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CELEBRITY PUSH TO AUGMENT SALEPosted on Dec. 28, 2009 at 3:27 PM in Real Estate Agents - 0 Comments - Post Comment - LinkDoes the
presence of celebrities in the neighbourhood raise the value of real estate,
or their allure for customers? Vivek Shukla does a recce of the capital What is common
to cricketer M S Dhoni, actor Amisha Patel and Saina Nehwal, the badminton
sensation? Well, you would say that all of them are big-time celebrities with
huge fan following. You are spot on. But can they or other celebrities fire the
sale of any realty project? What is important between their buying property in
some project or living there? They are very important issues. Dhoni has reportedly booked a
flat at Amrapali Sapphire residential apartments in the vicinity of Noida,
Sector 45. Amisha Patel and veteran actor Anupam Kher purchased flats in
Omaxe forests in Noida. Old-timers will recall that tragedy-king Dilip Kumar
and Manoj ‘Bharat’ Kumar purchased flats in Sagar Apartments on Tilak Marg in
mid-70s. That became big news then. Even now, Sagar Suri does not miss an
opportunity to tell you that these two greats purchased flats in his Sagar
Apartments. While Omaxe
did not make any media hype that Amisha and Anupam Kher purchased flats in their
prestigious project, Amprapali did. Samir
Jasuja, CEO of PropEquity, made it clear that celebrities can boost the sale of
any project provided they also live there. If they just buy any property for
the sake of an investment, then it is most unlikely that others would follow
suit. “It is
possible that Dhoni may
have booked a flat in Amprapali project, but it is unlikely that he would
live there or visit their very often. He could augment the sale of some
ultra-luxury apartments that fits with his personality,” Jasuja says. Realtors say
that the demand for space takes an upward swing only if the celebrity lives
there. Of course, the areas where the likes of painter Satish Gujral, Virender
Sehwag and Kapil Dev or Nandita Das have a house get a big boost in realty
market. People look for space close to their homes. Devendra Gupta, CMD of
realty advisory Century 21 India, says that as Satish Gujral lives with his
equally well-known architect son Mohit on Feroze Gandhi Road, they have
observed that many people visit their office requesting them to find suitable
rental space for them in and around the sprawling house where the veteran
artist lives. A realtor in East Delhi says that
while showing some vacant houses in posh Preet Vihar or Bharti Artist Colony to
their clients for rent purpose or sale purpose, he always mentions that if he
(prospective tenant or buyer) were to decide on this area, then he would be the
neighbour of Ashok Walia, finance minister of Delhi, Ram Babu Sharma (now
departed) and many artists. Big-ticket
realty firms too look for some formidable brands to push people to book space
in their commercial buildings or malls. They know for sure that once some
prestigious brands book or buy space in their projects then it would be smooth
sailing for them. Many companies would then also buy space from that project.
“It definitely matters when some big brands book space in your project. I can tell
you from my own experience that after Bharti and PVR booked space in our
forthcoming Opulent mall in Ghaziabad, the booking has really shot up,” admits
Sunil Jindal, CEO of SVP Developers. A few months ago, Omaxe group used to
mention in their advertisements that the likes of Reliance and Pantaloon have
taken space in their mall. Realtors
have also started projecting a particular block in Hauz Khas as a VIP block
since Virender Sehwag shifted there from his family house in Najafgarh.
Likewise, they say that a particular block in Sunder Nagar always remains in
demand as Kapil Dev has a house there. And now,
take the case of tony Gulmohar Park, one of the most posh areas in South Delhi.
Once a locality for journalists, raised by journalists, its character has
changed over the years as many original buyers have sold their houses. There
was a time when people loved to live in Gulmohar Park or B-block for the simple
reason that Harivansh Rai Bachchan and Teji Bachchan, parents of a certain
Amitabh Bachchan, used to live there. Satish Sagar, an old resident of Gulmohar Park, says that many
realtors approached him in the past to see if he would be put up a part of
his house on rent. They
apparently wanted to live close to the Bachchan family. Many other residents of
this colony say that even though Bachchans shifted to Mumbai after the release
of super-hit film Don in 1979, the Gulmohar Park in general, and B block in
particular, were always identified with this family. However,
neighbours of political personalities always look for even half an opportunity
to move away to some other place! The reason being, people keep on visiting the
house of political personalities, which come with their set of problems. A
Rajouri Garden resident says that he was about to move to some other place as
staying close to the house of a ‘big leader’ was really becoming difficult for
him and his family. Luckily for him, the leader became a ‘mantri’ in the Union
Cabinet and he got an official house in heart of the capital. That saved him
from further pain! Courtesy:-
Times Property dt:- 26/12/2009 MILLENNIUM’S DECADEPosted on Dec. 28, 2009 at 3:27 PM in Real Estate Agents - 0 Comments - Post Comment - LinkRealty sector in India saw a paradigm
shift in first decade of the new millennium with unprecedented residential,
retail and commercial realty boom. Indians in metro cities also got a taste of
the ‘malls’ — and shopping may never be the same again, writes Prabhakar Sinha The decade,
which is coming to a close in a week’s time, saw a rollercoaster ride — though
it started off full of uncertainties and a negative outlook, it is ending on a
note of hope and positive outlook. Despite a slow start in the first two years
of the new millennium’s decade, the real
estate sector witnessed an unprecedented growth during the period. In
almost all the major cities and towns of the country, real estate sector was on
a high-octane drive, both in the capital values and in the construction
activities. The NCR
region, in particular, was witness to a number of new areas being developed
during the decade. Prominent among them, to the east of Delhi, are Indirapuram,
Vaishali, Vasundhara, Raj Nagar Extension on NH-58, Crossings Republic,
areas on NH-24 beyond Hindon, Noida Sector 44, 93A and B, and Greater Noida.
Towards Gurgaon also a number of areas like DLF Phase II, III and V, Sushant
Lok, MG Road, Sohna Road, Golf Course Road Extn have come up. Towards
Faridabad, areas like Nahar Paar and Suraj Kund Road were in full bloom, while
towards north, residential areas have been developed right till Sonepat. Along with
residential houses, retail commercial activities also witnessed a paradigm
shift during the period. The advent of malls in particular, in the last decade,
changed the way people shop in metro cities. In fact,
this decade has seen a momentous change in the mindset of the people of NCR.
Till 2003-04, people’s first preference used to be a house in Delhi, even if
one had to compromise on space and other amenities. But, with the development
of condominiums having amenities like swimming pools, gyms, car parking and
hi-tech security gizmos, things have changed. You will find apartments
being sold for Rs 3 crore in the suburbs. Because of the lifestyle that new
condominiums are offering to residents, many people now prefer to buy houses in
the suburbs. The main reason behind the robust growth in the real estate
activities in metros is the strong growth of Indian economy during the decade.
Between 2003-04 and 2007-08, economy continued to grow in the region of 8%.
Barring the first three years from 2000-01 and 2002-03 of the decade, when the
GDP grew at 4.4%, 5.8% and 3.8% respectively, the decade witnessed a strong growth.
Even, in 2008-09, which was badly affected because of the global slowdown, the
GDP grew at 6.7%. In the current year also, as per the government’s projection,
economy should grow at around 7.75%. The per capita income of an average Indian
during the decade more than doubled in the first nine years - from Rs 15,881 to
Rs 37,490 - at the current price. If the country achieves a growth of 7.75%,
with an inflation of 6%, the per capital income will go up to around Rs 43,000.
On top of
this, the services sector with an even stronger growth, at around 10% per annum
during the decade, provided huge stimulus to the realty sector in the cities. The
rise of IT and IT-enabled Services (ITeS) in the country helped raise the
income of city dwellers considerably during the decade. As the income rose,
individuals decided to buy their ‘sweet home’, even early in their careers. The easy
availability of home loan coupled with fall in the interest rates further
fuelled the growth in the sector. In 2003, the home loan rate came down to as
low as 6.5% per annum. This brought down the average age of borrowers buying a
house, from mid-forties to late-twenties. These developments led to a spurt in
demand for real estate during the decade, which led to a rise in property
prices, by up to 500% in NCR. At the same
time, the rise in the interest rates in 2007 and 2008 to over 12% per annum
affected the affordability of buyers, which affected the sector badly. The
onset of global financial crisis in September 2008 brought real estate sector
to almost a grinding halt. As the crisis affected global economy, with
developed countries going into recession, it was thought that India would also
face a similar fate. But, timely action of the government in providing a
stimulus package to the economy, coupled with the lowering of the interest
rates, put the economy back on the revival path. With this,
the real estate sector also gained momentum in 2009. The good thing is that the
slowdown in the sector made developers change their strategy. Instead of
building premium class houses and apartments, where the profit margin used to
be high, they turned towards constructing affordable apartments with low
margins but in high volumes. Therefore, it would not be inappropriate to say
that the new decade is starting with a ray of hope and opportunity. A number of
new areas are going to come up. Particularly, the idea of township is going to
mature in the new decade, where all the facilities - from shopping complexes to
schools to playground - would be available at a walking distance. Not only
this, many of the townships would be big enough to have office space as well,
where residents can walk to work. A number of
townships are already being implemented. The Crossings Republic, which is being
developed on the outskirts of Noida, has almost sold out. Besides that, a
number hi-tech cities are being developed by DLF, Ansal, Omaxe, Unitech, Ireo
and Vipul, among others. The improvement in road and rail infrastructure in the
NCR will be a boon for the real estate development here. The extension of the
Metro Rail to Noida, Ghaziabad, Gurgaon and Faridabad will be of great import
to push growth in the sector. There are talks to take the Metro even farther,
which will provide greater impetus to the realty sector. Courtesy:-
Times Property dt:- 26/12/2009 GIC HOUSING MOVES HC ON RTI OBLIGATIONPosted on Dec. 22, 2009 at 12:09 PM in Property in Noida - 0 Comments - Post Comment - LinkAlmas
Meherally MUMBAI GIC
Housing Finance (GICHFL) has moved the Bombay HC against an order of the
Central Information Commission (CIC), which held that the
housing finance company is obliged to respond to information
sought under the Right to Information (RTI) Act as it is a “public authority”. A
“public authority” means an institution or body established under the
Constitution of India or a law enacted by Parliament or State Legislature or a
government notification. A Delhi
resident, V Shekhar Avasthi, had in April last
year sought certain information from GICHFL under the RTI which the company did
not respond as it did not consider itself a public authority. Mr Avasthi then
filed an appeal before the CIC. The commission had observed in its order dated
October 28 that “the shareholding of six public authorities in GICHFL is
47.68%, coupled with the control they exercise over GICHFL, is sufficient to
bring it within the ambit of the definition of public authority”. According
to GICHFL’s petition with the Bombay HC, its shares are traded on the SEs and
more than 50% of its paid-up capital is held by the public and therefore, its
not a public authority. “GICHFL’s original promoter — GIC holds 15.56% of
paid-up equity share capital while total holding
by public authorities (including GIC) is 47.68%. As such, it
is not a public authority,” said GICHFL’s lawyer Cherag Balsara. Courtesy:-
ET dt:- 20/12/2009 EXECUTION OF SALE DEEDPosted on Dec. 22, 2009 at 12:07 PM in Property in India - 0 Comments - Post Comment - LinkAshish
Gupta outlines what this document contains and its relevance Asale
deed, also referred to as conveyance deed, is the main document in a transaction
of sale and purchase of property. A sale
deed acts as the main legal document that evidences the sale and transfer of
ownership of property in favour of the buyer from the seller. It also acts as
the main document for further sale by the buyer as it establishes his proof of
ownership of the property. Through
the sale deed, the transferor transfers his rights to the transferee. The
transferee or the purchaser then acquires
absolute ownership of the property. A sale
deed is executed after the execution of the agreement to sell, and after
compliance of various terms and conditions detailed in the agreement to sell as
agreed upon between the buyer and seller. A
draft sale deed is prepared on non-judicial stamp paper of requisite value as
prescribed by the Stamp Act of the State concerned. This is agreed upon and
approved by both the seller and purchaser. The draft sale deed sets down the
terms and conditions of the sale. It contains details of the parties to the transaction,
details of property being sold, sale amount agreed on, advance amount paid,
dates of payments, mode of payments, time limits for payments, time for handing
over the original documents of the property, time for handing over the clear
possession of the property, indemnity provisions for the parties etc. The
document gives full details of both the seller and purchaser such as their
names and their respective addresses, and is signed and executed by both the
parties - seller and purchaser. Besides giving details of the property under
sale - identification number, orientation, total area of the plot, detail of
construction etc - and details of the total amount to be paid, it also details
the transactions made at different levels with complete details of instruments
through which the transactions were held with dates, numbers and names of the
banks where instruments are drawn. It also contains the terms and conditions
agreed on by both the parties while transacting the deal. A
receipt for the money, from the seller, also forms a part of the sale
agreement. The seller, besides giving a detailed list of other documents
executed by him in favour of the purchaser, also certifies
the property under sale to be free from any encumbrance and
without any lien. Once
all the terms and conditions have been agreed upon, a sale deed is prepared.
This is the main document for transfer of ownership of property. The deed is
executed by all the parties and all pages of the deed are signed. The deed
should be witnessed by at least two witnesses giving their full names,
signatures, and addresses. The
buyer should ensure the title of the seller is clear before the execution of
the sale deed. It should be ensured there is no charge or encumbrance on the
property. In case there is any encumbrance on the property, the seller needs to
repay the loan and get the property papers cleared of the encumbrance. The
purchaser should verify the encumbrance status from the registrar's office. Under
the Registration Act, a sale
deed of property needs registration at the
jurisdictional sub-registrar's office. All the parties need to be present at
the time of registration. All documents should be presented in original. In
case the purchaser cannot be present personally before the sub-registrar, he
can give a Power of Attorney to his agent to sign and present the documents on
his behalf. The photos of the purchaser, thumb prints and signature are entered
on the sale deed. The
documents should be presented for registration within four months from the date
of execution. If it is not done within four months, a grace period of another
four months is allowed on payment of a penalty. A maximum penalty of 10 times
the registration charges may be levied by the registrar. The liability to pay
the stamp duty as well as the registration charges lies with the purchaser of
the property. Subject
to an agreement between the parties, all statutory payments like cess, property
tax, water charges, electricity charges, society charges, maintenance charges
etc should be paid by the seller before the execution of the sale deed. The
seller should also obtain the requisite clearances, approvals and permissions
to transfer the property prior to execution of the sale deed. Courtesy:-
FT dt:- 20-12-2009 REALTY DEVELOPERS WOO BUYERS WITH LOW-DENSITY HOUSESPosted on Dec. 21, 2009 at 5:39 PM in Property in India - 0 Comments - Post Comment - LinkNeha
Dewan NEW DELHI Low-Density housing, with homes set out
spaciously amid sprawling green spaces, is
growing increasingly popular and real estate developers such as the Jaypee
Group, Fire Capital Fund and Vipul are wooing buyers with a number of such
niche projects. Low-density
housing projects have an average of only 10-20 dwelling units acre and are
priced a premium compared to group housing, which can average around 35-40
units on an acre. Manish
Kumar, head of strategic consulting for North India at global real estate
consultancy Jones Lang LaSalle Meghraj (JLLM),
says that the residential real estate market is seeing lowdensity housing
gaining in popularity for two reasons—speed of delivery and lower risk for the
developer. Since
the development comprises low-rise, low-density development with major concentration
on development of basic infrastructure, the speed of delivery is much faster
compared to high-density development. This enables developers to complete more
projects in a given time-frame. Moreover, since there are no cost-intensive
construction activities involved, the developer is always carrying a much lower
risk,” he says. Property
developer Vipul is coming up with its ‘Vipul Tatvam’ villas in Gurgaon, a project which has
just 255 villas spread over 50 acres. Homes
are priced between Rs 2.2 cr and Rs 6 cr. The developer claims to have already
sold over 60% of the high-end villas. The project has three independent gated
communities, each with its own exclusive facilities. There is more room for
green spaces and more areas are also allocated for community activities. Vipul
CEO Guninder Singh says congested cities have resulted in the need and desire
for sprawling developments. “Although these projects are a take-off from the
old trends of havelis, they are more user-friendly and modern.” Similarly,
Fire Capital Fund has two projects which are based on the lowdensity housing concept.
While The Empyrean in Bangalore has 2,100 units to be developed over 210 acres
and is priced in the range of Rs 46 lakh to Rs 1.6 cr, Silver Springs project
at Indore has 387 units on 51 acres, priced between Rs 15 lakh-1 cr. “At Silver
Springs, 90% of units were absorbed in the market within eight months of
launch. This concept is gaining in strength given the growing expectations of
customers for spacious living. The availability of land at reasonable cost on
the periphery of main towns is also luring buyers to invest in such housing
projects,” says Om Chaudhry, CEO at Fire Capital Fund. The
fact that these developments are mostly on the outskirts of cities helps
developers get land at more reasonable prices. Moreover, in many cases, the
low-density factor becomes the USP of the project. Jaypee Group’s 452-acre Jaypee Greens
township in Greater Noida is another such example. Out of the
total area, only 70 acres have been used for dwelling development. “This
amounts to about 14-15% of ground coverage. The rest of the development is
green. This has been our vision and we are getting a good response from buyers.
We do not want to build congested, backto-back developments. Even in our other
projects, we won’t go beyond 20% of ground coverage,” says Rita Dixit,
executive director, Jaypee Greens. Some
developers want to wait before entering the low-density segment. “The market is
staging a recovery right now. We don’t have anything in this segment right now.
But will certainly consider it in the near future,” says Navin Raheja, MD,
Raheja Developers. Courtesy:-
ET dt:- 20/12/2009 PARSVNATH MOP-UPPosted on Dec. 21, 2009 at 5:39 PM in Property in Gurgaon - 0 Comments - Post Comment - LinkPARSVNATH
MOP-UP Parsvnath
Devel-opers (PDL) has raised Rs 75 crore by selling 50% stake in a housing project to USbased private equity
firm Sun Apollo. Parsvnath Developers Limited a
leading real estate developer in India has a PAN - India presence and an
experience of more than 17 years in offering state of the art construction in
48 cities and 17 states with across key verticals of real estate industry. It
is the most diversified and widespread
real estate developer in India
with 115 ongoing projects with a developable area of over 159.84 mn sq.ft. All
across verticals. Trusted over 20 years with sound reputation for giving shapes
to dream houses and delivering maximum value for money in the properties
developed by them. For more information: http://www.zameen-zaidad.com/parsvnath.aspx OMAXE LIMITED LAUNCHES RESIDENTIAL PROJECT OMAXE CITY IN JAIPURPosted on Dec. 10, 2009 at 2:35 PM in Commercial Space in Noida - 0 Comments - Post Comment - LinkProject Name Omaxe City Name of Builder OMAXE LIMITED Project Type Residential Price Contact for Price Location Jyoti Chowk,opposite Lal Ratna Cinema, Jaipur Agent Shri Aditya Estates 42470622, 9810445860 Jaipur the capital city of the northern Indian state of Rajasthanis one of the most vibrant and colourful cities of India. It is 12th largest & fast growing metropolitan of India. It is one of the wealthiest cities of India both in heritage and money. Famous for its colourful culture, forts, palaces, and lakes the city basks in the glory of a rich and eventful past and also a traditional trading hub in north India for jewelry, textiles, minerals, precious stones etc. Jaipur is a prominent real estate investment destination for businessman/services personnel/from all across Rajasthan and affluent marwaris settled all across India. City is poised for a spectacular round of overall growth backed by growth in tourism, IT friendly policies of the government that has resulted in call centers/BPO operation setting us base there as well as plans by software majors setting up base, benefits that accure to Jaipur being the capital of the state due to the overall industrial development in the state, largest and the most developed city in the proximity of the NCR, growth and the impending increase in demand of quality real estate shall boost prices in residential & commercial developments. Jaipur is around 258 kms from Delhi, 232 kms from Agra, 405 kms from Udaipur and 1202 kms from Mumbai. and also well connected by Air, Road, and Rail. Perfection in every structure unparalleled elegance for your own home. An integrated township planning to expand over an area of 500 acres, with plots floors and villas. With all facilities and amenities available, like : schools, hospital, theme parks, state-of-the-art club, local shopping centre, grocery store and more....all within the township Omaxe city is located on the main Ajmer road that has emerged as the most important hub of future development in Jaipur. The site is approx. 4 Kms from DPS Jaipur. Connectivity with the most prime hub of Jaipur the ' M.I Road' is direct and a mere 18 Minutes drive. Amenities The following are the most inportant amenities near by OMAXE CITY JAIPUR. The right facilities : * Delhi Public School * Special Economic Zone * Located At 6 Lane Jaipur- Ajmer Highway * Proposed Ring Road (200 Feet)Near By The Omaxe City Specifications Provision for need based essential services like : banks, postal service, taxi stand, grocery store, etc. * Underground cables for telephone, electricity distribution, storm water drains & sewer system * Efficient power distribution network * Regulated underground / overhead water supply * Township maintenance and upkeep by a reputed maintenance agency * Rainwater harvesting for replenishing ground water * Environment-friendly waste disposal * Sewage treatment and incinerators For more info log on http://www.zameen-zaidad.com/omaxe-city-jaipur.aspx YDPL Groups Pvt. Ltd. Launches new Township Yaduvanshi in jaipurPosted on Dec. 10, 2009 at 2:34 PM in Commercial Complex - 0 Comments - Post Comment - LinkProject Name Yaduvanshi Name of Builder YDPL Groups Pvt. Ltd. Project Type Township Price As below Location Jaipur Agent Shri Aditya
Estates 42470622, 9810445860 Jaipur also known as Pink City, is emerging as one of the most fascinated
cities of India.It is situated 262 kilometers from Delhi and is the first
planned city in North India. It is one of the fastest growing centers for
creating marvelous in infrastructure like Twonship, Group Housing, Malls etc. Jaipur is generating a lot of interest in
buying property as the city is
well connected to all the major cities in India. Yaduvanshi Developers has come
up with living, shopping and lifestyle junction. With the high rise demand for
quality living standard we offer you the best in real estate in Jaipur. All the
projects offered by us-Township , Group Housing, Malls, Farmhouses are the
creation of designer architects. Now, the charm of our Luxury Township will
leave you spellbound. The Joy Of Enchanting
Environs We welcome the Mother
Nature with the bouquet of peace and tranquility and where life blooms to the
fullest.Imagine a place amidst lush greens area with well manicured and well
maintained lawna, open spaces and children parks that one would love their family to grow up in and where you come
across the paradise of lifestyle. Picturesque Settings Manicured Landscapes Jogging Track Pastoral Garden The Panorama of
Classic Elegance We give you a place
to gel your happiness with dreams, where you see life from a new perspective.Our
state-of-the-art recreational enjoyment package rejuvenates your soul to live
life with a fresh attitude.We believe in giving you something extra and that is
why we have mixed health with entertainment like Gym, Spa, Sauna, etc. Club Health Club Gymnasium Jacuzzi Steam & Sauna
Bath Card Room Billiards &
Snooker For more info log on to http://www.zameen-zaidad.com/yaduvanshi-jaipur.aspx IT’S CHEAPER TO RENT AN OFFICE NOWPosted on Dec. 5, 2009 at 3:28 PM in Real Estate Funds - 0 Comments - Post Comment - Link
David M Levitt & Simon Packard
The world’s most expensive office markets
got a little cheaper this year. More than 130 cities worldwide had declines
in rent expenses of an average 7.7% in the year ended September 30, CB Richard
Ellis Group said in a report on Tuesday. Almost 50 cities reported declines of
more than 10%. Rental costs fell about 30% in Midtown Manhattan, 53% in
“The places that went up the fastest and highest also came down the fastest and at greater depth,” said Raymond Torto, Bostonbased chief economist for CB Richard Ellis, the largest publicly traded broker. “You party Saturday night and you pay for it on Sunday morning. That’s true across the globe.”
The global recession and credit
crisis are pushing down office rents
as companies pare jobs. About 1.93 million job cuts have been announced
worldwide this year, data compiled by Bloomberg. In the
“None of the other main global office
markets will have such uplift,” said the London-based analyst. Inner
central
Courtesy:- Et dt:- 02/12/2009 SUSTAINABLE INFRASTRUCTURE AND ECO-EFFICIENCYPosted on Dec. 5, 2009 at 3:27 PM - 0 Comments - Post Comment - LinkIt is our moral responsibility to consider the impact of real estate and infrastructure developments on climate change and environment and accordingly use the concept of 'eco-efficiency' to mitigate the adverse effects, Neha Bhatia According to the Sustainable Construction and Building Initiative of the UNEP, a large fraction of about 30-40% of the global energy is consumed by the building sector itself. The building sector also accounts for 30-40% of material resource consumption and 30-40% of waste production. In addition to this, the materials that have been conventionally used by the building sector have high carbon footprints and contribute to high green house gas emissions. In short they have a significant impact on the global climate change thereby worsening the global warming situation. In the recently held The Economic Times Realty Convention, 2009, this was confirmed by Mili Mujumdar, associate director, Sustainable Building Science, The Energy Research Institute, who said, "It is a well established fact that 40% of the global energy use and 30% of GIEC emission are accounted for by the building sector.” She further added, "Recent study by TERI says that four and half billion units of electricity are required to meet the current demand of the residential and commercial buildings. Conventionally our traditional buildings consume around 200 units/sq. metre/year, which is phenomenally higher than the international standards and can be easily brought down to 90, which is half of it, through appropriate approaches. It is easily doable." Growing global environment crisis along with excessive consumption of energy and excessive emission of green house gases by the building sector has fuelled the need to adopt the concept of sustainability. Although at the global level, the governments have bound themselves with the Kyoto Protocol; it is becoming increasingly imperative with every passing day for the building sector to adopt green buildings. As mentioned above, buildings do have a significant impact on the environment over their entire life cycle. While the construction and operation of buildings results in depletion of resources like ground cover, forests, water and energy, resource-intensive materials are used to provide the building envelope and landscape which adds beauty to the building, which in turn require water and pesticides for their maintenance. To provide comfort to the occupants of the building, energy consuming systems for lighting, space conditioning, water heating and security are installed in the building. Besides, a large amount of waste is also generated during the construction of the building as well as during the operation and the maintenance of the building. The occupants of the building also have a significant contribution in the waste generated. Thus, buildings are not only one of the major consumers of energy, but they are also one of the major sources of pollution and hence they affect the urban air quality and contribute significantly to the climate change. Clearly, the design of a "Green Building" should address all these issues in an integrated and scientific manner. The concept of "Green Building" thus aims at increasing the efficiency with which buildings use resources - energy, water, materials - while reducing the impact of the building on human health and the surrounding environment during its life cycle, through better siting, design, construction, operation, maintenance and removal and recycle of waste. According to Mujumdar, "In the clean development mechanism projects, 12 out of 45,000 registered projects are talking about reducing demand in the building sector." LEED and GRIHA are two commonly used
rating systems used to evaluate the design of a Although green buildings appear to be a promising solution of the global climate change threat posed by the building sector, the one hesitation in their adoption is the excess capital cost incurred in their construction, which could be about 6% of that of a regular building. However, it is also a proven fact that it costs less to operate a green building that has tremendous environmental benefits and provides a better place for the occupants to live and work in. About 80% of the energy consumed by the building sector is consumed during day-to-day operations as per the Sustainable Construction and Building Initiative of the UNEP. This issue was highlighted by Mujumdar also who said, "The builders have a huge issue about split incentives. The concern is who meets the excess cost? But the recent studies show that these measures don't cost much. They might cost you 6-10% more per sq. foot but a benefit of about 30-40% in terms of energy saving is achievable in A/c buildings. There is an unrealized potential which the developers are not realizing within their own selling platform. They have a huge potential in sustainable development to attract consumers. Instead of selling high-profile sanitary fixtures it is better to sell energy efficiency and also it doesn't cost anything. It is a win-win situation." The point was further reinforced by Zubin Irani, MD, Carrier Airconditioning and Refrigeration Ltd., who said "Energy efficiency and demand side management is not only about CSR, but it also actually makes important business sense and drives short term economic payback. As far as technologies go, there have been a lot of innovations that drive significant payback in existing as well as new buildings. These lead to significantly higher energy efficiency. In any offering that we offer paybacks will be in two-three years. Regulations and building codes will definitely help propagate the cause of energy efficiency. The new guidelines will raise awareness amongst customers and if customers demand for it then the developers will move in that direction. This whole phenomenon is going to propagate not because there are regulations or because the green building standards are maintained but the main reason is that it makes business sense. And if it makes business sense then financing will become viable. Soon some smart people will figure out how to finance this and make funding available to customers also so that this thing propagates even more. There is a lot of potential in terms of demand management and energy efficiency. This really has the greatest short term potential as it makes sense from a business model point of view." With so many advantages of 'going green', the way ahead for green buildings is certainly very promising. This is the best we can do to save our environment and make our planet healthy and secure for generations to come and hence it is the moral responsibility of the customers as well as the builders and the governments on a global scale to promote the concept of "Green Buildings". According to Mujumdar, "Mandating things don't really help if implementation is not strong. There is a need for a concerted approach. We need intervention at the policy level and awareness needs to come at both the developer and consumer level to incorporate these in the main stream." Courtesy:- TOI dt:- 20/11/2009 RESIDENTIAL PRICES INCHING UPPosted on Dec. 1, 2009 at 12:07 PM in Commercial Space in Noida - 0 Comments - Post Comment - LinkWith revival of the economy, residential prices have started to look up in all markets except for cities in the south where rates are mostly stable, says Prabhakar Sinha Demand in the real estate sector has
returned. And, with it, developers have raised prices of their products in most
of the markets in north According to the report, After a sharp decline in the last few quarters, capital values have started to strengthen and register marginal appreciation across most micro-markets. Cyclical demand with festive season has resulted in strengthening of prices. The launch of new projects catering to the mid-segment witnessed heightened activity resulting in price escalation. Gurgaon and Noida are the key locations to witness this activity and registered the highest growth, 19% and 16%, respectively, during the quarter. Gurgaon witnessed the highest growth in capital values in the mid-segment over the last quarter. By September quarter, capital values of apartments in the suburban city are quoting in the range of Rs 4,000 to 6,500 per sq ft. In the periphery of Gurgaon, the prices are as low as Rs 2,400 per sq ft. After Gurgaon, Noida witnessed the sharpest appreciation in the prices at 16%. This is essentially due to the increase in purchase activity in the new projects catering to the mid-segment, said the report. At present, the prices are in the range of Rs 3,200 to Rs 5,500 per sq ft. However, values are still below
their all-time highs by about 5-12% in Aditi Vijayakar, executive director
(residential services) at Cushman
& Wakefield said, “The price and the buyer’s sentiment are critical in the
current market as key parameters influencing sales. Capital values in select
locations in The appreciation of the rental
values in the high-end residential locations of Mumbai: After recording a slowdown in activities over the past few months, the report says Mumbai also witnessed an increase in demand in the residential sector in the third quarter of 2009. Easing of liquidity constraints, softening of home loan interest rates and recent correction in capital values have resulted in an increase in demand from both end users and investors alike. This has resulted in appreciation of capital values across a few micro-markets. Not surprisingly, the report said, Mumbai has witnessed a surge in new project announcements in both mid- and high-end segments from prominent builders across various micro-markets in the third quarter. While rentals across high - and mid-end apartments stabilized, capital values witnessed an increase between 3% to 6% in select locations like central, north, far north and northeast Mumbai. Capital values are likely to appreciate in a few selected micro-markets over the next 3 to 6 months, while rental values are expected to remain stable during the same period. The city saw two major project launches in the third quarter, spread across 1,900 units of two and three bedroom apartments in the peripheral zone. Downward correction of capital values slowed down across most micro-markets of the city, almost stabilizing in some locations. Encouraged by gradually reviving sales volumes, many developers either reduced their discount percentage or refrained from providing more discounts. Investors continued to refrain from making purchases in anticipation of further drops in values and also because of prevailing low rental yields from residential properties in many micro-markets, C&W said. Chennai: In Chennai, the third quarter saw cautious and limited project launches with increased developer focus on the affordable segment as well as a gradual shift to ensure delivery and promotion of previously launched projects at more attractive prices or with different features and positioning. High-end segment rental values in Boat Club saw correction of 8% due to renegotiations by companies for currently leased out properties. Values for mid-end properties remained relatively stable due to the strong demand and favourable variables for end users such as reduced interest rates, positive economic confidence, etc, that led to renewed interest. Due to the disparity in launches and delayed supply for mid-segment housing, the rental and capital values in majority of locations are expected to remain stable with stronger demand for lease of quality projects offering greater lifestyle amenities. Pune: After witnessing a slump over the last few quarters Pune residential market is showing signs of revival. The market was characterized by a positive sentiment and increased activity was witnessed in third quarter. The city witnessed launch of various projects in the third quarter across many micromarkets in both mid- and high-end segments. Capital and rental values appreciated across the city in the third quarter. Kolkata: Kolkata residential market registered stabilization in both rental and capital values across segments and micro-markets. Increased consumer enquiries/interest has led to under construction projects accelerating their pace of activity. Courtesy:- TOI dt:- 21/11/2009 DEEMED TENANCYPosted on Dec. 1, 2009 at 12:07 PM in Office Space in Delhi - 0 Comments - Post Comment - LinkHow a tenant can continue holding possession even after the lease is determined, finds out Ashish Gupta Deemed tenancy is a ‘tenancy by holding over’. It is an implied tenancy. Under the Transfer of Property Act 1882, some circumstances lead to a tenancy by holding over. When tenancy by holding over is created The lessee or underlessee of the property remains in possession after the determination of the lease granted by the lessor. The lessor or his legal representative either accepts rent from the lessee or underlessee, or otherwise assents to his continuing in possession. There is no agreement to the contrary The expression ‘holding over’ refers to retaining possession. There is a distinction between a tenant continuing in possession of a property after the determination of the lease, without the consent of the landlord, and a tenant doing so with the consent of the landlord. The former is called a tenant by sufferance. On the other hand, the latter is called a tenant holding over. A lessee holding over with the consent of the lessor is in a better position than a mere tenant at will. The assent of the landlord to the continuance of the tenancy after the determination of the tenancy creates a new tenancy. In such a case, the lease is renewed from year to year, or from month to month, according to the purpose for which the property is leased. For example, say A lets out a house to B for three years. B underlets the house to C at a monthly rent of Rs 2,000. The three years expire, but C continues in possession of the house and pays the rent to A. So C’s lease is renewed from month to month. Similarly, in case A lets his house to B for the life of C. If C dies, but B continues in possession with A’s assent, then B’s lease is renewed from year to year. A statutory tenancy is distinct from a tenancy by holding over in the sense that the former is more specific. Most rent control acts recognize statutory tenancy — either expressly or by implication. In case a tenancy is given protection under a statute, it is called a statutory tenancy. In case of a statutory tenancy, the rights of a tenant who retains possession by holding over is defined by the statute. All rent control acts recognise and afford protection to tenants against eviction despite termination of tenancy except on the grounds recognised by the acts. Courtesy:- TOI dt:- 21/11/2009 AN AFFORDABLE DREAMPosted on Nov. 29, 2009 at 12:15 PM in Commercial Space in Delhi - 0 Comments - Post Comment - LinkDevesh Bhatia Affordable housing is not a new concept but buyers/developers habitually seem to forget the fundamentals when the market moves in one direction only. Instead of being a necessary part of a developer's asset portfolios, affordable housing has become a fall back option for the developers worldwide. When the housing sector was experiencing growth, no developer thought of making affordable houses. This was because the psychology was that the boom will never end and a person who can afford to buy an expensive house will not be able to live in tier 1 cities. As soon as the housing bubble started to burst, developers returned to their fundamentals. And they did not return silently, taking turns, but in herds. All of a sudden major developers worldwide realized that affordable housing is a key to long term success because only a small percentage of population could afford the homes they were then building. This gave rise to a major resource allocation towards affordable housing projects. Present situation in many markets is such that uncontrolled construction of affordable housing has created historical levels of inventories of affordable homes. This current situation is extremely beneficial for a buyer today as affordable housing is difficult to find and in present conditions it is available for ‘real affordable prices.’ Affordable housing is as important in current market scenario as it is in bullish real estate markets. Easy availability of credit and many options to choose from induces a person to make a brave decision to move into a house which is too big for his current needs as well as out of his affordability range. In current market scenario with credit tightness and job security challenges, affordable housing is not only a wise decision it is also a necessity. The sector faces many challenges other than availability of suitable land. Suitable land for affordable housing is difficult to find because the target customers are extremely sensitive towards proximity to the modes of transport, availability of markets for day to day needs as well as connectivity to work places. The luxury amenity requirements (i.e. clubhouses, swimming pools, etc.) stand low on the priority list but basic amenities like parks or proximity to public amenities is a must for the buyer. The real challenge faced by the developers is searching for a property which meets all or most of the criteria mentioned above. Especially in tier 1 cities it is extremely difficult to find a good location. Moreover locations that are available are either too expensive or are suitable to develop luxury units which command more prices. This makes it difficult for the developers to keep affordable housing affordable. Challenges faced by affordable housing markets are not making it easier for developers to venture swiftly in this arena. Historical inventory levels, coupled with strong competition and lack of availability of ample credit for new construction has made it tough for real estate developers. But certainly the old maxim "Somebody's loss is someone else's gain" holds true here. Customers of today have an opportunity of lifetime to become a home owner. Customers today are at liberty to choose among many options and quote their own prices. This opportunity, created due to market correction, is to be taken advantage of, without delay. Courtesy:- TOI dt:- 20/11/2009 BENEFITS OF A JOINT HOME LOANPosted on Nov. 29, 2009 at 12:15 PM in Office Space in Delhi - 0 Comments - Post Comment - LinkVikas Agarwal outlines some tax benefits that come with a joint loan and how they apply to co-borrowers One of the most attractive features of a housing loan is that it helps in reducing your income tax liability, and thus makes it easier and cheaper to build a fixed asset. A housing loan makes you eligible for tax rebates under Section 80C and Section 24 of the income tax regulations. A joint housing loan comes with the twin benefit of increasing the overall loan eligibility and the income tax rebate that can be claimed by both co-applicants individually under Section 80C and Section 24. The mandate in claiming the income tax rebate is that the co-applicants of the housing loan should also co-own the underlying residential property. Who are eligible? A joint home loan can only be availed by a minimum of two and maximum of six applicants. A borrower cannot take a joint home loan with just any person. In general, the lender defines the relationship between co-borrowers eligible to take such a loan. A joint housing loan is given to married couples or close blood relatives like parent and child. Some banks allow brothers to take a joint home loan provided they will both be co-owners of the property. Usually, banks insist that all co-owners of the home must be co-borrowers in a joint home loan. Generally, friends or unmarried couples living together are not allowed to take joint housing loans. Ownership structure The ownership structure of the property is a very important factor in case of a joint loan. Ownership of the house makes one eligible for the tax benefits. The tax benefits are applicable in ratio of ownership in the property and therefore the ownership of property should be carefully decided keeping in mind the re-payment capacity of both the borrowers. In case a person is just a co-borrower of a loan and not a co-owner in the property, he cannot claim the tax rebates. On the other hand, if the co-owners are equal owners of a property but if the share of the loan is 2:1, the tax benefits can also be availed in the same ratio. Usually, banks do not accept split EMI payments (two or more cheques for the same EMI). The EMI in joint accounts can be made through a joint account owned by co-borrowers or by splitting EMIs in a financial year in the proportion of loan share. Income tax benefits The income tax benefits are applicable in proportion to the ownership structure. For example, if the ownership in a property is 60:40, a loan of say Rs 50 lakhs will be split as Rs 30 lakhs and Rs 20 lakhs respectively and this ratio will be applicable while calculating tax benefits on interest/principal repaid on this loan. Therefore, it is advisable for joint owners to procure an ownership sharing agreement stating the ownership proportion on a stamp paper as legal proof of the ownership. The case for the housing loan gets stronger in case of joint applicants. Banks consider the earning potential of co-borrowers and decide on the eligibility of the loan. Therefore, the loan eligibility increases in case of joint loan account. The joint account holders (owners of the property) can claim income tax benefits individually. The housing loan benefits that fall under Section 80C and Section 24 of Income Tax Act make each borrower eligible for a maximum deduction of Rs 1 lakh and Rs 1.5 lakhs associated to principal repayment and interest payable on the home loan respectively. For example, a husband and wife, both of whom are tax payers with independent income sources, get tax deduction benefits, with respect to the same housing loan to the extent of the amount of loan taken in their respective names. The maximum deduction in such a case would Rs 2 lakhs on the principal repayment and Rs 3 lakhs on interest payment Courtesy:- FT dt:- 22/11/2009 DLF LIMITED LAUNCH NEW RESIDENTIAL APARTMENT PROJECT DLF GARDEN CITY IN INDOREPosted on Nov. 26, 2009 at 2:05 PM in Commercial Space in Delhi - 0 Comments - Post Comment - LinkDiscover the land of
opportunities – Indore The city of Indore with a splendid past boasts of an equally bright future. Indore City is today the commercial and IT hub of central India. Over the years, the city has welcomed people from all over to evolve into a truly cosmopolitan population. As one of the fastest growing cities in India, dotted with lush green surroundings, brimming with new job opportunities and diverse talent pool, Indore is ideal for comfortable living and working. And DLF is here to complement the ever growing lifestyle of Indore with world-class homes. Discover all you
desire at Gardencity The best way to understand nature is to make it a part of your life. DLF well & truly brings this sentiment to Gardencity, where you live amidst nature and enjoy a contemporary lifestyle. Gardencity's 82 acres of pollution-free environs gives the residents a perfect answer to beat their stressful lifestyle. The township has been aesthetically designed by Hafeez Contractor while the landscapes are beautified by a renowned Singapore based consultant. With theme gardens like Ornamental Garden, Spiritual Garden, Bonsai Garden, Zodiac Garden, Gardencity brings you a step closer to nature. With a Club, School, Shopping Mall and a well-equipped Fortis Hospital within the vicinity, DLF fulfills its promise of bringing world-class lifestyle to Indore. Discover lavish clubbing facilities that pamper you An exclusively designed club, one of the biggest in Central India, will pamper you and your family with lavish facilities. The club is built in an area of about 2.5 acres and will offer a whole new world of leisure activities. Whenever you'll want to take time out from your busy life and schedules, you'll end up feeling naturally relaxed and rejuvenated at the club. This world-class clubbing facility will cater to the leisure needs of its members. • Swimming Pool • Restaurant • Pool side Café • Bar • Banquet Hall • Spa and Massage • Lawn Tennis • Table Tennis • Squash Courts • 50 Guest Rooms • Business Centers • Meeting Room • Card Room • Child Care • Library • Gymnasium / Aerobics Discover the new face of Indore at Gardencity Gardencity, New Indore brings a cosmopolitan lifestyle to Indore with homes equipped with all modern facilities, catering to people aspiring a luxurious lifestyle. The lush green 82 acres of Gardencity offers plots in various sizes ranging from 1800 sq.ft. to 3600 sq. ft. enveloped by open spaces. It also boasts of a world-class club, international school for your child's future, a fully equipped 100 plus bed Fortis Hospital, shopping complex and a shopping mall with multiplex right on the AB Bye-Pass Road. IPTV ready for enhanced entertainment. Power distribution through underground cabling. Discover a new world of leisure and lifestyle near you A stress free life awaits you when you enter Gardencity, New Indore. Located in the midst of green gardens where peace and tranquility prevails, every moment spent here will complement healthy living. State-of-the-art facilities like swimming pool, gymnasium, tennis & squash courts and pool side café, truly gives 'leisure' a new dimension. Besides, you can also engage yourself in a refreshing morning jog or make yourevenings delightful at the community centre. What's more, you can also enjoy the advantage of being located in the midst of nature. Along with other modern amenities, this place is a perfect retreat to calm your senses. Fore more info log on to http://www.zameen-zaidad.com/DLF-Garden-City.aspx ANSAL HAUSING LAUNCH NEW RESIDENTIAL TOWNSHIP IN INDOREPosted on Nov. 26, 2009 at 2:04 PM in Commercial Space in Delhi - 0 Comments - Post Comment - LinkProject Name Ansal Town Name of Builder Ansal Housing & Construction Ltd. Project Type Residential Township Price As below Location Indore Agents Shri Aditya Estates 42470622, 9810445860 Enter a city within your city, Enter a world complete in itself. Enter Ansal Town - Indore. Designed by L.S. Vaswani Architects, Ansal Town - Indore offers you all the amenities of modern living - luxury apartments, plots, convenient shopping centre catering to all day-to-day needs, schools and a club with swimming pool, gymnasium etc. All this in a pollution-free environment with ample area of green glades intersected by wide open roads that makes outdoors a mood elevato And considering the proximity to reputed higher educational institutes, medi-care units and speciality hospitals, road and commercial complexes and other features of the city, Ansal Town - Indore is a paradise for people desirous of settling in this city or looking for an investment destination in real estate. In essence, all the elements of fine living come together, only in a more refined form. Club School Refreshing Greens Shopping Convenience Preference Location Charges & Extra Charges Corner 5% Garden Facing 5% External Water Installation Charges Rs. 10,000/- External MPSEB Charges As Per Actual Club M' Ship (Mandatory) Rs. 50,000/- External Maintenance Charges Rs. 20,000/- Registration Charges As Per Actual For More info log on to http://www.zameen-zaidad.com/ansal-town-indore.aspx OMAXE LIMITED LAUNCHES RESIDENTIAL PROJECT OMAXE RIVIERA IN RUDRAPURPosted on Nov. 21, 2009 at 5:12 PM in Commercial Space in Noida - 0 Comments - Post Comment - LinkAn integrated township par excellence from OMAXE, coming up in the natural and tranquil surrounds of Himalayan foothills at Rudrapur, Uttaranchal. A unique space that will transcend your everyday experience into an exceptional one. Rediscover life with the choicest of comforts and unending delights. A perfect blend of design and functionality, OMAXE Riviera offers peaceful living in the lap of nature, fully laced with world class amenities. So, you are far from the city's hustle & bustle, but not too far from the city life and conveniences. Style with Substance Ready to move in apartments with all fitting and fixtures Quality construction with guaranteed timely possession Pollution free environment Integrated township with all facilities and amenities Pantnagar University and SIDCUL area nearby Specially designed studio and service apartments
ow population density area Wide road with Green Planted Roadways High-tech Security Systems School, Creche, Bus stop, Dispensary, playing areas close by Power backup with 24 hrs. water supply Vaastu friendly architecture Manned entry and exits Rainwater Harvesting, Sewerage Treatment Plant (STP), advanced technology for disposal of excess waste etc. Separate commercial block for hassle-free shopping Elevator in each block First class Facility Management Resort like landscape For More info log on to http://www.zameen-zaidad.com/ Zestha Developers LTD Launches A shoping Mall in Rudrapur (Uttaranchal)Posted on Nov. 21, 2009 at 5:12 PM in Real Estate Funds - 0 Comments - Post Comment - LinkThe zestha
group has grand plans for a very innovative real
estate pattern across the entire country . Founded on a vision, which seeks
to usher in a better tomorrow for everybody .By providing people with improved
life and living standards. Recognizing the basic needs in approaching the issue
of planned development and growth across the Residential, Commercial, Leisure
and Retail segments of the Real Estate Industry The
financial growth is a good indicator of a group success During the course of
its real
estate and construction journey Zestha has shown remarkable financial
success .Their graph has shown remarkable progress .The profits recorded in
just short span of time is simply beyond words . Salient Features: Pollution
free environment. Earthquake
resistant structure. Woodwork
in all the bedrooms. Jacuzzi
bathtub & cubical shower in bathroom attached to master bedroom. Geyser
in all bathrooms. 24
hrs water supply. Vastu
friendly layout. Most
prime location of Rudrapur (nearest to SIDCUL). Maximum
utilization of space. Well
designed with beautifully landscaped greens in and around the complex. Finance
facilities from several nationalized banks. Project
approved by the Government of Uttaranchal. Guaranteed
possession in 18 months. In
house club with swimming pool. High-tech
health club and more. 100%
Power Backup. Intercom
facility. Hi-tech
security system. Fire
fighting system. Adequate
power, cable TV & telephone points in all rooms. Two
High Speed Elevators in Every Tower. Ample
Parking Space. Features Pollution
free environment. Earthquake
resistant structure Most prime
location of Rudrapur (nearest to SIDCUL). Maximum
utilization of space. Well
designed with beautifully landscaped greens in and around the complex Project
approved by the Government of Uttaranchal 100% Power
Backup Intercom
facility Hi-tech
security system Fire
fighting system Ample
Parking Space Centrally
air-condition Food Courts Well-planned
shops and showrooms Specialty
and Multi-cuisine restaurants Entertainment
Centre Glass Lifts
and Escalators Area
Specified for showrooms/ATM’s /restaurants/recreation Ample
basement Parking space Professional
mall management For more
info log on to http://www.zameen-zaidad.com/zestha-platinum-towers-rudrapur.aspx UNITECH LIMITED LAUNCHES UNI HOME RESIDENTIAL APARTMENT BHOPALPosted on Nov. 17, 2009 at 3:03 PM in Commercial Space in Noida - 0 Comments - Post Comment - Link |