Golf Estate will add to the luxury quotient in the developing real estate market, especially in Delhi and the NCR region

Posted on Friday, October 29, 2010 at 21:19 in Buy Property in India - 0 Comments - Post Comment - Link

M3M Group has launched its flagship project M3M Golf Estate and the sale is by ‘invitation’ only, according to the group’s spokesman. Spread over 75 acres, the project is located on Golf Course Extension Road, in Sector 65, Gurgaon, and is close to the Indira Gandhi International Airport. M3M Golf Estate boasts of luxury apartments built around a 9-hole reversible ‘in-city’ golf course designed by world famous architect, Graham Cooke. The architecture is a perfect synthesis of green eco-friendly green landscapes and cutting edge design. 
    The project is designed by Ramesh Khosla, principle architect of the renowned architects and design group, Arcop Group, Canada. The work develops around the concept of five elements and is imbued with deep spirituality. “The architecture bridges the gap between the painting on a canvas and the sculpture to recreate a lifestyle that treats nature with respect. M3M Golf Estate will be a show stopper in the millennium city, Gurgaon, with state-of-the-art ultraluxury apartments, modern amenities and an aesthetically designed golf course. The project will feature phenomenal outdoor and indoor living spaces, state-ofthe-art kitchens replete with fittings and high-end fixtures, Wi-Fi in all buildings, roof-top jogging tracks and a world-class club house,” Pankaj Bansal, director of M3M Group, says. 
    “Every flat overlooks the ‘pitch & putt’ golf course. When one invests in a luxury apartment at Golf Estate, one is actually investing in a wonderful, healthy, environment-friendly life for the entire family. Young children can be coached in golf to get a taste of this high-end lifestyle game, which is as rewarding as an education in English medium and is sure to accord a big advantage to young adults who can connect with the movers and shakers in their respective professional sectors. These are among the few advantages in investing in a home at Golf Estate,” Pankaj adds. 
    Basant Bansal, chairman and managing director of M3M Group, says: “We are proud to announce the launch of M3M Golf Estate, India’s first 7-star residences, in Gurgaon today. We have received appreciation from across the world for our project. It will redefine luxury, art and architecture. The project has been designed keeping in mind the taste, the class and the requirements of our target audience. The launch of M3M Golf Estate will add to the luxury quotient in the developing real estate market, especially in Delhi and the NCR region. We plan to add further projects across India in the coming months.” 
    M3M Golf Estate is first of its kind project in Gurgaon and provides a luxury option for a growing rank of expats, corporate honchos and HNIs. The project has received awards internationally as the “Best Upcoming Golfing Lifestyle Residences in India” in the US, Dubai and the UK.

Courtesy Times Property dtd:-23/10/2010

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TRANSFER OF PROPERTY IN SOCIETY

Posted on Friday, October 29, 2010 at 20:25 in Commercial Space - 0 Comments - Post Comment - Link

Ahousing society is a society set up to provide its members with open plots to build houses, readymade houses or flats, or to provide its members with common amenities and services. Society means a co-operative society registered, or deemed to be registered, under the Society Registration Act. A member of a housing society is a person joining in an application for the registration of a co-operative society which is subsequently registered, or a person duly admitted to membership after registration, and includes a nominal, associate or sympathiser member. 
    An associate member is a member who jointly holds a share in the society with others, but whose name does not stand first in the share certificate. 
    A member waning to transfer his shares and interest in the capital or property of a society should give 15 days notice of his intentions to do so to the secretary of the society on the prescribed form, along with the consent of the proposed transferee, also on the prescribed form. On receipt of the notice, the secretary of the society willplace it before the meeting of the committee, held next after the receipt of the notice, pointing out to whether the member is prima facie eligible to transfer his shares and interest in the capital or property of the society. 
    In event of ineligibility of the member to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly within three days of the decision of the committee. If the committee is satisfied that the member is prima facie eligible to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly. 
Procedure to be followed by the member 
    Submit an application for transfer of his shares and interest in the capital or property of the society, on the prescribed form, along with the share certificate 
    Submit an application for membership of the proposed transferee on the prescribed form 
    Give valid reasons for the proposed transfer Discharge all the liabilities of the society Pay the transfer fee Remit entrance fee payable by the proposed transferee 
    Pay the premium at a rate to be fixed by the general body. This will not apply to transfer of shares and interest of the transferor in the capital or property of a society to a member of his family, his nominee or to his legal representative 
    Submit a no objection certificate as required under any law 
    Furnish an undertaking or declaration if required by any law 
    The managing committee or the general body will not refuse an application for admission to membership or transfer of shares and interest in the capital or property of a society except on the grounds of non-compliance of the provisions of the Act, the rules and bye-laws of the society or any other law or order issued by the government. 
    If the decision of the committee or general body, on the application for the transfer of shares and interest in the capital or property of a society is not communicated to the applicant within three months of its receipt, the transfer application is deemed to have been accepted and the transferee will be deemed to have been admitted as a member of the society. 
    Any transfer made in contravention of the Act, rules or the bye-laws will be void and will not be effective against the society. A transferee will be eligible to exercise the rights of membership on receipt of a letter on the prescribed form from the society to that effect

Courtesy Times Property dtd:-23/10/2010

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DOCUMENTS THAT NEED TO BE REGISTERED

Posted on Tuesday, October 26, 2010 at 18:03 in Office Space - 0 Comments - Post Comment - Link

The Indian Registration Act 1902 and the Transfer of Property Act 1882 contain relevant provisions specifying documents that are compulsorily registrable, and those exempted from being registered. The registration of all documents is not essential. Under the law, some documents are compulsorily registrable. These include documents related to property. Registration of a document acts as notice to the general public. 
    According to Section 54 of the Transfer of Property Act 1882, any sale of immovable property whose value is Rs 100 or more needs to be registered. This effectively means all property sales need to be registered. 
    In addition, all forms of mortgages need to be registered. The only exception is a mortgage created by depositing of title deeds or equitable mortgage, which is not compulsorily registrable. 
    As per the provisions of Section 49 of the Indian Registration Act, in case any document that is compulsorily registrable is not registered, it does not convey a legally valid transfer title to the transferee. Moreover, such a document is not admitted as evidence of any transaction involving the property referred to in the document. However, an unregistered document may be received as evidence in a suit for specific performance under the Specific Relief Act, as evidence of part performance of a contract as per Section 53A of the Transfer of Property Act 1882, or in any other related transaction not required to be effected by a registered instrument. 
    Under Section 17 of the Indian Registration Act 1902, there are a few documents that require registration compulsorily. 
These include 
    A document of gift of property. Any gift deed irrespective of the value of the gifted property needs registration 
    All non-testamentary documents that create interest, right, or title in property All non-testamentary documents that extinguish any right, interest or title in property 
    Documents that declare, assign, limit or restrict interest, title, or right in property 
    All non-testamentary documents that acknowledge the receipt or payment of any consideration on account of a transaction pertaining to right, title, or interest in property 
    All non-testamentary documents transferring or assigning an award of a court which affects the interest, right and title in a property 
    The documents may create, extinguish, assign, declare, limit or restrict interest, right or title in a property for the present or in the future. 
    Under Section 107 of the Transfer of Property Act 1882, lease of property from year to year, for a term exceeding one year, or reserving a yearly rent, must be done only under registration. The term 'year to year' refers to a continuous lease from year to year - where the landlord has no option to terminate the lease at the end of the year without notice. The term 'reserving yearly rent' means the lease has no definite period, but the annual rent is determined. The word 'yearly' means the lease should run year after year or at least for more than one year. As such, any lease for over a year should be registered. 
Courtesy Times Property dtd:-23/10/2010

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DEVELOPERS MOVING TOWARDS GHAZIABAD

Posted on Tuesday, October 26, 2010 at 08:15 in Indian Real Estate - 0 Comments - Post Comment - Link

After Noida, Greater Noida and Gurgaon, it is the right time to invest in Ghaziabad, which is developing into a hot destination and is also known as the gateway of Uttar Pradesh. The budding city is slated to have multiple projects like a number of shopping malls, multiplexes, and residential and commercial development. Keeping the pace of development and rising demand, a lot of developers and builders are moving towards Ghaziabad, which is 19km east of Delhi and 46km southwest of Meerut. 
    The city is the headquarters of the Ghaziabad district. Initially, it was part of the Meerut district after Independence but now, it is a full-fledged district. 
    The city gets its name from its founder, Ghazi-ud-din, who named it Ghaziuddinnagar. Later, the name was shortened to Ghaziabad. It is a large industrial city and is well connected by roads and railways. It has multifarious industries like maintenance depots of electric locomotives and EMU trains, manufacture units of railway wagons, bicycles, tapestries, glassware, pottery, paint and varnish, heavy chains, etc. Also, it has an ordnance factory at Muradnagar while the Bharat Electronics limited manufactures defence products. 
    Once notorious for the staggering rate of crime and law and order problem (it had been ranked third on the list of world's most crime infested cities sometime in the early 1980's), today, the city stands as one of Uttar Pradesh's most developed cities. The city is regarded by City Mayors and Newsweek as the 2nd and 6th fastest developing city in the world, respectively. The city has well-planned roads, malls, flyovers and the Metro connectivity. 
    From the historical cultural, mythological and archaeological point of view, Ghaziabad is a prosperous city. This has been proved from the research work and excavations carried out at the mound of Kaseri on the bank of river Hindon, 2km north of Mohan Nagar, showing remnants of a flourishing civilization here in 2,500 BC. 
    Cut to the present day, the city is going to have a 360 degree development in all segments including commercial, residential, office space, education and industrial. Places like Raj Nagar Extension, Kavi Nagar, and Indirapuram, including areas near Dilshad Garden border, Apsara border, Loni border and NH 24 to NH 58 will be the focus of development and in the city. One can see major developments by SVP Group, Supertech, Antriksh, Assotech, among others, which have big projects right in Mohan Nagar, the entry point of Ghaziabad city. SVP Group's is developing the Gulmohur Greens, which is spread over 23 acres. This is a complete residential project with around 1,200 residential units, which include flats, villa apartments and three-tier penthouses with terrace gardens and pools. SVP also has a commercial project, Gateway Mall, spread over 6 acres at Mohan Nagar. 
    From here, when one starts moving towards Ghaziabad City, you will see one of the first affordable projects of the NCR, the Raj Nagar Extension, after crossing the Hindon river bridge. This township, coming up over more then 150 acres, has 15 developers with each of them coming up with a slew of affordable housing projects. The SVP Group has two residential projects, Gulmohar Garden over 15 acres and Krishna Garden on 6 acres, both having nearly 1,400 residential units. According to the Master Plan 2021, the total population of the city is expected to be nearly 23 lakh. As per the plan, about 6,975 hectares would be utilized for residential use, 491 hectares for commercial, 1,933 hectares for industrial, 501 hectares for office, 1,201 hectares for public and utility services, 2,484 hectares for parks and entertainment, and nearly 1,392 hectares for roads, bus depots and railways. In order to facilitate technology-oriented growth, the plan also allocates nearly 2,185 hectares of land for hi-tech cities in Ghaziabad. The Ghaziabad Development Authority is quite bullish regarding the infrastructure development in the city and nearby areas. An equal stress is also being given to have sustainable and planned development. 
    The government is encouraging tree plantation and energy-efficient buildings and technologies in the construction in this area. Considering the developments taking place in Ghaziabad, one cannot doubt that the region will sport a completely different look in the near future. Major construction work is taking place on NH 24 and NH 58 and offers a large number of residential options in the affordable and luxury category. SVP Group also has a luxury project Villa Anandam on NH 58. The project with 198 villas will be spread over 12 acres. 
    Before November 14, 1976, Ghaziabad was a tehsil of Meerut district. Then chief minister N D Tiwari declared Ghaziabad a district on that date and from that time there was no looking back for this city - be it on the social, economic, agriculture or the industrial front. 
    Ghaziabad lies on the Grand Trunk road about a mile east of the Hindon river. Other roads lead northwest to Loni and Baghpat and east to Hapur and Garhmukteshwar. Buses operate at frequent intervals from here to Delhi, Meerut, Aligarh, Bulandshahar, Moradabad, Lucknow, and to other districts as well. It is an important junction on the Northern Railway where railway lines, from Delhi to Kolkata, Moradabad and Saharanpur meet, connecting it with many important cities across India. 
Courtesy Times Property dtd:-23/10/2010

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Realty majors launching Plush Homes

Posted on Tuesday, August 31, 2010 at 17:47 in Real Estate Funds - 0 Comments - Post Comment - Link

Real Estate Sector: Opportunities for Small Investors

Posted on Tuesday, August 31, 2010 at 17:45 in Property in India - 0 Comments - Post Comment - Link

A Weekly Real Estate Reports of Mumbai, Bangalore and Kolkata

Posted on Saturday, April 10, 2010 at 12:55 in Real Estate Funds - 0 Comments - Post Comment - Link

MUMBAI
A premium residential apartment located in Central Mumbai was purchased in a primary sale at a total cost of Rs 14,00,00,000. The 4-bedroom unit is spread across an area of approximately 4,000 sq ft and commanded an average capital value of Rs 35,000 per sq ft, which is at par with the range of Rs 34,000-55,000 per sq ft prevalent in the location. The apartment comes with four dedicated car parking lots. The apartment is situated on a higher floor at a residential project located in Mahalaxmi. The project boasts of numerous value-added amenities like club house, landscaped garden and walkways, barbeque location and an amphitheatre, in addition to three swimming pools for the residents. Central Mumbai has been witnessing many premium developments as residential demand in the location from end-users as well as investors is high. The location is situated at a comfortable distance from major business districts of Nariman Point and Bandra-Kurla Complex, while Central Mumbai itself is developing into an office location. It has remained steady in terms of capital values for high-end property and is expected to remain stable in short to medium term.
BANGALORE
A high-end residential apartment admeasuring 2,500 sq ft was sold for a total value of Rs 1,50,00,000 in a premium residential complex located near Hebbal Lake. The 3-bedroom apartment fetched approximately Rs 6,000 per sq ft which is in line with the values prevalent (Rs 6000-13,000 per sq ft) in the location. This apartment, which is part of a premium residential development, offers to its customers a wide variety of services, including club house and sports facilities such as squash, badminton and a swimming pool. Hebbal is one of Bangalore’s rapidly expanding residential markets. While the area is situated in the North, the location enjoys connectivity through the ORR and other arterial roads into the city and to the major commercial and retail destinations across the city. The residential market had registered a considerable correction in its capital values of approximately 32% in 2009. However, it has seen some appreciation in the past quarter and is expected to remain steady in the short-tomedium term.
KOLKATA
An apartment, located on EM Bypass and admeasuring 2,393 sq ft was sold at a total cost of Rs 1,04,98,460 (Rs 4,220 per sq ft). This is one of the city’s upcoming residential locations with many mid- and high-end residential units, which have been witnessing some active end-user demand, post the recent economic slowdown. The location enjoys proximity to the established CBD and SCBD and to the new IT hubs of Salt Lake and New Town Rajarhat, thus making it an ideal location for residential development. After having experienced a slowdown, the location has started to see some revival and a resultant increase in capital values of approximately 8% over the previous quarter and is expected to remain stable with an upward bias in shortto-medium term.
    Courtesy:- ET  dt:- 09-April-2010

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Emaar bets big on a high-return India

Posted on Saturday, April 10, 2010 at 12:48 in Buy Property in India - 0 Comments - Post Comment - Link

Co To Raise Rs 3,500 Cr, Shift Focus To Residential Units

AN OFFICIAL of Dubaibased Emaar Properties says it will continue to focus on India as it offers the best investment opportunities across the 16 countries in which the real estate developer is present.
    “Given the robust domestic market and high economic growth rate, India will continue to give superior returns compared to other countries in the developing and developed nations, including the US and the UK,” the official Mohammad Alabbar, chairman of Dubai-based real estate firm Emaar Properties, told ET.
    Its Indian arm, known as Emaar-MGF plans to raise Rs 3,500 crore from the Indian capital market by way of a public issue. The company has received permission from the market regulator, Securities and Exchange Board of India (Sebi). The company has invested $4 billion abroad, of which $1 billion is in Indian joint venture, which is with Delhibased MGF Group.
    Mr Alabbar is here to evaluate the timing of the proposed IPO. “We have got Sebi’s approval and plan to launch the issue in an appropriate time,” he said. The company had made an attempt to enter the capital market in February 2008, but the issue had to be aborted in the wake of a market crash.
    On the impact of the financial crisis, which engulfed the Emirate in late 2009, Mr Alabbar said as demand for real estate had already dropped sharply following the crash of 2008, it hasn’t had much of impact. “It did result in a jolt as lenders hardened interest rates by about 1-1.5%, which has started softening now,” he said.
    Part of the proceeds from the proposed issue will be used to repay debt and facilitate other expansion plans, Sharvan Gupta, managing director of Emaar–MGF, said. The company currently has debt of Rs 5,000 crore, of which it plans to pay Rs 2,500 crore this year.
    Emaar-MGF, which is primarily known for its commercial projects, is looking to shift its focus on residential units this year.
    “Demand in the real estate sector in India has picked up and property developers will be able to attract buyers if they keep the price of residential units at a moderate level,” Mr Gupta said.
    Emaar-MGF currently has 30 million sq ft land under construction and plans to add another 15 million sq ft in the next one year. The firm plans to deliver at least 8 million sq feet by this year. Housing prices are still lower than the booming period of 2007, Mr Alabbar said.

Courtesy:- ET  dt:- 09-April-2010

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Paramount Group have recently unveiled their new project Floraville in Noida

Posted on Monday, April 5, 2010 at 15:22 in Indian Real Estate - 0 Comments - Post Comment - Link

Paramount Group have recently unveiled their new project Floraville, which is coming up at Sector 137, Expressway-Noida. The project aims at providing luxury at affordable prices.
Floraville will have 2, 3 and 4 bed room apartments. To make houses affordable, Paramount Group have come up with 2 BHK of 1045 sq ft and 1240 sq ft, priced at Rs 23.90 lakh and Rs 28.37 lakh respectively, 3 BHK of 1360 sq ft and 1425sq ft priced at Rs 31.11 lakh and Rs 32.60 lakh respectively and 4BHK flats measuring 1685 sq ft priced at Rs 38.55 lakh.

Ashwini Prakash, executive director, Paramount Group, at the launch function said, “The new era demands an amalgamation of mod- ern amenities, luxurious living and green environment at affordable prices.“

Courtesy:- HT Estates  dt:- 03-April-2010

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Here are some details of proposed changes in taxation of income from house property

Posted on Monday, April 5, 2010 at 03:42 in Property in India - 0 Comments - Post Comment - Link

 simplify the determination of taxable income and eliminate any scope for litigation, the code will have a new scheme for computation of 'income from house property'.

According to the code, 'income from house property' will be computed in the hands of the owner. Even if the property is let out for business etc, it will be taxable only under the same head. Under the present provisions of the Income Tax Act, letting out an inseparable building along with plant and machinery is taxable under 'business income' or 'other sources'.

However, according to the new code, it will be taxable under the head 'income from house property' In case the property is owned by more than one owner and if the share of each company owner is definite and ascertainable, it will be computed separately for each co-owner. The property will not be taxable under this head of income if it is used for own business or profession, or if it is not ready for use.

The gross rent minus deductions specified in Section 26 will be the 'income from house property'. The computation of gross rent is outlined in Section 25 of the code. Gross rent is the higher of contractual rent and presumptive rent. If the property is acquired during the financial year, the presumptive rent will be also calculated on a proportionate basis.

Either contractual rent or presumptive rent for the financial year, whichever is higher, will represent the gross rent. The concept of 'annual letting value' under the Income Tax Act has been given up. Contractual rent is the rent receivable under a contract. It can even be an oral contract. Presumptive rent will be six percent of the rateable value fixed by the municipality or the cost of construction/acquisition of the property, if the municipality does not fix the rateable value.

Section 26 provides for deduction from the gross rent. These include property taxes paid during the previous year, service tax on rent paid during the previous year, 20% of gross rent towards repair and maintenance, interest on capital borrowed for purchase /construction /repairs. In case of a self-occupied property, the gross rent will be taken as nil. The aggregate of deductions specified in Section 26 will be nil for such houses.

The deduction of interest on capital borrowed which is currently available for a self-occupied property will not be available under the new code. In case an assessee has more than one house for self-occupation , the benefit of nil gross rent will apply only for one self-occupied house at the option of the assessee. The computation of remaining houses will be made as if the properties are let out.

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

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Real Estate feature in Madurai

Posted on Thursday, March 18, 2010 at 20:35 in Office Space - 0 Comments - Post Comment - Link

 Madurai: The Corporation of Madurai (CoM) is undertaking construction of toll roads through PPP to decongest the city. It has constructed a 27km, two-lane Inner Ring Road (MIRR) between Kanyakumari Road and Melur road under the scheme. Infrastructure upgrade, such as robust egovernance and proactive urban governance, has eased approval timelines and increased operational efficiency. City suburbs are being planned through participatory town planning schemes (TPS). Various IT spaces, such as Tidel Park, IT Park and software city, are planned by the state government, and are expected to augment real estate development across the city.

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Real estate development in kochi

Posted on Thursday, March 18, 2010 at 19:37 in Real Estate Agents - 0 Comments - Post Comment - Link

Kochi: The key infrastructure drivers include the Kochi Port, which is set for an expansion with various green field infrastructure projects, including the Vallarpadom International Container Transshipment Terminal. The Kochi international airport was the first Indian airport to operate on a PPP model with multiple stakeholders such as the government, airline operators, financial institutions and non-resident Indians (NRIs). "Aerotropolis" is an airport based industrial park being developed by the Cochin International Airport Limited (CIAL). The project is spread over 450 acres of land under the ownership of CIAL.

The focus on developing Kochi as a centre for information technology has led to the development of the Thrikkakara-Kakkanad belt. The "Smart City" project at an investment of Rs17 billion estimated to create 90,000 IT jobs has been on the horizon since 2007.

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Service tax on commercial property

Posted on Wednesday, March 10, 2010 at 05:30 in Property in India - 0 Comments - Post Comment - Link

While a service tax on commercial property seeks to introduce greater transparency in the transactions involved, the immediate downside is also quite apparent, says Sanjay Dutt

Budget 2010 intends to bring all lease agreements pertaining to commercial property, including offices, business centers, shop and malls, cold storage facilities and warehouses as well as all other premises used for business purposes under the purview of service tax. The benefits of the stay that the Delhi High Court had placed on service tax collections with regards to the renting out of commercial premises herewith stands revoked. While this is certainly a step towards introducing greater transparency into the transactions involved, the immediate downside is also quite apparent. Tenants calculate effective rent per month per square foot on carpet area.
Landlords calculate their net earnings after paying all taxes and other payables.
Any additional layer of cost, such as service tax, will have an impact. In a buyer's market, landlords will end up taking the hit -in a seller's market, it is the tenant who is impacted. The commercial real estate market is definitely a buyer's market. Either way, it becomes one of the items of negotiation of rent. In short, this is definitely going to increase cost for owners as well as tenants.

Secondly, it is in overall terms not good for the industry as there are already very unpredictable items of cost such property tax, which continues to increase, and any increase of cost will affect owners' net earnings.
Investors will now be more careful of investing in commercial assets, especially income generating assets, since purchasing such properties on a fixed return basis will now yield significantly lower returns. Where an agreement already exists between tenants and landlord and no provision are made for such tax-related escalations, it will lead to increased litigation and need for arbitration.

With the immediate impact on tenants, landlords and investors beyond dispute, there will be no serious long term repercussions. Tenants have, by now, factored in the service tax components into their expected capital outlay.
With the business climate once again turning positive, they will tend to look beyond this additional expense and towards the benefits of doing business from suitable located and enabled office premises.

We are once again witnessing a steady increase in demand for quality office spaces by financial institutions and even IT/ITES. The short-term discomfort brought about by the more broad-based enforcement of service tax will be offset by the strong growth fundamentals in Indian commercial real estate sector, which will soon absorb this relatively minor setback.
The author is CEO business, Jones Lang LaSalle Meghraj (JLLM)

Courtesy:HT Estates dt:06-March-2010

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SERVICE TAX MAY TAKE TOLL ON REALTY

Posted on Saturday, March 6, 2010 at 18:52 in Property in India - 0 Comments - Post Comment - Link

After many months in the dumps, the housing sector was finally sniffing at a recovery as buyers returned gradually, lured by sharp price cuts and teaser loans.

But a Budget proposal to levy service tax on houses under construction is threatening to crimp the sector’s fragile recovery as the resultant price hike is certain to dissuade fresh buyers. The proposal, a bolt from the blue, purported to spur builders into completing projects faster after rampant complaints of long delays.

Though that remains to be seen, an immediate effect will be the prices of incomplete houses rising by 3% after a service tax of 10.3%, including surcharge, is imposed. The levy is based on an earlier Income Tax Department circular, held up due to resistance from developers, which set 33% of the house price as services.

Housing project comprises land, raw material, labor and services. Though services include branding and selling of a project, there is an unwritten understanding that no ‘service’ was being provided till a developer passed a property title to a buyer.

Back-of the- envelope calculations show that an Rs 30-lakh housing property will see a price hike of at least Rs 1 lakh after the service tax is affected.

“Affordable housing will be impacted the worst,” said Niranjan Hiranandani, chairman of Mumbai-based developer Hiranandani Constructions, adding that everyone in that category must now pay developers in installments.

The Budget proposal, coming after the Reserve Bank of India’s incessant frowning on teaser loans, will wane demand further, say realty watchers.

Most houses are typically sold during construction with buyers paying in phases. The Budget proposal means that even buyers who have to pay, say, the remaining 5% of the overall cost during possession, will have to cough up more.

The proposal could also pose problems in calculating remaining payments though it will ratchet up demand for ready-to-move properties, say realty watchers.

As for developers, the market’s response to the proposal will determine their long-term plans. “Affordable housing will now become unaffordable,” said Rajeev Talwar, managing director of DLF, the country’s largest developer.

“Housing is a state subject and the move is impinging.”

Real estate was among the worst hit sectors in the global downturn as buyers kept away and banks became wary of lending. But teaser loans, some even as low as 8.25% much below their prime lending rate (PLR), last year stalled the decline.

But builders fear that the introduction of a service tax and absence of teaser loans will compound the problem of oversupply of residential and commercial properties in several parts of the country.

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

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INVESTORS SPARED OF SPECIFIC NORMS

Posted on Saturday, March 6, 2010 at 18:50 in Buy Property in India - 0 Comments - Post Comment - Link

In the past few years, FDI worth billions of dollars came in as overseas investors subscribed to equity and quasi-equity products — often with put options — sold by real estate firms which were starved of bank finance. But a chunk of this inflow was based on an interpretation that the three-year lock-in on the FDI applied only to the ‘original’ amount brought in and not the full quantum of FDI in a project. Many investors took advantage of this: an offs**** fund which decided to put in, say, $25 million split the inflow, by first bringing in $5 million, the minimum amount, and then bringing in the balance $20 million subsequently. The understanding was that the lock-in applied only to $5 million and not $25 million. This flexibility in interpretation disappeared after the government clarified last year that the full amount, irrespective of whether the money comes in tranches, would be locked in for three years. The move, which came as a jolt to several foreign investors, paved the way for the more recent NCD route that’s catching on among local developers.

“There are advantages. First, there is no lock-in because the FII can sell the NCD as and when it wants. Second, the debt is secured against mortgage of assets, pledge of shares, etc. Third, unlike FDI, here the foreign investor can fund even those projects which are not FDI-compliant,” said a lawyer familiar with such debt-raising. For a project to receive foreign equity or FDI, it should not have less than 50,000 square meters of built-up area, among other things. “These conditions don’t come in the way when a foreign fund buys NCDs,” he said. Interestingly, such NCDs have also been issued by a leading NBFC which, like property firms, are restricted from tapping the ECB market.

According to a real estate fund manager, some foreign investors reluctant to increase their equity exposure post the downturn, prefer secured debts with a decent interest return. Sebi’s listing regulations extend to debentures that have been privately-placed; and, the NCDs can be listed even if the real estate company or a project specific special purpose vehicle floated by it is a private firm or an unlisted public entity.

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

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Mumbai to lead office space take-up

Posted on Tuesday, March 2, 2010 at 11:50 in Indian Real Estate - 0 Comments - Post Comment - Link

Mumbai and Delhi NCR are expected to absorb about 20-22 per cent of the projected demand for office space during 2010-2012, says a report The year 2009 would be marked in Indian real estate as one of the most difficult periods for the industry in recent times. However, despite the turbulence and uncertainty, there are momentous opportunities to learn through the turn.

With signs in the global economy that the worst may be behind us, commercial office space in India has begun to consolidate, focusing on affordability, diversification and delivery, says a report by realty consultant Jones Lang LaSalle Meghraj.

The year witnessed a considerably lower net absorption of 19.6 million sq ft against a robust net absorption of 33.1 million sq ft in 2008.

Quarterly absorption rate was recorded at 17 per cent in the fourth quarter of 2009, which has been increasing steadily after hitting bottom in the first quarter of 2009.

Indian real estate witnessed net absorption of 8 million sq ft in quarter 4, 2009, nearly four times the lowest witnessed in quarter 1, 2009.

With lower rents in IT as well as non-IT spaces, the opportunistic demand is led by domestic occupiers, who have expanded their real estate portfolios in various Indian cities. The sunshine sectors ­ telecom, pharmaceuticals, healthcare and manufacturing leased large spaces in various cities. A larger share of transactions happened in operational vacant stock rather than under-construction projects in 2009, contrary to the trend observed during 2007 and 2008, when options in operational office space weren't available to the tenants in the same measure.
Projected supply and demand of office space Office space amounting to 162.6 million sq ft is expected to become operational in the next three years, which would increase the pan-India grade-A office stock to 387.4 million sq ft.

By end-2010, Mumbai is expected to lead in terms of operational office stock in the country, pushing the leader, Bangalore, to second position.

About 85-90 per cent of the near term supply of 68.3 million sq ft, which is expected to become operational in 2010, is in advanced stages of construction with more than 50 per cent of the structure completed at end-2009.

The pace of supply infusion is expected to outgrow the demand in the medium, term thus creating a condition of oversupply across the secondary and suburban micro markets.

Net absorption of office space is projected to grow at a compound annual growth rate (CAGR) of 29 per cent during 2009-2012, increasing from 19.6 million sq ft registered in 2009 to 42.2 million sq ft in 2012.

While Mumbai and NCR Delhi are expected to absorb about 20-22 per cent of the projected demand during 2010-2012, Bangalore and Chennai are expected to absorb about 14-15 per cent of the projected demand during the same period.

Despite a projected growth of 10 per cent for IT/ITES and the BPO sector in India during 2010, demand for real estate space is only expected by end of 2010.
During 2011-2012, with better growth projections of IT/ITES sector, demand for office space in these micro markets is likely to increase.

Courtesy: HT Estates 27^th Feb 2010

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Logix Group launches project in Noida

Posted on Tuesday, March 2, 2010 at 11:25 in Office Space - 0 Comments - Post Comment - Link

The Logix group, a pioneer developer in IT and business parks, launched its first residential project, Blossom County, in Sector 137, Noida, on Greater Noida Expressway. The Rs 1,200 crore project will comprise over 2,500 two-, three- and four-BHK apartments and penthouses.
Prices start at Rs 24 lakh. Blossom County is spread over 25 acres and will provide all modern facilities and amenities. The project will include features like earthquake-resistant structures, energy-efficient green homes with solar lighting, a super specialty medical center with state-of-the-art equipment and facilities.
Shakti Nath, chairman and managing director, Logix Group said, "Blossom County has been created for people who aspire to live in a home which is a part of a planned and efficiently designed gated community that offers all modern facilities."

Courtesy: HT Estates 27^th Feb 2010

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Right of redemption

Posted on Tuesday, February 23, 2010 at 12:59 in Buy Property in India - 0 Comments - Post Comment - Link

Ashish Gupta explains what this right means and how it operates

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

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

Obligations of a mortgagee

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

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

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

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

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

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

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

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Your dream home may cost more

Posted on Tuesday, February 23, 2010 at 12:51 in Office Space - 0 Comments - Post Comment - Link

As realty sector is abuzz with action, developers are hiking prices across housing segments – be they affordable housing, mid-segment or luxury apartments and villas. Vivek Shukla reports

Are you looking for your very own house in NCR? If you at the job for the last six-seven months or so, then you would have known that developers have hiked prices of their products across segments. There is increase of price in affordable segment, mid-segment and luxury segment. The reasons are varied but there is no denying the fact that as realty sector witnesses a flurry of activity from possible buyers and investors after a long lull, developers are increasing prices. While, Gurgaon is witnessing the maximum hike, the hike is not that sharp in Noida and Ghaziabad.

    A recent report prepared by PropEquity also clearly indicates that developers are hiking rates of their projects. According to the report, Gurgaon has seen up to 30% hike in prices in luxury segment – no other city of NCR has seen such a sharp hike in this segment. There is also a hike even in affordable sector too, PropEquity reports after comparing rates of July 2009 and January 2010.

    Can developers justify so much hike on their flats? “Not at all,” says Vishal Anand, MD of Brick and Mortar Global Realty, adding, “The greed of developers doesn’t seem to end. They should not hike prices of their products to such astronomical levels. They (developers) are building another bubble, which can be detrimental to Indian real estate. There is a demand and developers should be patient and increase prices gradually, which would build confidence in the longer term.”

    Harinder Sikka, director of Raheja Developers, says that real estate market in important cities of the country has picked up in a major way, riding strongly on actual end user demand. Investors have also started trickling back in the market. Whenever demand exceeds supply, prices head northwards. This is simple market dynamics. Sikka, however, made it clear that if prices are artificially hiked without actual demand being present, the project sales will suffer considerably.

    However, a senior official of Ansal API has a different take on this matter. According to him, there are two reasons for the price hike. During the period of economic slowdown, companies had brought down prices, even below their cost prices in many projects in order to unwind their inventories and improve

their cash flows. Companies were under pressure to pay their lenders, vendors as also to complete projects and hence came under pressure on one side, while the plunge in demand almost dried up their cash flows. Now that market conditions have improved, companies are only trying to recover their costs. He also says that one has to remember that developers have bought land at exorbitantly high prices when market was up, which has led to high prices of apartments.

    NCR-based developers have increased prices by almost 25-30% in the last 9-10 months. Rajat Mahajan of Integrated PanRealty Solutions says that Noida has so far not seen this trend due to tough competition amongst new names entering real estate market. He also feels that another bubble in the market is in the offing as both end users and investors are back in the market. Projects in all ranges – affordable, midsegment and luxury – are selling fast as there is a lot of speculative interest in the market. “I would advise investors and end users to invest in projects of reputed developers who have proven track record of delivery,” he concludes.

    Market watchers are also concerned that even the so-called affordable homes are now costing more. They are becoming almost unaffordable. For instance, budget homes in Faridabad, Ghaziabad and Gurgaon have gone by 8%. An earlier report from PropEquity claims that rates of affordable homes have seen 11.20% hike in Gurgaon, 9.70% in Faridabad and 4.90% in Ghaziabad respectively. However, rates have not changed in Noida, Greater Noida and Delhi.

    Samir Jasuja, CEO of PropEquity, says as the realty market is improving after a long lull, some developers have hiked prices in order to make a marginal profit. He feels that serious customers should not wait to book their homes. They should see the past track record of a realty firm and pace of construction that is taking place. If on both fronts they are happy, then they should book their home.

    Meanwhile, some realty experts are surprised by the fact that though there has been no increase in construction cost, realty firms are still increasing the price of their affordable homes. They say that rates have seen close to 15% jump as most of the developers have been able to offload their inventory and are trying to gain from current momentum.

Courtesy times property dtd. 19/02/2010

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Development about Indore in real estate sector, commercial, residential and many more

Posted on Friday, February 19, 2010 at 17:11 in Property in India - 0 Comments - Post Comment - Link

Indore: The strong commercial base and manufacturing hub with several large format industrial parks, is attracting the attention of major corporate and foreign investors in the country. Developments such as the Special Economic Zone (SEZ) and Auto Testing Track in Pithampur, and IT Park at Khandwa Road are expected to provide further impetus to the growth of the city.

The city also has several industrial clusters such as pharmaceuticals, textile, food, IT and auto components clusters. Key infrastructure developments include the upcoming AB Indore Bypass road that is expected to improve access to other major commercial cities (for example Mumbai) of the country, thus providing tremendous potential for real estate and industrial investments. The upcoming Delhi-Mumbai Industrial Corridor (DMIC) is expected to enhance industrial activity around the satellite towns of Pitampura and Dewas region. The Airports Authority of India (AAI) is undertaking the upgrading of the existing domestic airport to an international airport.

The methodology

The city analysis by Ernst & Young has been designed to evaluate cities holistically, considering an array of factors that make up a city. The exercise ranks cities based on quantifiable factors, backed by data as opposed to a qualitative assessment based on perception. The methodology to devise city ranking was undertaken in four modules. The data collection focused on the five indices defined by Ernst & Young, namely: City prosperity index, urban governance index, business environment index, infrastructure index and Quality of life index.

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