July 2010

Vasant Vihar- a glimpse of Delhi property

by Paul Joseph July 31, 2010

If investors are searching for a residential real estate in South Delhi, they should not disregard Vasant Vihar at any rates. It is a favored dwelling for envoys and has appear a long way as of the time when this region’s neighboring region was abandoned and Vasant Vihar was measured to be on the periphery of the Delhi property and was firm to obtain to using public transport. Residential properties- Nowadays, Vasant vihar is single among the most superior residential real estates in Delhi property in South region. Of late, there was landmark transaction untimely this year when a cottage was rented out to African consulate at Rs 114 / sq. ft. however existing real estate values in the leasing sector are Rs 45-70 / sq. ft in the vicinity, this cottage obtained in excess of double the market rate. The rental fee for the month exercises to Rs16.5 lakh and Rs 1.98 crore for the year. The transaction also comprises an advance of 2 years’ rental fee at the time the transaction was signed. Consistent with real estate broker Sanjeev Sharma, the capital value of self-governing floors series from Rs 50,000/ sq yd to Rs 5 lakh /sq yd, depending upon the place and the formation of the real estate cottages of size 624 sq yard price Rs 40 crore -Rs 60 cr. Commercial situation- The existing capital Value is Rs 70-80 lakh for 14 by 14 sq ft supermarket while recent rental value is approximately Rs 2-2.5 lakh for 18 by 16 sq ft retail area in Delhi real estate . Basant Lok bazaar residences eateries for instance Mc Donalds, Domino’s, Punjabi by Nature, Pizza Hut, Nirula’s, Yo China, Subway and pubs for example God Its Friday, Ruby Tuesday, Thank Hookah and additional retail showrooms similar to Archies, Reebok, Adidas, United colours of Benetton, Excalibur, Provogue, Park Avenue.

Tagged as: china, delhi, real estate, south-delhi

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Mhada’s affordable home plan grounded

by Paul Joseph July 31, 2010

THE state-run Maharashtra Housing and Area Development Authority’s (Mhada’s) plan to provide 7,000 affordable homes in the space-starved city looks headed for a silent burial, as it has decided not to bid for the National Textile Commission’s (NTC’s) Bharat Textile Mill’s property as planned. It, in fact, wants to halt the property auction. Mhada earlier had offered to buy the 8.4-acre property at its base rate of 750 crore to construct houses for low-income category. But the technical bids for the property received by the NTC till July 28 did not have Mhada’s offer. Mhada chief executive officer Gautam Chatterjee said the agency was never in favour of open auction and had offered the minimum price reserved by NTC, even though that too was pretty high for the resourcestarved authority. “Mhada has also written to NTC and to the textile ministry seeking to abort the bidding process. We do agree that NTC is financially challenged, but there should be some social responsibility, especially for a city where getting space for common people has become difficult,” said Mr Chatterjee. The state housing agency has decided not to participate due to differences on valuations and requested the textile corporation to abort the bidding process even at this stage. NTC plans to take forward the bidding process next week. On the other hand, NTC chairman K Ramachandran Pillai said there was no room for backing off from the bidding process since they had already announced the auction and issued tenders. NTC has reserved a minimum price at 750 crore for about 8.4 acres of defunct Bharat Textile Mill at Worli. On its part, Mhada was planning to build about 7,000 affordable homes for the low, medium, and high income groups. The state housing agency was looking at developing some commercial property on a part of land and introduce cross-subsidy to keep the prices in affordable range of 4,000 to 6,000 per sq ft, Mr Chatterjee said. “Our concept was to apply a mechanism that could make the prices reasonable,” Mr Chatterjee added. If the land was given to Mhada, it would have been for the first time in the history of real estate that cross-subsidy would have been introduced. Under this mechanism, the subsidy given to a group of consumers, basically of lower income group, is recovered from the higher income group, something that is practised with regard to power tariff. However, NTC is reluctant to sell its land to Mhada at the base rate and has decided to go for open auctioning, hoping for a much better realisation. The central government-run NTC, which has been one of the major realty price-trend setters in Mumbai, expects higher valuations by selling land to private developers. In 2005, NTC had sold about 48 acres of mill land at various locations in central Mumbai for about 2,020 crore and expects to get at least at an average price of 100 crore per acre this year, according to NTC officials. More than half a dozen city developers, including Tata Realty, Lodha Group, Videocon Realty, Oberoi Constructions, IndiaBulls and DB Realty, are in the race for the Bharat Textile property. Meanwhile, bidding for NTC’s Poddar Process Mills, around the same location, started on Thursday and the highest bid for the day was 286 crore for a 2.4-acre land. According to industry analysts, developers could sell constructed properties at the price ranged between 25,000 to 50,000 per sq ft at that location. Source:http://content.magicbricks.com/ground-zero-mhada%e2%80%99s-affordable-home-plan-grounded Filed under: Builders/ Developers , Mumbai , New projects Tagged: Mhada , Mumbai , Residential Project

Tagged as: new-projects, prices, real estate

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RBI made a Sharp Increase in the Interest rates, Housing and other Loans get dearer

by Paul Joseph July 31, 2010

RBI made a Sharp Increase in the Interest rates, Housing and other Loans get dearer – All India Today http://www.allindiatoday.com/7931/rbi-made-a-sharp-increase-in-the-interest-rates-housing-and-other-loans-get-dearer#ixzz0v9MSWm1u The Reserve Bank of India (RBI) is a central banking system which has been introduced in India long years ago. It is mainly a body which controls the currency policy and its reserves. It is the main monetary authority of the country that has to ensure the adequate flow of the money or the credit to the productive sectors mainly the banks in India play a role in these sectors. In order to keep the check on rising levels of inflation, the RBI has increased the rates for the two main policies. The bank hiked the repo rate (it is usually applied when the liquidity in the respective bank is lower and then the bank borrows money from the central branch i.e. RBI and that too for a day and extended to one week) by 25 points. The reverse in the repo rate is also made down by 50 basis points. The reverse repo rate is usually applied when the particular bank shares its profits and surplus funds with the RBI. According to the experts it have been said that the people who have taken the home, auto or personal loans are safe and can breathe in a better way till Sept 16, 2010. Accordingly to the sources it has been said that the rise in the rates is only due to the ongoing price or the equivalented price for which bank need to pay to RBI. The Cash Reserve Ratio will also be not changed and will be remain as it is to 6 percent but they also need to assert its deposits of cash. Most of the banks cannot increase their base rate till October as they are not allowed to do so. And the people who have been already applied for their any kind of loan will not be affected by this sudden rise or the inflation in the interest rates. Only the new loan borrowers need to face these tough times now. Source:http://www.allindiatoday.com/7931/rbi-made-a-sharp-increase-in-the-interest-rates-housing-and-other-loans-get-dearer Filed under: Home loans Tagged: Home loan interest rates , RBI

Tagged as: banks, country, home-loans, housing, india, money

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Sun Projects India has been having a prominent presence in the real estate scene

by Paul Joseph July 31, 2010

Thinking about buying a new flat near Technopark? Sun Projects India Pvt. Ltd. has come up with their latest project ‘Sun Royal’, just a stone’s throw away from Technopark. “Located at Kariavattom, close to Technopark, the National Highway and just a few kilometers away from Trivandrum International Airport, Sun Royal will be a sought after home for those who seek a truly royal experience.” says Lekshmi Devi, the Manager of Sun Projects India Pvt. Ltd. Sun Projects India has been having a prominent presence in the real estate scene in Trivandrum for more than a decade. Their first project – Sun Sapphire – at Kesavadasapuram was completed and handed over to customers in December, 2008. “Our apartments and villas are tastefully designed to meet your specific requirements. We ensure that every unit is Vaastu-compliant. Our living spaces provide a relaxing environment and ensure peace and privacy for every occupant,” says Lekshmi Devi. Sun Elegance at Poojappura has been completed and is all set to be handed over to the customers in August. For those who prefer the home with a garden, to flats, there is Sun Gardens at Puliyarakonam. Sun Gardens consists of 26 custom made villas. It also has common recreation areas, children’s park and play area. Sun Royal will have health club, meeting hall, game room, Wi-Fi internet connection, roof top party area, reticulated gas supply and round the clock security service. “At Sun Royal, the green abode near the greenest workplace, you can be far away from the crowds while still enjoying the metro life and the conveniences of staying within the city limits,” says Lekshmi. Another upcoming project is Sun Axis, near Vikas Bhavan, which is right at the centre of the city, yet away from all the hustle and bustle. Sun Projects also provides assistance in the interior designing of the apartments and offers after sales servicing. Non-resident customers are provided with the facility of property management through which they can advertise and get prospective tenants. Source: http://www.yentha.com/news/view/4/1020 Filed under: Builders/ Developers , New projects , Thiruvanthapuram Tagged: Sun Projects India Pvt. Ltd , Trivandrum

Tagged as: airport, apartments, new-projects

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Real estate price situation in Gurgaon

by Paul Joseph July 30, 2010

Gurgaon slowly but rapid developing city has disclosed their situational price of real estate and also turns towards incidental that the amendment of Collector Rates is heading for enormously influence the real estate rates. The modified circle rates, which are determined by the Gurgaon District Administration, have reasoned sheer increment in the real estate rates in Gurgaon property. These quantum hurdles in real estate rates are well-designed for the New Residential Zones (NRZ) of Gurgaon property . These sectors are essentially sophisticated terrain regions that are at the present being used to construct residential vicinities. This has been principally finished to discover the profitable possibility of development that will appear in company with the fresh Residential sectors. Even though owing to a bit alike circle rates, the real estate rates in built up vicinities have in use a sharp immerse. The farmers or the terrain possessors who own cultivable territory is in receipt of the greatest advantage beyond this. Approximately in excess of 10,000 latest opulence flats will be receiving erected over the subsequently two years in Gurgaon property. A lot of property entrepreneurs are forthcoming with their new-fangled mega residential plans that are aimed at craft the real state circumstances further gorgeous in Gurgaon properties. It was little months rear merely the situation when the Gurgaon real estate market was on the apartment housing drift. The existing laziness in the real property market is owing to the shift in the heart of the purchaser’s interest. The marketplace is previously grown with gossips that many prestigious developers and realtors are aimed at declare plentiful profitable projects in Gurgaon properties.

Tagged as: property-market, residential

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No Change in Home Loan Rates for Now

by Paul Joseph July 30, 2010

Retail bank customers need not worry about any rise in the equated monthly installments (EMIs) on their home loans with banks expected to absorb the rate hikes by Reserve Bank of India. The special home loan rates of banks will continue for now. OP Bhatt, chairman and managing director of State Bank of India, said their special home loan rate of 8 per cent is open till September 30. “We will take a call at that time,” Bhatt said. Private banks, which had a special home loans scheme of 8.25 per cent, may continue for a while as CEOs of all large banks agreed that raising lending rates is not immediate on their agenda. If banks keep their rates static, housing finance companies like HDFC and LIC Home Finance will also follow suit to keep the rates at present levels. “Home loan rates will not be impacted immediately. Everything will depend on what action banks take on the pricing of their retail loans. Our special schemes are on till the end of August after which we will take a call depending on the interest rate situation at that time,” VS Rangan, executive director of HDFC, said. HDFC has a fixed and floating rate product that keeps interest fixed at 8.25 per cent for the first year and 9.25 per cent for the second year and from the third year onwards it reverts back to the prevailing rates of interest. Axis Bank, which is active in retail loans, is also unlikely to inflict any change in lending rates. Shikha Sharma, chief executive officer and managing director of Axis Bank said deposit rates would rise faster than lending rates. “Retail and corporate loans are expected to post robust growth in the coming quarters and lending rates will rise but not immediately,” said Aditya Puri, managing director of HDFC Bank.

Tagged as: banking and finance, chief-executive, finance, housing-finance, real estate, reserve-bank, retail

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Chennai-based Oriental Hotels Ltd Plans Expansion

by Paul Joseph July 30, 2010

Chennai-based Oriental Hotels Ltd is planning to expand its footprint by adding more hotels. The company will add two more properties to its existing eight in the next two years, when its total room inventory will be 1,250. Currently, the company’s eight properties are managed by Taj. The proposed properties in Coimbatore and Bangalore will also be managed by Taj. While the Coimbatore property, which is likely to be up and running in the next few months, will have 180 rooms; its property in Bangalore will have 200 rooms and will come under the ‘Gateway’ — the mid-market brand of Taj. Besides, Oriental Hotels is also in the process of renovating and upgrading its hotels in Chennai — Taj Coromandel and Taj Fisherman’s Cove. The company has invested Rs 178 crore in the last of couple of years for the ongoing renovation and expansion and has committed another Rs 160 crore over the next two years. Recently, the company acquired a 126-room property in Thiruvananthapuram as part of its upper upscale category hotel. Over a period of time, the company also has accumulated six acres in Sriperumbudur near Chennai, four acres in Mysore and six acres in Gundu Island off Kochi, and two acres in Coonoor. “This lends immense potential and flexibility to our growth plans. We will unlock this at an opportune time,” says D Varada Reddy, Managing Director. The company posted a turnover of Rs 48.27 crore for the quarter ended June 30, 2010 against Rs 36.94 crore in the corresponding previous year period.

Tagged as: bangalore, chennai, quarter, real estate, real estate india

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Sobha Developers Reports Whopping 170 per cent Hike in Q1 Net Profit

by Paul Joseph July 30, 2010

Real estate firm Sobha Developers has reported a whopping 170 per cent jump in net profit for the first quarter of the current fiscal at Rs 34.3 crore, on the back of a 78 per cent increase in total income. The Bangalore-based firm had reported Rs 12.7 crore net profit during the quarter ended June, 2009, it said in a release. Total operating income of the realty firm increased to Rs 318 crore during the reporting quarter compared to Rs 178.6 crore in the corresponding quarter last fiscal.

Tagged as: bangalore, bangalore-based, chennai, current, quarter

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Kolkata property investment

by Paul Joseph July 29, 2010

Property hold up has turn into a worry of real estate investors. Nevertheless, real estate of Kolkata – The City of happiness has reserved up velocity and is motionless magnetizing investors. By way of commercial improvement in Kolkata property , and regions like Park Street, Chowringhee road and Camac Street, fetching the IT and ITeS centres, the Kolkata property market has unrelenting impetus. There has been perfect augmentation in the imminent industries in the city. Nowadays we distinguish properties in Kolkata, in an innovative incarnation among expansive retail malls, hotels and commercial and housing complexes to prop up the aloft insist. The Government shore up in the course of SEZs, IT Parks have also donated to the development observed by the city these days. If investors are appearing to invest or purchase a real estate in Kolkata, here are a few of the imminent projects in the city. May Fair Greens: lavishness apartments obtainable in 3bedroom or 4 bedroom series. IT arrives together with a variety of amenities like Kids play room , Gymnasium, Pool room, chess, dart, Carom and table tennis, Club lounge, Children’s park, Swimming pool, Library, 24 hour water supply, A.C community Hall, Lush green lung space and 24 hour power supply. Consequently most of your common day requirements get resolved with the massive services existing at the May Fair Greens. Heritage Realty – Heritage Srijan Park: In Kolkata properties ’ hay days for the duration of the Raj, it was hailed while the kolkata real estate of turrets. Splendid house overlooking exquisite gardens formed the backdrop. Those who had taste, to them life of magnificence appeared naturally. The eras have altered. But the wish for excellent-living hasn’t. At the moment here is an occasion to grasp investors’ visions. Inaugurate to generous residences entitled Heritage Srijan Park-inserted away in a best area of Park Circus.

Tagged as: city, development, government, kolkata, parks, power, real estate, street

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DB Realty gets LoI for developing Bandra govt colony

by Paul Joseph July 29, 2010

Mumbai: DB Realtyf Limited has received a Letter of Intent (LoI) from the government of Maharashtra to develop Sector J of the government colony at Bandra (East) in Mumbai which measures approximately 57 acres. The company will be developing approximately 8 million sqft over the next five years. The Bandra Government Colony is located in the heart of Mumbai and is considered an extension of the Bandra-Kurla Complex. The site derives access from the main Western Express Highway and is arguably the single largest parcel of land available for development in Bandra. The state government selected DB Realty, Pune-based Kakade Group and Ackruti City in 2009 from bids to execute the lucrative project estimated to cost Rs 2,400 crore. DB Realty, Kakade Group and Ackruti City will pump Rs 620 crore, Rs 160 crore and Rs 420 crore respectively into the project and also pay an equal amount upfront to the government. The LoI for the rest two is yet to follow. Located in sprawling green enclave, the 250-odd three-storey government residential quarters was built over 40 years ago. “We are yet to sort out the nitty gritty like the floor space index (FSI). Our total cost of development including rehabilitation and marketing will be around Rs 8,600 per sqft,” said Jayesh Doshi, CFO, DB Realty. DB Realty plans to build a world-class enclave comprising of residential and commercial units. Source: The Financial Express Filed under: Builders/ Developers , Mumbai , New projects Tagged: DB Realty , Mumbai

Tagged as: builders/ developers, city-trends, mumbai, new-projects

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