improved connectivity have been the focus areas of the civic authorities, riding on which, most of the locations across Delhi are witnessing price escalation.
South Delhi South Delhi continues to hold its position as the most coveted location for residential settlement within Delhi, even though high property prices have made it unaffordable for a large number of home buyers. Most of the prime residential pockets like Jor Bagh, Chanakyapuri, Golf Links, Defence Colony, Friends Colony, Greater Colony I and II etc, are located in this zone. The South Delhi Metro link to Gurgaon is due to be completed in six months.
An important factor that has led to an increase in prices in the areas is the absence of any new residential stock. The recent Supreme Court verdict on acquiring of 12,000 acres of land in Chattarpur, for development of a sub- city in South Delhi almost the size of Dwarka, can be one of the most important factors that may lead to prices stabilising in the area.
East Delhi Locations like Mayur Vihar, Anand Vihar, I.P.
Extension, Patpargunj, Preet Vihar are few locations, where demand for residential settlement is observed to be improving on account of infrastructure initiatives been taken by the Central and state governments. The completion of the East Delhi Metro link and the Delhi-Noida Metro link in the month of January have been the key reasons driving residential demand in this region. East Delhi, like south, has also not witnessed much fresh supply of housing units, which has led to rise in property prices. The Commonwealth Games Village located near Mayur Vihar is another factor which may lead to property prices commanding a premium in the area. North Delhi North Delhi is one of the first locations that witnessed improved connectivity to CBD through a Metro link. This has also led to an upward trend in property prices. Further, once the Jahangirpuri-Central secretariat-Qutab Minar -Gurgaon Metro link is operational in another six months, it will allow easy access to various South Delhi locations and improve connectivity to Gurgaon. This development will make North Delhi a key residential zone and drive up property prices. West Delhi Punjabi Bagh, Paschim Vihar, Naraina , Rajouri Garden, Janakpuri and Patel Nagar are the few prime residential locations in West Delhi.
Improved connectivity to CBD by the Delhi Metro and the presence of Netaji Subhash Place, a key SBD office location, have been the key reasons for increase in property prices in the region. With the Mundka-Inderlok Metro Extension to be completed in another couple of months, this development will improve West Delhi's connectivity to CBD and East Delhi locations.

The author is Regional Head (North), Knight Frank India

Courtesy: HT Estates 20^th Feb 2010

Bhubaneswar: is witnessing substantial real estate development activity with national and regional realty players active in northern and western India reportedly acquiring land. Key players include DLF, Unitech etc. Prominent IT/ITES players in the city such as such as Infosys (46 acres), TCS (45 acres), Wipro (27 aces), Mindtree (20 acres) and Satyam (2 ment across the real estate spectrum, including residential, hospitality, retail and IT office spaces.

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Coimbatore: is one of the most industrialised cities of South India. The chief reasons behind the city moving up the ranking include infrastructure projects here such as widening of the narrow bridges and flyovers at crucial transport intersections, a ring road around the city and plans to upgrade the Avanashi road between Uppilipalayam and Neelambur to a four-lane road. IT space is also coming up on Dr. Nanjappa Road and Rajshree Itec on Avinashi Road. In addition to this, four IT parks are under various stages of construction; while more than 10 are proposed aggregating significant supply in the region.

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The recent monetary policy review is aimed at curbing the rising inflation rate. There is some good news for homebuyers as this credit policy has left the key rates untouched, and the CRR hike will not push home loan rates up, says Ashish Gupta

The Reserve Bank of India (RBI) hiked the cash reserve ratio (CRR) in the monetary policy review last week. Despite a more-than-expected hike in the CRR, banks have, in general, ruled out any immediate hike in lending rates. According to bankers, there is abundant liquidity in the system and they can absorb the increased cash reserve requirement.

In order to tackle the rising inflation rate, the RBI hiked the CRR (the amount banks have to park with the central bank) by 0.75 percent to 5.75 percent, but left the key rates untouched. The 75 basis points increase in the CRR to 5.75 percent is expected to draw out at least Rs 36,000 crores from the system. This move is mainly to check the food price inflation from spreading to other sectors. The RBI said the CRR will be increased by 50 basis points from February 13, and a further 25 basis points to 5.75 percent from February 27. The bank rate, used by banks to price long-term loans, remains unchanged at six percent.

According to a RBI estimate, the inflation rate is likely to touch 8.5 percent by this fiscal end from over seven percent in December last year. Earlier, in October last year, the RBI had projected the rate of price rise to be around 6.5 percent by March 2010 end. According to analysts, there won't be any immediate pressure on interest rates. While a 0.75 percent hike in the CRR can put some upward pressure on short-term rates, long-term rates are unlikely to be affected in the near future. The RBI is unlikely to revise rates before April if the inflation rate remains at around 8.5 percent. The RBI has already factored this into its inflation projection till March and is not likely to take any mid-term action. In the January review of the monetary policy, the RBI increased the inflation forecast from the earlier projection of 6.5 percent. The present RBI actions are targeting the abnormal rise in the inflation rate. However, given the credit off take level in the system, banks are unlikely to effect any increase in their loan rates in the near future. The fact that interest rates have not been increased will continue to spur demand. As of today, banks are flush with funds. As a result, home loan interest rates are expected to remain steady in the coming months.

Courtesy:- TOI dt:- 13-02-2010

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Industry and real estate players feel any withdrawal in stimulus packages coupled with a hike in interest rate will be counterproductive and affect revival of economy, particularly real estate sector. Prabhakar Sinha writes

Real estate sector is at crossroads. On a revival path after it went through tough times owing to economic slowdown in the country, the revival, though, is mainly on account of stimulus packages given by government to the economy. The easy-money policy adopted by the RBI, which led to softening in interest rate, also helped the process of revival in the sector.

However, as the country faces a problem of rising prices, government is weighing the option of withdrawing the stimulus packages. Some economists are also in favour of tightening credit market that will lead to rise in interest rates, which would contain demand and dampen inflationary tendencies.

Industry and real estate players, though, feel any withdrawal in the stimulus packages and hike in interest rate will be counterproductive and will affect revival of economy, particularly real estate sector.

Sachin Sandhir, MD and country head of RICS India, says timing and magnitude of an exit from policy stimulus measures are crucial for sustainability of recovery in property and land markets. With further tightening of monetary policy expected during the course of 2010, policy reforms and measures expected from the budget are crucial to success of realty markets. RICS is a UK-based self-regulatory global professional body, which set up and now regulates qualifications and standards in property market, including construction and associated environment issues in real estate sector. Anshuman Magazine, CMD of global realty consultancy firm CB Richard Ellis, South Asia, says real estate sector is very hopeful that government will continue to provide stability to the industry, which has gone through extreme turmoil this past year. Magazine says government should take measures to improve affordability of end users. To this end, he says government should raise existing slab of Rs 1,50,000 to Rs 3,00,000 against the payment of home loan. This amount is deducted from the assessee's income to compute income tax. He also suggests that real estate sector, including residential township projects, should be granted infrastructure status.

Sandhir, on the other hand, feels that budget should extend tax concessions to residential sector by allowing exemption of income tax on the profit made by developers in constructing small houses of less than 1000 sq ft in Delhi and Mumbai and 1,500 sq ft in other cities. The provision was earlier allowed under Section 80-IB (10), which lapsed on March 31, 2007.

This will be a huge incentive to developers to build affordable houses in the country. In fact, it will help contain prices in real estate sector in the country. Sandhir says housing sector is suffering as a result of global recession and incentives are needed to help stimulate activity and provide the much needed new homes. If government is unwilling to reintroduce a wideranging tax break it could be used in a more targeted way, he says. "A time-bound tax holiday has proved successful in stimulating activity in real estate sector in other countries; for instance, the holiday from Stamp Duty Land Tax in the UK, which expired at the end of 2009. It may also be more effective to target the tax break at specific types of housing. This could be affordable housing units or homes meeting specific environmental standards," he says.

To this end, tax incentives should also be provided to developers undertaking slum and dilapidated housing redevelopment projects. In its report, RICS also pointed out that development of rental property market is essential in addressing housing problems in the country. "This provides an alternative to people who are unwilling or unable to buy a house. Rental property can also help develop a flexible labour force by allowing people to move easily to parts of the country where jobs are available," the report says.

Tax treatment of rental property needs to be considered to help encourage the sector, RICS adds. Taxes should be levied at such a level that a reasonable rate of return may be achieved by those looking to invest in the sector. Under present scenario, house owners are eligible for exemptions of 30% under Section 24 of the I-T act. Taxes are also not levied on house tax levies and interest payments on borrowed capital to buy a house. As a consequence of these outgoings, taxable rental income in most cases is calculated to be very small, and at times a negative portion of the gross rental income. RICS suggest that tax rate of 30% on rental income from residential property be lowered to 20%. Additionally, only 50% of rental income should be taxed as compared to current 70%. A downward revision in TDS rate will ensure that excess tax is not paid and will reduce burden of filing for and processing refund applications. "This will improve the rate of return from rental housing and boost rental market," RICS says.

Experts feel that the budget should pronounce policies that help consolidate the revival of economy and, in particular, the real estate sector as it is the second largest employer in the country, after the agricultural sector. A unit increase in construction expenditure, according to one study, leads to generation of income by five units because of multiplier effect. Due to backward and forward linkages to over 250 ancillary industries, positive effect of growth in real estate sector spreads far and wide and helps the entire economy grow.

Courtesy:- TOI dt:- 13-02-2010

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Surajkund has good real estate projects and low values. But government apathy and lack of speed in delivering infrastructure projects is a problem here, finds
Brix Research

    Surajkund was majorly a forest area with rural settlements with the annual Surajkund fair as its major draw for business and other commercial activities. Its development started around 10 years ago, but due to government apathy it was unable to flourish. With Faridabad's real estate booming in last few years, developers realised its immense potential and a number of residential and commercial projects were launched.
Surajkund village is one of the areas where real estate is undergoing an overhaul with a number of residential and commercial projects being developed. Spread over 30 acres, it is most famous for its Surajkund Crafts Mela. Organized with the support of Suraj Kund Mela Authority, it is an annual event held during February 1-15. Launched in 1981 by Haryana Tourism, the mela (fair) is a platform for artisans and craftsmen from all over India to showcase their finest wares in a rural setting and is a major tourist attraction in Haryana. Well-known developers with projects in Surajkund include Omaxe, Eros Group, Parvsnath and Ansals. Charmwood Village by the Eros Group was the first township project on the Surajkund Road. Spread over 65 acres, it consists of a multistorey apartment complex, Brentwood Tower and Charmwood Plaza, an integrated complex of shops, showrooms and office space under one roof. The apartments are valued at Rs 60 lakh to Rs 1.5 crore. Rental values of the apartments are approximately Rs 20,000 for a 2BHK unit. Almost 85% of apartments in Charmwood village are occupied while the rest will be given for possession by 2011.
    The Omaxe Group's residential project, The Forest, is located near Suraj Kund Complex and is a mere 3km from Delhi. It is spread over an area of 14.5 acres and consists of 5BHK ultra-luxury apartments. Launched in 2006, the project is likely to be completed by 2011. Surrounded by 5,000 acres of green forest zone and Aravali hills, the complex is equipped with state-of-the-art facilities with each flat valued at Rs 1.5 to Rs 3 crore.
    Located on the Surajkund Road, Omaxe Hills is another residential project being developed by Omaxe Ltd. It has 2 and 3BHK apartments along with 3BHK luxury apartments with servant quarter. The project was launched in 2007 and is likely to be completed in 2011. The apartments, with an area of 3,000-5,000 sq ft are valued at Rs 45 lakh to Rs 2.5 crore. The project comes with various modern recreational and entertainment facilities, and also houses a local shopping complex with about 40 to 50 units of 400-800 sq ft, at a price tag of Rs 30 to Rs 50 lakh. Other residential projects in Surajkund include the Greenfield colony, an integrated township with multistorey apartments and a local shopping complex. A 2BHK apartment in the Greenfield colony is available for Rs 20 to Rs 25 lakh while a 200 sq ft shop is available on rent at Rs 40,000 to Rs 60,000 per month. Diverse range of property like apartments, bungalows and villas are available in the residential category.
Commercial Projects
    A number of commercial projects are also being developed for comprehensive development of the area. Saffron Plaza is one such project. Mainly comprising office space, it has been developed by a private developer and is ready to move in. MNCs and banks like Citibank, HDFC Bank, SBI and ICICI have already started operations here. Rental space in the plaza is valued at Rs 7,000 per sq ft and the minimum unit size is 1,000 sq ft.
    Developers like Crown Group, Piyush Group, and SRS Group are developing a number of IT parks in the area. Most of these IT parks are likely to be completed within two years.
    Areas surrounding Surajkund like Sector 37, Ashoka Enclave I and II, are dotted with local shopping complexes, 80% of which are occupied and others are ready for possession. Shops with an area of 1,000 sq ft are up for rent for Rs 60,000 to Rs 70,000 per month.
    Many schools and educational institutions are also located in Surajkund, like MVN Public School, Aravali International and Manav Rachana College. Local transport around these areas is also improving with a bus stand at 1km from Surajkund, while other transport like auto-rickshaws and taxis are also easily available. Surajkund Road will soon be six-laned and the forthcoming Metro link and Badarpur flyover will further enhance its connectivity. Being a tourist spot, the area also has a number of 5-star hotels like Rajhans and Claridges,which cater to tourists. "Surajkund is an important tourist destination in Haryana. Its excellent connectivity to South Delhi, Gurgaon and Noida, and its affordable price range make it an investment hotspot," says Pawan Kumar of Arrangement Real Estate.
    Though connectivity is very good and transport facilities are improving, Surajkund lacks infrastructural facilities. While most projects have been provided with 24-hour power backup, power and water supply are still a drawback. Moreover, the slow pace of work by civic agencies is further adding to the woes of residents and developers alike. Once these aspects are taken care of, Surajkund will be an excellent location for investors.
    According to Pawan Kumar: "Surajkund is Faridabad's prime locality and has a bright future in the realty sector. Property rates have doubled since last year and demand has increased by 50%. With a little attention from the government, in the next five years Surajkund will be the preferred real estate destination leaving Gurgaon and Noida behind."

Courtesy:- Times Property dtd:- 06-02-2009

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Raj Nagar Extension's connectivity to other NCR regions has become seamless, turning the place into a one-stop destination for a wide band of middle-class end users, says Krishna Kumar Mangalam

    New connectivity can do wonders to areas that are yet developing, as evinced in Raj Nagar Extension in Ghaziabad, one of the new upcoming areas, which has benefited immensely by new connectivity accorded to the area through recent infrastructural work.
Ghaziabad is emerging as one of the best choices for middle-income groups in NCR region, where property prices are still within reach. With new connectivity and affordable pricing of apartments, it has an edge over other areas. Developers in the area joined hands to work with the authority to develop infrastructure here, with the result that Ghaziabad saw a slew of realty action in the recent past. This association comprises well-established developers like Ashiana Homes, SVP Group, SG Estates, Landcraft, KDP Infrastructure Pvt Ltd, Shree Energy Developers Pvt Ltd, Ajnara India Ltd, Ascent Buildtech, including emerging developers like High End Infratech, Krishna Asset Reconstruction, MCC Builders, Quantam Buildwell Pvt Ltd and Shomit Finance Limited.
Raj Nagar Extension is situated on the new Meerut bypass. The entire area is yet to be developed and this has given the authority and developers a chance to carry on a planned development here. As it is near the bypass, one can travel to Delhi or other cities without crossing crowded areas of Meerut or Ghaziabad. The place enjoys the status as the most well planned city in NCR, having high connectivity with Delhi as well as Noida (15-minute drive), Greater Noida (35 minutes), Vasundhara (10 minutes), Indirapuram (10 minutes), Vaishali (10 minutes), Meerut and Hapur (40 minutes each).
    Raj Nagar Extension is a one stop destination for a wide band of middle-class end users, offering choices ranging from a 1BHK for Rs 12 lakh to a 3BHK for 40 lakh, with amenities likes entertainment zones, shopping arcades, and jogging tracks thrown in.
    The USP of this area is an adjoining perennially green and  unpolluted belt, which is going to remain undisturbed as Ghaziabad Development Authority has declared 500 acres along Hindon river as a green belt and banned all construction activity in the area. Raj Nagar is centrally located, in the vicinity of posh localities of Ghaziabad, yet buffered from the hustle and bustle of the busy township.
    Thus, the location offers an ideal and serene setting for a pollution-free living in a well-planned locale with excellent connectivity to areas like Delhi through a proposed Metro link, and to Noida and Greater Noida by way of the proposed expressways.
    As soon as one crosses Hindon river, while coming from Delhi, the road to the left leads to Raj Nagar, with work on this road almost complete. G D Goenka International School is also coming up on this road, and work on the institute has begun. And, this is not the end to it! Soon, the area will be connected through a six-lane expressway connecting GT Road with NH-58, which eventually goes straight to Dehradun via Meerut. The Metro line is also on the verge of knocking the doors of Raj Nagar Extension, which will surely help residents and transform the area. The place is 25km from the Central Business District of Connaught Place and only 12km from Delhi border.
    A proposed flyover and road from Hindon airbase will offer express connectivity to Delhi via Wazirabad. As per the latest policy development, the proposed Delhi-Haridwar highway will also pass through Raj Nagar Extension, further enhancing connectivity of the area.
    A girl's hostel, a vocational college, and a training institute have also been announced in vicinity of Raj Nagar Extension by the UP government. Work on these projects has already begun and will accelerate development in the area. Today, among the important places to invest in, Ghaziabad's National Highway 58 is the most sought after. This stretch has been seeing a lot of development and investment potential. For any person who is looking out for an affordable house, this stretch promises a lot. Many developers are coming out with projects on this stretch to meet the burgeoning demand of the middle class.

Courtesy:- Times Property dtd:- 06-02-2009

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Sobha Developers, which was in talks with Shriram Properties for the sale of around 400 acres in four cities, is learnt to have called off its negotiations following differences over price, people familiar with the matter told ET.

While Sobha confirmed that talks have been called off, it did not provide details. Shriram Properties MD M Murli said his company was "not pursuing the deal aggressively." Some of the land the firm had put up for sale include 100 acre at Hinjewadi in Pune, 3.8 acres on St Marks Road, Bangalore, 7 acres of NBCC land behind the Bangalore railway station, 330 acres comprising two islands of Valanthakad & Nadukeri and adjoining lands in Manakunnam & Thekumbaghom villages in Kochi. The total value of these land could be between Rs 600 and 800 crore, according to estimates by Mumbai-based research firm Enam Securities.

The latest move by Sobha Developers comes after it managed to strike a deal with an investment fund owned by Infosys co-founder N S Raghavan to raise Rs 225 crore by selling a part of its land bank. The company has also managed to reschedule a substantial part of its loan portfolio. Last year, Sobha raised around Rs 530 crore by diluting close to 22.5% equity through a qualified institutional placement (QIP).

Sobha MD J C Sharma had earlier told ET that the company was looking at a stake dilution of up to 25% at the project level through a special purpose vehicle. While the deal would have generated the much-needed cash for Sobha to develop its projects, it would have also helped Shriram Properties, a part of the $5.5-billion Chennai-based Shriram group, scale up its size in the residential market. In fact, Murli of Shriram Properties had earlier said that the firm was in talks to buy 1,500 acres of distressed assets which could be land with development rights, projects under development or mid-sized real estate company.

Courtesy:- ET dt:- 27-jan-2010

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Tentative queries for retail space are keeping mall developers' hopes alive

Even through many retailers have announced aggressive expansion plans for the New Year, queries for retail space have been restricted to a few malls in select locations. With developers offering attractive deal structures and revenue-sharing models, retailer interest has revived, though not in a big way, for opportunistic leasing, leaving developers struggling to get more clients.

The malls that are being built are being eyed by multiplex operators and hypermarkets for anchoring large spaces. However, developers have been successful in converting just a few enquiries into actual transactions, according to Market update ­ 4Q'09 by Jones Lang LaSalle Meghraj Research.

The fourth quarter of last year witnessed improved footfalls and increased sales volume. With improved consumer sentiments and sales forecast figures for 2010, retailers are expected to focus on their expansion plans leading to fresh demand.

Select mall projects that have good design, favourable location and professional mall management are expected to witness healthy absorption in 2010.

More vacancies, less absorption

The average vacancy level across all micromarkets increased from 20.6 per cent in the third quarter of last year to 21.3 per cent in the fourth quarter. The reason was a rise in vacancy level in prime locations from 33.7 per cent in the third quarter to 37.9 per cent in the fourth quarter. Net absorption in the NCR retail market in 2009 was observed at 445,000 sq ft (41,400 sqm) compared to 959,000 sq ft (89,100 sqm) in 2008.

The key transactions in the fourth quarter of 2009 were:

Planet Fashion - 5000 sq ft in DLF Place Saket in Saket District Centre; Prime South.

Adidas - 1500 sq ft in MGF City Square in Shivaji Place District Centre - Prime Others.

As far as the supply is concerned, the Delhi retail market witnessed completion of two new malls in the fourth quarter: 100,000-sq ft (9,290 sqm) D Mall by Mera Baba Realty Associates in Pitampura and 150,000-sq ft (13,935 sqm) West Mall by PP Estate in Janakpuri. Both malls are located in the North West Delhi region (Prime Others micro-market of NCR).

The malls have long been strata sold by developers and do not provide adequate space for large anchor retail or multiplex operators. Both malls commenced operations with low occupancy.

Asset performance: With major correction recorded in the first half of '09, the rate of decline in rental and capital values slowed down in the second half. In the fourth quarter, the correction in rents in the NCR retail market continued at almost a similar rate as observed in the third quarter.

A steep fall in rent

Mall rents fell by 6.0 per cent quarter-on-quarter in Prime South (compared with 7.4 per cent in the third quarter of '09), 8.0 per cent in Prime Others (7.4 per cent in the third quarter) and 12.2 per cent in the suburbs (10.3 per cent in the third quarter). On a year-on-year basis, the correction was steep in 2009. Rents in Prime South corrected by 35.0 per cent in 2009 (compared with 4.0 per cent in 2008), 45.0 per cent in Prime Others (16.0 per cent in 2008) and 46.0 per cent in the Suburbs (17.0 per cent in 2008). While rents and capital values almost corrected by 50.0 per cent, net absorption in 2009 was not even half of the level seen in 2008.

The next 12-month outlook

Albeit the optimistic economic forecast and improved growth projections for 2010, the retail mall market will take longer to recover. Though each micro-market has a couple of malls that will help lead recovery, yet the oversupply will continue to put pressure on rents for a longer time. In terms of stock under construction, about 4.5 million sq ft (410,000 sqm) of retail space could be ready by end2010. Based on the market activity in the first quarter of 2010, there will be more clarity on supply delays and rental pressures for 2010.

Courtesy:- HT dt:- 06th Feb. 2010

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Type- Multistory Apartments

Sector 62, Gurgaon    

Price – Rs. 20555000*

Description – Presidia, 5 bedroom Multistory Apartments for sale @ Rs. 20555000

in Sector 62, Gurgaon, 2 kms away from the prestigious Golf Course, 25 kms from New Delhi and 15 minutes from IGI Airport, Very close to Sohna - Faridabad road, close proximity to Heritage school.

High Quality Electrical wiring and modular switches,100% Power backup, provision for LPG gas pipeline, Fire detection and Sprinkler System. Perimeter Security, Burglar Alarm System, smart card access for residents,CCTV in basement and main entrance lobby for surveillance, dedicated intercom linking the main gate and each residence, sprinkler system for fire safety ,Optical fiber network, Provision for cable TV.

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Type- Independent Floors

 Sec - 70A, Sohna Road ,Gurgaon    

Price – Rs. 2390000*

Description – Marina Floors, 4 bedroom Independent Floors  for sale @ Rs. 2390000

in  Sec - 70A, Sohna Road ,Gurgaon, 3 kms away from the prestigious Golf Course, 25 kms from New Delhi and 20 minutes from IGI Airport, Very close to Sohna road, close proximity to Proposed metro station.

Marina Floors’ project has been promoted by Pal Infrastructure & Developers Pvt Ltd. It is strategically located in Sector 70 A, Sohna Road, Gurgaon in the close vicinity of national capital. This project has low-rise floors. Home buyers, living with their old parents, will prefer to buy homes in this low-rise floors project. Prices of apartments in this project are affordable starting from Rs19.90 lakhs for 3 BHK apartment. This project has facilities of Club, Greenery, Shopping Centre, Public Transport, Power Back-up, Security and School.Pal Infrastructure & Development Pvt Ltd is a venture of Pal Group. Pal Group has a strong presence of over a decade and has carved a niche for itself in the real estate development and construction. Over the last couple of years,

Pal Group has consistently set quality benchmarks in real estate development and is creating world-class group housing and commercial space in prime locations and is coming up with well planned townships & IT Parks. Founded with a vision of providing excellent life spaces and international living standards to its customers, Pal Group has always struck a vital balance between closeness to nature and modern lifestyle.

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What can make property prices go up or down -a road, Metro, slums or a landfill? Read on...

Sudha Pillai bought an apartment along a highway near Delhi for Rs 22 lakh five years ago. What attracted her to the project was the pres ence of well-lit, wide roads and the brochure announcing that Metro connectivity would be a reality in the near future. What she had not bargained for was a slum that came up three months ago in the vicini ty. The effect on the value of her property was immediate -- it is now Rs 18 lakh.

Experts point out that realty pricing is dependent on several factors -- physical infrastructure, social and policy environment. All prospective homebuyers should, before zeroing in on any property, look out for things such as Metro connec tivity, road linkages to other cities and study the Master Plan well enough to get an idea of what may be in store for the future.

Tread with caution

Buyers should be particularly wary of factors such as a land fill site, a public hospital, a graveyard or a slaughter house, as these may negatively impact property prices.

Also, just the existence of a road is not enough to drive up property prices in an area; it has to be well-lit and connect ed to other arterial roads, too.

If an apartment is the only one remaining in a society or block of flats, do not rush in to snap it up -- there could be a good reason why it has been A rejected by others. Look around for similar projects in the vicinity, as that is an indicator of how many people would settle in that area.

More projects mean better bargaining power to demand infrastructure and a sureshot appreciation in prices.

Look for the essentials

According to Priyankar Bhikshu, head of India Research at DTZ, infrastructure gives a push to real estate development. An important determinant is connectivity and a metalled link road to the city centre.

There should be enough schools nearby, a thriving social environment and a good law and order situation.

"The four pillars required for real estate to do well are infrastructure (airport, railways, road network and Metro connectivity), hospitals, retail and schools," says Samir Jasuja of PropEquity, a propriety data and analytics company. "The social stock, the type of people who live in the residential units, is equally important. Any unorganised initiative can be a dampener.

For example, if the government decides to shift polluting industries to the area where you live, this will certainly affect real estate values. (Lack of) law and order, slums coming up near your societies can also have a negative impact."

Amit Bhatt, town planner, cites how residential property prices in Dwarka went through the roof once the Metro was up and running and the flyover opened in the area. New schools and colleges in the sub-city have also had a positive impact.

A transportation network, arterial roads and flyovers thus give an immediate boost to property prices, especially in areas located on the periphery of a big city like Delhi.

Test the policy environment

The third factor that buyers should seriously consider is the policy environment. This refers to a sudden announcement of a project by the government, such as the decision to construct a landfill site, a slaughterhouse or to shift polluting units or slums to the area where one has chosen to invest in property.

It is not just government plans that may be a problem. According to Shweta Jain, head, residential, Cushman & Wakefield, while infrastructure development and better connectivity have a positive impact on property, this may be negated by a developer's last-minute change of plans.

Prices in a housing complex supposed to overlook a park can go down if a commercial building pops up in front of it, or if a tall building sprouts in front of single-storey villas. Even when it comes to the Metro, property prices may actually go down or stagnate during construction, she says.

Ashutosh Limaye, associate director, strategic consulting, Jones Lang LaSalle Meghraj, points out that the presence of a landfill site near a residential area may make it less attractive. Planner Amit Bhatt, however, is quick to point out that price depreciation on account of a landfill site may not be so visible in India because of the supply and demand mismatch. What it might lead to is stagnant prices or a minor correction.

Too much of a good thing

Prices may drop for properties near traffic junctions. Though such a junction is important, once the area develops, mechanic shops, petrol pumps, godowns, courier companies mushroom and the place starts looking like a `transport zone'. Excessive vehicular movement, pollution and lack of security have a strong impact on property prices. Same is the case with a bypass and residential properties close to it, adds Limaye.

Graveyards or a cremation ground may also hit prices. Plots are generally reserved in the Master Plan for graveyards and cremation grounds, and town planners tend to create a buffer around them in the form of parks or government buildings, but it is not always possible to avoid a housing complex near a burial ground/crematorium. Properties located in such areas are generally available at a discount, says Limaye. That also goes for properties located close to a slaughterhouse, polluting units, tanneries or fabrication units.

A traffic junction or a city border may be good for office buildings or shopping centres but not for homes. Hospitals, though a necessity, may actually bring down the price of property. And a civil hospital has, in this case, a greater impact than a nursing home or a private hospital, Limaye adds.

An airport, similarly, is not such a good thing to have too close to a house, as the resultant noise level may bring down the price. And for a family that does not fly so often, it makes little sense to pay a premium for such a home.

With regard to a railway station, it is best to be linked to a suburban station than a main city station because of congestion and noise.

However, a particular section of society that travels often and uses this mode of transport may find such an area attractive. If they invest in large numbers, property prices in that area will be pushed up.

Make a to-do list

Experts say that it is worth your while to carefully review the Master Plan of the region to get an idea of future developments. Also, check which developer is going to complete construction on time. Execution capability is an important determinant. Projects that are completed first are the ones with the maximum appreciation.

Courtesy:- HT Estates dt:- 23-jan-2010

Designarch has launched its new go green residential venture e-Homes at Greater Noida. As part of the consortium, Designarch is investing Rs. 600 crore (approximately) on this upcoming e-Homes project. It includes clustered construction of 2-3 bedroom and studio apartments. The size of the houses range from 550 to 2,175 square feet and are priced between Rs 11.88 lakh to Rs 60 lakh. The rates of these flats are computed on the basis of super area concept. Some of the hghlights of the project include, electronically operated lights, air conditioners etc. operated through mobile phones, remote control or touch screen Wi-Fi in all areas, side open plot with rolling greens on three sides, maximum ventilation and natural light, vastu/fengshui concepts etc.

Courtesy:- HT Estates dt:- 23-jan-2010

Existing buildings can be made green by efficient utilisation of water and light and using other energy-saving methods, says Dr Prem C Jain

With concern for environment degradation and threat of global warming looming large, the common man has become more conscious of his contribution to the issue. Buildings, one of the major contributors to energy consumption, provide great potential to reduce an individual's carbon footprint.

Existing buildings can be made green by making various renovation/ alterations to the building structure, replacing equipment and changing human behaviour. Installing more efficient lighting and using natural daylight, using water-efficient fixtures like low-flush toilets and by adding environmentally friendly finishes and furnishings also help. It may be possible in some cases to upgrade the building envelope by providing under deck and external wall insulation.

Green building retrofit has its own challenges with initial costs being one of the biggest impediments. Here, the government incentives can encourage growth in green renovation through retrofit activity.

Meanwhile, owners of existing buildings can be motivated by lower lifecycle costs, higher return on investment and improved f tenant satisfaction, whereas tenants can take the benefit e of lower operating costs and better quality of life.

The focus of the green building movement in India is currently on new buildings and various organisations like the Indian Green Building Council (IGBC) and The Energy and Resources Institute are likely to also actively promote green renovation of existing buildings. One has to take the case of UK into account. Huge existing housing stock there is a large consumer of energy. In India, we are witnessing more people going green every year and this trend is likely to escalate in the coming years with a move towards affordable s green buildings.

The green building movement has also been focused on office buildings and we are already seeing the inclusion of a variety of building typologies, including airports, exhibition centres and hospitals.

Green building concepts focus on handling of consumer waste, water efficiency, reduction in fossil fuel use in commuting, energy efficiency and conserving natural resources leading to enhanced occupant health, happiness and well-being. As stated earlier, making various renovation/ alterations to buildings, using natural light, installing water-efficient fixtures and also making behavioral changes to make reuse and recycling of materials and avoiding wastage of energy by being energy conscious, will accomplish the objective.

The author is chairman and managing director of Spectral, a green engineer design consultancy 

Courtesy:- HT Estates dt:- 16-jan-2010

Over The Past Year, Many Developers Have Either Resized or Called Off Projects On Low Buyer Response

IT started with a big bang. Affordable housing ventures by popular realty groups promised what the middle-class could not even dream of. Owning a flat in one of the metros, at rates which were within their reach, was a dream too good to be true. But after the initial blitzkrieg, the real picture emerging is far from promising.

Here is a view of the current affordable realty landscape. Bangalore-based Golden Gate Properties, which planned to launch 2,500 affordable apartments under the Commune brand, has called off its project. The firm, which planned to invest Rs 2,000 crore in its affordable ventures in Bangalore and Hyderabad, has done so mainly because of low bookings, states an employee at the company. The fate of its other ventures in Bangalore and Hyderabad also hangs in limbo.

Similarly, Gurgaon-based Omaxe, which had set up a subsidiary—National Affordable Housing and Infrastructure—to build cheap houses, is yet to launch its Bangalore project. The firm had plans to roll out apartments in the Rs 3-18 lakh range around Bangalore during the first phase. An email query to the company remains unanswered.

Omaxe had announced that it would roll out 10 lakh units across India. But only two projects in Faridabad have taken off. Its plans to invest Rs 8,000 crore in affordable housing projects across India seem to remain only on paper.

And for groups like Ozone, floated by the promoters of Reliance Industries and HDFC Venture Fund, the going has been slow. Sources say the company has managed to sell just 30% of its apartments (in the range of Rs 29-30 lakh) since its launch in January 2009. Despite the attractive price range, it has sold only 280 of its 912 units in Ozone Evergreen in Bangalore. S Vasudevan, MD, Ozone Group, however, insists that the off-take has not been that slow.

The Brigade group is also facing a lukewarm response from the market. “The company has received expressions of interest only for 900 apartments. Though the price is affordable, the distance (it’s located in a far-flung location) is making it unviable for buyers,” a source said. However, the company claims to have received 2,000 expressions of interest for its value homes. The firm plans to set up four affordable housing projects totalling 10,000 units across Bangalore in the next 6-12 months.

Similarly, CSC Construction, a recent entrant in the value home market with three housing projects, is also believed to be facing challenges. CSC which launched 2,180 units in mid-2008, is now setting up only 1,000 units. However, PC Sukanand, MD, CSC Constructions clarifies: “The response for all our projects have been good. We resized the projects due to legal issues.”

Over the past one year, developers have either resized or called off projects due to low buyer response. Digging deep into the reasons for this, realty analysts like Amit Bagaria, chairman of real estate consultancy firm Asipac, said, “Affordable housing will only work in locations which are easily commutable and has social infrastructure. Transparent pricing is also another important element.”

According to real estate consultancy firm Knight Frank, good connectivity to work places is the most important factor influencing buyers’ decision in selecting their residence. Pranay Vakil, chairman, Knight Frank, says: “Some projects were launched with the expectation that they can influence connectivity.” The Knight Frank survey also revealed that developers have to pay external and internal development charges to the government which are ultimately passed on to the consumer thus increasing the overall cost of a house. “The EDC and IDC costs coupled with the high transaction cost and stamp duty can go as high as Rs 350-400 per sq ft which is transferred on to the end-user by the developer,” the report stated.

However, there have been a lucky few like the Patel Realty India’s project in Bangalore which sold 800 units out of its 1,000 affordable apartments in its Bangalore projects within 50 days of its launch. Similarly, Puravankara claims to have sold 700 of its 1,120 apartment in the first phase in Bangalore. In Chennai, it claims to have sold out 900 of the total 1,000 apartments. However, industry sources said the firm has so far sold out only 300 units and is struggling to sell the remaining apartments in the market.

Courtesy:- ET dt:- 14-jan-2010

Access to acres of open space has opened up residential options in places being marketed as sports cities. Vandana Ramnani reportsA home snugly nestled amidst picturesque environs, overlooking thousands of undulating acres of lush green landscape, a golf course, a cricket stadium, a polo ground, a racing track and a collection of lakes for added measure. Such developments are coming up close to the Capital and elsewhere and could be yours in the next 5-10 years.

With the Commonwealth Games 2010 around the corner and most retail models having been exhausted by realty firms, several developers are exploring opportunities within the sports arena and creating spaces marketed as sports cities. These, say realty experts, are an extension of concept townships such as golf course cities or hill cities that give a project its character and enable it to command a premium. The theme also helps create excitement around the residential product and acts as an anchor to pull prospective homebuyers. Besides sports, cities can also be built around themes like healthcare, research and education and become destinations in themselves.

Sports cities incorporate state-of-the art sporting ventures and academies with residential and commercial developments. The basic requirement for a sports city is a 100-acre tract of land that includes sporting venues, training academies, schools, homes, commercial and retail. The work area, too, is close at hand. The integrated nature of these developments helps them sustain themselves in real estate terms.

These are associated with organised sporting activity besides having the gardens, parks and golf courses. These can be built in zones with low FSI consolidated with tall towers, villas and large open spaces. Such cities can also be planned in areas around an existing golf course or a sports facility that functions as a sports city, says Samir Mathur, a green architect.

"Even the Commonwealth Games Village, which is centered around sports facilities, will be a working sports city for two weeks. Sports city developments are generally high-end. Golf courses, sports, academies, etc are all valueadds and give an opportunity to the developer to charge a little bit extra than others nearby. It gives them an edge, a different positioning and in the current economic situation, helps developers break out of the traditional revenue earning mould," he adds.

What started with Sahara's Aamby Valley project at Lonavla a few years ago and saw offshoots in the form of golf townships has now evolved into a full-fledged sports cities concept.

The Jaypee Sports City coming up along the Yamuna Expressway in Gautam Budh Nagar is a case in point. Spread over 2,500 acres, it will boast international standard sports stadiums for all major outdoor and indoor games, including an internationally designed Motor Racing Track (scheduled to host India's first Formula1 race in 2011), ICC standard cricket stadium that can accommodate one lakh spectators, a golf course and equestrian centre along with hotels, restaurants and recreational facilities spread over an 875 acre sports zone.

Sporty offerings

The above development would be divided into multiple districts, the first being the Jaypee Greens Country Homes, a residential plotted development offering customers individual plots of sizes varying from 200 to 4000 sq mts. This has been complemented by the Lake District with high-, mid- and low-rise apartments. "This will be a global sports city. We're initially targeting the residential developments as second homes. But in times to come this will be an integrated city once commercial development is in place and people can actually walk to work. We also plan to hold international sports events from time to time to sustain interest," says Rita Dixit, director, Jaypee Group.

Bengal Shristi Infrastructure Development, a JV company of Asansol Durgapur Development Authority and Shristi Infrastruture Development Corporation, plans to build a sports complex-cum-residential and commercial complex at Haldia in East Midnapore district, 140 km south of Kolkata. To be known as the Arena Haldia International Sports City, it will be built over 6.5 acres at an outlay of Rs 750 crore.

Nirmal Lifestyle, a Mumbaibased firm, has recently tied up with the US Open Management, a globally renowned sports brand, to offer the US Open Apartments. "There would be five buildings of 46 storeys each. Facilities on offer include tennis courts, basketball courts and swimming pool. The apartments are priced at Rs 65 lakh upwards. Buyers are expected to get possession of 370 units by mid- 2013," reveals Dharmesh Jain, managing director of the company.

Ansal API's project Megapolis will also sport an 18-hole signature golf course by Nick Faldo, equestrian facilities with a race course and a polo ground and a Mahesh Bhupathi tennis academy. "This is a city in the making and will take five to seven years to be constructed. The residential units, called Fairway apartments, are priced at Rs 1819 per sq ft. These sports add-ons create destinations," says Rakesh Kaul, president, Ansal API.

Success rate

Realty experts point out that sports cities can do well if they are integrated with the main city or have commercial zones where people can work. "The success of these cities depends on how well integrated these are with the frontline city and how much year-round activity they have. This means that they need to hold regular sports activities to make them sustainable. It is important that the location is right, be developed right and utilised for the purpose for which it's being set up. Otherwise, people may end up using these properties only as second homes," opines Pankaj Renjhen, managing director north India, Jones Lang LaSalle Meghraj.

Concurs Ajit Krishnan, partner, real estate practice, Ernst & Young, "Over time, every area that expects a large amount of urbanisation will always have a theme -- golf course, education, research or sports. What theme may work and what may not all depend on the execution of the project. Some may be built around a sport like cricket but will need to have a local economy around it. They need to be destinations in themselves. Unless it is a destination based sports city it may not achieve the desired results. If a sports city can pull off a global event in that area, it is definitely an address worth investing in."

Courtesy:- HT Estates dt:- 09-01-2010

IRB Infrastructure Developers Limited has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a project involving four-laning of Goa- Karnataka border (84 km) to Panaji - Goa (153 km) in the state of Goa under NHDP Phase III on a buildoperate-transfer (BOT) basis.

Based on the DBFO (Design, Build, Finance and Operate) pattern, the project cost is approximately Rs.800 crore, with the project length being 65.07 Kms. IRB gets a concession period of 30 years and the equity support from NHAI during construction phase demanded is Rs.186.30 crore. The construction period is 910 days.

V. D. Mhaiskar, chairman and managing director of IRB infrastructure Developers Ltd. said, "We are proud to bag such outstanding orders. It is sheer hard work and dedication of each and every employee. We are glad to receive this order, which manifests that the company is capable of executing large scale projects within a stipulated deadline and the construction quality is at par with the global standards." IRB Infrastructure Developers Ltd. is an integrated infrastructure development and construction company in India with experience in the roads and highways sector. It is one of the largest private developers in India and the largest toll road operating company in India. It is an established infrastructure company in the roads sector and has a large portfolio of BOT projects.

Courtesy:- HT Estates dt:- 09-01-2010

Tier II and Tier III cities will now be the mainstays of the realty sector as the mega-metros and Tire I cities are either saturated or the land and realty prices have become prohibitive there, says Shri Ram Shaw

With real estate in metropolitan cities becoming prohibitive, many buyers with limited budgets are turning to Tier II and Tier III cities to buy their long cherished dream houses. Usually, these towns are located close to their native places. Even though they may not be able to live in these apartments now, these city workers feel secure in the knowledge that they have a place that they can turn to once they retire from their professional careers. In addition to this factor, growing industrialization and rising opportunities in the service sector are driving demand for housing in Tier II and Tier III cities.

As real estate boom gathered pace in the first decade of this millennium, a large number of metro-based developers announced housing projects in Tier II and Tier III cities. There were several reasons for their foray into smaller cities. The market in metropolitan cities had by then turned red hot. The price of land had risen to such high levels that most developers worried whether it was possible to develop viable housing projects at such prices. In comparison, the price of land in Tier II and Tier III cities was far more moderate. While many micro-markets in metropolitan cities had saturated, in Tier II and Tier III cities, supply was still inadequate to meet the demand arising from the spread modern retailing, outsourcing, IT and manufacturing to these cities.

By early 2009, many developers had adopted the obvious strategy of price correction in existing projects to clear mounting inventories and lure consumers back to the market. During the period, there was another paradigm shift as many developers realized that the market had converted from an investor driven one to an end-user dominant one. Recognizing that the end users were seeking homes that were affordable, developers altered their product portfolio and launched affordable housing across India to revive demand by the end of the first quarter of 2009. The affordable housing concept, coupled with reduced home loan rates, put the real estate market on the path to recovery.

The cities of National Capital Region (NCR) hold the highest potential of future growth, providing maximum investment potential and have demonstrated the healthiest absorption rates during this dynamic phase of real estate development. These cities are amongst the Top 10 cities ranked on absorption levels. Noida has emerged as the leader in NCR. Noida and Faridabad have demonstrated high absorption primarily due to launch of affordable housing projects. The recent projects of Jaypee (Aman) in Noida and BPTP (Elite Floors) in Faridabad were primarily driving the high absorption values in these cities with developers commanding more than 70% of the market share.

Noida-based developer, The 3C Company, has announced the country’s largest green-residential project, Lotus Boulevard, spread across 40 acres and to be built with an outlay of Rs 1,550 crore. Vidur Bhardwaj, director of the company said, “ Lotus Boulevard will strengthen our commitment to provide worldclass facilities, which are not only user friendly but also contribute in reducing carbon footprints.” He added that the project would offer residential apartments of 2- and 3-BHK units, with areas ranging from 987 sq ft to 1,820 sq ft (approximately) and at a rate of Rs 2,825 per sq ft.

However, with the worst of the downturn behind us, major players are once again dusting off their plans for smaller cities, albeit with several modifications. Kumar Gera, chairman of Confederation of Real Estate Developers Association of India (CREDAI), says, “Over the long term, real estate development in smaller cities will be aligned to the level of their economic progress and the infrastructure put in place by their respective state governments.”

Devinder Gupta, CEO of Century 21 India, says, “One of the basic reasons for investment flocking to these smaller cities is the availability of properties at affordable prices. Government is also taking an active interest in promoting these cities as investment options to decongest Tier I cities and to ensure more uniform development.” He adds that growing congestion in the metros has forced governments and corporates to seek alternatives in smaller cities, and this has in turn boosted demand for real estate in them. Some of these cities, with their rapid pace of development, present attractive opportunities to real estate developers.

Venturing where few private players have gone before, India’s largest realty firm, DLF, is planning to build one lakh affordable houses, which would cost less than Rs 20 lakh, in major cities across the country. It has also plans to cut its debt by half, to Rs 6,200 crore, by the end of this fiscal year. “Launch of new ‘value’ housing segment with a distinct brand is under planning,” according to an analyst presentation posted on the DLF website. At present, DLF builds apartments under two segments - luxury and premium (mid-income).

In a conference call with investors and analysts, DLF vice-chairman Rajiv Singh said the company plans to launch 3-4 million sq ft in 2010 under ‘value’ housing and expects a margin of 25-30% from this segment. He said the company is still working on the details.

On debt position, Singh says the company’s net debt stood at Rs 12,135 crore and plans to reduce the borrowing to Rs 6,199 crore by end of this fiscal year.

DLF expects to receive Rs 4,436 crore through sale of non-core assets. It has already raised Rs 1,064 crore in the first half of the current fiscal year. It expects a surplus of Rs 1,000 crore from operation and Rs 500 crore from DLF Assets, a firm set up by DLF promoters to acquire commercial properties from DLF. DLF reported a decline of 77.28% in consolidated net profit for the quarter ended September 30 at Rs 439.74 crore. Its total income also declined by 52.86% to Rs 1,810.38 crore.

Centre to states: In the face of growing incidents of protests against land acquisition, the Centre has asked states to ensure that industrial sites be allotted in such a way that no stakeholder is left unhappy. The issue came up at the meeting of state industry secretaries, convened recently by the Department of Industrial Policy and Promotion (DIPP).

“The challenge before us is to see that land is readily available for industrial purposes and that everybody develops a stake in industrialization,” said DIPP secretary, Ajay Shankar. He added that the land should be made available “in a manner so that nobody is unhappy with it”. Several states, particularly in the eastern region, have witnessed widespread protests against land acquisition for industrial purposes. The Centre is particularly concerned over delays due to problems in land acquisitions for large plans like Rs 1 lakh crore steel projects of ArcelorMittal in Orissa and Jharkhand, a source said. One of the proposals being debated is whether farmers parting with their assets should be made equity owners in the projects coming up on their land.

Courtesy:- Times Property dt:- 02-01-2010

Attractive property prices and favourable interest rates make this a good time to invest in a home, says Vikas Agarwal

Last year, home loan interest rates dropped significantly after the Reserve Bank of India (RBI) cut the key policy rates (repo and reverse repo rates) and the cash reserve ratio (CRR). The RBI has adopted a soft monetary stand to promote spending and stimulate economic activity. It was aimed at preventing the domestic economy from getting into recession in conjunction with the prevailing global economic conditions.

Now, as the economic activity is picking up, and the growth rate is gaining momentum, the buzz around tightening the monetary policy is growing stronger with time as the inflation rate is moving up. The credit offtake in the home loan segment has picked up due to the festival season and the attractive schemes floated by many banks in the recent past. Analysts believe it is a good time to take a home loan and invest in a house, especially for those looking at buying a house for their own use. The property prices seem to have started going up. Currently, housing loans are available at quite attractive interest rates and terms. There are many factors that indicate a rise in property prices as well as home loan interest rates in the medium term (next couple of quarters).

Therefore, those looking at investing in a property should lock-in with a good property and home loan deal.

PLAN COMMITMENT   

Plan your finances well for this long-term commitment. Buying a property is a major financial commitment. Often, it is the biggest one in a lifetime in absolute terms for an individual.

A housing loan usually runs over a long term - more than five years at least — and the initial few years of the tenure are crucial as a major part of the EMI goes towards repayment of the interest amount.

Also, the income of a borrower would be lower during the initial years, assuming a normal income growth over time, and the cost of money goes down due to inflation. Therefore, loans with a lower interest rate commitment during the initial few years make more sense.

Interest rate factor

The interest rate cycles have become shorter due to globalization and aggressive marketing in the home loan segment. Since a home loan is a long tenure account, you should expect a couple of volatile patches during the loan term. Therefore, it is important for borrowers to prepare for cyclical trends in the lending rates, and make a financial plan, to be able to pay a higher interest rate during phases through the loan tenure, based on market conditions. Here’s how you can plan for comfortable loan tenure: 

FIX THE RATE NOW   

The initial few years are crucial in a home loan tenure. Since a home loan with a fixed interest rate for the entire tenure of loan is out of question, as mostly banks do not offer a fixed rate scheme or charge a significant premium on the prevailing floating rates, borrowers can choose a scheme that provides a fixed rate for a visible time frame - three years or more.

START EMIS EARLY   

Those looking at purchasing an under-construction project can start their full EMIs right away rather than choosing to pay pre-EMI interest. This way, they can reduce some of the loan burden by the time the full loan amount is disbursed.

Set up contingency fund: Banks do not revise EMIs upwards or downwards as soon as the rates change. Usually, they first try to keep the EMI constant and adjust the loan tenure.

In case of a sharp rise in the interest rate, the borrowers should have a contingency plan to cover the additional EMI burden or reduce the EMI by part prepayment of the loan.

Borrowers can plan and build a small corpus that can be used to make a part-prepayment of their loan or fund the higher EMIs during the higher interest rate period.

Courtesy:- Times Property dt:- 02-01-2010

Uniworld City is a stunning new development on more then 100 Acres land (400 thousand Square Meters) with 80% area reserved for greens. Designed by RMJM of UK, renowned for architecture and landscaping, it's the only Development in Kolkata with world class amenities, unmatched quality of construction & design keeping features of Indian lifestyle in mind. Developed by Unitech, a world top 50 developer with completed developments like Nirvana Country & South City, Gurgaon, Delhi to it's name. Living doesn't get better than this.

Specifications

Wall finish           Internal -             • Living / dining / Bed Rooms.

• Painted in pleasing shades of acrylic emulsion paint.

• Servant room.

• Painted in oil bound distemper.

Wall finish           External               Combination of stone & textured paint finish Flooring Living / Dining

Bedrooms Servant's room Lift / Lobbies               

• Vitrified tile with wooden skirting

• Laminated wooden flooring

• Ceramic tiles

• Selected granite / marble / vitrified tiles

Kitchen :              Flooring Wall Finishes Platform 

• Ceramic tiles

• Ceramic tiles up to 2' above working platform, wall in acrylic emulsion paint

• Granite counter with stainless steel sink with drain board & geyser

For more info log on to http://zameen-zaidad.com/unitech-cascades-kolkata.aspx

Bengal Park Chambers Housing Development Ltd, one of the most well recognized names in the Kolkata realty sector unveils their new residential project Sunrise Greens. Spread across 7 acres in New Town, Rajarhat, Action Area I. It comprises of 6 towers of G+14 floors each offering 2 & 3 bedroom apartments and penthouses. Sunrise Greens occupies only 35%, while the remaining 65% area is earmarked for central greens.

From fully equipped Gymnasium, Doctor's Chamber, Swimming pool, Kids' Corner, large Air-conditioned multipurpose hall cum badminton court, Lounge cum library, Home theatre, to innovative concept of Exclusive Residents' Club with Guest Rooms you can expect all this and more. Sunrise Greens is an ideal option for both home buyers and investors. With growing numbers of IT parks and retail development mushrooming in and around the area, property prices in this part has already seen an appreciation of 20 to 40 % in the last 12 months and with a resurgent Bengal an enviable further appreciation is expected.

Specification

Room Finish       Vitrified Floor tiles

Walls - Plaster of Paris

Kitchen                 Floor - Ceramic tiles

Walls - Plaster of Paris

Counter - Granite

Sink- Stainless steel

Dado - Glazed Tiles up to 2' height above counter

Toilet     Floor - Ceramic tiles

Dado - Glazed tiles up to 7' height

WC - Branded EWC with porcelain cistern

Wash basin - Branded Porcelain

Fittings - Branded CP fittings with hot & cold mixing arrangement

For more info log on to http://zameen-zaidad.com/sunrise-greens-kolkata.aspx

Realty sector in India saw a paradigm shift in first decade of the new millennium with unprecedented residential, retail and commercial realty boom. Indians in metro cities also got a taste of the ‘malls’ — and shopping may never be the same again, writes Prabhakar Sinha

The decade, which is coming to a close in a week’s time, saw a rollercoaster ride — though it started off full of uncertainties and a negative outlook, it is ending on a note of hope and positive outlook. Despite a slow start in the first two years of the new millennium’s decade, the real estate sector witnessed an unprecedented growth during the period. In almost all the major cities and towns of the country, real estate sector was on a high-octane drive, both in the capital values and in the construction activities.

The NCR region, in particular, was witness to a number of new areas being developed during the decade. Prominent among them, to the east of Delhi, are Indirapuram, Vaishali, Vasundhara, Raj Nagar Extension on NH-58, Crossings Republic, areas on NH-24 beyond Hindon, Noida Sector 44, 93A and B, and Greater Noida. Towards Gurgaon also a number of areas like DLF Phase II, III and V, Sushant Lok, MG Road, Sohna Road, Golf Course Road Extn have come up. Towards Faridabad, areas like Nahar Paar and Suraj Kund Road were in full bloom, while towards north, residential areas have been developed right till Sonepat.

Along with residential houses, retail commercial activities also witnessed a paradigm shift during the period. The advent of malls in particular, in the last decade, changed the way people shop in metro cities.

In fact, this decade has seen a momentous change in the mindset of the people of NCR. Till 2003-04, people’s first preference used to be a house in Delhi, even if one had to compromise on space and other amenities. But, with the development of condominiums having amenities like swimming pools, gyms, car parking and hi-tech security gizmos, things have changed. You will find apartments being sold for Rs 3 crore in the suburbs. Because of the lifestyle that new condominiums are offering to residents, many people now prefer to buy houses in the suburbs. The main reason behind the robust growth in the real estate activities in metros is the strong growth of Indian economy during the decade. Between 2003-04 and 2007-08, economy continued to grow in the region of 8%. Barring the first three years from 2000-01 and 2002-03 of the decade, when the GDP grew at 4.4%, 5.8% and 3.8% respectively, the decade witnessed a strong growth. Even, in 2008-09, which was badly affected because of the global slowdown, the GDP grew at 6.7%. In the current year also, as per the government’s projection, economy should grow at around 7.75%. The per capita income of an average Indian during the decade more than doubled in the first nine years - from Rs 15,881 to Rs 37,490 - at the current price. If the country achieves a growth of 7.75%, with an inflation of 6%, the per capital income will go up to around Rs 43,000.

On top of this, the services sector with an even stronger growth, at around 10% per annum during the decade, provided huge stimulus to the realty sector in the cities. The rise of IT and IT-enabled Services (ITeS) in the country helped raise the income of city dwellers considerably during the decade. As the income rose, individuals decided to buy their ‘sweet home’, even early in their careers.

The easy availability of home loan coupled with fall in the interest rates further fuelled the growth in the sector. In 2003, the home loan rate came down to as low as 6.5% per annum. This brought down the average age of borrowers buying a house, from mid-forties to late-twenties. These developments led to a spurt in demand for real estate during the decade, which led to a rise in property prices, by up to 500% in NCR.

At the same time, the rise in the interest rates in 2007 and 2008 to over 12% per annum affected the affordability of buyers, which affected the sector badly. The onset of global financial crisis in September 2008 brought real estate sector to almost a grinding halt. As the crisis affected global economy, with developed countries going into recession, it was thought that India would also face a similar fate. But, timely action of the government in providing a stimulus package to the economy, coupled with the lowering of the interest rates, put the economy back on the revival path.

With this, the real estate sector also gained momentum in 2009. The good thing is that the slowdown in the sector made developers change their strategy. Instead of building premium class houses and apartments, where the profit margin used to be high, they turned towards constructing affordable apartments with low margins but in high volumes. Therefore, it would not be inappropriate to say that the new decade is starting with a ray of hope and opportunity. A number of new areas are going to come up. Particularly, the idea of township is going to mature in the new decade, where all the facilities - from shopping complexes to schools to playground - would be available at a walking distance. Not only this, many of the townships would be big enough to have office space as well, where residents can walk to work.

A number of townships are already being implemented. The Crossings Republic, which is being developed on the outskirts of Noida, has almost sold out. Besides that, a number hi-tech cities are being developed by DLF, Ansal, Omaxe, Unitech, Ireo and Vipul, among others. The improvement in road and rail infrastructure in the NCR will be a boon for the real estate development here. The extension of the Metro Rail to Noida, Ghaziabad, Gurgaon and Faridabad will be of great import to push growth in the sector. There are talks to take the Metro even farther, which will provide greater impetus to the realty sector.

Courtesy:- Times Property dt:- 26/12/2009

Does the presence of celebrities in the neighbourhood raise the value of real estate, or their allure for customers? Vivek Shukla does a recce of the capital

What is common to cricketer M S Dhoni, actor Amisha Patel and Saina Nehwal, the badminton sensation? Well, you would say that all of them are big-time celebrities with huge fan following. You are spot on. But can they or other celebrities fire the sale of any realty project? What is important between their buying property in some project or living there? They are very important issues.

Dhoni has reportedly booked a flat at Amrapali Sapphire residential apartments in the vicinity of Noida, Sector 45. Amisha Patel and veteran actor Anupam Kher purchased flats in Omaxe forests in Noida. Old-timers will recall that tragedy-king Dilip Kumar and Manoj ‘Bharat’ Kumar purchased flats in Sagar Apartments on Tilak Marg in mid-70s. That became big news then. Even now, Sagar Suri does not miss an opportunity to tell you that these two greats purchased flats in his Sagar Apartments.

While Omaxe did not make any media hype that Amisha and Anupam Kher purchased flats in their prestigious project, Amprapali did.

Samir Jasuja, CEO of PropEquity, made it clear that celebrities can boost the sale of any project provided they also live there. If they just buy any property for the sake of an investment, then it is most unlikely that others would follow suit.

“It is possible that Dhoni may have booked a flat in Amprapali project, but it is unlikely that he would live there or visit their very often. He could augment the sale of some ultra-luxury apartments that fits with his personality,” Jasuja says.

Realtors say that the demand for space takes an upward swing only if the celebrity lives there. Of course, the areas where the likes of painter Satish Gujral, Virender Sehwag and Kapil Dev or Nandita Das have a house get a big boost in realty market. People look for space close to their homes. Devendra Gupta, CMD of realty advisory Century 21 India, says that as Satish Gujral lives with his equally well-known architect son Mohit on Feroze Gandhi Road, they have observed that many people visit their office requesting them to find suitable rental space for them in and around the sprawling house where the veteran artist lives.

A realtor in East Delhi says that while showing some vacant houses in posh Preet Vihar or Bharti Artist Colony to their clients for rent purpose or sale purpose, he always mentions that if he (prospective tenant or buyer) were to decide on this area, then he would be the neighbour of Ashok Walia, finance minister of Delhi, Ram Babu Sharma (now departed) and many artists.

Big-ticket realty firms too look for some formidable brands to push people to book space in their commercial buildings or malls. They know for sure that once some prestigious brands book or buy space in their projects then it would be smooth sailing for them. Many companies would then also buy space from that project. “It definitely matters when some big brands book space in your project. I can tell you from my own experience that after Bharti and PVR booked space in our forthcoming Opulent mall in Ghaziabad, the booking has really shot up,” admits Sunil Jindal, CEO of SVP Developers. A few months ago, Omaxe group used to mention in their advertisements that the likes of Reliance and Pantaloon have taken space in their mall.

Realtors have also started projecting a particular block in Hauz Khas as a VIP block since Virender Sehwag shifted there from his family house in Najafgarh. Likewise, they say that a particular block in Sunder Nagar always remains in demand as Kapil Dev has a house there.

And now, take the case of tony Gulmohar Park, one of the most posh areas in South Delhi. Once a locality for journalists, raised by journalists, its character has changed over the years as many original buyers have sold their houses. There was a time when people loved to live in Gulmohar Park or B-block for the simple reason that Harivansh Rai Bachchan and Teji Bachchan, parents of a certain Amitabh Bachchan, used to live there. Satish Sagar, an old resident of Gulmohar Park, says that many realtors approached him in the past to see if he would be put up a part of his house on rent.

They apparently wanted to live close to the Bachchan family. Many other residents of this colony say that even though Bachchans shifted to Mumbai after the release of super-hit film Don in 1979, the Gulmohar Park in general, and B block in particular, were always identified with this family.

However, neighbours of political personalities always look for even half an opportunity to move away to some other place! The reason being, people keep on visiting the house of political personalities, which come with their set of problems. A Rajouri Garden resident says that he was about to move to some other place as staying close to the house of a ‘big leader’ was really becoming difficult for him and his family. Luckily for him, the leader became a ‘mantri’ in the Union Cabinet and he got an official house in heart of the capital. That saved him from further pain!

Courtesy:- Times Property dt:- 26/12/2009

Almas Meherally MUMBAI

GIC Housing Finance (GICHFL) has moved the Bombay HC against an order of the Central Information Commission (CIC), which held that the housing finance company is obliged to respond to information sought under the Right to Information (RTI) Act as it is a “public authority”.

A “public authority” means an institution or body established under the Constitution of India or a law enacted by Parliament or State Legislature or a government notification.

A Delhi resident, V Shekhar Avasthi, had in April last year sought certain information from GICHFL under the RTI which the company did not respond as it did not consider itself a public authority. Mr Avasthi then filed an appeal before the CIC. The commission had observed in its order dated October 28 that “the shareholding of six public authorities in GICHFL is 47.68%, coupled with the control they exercise over GICHFL, is sufficient to bring it within the ambit of the definition of public authority”.

According to GICHFL’s petition with the Bombay HC, its shares are traded on the SEs and more than 50% of its paid-up capital is held by the public and therefore, its not a public authority. “GICHFL’s original promoter — GIC holds 15.56% of paid-up equity share capital while total holding by public authorities (including GIC) is 47.68%. As such, it is not a public authority,” said GICHFL’s lawyer Cherag Balsara.

Courtesy:- ET dt:- 20/12/2009

Ashish Gupta outlines what this document contains and its relevance

Asale deed, also referred to as conveyance deed, is the main document in a transaction of sale and purchase of property. A sale deed acts as the main legal document that evidences the sale and transfer of ownership of property in favour of the buyer from the seller. It also acts as the main document for further sale by the buyer as it establishes his proof of ownership of the property.

Through the sale deed, the transferor transfers his rights to the transferee. The transferee or the purchaser then acquires absolute ownership of the property. A sale deed is executed after the execution of the agreement to sell, and after compliance of various terms and conditions detailed in the agreement to sell as agreed upon between the buyer and seller.

A draft sale deed is prepared on non-judicial stamp paper of requisite value as prescribed by the Stamp Act of the State concerned. This is agreed upon and approved by both the seller and purchaser. The draft sale deed sets down the terms and conditions of the sale. It contains details of the parties to the transaction, details of property being sold, sale amount agreed on, advance amount paid, dates of payments, mode of payments, time limits for payments, time for handing over the original documents of the property, time for handing over the clear possession of the property, indemnity provisions for the parties etc.

The document gives full details of both the seller and purchaser such as their names and their respective addresses, and is signed and executed by both the parties - seller and purchaser. Besides giving details of the property under sale - identification number, orientation, total area of the plot, detail of construction etc - and details of the total amount to be paid, it also details the transactions made at different levels with complete details of instruments through which the transactions were held with dates, numbers and names of the banks where instruments are drawn. It also contains the terms and conditions agreed on by both the parties while transacting the deal.

A receipt for the money, from the seller, also forms a part of the sale agreement. The seller, besides giving a detailed list of other documents executed by him in favour of the purchaser, also certifies the property under sale to be free from any encumbrance and without any lien.

Once all the terms and conditions have been agreed upon, a sale deed is prepared. This is the main document for transfer of ownership of property. The deed is executed by all the parties and all pages of the deed are signed. The deed should be witnessed by at least two witnesses giving their full names, signatures, and addresses.

The buyer should ensure the title of the seller is clear before the execution of the sale deed. It should be ensured there is no charge or encumbrance on the property. In case there is any encumbrance on the property, the seller needs to repay the loan and get the property papers cleared of the encumbrance. The purchaser should verify the encumbrance status from the registrar's office.

Under the Registration Act, a sale deed of property needs registration at the jurisdictional sub-registrar's office. All the parties need to be present at the time of registration. All documents should be presented in original. In case the purchaser cannot be present personally before the sub-registrar, he can give a Power of Attorney to his agent to sign and present the documents on his behalf. The photos of the purchaser, thumb prints and signature are entered on the sale deed.

The documents should be presented for registration within four months from the date of execution. If it is not done within four months, a grace period of another four months is allowed on payment of a penalty. A maximum penalty of 10 times the registration charges may be levied by the registrar. The liability to pay the stamp duty as well as the registration charges lies with the purchaser of the property.

Subject to an agreement between the parties, all statutory payments like cess, property tax, water charges, electricity charges, society charges, maintenance charges etc should be paid by the seller before the execution of the sale deed. The seller should also obtain the requisite clearances, approvals and permissions to transfer the property prior to execution of the sale deed.

Courtesy:- FT dt:- 20-12-2009

Neha Dewan NEW DELHI

Low-Density housing, with homes set out spaciously amid sprawling green spaces, is growing increasingly popular and real estate developers such as the Jaypee Group, Fire Capital Fund and Vipul are wooing buyers with a number of such niche projects.

Low-density housing projects have an average of only 10-20 dwelling units acre and are priced a premium compared to group housing, which can average around 35-40 units on an acre.

Manish Kumar, head of strategic consulting for North India at global real estate consultancy Jones Lang LaSalle Meghraj (JLLM), says that the residential real estate market is seeing lowdensity housing gaining in popularity for two reasons—speed of delivery and lower risk for the developer.

Since the development comprises low-rise, low-density development with major concentration on development of basic infrastructure, the speed of delivery is much faster compared to high-density development. This enables developers to complete more projects in a given time-frame. Moreover, since there are no cost-intensive construction activities involved, the developer is always carrying a much lower risk,” he says.

Property developer Vipul is coming up with its ‘Vipul Tatvam’ villas in Gurgaon, a project which has just 255 villas spread over 50 acres. Homes are priced between Rs 2.2 cr and Rs 6 cr. The developer claims to have already sold over 60% of the high-end villas. The project has three independent gated communities, each with its own exclusive facilities. There is more room for green spaces and more areas are also allocated for community activities.

Vipul CEO Guninder Singh says congested cities have resulted in the need and desire for sprawling developments. “Although these projects are a take-off from the old trends of havelis, they are more user-friendly and modern.”

Similarly, Fire Capital Fund has two projects which are based on the lowdensity housing concept. While The Empyrean in Bangalore has 2,100 units to be developed over 210 acres and is priced in the range of Rs 46 lakh to Rs 1.6 cr, Silver Springs project at Indore has 387 units on 51 acres, priced between Rs 15 lakh-1 cr. “At Silver Springs, 90% of units were absorbed in the market within eight months of launch. This concept is gaining in strength given the growing expectations of customers for spacious living. The availability of land at reasonable cost on the periphery of main towns is also luring buyers to invest in such housing projects,” says Om Chaudhry, CEO at Fire Capital Fund.

The fact that these developments are mostly on the outskirts of cities helps developers get land at more reasonable prices. Moreover, in many cases, the low-density factor becomes the USP of the project.

Jaypee Group’s 452-acre Jaypee Greens township in Greater Noida is another such example. Out of the total area, only 70 acres have been used for dwelling development. “This amounts to about 14-15% of ground coverage. The rest of the development is green. This has been our vision and we are getting a good response from buyers. We do not want to build congested, backto-back developments. Even in our other projects, we won’t go beyond 20% of ground coverage,” says Rita Dixit, executive director, Jaypee Greens.

Some developers want to wait before entering the low-density segment. “The market is staging a recovery right now. We don’t have anything in this segment right now. But will certainly consider it in the near future,” says Navin Raheja, MD, Raheja Developers.

Courtesy:- ET dt:- 20/12/2009

PARSVNATH MOP-UP

Parsvnath Devel-opers (PDL) has raised Rs 75 crore by selling 50% stake in a housing project to USbased private equity firm Sun Apollo.

Parsvnath Developers Limited a leading real estate developer in India has a PAN - India presence and an experience of more than 17 years in offering state of the art construction in 48 cities and 17 states with across key verticals of real estate industry. It is the most diversified and widespread real estate developer in India with 115 ongoing projects with a developable area of over 159.84 mn sq.ft. All across verticals. Trusted over 20 years with sound reputation for giving shapes to dream houses and delivering maximum value for money in the properties developed by them.

For more information:

http://www.zameen-zaidad.com/parsvnath.aspx

A project in association with "VC Homes" on the ageless banks of the Periyar, Trinity unveils yet another exemplary idea for living. Trinity Aquamarine, a tribute to the perfection of Mother Nature that inspires us in all our creations.

Scheduled for completion in 2010, the property comprises of 3 BHK apartments, excellent facilities like clubhouse, swimming pool, health club ensures that you will always enjoy yourself. All Bedrooms and Living room of all the apartments has the river view. Surrounded in such glorious settings Trinity Aquamarine offers homebuyers and property investors another unique investment opportunity.

Specification

RCC framed structure, Block Masonry Plastered with Cement Mortar.

Over looking the river Periyar, rooms have excellent cross ventilation.

Fully vitrified flooring on entire building and anti skid ceramic tiles on balcony & toilets.

Kitchen Counter with granite top. Stainless steel sinks with drain board and provision for geyser.

Concealed plumbing with PVC pipes.

Provision for Geyser.

Ivory color wash basin and European Closets (cascade or equivalent) chromium Plated taps and shower fittings Ceramic glazed toilets.

Teak wood front doors. Moulded panel doors for interiors, imported door lock for front door.

Anodized aluminium windows with MS grill & Glass.

Three phase power supply with concealed wiring in PVC conducts controlled by ELCB and MCB of Siemens or equivalent.

Internal walls painted with emulsion or equivalent with putty finish. External walls weather shield or equivalent.

TV & internet provision in living room and master bedroom.

Telephone: Points for connection in living and master bedroom.

Round the clock Generator backup for lifts, common lights, water pumps etc.

Drinking water supply at kitchen sink. Common storage tank for ground water with overhead water tank.

Fire Fighting: As per Govt. Safety Norms.

Type of project

3 BHK (Type A), 4 BHK (Type A duplex), 3 BHK (Type B), 4 BHK (Type B duplex), 3 BHK (Type C), 3 BHK (Type D), 4 BHK (Type E)

Provision for centralized gas supply system of ISI standards.

Fore more log on to http://www.zameen-zaidad.com/trinity_aqua_kochi.aspx

Step into Indore. and be a part of the culture that has its own story to tell, a city which captivates you easily with its charm and flavour. Known as the city of the Holkars, Indore, came to existence when Holkar Rani Ahilya Bai, one of the famous queens of India built it. Located in the Narmada River Valley in the western part of the state of Madhya Pradesh, Indore is an important industrial city of India.

It is also the centre of trade and textile industry and home to many historical monuments and temples. A must visit; Indore is also affectionately called 'Mini Mumbai'. 

And it is at this city, another beauty “Parsvnath Premier ”is taking shape. A part of Parsvnath City it's all set to transform and to dress up Indore with a better lifestyle.

Location

• Located at Parsvnath City, Indore

• Strategic Location

• Convenient Connectivity

• Well planned & wide approach roads

• Shopping Mall & Academic Institution 

Building and Interior 

• 2-3 Bedroom Luxury Apartment

• Rich construction specifications

• Vitrified tiles flooring / Dining & bedrooms

• Wooden flooring in master bedroom 

Amenities

• Beautifully landscaped complex

• Walkways

• Sit-outs

• Dedicated parking

• Play zone for children 

Recreational 

• Swimming pool, Sauna and Jacuzzi

• Gym, Billiards & Cards Room

• Tennis & Badminton Court

• Banquet and Conference facilities 

Specifications

Structure

RCC frame structure designed with earthquake resistance structure for highest seismic zone in accordance with relevant IS Code for better safety.

Flooring

Living, Dining & Bedroom             Vitrified Tile

Master Bedroom             Laminated Wooden Flooring with skirting

Main Staircase & Lobby                 Granite / Marble / Vitrified Tile / Kota stone flooring

Balcony                Anti Skid Ceramic Tile

Toilets

Wall                       Ceramic Tile as per design

Chinaware          European type WC of branded make such as Hindustan / Parryware / Cera or equivalent.

CP Fittings           CP fittings of standard make

Counter               Granite / Marble counter wherever shown in the sale plans

Water Supply     CPVC / G.I. Pipe for hot and cold water

Other Fixtures  Looking Mirror, Towel Ring / Rod, Paper Holder, Soapdish.

Kitchen

Flooring                Anti skid Ceramic tiles or equivalent

Dado                     Ceramic tiles dado above kitchen counter as per design

Counter               Granite Counter top

Water Supply     CPVC / G.I. Pipe for hot and cold water and provision or R.O.

Gas Supply          Regulated pipe gas supply from Gas Bank

Joinery

Windows             Hardwood / Aluminium with float glass

Doors    Entrance doors shall be polished, machine made moulded door shutters solid core and other door shall be painted flush door with aluminium fittings

Wall Finishes

Internal                All walls of drawing and dining rooms, bedrooms shall be painted with plastic emusion paint

External                               Pleasing shades of Semi - Permanent Texture Paint

Other Features

Electrical                              Copper wiring in conduits with Modular Switches

Tele-communications    Provision of telephone point in drawing / dining and all bedrooms Provision of TV aerial point in drawing / lobby and master bedroom

Internet               Provision of broadband internet connectivity

Others                                  Only niches for wardrobes shall be provided

For more info log on to http://www.zameen-zaidad.com/parsvnath-premier-luxurious-apartments-indore.aspx

Project Name                   T              echnology Park

Name of Builder                              Vigneshwara Developers Pvt. Ltd.

Project Type                                     Commercial complex

Price                                                     As below

Location                                              CP-2, Sector-8, Manesar, Gurgaon

There is 150 acres technology corridor coming up in IMT Manesar, Gurgaon, promoted by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC).

Vigneshwara Developers has acquired 10 acres out of this 150 acres IT hub.

(1) 12%  per annum Assured Return plan

Investors get returns @ 12% p.a. for 5 yrs. on their full deposit against investment for the space booked. After 5 yrs, returns will be revised with additional markets appreciation in decided percentage with original returns.(2) 61.5% Buy back plan

Company offers buyback @ 61.5% of investment after 2.5 yrs.

* International standard offices - covered in 85% area of complete area.

* It has 4 official towers, 1 service apartment area and 1 retail mall.

* Official towers: one 17 floored, one 13 floored, two 7 floored towers and all these buildings are

  interconnected.

* Service apartments’ building has 7 floors which covered 10% area of total area having 5-star residential suits

  quality.

* Retail malls & Recreation clubs – covered in 5% area of total area.

* Approved Helipad facility available only with us.

* Approximately 21 acres of parking space in three floors in basements (7 acres each)

* Our Technology Park is based on the unique idea of Work, Live, Shop, and Play.

for more info log on http://www.zameen-zaidad.com/vigneshwara-technology-park-manesar.aspx

Project Name                                   Express Greens

Name of Builder                              DLF Group

Project Type                                     Residential Apartments

Price                                                     As below

Location                                              Sector- M 1, Manesar, Gurgoan

Connectivity

    * Strategically located, around ½ KM. from N.H.-8

    * Express Greens is around 7 KMs from Haldiram

    * Proposed Metro Station in very close proximity  -  around 1 Km.

    * 1 Km from Industrial Hub i.e. IMT Manesar

    * Around 4 ½ Kms from the Proposed ISBT

    * Around 5 Kms from "New Town Heights" (Sector 86)

The Facilities

    * Basic Amenities like Club House, with Multi-purpose Room, Change Room and Gymnasium, Swimming Pool and Library,

Security

    * Gated community with security round-the-clock

    * Controlled entry and exit

The Apartment

    * Choice of 3 Bedroom + Servant Room and 4 Bedroom + Servant Room

    * Compact design / efficient layout with minimum common areas within the Apartment

    * Airy and well ventilated Flats

    * Dedicated Parking Slots

    * Enough Green / Open Area

    * Storage space and Powder Toilet

    * Optimum utilization of space with very less wastage

Other Features

    * Around 2 Acres of Green belt stretch in between N.H.-8 and the Site.

    * More than 2 Acres of Landscape green area within the complex

    * In the vicinity to "soon to be ready HSIDC residential complex"

    * 12% assured return for Residential Apartment Express Greens in Gurgaon - Manesar

for more info log on to http://www.zameen-zaidad.com/Express-greens-manesar.aspx

Project Name                    Omaxe City

Name of Builder               OMAXE LIMITED

Project Type                      Residential

Price                                      Contact for Price

Location                               Jyoti Chowk,opposite Lal Ratna Cinema,  Jaipur

Agent                                    Shri Aditya Estates  42470622, 9810445860

Jaipur the capital city of the northern Indian state of Rajasthanis one of the most vibrant and colourful cities of India. It is 12th largest & fast growing metropolitan of India. It is one of the wealthiest cities of India both in heritage and money. Famous for its colourful culture, forts, palaces, and lakes the city basks in the glory of a rich and eventful past and also a traditional trading hub in north India for jewelry, textiles, minerals, precious stones etc.

Jaipur is a prominent real estate investment destination for businessman/services personnel/from all across Rajasthan and affluent marwaris settled all across India.

City is poised for a spectacular round of overall growth backed by growth in tourism, IT friendly policies of the government that has resulted in call centers/BPO operation setting us base there as well as plans by software majors setting up base, benefits that accure to Jaipur being the capital of the state due to the overall industrial development in the state, largest and the most developed city in the proximity of the NCR, growth and the impending increase in demand of quality real estate shall boost prices in residential & commercial developments.

Jaipur is around 258 kms from Delhi, 232 kms from Agra, 405 kms from Udaipur and 1202 kms from Mumbai. and also well connected by Air, Road, and Rail.

Perfection in every structure unparalleled elegance for your own home.

An integrated township planning to expand over an area of 500 acres, with plots floors and villas. With all facilities and amenities available, like : schools, hospital, theme parks, state-of-the-art club, local shopping centre, grocery store and more....all within the township

Omaxe city is located on the main Ajmer road that has emerged as the most important hub of future development in Jaipur. The site is approx. 4 Kms from DPS Jaipur. Connectivity with the most prime hub of Jaipur the ' M.I Road' is direct and a mere 18 Minutes drive.

Amenities

The following are the most inportant amenities near by OMAXE CITY JAIPUR.

The right facilities :

    * Delhi Public School

    * Special Economic Zone

    * Located At 6 Lane Jaipur- Ajmer Highway

    * Proposed Ring Road (200 Feet)Near By The Omaxe City

Specifications

Provision for need based essential services like : banks, postal service, taxi stand, grocery store, etc.

    * Underground cables for telephone, electricity distribution, storm water drains & sewer system

    * Efficient power distribution network

    * Regulated underground / overhead water supply

    * Township maintenance and upkeep by a reputed maintenance agency

    * Rainwater harvesting for replenishing ground water

    * Environment-friendly waste disposal

    * Sewage treatment and incinerators

For more info log on http://www.zameen-zaidad.com/omaxe-city-jaipur.aspx

Project Name                    Yaduvanshi

Name of Builder              YDPL Groups Pvt. Ltd.

Project Type                      Township

Price                                      As below

Location                               Jaipur

Agent                                    Shri Aditya Estates  42470622, 9810445860

Jaipur also known as Pink City, is emerging as one of the most fascinated cities of India.It is situated 262 kilometers from Delhi and is the first planned city in North India. It is one of the fastest growing centers for creating marvelous in infrastructure like Twonship, Group Housing, Malls etc.

Jaipur is generating a lot of interest in buying property as the city is well connected to all the major cities in India. Yaduvanshi Developers has come up with living, shopping and lifestyle junction. With the high rise demand for quality living standard we offer you the best in real estate in Jaipur. All the projects offered by us-Township , Group Housing, Malls, Farmhouses are the creation of designer architects. Now, the charm of our Luxury Township will leave you spellbound.

The Joy Of Enchanting Environs

We welcome the Mother Nature with the bouquet of peace and tranquility and where life blooms to the fullest.Imagine a place amidst lush greens area with well manicured and well maintained lawna, open spaces and children parks that one would love their family to grow up in and where you come across the paradise of lifestyle.

Picturesque Settings

Manicured Landscapes

Jogging Track

Pastoral Garden

The Panorama of Classic Elegance

We give you a place to gel your happiness with dreams, where you see life from a new perspective.Our state-of-the-art recreational enjoyment package rejuvenates your soul to live life with a fresh attitude.We believe in giving you something extra and that is why we have mixed health with entertainment like Gym, Spa, Sauna, etc.

Club

Swimming Pool

Health Club

Gymnasium

Jacuzzi

Steam & Sauna Bath

Card Room

Billiards & Snooker

For more info log on to http://www.zameen-zaidad.com/yaduvanshi-jaipur.aspx

London’s West End Still Tops; Mumbai Slips To 7th Place, Delhi At No. 10

David M Levitt & Simon Packard NEW YORK/LONDON

The world’s most expensive office markets got a little cheaper this year. More than 130 cities worldwide had declines in rent expenses of an average 7.7% in the year ended September 30, CB Richard Ellis Group said in a report on Tuesday. Almost 50 cities reported declines of more than 10%. Rental costs fell about 30% in Midtown Manhattan, 53% in Singapore and 41% in central Hong Kong.

“The places that went up the fastest and highest also came down the fastest and at greater depth,” said Raymond Torto, Bostonbased chief economist for CB Richard Ellis, the largest publicly traded broker. “You party Saturday night and you pay for it on Sunday morning. That’s true across the globe.”

The global recession and credit crisis are pushing down office rents as companies pare jobs. About 1.93 million job cuts have been announced worldwide this year, data compiled by Bloomberg. In the US, the unemployment rate jumped to 10.2% in October, the highest level since 1983.

London’s West End district retained its position as the world’s most expensive office location, Los Angeles-based CB Richard Ellis said. Offices there cost $184.85 a square foot. That’s down 26% from a year ago in US dollars or 18% in pounds. With the exception of CB Richard Ellis’s May survey, when London was passed by inner central Tokyo, the broker estimates that the West End has held the title of the world’s most expensive office site since 2001. West End rents have been pushed higher by the Mayfair and St James’s neighbourhoods, home to Europe’s largest concentration of hedge funds. The cost of leasing space in the two locations may rise as the municipality lifts business property taxes by at least 70% over the next five years, CB Richard Ellis researcher Gary Martin said.

“None of the other main global office markets will have such uplift,” said the London-based analyst. Inner central Tokyo came in second in the CB Richard Ellis survey, while outer central Tokyo came in third. Central Hong Kong was fourth and Moscow was fifth. A year ago the order was the West End, Moscow, central Hong Kong, inner central Tokyo and Mumbai. London and many Asian markets are showing signs of economic stability, Torto said. Most of the rent declines in those markets have probably already happened, he said. — Bloomberg

Courtesy:- Et dt:- 02/12/2009

It is our moral responsibility to consider the impact of real estate and infrastructure developments on climate change and environment and accordingly use the concept of 'eco-efficiency' to mitigate the adverse effects, Neha Bhatia

According to the Sustainable Construction and Building Initiative of the UNEP, a large fraction of about 30-40% of the global energy is consumed by the building sector itself. The building sector also accounts for 30-40% of material resource consumption and 30-40% of waste production. In addition to this, the materials that have been conventionally used by the building sector have high carbon footprints and contribute to high green house gas emissions. In short they have a significant impact on the global climate change thereby worsening the global warming situation. In the recently held The Economic Times Realty Convention, 2009, this was confirmed by Mili Mujumdar, associate director, Sustainable Building Science, The Energy Research Institute, who said, "It is a well established fact that 40% of the global energy use and 30% of GIEC emission are accounted for by the building sector.” She further added, "Recent study by TERI says that four and half billion units of electricity are required to meet the current demand of the residential and commercial buildings. Conventionally our traditional buildings consume around 200 units/sq. metre/year, which is phenomenally higher than the international standards and can be easily brought down to 90, which is half of it, through appropriate approaches. It is easily doable."

Growing global environment crisis along with excessive consumption of energy and excessive emission of green house gases by the building sector has fuelled the need to adopt the concept of sustainability. Although at the global level, the governments have bound themselves with the Kyoto Protocol; it is becoming increasingly imperative with every passing day for the building sector to adopt green buildings.

As mentioned above, buildings do have a significant impact on the environment over their entire life cycle. While the construction and operation of buildings results in depletion of resources like ground cover, forests, water and energy, resource-intensive materials are used to provide the building envelope and landscape which adds beauty to the building, which in turn require water and pesticides for their maintenance. To provide comfort to the occupants of the building, energy consuming systems for lighting, space conditioning, water heating and security are installed in the building. Besides, a large amount of waste is also generated during the construction of the building as well as during the operation and the maintenance of the building. The occupants of the building also have a significant contribution in the waste generated. Thus, buildings are not only one of the major consumers of energy, but they are also one of the major sources of pollution and hence they affect the urban air quality and contribute significantly to the climate change.

Clearly, the design of a "Green Building" should address all these issues in an integrated and scientific manner. The concept of "Green Building" thus aims at increasing the efficiency with which buildings use resources - energy, water, materials - while reducing the impact of the building on human health and the surrounding environment during its life cycle, through better siting, design, construction, operation, maintenance and removal and recycle of waste. According to Mujumdar, "In the clean development mechanism projects, 12 out of 45,000 registered projects are talking about reducing demand in the building sector."

LEED and GRIHA are two commonly used rating systems used to evaluate the design of a Green Building. The Leadership in Energy and Environmental Design (LEED) Green Building Rating System™ is the nationally accepted benchmark for the design, construction, and operation of high performance green buildings. LEED provides the building owners with tools they need to have an immediate and measurable impact on their building's performance. LEED promotes the ‘Green’ design approach by evaluating the performance of the building in five key areas, namely, human and environmental health: sustainable site development, water savings, energy efficiency, materials selection, and indoor environmental quality. GRIHA, an acronym for Green Rating for Integrated Habitat Assessment, is the National Rating System of India. It has been conceived by TERI and developed jointly with the Ministry of New and Renewable Energy, Government of India. It is a green building 'design evaluation system', and is suitable for all kinds of buildings in different climatic zones of the country.

Although green buildings appear to be a promising solution of the global climate change threat posed by the building sector, the one hesitation in their adoption is the excess capital cost incurred in their construction, which could be about 6% of that of a regular building. However, it is also a proven fact that it costs less to operate a green building that has tremendous environmental benefits and provides a better place for the occupants to live and work in. About 80% of the energy consumed by the building sector is consumed during day-to-day operations as per the Sustainable Construction and Building Initiative of the UNEP. This issue was highlighted by Mujumdar also who said, "The builders have a huge issue about split incentives. The concern is who meets the excess cost? But the recent studies show that these measures don't cost much. They might cost you 6-10% more per sq. foot but a benefit of about 30-40% in terms of energy saving is achievable in A/c buildings. There is an unrealized potential which the developers are not realizing within their own selling platform. They have a huge potential in sustainable development to attract consumers. Instead of selling high-profile sanitary fixtures it is better to sell energy efficiency and also it doesn't cost anything. It is a win-win situation." The point was further reinforced by Zubin Irani, MD, Carrier Airconditioning and Refrigeration Ltd., who said "Energy efficiency and demand side management is not only about CSR, but it also actually makes important business sense and drives short term economic payback. As far as technologies go, there have been a lot of innovations that drive significant payback in existing as well as new buildings. These lead to significantly higher energy efficiency. In any offering that we offer paybacks will be in two-three years. Regulations and building codes will definitely help propagate the cause of energy efficiency. The new guidelines will raise awareness amongst customers and if customers demand for it then the developers will move in that direction. This whole phenomenon is going to propagate not because there are regulations or because the green building standards are maintained but the main reason is that it makes business sense. And if it makes business sense then financing will become viable. Soon some smart people will figure out how to finance this and make funding available to customers also so that this thing propagates even more. There is a lot of potential in terms of demand management and energy efficiency. This really has the greatest short term potential as it makes sense from a business model point of view."

With so many advantages of 'going green', the way ahead for green buildings is certainly very promising. This is the best we can do to save our environment and make our planet healthy and secure for generations to come and hence it is the moral responsibility of the customers as well as the builders and the governments on a global scale to promote the concept of "Green Buildings". According to Mujumdar, "Mandating things don't really help if implementation is not strong. There is a need for a concerted approach. We need intervention at the policy level and awareness needs to come at both the developer and consumer level to incorporate these in the main stream."

Courtesy:- TOI dt:- 20/11/2009

With revival of the economy, residential prices have started to look up in all markets except for cities in the south where rates are mostly stable, says Prabhakar Sinha

Demand in the real estate sector has returned. And, with it, developers have raised prices of their products in most of the markets in north India. However, prices in cities in south India have stabilised, with the exception of Bangalore, which is still witnessing a slight correction, according to a new report prepared by realty consultant Cushman Wakefield. Even after all this, prices are still lower than what they were a year ago. As the market has revived, a large number of developers have jumped in the fray with new launches. This is expected to put some downward pressure on price points. However, with cash flow improving, developers may not go for distress selling soon.

According to the report, NCR and Mumbai have seen values climb up with the return of investors and an end users interest in the realty market in the third quarter ending September 2009. Certain suburban markets like Noida and Gurgaon witnessed even higher growth due to heavily discounted prices in the previous quarter ending June — particularly in the new launches.

After a sharp decline in the last few quarters, capital values have started to strengthen and register marginal appreciation across most micro-markets. Cyclical demand with festive season has resulted in strengthening of prices. The launch of new projects catering to the mid-segment witnessed heightened activity resulting in price escalation. Gurgaon and Noida are the key locations to witness this activity and registered the highest growth, 19% and 16%, respectively, during the quarter.

Gurgaon witnessed the highest growth in capital values in the mid-segment over the last quarter. By September quarter, capital values of apartments in the suburban city are quoting in the range of Rs 4,000 to 6,500 per sq ft. In the periphery of Gurgaon, the prices are as low as Rs 2,400 per sq ft.

After Gurgaon, Noida witnessed the sharpest appreciation in the prices at 16%. This is essentially due to the increase in purchase activity in the new projects catering to the mid-segment, said the report. At present, the prices are in the range of Rs 3,200 to Rs 5,500 per sq ft.

However, values are still below their all-time highs by about 5-12% in NCR, 10-20% in Bangalore, 6-18% in Mumbai, 10-30% in Pune, 6-12% in Chennai, 7-20% in Hyderabad, and 5-15% in Kolkata.

Aditi Vijayakar, executive director (residential services) at Cushman & Wakefield said, “The price and the buyer’s sentiment are critical in the current market as key parameters influencing sales. Capital values in select locations in NCR, Pune and Mumbai are likely to see growth in the coming months. However, if prices increase too much too soon, there is a likelihood of them correcting again shortly; the ideal graph representing recovery should be gradual and in line with the demand that calls for a period of considerable stabilization before the hike. In the present scenario, the affordable housing segment holds the largest share of the demand pie and hence, any significant price increase in the high- and mid-segment would lead to another phase of corrections”

The appreciation of the rental values in the high-end residential locations of Delhi in the range of 8-12% stands testimony to the increase in leasing activities in the region, the report points out. The rental value in suburban locations such as Gurgaon and Noida stabilized over the quarter despite addition of new stock due to latent demand in the region.

Mumbai: After recording a slowdown in activities over the past few months, the report says Mumbai also witnessed an increase in demand in the residential sector in the third quarter of 2009.

Easing of liquidity constraints, softening of home loan interest rates and recent correction in capital values have resulted in an increase in demand from both end users and investors alike. This has resulted in appreciation of capital values across a few micro-markets. Not surprisingly, the report said, Mumbai has witnessed a surge in new project announcements in both mid- and high-end segments from prominent builders across various micro-markets in the third quarter.

While rentals across high - and mid-end apartments stabilized, capital values witnessed an increase between 3% to 6% in select locations like central, north, far north and northeast Mumbai. Capital values are likely to appreciate in a few selected micro-markets over the next 3 to 6 months, while rental values are expected to remain stable during the same period.

Bangalore: End-user interest was better placed over investor interest in Bangalore in the third quarter. This rise in end-user confidence, together with improving economic conditions, favourable borrowing conditions and rationalized capital values cumulatively led to reviving of sales in the housing sector, the report said. But the prices witnessed a fall by 2% to 3% in the last three months.

The city saw two major project launches in the third quarter, spread across 1,900 units of two and three bedroom apartments in the peripheral zone. Downward correction of capital values slowed down across most micro-markets of the city, almost stabilizing in some locations. Encouraged by gradually reviving sales volumes, many developers either reduced their discount percentage or refrained from providing more discounts. Investors continued to refrain from making purchases in anticipation of further drops in values and also because of prevailing low rental yields from residential properties in many micro-markets, C&W said.

Chennai:

In Chennai, the third quarter saw cautious and limited project launches with increased developer focus on the affordable segment as well as a gradual shift to ensure delivery and promotion of previously launched projects at more attractive prices or with different features and positioning. High-end segment rental values in Boat Club saw correction of 8% due to renegotiations by companies for currently leased out properties.

Values for mid-end properties remained relatively stable due to the strong demand and favourable variables for end users such as reduced interest rates, positive economic confidence, etc, that led to renewed interest. Due to the disparity in launches and delayed supply for mid-segment housing, the rental and capital values in majority of locations are expected to remain stable with stronger demand for lease of quality projects offering greater lifestyle amenities.

Hyderabad: Rental and capital values in third quarter witnessed minimal correction in Hyderabad as price points inched closer to buyer expectations. The report said the last 3-4 months saw developers getting conservative in launching new projects especially in the luxury segment. Rentals in both, high- and mid-end segments, witnessed marginal correction over the second quarter. Capital values for both high-end and mid-segment properties largely remained stable across most locations. While this is the third consecutive quarter of correction in capital values across select micro-markets, the pace of correction slowed down as compared to the first half of 2009.

Pune: After witnessing a slump over the last few quarters Pune residential market is showing signs of revival. The market was characterized by a positive sentiment and increased activity was witnessed in third quarter. The city witnessed launch of various projects in the third quarter across many micromarkets in both mid- and high-end segments. Capital and rental values appreciated across the city in the third quarter.

Kolkata: Kolkata residential market registered stabilization in both rental and capital values across segments and micro-markets. Increased consumer enquiries/interest has led to under construction projects accelerating their pace of activity.

Courtesy:- TOI dt:- 21/11/2009

How a tenant can continue holding possession even after the lease is determined, finds out Ashish Gupta

Deemed tenancy is a ‘tenancy by holding over’. It is an implied tenancy. Under the Transfer of Property Act 1882, some circumstances lead to a tenancy by holding over.

When tenancy by holding over is created   

The lessee or underlessee of the property remains in possession after the determination of the lease granted by the lessor.

The lessor or his legal representative either accepts rent from the lessee or underlessee, or otherwise assents to his continuing in possession.

There is no agreement to the contrary   

The expression ‘holding over’ refers to retaining possession. There is a distinction between a tenant continuing in possession of a property after the determination of the lease, without the consent of the landlord, and a tenant doing so with the consent of the landlord. The former is called a tenant by sufferance. On the other hand, the latter is called a tenant holding over.

A lessee holding over with the consent of the lessor is in a better position than a mere tenant at will. The assent of the landlord to the continuance of the tenancy after the determination of the tenancy creates a new tenancy. In such a case, the lease is renewed from year to year, or from month to month, according to the purpose for which the property is leased. For example, say A lets out a house to B for three years. B underlets the house to C at a monthly rent of Rs 2,000. The three years expire, but C continues in possession of the house and pays the rent to A. So C’s lease is renewed from month to month. Similarly, in case A lets his house to B for the life of C. If C dies, but B continues in possession with A’s assent, then B’s lease is renewed from year to year.

A statutory tenancy is distinct from a tenancy by holding over in the sense that the former is more specific. Most rent control acts recognize statutory tenancy — either expressly or by implication. In case a tenancy is given protection under a statute, it is called a statutory tenancy. In case of a statutory tenancy, the rights of a tenant who retains possession by holding over is defined by the statute. All rent control acts recognise and afford protection to tenants against eviction despite termination of tenancy except on the grounds recognised by the acts.

Courtesy:- TOI dt:- 21/11/2009

Devesh Bhatia

Affordable housing is not a new concept but buyers/developers habitually seem to forget the fundamentals when the market moves in one direction only. Instead of being a necessary part of a developer's asset portfolios, affordable housing has become a fall back option for the developers worldwide. When the housing sector was experiencing growth, no developer thought of making affordable houses. This was because the psychology was that the boom will never end and a person who can afford to buy an expensive house will not be able to live in tier 1 cities.

As soon as the housing bubble started to burst, developers returned to their fundamentals. And they did not return silently, taking turns, but in herds. All of a sudden major developers worldwide realized that affordable housing is a key to long term success because only a small percentage of population could afford the homes they were then building. This gave rise to a major resource allocation towards affordable housing projects. Present situation in many markets is such that uncontrolled construction of affordable housing has created historical levels of inventories of affordable homes. This current situation is extremely beneficial for a buyer today as affordable housing is difficult to find and in present conditions it is available for ‘real affordable prices.’ Affordable housing is as important in current market scenario as it is in bullish real estate markets. Easy availability of credit and many options to choose from induces a person to make a brave decision to move into a house which is too big for his current needs as well as out of his affordability range. In current market scenario with credit tightness and job security challenges, affordable housing is not only a wise decision it is also a necessity.

The sector faces many challenges other than availability of suitable land. Suitable land for affordable housing is difficult to find because the target customers are extremely sensitive towards proximity to the modes of transport, availability of markets for day to day needs as well as connectivity to work places. The luxury amenity requirements (i.e. clubhouses, swimming pools, etc.) stand low on the priority list but basic amenities like parks or proximity to public amenities is a must for the buyer. The real challenge faced by the developers is searching for a property which meets all or most of the criteria mentioned above. Especially in tier 1 cities it is extremely difficult to find a good location. Moreover locations that are available are either too expensive or are suitable to develop luxury units which command more prices. This makes it difficult for the developers to keep affordable housing affordable.

Challenges faced by affordable housing markets are not making it easier for developers to venture swiftly in this arena. Historical inventory levels, coupled with strong competition and lack of availability of ample credit for new construction has made it tough for real estate developers. But certainly the old maxim "Somebody's loss is someone else's gain" holds true here. Customers of today have an opportunity of lifetime to become a home owner. Customers today are at liberty to choose among many options and quote their own prices. This opportunity, created due to market correction, is to be taken advantage of, without delay.

Courtesy:- TOI dt:- 20/11/2009

Vikas Agarwal outlines some tax benefits that come with a joint loan and how they apply to co-borrowers

One of the most attractive features of a housing loan is that it helps in reducing your income tax liability, and thus makes it easier and cheaper to build a fixed asset. A housing loan makes you eligible for tax rebates under Section 80C and Section 24 of the income tax regulations.

A joint housing loan comes with the twin benefit of increasing the overall loan eligibility and the income tax rebate that can be claimed by both co-applicants individually under Section 80C and Section 24. The mandate in claiming the income tax rebate is that the co-applicants of the housing loan should also co-own the underlying residential property.

Who are eligible?   

A joint home loan can only be availed by a minimum of two and maximum of six applicants. A borrower cannot take a joint home loan with just any person. In general, the lender defines the relationship between co-borrowers eligible to take such a loan. A joint housing loan is given to married couples or close blood relatives like parent and child.

Some banks allow brothers to take a joint home loan provided they will both be co-owners of the property. Usually, banks insist that all co-owners of the home must be co-borrowers in a joint home loan. Generally, friends or unmarried couples living together are not allowed to take joint housing loans.

Ownership structure   

The ownership structure of the property is a very important factor in case of a joint loan. Ownership of the house makes one eligible for the tax benefits. The tax benefits are applicable in ratio of ownership in the property and therefore the ownership of property should be carefully decided keeping in mind the re-payment capacity of both the borrowers.

In case a person is just a co-borrower of a loan and not a co-owner in the property, he cannot claim the tax rebates. On the other hand, if the co-owners are equal owners of a property but if the share of the loan is 2:1, the tax benefits can also be availed in the same ratio. Usually, banks do not accept split EMI payments (two or more cheques for the same EMI). The EMI in joint accounts can be made through a joint account owned by co-borrowers or by splitting EMIs in a financial year in the proportion of loan share.

Income tax benefits   

The income tax benefits are applicable in proportion to the ownership structure. For example, if the ownership in a property is 60:40, a loan of say Rs 50 lakhs will be split as Rs 30 lakhs and Rs 20 lakhs respectively and this ratio will be applicable while calculating tax benefits on interest/principal repaid on this loan. Therefore, it is advisable for joint owners to procure an ownership sharing agreement stating the ownership proportion on a stamp paper as legal proof of the ownership.

The case for the housing loan gets stronger in case of joint applicants. Banks consider the earning potential of co-borrowers and decide on the eligibility of the loan. Therefore, the loan eligibility increases in case of joint loan account.

The joint account holders (owners of the property) can claim income tax benefits individually. The housing loan benefits that fall under Section 80C and Section 24 of Income Tax Act make each borrower eligible for a maximum deduction of Rs 1 lakh and Rs 1.5 lakhs associated to principal repayment and interest payable on the home loan respectively. For example, a husband and wife, both of whom are tax payers with independent income sources, get tax deduction benefits, with respect to the same housing loan to the extent of the amount of loan taken in their respective names. The maximum deduction in such a case would Rs 2 lakhs on the principal repayment and Rs 3 lakhs on interest payment

Courtesy:- FT dt:- 22/11/2009

Discover the land of opportunities – Indore

The city of Indore with a splendid past boasts of an equally bright future. Indore City is today the commercial and IT hub of central India.

Over the years, the city has welcomed people from all over to evolve into a truly cosmopolitan population.

As one of the fastest growing cities in India, dotted with lush green surroundings, brimming with new job opportunities and diverse talent pool, Indore is ideal for comfortable living and working. And DLF is here to complement the ever growing lifestyle of Indore with world-class homes.

Discover all you desire at Gardencity

The best way to understand nature is to make it a part of your life. DLF well & truly brings this sentiment to Gardencity, where you live amidst nature and enjoy a contemporary lifestyle. Gardencity's 82 acres of pollution-free environs gives the residents a perfect answer to beat their stressful lifestyle. The township has been aesthetically designed by Hafeez Contractor while the landscapes are beautified by a renowned Singapore based consultant.

With theme gardens like Ornamental Garden, Spiritual Garden, Bonsai Garden, Zodiac Garden, Gardencity brings you a step closer to nature. With a Club, School, Shopping Mall and a well-equipped Fortis Hospital within the vicinity, DLF fulfills its promise of bringing world-class lifestyle to Indore.

Clubhouse

                Discover lavish clubbing facilities that pamper you

                An exclusively designed club, one of the biggest in Central India, will pamper you and your family with lavish facilities. The club is built in an area of about 2.5 acres and will offer a whole new world of leisure activities. Whenever you'll want to take time out from your busy life and schedules, you'll end up feeling naturally relaxed and rejuvenated at the club. This world-class clubbing facility will cater to the leisure needs of its members.

• Swimming Pool

• Restaurant

• Pool side Café

• Bar

• Banquet Hall

• Spa and Massage

• Lawn Tennis

• Table Tennis

• Squash Courts

• 50 Guest Rooms

• Business Centers

• Meeting Room

• Card Room

• Child Care

• Library

• Gymnasium / Aerobics

                                Features

Discover the new face of Indore at Gardencity Gardencity, New Indore brings a cosmopolitan lifestyle to Indore with homes equipped with all modern facilities, catering to people aspiring a luxurious lifestyle.

The lush green 82 acres of Gardencity offers plots in various sizes ranging from 1800 sq.ft. to 3600 sq. ft. enveloped by open spaces.

It also boasts of a world-class club, international school for your child's future, a fully equipped 100 plus bed Fortis Hospital, shopping complex and a shopping mall with multiplex right on the AB Bye-Pass Road.

IPTV ready for enhanced entertainment.

Power distribution through underground cabling.

Discover a new world of leisure and lifestyle near you

A stress free life awaits you when you enter Gardencity, New Indore. Located in the midst of green gardens where peace and tranquility prevails, every moment spent here will complement healthy living. State-of-the-art facilities like swimming pool, gymnasium, tennis & squash courts and pool side café, truly gives 'leisure' a new dimension. Besides, you can also engage yourself in a refreshing morning jog or make yourevenings delightful at the community centre. What's more, you can also enjoy the advantage of being located in the midst of nature. Along with other modern amenities, this place is a perfect retreat to calm your senses.

Fore more info log on to http://www.zameen-zaidad.com/DLF-Garden-City.aspx

Project Name                   Ansal Town

Name of Builder               Ansal Housing & Construction Ltd.

Project Type                     Residential Township

Price                                      As below

Location                              Indore

Agents                                  Shri Aditya Estates           42470622, 9810445860

Enter a city within your city, Enter a world complete in itself. Enter Ansal Town - Indore. Designed by L.S. Vaswani Architects, Ansal Town - Indore offers you all the amenities of modern living - luxury apartments, plots, convenient shopping centre catering to all day-to-day needs, schools and a club with swimming pool, gymnasium etc. All this in a pollution-free environment with ample area of green glades intersected by wide open roads that makes outdoors a mood elevato

And considering the proximity to reputed higher educational institutes, medi-care units and speciality hospitals, road and commercial complexes and other features of the city, Ansal Town - Indore is a paradise for people desirous of settling in this city or looking for an investment destination in real estate.

In essence, all the elements of fine living come together, only in a more refined form.

Club

School

Refreshing Greens

Shopping

Convenience

Preference Location Charges & Extra Charges

Corner                                                                  5%

Garden Facing                                                   5%

Corner Cum Garden Facing                          10%

External Water Installation Charges         Rs. 10,000/-

External MPSEB Charges                                               As Per Actual

Club M' Ship (Mandatory)                            Rs. 50,000/-

External Maintenance Charges                  Rs. 20,000/-

Registration Charges                                      As Per Actual

For More info log on to http://www.zameen-zaidad.com/ansal-town-indore.aspx

The zestha group has grand plans for a very innovative real estate pattern across the entire country . Founded on a vision, which seeks to usher in a better tomorrow for everybody .By providing people with improved life and living standards. Recognizing the basic needs in approaching the issue of planned development and growth across the Residential, Commercial, Leisure and Retail segments of the Real Estate Industry

The financial growth is a good indicator of a group success During the course of its real estate and construction journey Zestha has shown remarkable financial success .Their graph has shown remarkable progress .The profits recorded in just short span of time is simply beyond words .

Salient Features:

                                                Pollution free environment.

                Earthquake resistant structure.

                Woodwork in all the bedrooms.

                Jacuzzi bathtub & cubical shower in bathroom attached to master bedroom.

                Geyser in all bathrooms.

                24 hrs water supply.

                                                Landmarks

                Vastu friendly layout.

                Most prime location of Rudrapur (nearest to SIDCUL).

                Maximum utilization of space.

                Well designed with beautifully landscaped greens in and around the complex.

                Finance facilities from several nationalized banks.

                Project approved by the Government of Uttaranchal.

                Guaranteed possession in 18 months.

                                                Attractions

                In house club with swimming pool.

                High-tech health club and more.

                100% Power Backup.

                Intercom facility.

                Hi-tech security system.

                Fire fighting system.

                Adequate power, cable TV & telephone points in all rooms.

                Two High Speed Elevators in Every Tower.

                Ample Parking Space.

                                                Features

Pollution free environment.

Earthquake resistant structure

Vastu friendly layout.

Most prime location of Rudrapur (nearest to SIDCUL).

Maximum utilization of space.

Well designed with beautifully landscaped greens in and around the complex

Project approved by the Government of Uttaranchal

100% Power Backup

Intercom facility

Hi-tech security system

Fire fighting system

Ample Parking Space

Centrally air-condition

Food Courts

Well-planned shops and showrooms

Specialty and Multi-cuisine restaurants

Entertainment Centre

Glass Lifts and Escalators

Area Specified for showrooms/ATM’s /restaurants/recreation

Ample basement Parking space

Professional mall management

For more info log on to http://www.zameen-zaidad.com/zestha-platinum-towers-rudrapur.aspx

An integrated township par excellence from OMAXE, coming up in the natural and tranquil surrounds of Himalayan foothills at Rudrapur, Uttaranchal. A unique space that will transcend your everyday experience into an exceptional one.

Rediscover life with the choicest of comforts and unending delights. A perfect blend of design and functionality, OMAXE Riviera offers peaceful living in the lap of nature, fully laced with world class amenities. So, you are far from the city's hustle & bustle, but not too far from the city life and conveniences.

Style with Substance

    Country club lifestyle

    Ready to move in apartments with all fitting and fixtures

    Quality construction with guaranteed timely possession

    Pollution free environment

    Integrated township with all facilities and amenities

    Pantnagar University and SIDCUL area nearby

    Specially designed studio and service apartments

Distinct Facilities :

ow population density area

Wide road with Green Planted Roadways

High-tech Security Systems

School, Creche, Bus stop, Dispensary, playing areas close by

Power backup with 24 hrs. water supply

Vaastu friendly architecture

Dedicated Car Parking

Manned entry and exits

Rainwater Harvesting, Sewerage Treatment Plant (STP), advanced technology for disposal of excess waste etc.

Separate commercial block for hassle-free shopping

Elevator in each block

First class Facility Management

Resort like landscape

For More info log on to http://www.zameen-zaidad.com/omaxe-riviera-rudrapur.aspx 

Project Name                     Uni Homes

Name of Builder               Unitech Limited

Project Type                       Residential Apartment

Price                                      As below

Location                               Kolar Road, Bhopal

Agent                                    Shri Aditya Estates

 Apart from the Basic Consideration Price following amounts are payable by the Allottee(s):

Preferential Location Charges for Ground Floor Rs. 1,00,000/- Rs. 1,30,000/-

Preferential Location Charges for First Floor Rs. 50,000/- Rs. 65,000/-

Preferential Location Charges for Second Floor Rs. 25,000/- Rs. 32.500/-

Preferential Location Charges for Garden Facing Rs. 30,000/- Rs. 40,000/-

  Society Maintenance Rs. 18,000/- Rs. 21,600/-

Interest Free Maintenance Security Deposit (IFMSD) Rs. 15,000/- Rs. 20,000/-

External Electricity Charges (including Meter) &Water Installation Charges Rs. 50,000/- Rs. 60,000/

 Car parking allotment will be on first come first serve basis.

Society Maintenance has been calculated at Rs. 500/- per month for 36 months for 2 BHK and
Rs. 600/- per month for 36 months for 3 BHK. This might vary as per the norms decided later.

Company would pay charges @ Rs. 5/- per sq. ft. of the Super Area per month for any delay attributable to the inability  of  the  Company  subject  to  Force  Majeure,  on  the  handing  over  of  the Apartment  beyond the committed period of 24 Months from the date of signing of Terms & Conditions of Allotment till the date of issue of notice of possession.

Similarly, the Allottee(s) would also be liable to pay holding charges @Rs. 5/- per sq. ft. of Super Area per month if the Allottee(s) fails to take possession within 21 days from the date of issuance of the notice of possession.

Option for limited power back-up is provided in each apartment. Please refer to application form for details.

The above Prices / Payment Plans are subject to revision / withdrawal at any time without notice and at the sole discretion of the Company.

Registration  and  stamp duty charges, as applicable for required documents shall be payable extra by the Allottee(s).

For More info Log on to http://www.zameen-zaidad.com/uni-homes-bhopal.aspx

Project Name              Omaxe Enternity

Name of Builder         Omaxe Ltd.

Project Type                Residential Flats

Price                            As below

Location                      Chhatikara Road,Virndavan

Agent                          Shri Aditya Estates

Structure

Earthquake Resistant structure External Finish Combination of long- lasting paint, Water repellent glazing  

DINNING & DRAWING ROOM

Floor Vitrified Tiles Kajaria / Euro/ Nitco Walls Plastered and painted with pleasing shades of O.B.D Asian/ Berger/ Nerolac Ceiling Plastered and painted with pleasing shades of O.B.D. Asian/ Berger/ Nerolac

STAIRCASE

Floor Udaipur Green Marble   Walls Plastered and painted with pleasing shades of O.B.D. Asian/ Berger/ Nerolac Ceiling Plastered and painted with pleasing shades of O.B.D.

BEDROOM

Floor Vitrified Tiles Kajaria / Euro/ Nitco Walls Plastered and painted with pleasing shades of O.B.D. Asian/ Berger/ Nerolac Ceiling Plastered and painted with pleasing shades of O.B.D. Asian/ Berger/ Nerolac  

KITCHEN

Platform Pre-polished Granite Top Platform with stainless steel sink. Sink-Frankee/ Jayna Wall Ceramic Tiles upto 2 feet height above Platform   Fixture/ Fittings Gas hub (Provision for Chimney) / Electric Plate Faber/ KAFF/GLEN

BALCONIES

Floor Anti Skid / Ceramic Tiles Kajaria / Euro/ Nitco Walls Combination of long- lasting water repellent paint. Asian/ Nitco/   Spectrum Ceiling Plastered and painted with pleasing shades of O.B.D Asian/ Berger/ Nerolac  

TOILET

Walls Dado of Glazed/Ceramic tiles up to ceiling height. Kajaria / Euro/ Nitco Floor Glazed / Ceramic Tiles Kajaria / Euro/ Nitco Fittings/Fixtures Geyser, Shower, Wash basin, Wall hung W.C., Towel Rail, Hot & Cold water system,Exhaust Fan Geyser- Recold/ Bajaj / Venus / Sanitary ware- Hindware/ Parryware Classica/ C.P.Fitting- Jaguar/ Marc/ Parko  

DOORS & WINDOWS

Entrance & Internal Doors Seasoned Hardwood Frames with both side Teak finish flush doors   Windows Powder coated glazed Aluminum with Mosquito Wire Mesh Shutter  Aluminum – Hindalco/ Jindal/ Mahavir

For more info log on to http://www.zameen-zaidad.com/omaxe-enternity-virndavan.aspx

A luxurious residential apartment going to be developed by Orris Infrastructure Pvt. Ltd in Gurgaon Sec 85. Carnation Residency is a conveniently located modern group housing project spread over 26 Acres. Carnation residency is offering a charming blend of contemporary India Living with the best of modern amenities to ensure warm and lavish living with luxuries. Carnation Residency is strategically located in Sector 85, New Gurgaon, around 1 KM from NH 8….

Luxury home starts at Rs. 22.57* lacs onwards

Homes for contemporary living
•          100% power backup
•          Ultra-modern facilities
•          Landscaping by international architect Nelson, USA

Geared for ultimate safety
•           24x7x365 gated security
•           Earthquake resistant buildings
•           Rain water harvesting

Giving you tomorrow's lifestyle: Club Facilities

•           Multipurpose room
•           Swimming pool
•           Gymnasium
•           Library

Common facilities
•           High speed lifts
•           Convenient & daily need shops
•           Water bodies in green areas

Other facilities
•           Play school
•           Primary school
•           Children park & water bodies
•           Paved path ways & central park
•           Sand pits for kids, swings
•           Dedicated car parking

Compact & efficient layout for 2, 3, & 4 bedroom apartments.
•           Areas offered:
            -           2 Bhk 1050 Sq.ft
            -           3 bhk 1350 sq.ft
            -           3 bhk + servant 1500 sq.ft
            -           4 bhk 1800 sq.ft

For further Details please feel free to log on to

http://www.zameen-zaidad.com/orris-business-square-gurgaon.aspx

For more info log on to http://www.zameen-zaidad.com

                                                And http://www.propertycafeteria.com/main.aspx

For more info log on to http://www.zameen-zaidad.com

                                                And http://www.propertycafeteria.com/main.aspx

The govt. of India has started implementing home loan interest subsidy scheme for a loan of Rs10 lakhs for a home having a value for not more than Rs20 lakhs. The interest subsidy has come into force w.e.f. 01.10.2009. This scheme will be available till 30.09.2010. The rate of  interest subsidy is for 1%.  It is a good move by the govt. This will boost the real estate sector. It will have the  real effect on real estate sector when the limit of home loan is enhanced from Rs10 lakhs to Rs25 lakhs as average home loan amount required for middle class people is around Rs25 lakhs. If the ceiling of home loan amount for interest subsidy remains Rs10 lakhs, the benefit will go to a few home  buyers. The effect of the present scheme will not be much as price of houses are in the range of Rs25-30 lakhs in most of the present projects and the home loan requirement for such apartment will be Rs20-25 lakhs. Even in the most affordable projects of leading builders and developers the price of apartment is more than Rs25 lakhs and home loan requirement will be Rs20 lakhs or so. For percolating the benefits of home loan interest subsidy, the govt. should amend the present norms and enhance the ceiling at least to Rs25 lakhs to give real effect on real estate sector.

All the lending banks and financial companies should publicize the availability of home loan interest subsidy scheme of govt. of India so that more and more people should know about it and avail this benefit.

The period of availability of this scheme should also be increased from one year to five years to give long term effect on real estate sector. If govt. of  India foregoes some revenue in the form of extending home loan interest subsidy, it will get many more other benefits when there is increase in sale of  dwelling units. Increase in sale of dwelling units will increase the demand of  steel and iron, cement, bricks, etc. It will also increase the demands of other household items like furniture, paints, furnishing items, etc. Increase in sale of these items will bring more revenues to govt. in the form of sale tax, etc. When more houses are sold and owned by people, govt. will get more manifold revenues in the form of property tax as comparison to the home loan interest subsidy given by the govt. Thus to earn more revenues and to give boost to real estate sector, the govt. should come forward with more liberal home loan interest subsidy scheme. 

‘Marina Floors’ project has been promoted by Pal Infrastructure & Developers Pvt Ltd. It is strategically located in Sector 70 A, Sohna Road, Gurgaon in the close vicinity of national capital. This project has low-rise floors. Home buyers, living with their old parents, will prefer to buy homes in this low-rise floors project. Prices of apartments in this project are affordable starting from Rs19.90 lakhs for 3 BHK apartment. This project has facilities of Club, Greenery, Shopping Centre, Public Transport, Power Back-up, Security and School.

Pal Infrastructure & Development Pvt Ltd is a venture of Pal Group. Pal Group has a strong presence of over a decade and has carved a niche for itself in the real estate development and construction. Over the last couple of years, Pal Group has consistently set quality benchmarks in real estate development and is creating world-class group housing and commercial space in prime locations and is coming up with well planned townships & IT Parks. Founded with a vision of providing excellent life spaces and international living standards to its customers, Pal Group has always struck a vital balance between closeness to nature and modern lifestyle.

We, Shri Aditya Estate, are one of the leading real estate consultants, established in Delhi and working successfully for more than a decade. We have developed well-embellished websites viz. www.zameen-zaidad.com, www.propertycafeteria.com with a clear concept to showcase all kinds of properties of our patrons for wider publicity of their products for sale/purchase, leasing and renting purposes. Our website – www.zameen-zaidad.com - is displaying the details of project of  ‘Marina Floors’ Gurgaon. Homes for sale are available in ‘Marina Floors’ Gurgaon. For best and transparent deals for apartments in ‘Marina Floors’ project in Gurgaon, our experienced marketing executives can  be contacted  at  mob no 91-9650398925, 9810445860, 9911158601, 011-42470622  or email at : info@zameen-zaidad.com. Our company is on the approved list of leading banks/financial institutions for grant of home loans. We have got an experienced team to process home loan applications. For hassle-free home loans for apartments in ‘Marina Floors’ project in Gurgaon, our executives can be contacted at mobile no 91-9990217028, 9810445860, 011-47082736 or email at : info@zameen-zaidad.com.

For more info log on to http://www.zameen-zaidad.com

                                    And http://www.propertycafeteria.com/main.aspx

K Raheja Universal, specializing in premier real estate development in the city, has sold off its high-end commercial building called Raheja Chromium at Prabhadevi to Motilal Oswal Securities for Rs 156 cr.  

The six-storied building would now be used as Motilal Oswal’s corporate office. The transaction was concluded last week.  

With prominent frontage on Gokhale Road, the property is in the precinct of premium commercial developments of Prabhadevi and Senapati Bapat Marg.

The Bandra- Worli Sea Link has added to the connectivity and prominence of this location.

“The project is benchmarked with global standards and features like elegant glass façade, well planned spacious offices, private terraces, high - speed elevators, landscaped areas and ample parking,” a Raheja official said.

Courtesy:- HT Business dt:- 05-10-09

Real estate firm parsvnath developers said it raised Rs. 168 cr through a share sale to institutions. The firm has issued up to 13.86 million shares at Rs 121.25 each, it said in a statement to the stock exchange.

Parsvnath Developers Limited a leading real estate developer in India has a PAN - India presence and an experience of more than 17 years in offering state of the art construction in 48 cities and 17 states with across key verticals of real estate industry. It is the most diversified and widespread real estate developer in India with 115 ongoing projects with a developable area of over 159.84 mn sq.ft. All across verticals. Trusted over 20 years with sound reputation for giving shapes to dream houses and delivering maximum value for money in the properties developed by them.

 For More Details :- http://www.zameen-zaidad.com            and

                                    http://www.propertycafeteria.com

In an attempt to shore up credit demand, banks are rolling out festival schemes for home loans ahead of Diwali. Deals include teaser rates for initial years, with some lenders giving an option to shift to either fix or floating rates later. Lenders like Canara Bank, Bank of Maharashtra and Dena Bank are offering fixed-rate loans for the first five years, and later, linking the loans to their prime lending rates.

IT’S THE PSU BANKS THAT OFFER COMPETITIVE RATES THIS ROUND, PVT PEERS MAY JOIN SOON

Banks sweeten home loans with festival offers

In An attempt to shore up credit demand, banks are rolling out festival schemes on home loans ahead of Diwali. Deals include teaser rates for initial years, with some lenders giving an option to shift to either fix or floating rates in subsequent years.

Lenders like Canara Bank, Bank of Maharashtra (BoM) and Dena Bank are offering fixed-rate loans for the first five years, and subsequently, linking the loans to their prime lending rates. While others like Bank of India are offering fixed-rate loans for the first two years. India’s largest bank SBI is offering fixed rates for the first three years. The competition to gain market share has resulted in a small price war.

On Thursday, Development Bank of Credit introduced a fixed rate of 7.95% for the first year — the lowest, at least, for the first year. From the second year onwards, the home rates will be linked to floating rate loans. BoM and Dena Bank offer a fixed rate of 8% for loans up to Rs 30 lakh in the first two years, while Canara Bank offers 8% in the first year for Rs 30 lakh and SBI offers 8% for the first five years for loans up to Rs 5 lakh. Most banks have also waived off the processing fee during the festival season.

Traditionally, home sales peak ahead of the academic year in June, with families looking out for new homes during summer vacations. However, this year’s summer sales were flat due to uncertainties. Now, builders and lenders are making a fresh pitch to push sales during Diwali through limited period offers. Interestingly, the offers are coming largely from PSU banks. HDFC, ICICI Bank and LIC Housing have not yet announced any festival offers, but announcements closer to Diwali are not ruled out either. The three lenders charge interest at 8.75% on their lower-end loans.

Bank officials are hopeful that the retail credit growth will contribute substantially for the credit demand in the third quarter of this fiscal year. Most offers are till December 31, 2009. “The demand for home loans is better than the past years. But at the same time, we are seeing many applications which are transfer cases (from another bank),” said AC Mahajan, chairman and managing director of Canara Bank.

Banks like SBI, Canara Bank, BoM, BoI and Dena Bank are offering fixed-rate loans for the initial years. However, banks like BoB and PNB are offering fixed rates, besides giving floating rate loans.

Courtesy:- ET dt:- 05-10-09

HDFC Asset Management Company has picked up 10% stake in Bangalore-headquartered real estate firm Nitesh Estates for Rs 100 cr, said banking sources privy to the development. The transaction comes at a time when Nitesh Estates is working towards an initial public offering in the last quarter of the current fiscal.

Sources said the transaction at discounted price was a pre-IPO placement with HDFC arm planning to offload shares at the time of the issue or anytime in the next one year. The deal clinched over the weekend may have come at 15-20% discount. KPMG and J Sagar Associates were advisors to the transaction.

The company’s executive director L S Vaidyanathan declined to comment.

As reported earlier, the decade-old Nitesh Estates IPO this month end or in early November. Kotak, Enam, JM Financial and Morgan Stanley are advisors to the proposed IPO, sources added. The 32 year-old promoter Nitesh Shetty, a first generation entrepreneur, and private equity giant Och-Ziff will see their holdings drop to 57% and 9%, respectively after the public offering, which will involve fresh issue of shares. Mr Shetty holds 75% and Och-Ziff has 15% in the firm currently. Nitesh is among the 4-5 realty firms that are actively working towards a public issue in the next six months—others being Godrej Properties, Emaar MGF, Lodha Properties and Sahara India.

Nitesh Estates has over 8 million sq ft of ongoing projects in Bangalore, Kochi, and Chennai in Goa. Besides 19 residential projects in the pipeline, the company is also developing India’s first Ritz Carlton property in Bangalore and two large mixed use projects in Chennai and in Kochi. While the IPO proceeds will be deployed into projects under development, the company is also in the midst of roping in private equity partners for some specific projects. Last year, HDFC Property Ventures, a real estate fund, had invested $20 million in the company’s upcoming mall project at Indiranagar in Bangalore.

Courtesy:- ET dt:- 06-10-09

Affordability factor and lower EMIs act as reasons for people to opt for 2 BHK residential apartments making these the fastest moving segment in housing industry

Did you know that smaller apartments are selling big? The maximum demand currently is for 2BHK residential apartments and finally supply is following demand. Such has been the response that there are developers who claim as much as 55% of their inventories comprise two bedroom units.

According to Atma Sharan, GM (Marketing), Ashiana Housing Ltd, "About 55% to 60% inventory would be 2BHK. This definitely is the fastest moving segment, particularly among first home buyers who are at the beginning of their careers and married life."

The 2BHK end user is attracted by the price tag, affordability factor, and lowers EMIs. His is likely to be a nuclear family with small kids where a third bedroom is not a necessity and hence not worth additional cost. According to Harinder Dhillon, GM Marketing from Raheja Developers Pvt Ltd, "The maximum demand for two bedroom unit is from middle-income group nuclear families. A two bedroom home buyer is typically a middle class salaried employee hailing across sectors of government employees, school teachers, or BPO, IT, banking and service sectors, as well as middle-level self-employed professionals." He adds that at least 30% of their inventory now is 2BHK.Actually it is the affordability factor that is attracting most of the buyers.

Several developers who were primarily focusing on plush housing earlier are including smaller units in a big way in their projects. They are coming up with new initiatives in this line which is expected to attract the young service class people in a big way. So, be it DLF, Unitech, or Jaypee, they all have at least 30% inventories as two bedroom units in their projects and plan to increase the percentage with time.

Jaypee Greens recently launched reasonably priced housing projects - Jaypee Kosmos and Jaypee Aman. The latter, claims Manu Goswamy, head business development, was sold out within 24 hours and smaller units of two bedrooms were a big hit. Says Goswamy, "Our 2BHKs are doing particularly well as they tend to attract the first-time buyer who is young in age and has just begun his married life or professional life. Our parents' generation retired in their own home while our generation starts out in their own homes." Investors are also found interested in this segment. A 2 bedroom unit is eliciting interest from a lot of second home buyers. Says Atma Sharan," A typical investor would also find a 2 BHK more appropriate as it would be easier to liquidate and may also give higher rental returns per sq ft or initial cost to rental ratio. Besides, in the rental market too there is a higher demand for 2BHK apartments, and getting tenants is easier and faster." Some developers are specifically keeping the price tag lower than Rs 20 lakh, so that the investor can par take the benefit of lowering of interest rates on home loans below Rs 20 lakh.

However, many more such units are required to enter the market to really bridge the demand-supply gap in smaller units’ category. According to Devinder Gupta, CEO of Century 21, a real estate consultancy, "Bulk buyers fall in the 2BHK segments as it fits their requirement, given its financial implication. Moreover, government is also giving fiscal incentives to the buyers who are going for 2BHK. As it constitute a bulk of buyers, mainly service class, builders should devote more inventory on this segment as there is still a shortage in this category." Size of a 2BHK unit available in the market: While the size ranges from 750 sq ft to 1,400 sq ft, their price varies between Rs 16 lakh and Rs 30 lakh. For instance a 2BHK unit at Ashiana Aangan at Bhiwadi of 1,200 sq ft will cost anywhere between Rs 22 lakh and Rs 28 lakh, depending on the floor and the payment terms (installment or down payment). The size of this unit at Raheja Builders varies from 1,200 to 1,400 sq ft, and available in the price band of Rs 2,475 to Rs 2,875 per sq ft, depending upon location, specifications and facilities. At Alpha G Corp in their Karnal Township, the size of a two bedroom unit would be between 1,100 and 1,200 sq ft, with the price being approximately Rs 20 lakh, depending upon the parameters at the time of booking, launch and facilities. At Jaypee price ranges from Rs 22 lakh and Rs 30 lakh. So, as one can see, there is so much variation in the market. A two-bedroom unit is now becoming available at different sizes as well as price points.

However Alpha G Corp's Prodipta Sen cautions that end users buying 2BHK must beware of some developers who are "only looking at encasing on the big bubble called 'affordable housing' as they find their premium residential projects not selling. However, those who are keen and believe that providing housing of 2BHKs will be the fastest moving product provided it is value-for-money."

Courtesy:- ET Realty dt:-25-09-09

Shares of Delhi-based Parsvnath Developers zoomed 16% on Wednesday puzzling analysts who had expected that a lower than-planned fundraising via qualified institutional placement (QIP) could affect the stock.

Parsvnath shares closed at Rs 144.85 on Wednesday. Parsvnath Developers, which now has a market cap of Rs 2,660 crore, planned to raise $150 million via QIP, but later settled for just $35 million. A senior executive at Parsvnath said the company didn’t immediately need more funds. He added that 60% of the funds raised will be used to retire debt and the balance for the execution of existing projects.

Fidelity, Morgan Stanley and American Century were among those who invested in the Parsvnath’s QIP.

“I’m puzzled at the way stock has risen on news which should have been seen as negative,” said Shailesh Kanani, a real estate analyst with Angel Broking. Another analyst with domestic brokerage said there could be some other trigger for the stock to rise so much.

A company executive said the fundraising has eased the liquidity scenario prompting the market to re-rate the firm’s scrip.

Courtesy:- ET dt:- 01-10-09

The Bangalore-based real estate firm Nitesh Estates is planning to rise up to Rs 550 crore by this year-end through an initial public offer (IPO) for which it plans to approach market regulator Securities and Exchange Board of India (SEBI).

Nitesh Estates, which has a prominent presence in south India, is learnt to have appointed investment bankers Morgan Stanley, Enam, Kotak and JM Financial to sell the proposed initial public offering. According to a senior banker, who is involved in the deal, the company would divest around 35% of its stake, pegging the company’s valuation at around Rs 1,600 crore. A spokesperson of the company refused to comment. “The company would file the DRHP by October-end. So, the company could get Sebi’s green signal by November,” said the banker.

According to a highly-placed source, the company has also appointed two senior officials, from Citigroup and a Middle East-based PE firm, respectively, as directors. A company official confirmed that James Brent, the former global real estate head of Citi Group, and Ashok Aram, managing director, Abraaj Capital, the largest PE fund in the Middle East, have joined as directors in Nitesh Estates.