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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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