Tips To Make Property Buying Easy

June 8, 2010 – 2:31 pm

Here are some tips that will make your dream of owning a property and the journey involved easier.

1. Choosing The Right Property

Try and get all the information about the builder and the price of the property you are willing to buy in the market along with other general information.

2. Buying a Pre-Launch Propertyhome loan center

Many times developers build properties according to the need of the market within a limited time. This is called soft or pre-launch. This property is cheaper than others by 10-15%.

3. Broker’s Fees

If you plan on buying a property through some broker then his fees will be decided by the property. His fee is to be paid, first, when giving the token money and second, at the time of registration.

4. Token Money

Once you have decided to buy a property, token money is to be paid at that time. According to the price of property token money can vary from Rs.50, 000-5, 00,000. It can vary according to the agreement.

5. Preparing The Budget

Actual price is often known as the Base rate. There are some other prices like car parking, society or club membership, electricity and water. Add all these up and then finalize your budget. Other than this you will have to pay for stamp duty and registration charges.

6. Down Payment

Under-construction or ready flats have different down payment schemes. After giving the token money this comprises of 10-20% of the actual property cost in case of under construction flats where as for ready made property down payment is all the money minus token money.

7. Bank Loan

All procedures regarding bank loan must be completed before giving the token money. Bank decides the credit limit after checking property papers and your income details.

8. Property Registration

After giving down payment and receiving letter of approval from the bank, you must get your property registered.

9. Flat Possession

After the work is finished developer gets a certificate and thus he hands over the property possession to the customer. Customer should check all the details and clear all payments at this time.

10. Facilities Provided By The Builder

After the possession has been given to the customer, builder has the maintenance responsibility of 18 months.

11. Housing Society

After the completion of maintenance period the developer makes the housing society. They get a bank account in the name of the society. This society chooses its representative’s and continue the maintenance work throughout.

Have a happy and safe property buying experience.

By Pakhi Kshitij | Posted in Property Articles | Tagged , , , , , , , , , , , , , , , , , , , | Comments (0)

Beary’s Group Wins Runner Up Award

June 4, 2010 – 10:16 am

A Bangalore based residential project has won the runner up award by the International Real Estate Federation (FIABCI). ‘Bearys Lakeside Habitat’, a twin tower residential project was awarded the prestigious award on May 27 at Bali, Indonesia.

Tanah Lot Surfing
The ceremony was held in the presence of the President and the First lady of the Republic of Indonesia along with many other renowned developers and dignitaries especially flown in from around the world.

The project promoted by the Bearys Group, ‘Lakeside Habitat’ that welcomes you to the city as you drive into it from the airport is the only Indian project to win this award this year. This is not the first time that Lakeside Habitat has won an award; it has been recognized on many previous occasions also.

There were fifty-four projects chosen from across 11 countries to compete for the coveted Prix d’ Excellence award 2010.

The award was received by the Director of Beary’s Group, Mr. Siddique Beary.

Indian Real Estate has once again a reason to rejoice.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , , , , , | Comments (0)

Launch Of The Square In Sholapur

June 2, 2010 – 7:24 pm

The textile capital of India Sholapur has a reason to rejoice. Sunil Mantri Group, a leading real estate development company with pan-India presence in association with Kumar Yashraj Group, a leading Sholapur-based developer, has announced its new project “The Square” with an aim to set new bench marks in the western zone.

Kolkata Properties - Real Estate India -Siddha Xanadu
The project will incorporate top of the line amenities, security and design aspects and is the first of its type in Sholapur that will encompass residential, commercial and retail real estate segments creating a unique neighborhood in the center of the city where residents of the city can relax, shop, and enjoy fine dining in a modern setting. The Square will be spread across 27,000 sq. meters.

The Square, a juxtaposition of Residential & Retail, constitutes  flats of 2 , 2.5 and 3 bedroom configuration and more than 180 shops, a major anchor retail outlet, and a hyper mart on a total area of 2,81,000 sq feet. Situated on the main road, it gives easy accessibility, luring consumers to the premises. The Square also introduces a modern food court with fine dine facilities and a shopping arcade for a totally relaxing environment to chill out in.

Mr. Sunil Mantri, Chairman, Sunil Mantri Group said on the occasion, “Tier II and Tier III cities in India have tremendous potential. We see great opportunity in smaller cities and we are confident about the success of our Sholapur project. At The Square, we look forward to making available premium lifestyle offerings in southern Maharashtra. Our experience has lead to a greater understanding of the demands of ultra-modern living and we are committed towards creating landmarks of exemplary design, comfort and quality that benchmark the highest standards of urban living.”

The plush arrangements for the club house and modern gymnasium, box cricket, children’s play area, swimming pool and landscape grounds studded across The Square creates a self-contained world of extravagance and indulgence for all its residents and offers them all the amenities and facilities of modern living within its premises.

The Square promises to be a combination wherein nature and urban living co-exist with modern and premium amenities in the center of the city.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , , , , , , , | Comments (0)

Steel Prices Drop

June 2, 2010 – 10:53 am

The steel authority of India ltd(SAIL) cut its product prices on Tuesday by rs.1000-1,500 per tone.  This step was taken keeping in line with the global price movement as global steel prices have declined nearly 15 per cent over the last month owing to poor demand in the wake of European financial crisis. Mr. Atul Chaturvedi, steel secretary had earlier said on Monday that the steel prices had been falling and would continue to drop in the next month too.Berlin | Geometry In Blue
Photo by tochis

The company spokesperson said ““We have brought down prices of various products in the range of Rs 1,000-1,500 a tone to align with the global trend”.

An official from JSW steel said it was also likely to announce a price cut later on Tuesday.

The company’s Joint Managing Director M.V.S Seshagiri Rao said.”Spot prices for long products are volatile and we change them several times a month. For flat products, there is likely to be a reduction in prices this month because of a decline in international prices.” Mr. Rao further added, “However, there are no signs of tapering in the domestic demand,”

Steel prices are likely to cool further in the coming months as demand from realty and construction sector usually slows down during monsoon.

Shares of SAIL closed at Rs 198.60 on the NSI, down 3.8% from previous close. JSW Steel closed at Rs 1,054, down 4.9%.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , , , , , | Comments (0)

Jaypee Greens New Project-Kasa Isles

May 16, 2010 – 12:18 am

Jaypee Greens recently launched “Kasa Isles”. This is an anomalous project which has taken inspiration from the Mediterranean style architecture. This project will introduce high rise flats and is located at Sector 129, Jaypee Greens, Wish Town, Noida.

There will be somewhere 2000 apartments in “Kasa Isles”. These flats fill you with delight and make your living worth. These luxurious flats are in the reach of common man and thus have the potential of attracting individuals. Studio apartment, Duplex Penthouses and 2/3/4 BHK apartments in sizes ranging from 550-3100 sqft will be offered in this project.

This project is highly influenced by the Mediterranean style architecture, especially its ambience and landscaping. The green parks guarantee hi-quality lifestyle for its residents with its large range of recreational facilities like central club and with low-height stone fountains. Some more facilities are Italian style swimming pool, sports facilities for Tennis, badminton court, jogging tracks, Card room, Mediterranean cuisine restaurant and many more.

The price list has a BSP of Rs 3390/- per sqft.

The most attractive feature of Kasa Isles is the club it is offering to the residents. In order to give its members a warm welcome, it has soothing interiors created with terra cotta walls blended with stacked stones in the club. A complete home is offered with wide & low windows, arched entrance opening to wide sitting areas, a stone fireplace, and beautiful hardwood floors.

By Anchal | Posted in Property News | Tagged , , , , , , , , , , , , , , , , | Comments (0)

Kensington Boulevard Brought to You by Jaypee Greens

May 15, 2010 – 8:31 am

Jaypee Greens, a division of Jaiprakash Associates Limited brings you high-rise flats with cool environment as they launched a new project-‘Jaypee Kensington Boulevards’ at the Jaypee Greens Wishtown, Noida.  All modern amenities such as thematic gardens, symmetric flow of the elevations of the apartment towers and of the residential plots will be offered.

Apart from its clubhouse which facilitates with shopping areas, swimming pool, sports facilities for outdoors like Squash, Tennis, Skating rinks, Table Tennis , Health Club with well equipped Gym, Sauna etc, enclosed hall for Martial arts / yoga & meditation etc, features such as Landscaping- Patio theme, Environment friendly design, Jogging tracks, Vertical Landscaping, Double basement parking, Rose Garden seem to be mouth watering. And all this at the rate of Rs.3330 per sqft seems like a nice deal.

2/3/4 BHK Apartments, Studio flats and 3/4 BHK Duplex Penthouses will be offered. A total of about 2500 flats exist under this project. Exclusive apartment layouts with un-ending views for the residents exhibit the uniqueness of this project.

By Anchal | Posted in Property News | Tagged , , , , , , , , , , , , , , , | Comments (0)

A Discussion on Trends In Real Estate.

May 7, 2010 – 3:18 pm

An interactive discussion on Real Estate titled ‘Real Estate: Trends, Issues & Consequences’ was organized by Money life Foundation on May 5. The session was jointly conducted by industry experts like Pranay Vakil, Chairman of Knight Frank (India) Pvt Ltd and Pankaj Kapoor, MD, Liases Foras.

Mr. Pranay Vakil said on the occasion, “One of the major reasons why the prices are high today is infrastructure. Nobody wants to travel long distances for work. Title insurance is another major issue in this industry.”

Congats on the great Northfield Day of the Dead (Dia de los Muertos Northfield) celebration!
Photo by Northfield.orgHe added on being quizzed about the short recession, “Liquidity is vital. Developers realized this when sales volumes declined drastically due to the liquidity crunch. The slowdown gave customers ample choice as affordable housing came into the industry in a big way. Investors are ‘fair-weather friends’, Sell ‘ready’ products during a slowdown; contracts can be broken; healthy growth can be sustained by a gradual increase in prices; high-value transactions hyped by the media are not the ‘real’ market and the need is to innovate sales strategy.”

Mr. Kapoor said, “Are we heading towards another asset bubble? Are the prices affordable? What is wrong with the valuation and where is affordable housing? The government is responsible for hiking prices. We need a regulator for this industry to grow and curb wrong practices.”

The workshop witnessed enthusiastic participation from several investors, research analysts and industry experts in form of healthy exchange of ideas between them.

Ms Kavita Hurry, CEO, ING Vysya Mutual Fund asked the speakers to highlight three major issues in the sector.

On which Mr. Vakil said “Three most important things we need in real-estate as a priority are—rental housing, all over the world there is organized rental housing. Here you are left at the mercy of the broker who does not know anything. Secondly, infrastructure— the government cannot be a provider, it can be a facilitator. Thirdly, all these need funds, so get foreign parties excited about India.”

Mr. Kapoor said, “We need to address the congestion issue in the island city. If we move five buildings from the island city to Bandra, there will be a whole shift in the crowd. If we can shift Mantralaya, BSE or the Income-Tax office, there will be a difference. There are three-four magnets which draw the crowd there. Everyone knows about it but there is no intension to do that because they are sitting in luxurious places. We need to add more connectivity. We need a complete master plan for Mumbai to reduce the congestion. We need a regulator, and urban planning.”

Other industry experts also voiced their opinion.

The audience reached to a consensus which was that there is an immediate need for a citizen action forum to make higher authorities listen.

By Pakhi Kshitij | Posted in Property Events | Tagged , , , , , , , , , , , , , , , , , , , | Comments (0)

JLLM Bags Contract From Wipro.

May 4, 2010 – 4:13 pm

Real estate consulting company Jones Lang LaSalle Meghraj (JLLM) has signed a big contract with a country’s major information technology company Wipro for managing its 2.3 million square feet of office space in Bangaluru, Mumbai and Mysore.

Auto Rickshaws, Bangalore India
Photo by markehrWipro is the third largest exporter of the country of information and technology whereas with global revenue of $2.5 billion in the last year, Jones Lang LaSalle serves clients in over 60 countries from750 locations across the world, including 180 corporate offices. The firm is a forerunner in property and corporate facility management services, with a portfolio of approximately 1.4 billion sq ft worldwide.

The statement issued by JLLM contained “Riding high on its recent successes with Indian corporates such as Max India Group and Lavasa (of HCC group), Jones Lang LaSalle’s Integrated Facilities Management India team has won a facilities management contract with another Indian corporate giant – Wipro Technologies”.

“There is a vastly increasing demand for professional integrated facilities management services in India,” said Yash Kapila JLLM’s Integrated Facilities Management MD.

The coming together of two big corporations is a good sign for the industry.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , , , , , , , | Comments (0)

Future Real Estate Agents Have a Reason To Smile

May 4, 2010 – 4:12 pm

RE/MAX a forerunner in realty sector providing management solutions for their Indian operations announced on Monday, May 3 that they are going to open an advanced Real Estate Management platform in the country. For this they have entered in partnership with Gryphtech a major provider of enterprise software applications, solutions and services.

The launch of this technology will change the working style of the real estate agents by making them more aware of the real estate network across a major part of world. Samir Chopra, Executive Director, RE/MAX India said that the real estate agents of future will be tech savvy, highly professional and growth oriented.

The Big Open House
Photo by cletchThe technology is developed keeping in mind the regional realty franchise networks and comprises of a series of sales and marketing, operational and recruitment, administrative tools to get best productivity, maximize growth of organisation and manage performance of the people working.

RE/MAX will further deploy the multi-lingual, multi site solution across its entire network in the coming 2 months.This platform will be kept open for every agent in the RE/MAX network covering 120 regions and 80 countries; they can help their clients in buying, selling or leasing properties.

Once  RE/MAX India solution is fully expanded, it can boast of:

  • A centralized regional website that will cover new real estate listings, an organizational profile and a section describing the benefits of joining RE/MAX India as a Franchisee or a Real Estate Agent.
  • iConnect – a secure platform module providing Agents and Offices with access to a complete set of tools for managing their day to day business.
  • iBroker – a feature rich office and agent management system allowing managers to establish unit goals, monitor performance, manage recruitment activities and report on their success.
  • iList – a comprehensive Listing Management, Buyer and Property match, Marketing, Referral and Contact Management tool.
  • iRegion – a mobile Business Intelligence application providing key metrics and dashboards for all the platform components.
  • Slingshot – a flexible Content Management solution providing intranet and website administrators with the ability to quickly update content.

Surely the realty sector professionals have reasons to cheer in the year ahead.

By Pakhi Kshitij | Posted in Property Events | Tagged , , , , , , , , , , , , , , , , , , , | Comments (0)

Gujarat Builders To Tour Argentina And Brazil

April 7, 2010 – 10:52 am

As the realty sector in the country is picking up again the builders and developers of Gujarat want to leave no stone unturned to lure the buyers and provide them with unique world class features. Over 100 builders from across the state are planning to visit Argentina and Brazil as part of a technical tour to study their local Realty Markets. The trip will be 10 day long and will give the builders an idea about the way their Real Estate Markets work in their economies.

Brazil and Argentina were chosen mainly because their economies are quite similar to the one in India. The trip will give the builders knowledge to compare and comprehend the real estate activities happening in the Latin American countries.

Árvore de Natal da Lagoa
Photo by Vitor GuersonBrazil is part of the BRIC nations; Argentina’s GDP has an economy which, akin to India, has been growing at 8-9 per cent per annum. The developers will be visiting Argentina’s capital — Buenos Aires — often referred to as ‘The Paris of South America’. They will also be visiting the largest cities in Brazil — Rio de Janeiro and São Paolo — considered as the safest opportunities for real estate investment. Rio de Janeiro, regarded as the ‘Carnival Capital’ of the world, is probably Brazil’s most famous city and the second largest in Brazil with a population of over 15 million people. Sao Paolo is the centre of government and finance in the country, and is therefore likely to be popular with those looking for commercial and office properties.

Both the countries are among the hottest destinations in the world today for commercial real estate investment. The developers will not only hold meetings with local counterparts, they will also be looking for opportunities for possible joint ventures.

Well, this is not the first time the builders of Gujarat will be taking an excursion like this. In January, a similar group of realtors from Gujarat had gone to study the real estate cycle of the debt-hit Dubai.Some of them were also trying to acquire properties in the emirate. But the builders were apprehensive about putting their money in the place as the real estate market in Gujarat gave them far better returns. Similarly, last year, about 120 realtors from Gujarat had undertaken a technical tour of Japan and South Korea.

Surely these foreign tours have benefitted the city. The quality of design of real estate structure in terms of interiors, landscaping or aesthetics have improved by and large giving the state a new look and feel.

By Pakhi Kshitij | Posted in Property Events, Property News | Tagged , , , , , , , , , , , , , , , , , , | Comments (0)

Is Commonwealth Village Really ‘Green’?

April 4, 2010 – 11:17 pm

As Delhi is gearing up for the commonwealth games, all eyes are set on the commonwealth village which promises state of the art facilities specially designed to be the home for over 8000 finest athletes of the participating countries.

It is being constructed in partnership between the Emaar MGF and the Delhi Development Authority. It’s being built next to the very famous Akshardham temple with easy access to and from south and central part of the capital. The village consists of 34 towers spread around 27 acres of land that have 1168 flats (2-5BHK) with five star amenities. It is full of plush green lawns, a swimming pool which could host competitions as well and that’s saying something, a world class health club with fully equipped gymnasium, tennis court, basketball court, kid’s crèche, play area and what not.

It was said that after the games are over the village will serve as the hostel for the students of Delhi University. The plan looks on hold as of now.

Triathlon
Photo by jimmyharris

The approximate prices of the houses eyed by the real estate players are:

2 BHK (1443 sq. ft.) – Rs. 13250/- sq. ft. (Approx. Rs. 1.85 cr onwards)*
3 BHK (2092 sq. ft.) – Rs. 13250/- sq. ft. (Approx. Rs. 2.60 cr onwards)*
4 BHK (2535 sq. ft.) – Rs. 14000/- sq. ft. (Approx. Rs. 3.50 cr onwards) *
5 BHK (3278 sq. ft.) – Rs. 15000/- sq .ft. (Approx. Rs. 4.50 cr onwards)*

*Preferential Location Charges as applicable

But the candy of the eye will be the village going green. The building will be certified ‘Green’. On Saturday the Chief Minister inaugurated a 66/11 kV grid sub-station that will provide uninterrupted power supply. The Rs. 40 cr sub-station has been constructed by the power distribution company, BYPL, in a record time of 13 months.

She expressed confidence that the Commonwealth Games would prove to be a “memorable event and will be able to showcase Delhi as a developed, historical, modern and vibrant city.”

But to all this there is a flip side as well, the Environmentalists claim it’s not a smart thing to build these massive buildings on the banks of the Yamuna. They believe that the village will hamper the flow of groundwater that replenishes the seasonal river, effectively choking it which in turn will increase the shortage of water supply in the city.

Anyways amidst all this the excitement and the speed of preparation for the games the nature has been left to the mercy of gods and the babus. The city people can just sit, pray and watch.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , , , , , , , , | Comments (0)

The TCI Demerger

March 18, 2010 – 12:22 pm

India’s leading integrated supply chain and logistics solutions provider Transport Corporation of India Ltd announced yesterday that its board members have approved the demerger of their real estate & warehousing undertaking into a new company named TCI Developers Limited (TDL) which will be effective from April 1.

The company emailed a press statement saying the demerged entity will have properties and investments with a book value of 50 cr rupees. The company currently has Real Estate properties in metropolitan cities including Delhi, Chennai, Pune, Nagpur, Bangalore, Ahmadabad and many more.

Hong Kong Container Terminal
The management said it believes that TCI’s Real Estate & Warehousing undertaking has the potential to develop the company’s existing realty sector into commercial ventures and also create a focused entity to develop large scale logistics infrastructure projects such as multi-modal logistics parks, truck terminals, free trade warehousing zones etc.

By the creation of a separate entity, the management aims to provide strategic direction and raise adequate funds for its development plans on the strength of its future profitability and growth. After the demerger is done, shareholders of TCI will get one equity share of 10 rupee face value in the transferee company, TCI Developers Ltd, against every 20 equity shares of 2 rupee face value.

The company’s Executive Director Vineet Agarwal was quoted in the press statement, “Investment in real estate & warehousing is more capital intensive and yields return over a longer period of time in comparison to the services model of the logistics business. Going forward, on a long term basis we would look at raising funds from strategic investors and financial institution”.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , , , , , , , , | Comments (0)

NIREM Offers Specialization in Realty

March 18, 2010 – 11:05 am

fresh off the stage
With the ever growing realty sector in India, the roles and responsibilities of real estate professionals have evolved considerably. This in turn forces a strong need for an efficient background in real estate along with strong professional skills in their functional areas of responsibilities. Since commercial property sector is very new for Indian property market there lies an urgent need the highly specialized real estate professional. Unfortunately, we don’t have any such real estate education program targeted at preparing specialists in commercial real estate.

IDS National Institute of Real Estate Management (IDS NIREM) has taken several initiatives to develop human resources for the Indian real estate market focusing on real estate education, training, consulting & research. Acknowledging the immediate need for specialization in realty management education it launched PG Diploma in Commercial Real Estate (PGD-CRE).this will be a one year distance learning course. This real estate course, patterned on MBA in real estate, is also offered at diploma and certificate level.

This Diploma course will be offered in two segments. First, for those who want to begin their career in real estate including the fresh graduates and MBAs and second for already existing realty professionals who either want to enhance their learning or want specialization in commercial property sector.

This course will concentrate on both knowledge and practical skills to analyze, acquire, finance, and operate real estate assets.

About the Institute:

IDS National Institute of Real Estate Management has been established by ‘The Industry Development Society for Real Estate’, which is a realty sector development and promotion body. NIREM will provide PG level degree, diploma and certificate courses in addition to MDPs, Consulting and Research in different areas of real estate. This institute is planned for Centre of Excellence in Real Estate Education, Training & Research.

In addition to learning programs, it also aims to develop benchmarks for real estate sector, retail & institutional investors and other stakeholders, provide with comprehensive market data to end-users facilitate simplification of asset acquisition and investment process, promote adoption of international standards including the financial and other disclosure norms, best practices and corporate social responsibilities etc

By chandrika johri | Posted in Property Articles | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Comments (0)

A Mall With A Metro

March 17, 2010 – 11:50 am

Our country’s one of the Leading Real Estate Development Company Mantri Developers of Bangalore recently announced the opening of one of India’s largest malls Mantri Square. The main attraction of the project is that the mall will have metro connectivity.

The mall will be located at Malleswaram, north Bangalore and spread over 1.7 million sq feet built with an investment of over Rs 500 cr. It boasts of 252 retail outlets (including 39 F&B outlets) offering 10,000 brands; the Chairman and Managing Director of Mantri Developers Mr. Sushil Mantri told the media. Mantri square will generate direct employment for over 4,600 people.

Light Rail New Paint Test
The highlight of the mall would be its connectivity to railway station which is being jointly developed by the metro rail authorities and Mantri developers on five acres of land belonging to Mantri and leased out to the government. The commuters will get off at a station on the second floor of the mall lead by a bridge providing shoppers an international and unique experience.

The station becomes operational in two years time frame and is expected to provide an additional footfall of 20, 000. It is expected that the footfall will go up to one lac a day once the station gets started. The station area would cover around 80,000 sq feet and a third party will be involved to maintain it.

The mall is inspired by worldwide mall architecture, it is supposed to have 40 feet wide corridors to allow shoppers to move comfortably even in peak hours. Its roof will be 450 feet long and 135 feet wide which will allow natural sunlight.

The mall would be responsible for introducing some leading international brands first time in the country, like Taco Bell, the leading Mexican inspired food chain, Leading Italian brand OVS etc. It would also see many national brands launching their outlets for the first time in the city.

Mr. Mantri said, “Mantri Square is going to be the largest mall in India. It will undoubtedly be the most sought after destination amongst discerning shoppers and for brands of repute as well. The sheer scale of offerings at the mall came only second to the detailing that has gone into ensuring a world class shopping, leisure and entertainment destination.”

We couldn’t agree more.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Comments (0)

The Realty Sector Dissents

March 12, 2010 – 12:31 pm

Days after the budget is announced the Realty Industry is showing discontent in concern with the service tax policy announced by the Union Finance Minister, Pranab Mukherjee.The Confederation of Real Estate Developers’ Association of India (CREDAI) with the Surat Builders Association wrote a letter dated March 5 to the finance minister to withdraw service tax imposed on sales and renting of residential and commercial spaces.

100409-SthSth029a World Bank

Union Finance Minister

In the letter to the Centre, the association has also said that a comprehensive action plan for urban housing is a must as there is a shortage of 27 million houses in the country at present.
President of Surat Builders’ Association and the Vice-President of Gujarat chapter of CREDAI, Tarun Rawal said that if we look at the population explosion in the city the figure has gone up to 46 lac very fast but there is a shortage of about 5 lac dwellings in the city itself. He added that the need for affordable housing in all the big cities is huge and to fulfill that we must have a central policy and plan to guide it.

The association urges the Union finance minister to look into the matter of service tax imposed on housing sector as the sector is crucial for growth to create affordable housing. Slum re-development and integrated township incentives are also required. “Only if this is provided will the sector be able to fulfill the need of a growing nation,” said Rawal.

It is argued by real estate developers in the letter that the imposition of service tax will ultimately make buying houses more difficult for the middle and lower classes. Likewise, service tax on rented property will adversely affect segments like IT sector as they are already showing declining trend when the US restrictions have affected them.

What the finance minister decides is what should be looked for now.

By Pakhi Kshitij | Posted in Property News | Tagged | Comments (0)

Second Phase Of ‘Ecospace’ Announced

March 12, 2010 – 12:30 pm

Bengal Ambuja Upohar Condoville, Kolkata
A Business ParkMarch 12, 2010

The first phase of Ambuja Group’s ‘Ecospace’ Business Park on the northeastern margin of the city, Kolkatta, i.e. in Rajarhat, was inaugurated on Wednesday September 23, 2009 in presence of Mr. Pranab Mukherjee, the FM. Yesterday, on Thursday March 11, 2009, the launch of its second phase was announced by Harshavardhan Neotia, the Chairman of Ambuja Realty.
The complete Ecospace is a 20-acre project, but Ambuja is constructing only 10 acres of it. The rest is being readied by RMZ of Bangalore. The second phase will have two blocks with an area of 4.5 lakh square feet for sale. The Chairman told media that 85% of the area in the first phase is already sold out or leased to the likes of Voith, Bajaj Allianz, Bayer  Corp ,HDFC Bank, Indus Towers and Thyssenkrupp.

Also, Ambuja plans to invest an amount of Rs 200 cr. for a 5-lakh square feet Business Park in Salt Lake, and the second project will be set up over 1.5 lakh sq ft and will entail an investment of around Rs 60 cr. In all, a plan of three IT projects is the emerging plan of Ambuja. The total investment on Business Parks will be of an amount of Rs. 300 cr.

By Anchal | Posted in Property News | Tagged , , , , , , , , | Comments (0)

Project Launch by Supertech

March 11, 2010 – 12:12 pm

Supertech, one of the leading real estate firm announced on Wednesday that it will invest Rs.4, 000 cr in developing 15 mega housing and commercial projects in the next three years. The project is concentrated along the northern India.

Mixed Use - Residential Project, San Jose, California
Photo by Architecture & FoodMr. R.K.Arora, Supertech Chairman and Managing Director said they will develop 12 residential and 3 commercial projects on which this Rs.4, 000 cr will be spent .The projects include a luxury residential project in Noida with 750 units and a 1,500-unit township at a cost of Rs.500 cr. The new residential and commercial projects will be located in Noida,Meerut, Haridwar and Rudrapur (Uttarakhand).On being asked about their IPO plans, Mr. Arora replied it would come up by mid-2011. He told they have started to prepare for an IPO. But as the market is still to completely come out of economic downturn, they will wait till next year to raise fund via IPO.

The national capital region-based company also launched a 6,000-unit residential project in Noida, envisaging an investment of Rs 1,000 cr. The Eco Village will be constructed in different phases over the next 30 months and will be funded through a mix of internal accruals, debt and money coming from sales. Mr. Arora further added that they are also developing a 120-room luxury hotel in Haridwar, which will be managed and operated by the Radisson group and also constructing a budget hotel in the holy city that will be branded by them.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , | Comments (0)

Assam Gets a Taj.

March 10, 2010 – 4:23 pm

The chief minister of Assam, Tarun Gogoi today laid the foundation stone of the first five star hotel in the state – Vivatna by Taj, in the presence of top industry captains including Ratan Tata, the chairman of Tata Sons.

The lavish project in Guwahati will be completed and commissioned within two years and with a budget of Rs.90 cr. The premium hotel project will be located on 4.5 acres along the Guwahati-Shillong road (Khanapra). The company has been allotted the land on a long-term lease. The hotel design will be inspired by local architecture and will comprise of 150 rooms and suites. The hotel will have all the usual five-star facilities like a day-long dining restaurant, a specialty restaurant and a bar, but also recreational facilities like an expensive spa and fitness centre.

In 2006 Narayan Murthi, of Infosys, refused to invest in the state in the absence of any big hotel to host its guests. Gogoi said that since then he was “looking” for a five-star hotel in Assam. He said he then got in touch with Ratan Tata and impressed upon him to set up a five-star hotel in the city.

Shad suk mysiem

The State of Assam

On being asked why Guwahati, Mr. Tata said, “Why are we here? We are here because we have been drawn to the opportunities and the potentials of the state…This is a new Assam here and most of us are committed to be here…Guwahati is changed and it’s full of evidence of great development which I do not recall when I was here last“. He also said that the hotel would not only be the destination for business clientele, but it would also attract tourists.

Thus Taj marks a big start for hotel industry in the north eastern part of the country.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , | Comments (0)

Women Participation in Real Estate

March 10, 2010 – 12:27 pm

As the world joined hands to honor the 101th celebration of womanhood yesterday, the financially independent young women in India had plenty of reasons to cheer.

India - Faces - Rural women driving their own change 1

Women in Indian villages

For the past few years our country has taken measures to specifically increase the number of women buying property in India. Fortunately they have at large proved fruitful too. In the ancient times a woman faced difficulty in getting loans and if they were fortunate ones to get it, it was likely at a premium to what their male counterparts might receive. But now times have changed. The fairer sex is motivated to invest in property owing to a higher real estate tax rebate and cheaper loans for them in parts of India.

Here are some facts for women looking to buy property:

  • If you invest in an equity-linked savings scheme (ELSS), you could claim deductions of up to Rs 1 lac. Where as a housing loan enables you to avail tax benefits on principal repayment up to Rs 1 lac as well as up to Rs 1, 50,000 on interest paid on the loan.
  • If you want to purchase the house jointly with your parents (assuming you live there), you can claim deductions on your share of home loan.
  • If you are staying with your parents (in a house owned by them) and want to lease out the house you have purchased. In such a situation, in addition to deductions on re-payment of home loan principal up to Rs 1 lac, you can claim the entire interest paid as deduction against the rental income.
  • If the interest paid during the year is Rs 5 lac and the rent earned is Rs 2 lac, the interest amount can be claimed as deduction against Rs 1, 40,000. This will mean a loss of Rs 3, 60,000, which can be set off against your salary income, thus maximizing your tax gains.
  • If you plan to get married in the near future, your husband and you could maximize tax benefits on a home loan if you jointly own the house, besides lowering the repayment burden.
  • In the age of 20s-30s, there is a tendency to invest in a house on the basis of budget, i.e., if a 1BHK apartment is affordable, you are inclined to opt for the same, but you should keep in mind that you might need a 2BHK flat a few years from now.

Today women are on the same professional, personal and financial platform as men. You are independent, earn high salary, drive your own car, and have an impressive lifestyle full of luxuries. Owning a house would make you feel safe and secure for the future and serve as a wise investment option.

By Pakhi Kshitij | Posted in Property News | Tagged , , , , , , , , , , , , , | Comments (0)

The Realty Sector Growth Continues

March 8, 2010 – 7:00 pm
India, Day 1

LIC office in New Delhi

On March 7, T.S.Vijayan chairman of Life Insurance Corporation of India (LIC), India’s No. 1 insurer announced that LIC will invest nearly Rs 36,000cr in infrastructure in 2010-11 on the sidelines of a stone-laying function of a housing complex for its policyholders in Kolkata. He said LIC would undertake realty projects, both commercial and residential, across the country and the company expected an income of Rs 200-300cr from its real estate foray this year. LIC contributes to 4% of the country’s GDP as well as pays hefty dividends to the exchequer.

Most of the builders have increased prices and thus it is likely that real estate may see some slowdown in demand in the long term despite the fact that the housing finance companies like HDFC, SBI, and LIC Housing reported a strong 30% growth in loan disbursal in the December 2009 quarter over last year. Even the stock market performance of the sector has been good in the recent as The Sensex touched a high of 17,000.01 last week which is a benchmark.

The realty sector in India continues to grow particularly more after the fiscal  year 2010-11 budgets was presented. The investors rejoiced when the finance minister Pranab Mukherjee said while reading the budget “We hope to breach the 10% growth mark in the not-too-distant future”. Now Tax allowances are raised, putting more cash in people’s pockets and large housing companies are trying to make full use of it.

But Lack of long term strategic thinking will lead to unplanned development that will not only have an adverse impact on real estate investment and development but also on
macro economic and societal development. That is why it is important for Indian cities to provide a good quality of life to their people because economic success in the 21st century is going to be determined by the human capital a society is able to attract and nurture.

By Pakhi Kshitij | Posted in Property News | Tagged | Comments (0)

Jaypee Greens Sports City in Greater Noida

November 9, 2009 – 5:15 pm

Jaypee Greens, part of construction major Jaiprakash Associates, has started construction of “Sports City”, a township with residential and sports facilities, near the Yamuna Expressway. “The Sports City is positioned for everyone who appreciates luxurious surroundings and spaces equipped with sports and recreational facilities,” according to a Jaypee Greens press release.

For more details and booking please visit: http://jaypeegreenssportscity.propertywala.com/
By admin | Posted in Property News | Tagged , , , , , , , | Comments (0)

Office rentals stabilize

October 9, 2009 – 5:50 pm


Office rentals, which dropped 40% from their peak in the middle of 2008, stabilized across the country in the September quarter as fresh bookings for office spaces partly reduced inventories, says a report by international property consultant CB Richard Ellis.

There was no change in office rentals in some of the major office locations in the national capital region, Mumbai, Bangalore, Hyderabad and Kolkata, while rentals at some others in Chennai and Pune fell by 5-6% in the quarter ended June 30. In contrast, rentals in Connaught Place in Delhi and Gurgaon in Haryana registered an increase of 5-8% in the last quarter.

“The increase in demand is largely due to improving economic conditions, positive market sentiment and growing corporate confidence. However, it will take some time for the supply-demand gap to get bridged. Thus, both rentals and capital values are expected to remain stagnant or under downward pressure in the medium term,” said Anshuman Magazine, chairman and managing director for South Asia at CB Richard Ellis.

In Mumbai, commercial office space is seeing a slight pick up in demand but rentals continue to be competitive. The September quarter saw close to 95,000 square feet of cumulative lease transactions as compared to 83,000 square feet space being rented in June 2009 quarter, according to the report.

However, as Mumbai continues to be 15th largest office construction site in the world with about 3.5 million square feet of office space coming up in extended business districts (EBD), capital values will remain low. This has resulted in a few unexpected transactions of outright purchase. Recently, Motilal Oswal, a brokerage firm purchased 90,000 sq feet office building for Rs 156 crore. Constructed by K Raheja, the property was purchased at Rs 17,333 per square feet as against the ongoing rate of Rs 19,000-21,000 per square feet.

“Indian corporates firmly believe that current valuation of commercial property is attractive, so they are capitalising on it rather than leasing as is being opted by MNCs,” said Sanjay Dutt, CEO (business), JLLM, an independent property consultant.

By rajani | Posted in Property News | Tagged , , | Comments (0)

Residential realty prices moving up

October 9, 2009 – 12:27 pm


Residential real estate prices are going up. In the last three months, prices of affordable apartments have appreciated by around 10% across the country.

Anshuman Magazine, MD – real estate consultancy firm CB Richard Ellis – South Asia, said, “With improvement in the sentiment in the economy, transactions in the affordable range of residential real estate have gone up. This has made developers to increase prices by 5%-10% in the last three months”.

The developers had cut prices by around 30% in first two quarters of calendar 2009 to revive the demand of residential units, which plummeted to a low due to the global financial crisis. Magazine said the price cut led to some recovery in demand. Enthused by the partial recovery, he said, the developers, who had sold a substantial portion of their projects at hugely discounted prices, decided to increase them marginally in the next phase.

According to a IIFL report, in Mumbai, prices are up 25%-40% from the bottom in early 2009, while in NCR, the corresponding figure is 15-20 %. “Constrained supply and a revival in demand drove up prices in Mumbai, and NCR,” the report said.

In Mumbai, the prices of apartment in Metropolis appreciated by 38% since March to Rs 10,500 per square feet. Similarly, the project, Planet Godrej, has become 20% costlier to Rs 25,000 per sq ft in the last six months. In NCR also, many developers like DLF, Unitech, Jaypee Greens, Mahagun and Amrapali among others, have increased prices by around 10% from the launch prices in March-June.

In the premium segment also, there is revival in demand, said Vibhor Gupta, senior official of Jaypee Greens. However, the prices have not witnessed any escalation in the premium segment. Similar trend has been noticed in cities like Bangalore, Pune and Chennai.

“The current trend of price escalation can not be sustained as it will affect the demand,” said Aditi Vijayakar, ED of Cushman and Wakefiled, adding, as the demand has revived following interest rate cuts by banks, many developers have announced projects in the affordable range. This will increase the supply and will put pressure on the price rise.

At the same time, another consultant said the financial condition of the developers has not improved to a level that they can hold a project for long. They need cash flow to service the debt, which they have taken to buy lands. The source said the money from other sources like dilution of equity is still not easily available. This has forced developers to depend on the sales proceeds to service debt.

By rajani | Posted in Property News | Tagged , | Comments (0)

Godrej to develop Vikhroli property

October 8, 2009 – 11:47 am

Godrej Industries has entered into an agreement with Godrej & Boyce and Godrej Properties to form a special purpose vehicle for developing its property at Vikhroli, the company said in a communique to the BSE.
Without divulging details on the area to be developed, it said that the board of directors, through a circular resolution on Wednesday approved the proposal.
The Godrej group owns about 5,000 acres in Vikhroli. Though a part of the land has been used for residential and commercial purposes, the group still has huge vacant property left that can be developed before the Urban Land Ceiling Act is repealed.
The binding MoU provides for setting up a suitable SPV to execute joint development of the property as also the commercial terms for such development including the sharing of costs, revenues and profit. The Godrej Industries scrip was up 6% at Rs 201 on Wednesday.

By rajani | Posted in Property News | Tagged , , , | Comments (0)

Buyers realize homes still not their cup of tea

October 7, 2009 – 11:17 am


Property prices across the country are 10-25% lower than their peak in early 2008. Bank rates are about 4 percentage points lower. Still, the vast majority of the exploding middle class, which aspires to own a home, is not taking the plunge. Homes are still not affordable. Affordable homes are hardly homes.
The rates may have come down, but even today, the prices quoted by sellers are too high. The developers have reduced the price, but have started charging more for the parking space, which one has to compulsorily buy and that too pay black money for that.

By rajani | Posted in Property News | Tagged , , | Comments (0)