real estate

Asiad Village apartment sold for Rs 5 crore

by Paul Joseph February 10, 2012 Uncategorized

In one of the recent transactions in Delhi, a 176 sq.m duplex apartment was sold for 5.05 Crore. The secondary sale transaction took place in the Asiad Village, a posh residential area in South Delhi, near Siri Fort Sports Complex and Auditorium. This is a 3 BHK duplex apartment with one courtyard and one garage. Asiad Village was built for Asian Games in the year 1982 and made available for sale to general public in the year 1986 by DDA. Mumbai An apartment in Santacruz, measuring up to 1,300 sq. ft. was sold for a total value of Rs 3.45 crore. A resale property commanded a average capital value of

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Budget 2012-13: Expectations of the real estate sector

by Paul Joseph February 10, 2012 Uncategorized

Commercial Office Real Estate 1. The implementation of the revised DTC will have strong implications on SEZs. The industry requires clarity on the issues that may emerge, and how businesses would be promoted in Special Economic Zones. 2. Taking cues from the healthy growth of IT/ITES in Tier I cities and its effect on the growth of employment, the Government should actively roll out an incentive-based IT policy (such as STPI) for Tier 2 and Tier 3 towns as well Residential Real Estate 1. Last year, a 1% interest rate subsidy was provided for loans towards affordable housing. The scope of this subsidy should be amplified and broadened to include

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Noble Thamburaj planned to relax FSI on last day in office

by Paul Joseph February 10, 2012 Uncategorized

Pune: As the CBI continues its probe into Lieutenant General Noble Thamburaj’s alleged role into an out-of-court settlement regarding a plot in cantonment area, another case throws light on how he, on his last day in the office of GOC-in-C, Southern Command, proposed an increase in FSI. Activists claim that the move was “out of the GOC-in-C’s powers”. The decision was opposed not only by civic activists, but also by the Principal Director Defence Estates (PDDE). It was only when the subsequent GOC-in-C took over the office that the proposal was cancelled. Thamburaj held the office of the GOC-in-C, Southern Command, between October 2007 and December 2008 before assuming the

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DLF, state govt get HC notice over allotment of 350 acres in Wazirabad

by Paul Joseph February 10, 2012 Uncategorized

GURGAON / CHANDIGARH: Allotment of around 350 acre prime land, acquired for public purpose by Haryana government, to real estate giant DLF for developing luxurious golf villas and golf course in Gurgaon has come under the scanner of Punjab and Haryana high court. The HC on Thursday issued notices to the state government and DLF seeking their response on the issue. Division bench headed by Chief Justice Ranjan Gogoi has also issued notices to Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and Haryana Urban Development Authority (HUDA) asking them to file a reply by April 19. DLF is developing air conditioned apartments/villas and an 18-hole golf course on the

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Home loans: Buyers want RBI reply

by Paul Joseph February 10, 2012 Uncategorized

GREATER NOIDA: With the NCR Planning Board making it clear last month that the Noida Extension impasse will not end before March this year, the buyers, who have been slapped with cancellation notices by several developers, are now on the war path. They have filed an RTI application with the Reserve Bank of India demanding to know how the banks, both private and government, sanctioned the housing loans for Noida Extension in the first place considering that many developers confess that they had known all along that the area was disputed. The buyers claim that the banks had taken processing fees during sanctioning of their loans for these projects after

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Congestion, builders’ disinterest stall redevelopment projects here

by Paul Joseph February 10, 2012 Uncategorized

Mumbai: Being one of the most densely populated wards in the city, the E ward — comprising Byculla, Mazgaon, Reay Road and Kamathipura areas among others — displays the worst possible congestion and lack of sanitation. Having the highest number of decades-old slum and chawl settlements made up of old, dilapidated and cessed structures closely packed against each other, lack of redevelopment projects is the biggest concern for lakhs of people living here. As against the city’s average population density of 26,722 persons per sq km, E ward (spread over 7.32 sq km) has 59,538 people living in the same area, second only to C ward’s average of over 90,000

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For home loans, now pay a bigger pie of property value

by Paul Joseph February 9, 2012 Uncategorized

MUMBAI: Prospective home loan seekers will now have to shell out 25% to 30% of the value of a property as against 20% until now with the Reserve Bank of India asking banks to exclude stamp duty, registration fee and other levies from total cost. Effectively, this means that the ‘loan to value’ ratio has come down by 5-10% for home loans from what it was earlier. Stamp duty and other levies vary from state to state. In Maharashtra, for example, stamp duty is 5%, while in Bangalore it is 8%, Kolkata 7% and New Delhi 4%. In Mumbai, value added tax (1%), service tax (2.6%), registration fee and stamp

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World Spa residents to protest against developer

by Paul Joseph February 9, 2012 Uncategorized

Residents of upscale condominium World Spa in Sector 30 have planned to hold a dharna outside developer Unitech’s office on Wednesday to protest alleged irregularities in building flats and lack of promised amenities. The Worlds Spa Apartments Owners Association said more than 200 residents of the gated community, including women, senior citizens and officials of multinational companies, would participate in the demonstration. “There are many answers which residents of World Spa want from the builder,” said association president SK Bahri. “The dharna would be held at Signature Tower from 10am. Senior officials of multinational companies like Nestle, Oracle, Ranbaxy, Airtel, Reliance, Pepsico, Bacardi, and Genpact, government officials and ex-servicemen would

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Time ripe for financial institutions to invest in housing: Selja

by Paul Joseph February 9, 2012 Uncategorized

New Delhi: Minister of Housing and Urban Poverty Alleviation Kumari Selja today said time was appropriate for the banking sector and other financial insitutions to play a greater role, along with the government, to provide affordable housing to the poor. Delivering the keynote address here at an international seminar on “Growth and stability in Affordable Housing Markets”, Selja said there has been a steady growth in the housing finance companies in India who are serving as dedicated outlets for the housing credit delivery. “With the commitment of the government towards the financial, social and economic upliftment and inclusion of the social and economically backward section, it is an appropriate time

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Sebi wants 500 violators blacklisted

by Paul Joseph February 9, 2012 Uncategorized

Capital market regulator Sebi has decided to share with the Ministry of Corporate Affairs the names of about 500 companies that allegedly garnered money from investors in violation of its Collective Investment Scheme (CIS) rules. Sebi (the Securities and Exchange Board of India) would also give the names of the directors of such entities to the ministry so that necessary action can be taken to prevent these companies and persons from associating with any new company, a senior official says. The Collective Investment Schemes, where an entity pools in money from investors for certain pre-specified purposes and later distributes the profits or income, come under Sebi’s ambit. In some recent

Tagged as: banking and finance, real estate

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