HOUSING FOR ALL

Mar 31, 2008 at 14:01 o\clock

Unitech in Gurgaon.& School in Township

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

 

Unitech Builders have presented a residential project “Lake lands” at NH-8 Gurgaon. Spread over 272 acres amidst beautiful landscape, 246 luxury villas shall be constructed in this project. To provide more options, these 5800 to 6800 sq.ft. Built-up area villas shall be constructed in five designs. In addition to water feature, a nine whole golf course is being also constructed in this project.

  

Real estate company Ansal API have entered into an agreement with education company “Educomp Solutions” under this agreement API group company  Knowledge free Infrastructure Ltd. (KTIL) shall construct schools at those places where company is already constructing a project. Ansal API has constructed 16 townships. These schools shall be constructed in the same. Construction of these schools, first of all is expected commence at Lucknow, Jaipur and Panipat. Thereafter company of Educomp –Edu India Ltd. (EIPT) will talk to various trusts to run these schools. 

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Mar 31, 2008 at 07:45 o\clock

Landmark in Dharuhera .

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

Real estate company landmark group has launched in Dhruhera two residential projects “Golden Villas” and “Golden Height”. The projects, costing about Rs. 450 crores, shall be constructed on a parcel of about 85 acre land while Golden Villas will consist 200 villas of 500 to 100 sq. yds., 600 flats of 2 – 3 bed rooms shall be constructed in Golden Heights.

Mar 31, 2008 at 07:44 o\clock

Ansal in Kyrakshetra

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

 

Ansal API has launched “Sushant City – Kurukshetra ” at NH-1. Restaurant, malls, swimming pool, shopping centre, school, hospital, jogging track, park and club etc shall be constructed in this

200 acre township.

Mar 29, 2008 at 09:53 o\clock

TIVOLI HOLIDAY VILLAGE NEAR DHARUHERA

by: nikkipinki

Tivoli Group has launched a residential Holiday village with fully furnished designer holiday homes just 20 minutes from Gurgaon in Dharuhera. Tivoli holiday village is a preeminent holiday destination closest to the national capital region. It offers a hospitality setting for exploring a holiday experience. The facilities have been developed by using Spanish Hacienda archetype brilliance. The village will have fully furnished apartments with Italian furniture, fully loaded kitchens, ACs, etc. The project will offer studio apartments, 1- to 3 bedroom apartments of 656 to 1,550 sq. ft. there will also be 2-3 and 4 bedroom penthouses of 1,935 to 2,720 sq ft. The price of the studio apartments is Rs. 26 Lakh, and the 1-3 bedroom apartments are for Rs. 34 lakh to 62 lakh. The penthouses start at Rs. 77.50 lakh and go as high as Rs. 1.10 crore.  The total land area of the project is 8 acres and comprises 536 units including villas, two and three bedroom apartments and penthouses. 

Mar 28, 2008 at 09:57 o\clock

GROWTH INDICATORS IN FARIDABAD

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

The Transport Plan 2021 for NCR has the following proposals involving Faridabad-Bhallabgarh Proposal to develop the NH2 from Delhi to Ballabgarh to expressway standards Proposal to connect peripheral expressways, of which the Kundli-ManesarPalwal (KMP) western peripheral expressway and the Kundli-Ghaziabad-Palwal (KGP) eastern expressway are located closest to Faridabad-Ballabgarh The Metro Rail to be ex tended and to have feeder and connect services with the Regional Rail Transit System to cater to the increasing intra-city urban transport needs Flyover at Badarpuronce the congestion at the Badarpur border is removed many corporates will take up office space in Faridabad, given the high rates in JasolaThe Taj Expressway will touch the city at Lalpur and go on to meet NH-2 at Shahpur. The completion of this stretch will improve Faridabad's connectivity with NOIDA Another highway is planned which will start from Kalindi Kunj, run parallel to Mathura Road, and bypass the city. This highway will contain all the new sectors, and will merge with the Mathura Road on the other side of Faridabad, again acting as a catalyst to property rates The three-laning of the Faridabad-Gurgaon road, the widening of the Surajkund road and repairs of all the main and internal roads in the sectors will provide an impetus to realty growth 

Mar 27, 2008 at 11:02 o\clock

REAL DESTINATION - FARIDABAD- HIGH ON REALTY

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

 WITH COMMERCIAL AND RENTAL SPACES ON THE VERGE OF SATURATION AND LAND PRICES INCREASING PHENOMENALLY IN GURGAON AND OTHER AREAS IN THE NCR, FARIDABAD IS GOING TO BE THE NEXT 'HAPPENING' DESTINATION Once again Faridabad is in the news. Grandiose plans for infrastructure development in the area are sure to put the city on the growth highway just like Gurgaon and Noida.  The main reason behind the growth of this town nestled in the Aravalli hills is the land crunch and sky rocketing prices in the adjoining areas. Further, there is a proposal to develop the NH2 to expressway standards from Delhi to Ballabgarh under the Transport Plan 2021 for the NCR. Yet another highway is planned from Kalindi Kunj that will run parallel to the Mathura Road and bypass the city. The three-laning of the Faridabad-Gurgaon road, the widening of the Surajkund Road and repairs of all the main and internal roads in the sector will also provide an impetus to the area.  The city is conveniently located. It is just 25 km from the capital and enjoys proximity to other NCR towns such as Greater Noida and Gurgaon. It is due to these factors that several real estate developers have swarmed into the city. The new kid on the block is the Naharpar area (Sector 86) or Greater Faridabad. The price of land in the Naharpar sectors is around Rs. 14,000 per sq. yd., in Sector 21C it is around Rs. 21,000 per sq. yd. and in Sector 46 it ranges from Rs. 19,000 and Rs. 21,0000 per sq. yd. Among the sectors that have tremendous potential are Sectors 88 and 89 as they will be close to the two future highways.  The upcoming infrastructure in and around Faridabad will help develop it into a world class city This will . include the nearby Taj Expressway (which will be near Sector 80), and a highway from Kalindi Kunj running parallel to the Mathura Road. "After Gurgaon we are now focusing on the development of Faridabad. We are planning one new bypass for which we are acquiring land. People going towards Agra can now use this by pass to go through Surajkund and directly reach the National Highway (across Sector 58, 59). We are also widening the existing bypass at Sector 37 at a cost of Rs. 118 crore that will include the construction of one flyover," says T. C. Gupta, Chief Administrator, HUDA, adding that Sector 75 near the Agra canal is going to be the next commercial hub for Faridabad. If officials are to be believed then the greening of the place is also going to be taken care of. "We have reserved the entire Sector 52 A in Gurgaon as a green area and we are also taking care of the greening of Faridabad," Gupta adds.  According to the Marketing Head (Faridabad Project), Ansal Buildwell Ltd., Ranjeev Kalia, "Access will be smooth once the Badarpur flyover is complete and the construction of the Metro by 2009 will make property prices touch the sky." With the freight corridor and an HSIIDC's commercial hub being planned in the vicinity (the catchment area being Faridabad), the place is all set to become a realty hotbed. Also, with more than 40 malls under construction, the area is all set to develop into a shopping paradise. Points out Avneesh Sood, Director, Eros Group, "One can witness changes in the form of new sectors (with public and private sector partnership) coming up; the setting up of new institutional sectors; changes in the skyline thanks to the new urban development policy, construction of new high-tech electronic and communication units and IT Parks; and better road and transport facilities." Besides, the industrial city (with about 300 large and 10,000 small-scale industries under its belt) that has always been under-priced, is now all set to change. It not only has swanky residential units but several commercial projects in various stages of completion. The locality will shoot into prominence once the planned flyover at the Badarpur border is complete. With the area getting decongested, corporates will move towards Faridabad given the high rates in Jasola. Rakesh Gupta, Managing Director, RPS Group, points out, "The initiatives taken by the Haryana Government have also ensured that the industrial city will reap the prospects of economic growth and that the real estate boom transforms its skyline."  Says Sanjay Mathur, Head (Marketing), Pearls Infrastructure Projects Pvt. Ltd., "Faridabad is one vast virgin tract that has opened up for development in recent times. With commercial and rental spaces on the verge of saturation and land prices increasing phenomenally in Gurgaon and other areas in the NCR, Faridabad is going to be the next `happening' destination."  Property and real estate prices in Faridabad have already shot up. Despite doubts about delivery time and the state of the infrastructure, it cannot be ruled out that once completed (may be in five years time), property in Greater Faridabad will ¦ be a prized possession. 

Mar 27, 2008 at 06:50 o\clock

COMMERCIAL SPACE MORE GAINFUL

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

INVESTMENT IN COMMERCIAL SPACE WILL FETCH YOU BETTER RETURNS THAN THOSE MADE IN RESIDENTIAL REAL ESTATE DUE TO THE SEALING DRIVE INITIATED IN DELHI. SARTHAK REPORTS The widespread sealing drive and also the uncertainty attached to this whole unsavory issue in the recent times have a flipside too. It has changed the fortunes of many commercial properties in a big way. The current scenario is there is more than one buyer for such space. This is also true for the rental market. Surprisingly, most buyers considered such spaces as just not worth taking in the past. Their value rarely appreciated, if ever. If the real estate experts are to be believed, the major reason for sudden rise in commercial spaces is the sealing issue. It is a different matter that people are buying commercial spaces even in big cities as well as in Tier-II and -III cities also.    All said and done, value of authorized commercial properties has seen a sharp rise. Lets us first survey the East Delhi market. Commercial places in Sainik Enclave, Karkardooma and Dilshad Garden are witnessing a massive spurt in demand. According to Sandeep Juneja of Ambuja Construction Company, who has been following this particular trend, those who own spaces are really minting money. If you have office space as small as 10 ft by 6 ft on the ground floors with additional 6 ft by 6 ft space on the roof for antenna purpose, then you can easily rent that space to any bank to start their ATM.    Currently, banks are paying a cool Rs 40 thousand every month. Banks generally take ATM space between 3 and 5 years. They can extend the period as well.    Rent is hiked by 10% every three years. Commercial space scene looks very bright also, due to the fact that many noted companies like Essar, Nokia, Aditya Birla group, Subhiksha, Titan and others have started their own stores.    They are hiring space and paying hefty monthly rentals. Many other firms also look out for proper space so that they can start their own store or offices. They are paying generous rents. For instance, Nokia is paying staggering Rs 60,000 per month for their store, Hotspot, in Vivek Vihar market. The store, 10 ft by 6ft, is in a decent locality, while they are paying double this amount in Vikas Marg, for the same space.    Devender Gupta, CMD, real estate consultancy Century 21 is also of the view that those who are thinking on the lines of buying property for investment purpose, should consider buying commercial properties. They would fetch investors a better rental income than the residential one, any day, he says.    It is high time that people go for them rather than purchasing residential space. According to Gupta, there is an old formula for commercial rental income - that it should be one per cent of the total cost of the property on per-month basis. For example, if your commercial space is worth Rs 30 lakhs, then it should give you the monthly rent of Rs 30,000. One cannot expect this much of returns on residential properties. A senior journalist working for a newspaper purchased a 10 ft by 6 ft commercial space in IP Extension, after taking VRS. This property cost him close to Rs 6 lakh, four years back.    Although, he could not find a tenant for nearly two years, now he is getting a rent of Rs 12,000. Moreover, the value is also climbing up faster than he expected. This proved to be a smart investment for him, and he now regrets not buying one more such property. Those who follow the real estate scene of the capital know for sure that commercial spaces in community centres, situated in almost all housing blocks, have taken a huge upward swing in the recent years. The rentals in C block community centre of Janakpuri are also witnessing a remarkable upswing. The current rentals are Rs 4-5,000 per sq feet per annum, compared to not more than Rs 1500 per sq feet per annum, almost two years ago. Identical rentals are also prevailing in commercial spaces in Azadpur area.    Manu Garg, CMD of Land Craft Builders has a word of advice for all those who are planning to buy something for investment purpose. Says Manu Garg: I feel that those with a budget of Rs 40 lakh, or above, should consider commercial space for investment purpose in the NCR.                                                             Courtesy: - ET, dtd: 25th March 2008 

Mar 26, 2008 at 08:29 o\clock

FLOORS PRICE OF RS 675 CR FOR RLYS SARAI ROHILLA LAND

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

The Railways much-awaited commercial development plan for surplus land is set to begin in the second week of April. Delhi's Sarai Rohilla, one of the 10 sites selected for commercial development in the first phase on public private partnership basis, will go under hammer on April 11. Eight bidders are in the race for the about 25 acres of the prime Railway land in Sarai Rohilla. The reserve price for the bidding is fixed at Rs 675 crore. Besides the reserve price, the developer has to renovate 750 Railway quarters near the site as part of the development agreement. The highest bidder will develop a group housing complex complete with all modern facilities including shopping complex and health services, said a Railway official. After Sarai Rohilla, the next bidding will be for Nirala Nagar land in Kanpur, the official said. The 10 sites are located in Delhi, Kanpur, Gwalior, Vizag, Kolkata, and Bangalore. The feasibility study report for commercial development of the 10 sites spread over 265 acres of land has been submitted to the Rail Land Development Authority (RLDA). Courtesy: - ET, dtd: 21st March 2008

Mar 25, 2008 at 11:56 o\clock

GURGAON-MANESAR NEW MASTER PLAN

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

Gurgaon-Manesar Urban complex Plan 2021 will offer another 33,726 hectare of land for development. This will make it a new growth centre for the NCR. Harinder Singh of Realistic Realtor said that the new master plan will make 14,930 hectare of land available for residential and 1,404 hectare of land for commercial development. The new master plan will cater to 37 lakh people. According to the Gurgaon-Manesar plan, Singh said, 58 more sectors will be developed in addition to the existing 57, taking the number of sectors to 115.

 

  

 

The plan has already generated intense interest in the property market, which may further boost the real estate activity in the region, said Singh. Another impact of the master plan is that the introduction of new sectors means more supply which will keep the prices under control, he said. So far, property developers were only concentrating their attention on high-end housing. With availability of more land, they can focus on middle and lower segments as well, Harinder Singh said. Raheja Group has proposed three group housing projects under the Gurgaon-Manesar Master Plan to be built over 48 acres. A number of other major groups planning to launch projects in the area are Emaar-MGF, DLF, Unitech and Ansal API. The prevailing residential rates in proposed projects of Raheja Group in Manesar range between Rs 1,900-2,200/sq ft.

 

  

 

With initiatives of the Haryana Government, Gurgaon is likely to become a major hub of special economic zones (SEZ) also. A large number of SEZs have been proposed by Reliance Industries, DLF and Unitech in the area.

 

 

 

Gurgaon-Manesar New Master Plan 2021 Projected Population in 2021: 37 lakh Residential area : 14,930 hectare Industrial area: 5,441 hectare Commercial area : 1,404 hectare Special Economic Zones (SEZs) : 4,570 hectare Expected water Demand: 390 cusec Two Mass Rapid Transit system corridors up to Manesar along Dwarka and Mehrauli Stretch

                                                                                   

                                                                                   

                                                                                                Courtesy:ET dated. 21-03-08

 

Mar 24, 2008 at 13:45 o\clock

GURGAON/MANESAR

by: nikkipinki   Keywords: Real, Estate, India, OFFICE, Space

Gurgaon has witnessed an unprecedented growth in the last 10 years following the IT and ITES revolution in the country. It has emerged as India's outsourcing capital. It has become such a popular destination for the commercial real estate that the rentals here have gone up almost three fold in the last three years -from Rs 40 per square feet/month to Rs 120 per square feet/month at present. Most of the supply in pipeline for the next two years in the commercial space is already booked.

 

  

 

Gurgaon is also known for the retail boom. Some of the prominent established and upcoming retail malls in Gurgaon are Sahara Mall, MGF Mall, DT Mall, Ambi Mall and DLFs Regent Mall. Apart from these, the MD of a real estate consultancy firm, Harinder Singh, says that another 20 odd malls are at various stages of constructions in Gurgaon on Golf course Road, Sohna and MG Road.

 

 

 

Gurgaon and Manesar will account for 20% or 39.08 mn sq ft of the upcoming residential supply till 2009-10.

 

Gurgaon-Sohna Road and Golf Course Road are the locations where maximum residential supply is projected to come up.

                                                                                                Courtesy:ET dated. 21-03-08

Mar 24, 2008 at 08:02 o\clock

RESIDENTIAL SECTOR: DRIVING THE REALTY

by: nikkipinki

THE INCREASE IN THE OFFICE SPACE IN NATIONAL CAPITAL REGION HAS BEEN TRANSLATING INTO A QUANTUM LEAP IN NEW JOBS AND THE ASSOCIATED BOOM IN HOUSING SECTOR

 

The National Capital Region has emerged as one of the most important destinations for information technologies (IT) and IT enabled services (ITES) in the country. It has also emerged as an important financial hub. In 2007, according to global consultancy firm DTZ, around 13.2 million sq ft office space will be absorbed in the NCR by various enterprises. That means an additional 1.50 lakh jobs will be created in the city. Even if a fraction of the new job-entrants go for new houses, there will be a massive surge in demand for residential units across the city.

 

  

 

The NCR is spread over an area of 33,578 sq kms covering the states of Haryana, Rajasthan, Uttar Pradesh and the National Capital Territory of Delhi. Besides Delhi, the real estate development is taking place in neighbouring areas like Ghaziabad, Indirapuram, Noida, Greater Noida, Faridabad, Sonipat, Panipat, Gurgaon, Manesar, Dharuhera, Bhiwadi, Rohtak, Meerut, Bulandshahr.

 

  

 

Extension of Delhi Metro up to Gurgaon and Noida by 2010, six-laning of National Highways to Jaipur, widening of other highways to Hapur and Dehradun have provided further impetus to the real estate development in the region. Modernization of the existing Indira Gandhi international Airport and construction of a new proposed international airport in Greater Noida will further boost the activities.

 

  

 

Because of the limited supply of real estate in main Delhi, the construction activities spilled over to other areas, where the prices were low. The development went first from Delhi to Gurgaon, and then Noida.

                                                                                                 Courtesy:ET dated. 21-03-08 

Mar 20, 2008 at 13:02 o\clock

REITs may change investment landscape

by: nikkipinki   Keywords: Real, Estate, India

This Week, we answer questions on real estate investment trusts. For investors and builders alike, the trusts offer scope for growth and returns.   How have REITs (Real Estate Investment Trusts fared in other countries, and how do they benefit? The investment vehicle called REITs opens the option of investing in real estate portfolios to the common man. The concept has been established for decades in the United States and Australia (in case of the latter, under the name LPT, or Liquid Property Trust). Of late, Asia too is beginning to wake up to the potential. Singapore, Malaysia, South Korea and Japan have seen significant success levels with this financial instrument, while Taiwan is still trying to find a workable formula.  What sets REITs apart from other methods of investing in real estate? REITs are attractive investment vehicles because they have the potential of generating higher yields than stocks and bonds. They are not prone to the kind of fluctuations one typically observes in the stock market and therefore present a higher margin of safety they also generate capital gains and represent a stable income source.  Can you explain the manner in which REITs work? Fundamentally, a Real Estate Investment Trust (REIT) is an entity dedicated to owning and, in most cases, operating income-producing real estate such as apartments, shopping centres, hotels, offices and warehouses. This means that the company buys, develops, manages and sells real estate assets with the purpose of inviting investors to put their money into a professionally managed portfolio of properties. Investors are also given a tax exemption opportunity at the corporate level. In some cases, such an entity may even finance real estate. REITs is particularly an attractive option to retail investors because it offers higher returns than fixed deposit rates. They represent a diversified portfolio of assets at low investments. A REIT can serve as the ultimate landlord of select rented properties.  Will REITs work as well in India as in other countries?REITs are yet to be proven a workable concept in India. As of now, there is no policy pertaining to the formation of REITs in this country any proposal to establish them will have to be placed before SEBI (Securities Exchange Board of India) for approval. This body will evaluate each proposal, and considering the immense potential, it stands to reason that a number of approvals will finally come through.  Assuming that they will launch in India, on which sectors will REITs focus?REITs will concentrate on the following property market areas:       Commercial: Offices and Parks       Hospitality: Hotels, Leisure and Healthcare       Retail: Large Malls       Industrial

      Mixed use development sites, including residential

 However, it should not be assumed that the introduction of REITs would result in availability of instant wealth-building instrument for investors. The product will be unfamiliar for most, and a long period of trial and error will precede the first REITs-related success stories in India. Can anyone build wealth through REITs? Maximizing profits through REITs calls for intelligent portfolio diversification a lot depends on the format that REITs take in India. To generate good financial returns, the entity will have to own a high-quality investment portfolio. Ideally, it will operate in several metropolitan and secondary cities. The returns will begin to flow when the company manages to partner and complete several large quality developments and maintain the quality of portfolio components. If and when REITs become a part of the Indian investment scenario, it will provide significant advantages to investors. The returns are passed on to the investor regularly, and there is next to no scope for bureaucratic ambiguity in the process. This is in direct contrast to the pitfalls inherent in direct investment in real estate. The REITs vehicle will ease the process of investing in a healthily diversified real estate portfolio and make it a realistic option for lay investors and professionals alike. REITs will also serve as a significant market stabilizer in the medium to long term.

                                                                                   

 

                                                                                    Courtesy: HT March 17, 2008

Mar 20, 2008 at 06:53 o\clock

Ansals launch township at Kurukshetra

by: nikkipinki   Keywords: Real, Estate, India

That Tier II and III cities are the next big thing in real estate is fast becoming an accepted fact. For instance, Delhi-based realty developer, Ansal API recently announced a luxury township in Haryana’s Kurukshetra area called Sushant City. Located on National Highway-1, the township is spread over an area of 200 acres and includes malls, local shopping canters. Schools, hospitals. Jogging tracks. Parks, a club und a community centre.                                                                                    Courtesy: HT March 17, 2008

Mar 20, 2008 at 06:52 o\clock

An Rs 48,000 crore industry

by: nikkipinki   Keywords: Real, Estate, India

Rising incomes, easy financing and population growth are driving demand for housing and luring overseas investors to India, says a new report by Ernst and Young. It puts the worth of the Indian real estate market at $12 billion (Rs 48,000 crore) and pegs the annual growth rate at 30 per Com. The report, commissioned by the Federation of Indian Chambers of Commerce and Industry, also says that India will have at least 50 property-related initial public offerings in the next year as the real estate industry booms                                                                                       Courtesy: HT March 17, 2008

Mar 18, 2008 at 10:40 o\clock

NO FDI PLAN IN RETAIL SECTOR, SAYS PAWAR

by: nikkipinki   Keywords: Real, Estate, India

New Delhi: The Government is not considering any proposal to allow foreign direct investment {FDI} in retail sector, Agriculture Minister Sharad Pawar said today. “There is no proposal to allow FDI in retail {and} Government is not thinking of it because it wants to protect the interest of retailers” he said replying to supplementaries during Question Hour in Rajya Sabha                                                                                                                                       Courtesy: HT March 15, 2008

Mar 17, 2008 at 12:15 o\clock

RAHEJAS PLAN 257-ACRE SEZ AT GURGAON

by: nikkipinki   Keywords: Real, Estate, India

New Delhi:Real estate firm Raheja Developers has outlined an investment of Rs 5000 crore to set up a 257 acre engineering SEZ at Gurgaon. The SEZ has been notified by the government and the first phase of the project is expected to be completed in the next five years, Raheja Developers Managing Director Navin Raheja said. The project would be developed through a Special Purpose Vehicle and funded through internal accruals, debt and equity. Raheja said the company is planning to list the SPV in the next one year and dilute 26 per cent stake.  

                                                                        Courtesy: HT March 15, 2008

Mar 17, 2008 at 08:15 o\clock

ELIGIBLE FOR A HOME LOAN?

by: nikkipinki   Keywords: Real, Estate, India

Here are some of the factors that have a bearing on an individual’s eligibility for a home loan

There are a number of factors that have a bearing on eligibility for a housing loan. The banks have their own criteria to determine the eligibility and quantum of housing loan. The banks have their own criteria to determine the eligibility and quantum of housing loan. It would do well for borrower to be aware of some such factors.

   To begin with, it is the information on the application from. The information submitted in the application from by the individual is verified from various primary and secondary sources-through interviews, calling up the employer, verifying from the database. In case of wrong information or inconsistencies, the loan application is liable to be rejected.

   The financial strength of an individual is an important determinant. The loan eligibility as well as the repayment capacity depends on the financial position of the borrower. His income level, net income, liabilities determine the amount of loan he is eligible for. The requirements include a particular minimum income or a fixed and certain source of borrower also plays an important role. Usually, the lenders maintain a database of borrowers and verify the credit history to check for previous repayment defaults, even from other lenders.

   The personal profile of the individual I also important. These include factors like educational qualification, profession, number of dependents, assets owned, liabilities owed, savings history etc. A higher number of dependents or existing liabilities implies lower repayment capacity. The individual’s age plays a major role to determine earning life, and the life-cycle stage at which the individual is in. in case the property is co-owned; the co-owner cannot be a minor. Also, the coowner cannot be above a certain age limit. The age limits are set to minimize ownership disputes. The age limit also affects the tenure of the home loan and EMIs. The applicant’s retirement age is also considered. For example, if the applicant is 45 years of age and is set to retire at 60 years, the maximum loan tenure available will be 15 years. Also, in case the bank has a 75 year ge limit for a co-applicant, if the applicant is 40 years old and the co-applicant is 60 years old, then the home loan will be sanctioned for a maximum period of 15 years only.

   The reputation of the builder also counts. Each bank has a list of pre-approved builders. Their credentials are already verified by the bank and as such loans are easily available for their properties.

   Location of property also affects the eligibility. Bank have specific norms with respect to a minimum area of a flat too. This may be built-up area or carpet area. The age of the property is also an important consideration in case of purchase of existing properties. Home loans on resale properties are sanctioned only if they are less than 50 years old.

   Banks conduct legal and technical appraisal of the property to see whether the title of the property is clear, there are no ownership disputes, the property is free from any encumbrances etc. in case there are any objection in these appraisals, and the loan application is bound to be turned down. 

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                                                              Courtesy: ET REALITY dated March 14, 2008

Mar 15, 2008 at 11:52 o\clock

MAKING HOUSING AFFORDABLE

by: nikkipinki   Keywords: Real, Estate, India

Greater Noida Authority is constructing 3,000 houses exclusively for middle-income group

 

For the middle-income masses, here is good news. Under a newly launched residential scheme, the Greater Noida authority is offering the middle-income group a rare opportunity to book and own exclusive, independent, expandable and well finished houses.

   As per the scheme, the Greater Noida Authority will construct 3,000 houses in sector 3, Xu-II and Xu-III. P.C Gupta, deputy chief executive officer, Greater Noida Industrial Development Authority {GNIDA} said--the size of plot will be 120 sq m. While constructed houses will be available in 98.24 sq m.

   The cost of house is Rs 29.98 lakh and each house will be allotted through lucky draw. For this scheme, which will be closed on March 8, applicants can buy forms and brochures from authorized banks like SBI, ICICI, HDFC, Axis Bank, PNB, Indian Bank, Canara Bank, Bank of Baroda, Bank of Maharashtra, and Union Bank of India, Vijya Bank and Oriental Bank of Commerce.

   The allottees will be permitted to construct additional space beyond already approved building plan. Construction not conforming to the plan would have to be approved. The houses will have two bedrooms, one drawing room, kitchen and a bathroom. The housing complex will be built in new sectors like 3, Xu-II and Xu-III and will have a swimming pool. Park, community centre, post office, hospital, shopping complex and parking. Gupta said, this scheme is an opportunity for developers to be a part of making of a smart city.

   “The major attractions of the complex are uninterrupted supply of drinking water and power, green areas, proposed metro, airport and world’s fourth night safari,” says Sudhir Kumar, additional CEO.

   He said authorized area for plots and commercial facilities will be 65% of the total area as per population norms permitted in the master plan of 2021.

   Developers will provide provisions for other facilities like nursery school, senior secondary school, nursing home, convenience shopping, commercial sector, milk booth, auto-taxi stand, secondary shopping and community centre.

   To get rid of the overcrowded Delhi, the Greater Noida authority will also invite tenders for commercial scheme on two bids systems for plots in sectors like Alpha2, Delta 2 and Gamma 2.

    

                                                            Courtesy: ET REALITY dtd March 14, 2008

Mar 15, 2008 at 07:08 o\clock

DDA' HOUSING FOR BETTER LIVING

by: nikkipinki   Keywords: Real, Estate, India

If you are a resident of a Delhi Development Authority (DDA) colony anywhere in Delhi, be it Sarita Vihar, Saket, Mayur Vihar, Janakpuri, or Ashok Vihar, you will surely find DDA's comprehensive developmental activities.  Recently, Delhi Development Authority (DDA) announced its budget for the financial year 2008-09 on Friday and approved revised budget estimates for the year 2007-08. Expenditure for the year 2008-09 has been projected as Rs. 3,622.6 crore as compared to Rs. 2,309.08 crore in the revised estimates for the year 2007-08. Under the new budget, areas like Rohini, Dwarka, Narela, Dheerpur, Jasola and Bakkarwala will see an increase in the expenditure on development work like housing for economically weaker sections (EWS) and village redevelopment.  For almost five decades now, DDA has played a crucial role in providing more than a million houses to the people of Delhi, housing about half the population of the national capital. DDA has been constructing as well as facilitating the construction of some 10.80 lakh dwelling units in Delhi, according to the requirements and purchasing capacity of people, especially those from the lowest strata of society.  

Future and ongoing plans include a pilot project on public-private participation at Tehkhand in South Delhi -- which envisages construction of 750 higher income group flats and 3,000 units under the Economically Weaker Section scheme. The project assumes significance, for it would pave the way for public-private participating in such similar ventures across the Capital.

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  Courtesy: HT 13.03.08 

Mar 14, 2008 at 13:05 o\clock

GOVT ISSUES RULES FOR FOREIGN INVESTMENT

by: nikkipinki   Keywords: Real, Estate, India

Mood: nice

India on Wednesday set out conditions for automatic approval of 100 per cent foreign investments in industrial parks. Such parks would have to house a minimum of 10 industrial units and at least 66 per cent of their developed area would have to be allocated for industrial activity, a trade ministry note said. No single unit could occupy more than half of the allocable area, the note added. If these conditions were met, investors would not need to conform to guidelines on minimum investment and minimum area developed, which are applicable for housing, commercial and regional infrastructure projects, it said.  Courtesy: HT 13.03.08