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25/12/2014

65 sq. yrds. Appartment per floor jaitpur New Delhi.

22/09/2014

Government Working on Intellectual Property Rights Policy: Nirmala Sitharaman

Minister of State for Commerce & Industry, Nirmala Sitharaman (Press Trust of India)
New Delhi: The government in the next few months will come out with a policy framework that will help protect India's interest on matters related to intellectual property rights (IPR) and deal with issues raised by developed countries, Commerce and Industry Minister Nirmala Sitharaman said on Monday.

"We are coming up with a policy on Intellectual Property Rights (IPR). We plan to put up the IPR policy online in four months and open it for public discussion," Ms Sitharaman said, addressing a press conference in New Delhi on the initiatives by her ministry in the 100 days of the NDA regime.

"Wherever IPR is an issue, policy is going to be made in a direction that protects Intellectual Property Rights," she added.

The objective is to bring in more clarity in the existing laws, the minister explained, saying that the lack of a policy had curbed the country from moving to a position to stand up for its rights.

"The whole issue of IPR is because there is no policy in the matter," Ms Sitharaman said.

"The Department of Industrial Policy and Promotion (DIPP) will put up a consultation paper on its website and would invite comments from the public," DIPP Secretary Amitabh Kant said regarding the IPR policy it is currently working on.

Mr Kant also said the deaprtment planned to upgrade infrastructure for processing patent applications and that 1,033 posts will be created for the job.

On the issue of permitting foreign equity in multi-brand retail, Ms Sitharaman said the government is categorically against it.

"There is no conflict in our minds. We are clear that we do want FDI in multi-brand retail. It is just that we do not see there is a need for us to come out with any notification specifying this as we are not sitting on applications," Ms Sitharaman said.

The minister said the government's policy on FDI in e-commerce was also the same. "We do not allow FDI in e-commerce as well, as the policy is the same as that for multi-brand retail," she clarified.

21/08/2014

HDFC Fund Raises $ 250 Million for Realty Investments:-

New Delhi: HDFC Property Fund, a part of financial sector conglomerate HDFC group, on Friday announced the closure of a $250-million (Rs 1,500 crore at 1 dollar = 60 rupees) international fund focused on investing in Indian real estate.

The fund-raising exercise has been concluded with investments from marquee international institutional investors and marks closure of HDFC's second international real estate fund, it said in a statement.

HDFC had raised an international fund of $800 million in 2007, which is fully deployed.

The recently closed fund will focus on investing primarily in residential property developments in major cities across India.

HDFC Property Fund had also set up in 2005 two domestic real estate funds; one with a corpus of Rs 1,000 crore that has been substantially exited and another Rs 464.4 crore fund which is fully exited now.

The cumulative assets under management of HDFC Property Fund exceed $ 1 billion.

13/08/2014

Property Prices Dip in Delhi. Good Time to Buy?

Buying a property is perhaps the biggest investment for salary earners, so buyers must undertake detailed planning before committing themselves to this long-term investment. However, for those looking to buy a house in Delhi or the National Capital Region (comprising Noida, Greater Noida, Gurgaon and Ghaziabad), a good deal might be around the corner.

Property prices in some pockets in Delhi and the NCR have fallen by over 20 per cent year-on-year, according to the National Housing Bank's Residex index, which tracks residential property prices across 26 cities in the country. In fact, Delhi is the only metro, where prices have dropped in the March quarter.

Property prices have fallen because a combination of sluggish economic growth, high inflation and high interest rates have impacted consumer spending. Developers are saddled with high debt and inventory levels forcing them to cut prices in some markets.

In Delhi, prices have dropped most in suburbs such as Dwarka and Mayur Vihar, where buyers can get two-BHK (bedroom, hall, kitchen) apartments starting Rs 65 lakh. Such apartments in NCR will cost much less depending on the stage of construction and location.

The sharp correction in property prices is not the only reason to go for a purchase in the near term. Here are some other aspects that one should consider before committing massive resources towards buying a property,

1) Further downsides to pricing capped: The formation of a stable government at the centre has bolstered sentiments in the real estate sector. According to Care Ratings, downside risk to pricing has reduced considerably in metro-cities and in case of tier II and tier III cities, prices are likely to increase in the range of 8 per cent to 10 per cent, with the expected recovery in volumes. The new government's focus on land and infrastructure development will also spur demand in properties and support prices.

2) Growth revival will help consumer sentiment: Home loan offtake has remained stagnant over the last three years because a sharp slowdown in the Indian economy impacted sentiments among salary earners. Salary hikes in India will average just 10 per cent in 2014, according to global human resources firm Aon Hewitt, when inflation has averaged 9.54 per cent from 2012 until 2014. However, with increasing prospects of an economic revival, sentiments are likely to rebound and will fuel property demand. Finance Minister Arun Jaitley expects the country to return to a sustained growth of 7-8 per cent or above within the next 3-4 years. (Read more)

3) EMIs will come down: High borrowing costs have been one of the biggest overhangs on property sales, but this may change with the expected decline in interest rates in the near future. EMIs on home loans are expected to come down by 8-10 per cent following the recent move by Reserve Bank of India to ease norms for banks to raise long-term funds for financing affordable housing projects, KPMG said in a recent note. Besides, the government has also increased the exemption limit on account of interest on loan in respect of self-occupied property from Rs.1.5 lakh to Rs 2 lakh. This will lead to additional tax savings for home loan consumers.

13/08/2014

Property Prices Dip in Delhi. Good Time to Buy?

Buying a property is perhaps the biggest investment for salary earners, so buyers must undertake detailed planning before committing themselves to this long-term investment. However, for those looking to buy a house in Delhi or the National Capital Region (comprising Noida, Greater Noida, Gurgaon and Ghaziabad), a good deal might be around the corner.

Property prices in some pockets in Delhi and the NCR have fallen by over 20 per cent year-on-year, according to the National Housing Bank's Residex index, which tracks residential property prices across 26 cities in the country. In fact, Delhi is the only metro, where prices have dropped in the March quarter

Property prices have fallen because a combination of sluggish economic growth, high inflation and high interest rates have impacted consumer spending. Developers are saddled with high debt and inventory levels forcing them to cut prices in some markets.

In Delhi, prices have dropped most in suburbs such as Dwarka and Mayur Vihar, where buyers can get two-BHK (bedroom, hall, kitchen) apartments starting Rs 65 lakh. Such apartments in NCR will cost much less depending on the stage of construction and location.

The sharp correction in property prices is not the only reason to go for a purchase in the near term. Here are some other aspects that one should consider before committing massive resources towards buying a property,

1) Further downsides to pricing capped: The formation of a stable government at the centre has bolstered sentiments in the real estate sector. According to Care Ratings, downside risk to pricing has reduced considerably in metro-cities and in case of tier II and tier III cities, prices are likely to increase in the range of 8 per cent to 10 per cent, with the expected recovery in volumes. The new government's focus on land and infrastructure development will also spur demand in properties and support prices.

2) Growth revival will help consumer sentiment: Home loan offtake has remained stagnant over the last three years because a sharp slowdown in the Indian economy impacted sentiments among salary earners. Salary hikes in India will average just 10 per cent in 2014, according to global human resources firm Aon Hewitt, when inflation has averaged 9.54 per cent from 2012 until 2014. However, with increasing prospects of an economic revival, sentiments are likely to rebound and will fuel property demand. Finance Minister Arun Jaitley expects the country to return to a sustained growth of 7-8 per cent or above within the next 3-4 years. (Read more)

3) EMIs will come down: High borrowing costs have been one of the biggest overhangs on property sales, but this may change with the expected decline in interest rates in the near future. EMIs on home loans are expected to come down by 8-10 per cent following the recent move by Reserve Bank of India to ease norms for banks to raise long-term funds for financing affordable housing projects, KPMG said in a recent note. Besides, the government has also increased the exemption limit on account of interest on loan in respect of self-occupied property from Rs.1.5 lakh to Rs 2 lakh. This will lead to additional tax savings for home loan.

27/06/2014

09/06/2014

Noida Extension: Housing prices to go up by at least 25%

Real estate developers expect home prices to rise by at least 25 per cent in Noida Extension as the government's approval to Greater Noida master plan has paved the way for start of construction, which was stalled for over a year in the area.

The National Capital Region Planning Board (NCRPB) has given its nod for master plan, which was made mandatory by a court order in October 2011 for any construction activity in Noida Extension, a newly proposed residential hub in the NCR.

About 2.5 lakh homes have already been launched, of which about 1.5 lakh were sold even before construction work stopped about a year ago on farmers protest.

"The housing demand in Noida Extension is going to be very high after NCRPB approval, while supply is very weak.
Prices are bound to increase because of various factors such as hike in compensation to farmers and rising input cost," Amrapali Chairman and Managing Director Anil Sharma told PTI.

Sharma said the prices would go up by about 25 per cent. "Prices were Rs 2,100-2,200 a sq ft in this region last year. Now we expect the same to go up to about Rs 2,600 per sq ft".

Another major developer in this area Supertech also felt that construction would start by September 15 and prices would go up by 35-40 per cent compared to last year.

"We were selling homes at Rs 2,300 per sq ft in May last year when farmers protest started on land acquisition issue.
Now, we will launch projects at Rs 3,200 per sq ft in Noida Extension," Supertech Chairman R K Arora said.

The cost of construction materials and interest rate have gone up sharply in last one and a half years, Arora added.

Property consultant Jones Lang LaSalle (JLL) India is also of the view that prices would go up in Noida Extension, but rates would still be cheaper than Noida and Greater Noida.

"This area has been considered as region of affordable homes. Lot of burden has to be borne by the developers. So there will be little bit of price increase," JLL India CEO (Operations) Santosh Kumar said, but declined to give any percentage.

He noted that demand would be much higher and there would be an opportunity for both investors as well as end users.

09/06/2014

Delhi: Najeeb Jung Directs Officials to Provide Relief to Storm-Hit People

New Delhi: Delhi's Lt Governor Najeeb Jung today directed Divisional Commissioner's office to survey and assess damages to life and property caused by yesterday's dust storm in the national capital and provide ex-gratia or relief to the affected families.

Mr Jung also instructed the Delhi Jal Board (DJB) authorities to supply water in tankers in the affected areas immediately.

"Despite prompt efforts by DJB, the Palla tube wells are still non-functional due to power failure in the area, affecting water supply in north-west Delhi. Further, there has been a major problem at Delhi-cantt pumping station which affected water supply in south Delhi. There was also water supply problem in south-west Delhi, north and parts of new Delhi Municipal Council area, today morning.

"Due to power failure, DJB could produce only 681 MGD of water, which is less by 154 MGD of their daily production," said a press statement issued by LG office.

DJB offices will remain open today and on Sunday to ensure restoration of water supply in affected areas and the control room will function round the clock.

DJB is in constant touch with officers of Power department and discoms to ensure regular power supply to water treatment plants and booster pumping stations, said the DJB officials during a stock taking meeting chaired by Jung today to review water and power situation in the national capital.

Mr Jung directed the Power Department that power supply in Palla region of North Delhi be restored today itself so that water supply is not affected further.

21/05/2014

Property Market Revival Expected After Modi's Win

New Delhi: Hailing clear majority for Narendra Modi-led BJP in the polls, real estate experts today said a stable government at the Centre will help revive the property market.

Investor sentiment will improve in the realty market leading to rise in housing and office space demand, they said.

"The formation of a stable government not dependent on coalition partners will hopefully mean faster decision making and economic reforms. If GDP growth picks up, one of the early beneficiaries would be the real estate industry," CBRE South Asia Chairman & MD Anshuman Magazine said.

Knight Frank India Chairman & Managing Director Shishir Baijal said the economic and political stability would act as a catalyst for revival of the real estate sector in India.

Hailing the election outcome, realtors apex body CREDAI Chairman Lalit Jain said: "We have a huge expectation from the new government as Modiji has demonstrated good governance in Gujarat".

Mr Jain said the sentiments would immediately improve and that will drive the property market. "We expect efficiency in approval process and easier bank funding which are the two major concerns for the industry."

The realty sector has been facing a huge slowdown in demand over last few years due to high interest rates on home loans and lower economic growth.

Parsvnath Chairman Pradeep Jain said: "We are optimistic about the reform and changes this government will bring in to boost the economy. For the real estate in particular, we firmly believe that the sector will be given industry status this time which will ease all fund inflow."

Mr Magazine said, meanwhile, that "economic fundamentals have to be tackled, infrastructure projects implemented with a sense of urgency and housing mortgage interest rates have to decline before we would see any significant impact on the real estate market".

Global property consultant JLL India Chairman & Country Head Anuj Puri said that in order to boost affordable housing, the new government may look at helping on quicker land acquisition, faster approvals, easy and low cost funding availability and better infrastructure.

Cushman & Wakefield Executive Managing Director (South Asia) Sanjay Dutt said: "A stable government will lift the sentiments of the investor community who form a dominant role which will impact housing and office sales. Hence, both end-users and investors are also expected to increase their investments in the sector and contribute to its growth."

Consultant DTZ Chief Executive Anshul Jain said the demand is expected to pick up in the latter half of this year.

"Next 5-6 quarters are expected to be the game changers. Availability of funds will ease and interest rates are expected to come down as inflation cools. This will have a direct impact on the supply side of the real estate,"

26/02/2014

Buying a house? 5 tips before signing the agreement

You may have gotten a home loan approved after zeroing down on a house you want to buy, thinking half the work is done and hoping for smooth processing here on. Think again, because once you complete these formalities, you will have to protect your dream from the legal traps your builder might throw your way.

There are a few very important points to consider when you are about to enter into an agreement with a developer.

Here we will take a look at 5 such points you need to remember and also various measures you can take against them.

Actual price of the house

A home agreement details various costs that you will need to bear for buying the house. This would include the cost for utilities like electricity, water, parking space, many kinds of taxes, and in some cases even registration charges. However, the builder may then levy extra charges for any of these.

Tips

Check the agreement thoroughly for all applicable charges.
If possible, get the agreement checked by a lawyer for hidden charges and get the anomalies (if found) rectified by your builder.
If a builder charges extra for altering the original plan, you can always ask for the sanction letter provided by government authorities for such changes.
Actual size of the house

Your agreement would clearly mention the size of the house you are purchasing. However, there would be a clause stating "plans, designs, specifications are tentative and the developer reserves the right to make variations and modifications". Therefore, you may agree for a certain size but the builder can give a different size.

Tips

Before going ahead with a builder of your choice, do some research about the builder's past projects.
If possible, talk with other buyers (who have already gotten possession) about problems faced by them.
Try and include a clause in the agreement stating the minimum and maximum size beyond which the builder cannot increase or decrease.
Carpet area

The area of an apartment or building excluding the area of walls is known as carpet area. This is the area in which literally a 'carpet' can be laid in your house. When the area of walls, including the balcony, is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.

Carpet area can be 15-30 per cent less than super built-up area. However, you will not come to know the exact size until the constructions have been completed.

Tips

Purchase a property based on its carpet area.
Ensure that this area is mentioned in the agreement.
Try to get a clause included which will ensure that the contract can be terminated if the builder provides a house with the carpet area lesser than what is mentioned in the contract.
Date of possession

The agreement normally mentions a tentative date of possession. However, there have been instances where builders have delayed possession by more than a year.

Tips

Check the progress of the construction from time to time personally.
On finding that the progress is slow and the construction is not going to finish by the date of possession, you can always pressure on your builder.
Forming a society with other buyers sometimes helps a lot in getting things to speed up at the builder's end.
Completion certificate

On handing over the house to you, the builder also needs to provide you with a completion certificate. This is issued by municipal authorities that establish the building complies with its approved plan. You would need this certificate for the registration of your house and other government formalities.

Tips

If the agreement does not mention the certificate, ensure that the agreement has a clause which states that the builder will provide the certificate while handling over the house to you.
If your builder delays a lot, putting pressure on the builder along with buyers like you is a good idea.
Besides, there are a few more points - such as the quality of the construction, management of the society - which one should clarify before entering an agreement with a builder. For this, you can try to add clauses to the agreement or form a society to get the builder to meet your demands. Since there is no industry regulator you can turn to any issues you may face during the course of buying your home, it is important that you are aware of what you want and what you are getting.

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15/02/2014

Should you buy or rent property in 2014?

India's current economic uncertainty combined with the inflated real estate prices makes the buy or rent decision tougher for a common man. Zero or negative growth in incomes, higher interest rates and a shrinking carpet area for the same money make a strong case for a personal finance drive.

Is it financially prudent to buy a house?

Can there be an advantage to renting a place to live?

Will there be any lifestyle changes that one needs to accommodate?

These are some of the questions that come up when one is in search of the best decision for buying a house.

Below are some of the most important factors one should consider while arriving at a merit-based decision:

While buying a house

Amount of down-payment for house loan (20 per cent of cost)
Time to save for down payment (No. of years)
EMI on house loan
Monthly property maintenance charges
Annual repairs
Annual property tax
Income tax savings under sections 80C and 24B.
While renting a house

Security deposit
Monthly rent
Yearly increase in rent
Monthly property maintenance charges
Income tax savings under HRA exemptions
The three factors that are pivotal when deciding on buying a house are: current property price, which determines the EMI to be paid; current monthly rental value, and the current gross income.

Monthly rent or the EMI being paid should not consume most of one's salary which in turn is likely to affect the current lifestyle or future goals. Also, it is not a good financial decision to buy if the rental value is low compared to the EMI to be paid when owning a property. However, one cannot only rely on the rent-to-buy ratio and make the decision to buy without assessing his affordability. Similarly, a decision to buy a house just because one can afford the EMI is not advisable.

Buying or renting in top Indian cities

Hyderabad and Ahmadabad are the most affordable markets to buy a house, according to a recent study by ArthaYantra. Delhi and Mumbai clearly stand out as the cities where buying or even renting a house has become incrementally tougher over the years and has gone beyond the reach of the common man.

The minimum salary range to be able to afford a house across all 8 cities has also increased compared to 2012. Similarly, the area for the same amount of money has shrunk. This has led to increasing number of people opting to rent a house rather than buying one.

Hyderabad continues to be the most economical choice for both renting and buying across all salary levels. However, in Pune, Bengaluru, Ahmadabad and Kolkata, the salary threshold to buy a house starts after one starts earning more than Rs. 12 Lakhs per annum. These cities today offer a good buying alternative to professionals working in Mumbai or Delhi.

� Read more Read more Read more Read more Read more Read more Read more Read more ArthaYantra is an online financial planning firm dedicated to make unbiased, holistic and high quality financial advice accessible to everyone in India.

05/02/2014

Dubai:- "Indians were at the top among foreign nationals purchasing property in Dubai last year, followed by Britons and Pakistanis, according to a report.

"Investors from around the world are finding that Dubai is offering a particularly attractive climate to undertake property business," Dubai Land Department Director General Sultan Butti Bin Mejren was quoted as saying in a report by a local daily.

Foreign nationals from 162 countries ended up buying real estate in Dubai in 2013, the report noted.

Foreign ownership continues to drive Dubai's realty, with more than $31 billion in transactions last year being attributed to these buyers, according to figures released by the department.

The overall number of transacted properties in the emirate last year was valued at $64 billion. UAE and GCC nationals combined - totalling 7,548 investors - funded $8.9 billion of the overall transactions, with the former accounting for $6.5 billion. Saudis followed with $1.2 billion.

Arab investors from outside of the Gulf added a further $3.2 billion, with Jordanian nationals topping the list at $70 million while Lebanese and Egyptians followed.