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| TDI CITY KUNDALI-THE INTIGRATED TOWNSHIP |
| 06.19.09 (3:27 am) [edit] |
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Kundli
Kundli-Sonepat integrated township plan of Haryana Government for 2020 is a mixture of industrial, Commercial, Residential and Educational Hub. In this city approximately 3000 small and middle scale industries are already working. TDI plays Major role in residential park.
About TDI Group
TDI is an organization which let your dreams come true. TDI is the name of trust and faith .An ISO 9001 company, TDI is known to have represented the finest elements of urban living through its magnificent journey of over two decades. With a consistent track-record of timely execution and high-quality construction, the company has developed world-class townships and commercial complexes in various prime locations of the country.
TDI's ability to meet the special requirements of the real estate market and clients stems from its strong foundations of professionalism. Every project that bears the TDI signature stands out from the rest, in terms of design aesthetics and global standards of construction. The company's vision for exceeding industry benchmarks is evident in its ability to redefine value engineering, project after project - reinforcing the best of conceptual innovation and cutting-edge construction technologies.
From the desk of Chairman Shri D.N.Taneja India has turned out to be amongst "dominant host countries" for FDI.
The excellent economic performance and introduction of SEZs are acting as major propellants for the real estate sector. With its experienced and professional team, TDI has steadily carved a niche in the real estate industry by changing the skyline of the developing cities in India such as Mohali, Panipat, Kundli, Jalandhar, Agra, Moradabad, Jasola and Meerut.
TDI thus aims at becoming an international standard player offering holistic real estate solutions.
I, on behalf of the whole TDI team, welcome you to explore new vistas of opportunity in the realty sector.
Social Responsibilities
TDI endeavors at working for the benefit of underprivileged sections of the society through its Corporate Social Responsibility (CSR) activities.
To help the victims of recent flood in Bihar, TDI not only contributed Rupees 21 Lac to the Chief Minister Relief Fund but also mobilized and appealed to other individuals, corporate and associates to contribute for the cause. A 'Thank-you' note from the Hon'ble Chief Minister of Bihar – Mr. Nitish Kumar to TDI was highly encouraging in this regard.
TDI has also demarcated around 6 acres of land in TDI City, Kundli for setting up a Trust named 'TDI Navgraha Trust' which will run a school to provide education, curricular and extracurricular activities, medical checkups and blood donation camps for economically weaker sections free of cost.
Vision and Mission
Creating world class townships is our vision and Passion, TDI townships are fully integrated mini cities with complete infrastructure and amenities required for high standard of living
.Conforming to international level of construction quality and architecture, our township offer a lifestyle full of panache , elegance and comfort.
Operational: - TDI City Moradabad, TDI Phase 5, I Block, ABC Kundli.
Under construction:- TDI City Agra , TDI City Indore , TDI City Meerut ,TDI City Kundali , TDI Greens Sonepat , TDI City Panipat , Ourania Gurgaon , TDI City 1 Mohali , TDI City 2 Mohali , TDI Villas Mohali .
Future project –TDI City , Indore
TDI Commercial:-TDI present State-Of-the-art office cum retail complexes developed to fulfill all the requirements of modern and dynamic business. Strategically located in most prominent city areas
Operational: - TDI Centre Jasola | TDI Palam Court Gurgaon | TDI Southern Park, Saket.
Multistory Apartment, Kingsbury Kundli, Ourania Gurgaon.
Under Construction: - TDI Business Centre Mohali | TDI Business Centre Kundli | Oxford Street Kundli |
TDI Arcade – Moradabad.
Retail:-
The Indian retail industry has finally come of age with consumers having access to the best of merchandise and shopping experience. TDI has facilitated this positive trend by giving shape to world-class malls cum shopping complexes that bring together the most exciting retail outlets under one roof.
Operational: - TDI Mall, Rajouri Garden | TDI Mall, Agra | TDI Paragon, Rajouri Garden
TDI Fun Republic Moti Nagar | TDI Westside Mall, Lajpat Nagar
Under construction: - TDI Mall, Chandigarh | TDI Mall, Jalandhar | TDI Mall, Kundli
TDI Mall, Moradabad Rodeo Drive, Kundli | TDI Park Street,
Sonepat | TDI Centre Jalandhar.
Education:-
As an essential element of its fully-integrated townships, TDI is setting-up premium schools that offer students an ideal combination of global best practices in education and the unique ethos of India's rich tradition.
Leisure:-
While leisure time may actually be reducing, the demand for quality entertainment avenues is on a rapid rise among the Indian consumers. Sensing this change in trend, TDI is in the process of setting up international level clubs and amusement centers across major cities of the country.
Hospitality:-
TDI hotels offer high levels of comfort and luxury with facilities comparable to the best in the world. Developed in consultation with industry experts in the field of hospitality, TDI
hotels bring forth a tasteful world of indulgence to meet the demanding requirements of the international traveller.
Fortune Select TDI Hotel, Kundli
Project TDI City Kundli
An elite project of TDI is located On NH 1, near to Delhi Border and within 3rd ring road of Delhi close to Rajeev Gandhi education city in 4000 Acre, i.e. Dream project of Congress Leader Mrs. Sonia Gandhi and Haryana Chief Minister Bhupinder Singh Hooda. In upcoming future all high profile personalities from Punjab, Haryana, Himachal Pradesh, Chandigarh and J&K are going to shift in TDI City because the rate difference between in North Delhi and Facilities are at very big level.
For this Grand project Distance from high rich locality i.e. – Pitampura, Ashok Vihar Shalimar Bagh, Punjabi bagh, Model town, Civil lines and there is only 15 min. drive from bye pass chowk Delhi.
Delhi Bye Pass is located on KM 16/300 and TDI Gate located on KM 33/000, the distance is Km 17/ 700 and Delhi border on Km. 29/300. So the Distance from Narela and Delhi border is only 3.700 Km. These distances are from Raj Ghat.
In Near future TDI Kundli would be a good residential address and area is 2000 acre, township and is a mixture of residential, commercial and entertainment city. The area between TDI and Delhi border consist 15000 small and mid scale Industries.
At a distance of mere 2.5 km from Delhi, the city of Kundli offers full advantage of its proximity to the capital in the form of increased opportunities for economic and infrastructural developments.
Developmental Highlights:
Every time it gives TDI immense pleasure to present to you the latest development highlights at our mega integrated township of over 1500 acres – TDI City, Kundli
• Construction work on furnished residential villas of 250, 350 and 500 sq yds is on at full swing. The sample 500 sq yd villa will be ready within a month for public view.
• 40 out of 75 Expandable villas of 250 and 350 sq yds are being constructed at a fast pace. Connecting road for these villas is under construction.
• Foundation work on the newly launched 204 sq yds 'King street S.C.O' has already started. Sample will be ready within 8-9 months. King street has been especially designed to offer the convenience of departmental shopping and fulfil the daily needs of the future residents of Kingsbury and Kingsbury Prime. King street is located at a prime location within the city, near the entrance main gate.
• Landscape for the premium 204 sq yds S.C.O – Connaught Place is ready. It will serve the daily needs of residents of Block H, F, I and L. Work on the same will be starting soon.
• Possession of plots in Blocks A, B, C, E & F has already been handed over and for the remaining plots, and possession will be given very soon. Some of the plot owners have already started construction and few are at the finishing stage. The M Block plots were launched recently receiving extremely good response from the customers.
• Construction of Kingsbury 1st phase has almost reached its final stage. Possession will begin by early next year.
• Oxford Street is all ready with glass work, floorings and paint work.
KMP Expressway –
A fast paced project of 135.6 km that will ease inter- and intra-state traffic to a great extent and will reduce travel time from Kundli to the international airport at New Delhi to mere 30 minutes.
Extended Metro Connectivity –
The Haryana government's decision to extend the metro network to Kundli has contributed to an upswing of activities by domestic as well as foreign investors.
Education Hub –
Kundli and Sonepat will soon become education hubs with foreign universities setting up campuses here and an IIM being set up in the near future.
Proposed Cyber City –
Kundli will soon house a cyber city containing offices of major IT companies.
Amenities at TDI City Kundli
Ample Green area
Club Houses, Swimming pool, School in Vicinity.
Hospitals Near-by
Well lit metal roads
Earthquake resistant structure.
Vastu friendly layout
100% Power Backup.
Gymnasium and fitness centre.
Accessibility
IGI International Airport and Domestic as well.
National Highways 1 and 8.
Metro Connectivity for whole Delhi NCR.
Smooth Drive from New Delhi Railway Station.
Delhi Border and elite residential colonies of Delhi e.g. Pitampura, Shalimar Bagh, Rohini etc.
Luxuries you can expect
Wooden flooring in Master Bedroom
Vitrified Tiles Modular Kitchen.
Club, Schools and Hospitals in vicinity
Pleasing Greenery and Fascinating Parks.
Plenty of Parking spaces.
Swimming Pools.
Unique Selling Points
This is not a merely transaction, we value your emotions.
This is a well planned new modernize integrated city.
Township consist all the facilities e.g. Commercial complex, Community Centre, Medical facilities and Schools.
Close to International Airport Delhi, National Capital Border and elite colonies of Delhi with National Highways 1 and 8.
Fascinating location and healthy environment to enjoy the every moment of life.
Township of 1500 acre area.
Post Sale Services
In this we assure you for your on time Registry, Possession and Maintenance. We are helping hard in design Approval and Construction.
Size and Prices
This Elegant integrated township is divided into different sizes plots e.g.
250 SqYds
350 SqYds
500 SqYds
700SqYds
1000SqYds
Finance Option
To make all the deals and transaction possible, Finance facilities are also available from different banks at very low level of interest rate from PNB Housing, LIC Housing finance and other major financial institutions are open to finance the project.
Possession Time
Possession is in process and booking for starting phases has been started.
Any further more information log on to www.zameen-zaidad.com
www.propertycafeteria.com
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| PROPERTY PROS CHART OWN COURSE |
| 06.08.09 (2:24 am) [edit] |
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Recession or no recession, seasoned professionals in the real estate consulting business seem smitten by the entrepreneurial bug like never before. Whether in Delhi, Bangalore or Kolkata, these high-fliers of the property zone are increasingly striking out on their own by setting up their realty consulting start-ups.
From Anuj Nautiyal and Raja Kaushal of Atisreal Redwoods Property Services, Ben Salmon-Mike Holland-Rajpal Chaudhary of Assetz Property Services, Atul Marwah of Prime Options to Abhijit Das of Lemongrass Advisors or Vivek Dahiya of DTZ—these folks are exploring every nook and cranny to find their place under the realty sun. From delivering real estate investment advisory services, to recasting the property portfolio of HNIs to undertaking property due diligence, it’s all happening for these intrepid voyagers, who are out to carve a niche for themselves. And why not? Organised real estate broking and advisory business is pretty large in mature markets.
In India, too, this business offers huge potential primarily since global property consultants cater to merely 10 % of the market while the balance 90 % is catered to by small fragmented regional unorganised players. Property circles claim there’s enough space to create organised platforms, which operate nationally and have the requisite wherewithal to cater to 90 % of the market that international property consultants (IPCs) don’t cater to.
Take for instance 43-year-old Atul Marwah, an exarmyman with an MBA from Indian Institute of Management Ahmedabad (IIMA) and ex ICICI Prudential, who has started his real estate advisory business, Prime Options since December 2008.
“We do due diligence of a property, the developer’s reputation, a historic analysis of the area, the return on investment and the overall cost of development. If our calculations indicate the price being quoted is fair, we recommend it to the buyer,” says Marwah.
At present, people are unwilling to spend large sums on real estate due to uncertainly coupled with the fear that prices may slide further. Bad perception about property brokers only adds to the problem. “Since a house or a flat is the most expensive product that a user buys in his life, the transaction needs to be transparent and fair,” notes Marwah, adding that there’s a huge opportunity for those keen to offer quality service.
Anuj Nautiyal of Jones Lang LaSalle (JLL), who ventured out on his own in 2006, has a similar tale to tell. He floated Redwoods Projects in Bangalore. Soon after, friend Raja Kaushal of ICICI Property Services joined hands. Subsequently, the duo sold off a majority stake to the property consulting wing of BNP Paribas—Atisreal—and rechristened the firm, Atisreal Redwoods.
“After working in a real estate consultancy for years under set norms, I wanted to have a set up which would dispense with bureaucratic hassles, cut across geographies and provide flexibility for diverse client needs. We focus on real estate investment advisory and help restructure the portfolio of HNIs, corporates and NRIs,” said Mr Nautiyal, managing director & CEO, Atisreal Redwoods. The parent company Atisreal is now established is fast gaining foothold in high-growth markets such as Romania, Ukraine and Russia, Dubai, Bahrain and India.
None of the consultants were willing to share business numbers with ET.
Lemongrass Advisors is another such enterprise floated by Abhijit Das, former managing director-Kolkata of Jones Lang LaSalle Meghraj (JLLM). Partnering him in this venture is Subesh Ray who has more than 15 years of real estate experience and was associated with Kolkata developer, Mani Group.
“The idea is to create a Kolkata-based real estate advisory firm offering services across all segments, on joint ventures and private equity investments. We will also take up real estate portfolio management of nonresident Bengalis and subsequently, that of corporates,” Mr Das pointed out. Incidentally, he is backed by angel investors but he refused to name the investor citing confidentiality reason.
Delhi-based DTZ of Vivek Dahiya, and Assetz Property Services floated by senior industry professionals like Ben Salmon, Mike Holland and Rajpal Chaudhary are some more examples of the same category. Assetz brings a structured approach to developing and delivering real estate projects from land identification and inception design, construction, financing, marketing, full occupation and ongoing asset management. While Salmon was with Lend Lease Group with presence in Australian, Japanese and South Korean markets, Holland and Chaudhary are ex JLL.
Though these are still early days, industry stalwarts feel these entrepreneurs clearly plan to offload their entire or partial holding to IPCs planning to set up shop in India in the near future.
Courtesy:- ET dt:- 04-06-09
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| DLF can denotify SEZs on returning tax sops |
| 06.08.09 (2:21 am) [edit] |
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8 SEZ Proposals Get Approval, 2 Others In-Principle Nod
THE government has given an in principle approval to
real estate developer DLF for denitrifying four of its special economic zones (SEZs) that it wants to surrender on the condition that all tax incentives given to the zones will be refunded.
The board of approvals (BoA) for these manufacturing hubs met on Tuesday and awarded formal approval to eight SEZ proposals and in principle approval to two proposals.
DLF has said it owes the government Rs 6-7 crore in the form of tax exemptions given to its four SEZs, according to a commerce department official who did not want to named. “We have to verify that amount. A formal denotification of the SEZs will be done after the due taxes are paid to the government,” the official said.
The listed real estate developer has decided to apply for denotification of its SEZs in Gujarat, Haryana, West Bengal and Orissa because it thinks these projects are no longer feasible due to the economic slowdown and the liquidity crunch the company is facing.
DLF had received approval for 15 SEZs , all of which are in the information technology (IT) and infotech enabled services (ITeS) sector. Of these, five are operational and another five are in the process of being established. The company had surrendered one SEZ near Delhi in December 2008. Of the 18 proposals BoA discussed on Tuesday, ti gave formal approval to eight SEZs, including three for biotech in Andhra Pradesh, Karnataka and Maharashtra and another three for IT and ITeS in Kerala,Karnataka and Maharashtra.
Two proposals that received in-principle approval are for setting up multi-products SEZs in Andhra Pradesh and Maharashtra. A formal approval to set up these zones would be given once the developers take possession of the land. The board extended the formal approval to projects of 21 SEZ developers that could not meet the completion deadline. The applications of two others, including Videocon Reality, for an extension of approval, were rejected as they had not begun the process of acquiring land, the official said.
SEZ WHO!
1.DLF had put up its IT/ITES SEZs in Gujarat, Haryana, West Bengal and Orissa for denotification
2.Co says it was not feasible to carry on with the projects due to the slowdown and liquidity crunch
3.DLF says it owed the govt between Rs 6 cr & Rs 7 cr in the form of tax exemptions given to four SEZs
4.The formal denotification on will be done only after the due taxes are paid to govt
‘Free’ Zones
SEZs that got govt nod include three biotech SEZs-one each in Andhra Pradesh, Karnataka and Maharashtra and three IT/ITeS SEZs in Kerala, Karnataka & Maharashtra
Courtesy:- ET dt:- 18-06-09
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| SECTORS TO WATCH OUT FOR |
| 05.23.09 (12:48 am) [edit] |
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Liquidity-starved sectors such as infrastructure and realty could be the biggest beneficiaries of the vote of confidence for the UPA.
A clear mandate for the United Progressive Alliance and the continuity of the current government's policies are likely to keep the markets buoyant. Marketmen believe that foreign institutional investors and domestic institutions, which were not participating aggressively in the markets thus far, are likely to invest for the long term, given the stable government at the Centre.
Opening up of the economy, allowing foreign direct investment and easier interest rates should improve liquidity and are expected to help sectors such as infrastructure, banking, real estate, telecom, power, education and retail. With the Left crutch that crippled decision-making now out of the way, the new government is likely to speed up the divestment of its stake in various PSUs. While experts believe that the markets could touch the 16,000 mark, stiff valuations and the burgeoning fiscal deficit could cap the upsides.
Analysts said sectors such as telecom could also see action if the government speeds up the 3G auction process, merges MTNL with BSNL and lists the new entity, and divests its 26 per cent stake in Tata Communications.
FMCG and pharma sectors, which are considered defensive, are likely to underperforms as the market chases growth. IT services, which is another defensive sector, is unlikely to participate in the rally given that the rupee is expected to gain in the short term.
Banking
Analysts are not ruling out a possibility of an increase in the non-performing assets of the public sector banks, going ahead. Further, the Congress manifesto adds that it will strive to provide interest subsidy for agriculture, small and medium industries and education sectors. Thus, the government's dependence on the banking sector may be sustained in the future as well.
With the government borrowing programme at around Rs 3.6 lakh crore in the first half of the year, bond yields are likely to stiffen and curtail treasury profits (mainly for PSU banks).
On the positive side, with the Left out of the picture, the government may open up the banking sector to foreign players and consolidate PSU banks. For example, SBI has already merged one of its associate with itself and the government might consolidate other SBI associates with the parent. Any moves to increase FDI limit in insurance from 26 per cent to 49 per cent will help financial institutions like ICICI Bank and HDFC to raise additional capital. Increased voting rights of foreign banks, which have more than 10 per cent stake in Indian banks, will bring the stocks of private banks into play.
Infrastructure
Most analysts believe that the market will give a thumbs up to infrastructure stocks as the Congress manifesto lists economic revival and restoring high growth as its immediate priority. It also mentions that public expenditure on agriculture and infrastructure will be stepped up. The continuation of policies in the infrastructure space and expected increase in the liquidity should augur well for the sector. Considering the Congress party's focus on the rural sector, investors need to look at companies in the rural infrastructure space such as IVRCL, Nagarjuna Construction and HCC. Analysts believe that companies will now find it relatively easy to raise funds given the increasing confidence of the investors and flow of money from the FIIs and through the FDI route. The decision-making process on projects related to infrastructure is likely to be expedited helping companies in this sector. Renewed buying is likely in infra stocks as valuations were beaten down due to growth concerns and credit crunch.
Realty
Improvement in the liquidity situation could be the biggest positive for this sector Analysts are expecting stability at the Centre and continuation of policies will attract more money from foreign investors. Realty majors will now be able to raise funds through Qualified Institutional Placements or debt or through further equity issues. India's largest realty companies--DLF and Unitech--have already raised over a billion dollars in the recent past and chances are that others might follow. Nirmal Jain, chairman, India Infoline, said "indications are that formation of a stable government will trigger flow of foreign capital in equity as well as debt. This would mean appreciation of the rupee and revival of liquidity-starved sectors such as real estate."
Analysts now believe that since the UPA can form the government without the support of the Left parties who were opposed to the idea of foreign direct investment, special economic zone projects, which were stalled, could get a fresh lease of life
Courtesy:- BS dt:- 18-05-2009
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| THE SOONER, THE BETTER |
| 05.02.09 (2:07 am) [edit] |
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The sooner you plan to buy your
dream home in your earning years, the better it is. ET Realty lists out some points to consider when you decide to do so...
The high economic growth in the past five years has brought about a big change in the life of the average person. Many youngsters are joining work early and earning high salaries. Many are either single or newly-married with lower financial commitments. The disposable income in their hands is higher. Home loans are relatively easy to get and mortgage rates are getting cheaper. So, the journey of wealth creation now starts in early 20s.
Arriving at the budget
Starting early provides you with the ability to finish off the first housing loan while you are still in your early 40s. This gives you the added luxury of buying a second house for investment purposes. However, to get all this right, requires proper planning. It requires long-term financial planning. Some questions you must address before buying a house:
What type of house do you need?
The kind of house you need will be based on a host of factors like proximity to schools, offices, shopping centres and medical facilities. Making a list of all the items you need in your house in the order of priority.
How will you fund the down payment?
Even though banks are funding a substantial pat of your housing costs, you will have to arrange for your contribution upfront from your personal savings.
This will be no less than 15%- 20% of the value of the house. You also need to cover at least a part of the closing costs. So, the first step towards owing your own house is saving up for down payment.
How big a loan should you avail?
If you are buying a house with borrowed funds, your home specifications will depend upon how much you can borrow and how much you can raise as down payment.
The mortgage lender will work out your loan eligibility in both scenarios. It pays to be prudent and limit your EMIs to no more than 35-40% of your net take-home pay if you do not have other loans.
What should be the loan tenure?
Another major decision you will have to make will be the length of loan tenure. Generally, the longer the loan, the costlier it becomes. A five year difference in the loan tenure could set you back by a couple of lakhs.
So, the general philosophy should be to pay back the loan as early as possible. If you have an early start, you will be in a position to settle your first loan and be eligible for another housing loan for your second house.
Courtesy:- ET dt:- 10-04-09
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| UNITECH PLANS HOUSE IN RS 5-10 LAKH RANGE |
| 04.07.09 (2:37 am) [edit] |
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Realty major Unitech plans to launch mode-segment residential projects in the range of Rs 5-10 lakh in metro and suburban cities like Gurgaon, Chennai and Kolkata over the next few months.
We are amazed at the success of our recently launched projects and have realized that in today’s market, a project within the right price range will sell,” said R Nagaraju, general manager, corporate planning, Unitech.
The company is charting a strategy to come up with such low-cost apartments. “The new projects will be based on a different model altogether, where the target customer and the margins will be different,” Nagaraju added. “The inspiration to develop smaller and cheaper apartments comes from the Nano car, which is eliciting a tremendous response. I am sure our project will see a similar response, given the fact that we will come up with such low-cost apartments in metro cities,” Nagaraju added.
The company had recently launched a residential project in Gurgaons Sector 47 that offered a flat in the range of Rs 29-42 lakh. The average size of the apartments is 1,100-1,200 sq ft. “We had launched 200 apartments in the first two phases and 150 of these have already been sold.This is an amazing response. Two months back, nobody would have expected such a response to any project in the area,” Nagaraju said
The residential project is spread over an area of 12 acres. Unitechy, along with other developers like DLF, Sobha and Akruti is known for developing luxury apartments in the price range above Rs 40 lakh. However, over the past year, the demand for such apartments has fallen drastically and most of the companies have run up huge inventories.
Courtesy:- BS dtd:- 20-03-09
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| UNITECH PLANS HOUSE IN RS 5-10 LAKH RANGE |
| 04.07.09 (2:35 am) [edit] |
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Realty major Unitech plans to launch mode-segment residential projects in the range of Rs 5-10 lakh in metro and suburban cities like Gurgaon, Chennai and Kolkata over the next few months.
We are amazed at the success of our recently launched projects and have realized that in today’s market, a project within the right price range will sell,” said R Nagaraju, general manager, corporate planning, Unitech.
The company is charting a strategy to come up with such low-cost apartments. “The new projects will be based on a different model altogether, where the target customer and the margins will be different,” Nagaraju added. “The inspiration to develop smaller and cheaper apartments comes from the Nano car, which is eliciting a tremendous response. I am sure our project will see a similar response, given the fact that we will come up with such low-cost apartments in metro cities,” Nagaraju added.
The company had recently launched a residential project in Gurgaons Sector 47 that offered a flat in the range of Rs 29-42 lakh. The average size of the apartments is 1,100-1,200 sq ft. “We had launched 200 apartments in the first two phases and 150 of these have already been sold.This is an amazing response. Two months back, nobody would have expected such a response to any project in the area,” Nagaraju said
The residential project is spread over an area of 12 acres. Unitechy, along with other developers like DLF, Sobha and Akruti is known for developing luxury apartments in the price range above Rs 40 lakh. However, over the past year, the demand for such apartments has fallen drastically and most of the companies have run up huge inventories.
Courtesy:- BS dtd:- 20-03-09
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| GET GOING TO PROPERTY |
| 03.30.09 (10:41 pm) [edit] |
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Buying property for investment purpose is not really on people’s mind in the current economic environment. With job security at stake, it is not advisable to commit any amount, however low the property prices or borrowing costs. For people who want to upgrade to a better location or buy their first home, this is the right time to look for that dream house. One should opt for a builder with a renowned name, so as to minimize the risks associated with project non-completion. Do not attempt to go bottom fishing, irrespective of the negotiating skills that you may possess. The other important thing to keep in mind is that
real estate is a long-term asset class. Though selling one’s house is the last thing that anyone would do, one must not be bogged down by short-term property price fluctuations. If you’ve zeroed in on the right location, the ideal strategy is to sit across the table and finalize the deal. These negotiations may extend up to three-four months for properties that are still beyond affordable levels. Instead of trying to settle at the lowest price points, one must quote a rate based on financial strength. A word of caution: one should not get over leveraged as this would expose oneself to high risk.
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| HNIS COMFY AT HOME |
| 03.28.09 (3:08 am) [edit] |
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Contrary to popular perception that the Indian HNI is looking at the overseas markets for realty investments, the fact of the matter is that he is far more comfortable in home turf rather than foreign locales, however beautiful and exotic they may be. ET Realty finds out the reason for his comfort at home
The Indian HNI (High Net worth Individual) is being aggressively wooed by the foreign developers. With the balance of economic power shifting towards Asia and India projected to be the world’s third largest economy by 2050, and a subsequent increase in the number of wealthy individuals, property consultants from major locations globally making their sales pitch and getting the HNI segment interested enough to buy.
HNIs are people with net financial assets of at least $1 million, excluding primary residence and consumables. Data by consultants such as Cap-Gemini and Merrill Lynch suggest that India has the youngest HNI population in the Asia-Pacific region, with the club having even 28 yearolds on their rolls. Strong GDP growth, robust growth in industrial and service sectors, high market capitalization and steady FII inflows are the factors contributing to the rise in HNI wealth. In year 2006, India's HNI populaton, or people who own more than a million dollars, crossed 1 lakh, which made it the secondfastest growing HNI segment in the world, after Singapore, where the growth was 21%. If one were to analyse the asset allocation of Indian HNIs, data suggests that while equities make up the greatest portion of India's HNIs' portfolio at 31%, 17 % of their investibles in real estate. “If you were to look at the total pie of investment by Indian HNI , only 2% of the investment from Indian HNIs is going in overseas realty,” says Samantha Jerath, Director with Jerath Properties, a reputed Delhi based real estate consultant having a portfolio of many HNIs. He adds that “barring Dubai and London, I would not reckon any other place due to reasons such as cultural differences, unfamiliarity with laws, language issues.” Also, accessing and monitoring your investment becomes much more difficult when it is an overseas investment as it involves paperwork, making payments from time to time and with many realty investment options available back home with better appreciation profiles, Indians any day prefer their own country.
HNI Vikram Baidyanath says that out of all global property destinations, London is most attractive to him. “I’ve spent more than six years in London and it is more of a second home. Besides, it gives a comfort level to be in London and see our products displayed in stores. The Asian community has a strong presence and English is understood and spoken by all, removing the language barrier.” Though well traveled, he feels he would not be exactly tempted to invest elsewhere – “To invest in foreign realty, either one has to have business interest in it or be really attached to it. Also, appreciation is not all that phenomenal to attract casually investment.”
Lack of awareness is another deterrent for investing in foreign realty. According to Sandip Sen of Calcutta Skyline who has a good network of HNI clients in Eastern part of the country, “We have found that Indians are not investing a lot in foreign markets, if at all they are investing, it is restricted to UK and Middle East. Primary constraints in making overseas property investments include unfamiliar laws, fear of being stuck in litigation, plus lack of general awareness. There are regulatory issues too.” As per RBI, the maximum investments limit allowed outside India is $ 200,000 per year. For anything above that, RBI needs to be approached. Dubai has been a popular choice with Indian HNIs agrees Dubai based realty consultant Mansoor from Spring Rose Real Estate, “A lot of Indian HNIs, especially from South India are investing in retail, while HNIs from Delhi and Mumbai are purchasing apartments from well established brand names.”
With recession, property prices have depreciated globally. But this has not turned overseas properties attractive. On the contrary, according to Dr Devinder Gupta, CEO and CMD, CENTURY 21 India, “Due to the global meltdown and uncertainty in the sector, many projects have become unviable. Even the bankers are unwilling to lend. This has led to Indian HNIs being wary of investing overseas.” There are enough accounts of developers globally being faced with credit crunch and stalling further construction which has delayed most of their projects in the pipeline. The cash flow and credit crunch problems have also impacted the delivery deadlines.
As Samantha Jerath sums it, “Realty investment is all about perception, trust and ease of accessing and monitoring projects. The comfort level is far greater for the Indian HNI in homeland.”
Courtesy:- ET dtd:- 27-03-09
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| BEDROOM FLOORING |
| 03.25.09 (5:32 am) [edit] |
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Before shopping for bedroom flooring, there are a few points one must keep in mind, says Anjali Tiwari
People generally tend to ignore the flooring in their bedrooms, even as they attend to every other detail in the room This blemish must be corrected if one were to have a perfect appearance to the bedroom. Look and Comfort: The flooring which you are going to buy should not just be attractive, look-wise, but useful too. So, apply your skills to judge the best option for your bedroom.
If your time schedule is very hectic, choose flooring that requires less maintenance and is durable as well. Your budget must also be taken into account. So, first set your budget then decide to go for that shopping trip.
The prevailing and popular types of bedroom flooring are:
Flooring tiles:
This type of flooring gives an elegant look to your bedroom. Its look is great and versatile. Its installation is lose easy. The trend of this flooring tile is not new but quite old fashioned - yet it hasn’t faded till now. This flooring tile comes in lots of designs and styles, and basically, made up of different materials like ceramic, vinyl, linoleum and natural stones. Natural stone tiles are made from granite, marble, slate etc. In the market one gets a large range f ceramic tiles like glazed, matte finish tiles and porcelain. Both the tiles are durable and require less maintenance.
Linoleum flooring: It is also known as natural flooring. The word linoleum is a Latin word and is derived from two Latin words - linum (flax) and oleum (oil). This linoleum flooring is best choice for those who really like to walk barefoot at home. Linoleum flooring is not only economic but also provides an excellent support to the feet. Now-a-days, because of its beautiful designs and colors, it is capturing the market as it is durable and economic. It also has a water resistant property and stays put even in tough conditions.
Marble flooring: It gives an elegant and luxurious look to your bedroom. Earlier, it was considered to be a style for the rich class because marble was mined mainly in Italy - but now it has become pocket friendly as it is readily available in India and China, as also Mexico and Spain. For keeping marble floor for a long time, extra care is required. You get marble in two colors - black and white.
These marble comes in tile and slab form. And a combination of both types gives a very stylish and attractive look to your bedroom. Marble is well known for its low heat conduction properties. That’s why it does not warm up quickly. Thus, it is one of the most popular choices for a bedroom as it adds a soothing and cooling touch to the bedroom. However, in winters one must use rugs over it to prevent that extra cool touch.
Laminate flooring: animate floor has some great characteristics due to which it is set apart from other hard wood floors. In the market one can get a number of options of laminate flooring, differing in thickness level. People are crazy about laminate floors for their bedrooms as these are stain free, scratch-resistant, as well as water resistant. It is preferable to choose thick flooring, as it is more durable and stable. To make this floor last for a longer time, one may go in for wax treatment for sealing the joints. Laminate floor provides a warranty cover for a period between 5 and 15 years.
Vinyl flooring: As it is very affordable and attractive, vinyl flooring is increasingly becoming the choice of a majority of the people. One can get a wide variety in vinyl PVC flooring. It comes in different patterns and styles. So, according to one’s choice, one can buy them for their bedrooms. Vinyl flooring has multiple advantages - that’s why it has become one of the most preferred options for flooring. Its first advantage is that it is quick to install, maintenance free and easy to clean. It stays in good condition even under tough condition.
Wooden flooring: This type of flooring gives natural and great look to the bedroom. Because of its versatile nature it goes well with all kind of furnishings. Since wood is very delicate, it is important to maintain the floor, which calls for a regular cleaning. You can go for the special wood cleaner which is easily available in the market. As moisture is harmful to wooden floors, it should be protected from water. So, instead of washing it, one can sweep the wooden floor regularly.
Courtesy:- Times Property dtd:- 07-03-09
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| CHENNAI With real estate residence |
| 03.24.09 (4:20 am) [edit] |
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Chennai's current residential real estate scenario is considerably depressed. Developers who have projects along the once booming IT corridor are all set to reduce their rates by as much as 20 per cent.
However, the Mogappair-Porur composite region continues to hold mid-to-long term investment potential.
Drivers
1. This overall location is very close to the prime residential catchments of Anand Nagar and also to Chennai railway station and the bus terminus.
2. The fact that it is not near the IT corridor also increases its potential.
3. The rates here are competitive at Rs. 2800-3000 per sq ft.
4. The expected appreciation for residential properties here is between 20-30 per cent long term).
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| MOHALI With real estate residence |
| 03.24.09 (4:20 am) [edit] |
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Residential rates at Chandigarh have gone through the roof, and there is little scope for appreciation as of now. Moreover, as Chandigah is a planned city conceived on certain density specifications, there are limitations on development. It is, therefore, not dynamic in real estate terms, which means it will not change much with time.
Chandigarh could not partake in the IT boom for these reasons. However, adjoining Mohali presents a completely different picture. The area called Greater Mohali, which encompasses the fast developing Landra-Mohali Road area, is a very promising residential zone Pan India developers such as
Unitech, Emaar-MGF, Ansals and DLF have snapped up land here to develop mega, multi-sector residential hubs. These will be highly organized cluster projects, and all the right drivers are in place.
Drivers
1. International airport coming up.
2. Indian Business School coming up.
3. Multi-terminal bus stand soon to be commissioned.
4. 120 acre township with IT SEZ coming up
The investment opportunity here is in land, which currently sells at between Rs. 12000-14000 per sq yd. After 3-4 years, the cost of land in these areas will surpass those in central Mohali, which currently stand at Rs. 30000-35000 per sq yd.
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| PARSVNATH LAUNCHES AFFOHOUSES IN LUCKNOWRDABLE |
| 03.23.09 (1:41 am) [edit] |
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Parsvnath Developers Limited announced the launch of parsvnath Royale Floors, independent floors in parsvnath City, lucknow. It is located on the main faizabad Road, lucknow, which is a part of an integrated township - parsvnath City. The project offers four BHK units having saleable area of 1665 sq ft, three BHK units having a saleable area of 1435 sq ft 1135 sq ft and two BHK units having a saleable a mall of 900 sq ft. The offering of the independent floors comes in the price range starting from Rs 13.95 lakh to Rs. 27.50 lakh.
Courtesy:- HT dtd:- 07/03/09
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| KUNDLI NOW JUST 15 MINS AWAY FROM MUKARBA CHOWK |
| 03.23.09 (1:40 am) [edit] |
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Now, you can breeze your way through Mukarba Chowk and arrive at
Kundli in
15 minutes flat] A possibility that turned into reality on March 1, 2009 with the
inauguration of the Mukarba Chowk grade separator by the Chief Minister, Sheila
Dikshit. Mukarba Chowk is known for long traffic jams and a ceo Kling to a recent
RITES survey, is also the busiest intersections ín the city with 2.36 lakh vehicles
passing through the mute every day. Because of the grade separator now the travel time
from Connaught Place to Kundli would barely take 40 minutes.
Says Kamal Taneja, MD, TDI
Infrastructure Ltd, "Life will be a serene journey to our township - TDI City now.
The commencement of the grade separator at the Mukarba Chowk has brought bliss to the
lives of the thousands of imple by saving time, which is as precious as money. It is a
pacemaker in the lives of commuters and also our prospective residents. Making lives
easier is what we thrive on for the gm with our country"
Courtesy:- HT dtd:- 07/03/09
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| What next? |
| 03.08.09 (11:22 pm) [edit] |
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With the current financial constraints of the
developers and no support coming in from the interim budget, the builders will be
better
off focusing on the core fundamentals of good real estate development
that concentrates on space efficient apartments with respectable
finishes and cost-effective amenities for the middle class buyers.
As for the buyers, they are better off starting their apartment search
today by negotiating hard with reputed developers to get the maximum
space with upgrades at the minimum price per square feet and ink the
deal, says Amit Ramani, President, Nelson India.
Long horizon
Yet another view is that the lack of sops will build up pressure that
will lubricate demand and supply in such a manner that down the line,
things are bound to fall in place. Simply put, the next six months will
be critical.
According to Harsh Vardhan Roongta, CEO of apnaloan.com, the revenue
deficit numbers tell the true story The money . markets are clearly
recognizing the stress. Obviously reducing interest rates to stimulate
demand is clearly not going to be easy in such a situation. In fact,
interest rates have reduced only marginally and have stubbornly held on
despite the massive dose of liquidity that has been injected in the
system over the last two-three months.
So what does it mean for the residential real
estate sector? “I think
as the holding capacity of the developers reduces, we will start
seeing reduction in prices across the board sometime around May June
when the lean season anyway begins even in normal times. The consumer
should pick up the signals after a short time lag and we may see the
OND quarter to be a pretty good quarter in terms of consumer demand.
Of course, it all depends on how the economy rolls out and whether the
good show put up by the agricultural sector will continue this year as
well. The government (both current and
to-be formed) can kick-start
this process by at least removing the regulatory cost (in fact it
should be called a tax) on land that adds up to anywhere up to 30-40
per cent of the land cost. Since this cost is mostly added at the
state government and local bodies' level this will require an
across-the-board consensus of the kind that has been achieved on VAT
and GST. A tough ask but in the extraordinary situation currently
prevailing, it is possible if guided with some degree of imagination
and fiscal incentives.”
Courtesy:- HT dtd:- 21-0
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| YES, THREE GOVT BANKS TO FLOAT ASSET RECONSTRUCTION COMPANY |
| 03.08.09 (11:21 pm) [edit] |
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Private sector
Yes Bank is planning to form an asset reconstruction company (ARC) in partnership
with a foreign lender and three public sector banks — Bank of Baroda, Union Bank of
India and Bank of India — in the next 6-9 months.
Sources close to the development said that the ARC would be capitalized at about Rs
110 crore. While Yes Bank will hold a 29.5 per cent stake in the venture, the three
local banks will have a combined 33 per cent stake and the balance 37.5 per cent being
offered to the foreign partner.
Yes Bank, which was earlier in talks with JP Morgan for its ARC foray is now scouting
for a new foreign partner.
“The foreign partner would be a US-based lender. The bank has received the first level
of RBI approval, but the foreign partner has not yet been finalized,” said the source.
According to the
foreign direct investment (FDI) norms, a foreign partner cannot hold more than 49
per cent stake in an Indian firm. For taking stake in the ARC, the foreign partner
will also have to seek an approval from the Foreign Investment Promotion Board (FIPB).
“With the stock of non-performing assets (NPAs) growing with Indian banks, there could
not be a better circumstance than now to enter the ARC business. Yes Bank expects to
acquire assets worth more than Rs 1,000 crore during the first year for the business,”
the source added.
However, unlike other established ARC players such as Arcil and IARC, the Yes Bank-led
ARC is not expected to look at acquiring retail NPAs from banks.
“To begin with, Yes Bank will look at acquiring long-term assets, mostly on the
corporate loan books,” the source said.
After closing
investments for the Global Environment Fund, Yes Bank is looking at launching
its second private equity fund — Distressed Assets Fund — in April. The bank has
partnered with a West Asian bank to launch this Rs 500-crore fund.
The bank plans to launch a Rs 300-crore Social Sectors Fund, a real estate fund, and
an infrastructure fund in the next two years
Courtesy:- BS dtd:- 05-03-09
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| SOLITUDE IN THE CITY |
| 03.05.09 (11:50 pm) [edit] |
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Nearby is an amphitheatre on the banks of the wetlands overlooking the bamboo bridge. Although the water isn’t clear — that would have been a miracle indeed! — I was lucky enough to see a shoal of river eel. Suddenly, something made me look up: it was a hawk perched on top of a dry tree. Just as I pointed my camera, it spread its glorious wings to fly off and I captured the moment.
Turning right, we walked parallel to the boundary wall. Far behind the trees, a bulbul rested on another dry branch. A little ahead, quite near another small water body, I was attracted by the sound of a bird. Led by the sweet song I reached a kingfisher on a tree on the other side of the pond!
For the aficionado, my “haul” of birdlife and nature may seem commonplace but the very idea that such an eco friendly environment existed so near the hustle bustle of Delhi’s business district made it extraordinary. This was no zoo, with enclosures and iron bars; everything was as close to me as nature should be. For me, viewing wildlife there was as much of an adventure as any safari on the Serengeti or Misaim Mara. And the flora and fauna was diverse enough to make me think, who needs Singapore’s night safari?
At present this little hidden gem is reserved only for schools and institutions, not for the general public... Hence the barrier at the main gate. Though already 5 years old, the park is still evolving, with scientists planting more species of plants and documenting more birdlife. All to the good, I’d say, more green lungs for Delhi.
Looking at the peaceful environment inside — the ideal haven for botany students and nature lovers — I wonder if it isn’t a good idea after all to prevent the hordes from invading this calm habitat with their picnic hampers and noisy children.
I wouldn’t want this garden of Eden to end up looking like
Eden Gardens during a cricket match....
Courtesy:- ET dtd:- 26-02-09
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| BLACKSTONE MAY BE TOP BIDDER FOR PRESTIGE BIZ |
| 03.03.09 (4:02 am) [edit] |
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Blackstone has offered around Rs 230-240 crore to buy out southern realty major Prestige Group's serviced apartment business managed by the international luxury hospitality brand Oakwood.
The private equity giant's proposal, which is still in the early stages, falls below Prestige's asking valuation of Rs 300 crore, at least two people close to the development said. However, Blackstone may have merged as the top bidder for the 177 key serviced apartment asset located at UB City in Bangalore's central business district. ET could not confirm this independently. When contacted, a senior Blackstone official said the firm will not comment on any specific deals.
Oakwood Premier Prestige, a full service five star one-to-three bedroom property, became operational in the last quarter of 2008. Oakwood has three properties in India currently, Pune and Mumbai are the other locations. Sources said a Hong Kong based fund as well as domestic financial investors like Kotak have also looked into the potential deal. An official with Kotak private equity said the firm did show early interest but has decided not to proceed with it. Senior officials at Prestige Group could not be reached at the time of going to press. Earlier media reports had indicated that the Bangalore headquartered realty player has put a few of its projects on the block to unlock liquidity. Prestige is a joint venture partner with UB Group in the 1.5 million sqft mixed use development in UB City where Oakwood is located.
One banking source said a deal looked uncertain as most potential buyers were looking at bargain valuation given the market conditions. It is believed that Prestige was looking at Rs 350 crore valuation in the beginning, but has now decided to settle for at least Rs 300 crore still higher than all the offers on the table at present. The 50 year-old Oakwood Worldwide has 23,000 residences at over 4000 locations offering complete housing solutions to mainly corporate travelers globally.
Courtesy:- ET Dtd:- 20-02-09
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| HAPPY TOWNCOMING |
| 02.28.09 (2:55 am) [edit] |
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SEAMLESS URBANISATION KEY TO ECONOMIC PROSPERITY
Mohanjodaro and Harapa were large cities with covered drains, paved roads and town planning. That was 4,500 years ago. Today's Indian cities lack these ancient virtues and are most notable for accommodating an agonizingly large proportion of the population in slums amidst filth, crime and amazing ingenuity that prevents the human spirit from succumbing to utter degradation in these environs. This situation is poised to become worse, much worse, unless we take action to build new towns, and build altogether new kinds of towns.
The challenge is straightforward. Fast growing India has to urbanize equally fast. The share of agriculture is down to 18% in total output, already. This will go down further, as agriculture grows at sub-4% rates, even as industry and services surge ahead at double that rate, year after year.. The share of the population living off primary activities also will come down. Services and industry grow, preponderantly, in urban settings. The share of the urban population, a mere 28% according to the 2001 Census, will go up, and much faster than it has so far.
If we assume that 15 yeas from now, half of India's population, projected to reach 136 crore by then, would be urban, that would mean an additional 32 crore people living in towns (this assumes that the present level of urbanization has already moved up from the 28% of 2001 to around 32% of 113 crore).
Can we imagine the stet of affairs if these 32 crore people descend on the existing towns and cities? It is inevitable that we build new towns to accommodate the new residents of towns. And assuming a very high population density of 12,000 people per sq km, we will require additional urban space of 27,000 sq km. Make that 18 cities each the size of Delhi.
Building new towns is the key to raising productivity of the Indian economy as well. Right now, artificial shortage of urban land has put a premium on the cost of real estate. Office rentals, hotel accommodation, land for factories, all these cost the earth and add o the cost of the goods and services emerging from these expensive sites of production. Expensive real estate makes education and health care costly as well. Hospitals and schools in urban areas will find that upwards of 50% of their capital cost is accounted for by real estate. This jacks up the cost of quality healthcare and education, and these higher costs feed into business costs, affecting India's competitiveness in the global marketplace. Another consequence of asking up the cost of healthcare and education is to make these unaffordable for the majority and to waste resources, even if these are made available through public financing of health insurance. The simpler alternative is to remove the shortage of urban land and bring down the capital cost of providing these services drastically.
The way to remove the shortage of urban land, of course, is to increase the supply of urban land. This essentially means building more towns, converting rural land into urban land.
Such change in land use already happens. When a new highway is built, small shops cluster on either side and grow into small towns in no time. But these are haphazard structure, devoid of even rudimentary planning, infrastructure like sewerage, parking or public places. We need planned urbanization instead of mushrooming of shanty towns.
India and China are coming under increasing pressure from the rest of the world to reduce their emissions of greenhouse gases. While these emissions are tiny in per capita tars, in the aggregate, they make these developing giants some of the biggest contributors of climate change. New cities that cut down on energy consumption by up to 50%, as compared to conventional towns, can become symbols of India's commitment to mitigating climate change.
How can new towns cut down on emissions? Through better planning and adoption of better technology. The largest claim on energy in a city is transport. By going vertical, and by allowing mixed land use, it is possible to ensure that people live close to where they work. Building tall buildings, however, calls for opts of planning to provide for parking facilities and open spaces where residents of these tall structures can take in nature. The advantage of building a new town from scratch is that public transport through multiple modes such as buses, underground and overhead rail and tram can be built into the structure of the town.
Green buildings can reduce energy consumption for heating/cooling and lighting. The use of the right building materials, paints, designs that maximize the use of natural lighting, tapping the temperature differential blow and above the ground, light emitting diodes that yield double the units of light per watt as compared to compact fluorescent lamps — all these can reduce energy consumption substantially.
Proper town planning and sensible laws on rents that understand that liberal supply of housing rather than regulation is the best guarantor of cheap rentals can prevent the growth of slums.
Low cost tenements should be planned alongside posh residential blocks so that service providers live in regular housing rather than become illegal squatters on land not intended to accommodate them.
Municipal laws and governance structures must allow such new towns to be run efficiently. Cities must have sufficient taxation powers to be able to issue municipal bonds to carry out developmental work. They must have enough administrative powers and staff under their control to perform the services expected of them.
Courtesy:- ET dtd:- 19-02-09
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| PLANNING TO AVERT URBAN DISASTERS |
| 02.28.09 (2:55 am) [edit] |
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All this calls for a bold new agenda of urbanization. The Jawaharlal Nehru Urban Renewal Mission is a good beginning, but does not address the creation of new towns. This calls for political innovation and boldness.
To take on the challenge of releasing land for urbanization, to begin with. Ousting villagers or fobbing them off with paltry compensation is not a viable option in democratic India. The solution is to convert those who lose land to urban projects into stakeholders in what comes up on their erstwhile land.
There would be no unique one way to achieve this. Political imagination can, however, find a way – provided it is rooted in the welfare of the collective, rather than in the cavalier whimsy of an elite.
Those states that can find the best way to urbanize fast will win the race to prosperity. Happy building!
Courtesy:- ET dtd:- 19-02-09
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| BUT SERVICE TAX CUTS, NOT LOWER DUTY, TO HELP REALTY |
| 02.26.09 (10:50 pm) [edit] |
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The real estate industry is not enthused by the cut in duty on bulk cement from 10% to 8%. However, the cut in service tax rate from 12% to 10% will benefit those who have taken large commercial properties on rent.
Gera Developments CMD Kumar Gera said the reduction of 2% will have no impact at all. “It will make a difference of just Re 1 per square foot on the cost of construction. It is irrelevant and means nothing for the industry,’’ Gera said.
Real estate consultant Ashok Narang too felt that the reduction on bulk cement duty would make no difference on eal estate. “The market will kick start only when banks bring down interest rates to about 7% for a longer period. This cut in duty is just an eyewash. There need to be more incentives for the housing sector.’’
The head of a large real estate company said the cut in service tax will benefit those who are on rent in large commercial complexes. “For example, someone paying Rs 1 crore as rent annually for an office space. Earlier, he would have paid Rs 12 lakh as service tax. Now he would save Rs 2 lakh annually since under the new rate his service tax outgo will be Rs 10 lakh,’’ said the official.
However, industry players feel the government decision could have a positive impact on people’s sentiment. Property redeveloper Pujit Agarwal said that at a time when market sentiments are low, any kind of incentive is helpful, however small. “The duty city will bring down the cost of construction by just 1.5%. It is not much, but nevertheless a breather for the industry. The government wants to show it is being proactive,’’ he said.
South Mumbai developer R C Chaturvedi said a cement bag currently costs Rs 260. “With this reduction the saving per bag will be just 1.2%. This will not make much difference on the cost of construction,’’ he added. Developer Sunil Mantri of Mantri Realty said a cement bag will now be cheaper by Rs 5 to Rs 7. “Its a good step by the government, although a small one,’’ he observed.
Developer Pravin Doshi, who is also the president of the Maharashtra Chamber of Housing Industry, however, observed that this will make a difference on big projects. “It will help a lot. The cost of construction will reduce by at least 7% to 8%. It is a good decision.’’
Courtesy:- TOI dtd:- 25-02-09
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| GOVERNMENT OKAYS ADANI SEZ MERGER |
| 02.26.09 (3:14 am) [edit] |
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The Board of Approval (BOA) on Special Economic Zones (SEZs), the apex decision-making body for such tax-free industrial enclaves, today approved a proposal to amalgamate three separate zones, effectively lifting the 5,000-hectre limit on such zone that the government imposed in 2007.
The combined zone, which is promoted by the Adani group, will create India’s largest SEZ with an area of 6,100 hectares in Mundra, Gujarat, making it the first zone to exceed the 5,000-hectare limit.
These three zones, which have been notified and were situated next to each other, include two multi-product SEZs and a power-based zone. The clearance to consolidate the zones was given today at the last meeting of the BoA under the present government.
“The amalgamated zone is likely to see investments of over Rs 1,00,000 crore and employ over 500,000 people in the next 10 years,” said a government official.
The Board, which will meet again only in June after a new government is elected, also formally approved nine SEZs, including one being developed by a company promoted by Anand Jain, a close associate of Mukesh Ambani, chairman and managing director of Inda’s largest private sector firm Reliance Industries Ltd.
Adani had cited reduction in operating costs as one of the reasons for consolidation.
The three SEZs wer notified separately because the developer bought the land in separate trenches. A public utility road runs between the two multi-product zones, which prevented the consolidation of the SEZs. This road will now have brides connecting the two zones.
The power-based SEZ will have to produce 2,300 Mw of electricity. “The first unit of 300 Mw will start producing power next month,” the official said.
The merged SEZ was allowed to exceed the 5,000-hectare limit after an Empowered Group of Ministers headed by External Affairs Minister Pranab Mukherjee, in October 2008, permitted zones to be amalgamated. There was, however, a condition that each zone could not be more than 5,000 hectares.
Significantly, the same group of ministers had capped the maximum size of SEZs at 5,000 hectares in April, 2007, against the backdrop of public outrage against the zone.
The board also cleared Essar’s steel-based SEZ to export its products to an adjacent steel plant of the same company through a conveyor belt. “There were some apprehensions that some goods from the SEZ were being diverted to the domestic tariff area next to it, but on inquiry it was found that there was no such case,” the official said.
Courtesy:- BS dtd:- 24-02-09
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| IF YOU'VE GOT IT, FLAUNT IT! |
| 02.26.09 (3:13 am) [edit] |
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Never mind political correctness, rich homes will boast of bespoke furniture, bigger accessories, mirrors and a sens of drama this year, predicts Abhilasha Ojha.
I it’s been less than 72 hours since Nikhil and Payal Sen returned from Ambient, the annual trade fair in Frankfurt that focus on trends in interiors around the world and has lure companies, brands and consultants from all over participating. “What we saw there,” says Payal, “is what you’ll find in selective homes in India. ” As an afterthought, she adds, “You’ll also find variations of these trends to suit different pockets.” Husband and fellow interior designer Nikhil explains, “We create even a product like candle in keeping with current trends. That’s what we mean by variation,” he says.
But really, what are the design trends in interiors if one is looking at doing up homes for the rich and the exclusive — for members of the billionaires club? Giorgio Armani, who, besides dressing up those who can afford his couture, also breathes in his sense of style into individual homes through Armani/Casa, his home furnishings company, recently mentioned in a newspaper interview that “exaggerated fours and patterns and eccentric shapes have to be done away with in not just fashion but also in the domestic landscape”.
Reflecting this emerging mindset is a limited edition furniture line at Casa, UAE, for instance. Though the designer himself is likely to tell you that he doesn’t adhere to any particular theme, the pieces, reflecting a “Jazz era theme”, boast of simple geometric patterns, precious finishing and a fascinating contrast between refined and rough materials.
Among other things, the UAE store showcased Antoinette, a slinky, mirrored, retro-themed dressing-table in what Ambani’s office calls “a pale shade of Champagne”, with mother-of-pearl details, and Adelchi, a sleek desk with a surface of shiny metal tiles.
But how much of these international trends in design and interiors are reflected in exclusive homes in India? “They are reflected cent per cent,” says Payal. “Global trends do have n impact on the Indian consumer,” she adds.
Though she doesn’t disagree completely, Anjalika Kriplani of Renaissance Homes, a high-end furniture store, sys, “International trends reach Indians — and we’re talking only rich and famous here — at least a year later. So, for instance, if the global trend in nod they always like to look at everything very closely and then decide on what they’d like to include in their homes. On our part,” she adds, “We prefer to give them as many options as possible.” In her view, current trends include emphasis on white furniture, on “bigger” pieces and lots of mirrors in different areas of the home. “Mark my words, by next year, the emphasis in interiors will be on a classic Victorian look,” she says. Payal, in fact, predicts that in terms of colors — on the walls, for example — the emphasis will be on creating a sense of drama through warmer tones. (“Black, fuchsia and yellow tones age very much in.”)
At Casa Forma, a one-stop property services outfit for the ber rich, CEO Faiza Seth is already culling out finer details former discerning clients. With a focus on the luxury market, Seth says that “bespoke furniture is a growing trend”. She adds, “Clients want their home to be unique. There’s an increasing demand for customization and we find clients wanting the perfect balance between having designer statement pieces alongside bespoke furniture pieces to create a scheme based on their personal tastes, interests and lifestyles.”
Casa Forma, for example, is designing bespoke wardrobes to house a client’s collection of shoes, bags, jewelary and building walk-in wardrobes built around a client’s height, as well as designing a dining suite with inlay motifs to match the decor of the dining room.
That apart, experts like Seth are agreeing on how the rich have a newfound love for clean and white streamlined surfaces. “White is also an amazing and versatile neutral that can be used with a wide array of other accents and colors to make the design of the furniture Stan out,” explains Seth. She makes another interesting point. “Global influences are mixing with traditional influences to create a fusion of styles that includes the best of different worlds.” The English Country look, for example, can be mixed with Eastern influences, African safari prints or Asian patterns.
Interior architect Raseel Gujral, who has designed some of the finest homes in India, agrees that “one’s own influences are coming forth and reflecting in homes.” She says she feels relieved that “Our own traditional influences, our heritage is finally finding a lot of prominence in homes. ” The love affair with labels, according to Gujral, has, thankfully, reduced. Instead, the emphasis is on “a jeweled look with more than a hint of Indian heritage”. Gujral is sticking to neutral colors for walls even though “cinnamon and ochre tones” are finding a lot of takers. She is offering, in furniture for instance, lacquer on wood, semi-precious embellishments, metal-embossed motifs and what have you. “We find the rich lot preferring the use of old design objects even in contemporary settings,” says Gaelle Lunven of Sia Home Fashion.
Renowned designer of luxury yachts Patrick Knowles, says, “Trends in mega yacht interiors are a good indicator of what the rich are seeking in interior design, whether on lad or at sea. We are increasingly creating vintage Italian villa themes in yachts too.”
Back home, however, designer Rajeev Kanwar of Window Passions laughs, “The rich lot is getting dictated with apartment culture. Design in apartments (no matter how big) will look rich, but understated.” He says that it’s in the villas that opulence is reflected. “The classic modern look in homes continues to do well and yes, I do see a lot of emphasis on bigger pieces that dot homes,” he says.
What the Sens saw in Frankfurt, in fact, is a reflection of Kanwar’s statement. Candelabras reaching out to nearly touch chandeliers, the merging of materials in furniture, jade and metal, chrome and wicker, tall lamps, big pieces of blown-glass vases and other accessories, the element of bigness and the drama of colors is what’ll dominate homes in the coming year. We have it from our experts.
Courtesy:- BS dtd:- 21-02-09
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| LOAN AGAINST PROPERTY |
| 02.25.09 (4:35 am) [edit] |
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You can raise funds by mortgaging your property
Are you in urgent need of money? Perhaps a loan against property can bail you out of crisis. This is a loan disbursed against the mortgage of your property. Personal loans come with a high interest rate tag and short loan tenure. When you take a loan against property, it works to be cheaper than a personal loan. This is because the lender has a security in the form of mortgaged property, which does not exist in a personal loan.
With a long repayment period, usually 10 years, you can get a loan against your house. You may need the money for your child's education, marriage or other exigency. Like in the case of personal loans, the lender does not ask how you intend to spend the money.
Some banks extend the loan against property facility to residential as well as commercial properties, for loan amounts ranging from Rs 10 lakhs to Rs 3 crores (varies from lender to lender). From funding existing business to debt consolidation, emergencies and education, these come as a big relief in times of need. Some banks even throw in freebies like free personal accident insurance cover.
To qualify for a loan against property, you must be above 21 years of age and less than 60 years, if salaried. The maximum age limit for self-employed individuals is 65 years. Salaried applicants are expected to be employed continuously for at least three years. The eligibility criteria are the same as that for a home loan.
Documents required include proof of identity (passport, driving license etc), proof of residence address (passport, electricity bill etc), and proof of age(birth certificate, school leaving certificate, passport etc). Salaried individuals must submit their latest acknowledged IT returns or bank statements for the last three months. Self employed individuals can submit computation of income for the last two years certified by a charted accountant.
Some lenders allow this loan to be taken as an overdraft. The advantage of taking a loan using the overdraft option is that you have to pay interest only on the money you withdraw, till the time you repay it. Otherwise, if you seek a normal loan, you will have to pay the interest on the entire amount throughout the tenure of the loan.
When choosing a lender, there are other factors that you must consider like fees and penalties. Processing fees is the amount charged by banks to cover the cost of processing your loan. This amount varies from bank to bank. The fee is usually between 0.25 to two percent. Prepayment penalty is paid by the borrower for foreclosing the loan before the actual tenure. This is levied as a percentage of the outstanding principal of the loan amount by some lenders. Understand these penalties, charges and fine prints before you select a lender.
Courtesy:- Times Property dtd:- 21-02-09
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| REALTORS PLEAD FOR PICK-ME-UP DOSE |
| 02.25.09 (4:34 am) [edit] |
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"We are disappointed. We executed much more from the government to kick start the economy," said Niranjan Hiranandani, managing director, Hiranandani Constructions.
Though the stimulus packages announced in recent months did benefit the real estate sector, the industry was expecting more relief after a humbling year in which the sector which rarely saw anything but a boom saw a slump in demand, oversupply and stagnating, if not falling, prices.
"Shining India" with high economic growth had resulted in industry borrowing huge sums of money to build malls, apartments, IT parks and offices. Now, the industry is looking for tax incentives for small homes and easier loans for home buyers, as affordable homes look more real than other things.
Industrialists believe the real estate sector needs help because stimulating this sector is a worldwide practice during slump conditions.
"By definitions, an interim budget has its limitations. We had nevertheless hoped that it would factor in the overall languid state of the real estate sector and provide measure that will assist in energizing it," said Anuj Puri, Chairman & Country Head, Jones Lang LaSalle Meghraj.
The sector got prominence from 2004 when home lone interest rates crashed to 7.5 per cent enabling many home lone seekers to own houses. Soon after there was a bull run in this sector which grew by over 100 per cent year on year till the bubble burst in 2008.
The industry is now licking the wounds caused by acquisition of high-cost land, high borrowings, overpricing and irrational exuberance on demand.
Courtesy:- HT dtd:- 17-02-09
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