July 2010

Motives to Buy India real estate

by Paul Joseph July 24, 2010

In topical years, India has been solitary among the most favored locations among the other estates in the world-wide level, for retired populace who desire to purchase an India real estate. The India property market is at present at parity with America and has been a chief centre of magnetism for most of the aged public in the property in India. Reasons that persuade people to invest in India- • If you compare, this region is unsurpassed in position rather then Los Angeles and most of the universal people have been moving into this Indian state since the year 2000 and earlier then it. • The single family houses located in this region are lesser and better compared to the ones accessible in the center of India. • One of the magnetisms for the citizens to purchase an India real estate is the sun which always remains shining. • There is a good deal less power of natural calamities compared to other estates as America, which is really a large motive for anyone to invest in an property in india and settle for the rest of life. The reasons people prefer India properties- The weather – There is a wide variation in the climatic condition of India that influence completely in the buy of the India properties. The innumerable Outdoors – This region is proficient of staying populace of all ages busy in the outdoor actions that are presented frequently to its occupants. It offers activities like horse riding, mountain hiking, museum for the amusement of the children, the adults can vision the historical documents and heritage of the place, play golf which is quite popular here and take pleasure in ski run. A Great Education – Being a parent you must be anxious about your child’s future. India presents you a varied range of education amenities with some of the institutions ranks best in the planet is extend crossways the state. So having an India real estate would be fairly efficient for the family. The Value of cost – You do not require investing something out of the world to benefit an India property. Currently India being the purchasers market is rather reasonably priced as a property and the cost of breathing is also not very luxurious. You can get gorgeous properties in the elevated lands where price of the property on top of the daily expenses is much lesser compared to other estates as US.

Tagged as: daily, india property, indian, real estate, region, world

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Property rates in Ludhiana

by Paul Joseph July 24, 2010

Ludhiana is up-and-coming the same as a new-fangled property objective; the city will in next to no time be a residence to India’s leading IT parks and would be calculated in the midst of the sophisticated cities. Housing and retail zone is also turning and the capital and rental values of the city Ludhiana are escalating. The Ludhiyana real estate is also anticipated to accommodate SEZ projects in the year 2008-09 where lots of international companies will launch full-grown actions from Ludhiana. All this will in actual fact buzz widespread housing and commercial property values and for investor’s information existing housing capital and rental values of only some leading districts of Ludhiana are planned below. Locality Apartment Capital Value (Rs/sq ft) Plot Capital Value (Rs/sq yard) Jan-Mar’10 (%) May’10 Jan-Mar’10 (%) May’10 Central (14) 0 to 5 1600-4000 0 to 8 8000-100000 North (3) 0 to 8 3500-4000 0 to 2 10000-45000 West (8) 0 to 4 2000-4000 0 to 6 15000-100000 East (3) 0 to 2 4500-7000 0 to 1 8000-30000 South (4) 0 to 4 3500-6000 -2 to 4 12000-65000 2 bhk apartment’s rental value (rs / month) Locality Jan-Mar’10 (%) May’10 Central (14) 0 to 4 4500-10000 North (3) 0 to 4 4500-7000 West (8) 0 4500-25000 East (3) 0 5500-10000 South (4) 0 5500-11000

Tagged as: real estate

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Property rates in Visakhapatnam

by Paul Joseph July 24, 2010

Visakhapatnam vicinity in Andhra Pradesh region, universally acknowledged as Vizag, is a thriving industrialized city on the east coast of India. The haven city titled as port city with the principal ship erecting yard in India is as well the headquarters of the Eastern Naval Command. The stunning city by way of its look-alike township Waltair shapes a melodious intermingle of imposing knolls, dales and golden beaches along the Bay of Bengal shoreline. Over and above being a foremost port switching high volume of cargo, it has increased fertilizer, oil refining, sugar refining, petro-chemical, steel plant and jute industries. There are the Capital and Rental value of Visakhapatnam properties in form of the East, West, North, South and Central region. Rental value Locality Apartment (Rs/month) Jan-Mar’10 (%) July’10 Central (2) -20 to 0 7000-8500 East (3) 0 to 11 10000-15000 West (5) -7 to 20 6500-10000 South (2) -11 to 0 7000-15000 North (2) -11 to 25 10000-15000

Tagged as: capital, north

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Prestige Group completes construction of Notting Hill

by Paul Joseph July 23, 2010

Prestige Group, one of south India’s leading developers, added yet another landmark to Bangalore’s residential market with the successful completion of Prestige Notting Hill. Located on Bannerghatta Road spread over 4.7 acres of land, Prestige Notting Hill features high-rise apartments, situated amidst landscaped areas, water bodies and a swimming pool. Inspired by the distinctive ‘Tudor style’ of architecture, Prestige Notting Hill is built on a ‘classical theme’. The development has 288 apartments of 2 and 3 bedrooms, spread across five towers of 14 and 15 storeys. The clubhouse has been designed like a Roman courtyard to complement the towers behind it. The towers are designed in an ascending form, creating a set of cascading roofs that add to the beauty of the buildings. This undulating effect gives this high-rise development a low-rise feel. The clubhouse is equipped with all the amenities including a state-of-the-art gymnasium, health club, party hall and exclusive swimming pool. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9433&cat_id=1 Filed under: Bangalore , Builders/ Developers , New projects Tagged: Bangalore , Prestige group

Tagged as: bangalore, new-projects

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GHB launches housing scheme in Naranpura

by Paul Joseph July 23, 2010

After a long lull, dormant Gujarat Housing Board (GHB) is back in action. The state housing agency has announced a scheme of 400 flats for middle and lower income families near Naranpura Telephone Exchange. The blueprint of the plan is ready and consultants have been appointed to execute the project. Four 10-storey buildings consisting of two BHK and 3 BHK flats will come up in the area. The prices of the flats are being finalised and attempt is being made to make them affordable for middle class families. “Our Anmol Tower scheme in Naranpura got good response. The price was Rs 9 lakh per flat. If this new scheme generates good response, we will propose a housing plan of 10 towers which will have 1000 flats,” said Urban Development Minister Nitin Patel. In Naranpura, the current rate of land is Rs 40,000 per square metre. Housing board will charge cheaper land price than this to make the home affordable. Nitin Patel himself visited the place before launching the scheme and decided to float it. The board suffered heavy loss in several schemes floated earlier as people stopped paying back housing loan instalments. “The board has incurred losses as two-third of the individuals who bought flats in GHB schemes defaulted on payment. Thus, the board has decided to change its policies. The state housing agency will now tie up with banks which will provide loan to potential buyers,” said a source in the Urban Development Department. The board could recover only Rs 45 crore against the Rs 115 crore dues. In fact, to make up for the losses, the GHB had brought in several beneficial schemes like exemption from interest and penalty, however, they too failed to recover the dues from defaulters, the source added. For the newly announced scheme, the loan papers of bank will be available and terms and conditions will be like private housing projects. Not only for Amdavadis, the state housing board is contemplating introducing similar projects in other cities like Surat, Vadodara and Rajkot. Filed under: Ahmedabad , Builders/ Developers , New projects Tagged: Ahmedabad , Gujarat Housing Board , Naranpur

Tagged as: city-trends, new-projects, source, urban

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Priceless heritage making way for 2 BHK flats

by Paul Joseph July 23, 2010

It was in April this year that a jubilant chief minister and state urban development department officials had pitched for a world heritage city status for Ahmedabad on its 600 anniversary. Very few are, however, aware of the destruction of old pol houses in the walled city. Worse, this destruction is gaining speed and pol houses are giving way to multi-storied commercial and residential complexes. If not monitored properly, it may lead to the city losing its claim to the world heritage city status. Take a walk through lanes of Khadia, Raipur, Dariapur, Kalupur and Shahpur and you will witness demolition activities in seemingly quiet corners. In some pols in Raipur, old carved houses having at least 4 bedrooms are being brought down to construct 2- BHK flats which are being hardsold for Rs 10 lakh each.There is an imminent threat of old pol houses getting dismantled even before government comes up with built heritage policy. Some new schemes which have come up in the last few months include ones at Sewka wadi, Hajira ni Pol, Jethabhai ni Pol and Bhav ni Pol. The newly-constituted heritage conservation committee, headed by PK Ghosh, has just given permission for six proposals of repair and maintenance of old pol houses. Navin Patel, assistant city engineer with Central zone town planning department, said, “I would not be able to tell you the exact number of legal buidings. But, some projects on right now do not have permission. We have already issued notices to these properties, asking them to stop construction.” AMC authorities claim that the heritage department is yet to clearly distinguish what should be considered heritage properties. “Among 12,000 heritage properties listed in 610 pols in the city, there are certain structures like window panes or door panels of heritage value, while building is newly built. There is no clarity over the issue,” says a senior official. Damodardas Patel of Desai ni Pol, however, has a different view. “Khadia ward is slowly losing its identity. It had played a significant role in the country’s freedom struggle. But today its population has dropped from 90,000 in 1990 to 75,000 in 2002. In coming years, more population will shift out of Khadia. The upcoming flats in our pols will at least check the exodus and may even bring back some people.” Since mills closed, frequent riots during Nav Nirman movement, the anti-reservation protests and communal riots forced many families to migrate. Filed under: Ahmedabad , Builders/ Developers , New projects Tagged: Ahmedabad

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

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Right time to buy home in Kolkata

by Paul Joseph July 23, 2010

Buying residential property now would be a wise decision because of several indications that say property prices are all set to move up. With India’s economic resurgence under way to the tune of nine percent, the real estate market has also begun to stabilise. The residential segment particularly is picking up fast. Compared to the period post the global slowdown, there has been remarkable recovery for the residential realty sector till date. The commercial segment too is reviving though it may take longer than the residential one, although the process has already started — especially in cities like Bangalore, where the revival of the IT sector has had a considerable impact on commercial real estate. The prices of projects, too, have begun to move northwards, indicating the speedy recovery of the industry. There are various factors that are contributing to further rise in the prices. With price escalation of land coupled with increasing cost of construction material and labour, we foresee a steep rise in price inevitable for real estate properties across the country. One of the major concern areas in this context today is the acute shortage of construction labour in the country, which is leading to delays in project delivery and thus escalating project costs. The labour shortage, which the construction industry is already facing, is currently estimated between 30 to 40 per cent across the country. With the slowed down pace due to shortage of skilled and semi-skilled labourers further on the rise, Confederation of Real Estate Developers’ Associations of India (CREDAI) fears a steep rise in project cost and it foresees a hike to the tune of 15 percent nationally. Also the economic growth of the country has resulted in generation of fresh employment especially in the service sector, which in turn has catalysed a significant demand in the market. While earlier, the people were keener on buying houses post retirement, today it is the younger generation that is driving the real estate growth in the country. With easy availability of finance and growing income stability, young couples in the age group of 25-35 years are finding it more and more suitable to own a house. This increasing demand definitely leads to price rises depending on the market dynamics and supply scenario. Looking at the present trends and observing the same in the last few years, it looks imminent that input costs for construction of projects will only increase in the future. And with the growing population, economic prosperity, increased income levels and large scale migration to urban cities, the demand for housing too will become major point of concern. As it is, The Eleventh Five Year plan has estimated the urban housing shortage alone to be of 24.7 million units, which seems to be a crucial issue at the moment. Hence, with the demand growing in the real estate market we observe that price will only shoot up further over time. Keeping all these factors in mind, we would consider the current phase as the most appropriate time to invest in real estate. Since prices are expected to climb only higher henceforth, it would also be profitable for those purchasing property today as the current valuations are slated to rise in the coming years. Filed under: Kolkata , New projects Tagged: Kolkata , Real estate in Kolkata

Tagged as: construction, real estate, residential

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SVP Group performs bhoomi pujan of Krishna Garden

by Paul Joseph July 23, 2010

SVP Group, a 2000-crore real-estate Development Company, recently performed ‘bhoomi pujan’ of its one of the affordable housing project – Krishna Garden – Gulmohur Garden Phase-II. After selling 780 mix units comprising 1290 sq. ft. & 1590 sq. ft. in Gulmohur Garden Phase-1, SVP has come up with Krishna Garden (Gulmohur Garden Phase-II) that is spread over 6 acres in Raj Nagar Extn, NH-58, Ghaziabad. This residential project will be constructed on the theme of ‘Premium Small Apartments’, which suits to those buyers who have dream to buy a premium home in an affordable price. The bhoomi pujan ceremony was performed by Mr. Vijay Jindal, CMD SVP Group and other notable officials of SVP Group. Addressing the gathering, Mr. Jindal said, “After the launch of this project we have completely sold out first phase of the project, it reflects the trust of our customer on us and after this ceremony we are happy to announce the second phase for booking where we are expecting the booking of more than 150 units. We hope to take this trust forward and fulfill our commitment to deliver this project by March 2013.” Krishna Garden will provide the value for money to the customer. Sample flat of 1000 sq. ft. is ready, which will provide the proper idea to the customer that what kind of actual area and facilities they will get.  Krishna Garden will have several other features that make the residential community very different, adding convenience to living by having more open spaces and creating a new lifestyle that customers desire for. Krishna Garden offers 2 BHK plus store apartments from 950 sq. ft. to 1000 sq. ft. with skillfully crafted room interiors to give complete peace of mind. The floor consists of vitrified tiles, oil bounded distemper on the walls. The kitchen is modular with granite top, and master bedroom has wooden flooring along with powder coated aluminum anodized windows with glass shutters. Raj Nagar Extension is the first affordable one–stop destination for a wide band of middle class end customers, offering choices ranging from a 1BHK for Rs 12 lakh to a 3BHK for 40 lakh, and throwing in amenities likes entertainment zones, shopping arcades, and jogging tracks. At the end of 2012 around 7000 flats will be available for occupancy. The USP of this area is an adjoining perennially green and unpolluted belt, which will remain undisturbed owing to the fact that local authorities have declared 500 acres along Hindon River as a green belt and banned all construction activity in the area. The location of Raj Nagar Extension also makes it a sought after proposition, which offers an ideal and serene setting for a pollution-free living in a well-planned locale with excellent connectivity to Delhi. The proposed Metro link to Delhi, Noida and Greater Noida is also in close proximity. Filed under: Builders/ Developers , Delhi , New projects Tagged: Ghaiziabad , SVP group

Tagged as: builders/ developers, delhi, development, greater-noida, new-projects, residential

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Certain Regulation of the Proposed Real Estate Bill can Hit Project and Buyers – Realtors Claim

by Paul Joseph July 23, 2010

Even as the real estate sector has welcomed the proposed Model Real Estate (Regulation of Development) Bill, developers feel some of the provisions in the Bill, such as the five-percent bank guarantee on project cost, several new advances and reserve funds, will not only block the capital of the developers but also limit the project size. They also claim multiplicity of procedures in the Bill will further delay the project timing up to six months. The Bill provides strict monitoring of timelines during the execution of the projects putting various penal implications on the promoters. “One of the prime objectives of the Bill is to remove malpractices and fly-by-night developers. “However, there are certain provisions proposed which may defeat the very purpose for which the Act has been proposed,” Rohtash Goel, chairman and managing director, Omaxe Ltd, said. On Friday, the Confederation of Real Estate Developers’ Associations of India (Credai) had said the Bill in its current form would make homes costly for buyers by Rs 300 per sq. ft. “The proposed model real estate regulation is a welcome step on the part of government. However, there are many provisions in the bill which will add to the housing cost,” Kumar Gera, president, Credai, the apex body of realty developers in India, said. According to Goel, “The proposed act in its present form will add costs and delays to the lifecycle of the project. In our opinion simplifying the approval procedures, facilitation, regulation, control and growth of real estate development and safeguarding interest of all stakeholders should be its objectives.” Credai has suggested that there should be collaboration and proper accountability of all concerned authorities so that the complete transaction is efficient and transparent. Apart from that, the Bill has no provisions to control errant buyers and it does not speak about the accountability of local authorities that causes unnecessary delays, said the apex body of realty developers. “Ultimately, it is the end-users who would be affected as we will pass on the cost escalation to the buyers,” Gera said. “The government has already burdened the buyers with the service tax and increase in the circle rate and on the top of that this new Bill is set to make housing unaffordable for the end-users. Also the affordable housing segment will be the worst hit,” he added. The Bill provides strict monitoring of timelines during the execution of the projects putting various penal implications on the promoters. But developers feel that it has nowhere taken into account the time taken by the government agencies in clearing the projects. According to Ashwani Prakash, executive director, Paramount Group, “This regulatory Bill provides validity for three years for the licence to be issued by the regulator, whereas the government agencies as mentioned earlier take 18 to 24 months in clearing various approvals. More so when different states have different criteria for clearing projects and granting licensees, such type of sections within the Bill are to be diluted.” Developers have already submitted its paper to the ministry for housing and urban poverty alleviation on cost impact of major provisions in the proposed Bill. It has also requested the ministry to modify certain portions of the Bill, which will help buyers and developers. Source: http://www.indianrealtynews.com Filed under: Legal questions Tagged: Real estate in india

Tagged as: developers, development, government, housing, india, legal-questions, ministry, opinion, project, promoters, real estate

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M&S Reliance plans 15 stores in two years

by Paul Joseph July 23, 2010

Marks & Spencer Reliance India, a joint venture between Mukesh Ambani-run Reliance and UK retailer Marks & Spencer, intends to open 15 stores, mainly in metros, in two years’ time, a top company official said on Thursday. “We are looking to open 10-15 stores in the next two years mainly in the metros. We’re aiming to open larger stores which will showcase a fuller range of our product catalogue,” Marks & Spencer Reliance India head of marketing Nandini Sethuraman, said. “Though there are opportunities in smaller towns and cities, we want to make deeper inroads in metros and strengthen our base there,” she said. Marks & Spencer at the time of forming the JV with Reliance Retail in 2008, had announced plans to open 50 stores in India in five years. The retailer said the target remained intact. “By 2014, our aim is to have 50 stores. It all depends on momentum and right locations,” Sethuraman said. The company has 18 stores in the country including Delhi, Amritsar, Mumbai, Pune, Ahmedabad, Kolkata, Bangalore, Hyderabad and Chennai with store sizes ranging from 5,000 sq ft to over 22,000 sq ft. “We have six stores in Delhi and plan to open a couple more, including one near the new international airport in Delhi,” Sethuraman added. Source : http://www.franchise-plus.com/Fullstory.asp?news_id=4847&cat_id=3 Filed under: Delhi , Retail/ malls Tagged: Delhi , Marks & Spencer Reliance India

Tagged as: country, delhi, india, retail/ malls

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