Archive for Reality Firms
August 12, 2011 at 7:23 am · Filed under Banks, Builder, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, Loans, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Residential Property, Selling ·Tagged buy, home loan, Indian Real Estate, lease agreement, property transfer, registration agreement, rent, residential property, sale deed, stamp duty, title deed
One always thinks that owning a home is the best option. But at times renting has an upper hand as it can economically help you and help you save on your cash. It is you who can see through the situation and then work out a plan that suits you and your pocket before you decide anything.
At one point or the other everyone in his or her life faces this question as to whether go for a rented accommodation or by his own dream home. Some people opt for the rented abodes while others prefer to invest their money in buying a home. This is a very crucial decision and one has to consider all aspects before making the final call as there is always a possibility of things going topsy-turvey and your dream of buying a home can become the biggest nightmare of your life which might end up with financial crunches.
Advantages of Renting
- Monthly rentals – as the monthly rental installments can be planned before hand so there is no place left for uncertainties, though there is a rise in the rental rates every year but this is also not unsure.
- Legal requirements of having a rent or a lease agreement in place are important. This agreement is normally for a year or 11 months depending on the applicable legislations. But this agreement can be annulled at landlord’s will during the said tenure; there is always an uncertainty over rental places.
- Cost of moving from one rented place to another one after the lease expires.
- Emotional cost of moving from one rented house to another along with the loss of accrued property.
- Opportunity cost required in the case of rented homes is the price appreciation
- No threat engaged in the form of any changes in the real estate sector.
- Tax benefits can be availed by staying in the rented accommodation as many employers have to pay House rent allowance to the employees staying at rented houses. However, this normally offsets the tax benefit as it is counted for the interest paid out on home loan, though it may vary from one situation to another.
Advantages of Buying
- Amount involved in buying an own home can be computed and can be paid as per the expediency-no uncertainty involved if the buyers goes for the construction linked plan.
- Legal requirements include in case of new property are title deed, sale deed, stamp duty and registration agreement, in case of resale property transfer deed is also required.
- Expenses have to be borne for maintenance, utilities, renovations and other such issues including the property tax as well.
- Emotional gain as being capable enough to accumulate and contribute towards the property accrued.
- Opportunity cost incurred is in the form of cost of capital.
- Risk involved is that the real estate sector is always accompanied with a huge amount uncertainty which eventually effects that the final price appreciation of the home bought. There is also a financial risk involved with the rise of the interest rates of home loan in case if taken.
- Tax benefit evaluation needs to be calculated as this might vary in different situations.
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July 27, 2011 at 10:17 am · Filed under Builder, India Real Estate, Indian Properties, Indian Real Estate, Properties, Real esate, Real estate trends, Reality Firms, Residential Property ·Tagged bamboo, eco-friendly homes, eco-friendly houses, eco-friendly paints, Indian Properties, Indian Real Estate, recycled wood
Now a days numerous economical options are there for you to go green with your homes and contribute your bit for the environment.
- One of the best ways to go green is to recycle or restore your old furniture. You should look out for recycled wood and moldings. You can even give your old wood a new look and feel by repainting old cabinets, moldings, doors and floorboards.
- Cork and bamboo are good alternative eco-friendly flooring option or you can even use reclaimed wood floors. When you are on a look out for new furniture, you should seek low volatile compounds (VOC’s) and furniture made out from recycled material.
- Use eco-friendly paints for your walls. You should buy paints with low VOC’s as they are free of toxic materials and can be easily cleaned and give the same color effect to the place.
- Use eco-friendly wall cover. Some of the options for natural wallpaper are natural non-vinyl products like bamboo or grass-cloth. These are made from eco-friendly fibers that are colored with non-toxic dyes and water-based inks.
- You have endless options for eco-friendly floorings, starting from reclaimed wooden floors, cork flooring, stone floors, bamboo, recycled glass, linoleum to recycled metal. These materials can be utilized to create innovative ultra modern country feel to a contemporary minimalist one.
- You should avoid using polyester or foam filling options. You can use natural fibers made of wool, cotton that can turn out to be awesome alternative options for soft and comfortable cushions, bedding, and pillows.
- Lower head showers should be used in the bathrooms in order to reduce the water as well as electricity consumption. You can use timber and rubber floorings to add more class to the bathroom.
- You can use natural fabrics, such as cotton and linen as eco-friendly substitute to deck up your furniture. You can also find bamboo based fabric as well as organic cotton and wool options for upholstery, pillows and drapes. Nowadays a lot of upholstery manufacturers are offering a wide range of designs in additional fabric choices made from recycled cotton and hemp.
- These days’ markets are loaded with wide range of antiques or artifacts made from recycled products. You can choose from a range of vases, lamps, throws, cushions, curtains, blinds made of eco-friendly materials.
- You should right curtains that will help you make your dream home energy efficient. You can select a curtain with a light colored lining during summers as it will deflect the sun’s rays and will keep your home cooler while a curtain with a dark lining can be used in winters as they absorb any external heat and lock in the warmth.
- You should also assure that the design of your home should be done in way that it allows maximum natural light. You can use grills or skylights on the rooftop that will help you minimize your dependency on the artificial light and help you save energy.
- You can also use plants to decorate your home as they not only beautify the interiors but also freshen up the environment.
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July 22, 2011 at 9:33 am · Filed under Builder, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, legal, NCR Region, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Repatriation, Residential Property, Selling ·Tagged Allahabad High Court, developers, Greater Noida, Greater Noida Industrial Authority, Noida Extension, Noida Extension Flat Buyers Welfare Association, Patwari Village, Supreme Court
Every judgment went in their favor. But still the farmers, who gathered for the mahapanchayat in Bisrak village on Wednesday 20th July 2011, following the Allahabad High Court’s order that the Greater Noida Authority and real estate developers have to give back 600 hectares of acquired land to the farmers, were not just happy.
The reason behind their unhappiness is that the HC verdict does not talk anything about any remedy or gives direction. The farmers do not wish to take back the land as it cannot be used for any agricultural purpose in the next 10 years due to the amount of concrete that has already gone into it. Apart from this even the water table level has dipped from 30 feet to about 120 feet in the region.
The compensation that was offered to the farmers for the land acquired in the year 2008 and 2009 has already been spent on purchasing new land, on flats in Noida, on constructing their homes, on expensive cars and bikes, on lavish weddings and repaying debts. Most of them today do not have means to return back the compensation amount that they got for their land. In Patwari village the total land acquired was about 600 hectares for which over 450 crore was paid as the total compensation amount to the farmers.
That’s why the farmers yearn for a better compensation from the Greater Noida Industrial Authority and also wish that they should be made shareholders in the future development of the region. The farmers want that the compensation amount should be 50% of the money at which the real estate developers bought land from the authority. The farmers further added that under the rehabilitation policy, they want a fixed stake in the land price hike in the region for the next 33 years. Apart from this, they also want that the village land which was earlier acquired by the Authority should be given back to them on lease without any pre-conditions applied by the authority on the same.
The farmers said that they are not against the developments taking place in the area but they also want to become a part of the development taking place. They also want that good schools, hospitals and colleges should be set up for them in the area.
Out of the 600 hectares of land acquired in Patwari village only 15% of the land was allotted to developers. 15% was kept for educational institutes, about 15% was kept for IT parks and another 15% were marked for Noida authority plots. Remaining 40% was marked for infrastructural developments like roads, bridges, parks, and other public services.
Brig RR Singh, Director-General of National Real Estate Development Council opine that since the construction of the housing projects and external infrastructure development has already been started by the developers and the Greater Noida Development Authority respectively, and as a huge amount of money has been spent on the same, so the Courts should consider these factors so that the interest of all the stakeholders – the farmers, home buyers and the developers can be protected. He proposed that the compensation amount for farmers should be rationally raised and thus the authority can reacquire the land from them.
Developers whose projects have been affected due to this situation had a four-hour long meeting on Wednesday to work out a plan to handle the current situation. The developers stated that they have decided to return back the money to home buyers but only after the Greater Noida Authority opts to refund their money along with the amount that they spent on construction so far.
Although the people who have already bought flats in Noida Extension are not willing to take back their money. They want to own their homes. After the High Court’s verdict, the Noida Extension Flat Buyers Welfare Association, which has about 2,600 members, has decided to file a petition in the Allahabad HC to be made a party in the pending cases associated with Noida Extension so that they can also raise their issues in the Court and get a relief. GL Sagar, secretary of the association said that they don’t want refund. They want their flats. In the current real estate scenario, there is no other option available at this price. If they will take back the money then their dream of becoming a home owner will be shattered.
It’s a tough situation which requires deft handling by all the concerned parties to reach to an amicable solution to this situation
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July 20, 2011 at 10:25 am · Filed under Builder, Commercial Property, Delhi, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, lawyer, legal, Loans, Marketing, NCR Region, Pre-owned homes, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Residential Property, Selling ·Tagged Ajnara, Allahabad High Court, Greater Noida Industrial Authority, indian property, Indian Real Estate, Land Acquisition Act, Noida Extension, Patwari Village, residential property, Shahbheri Village, Spring Medows Panchsheel – Hinish Stellar- Jeevan Project Earth Group - Towne Paramount - Emotions, Supertech Eco Village Nirala - Nirala Estate Patel Group - Neo Town Arihant - Arden Arihant Eros group – Sampurnam Amrapali - Leisure Park, Supreme Court
On 19th July 2011 another verdict was given by the Allahabad High Court that scraped another land acquisition in Noida Extension by the Greater Noida Industrial Authority. 589 hectares of land was acquired by the Authority in Patwari village, in Noida Extension, by bringing into play the urgency clause. The land was purchased for the industrial development in the region but it was given away to real estate developers for numerous residential and commercial projects.
This decision of the Allahabad High Court came after a fortnight following the Supreme Court’s order which defended the high court’s order regarding cancellation of land acquisition of more than 150 hectares in Shahberi village.
A division bench comprising of Justices Sunil Ambawani and S S Tiwari scraped the land acquisition stating that ther was no need to bring up the urgency clause. The court gave the verdict on a group of petitions filed by the farmers from Patwari village.
According to Parminder Bhati, the farmers’ lawyer, this decision of the High Court will surely bring respite to at least 1,600 farmers from the region. He further added that this decision will adversely affect almost 18 big and small developers who have launched or own the land in the area.
The court rejected some of the affidavits that were presented before him by the government lawyer. These affidavits stated that villagers have no objection to the land acquisition and have been satisfactorily compensated. Bhati told that the court ignored all these affidavits.
He said that some of the farmers in Patwari village had accepted compensation but a large number of farmers had refused to the same.
The land acquisition process in Patwari Village was initiated on March 12, 2008. But in September 2009, the Greater Noida Industrial Authority brought into play the urgency clause under Section 17(1) of the Land Acquisition Act, 1894 — which offers for abstaining from the right of a tenure holder to a hearing on whether he wishes to sell off his land or not — and acquired possession of 589.13 hectares of land on papers. The farmers’ counsel said that the physical possession of the land had not started by that time.
In the coming few days, the court would be giving out verdicts about alike petitions which comprise of at least eight more villages from Noida Extension where developers have launched numerous housing projects.
On 20th July 2011, the villagers from Roja and Yakubpur villages are expecting to get another verdict from the high court on the petition filed by them, following which the petitions filled by the village residents from Bisrakh, Itehda, Haibatpur, Ghanola and Malcha would be decreed. On 26th July 2011, the petition filed by the villagers from Dewla is expected to be decided by the high court.
In Noida Extension, 12 projects from 11 builders are affected that include:
- Supertech Eco Village
- Nirala – Nirala Estate
- Patel Group – Neo Town
- Arihant – Arden Arihant
- Eros group – Sampurnam
- Amrapali – Leisure Park, Spring Medows
- Panchsheel – Hinish
- Stellar- Jeevan Project
- Earth Group – Towne
- Paramount – Emotions
- Ajnara
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July 16, 2011 at 9:40 am · Filed under Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, Loans, Marketing, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Residential Property ·Tagged Allahabad Bank, Andhra Bank Limited, Axis Bank Limited, bank, Bank of Baroda, Bank of India, Canara Bank Limited, Corporation Bank, Dena Bank Limited, Dhanlaxmi Bank Limited, HDFC Bank Limited, home loan, ICICI Bank Limited, IDBI Bank Limited, Indian Bank, Indian Overseas Bank Limited, indian property, Indian Real Estate, IndusInd Bank Limited, ING Vysya Bank Limited, interest rate, Kotak Mahindra Bank Limited, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, residential property, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of India, State Bank of Mysore, Union Bank of India
| Banks |
Rate of Interest |
| Allahabad Bank |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Andhra Bank Limited |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Axis Bank Limited |
Base Rate to 9.75% and Benchmark Prime Lending Rate to 17.50% |
| Bank of Baroda |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Bank of India |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Canara Bank Limited |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Corporation Bank |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Dena Bank Limited |
Base Rate to 10.20% and Floating Reference Rate to 15.25% |
| Dhanlaxmi Bank Limited |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 19.25% |
| HDFC Bank Limited |
Base Rate to 9.50% and Benchmark Prime Lending Rate to 18.00% |
| ICICI Bank Limited |
Base Rate to 9.50% and Floating Reference Rate to 15.25% |
| IDBI Bank Limited |
Base Rate to 10.00% and Benchmark Prime Lending Rate to 14.50% |
| Indian Bank |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Indian Overseas Bank Limited |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| IndusInd Bank Limited |
Base Rate to 10.00% and Benchmark Prime Lending Rate to 18.00% |
| ING Vysya Bank Limited |
Base Rate to 9.70% and Benchmark Prime Lending Rate to 18.25% |
| Kotak Mahindra Bank Limited |
Base Rate to 9.50% and Benchmark Prime Lending Rate to 18.25% |
| Oriental Bank of Commerce |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
| Punjab and Sind Bank |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.75% |
| Punjab National Bank |
Base Rate to 10.00% and Benchmark Prime Lending Rate to 13.50% |
| State Bank of Bikaner and Jaipur |
Base Rate to 9.75% and Benchmark Prime Lending Rate to 14.75% |
| State Bank of Hyderabad |
Base Rate to 10.00% and Benchmark Prime Lending Rate to 14.50% |
| State Bank of India |
Base Rate to 9.50% and Benchmark Prime Lending Rate to 14.25% |
| State Bank of Mysore |
Base Rate to 9.75% and Benchmark Prime Lending Rate to 14.50% |
| Union Bank of India |
Base Rate to 10.25% and Benchmark Prime Lending Rate to 14.50% |
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July 15, 2011 at 4:57 am · Filed under Builder, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, legal, Loans, Marketing, NCR Region, Pre-owned homes, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Referal, Repatriation, Residential Property, Selling ·Tagged Ajnara, Allahabad High Court, Amrapali, Greater Noida Authority, Gulshan Builders, Indian Properties, Indian Real Estate, Land Acquisition Act, land use, Mahagun, Panchsheel, residential property, shahberi village, SJP Infracon, Supertech, Supreme Court
The morning of 6th July 2011 brought new ray of hope for the famers of Shahberi village as the Supreme Court defended the judgment for cancellation of huge area of land allotted by Greater Noida Authority (GNA) to real estate developers. This decision of the Court has shattered the dreams of the developers of earning huge revenues as they had launched or were planning to launch new projects in the area.
A bench including Justices G S Singhvi and A K Ganguly sternly condemns GNA for granting approval to developers for illegally changing the land use from industrial to residential purpose and enforced a cost of Rs 10 lakh on the same. The bench also stated that the money will be spent to help poor litigants to fight their cause in Supreme Court.
The Bench rejected the pleas raised by the developers and the Greater Noida Authority and further added that the judgment given by the Allahabad High Court regarding cancellation of the possession of agricultural land in Shahberi village was right. The HC in its order had said that it was misuse of executive power and the purpose behind it was to deceive people as result it was indefensible under the Land Acquisition Act.
The developers who have been asked to abandon their projects include Amrapali, Ajnara, Supertech, Mahagun, Panchsheel, SJP Infracon and Gulshan Builders. The Greater Noida Authority has allotted 4 lakh square meters of land to these builders.
What killed the case of Greater Noida Authority was the transfer of the land in Shahberi village to these developers ahead of the Uttar Pradesh Government’s approval to its request to alter the land use from industrial to residential purpose.
The U.P. Government had purchased the land in Shahberi village for industrial purpose to plan future developments in Greater Noida. Taking into consideration the Collector’s report which shows that 185 farmers, who are the original owners of the acquired land, would be left homeless due to this land acquisition by the GNA, the bench repetitively asked the Authority to be sympathetic and understand the grief of the peasants.
What annoyed the bench was the transfer of the acquired land to builders that is barefaced violation of Land Acquisition Act and expecting an adverse judgment from the Allahabad High Court. It also stated that the authorities have to act only in public interest only where as in the current scenario the Greater Noida Authority was serving private interest and deceiving the purpose of public interest.
The developers reasoned the ruling by stating that they had no trace regarding the transfer of acquired land in their name without obtaining clearance before the change of land use from industrial to residential and wanted to defend the interest of thousands of investors and customers who have already put in their money in these housing projects.
On this plea, the Supreme Court said that it was the developers who were behind the scene when the Greater Noida Authority transferred the acquired land for residential purposes without approval.
A great model of land aggregation where all the parties i.e the govt authorities, the developer, the farmers and the home seekers would have benefited went wrong due to the greed and mishandling of the government officials.
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June 30, 2011 at 1:53 pm · Filed under Builder, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Repatriation, Residential Property, Selling ·Tagged agreement of sale, conveyance deed, home loan, indian property, Indian Real Estate, Indian Registration Act, lease, no-objection certificate, occupation certificate, original title, possession letter, property registration, property transfer, registration fee, residential property, stamp duty
You can become a proud owner and start living in your dream home once you make full payment to the builder or the seller by means of home loan. In spite of this, to become a legal owner of the said property, you must pay the stamp duty and the registration fees applicable for the bought. The stamp duty and the registration fees varies from state to state.
Registering the property is the final step of the agreement done between the buyer and the seller. It is basically a full and final contract duly signed by both the parties involved and as soon as this document is submitted at the local registrar’s office, the buyer becomes the legal owner of his dream home.
DOCUMENTS TO BE CHECKED
The documentation for the registration of a property differs on the basis of the sale made, i.e., whether the property is directly purchased from the developer or is it a secondary sale. If the property in concern is under-construction then the purchaser has to get the property registered in good faith. The document verification process can actually be vast and prolonged.
A financial institution or housing finance company perform the verification process with due diligence prior to giving the final approval for the project and the housing loan. This process gets less complicated in case of a secondary sale as the first owner of the property has all the required documents in place for the registration of the property.
If the concern property is previously under lien, then the mortgaging company has its own set plan. The key documents required for the registration process are a copy of the buyer’s PAN card, photo identity proof such as a copy of the passport or driving license, and proof of residence. Apart from these documents you also need two witnesses.
If the concern property is from secondary sale then you need have all the documents related to the property like original title, conveyance deed, agreement of sale, no-objection certificate, occupation certificate and possession letter from the existing owner of the house.
The document registration related transfer, sale, lease or any other form of disposal of a property are done under section 17 of the Indian Registration Act, 1908.
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June 29, 2011 at 4:55 pm · Filed under Bangalore, Builder, Commercial Property, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, legal, Loans, Pre-owned homes, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Referal, Repatriation, Residential Property, Selling ·Tagged Bannerghatta Road, Fraser Town, HSR Layout, indian property, information technology, Jayanagar, Koramangala, Malleswaram, Outer Ring Road (ORR), R T Nagar, Rajajinagar, residential property, Sadashivanagar, Sarjapur Road, Vasant Nagar, Vijayanagar, Whitefieldindian real estate
The Information Technology (IT) sector guided a major upheaval in the panorama of Bangalore. Development and conveniences were confined to certain parts of the city but the today the city has stretched out its arms and has started developing towards the suburbs and the peripheral areas. With commercial growth are on the horizons in the regions away from the main city, residential choices bounced in the area to meet the increasing demand. Market analysts elucidate this as the IT companies need commercial spaces with huge floor space to accommodate the large number of employees thus paving way for the growth of bigger office complexes specially designed to supply to their needs. These office spaces growth calls for huge piece of land and such land is available in the suburban and peripheral areas of the city. As majority of the IT companies are established in the outside peripheries, demand for residential alternatives heighten is the regions located near to these office developments. Few such new areas that are experiencing spurge in the residential and commercial growth are Koramangala, Bannerghatta Road, HSR Layout, Outer Ring Road (ORR), Sarjapur Road, and Whitefield. Growth of premium homes Conventionally, the major residential regions of Bangalore were by and large limited to Sadashivanagar, Vasant Nagar, R T Nagar, Malleswaram, Rajajinagar, Jayanagar, Vijayanagar, and Fraser Town amongst others. The residential alternatives available in these areas were typically standalone individual bungalows or houses and relatively very few apartment developments. Conversely, with the IT revolution, the city propelled as a foremost IT city in the country and the amiable climatic conditions and moderately affordable values experienced top IT organizations building their offices here. In addition to these commercial developments, an increased demand was brought about in the in the residential sector paving way for some of the major residential developments in the city across areas close to these office developments. Market analysts further added that the meaning of premium homes has witnessed a lot of changes in the precedent, and it will prolong to do so in agreement with modifications in the economy. For example, prior the premium apartments’ sizes vary from 1,600-1,800 sq ft in developing areas like Outer Ring Road and Whitefield, and villas were sized at 1,800-2,200 sq ft.
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June 28, 2011 at 4:44 pm · Filed under Builder, Commercial Property, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, legal, Loans, NRI Related, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Referal, Repatriation, Residential Property, Selling, US ·Tagged agricultural land, Bangalore, expatriates, FEMA, Foreign Exchange Management Act, high=end home, HNI, indian property, Indian Real Estate, lease, NRI, PIO, residential property
The Indian real estate scenario is experiencing an abrupt surge in the overall demand for high-end homes. Amid the exclusive aspects following this surge in demand is the increasing number of NRIs returning, first generation industrialists who are booming in their new set-ups, startup organizations and multinational companies employing emigrants for their growth in the country. Contrasting the previous scenarios, it is the buyers who are controlling the real estate sector now.
The demand mainly is around parts of the country where vast piece of land area is available thus making it promising for builders to provide an all-inclusive array of amenities that have not been heard about in any such housing project.
The demand from corporates for accommodation for emigrant employees has also called for the requirement for high-end homes constructed with international standards which these expatriate are used to. Apart from this, the corporates are also eager to pay lofty rentals for such properties to offer the precise ambience for such employees during their tenure in the country.
The boost in demand for such homes is majorly coming from the IT sector because of the improved connectivity levels and the accessibility of high-end homes in parts nearer to MNCs. In Bangalore, quite lot of villa projects are speeding up the construction process which are estimated to be around the price range of Rs 1.5 crores and a few more are coming up in proximity to Whitefield and Old Madras Road which is another indicator to the spurt in demand for high-end projects.
One of the biggest reasons behind this spurge is the keen interest of the investors who are keeping a tab on the rise in demand for high-end homes and the resulting rentals. Wherever enhanced connectivity options are visible and the vicinity is good enough, the demand keeps on increasing for such homes in the country.
Developers who are developing high-end homes state that most of the queries they get are from businessmen, senior corporate executives and high net worth individuals. Some of them are even keen to invest in a second home. Expatriates are also interested in buying such homes but due strict documentation laws, they normally choose to go for a lease rather than out-and-out buy.
As per the ruling of the Foreign Exchange Management Act (FEMA), nationals of foreign origin who are residing in India can invest in only one residential property once they get sanctions agreed upon by the concern authorities like the State government.
Foreign diplomats can buy and sell any property other than agricultural land, plantation property and farmhouse in the country with aforementioned approval from the Government of India. The payment should be made only through foreign inward remittances by the means of normal banking channels.
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June 27, 2011 at 5:15 pm · Filed under Banks, Broker, Commercial Property, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, legal, Loans, Marketing, NCR Region, NRI Related, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Referal, Repatriation, Residential Property, Selling ·Tagged apartment, credit rating agency, CRISIL, Fitch, green building, home, house, indian property, Indian Real Estate, property title, residential property
Crisil, the credit ratings agency, of late introduced the real estate ratings in India. The market analysts believe that this rating system will help customers to get complete information of the project before buying a house. It is likely to unleash more transparency in the Indian real estate segment and will be offering the details on a project-explicit basis. This rating system will work on the scale of one to seven stars once all available apartment options in the city are compared. The credit rating agency said that the system works on the information provided by a developer to them thus offering right to use varied information required for assessment.
The agency takes into consideration all the parameters set by them and then rates the project. After the builder agrees to the rating offered by the agency, then they go public with the rating and project analysis that will be free for end users. The parameters considered are the record of the developer, the infrastructure he is constructing, finishings, timely completion, cost overruns, pro-sales service, legal issues like property title, and project innovations such as green buildings. The agency will offer the rating of a certain project halfway through the project construction process and will have a close watch on the said project till completion, through which it can also be revised. Numerous rating agencies are introducing real estate rating systems. Fitch is the real estate agency that has been active since couple of years in the international real estate sector.
Discussing the necessity of such rating system and their practicality, developers opine that an overall evaluation of real estate projects will help end users to the best and spot class projects available in a particular city. Such real estate ratings should preferably offer a complete valuation of all project related risks that will influence the quality of the project. If these ratings are done meticulously then they will surely bring in more transparency in the Indian real estate system facilitating the buyer to take a more informed choice. This rating system will also work in the favor of the builders who mainly focus on quality and will present their standing in a different light. Normally buyers face scarcity of information when looking forward to buy a house but such impartial ratings will surely help them to finalize their decision. Even the real estate agents think that this is a very good system and an optimistic move towards introducing professionalism in the Indian real estate sector.
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Free Legal Advice for Indian Real Estate
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One always thinks that owning a home is the best option. But at times renting has an upper hand as it can economically help you and help you save on your cash. It is you who can see through the situation and then work out a plan that suits you and your pocket before you decide anything.
Advantages of Buying
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