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HOME buyershave reasons to cheer. The new direct taxes code (DTC) is expected to bolster the demand for homes for both residential and investment purposes as it has proposed to retain the existing tax exemption norms. Unlike the original discussion paper on DTC, the revised paper has proposed to continue with the existing system of deducting interest payment up to Rs 1.5 lakh against home loan from the total taxable income.
Besides the discussion paper has also proposed to go ahead with tax deduction calculated on the presumptive rent which is currently calculated at 6% of the total value of the property.
DTC, which is likely to be introduced next fiscal had originally proposed to withdraw these exemptions.
Had the government withdrawn the proposal, there would have been an adverse impact on the industry, said Anil Kumar, CEO & Deputy MD at Ansal API, a Delhi-based real estate firm. “One of the main resons why end-users buy houses is to save tax,” he said.
Most end-users, especially those in the middle income group, avail loans to buy houses on which they get a tax benefit. As per the existing norm, home buyers are allowed to deduct interest payment of up to Rs 1.5 lakh from total taxable income.
Since home loan is a long-term contract, any such change adversely impacts the decision of borrowers, said an official of a home finance company.
“The move is especially good for people falling in the middle income group as they often buy houses for investment purposes,” said Allen Pereira, CMD at Bank of Maharashtra.
The government’s move has come as relief to home buyers at a time when the sector started showing early the sector started showing early signs of recovery. Real estate was one of the biggest casualties of the global slowdown when buyers turned away from the market. The situation has now improved with buyers gradually returning to the market.
The government in 2009 had argued the taxpayers would not be affected if benefit on interest payment against home loan was withdrawn as tax slab was also proposed to be changed comprehensively and net of tax income would increase would increase significantly. However, the withdrawal attracted a lot of criticism following which the government decided to go ahead with the existing norms.
Courtesy by BS    dtd:  June 17, 2010
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The Sikka Group recently announced its upcoming residential project “Sikka Karmic Greens“ at Sector- 78, Noida.
The project offers a choice of one, two and three bedroom apartments, ranging from 560 sq ft to 1440  sq ft area in size.
Prices start at Rs 15 lakh.
Courtesy Ht estate Dtd: 12/06/2010
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 THE FINANCE ministry may exclude land value from the ambit of a new tax on under-construction houses, potentially taking the sting out of the proposed levy after it ran into a storm of protests from the real estate sectorand exposed fissures within the government.
    The 2010-11 budget has proposed a 10% service tax on 33% of the total cost of under-construction houses, which could increase the price tag of such properties by 3.3%. The new tax will come into effect once the budget is approved by Parliament.
    But protests from a real estate sector worried that the tax could harm its nascent recovery and a demand by the urban development ministry to review it has forced the ministry to consider a retreat and look at ways to ease the burden on potential homebuyers.
    Finance ministry officials said they were examining ways to separate land costs from the overall cost equation and take it out of the purview of the proposed tax. “We are looking at the issue to see how this can be done,” an official told ET.
    Any change will make the new service tax more acceptable to all stakeholders and also introduce greater transparency in the pricing of homesby providing a break-up of cost. Its impact could be especially felt in major cities where land costs account for a bulk of the cost of under-construction properties.
    “The proposed reduction will bring in a huge relief to both consumers and realty companies,” said an executive with Delhi-based real estate developer Ansal API.
    The change could take much of the sting away from the proposed tax, especially since 67% of the property cost is not covered by it because it is considered as the cost of material used in construction.
    Excluding land costs, the effective rate of service tax will fall to 1.75%, added Pradeep Jain, chairman of Parsvnath Developers.
    Experts say the ministry could use circle rates or floor prices for areas set by states for computing land costs. But stripping out the land costs could prove complicated even when floor prices are available because ascribing land value to a flat in an apartment complexmay be difficult.
    “Practices are not consistent in the whole of country so it will have to be seen how a mechanism can be worked out,” said Rajeev Dimri, leader of indirect tax practice at BMR Advisors & Co.
    The precedent of excluding land value from tax already exists in some form. State governments, for instance, do not include the value of land while imposing tax on works contracts.
    Tax experts have questioned the legality of the proposed service tax, arguing that land is a state subject. “Whether the centre can tax land or property is a challenge. Imposition of service tax on commercial rentinghas already been challenged and the appeal lies before the Supreme Court,” said Mr Dimri at BMR Advisors & Co.
    The service tax proposal signals a movement towards a unified goods and services tax framework, which will allow the centre and states to tax items in their respective domains. The centre has indicated rolling out GST from next April.

Courtesy:-ET  dt:- 07-April-2010

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UNITECH has formeda panel of five board members to push the demerger of its non-core businesses into a separate entity as the country’s second-largest real estate developer looks to focus on its mainstay, realty.
    The company plans to hive off its investments in telecom, hotel and special economic zones into a new offshoot, said a senior executive, requesting anonymity. Unitech owns a 33% stake in Uninor, a telecom joint venture with Norway’s firm Telenor.
    All Unitech shareholderswill get proportionate shares in the new entity after listing, he said, adding that the restructuring will help unlock value for them.
    Unitech shares closed marginally higher at Rs 76.55 on the BSE on Tuesday. At this price, the company’s market capitalisation is a little more than Rs 18,000 crore.
    Consultants Ernst & Young and SR Batliboi & Co as well as legal firm Amarchand & Mangaldas will advise the panel about the restructuring.

 

Courtesy:-ET  dt:- 07-April-2010

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UNITECH has formeda panel of five board members to push the demerger of its non-core businesses into a separate entity as the country’s second-largest real estate developer looks to focus on its mainstay, realty.
    The company plans to hive off its investments in telecom, hotel and special economic zones into a new offshoot, said a senior executive, requesting anonymity. Unitech owns a 33% stake in Uninor, a telecom joint venture with Norway’s firm Telenor.
    All Unitech shareholderswill get proportionate shares in the new entity after listing, he said, adding that the restructuring will help unlock value for them.
    Unitech shares closed marginally higher at Rs 76.55 on the BSE on Tuesday. At this price, the company’s market capitalisation is a little more than Rs 18,000 crore.
    Consultants Ernst & Young and SR Batliboi & Co as well as legal firm Amarchand & Mangaldas will advise the panel about the restructuring.

 

Courtesy:-ET  dt:- 07-April-2010

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UNITECH has formeda panel of five board members to push the demerger of its non-core businesses into a separate entity as the country’s second-largest real estate developer looks to focus on its mainstay, realty.
    The company plans to hive off its investments in telecom, hotel and special economic zones into a new offshoot, said a senior executive, requesting anonymity. Unitech owns a 33% stake in Uninor, a telecom joint venture with Norway’s firm Telenor.
    All Unitech shareholderswill get proportionate shares in the new entity after listing, he said, adding that the restructuring will help unlock value for them.
    Unitech shares closed marginally higher at Rs 76.55 on the BSE on Tuesday. At this price, the company’s market capitalisation is a little more than Rs 18,000 crore.
    Consultants Ernst & Young and SR Batliboi & Co as well as legal firm Amarchand & Mangaldas will advise the panel about the restructuring.

 

Courtesy:-ET  dt:- 07-April-2010

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Mapsko Group has launched Mapsko Casa Bella, a Group Housing Project spread on an area of around 18 acres at Sector 82, Gurgaon. The group housing has 3, 3(+1), 4(+1) bedrooms of 1690 sq. ft, 1960 sq. ft., 2535 sq.
ft. respectively. The price ranges between Rs. 2,500-2,600 per sq. ft.

Courtesy:- HT Estates  dt:- 03-April-2010

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It may become difficult for builders to construct green buildings as they are 25-35 per cent more expensive than normal housing structures, reveal findings of Grant Thornton and ASSOCHAM.

Releasing the findings of the White Paper, ASSOCHAM presi- dent, Dr Swati Piramal pointed out that despite the benefits, construct- ing a green building remained a challenge when it came to the initial capital outlay and immediate returns on investment.

The Paper also points out that considering the changes in global climate, rising population, pollution, related regulations and also com- mercial concerns vis-à-vis power crisis, running cost and pressure on urban infrastructure, green practice will become a necessity rather than a matter of choice in the next 10 years.

Along with environmental con- cerns, the most obvious objective of constructing green buildings will be to bring in energy efficient practices, thus reducing consumption of power and water. However, in the short term, real estate developers find the s initial cost of deploying energy effi- cient systems a major hindrance.

This is inspite of the fact that real estate and its ancillary industries account for more than half of the world's energy consumption.

Courtesy:- HT Estates  dt:- 03-April-2010

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Our Personal Finance Expert Will Guide You on Saving, Spending and Investing In This Weekly Column

Retirement is the time when you hang up your boots from the hustle-bustle of daily life, relax, do your own thing. As we say, it’s time to say: “Goodbye tension, hello pension!” Suddenly, from the risk of dying too young, you have transformed yourself to the category where the risk of living too long exists. The last thing you want to do is to have your money run out before you do. Risks have to be taken in a controlled manner, and post-retirement returns are thus assumed at 1% or maximum 2% p.a. over inflation. During one’s retirement days, the key requirement is safety, liquidity and tax-free returns. It is important to analyse the pros and cons of some of the avenues available to generate cash flow.

RENTAL INCOME

Apart from a self-occupied property, all other real estate investments are made with the objective of either capital appreciation — like the purchase of land — or to generate return on investment, as in the case of rental property. 2008 has been a rude awakening, and we must prepare for the time when rentals may drop, and the property may remain vacant for a few months. Depending on rental income for 100% of one’s needs may be a risk that needs to be mitigated before heading into the retirement days.

DIVIDEND INCOME

A few weeks ago, a client approached me to plan some additional investments for his mother who was a retired senior citizen. He did not want to take risks with the investment and during the course of our conversation, we realised that nearly a third of her income was being received by way of dividends. So, while she was averse to risk investing, she was equally reluctant to reduce her shareholding because she was thrilled with the quantum of dividend that she would receive year on year. In this case, there is a need to reduce the risks that this client carries in her portfolio.

ANNUITIES

In all our retirement planning calculations, we assume a life expectancy of 85 years for males and 90 years for females. However, no one can say today whether that is an underestimation or overkill. To do away with this risk, one can consider purchasing of annuities which are paid for your lifetime, and on your expiry, to your spouse. Obviously, if one was to use this as the only source of retirement income, the quantum required to be invested would be large, so it’s best that about a third of one’s retirement requirement is met through this route.

FIXED INCOME INVESTMENTS

Returns on fixed income investments are normally taxable. For the purpose of planning, it may be best to consider these — like senior citizen bonds, post office schemes, fixed deposits — first so that the income is within tax exempt limit for senior citizens — Rs 2.40 lakh per year as per the latest Budget proposals. Practical examples abound which ensure income that is tax-free and carries minimalistic risk for the senior citizen.

The author is the Managing Director and Chief Financial Planner of International Money Matters Pvt Ltd

Courtesy:- ET dt:- 19-03-2010

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Unlike in the past, the New Age Indians are not confined to investing in residential properties. They are now setting their sights on commercial property as well. Read on to know what attracts them to commercial properties

If you imagine that commercial properties are only purchased by companies to expand their business prospects, think again! Now high net worth individuals (HNI) too invests in commercial properties. As recently as a few years ago, commercial property was an investment option for select individuals. Apart from the issue of a large investment, it required a different mindset from the investment point of view as well. But, over the years, a large number of Indians have begun to earn huge salaries while many others are also making a lot of money through freelance jobs, which they are investing in commercial properties.

Unlike in the past, the New Age Indians are not confined to investing in residential properties. This trend is picking up fast. "If banks do not show reluctance to give loans to individuals in order to buy commercial properties, more and more HNI will come forward to buy commercial properties. It is now no secret that banks hardly show any positive attitude to sanction loans to individuals in order to buy commercial properties. This happens all over the world. That is why you cannot blame only our banks," says Samir Jasuja, CMD of PropEquity.

An official of PNB Housing Finance Ltd also admitted that while banks happily give loans for residential properties, they are not that forthcoming when it comes to loans for the purchase of commercial properties. Reason? He said that compared to residential properties, the rate of default is very high in this segment. That is precisely the reason banks avoid disbursing loans to individuals in buying commercial properties.

"As far as Ansal API is concerned, we have got bookings from a sizable number of such individuals (HNI) in our malls (Ansal Plaza in various locations), as also in small to medium office spaces in our commercial projects in Delhi NCR, Punjab, Lucknow, Kundli (near Sonipat in Haryana), among other projects," says the company's official spokesman.

Anu Gupta, director of Century 21 India, says that HNIs should make investments in commercial properties as these investments could maximize their return. The reason being, while they could go for bank loans up to 75-80% for such investments, the repayment of such loans could be set off against the rental incomes from such commercial properties. Thus, by investing a portion of the total price (say 25%), an investor can acquire a high-value asset, which will not only give maximum return (thanks to the set off provision in IT against rentals), but could see a significant appreciation over a period as the retail/commercial industry grows.

Giving his own example as to how he is earning less because he has invested in residential property while his friend is earning far more than him for investing in commercial property, a Delhi based financial professional, Narinder Gambhir, says that both he and his friend invested in residential and commercial properties in 2004 in East Delhi. Both invested close to Rs 30 lakh each. "While I am getting a rent of Rs 15,000 per month, my friend is earning Rs 25,000 from his property. This is a huge difference," Gambhir rues.

Discussing about the factors which are crucial for HNI to look buy commercial properties, a realty expert says that they should not invest where there is a deluge of supply. In that case before, the investment would not fetch good returns. HNI also invest in commercial property, as they are not restricted to a dingy market area. Today, swanky malls enable an individual to look at commercial property as a viable investment option. Moreover, the emergence of semi-commercial property in residential locations has made the investment financially viable.

RK Arora, CMD of Supertech group, says that there is nothing wrong if you invest in commercial property, but one must invest after taking all the pros and cons into consideration. "I feel that if you invest in some commercial space in NCR, then you have to wait for a long period before earning anything as there is a massive supply of such commercial property in NCR, unlike in Delhi. If you can invest in Delhi, then it is great."

However, Alimuddin Rafi Ahmed, CMD of ILD realty group, feels that as our economy is improving after tiding over a really tough time during the market slum of 2008-09, corporates are looking for commercial spaces on lease, hence it is a perfect time to invest in commercial properties. "This is just the right time to invest as the property is available at rockbottom prices. The crash in property prices led to downward revision of prices by developers. The reduction was to the tune of 30% or so. Hope things go better in the times to come and everyone benefits from the property," Ahmed concludes.

Courtesy:- ET Realty dt:- 19-03-2010

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A PMI-KPMG report reveals the silent drain on national resources

 

While infrastructure has been driving economic growth in India, time and cost overruns impede the sector's potential, says the Project Management Institute (PMI)-KPMG Infrastructure Study 2010.

The report also highlights how project management can help ensure efficient deployment of resources. Of the 1,035 infrastructure sector projectscompleted during April 1992March 2009, the study noted that 41 per cent faced cost overruns and 82 per cent witnessed time overruns.

PMI, a global association for the project management professionals released a study with leading professional services firm, KPMG titled `Study on Drivers for Success in Infrastructure Projects 2010' at a conference on `Project management in infrastructure sectors' held in New Delhi this week.

The report presents a comprehensive mapping of infrastructure projects and highlights the important roles that all stakeholders will play towards building India's infrastructure with planning and efficiency. The survey was carried out after taking the views of over 100 top management personnel representing Indian companies across infrastructure sectors, namely oil and gas, power, roads and bridges, ports and shipping, civil aviation, urban infrastructure, railways, steel and telecom. Raj Kalady, managing director, PMI India, said, "As the Indian economy drives global growth, it is critical for owners and contractors, the government, and the entire project stakeholder community, to mitigate delivery weaknesses collaboratively while consolidating strengths for successful project delivery. PMI, as a not-for-profit body, has been successful in building advocacy for the use of project management."

Geno Armstrong, global head, major projectadvisory services, KPMG, said, "The infrastructure industry in India has enjoyed several positive indicators. However, certain hard facts such as the on-ground delivery and extent of success achieved in terms of timely and within-budget completion sound a cautionary signal to the industry and the stakeholders."

"India is a country with tremendous potential for infrastructure growth. This sector has enjoyed a growth rate of 22 per cent in 2008-09. Moving ahead, there is a planned government spending of Rs 46.3 trillion in the 12th five year plan, with a staunch commitment to infrastructure investmentproposed by the government. Despite these figures, time and cost overruns threaten to limit the potential of this sector to not only achieve growth projections, but also the huge contribution it can make to the overall GDP," he added.

Courtesy: HT Estates 13 March 2010

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Thanks to the proposed levy of service tax on developers, the realty market is abuzz with speculation over its impact on property rates.
Syed Amir Ali Hashmi checks out the likely repercussions Illustration: Abhimanyu Sinha

 

This year's budget has left aspiring homebuyersin a tizzy. Ashok Kumar, a chartered accountant, can't decide if he should wait and watch or buy his dream home. He fears he will lose out thanks to the price rise that the new service tax on real estate developersis likely to bring about. Just like Kumar, a number of people are seeking clarity on changes in price and demand that are likely to result from the 10.3 per cent spike in costs that developers will now incur.

Experts are unanimous in their views on the new tax impact. Prashant Kaura, founder and director, GenReal, says, "The impact of the service tax will be passed directly onto the buyer, resulting in an increase in real estate prices. So, for projects under construction, we will see a marginal price increase. Tax experts anticipate the increase to be about 3.4 per cent of sale value."

Agreeing to this, Avinash Narvekar, tax partner-real estate practice, Ernst & Young, says, "In case developers are dissuaded from accepting pre-sale advances because of the additional service tax liability, they may have to look for funding from banks to complete their projects.
This could, in some instances, escalate the cost of projects."

Sanjay Dutt, CEO business, Jones Lang LaSalle Meghraj, feels that the benefits implied by the tax savings and interest rate subvention will, to some extent, be negated by the service tax levied on properties in preferred locations and construction costs of yet-to-be-completed buildings. "Builders are likely to pass on this additional burden to customers by increasing property pricesproportionately," he says.

Differing slightly with the above view, Navrekar says, "Whether (increased costs) are actually passed on to the buyer will depend on the level of demand. Increasing home loan rates will surely impact the demand adversely, which may not be offset by the increased disposal income accruing to individuals as a result of the raised tax slab. The equation might have been different had there been incentives that would drive demand stimulation, such as an increase in the existing Rs 1.50 lakh deduction for interest paid on housing loans."

He adds that overall, given the already high property prices and slowing demand for property, it is possible that some developers may choose not to pass on the whole burden of the service tax on to consumers. Across the board Kaura says the effect will be felt across India -on the projects under construction and those on sale. However, Navrekar says, "The affect may be relative to the category of homebuyers. While the affordable housingsegment and developments in Tier-II and Tier-III cities are somewhat susceptible to the cost increase, given that the net impact is only 3.5 per cent."

Pratik Jain, executive director, KPMG, says that unless exemption clauses of the service tax are clarified, impact will be widespread. More clarity is also required on whether houses below the Rs 20 lakh to Rs 30 lakh price range will be exempt. Very little choice Kaura says buyers don't have much choice. "The cheaper alternatives will become more expensive. Since already-built options are usually more expensive than yet to-be-completed projects, the relative rise in prices would not be significant for under construction projects. If buyers are looking at cheaper alternatives, they are still likely to go in for under-construction developments."

Narvekar says, "Typically, properties are costlier when purchased after completion of construction. Thus, the buyer is likely to choose between comparatively lower prices of under-construction propertiesand constructed property with a higher price tag, though without the service-tax component."

What is clear is that the added costs are not likely to dissuade investors or speculators, nor will it impact developers significantly. The buyers are likely to be hit the hardest.

Courtesy: HT Estates 13 March 2010

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Flush with the success of its first-ever launch of a residential project, Logix Group is launching Phase-2 of its cyber park in Noida in end-March.
Krishna Kumar Mangalam reports

    After the launch of its first residential project, Blossom County in Sector 137, Noida last month, Logix Group is back to what it does best – building IT parks. The group is launching Logix Cyber Park, Phase-2 in end-March, in which Tower C & D will be on offer to IT/ITeS and other technology firms. Phase-1 of Logix Cyber Park(Tower A & B) was launched last year, and both the towers have been leased out to leading IT firms and MNCs with 100% occupancy.
    The site is located in Sector 62, the corporate hub of Noida, and is 9km from DND expressway and 2km from the national highway. Logix Cyber Park is also close to industrial centres like Faridabad (35 km), Ghaziabad (5km), Greater Noida (20 km) and Meerut (50 km). Connaught Place in Delhi is about 20 km from here.
    Talking to Times Property, Shakti Nath, chairman and MD of Logix Group, said that the project is not just about an IT park. “Logix Cyber Park is not merely an IT park. Our philosophy is to let the clients concentrate on their core business activity while we take care of all their other family and social requirements. We have in-house support facilities like a medical desk, a travel desk, concierge that will lend them all conceivable services, a clubhouse with 250-seat auditorium and sports and recreational facilities, a yoga and meditation centre, among others. We are also in the process of constructing service apartments within the premises, which we can safely say will be an USP for our project.”
    The Cyber Park’sPhase-2 comprises two interconnected towers, C & D, with each having 10 floors. The total builtup area of the project is over 12,00,000 sq ft and Phase-2 has a built-up are of 6,85,168 sq ft. The project has a Leadership in Energy and Environmental Design (LEED) certification with ‘Silver’ rating in the Green Building rating system.
    The project has been built to sateof-the-art specifications and boasts of technical feature, which are among the best in the country.
Some USPs of the project
A professionally managed day-care centre and creche for working mothers Dense plantation and lush green ambience Special provision for access to people with disabilities Water bodes with flowing and cascading waterfalls Workstations with north and east orientation to offset heat and direct sunrays Structure designed to seismic Zone V specifications Parking spacefor 1,800 cars in the basement, lower ground and ground levels CAT 6 data cables for high-speed data transfer Provision of protected internet and data transfer facility through highspeed servers in incubator centre Has secretarial and other back-up facilities for startups – even a one-man entrepreneur may set up shop here with an assurance that his back-end office work will be professionally managed here
    The project has a clubhouse with a fully equipped gymnasium and two squash courts. A leisure lounge and deck on the ground floor opens up into golf putting greens and water fountains. There is also a 250-seat auditorium with PVR-like facilities that can screen movies on request and according to client choice, and also a performance stage. The club complex is located between the towers.
    Along with a 205-seat business centre, the complex has cafeterias and coffee shops by respected brands like Sagar Ratna, Barista and TopBreads, along with bank ATMs.
    The 10-storey complex has a façade of glass elevation and all floor lobbies will have a panoramic view of the lush green front lawns. The façade is a combination of aluminium and clear tempered frameless glass cladding. The other sides have insulated low e-glass with aluminium panels. The metal canopy on the terrace spanning the towers will create a spectacular display of authority and distinction, says Nath. The floorto-floor height is 4.1 metres and the clear height for each floor after accounting for the false ceiling is a good 9 feet. There are seven high-speed elevators in each tower. Among the various services provide are uninterrupted power from dual high-tension feeder lines placed along the rear service yard and provision of HT transformers with metering rooms. There is a STP (sewage treatment plant) for the entire complex. All services are placed at the rear of the complex to maximize the efficiency of maintenance.
    Logix Cyber Park is spread over 44,100 sq metres with ground coverage being 26% and open spaces accounting for 75%. Every tower has a floor plate up to 11 levels. Every tower has a double height atrium with all of them connected through glass corridors at the ground floor. According to Nath, the basic layout plan of the complex is in accordance with vaastu principles. Logix Group has raised 4 million sq ft of international-class corporate buildingsin Noida since 1997. “We have 250 top-notch IT/MNC clients occupying our buildings. We have a gross net worth of Rs 1,500 crore and an annual turnover of Rs 200 crore,” says Nath.

 

Courtesy:- Times Property dt:- 06-Mar-2010

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Mumbai

A residential apartment, covering an area of 1,850 sq ft, was leased out in the plush Altamont Road area for a rental value of Rs 275,000 per month. The location has been commanding an average rental value of Rs 2, 00,000-3, 50,000 per month for mid-segment residential unitsand has remained stable over the last quarter. The apartment is fully furnished, including white goods. The current economic stability, coupled with an increase in enquiries and lucrative financing schemes being offered by several banks, will stimulate demand. This is likely to result in some appreciation in capital values in this location. Altamont Road is one of the most highly sought after destinations in Mumbai, and is home to many prominent social and corporate citizens in the city. The area commands a premium due to factors such as high quality of construction, distinguished neighborhood, adequate social infrastructure, including film and entertainment, education and healthcare, etc.

Pune

An apartment, admeasuring 4,000 sq ft in Kalyani Nagar, was leased out to a corporate for a monthly rental of Rs 160,000. This high-end apartment was well within the prevalent range of Rs 1,10,000-210,000. While prices in this micro market have remained stable over the last two quarters, they are expected to appreciate on account of the growing demand from expatriates and corporates due to its proximity to the airport, railway station and central business district.

Another apartment in Kharadi, admeasuring 2935 sq ft, was sold for Rs 14,381,500. This mid-segment apartment commanded an average capital value of Rs 4,900 per sq ft, which is within the expected range of Rs 4,500-5,500 per sq ft. The location, which once was an unexplored fringe area of Pune, has seen some hectic development activities in recent times, with infrastructure and connectivity also improving. Its proximity to the airport, Koregaon Park, Kalyani Nagar, Viman Nagar and Ranjangaon is an added advantage.

NCR

A residential apartment in a high-end gated community in Gurgaon was leased out for a rental value of Rs 100,000 per month. This high-end condominium is spread across an area of 3,890 sq ft, and comes with amenities such as swimming pool, gymnasium, along with two dedicated car parks and a domestic help’s quarter. Gurgaon has been one of the preferred residential locations in NCR, owing to its growing importance as a commercial sector, especially for expatriate and senior officials of corporate as it is in the vicinity of their work places. The residential options are high in quality while being cost-effective compared to other locations in NCR. In addition, Gurgaon has over the years developed excellent social infrastructure like entertainment and retail, healthcare and education. This lease was within the commanded range of Rs 100,000-175,000 for high-end residential propertiesin the area.

Courtesy:- ET dt:- 05-Mar-2010

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Ashish Gupta
explains how this proposal will make the due diligence process easier

    The government is contemplating on setting up a Central Registry office for home loans. The Central Registry will equip the lender better to make a fair assessment of the risk undertaken while providing finance against property, thus making lending easier and safe.
    The country is moving closer to a Central Registry for equitable mortgages. Once it is in place, it will be virtually impossible for someone to raise loans twice against the same property. The establishment of a Central Registry is a necessary step to maintain data relating to charges created on any property.
    As of now, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act in India has enabled the provision to set up a Central Registry. Thus, the government will have to issue a notification which will be the first step to the formation of the registry.
    The Central Registry for equitable mortgages will cover only those properties against which an individual or an entity has taken a loan. In its report to the government, the Indian Banks’ Association (IBA) has proposed that initially the Registry will register immovable items like properties. The IBA has also said while banks will have the ownership of the Central Registry, the government will have to appoint a registrar as the chief operating person to run it.
    The forthcoming Union Budget is likely to contain a mention of the Central Registry. In response to the government’s proposal, the IBA has submitted a feasibility report on the Central Registry. Sources said commercial banks will set up a company under Section 25 of the Companies Act 1956 as a non-profit company.
    Under the proposed system, all banks and housing financecompanies will provide data on title deeds and home loanborrowers to the Central Registry. When the bank processes a home loan proposal, it will first verify with the Central Registry if the title deed is clear and not registered in any other entity’s name, or if any other bank has taken it as a security.
    Besides being beneficial to lenders as well as to third parties, the establishment of the Central Registry will result in advantages such as a single source to verify charges on any asset created by any entity, data on charged and encumbered properties being made available in a transparent manner, charges or encumbrances created being easily traceable etc. Also, due diligence on sale and purchase of properties will become easier.
    It is to be noted that the biggest challenge is that of setting up a system, whereby each plot of land and structure is verifiable and can be identified separately. Also, land records are not computerised in all the States. So, tracing title of properties is a complex problem. This requires a co-ordinated effort between the central and state governments.

 

Courtesy: Times Property 27th Feb 2010

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People are experimenting with colours on the facades of their houses much more than in earlier times, says Vivek Shukla

    Holi, the spring festival of colours, is round the corner and we may as well seize the occasion to reflect upon the importance of colours in our life – be they at home, office, or the city around us. Life without colours is unimaginable. And, our language if full of expressions that recollect colour to express emotions – red with rage, feeling blue, green with jealousy, black-hearted; soft and pink, bright and yellow – and so on and so forth. Remember, all colours are beautiful and there are no ugly colours. Ugly combinations can make or mar the overall effect, though.
    So, when refurbishing your home, ensure that walls are painted in a light shade like creamy whites, ivory, soft pink, pale blue or very light green. This is because light colours have a soothing effect; they help in reducing tension and most importantly, they reflect light and lend the room a bright, sunny and happy look. Surely, a condition many of us would like to be in.
    Professor Najma Rizvi, formerly of School of Planning and Architecture, says that red, orange, dark yellow should be avoided because they exercise a negative effect on the inhabitants of a house. Red incites anger and passion, and black and grey give the place a dark, gloomy and sombre look.
    Professor D S Meshram, director of Institute of Town Planners, says that due to cost factor, we see more and more building owners opt for permanent finish rather than colours. As colours start fading after three-fours years, owners of buildings opt for a more permanent option even though many may love to see light colours on their buildings. “Even after so many years of their construction, the Raj era buildings still look so elegant because they have opted for either light colours or they were made of red sandstones,” Meshram says.
    As far as houses are concerned, gone are the pastel shades and serene whites. Instead, you find houses with new coats of paint. The colours defy aesthetic logic at times. You will see deep blue, violet, orange and yellows. But then, it’s a matter of personal preferences. “These people have no clue as to what colours can be used. They depend on people at the paint shops to decide on the colours and the more gaudy, the merrier,” says an architect.
    Should we have uniform colours for both commercial and residential buildingsin Delhi? Some architects and developers say that as Delhi is a green city with lots of trees and a rich forest cover, buildings should be painted in shades of beige, light brown and off-white as these colours go nicely with green. A green Delhi would look out of the world.
    While some feel that with its blue skyline offset by fluffy white clouds, a white Delhi would look great. White is the universal colour of purity and peace. White and blue, in conjunction, would give Delhi a very Mediterranean and glamourous look, yet others opine.
    Alimuddin Rafi Ahmed, MD of ILD developers, says that they decide on colours of their buildings after a lot of thinking and discussion. Of course, there is no place for dark shades. They go for light and attractive colour schemes. The choice of colour can make or mar the beauty of a building. “To begin with, we decide on what portions of the exterior to highlight –blocks, windows or mouldings. Bright-coloured building are prominent, appear large and closer to the eye,” he says
    On the other hand, Ajmal Zaheer Khan of the well-known architect firm, Kothari Associates, has a soft corner for dark colours for exteriors of buildings. “I think school building for kids should prefer dark shades,” he says.
    Giving his inputs on the preferable colour-schemes of buildings, Harinder Dhillon, VP of Raheja Developers, says the colour of a building generally depends upon a number of factors like the profile of residents, location and whether it is located across a fairly large area or is the area restricted. An upper class luxury residential condominium complexwill have subtle colours like cream, while a lower-classes residential tower is likely to have green or red.
    Experts also say that in many cases, some clients settle for colours which are associated with their religion. For example, green is associated with a certain community and saffron with another.
    “I also get many clients asking for bright colours on exterior walls. They want orange, red, yellow and blue. As a professional, I prefer light colours for exteriors like cream and grey, but then, a client is always right,” says another architect.
    And, why is there a trend for bright colours? “Houses that are shown on TV are mostly brightly painted. In some houses, only the frontage is painted with such colours. Amidst the concrete jungle of white, cream and grey, the bright houses are a feast to the eye and dazzle a city’s skyline.”
    Experts say that people are playing with colours a lot more now. Earlier, colours were restricted to the interiors. For exteriors, all homeowners wanted light, evergreen and low maintenance colours. Some even used stones, marble and brick tiles so that a house needed practically no painting, but after some time these houses start looking dull. If you use colour, you can give your house a new look every time you repaint. For now, play Holi with lots of colour, but see that they do not spill on to the walls or facade at your home or the office.

 

Courtesy: Times Property 27th Feb 2010

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There are two interest payment options you can choose from when applying for a home loan -fixed rate and floating rate.

A fixed rate is where the rate of interest is fixed throughout the tenure of the loan. Generally, most banks keep the rates fixed for a maximum of 5 years.

A floating rate is where the rate of interest is benchmarked against a specific interest rate (usually the bank's internal rate), and fluctuates according to the benchmark.

Usually, you can strike a floating rate loan at a lower rate than a fixed rate loan, the difference being around 1 to 2 per cent.

If the interest rate of a floating rate loanrises, banks first increase loan term or the duration of the loan.
Otherwise, they can even increase the amount of your EMI.
Which rate to choose?
Keep the following factors in mind while deciding whether to opt for a fixed rate or floating rate: Outlook: When interest rates are high, it makes sense to go in for a floating rate loan, as a fall in rates will benefit you. And if interest rates are low, it is advisable to lock in a lower fixed rate for at least 3-5 years.

Stage of life: If you are a senior citizen, or somebody with a fixed source of income, you cannot afford an increase in EMI and should go for a fixed rate loan.
Fixed rate loansare not fixed In the world of finance, nothing is certain, especially where the loan segment is concerned. There is a lot of fine print that has to be read carefully before any decision is made because it can come back to haunt the person at some later stage. Investors as well as borrowers in India have experienced this in the last few years and hence this area needs extra attention.

In common parlance, the term fixed rate loan can be distinguished from the floating rate loan on the basis of the manner in which a borrower will pay interest on the loan. In a floating rate loan, the rate paid is linked to some other rate, usually a benchmark rate, fixed by the lending institution. Changes in an economy have an impact on the benchmark rate and the borrower also experiences a change in the rate that he/she will pay. As opposed to this a fixed rate loan will have a fixed rate of interest to be paid on it.

Many people believe that the rate of interest once fixed remains fixed for the entire duration of the loan. This is what is supposed to happen but some clauses in the loan agreementrender this false.
This means that the fixed rate will also change; the only difference will be the frequency at which it will change.

There are two factors that lead to a change as far as the fixed rate is concerned. In many agreements, the rate is fixed for only a specific duration of time. This time period can be of three years or five years and the rate of interest can change after this period is over. After this the lender can once again fix the rate for some additional time duration and this will be done based upon the situation prevailing at that point of time. So, if there has been a rise in the rates due to some reason, the fixed rates will be revised upwards and the individual can get trapped because the higher rates will then be applicable for the next fixed time period.

This can also happen through a clause that says that in case of an emergency situation in the economy or massive disruptions in the debt market, the rate of interest might change. What this situation will be is not clearly defined and is open to interpretation. Due to this reason borrowers will always be on the edge. In the event of such a situation, the loan will no longer have the characteristics that the borrowers believed were present initially.
A word of caution All banks lend floating rate loans at a discount to a benchmark rate called `Prime Lending Rate' (PLR). This benchmark rate and the amount of discount are an internal matter for a bank, and this can affect a customer.

Let's look at the movement of PLR and average discount of some private banks: The rates have increased from 8 to 12 per cent in around three years.

While the rates of interest for a new customer have fallen, those for the old customers are still increasing.

Chances are that the discounts can go on increasing, but the PLR will not fall.

So, if you want to avail of better rates, go in for prepayment and take a new loan. It might be worthwhile in spite of the 2 per cent prepayment fee.

Most private banks have increased the interest rates heavily, whereas public banks have been much more moderate.
How good is fixed-cum floating interest rate?
Borrowers always find it difficult to choose between a fixed rate loan and floating rate loan, and in recent years, they have to consider one more option -fixed floating rate loan.

In this loan type, the interest rate is fixed for an initial period, which later gets converted to a floating one.

What should a customer do? Consider the impact beyond year one while taking the loan. If interest rate for a new loan is deliberately kept low to attract customers, any change can lead to a spike in the EMI. This will mean a large discount in the first year on the prevailing interest rate. The rates might not conform to the rising trend of interest rates in the future.

 

Courtesy: HT Estates 20th Feb 2010

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Ritu Ghai talks to a few East Delhi residents and finds out how it has become a hub for almost all age groups

 

Space is a rarity in today's time. And the moment you embark on a journey to find an abode for yourself, your enthusiasm all but fizzles out.
A place that comprises all the elements of good living ­ space, quality and good surroundings -is not easy to find. Yet, East Delhi offers you all that and much, much more.

This area in Delhi -already attracting a lot of buzz because of the upcoming Commonwealth Games (the Games Village is located here) offers a whole basket of conveniences for its residents. In this era of budget fares, long distances and crime escalation, the society living system finds great favour with those who stay here. Prominent areas here are Mayur Vihar I, II and III, Patparganj (I.P. Extension), Laxmi Nagar, Preet Vihar, Vivek Vihar and many more colonies extending up to Dilshad Garden. A large number of Delhiites reside in the old dwellings of Laxmi Nagar, DDA flats in Mayur Vihar, societies in I.P.
Extension, kothis in Preet Vihar, Gagan Vihar, Vivek Vihar, Nirman Vihar, Mausam Vihar, etc. and builder floors of the Dilshad Gardenarea.

For markets you have Madhu Vihar, Krishna Nagar, Preet Vihar, Laxmi Nagar, etc. Then comes the space for mall rats in EDM, Cross River mall and V3 S. This area also boasts of one of the largest DDA Yamuna Sports Complex and that wonder in pink sandstone and white marble, the Akshardham Temple. It also has some well known Hospitals in Max Balaji, Guru Teg Bahadur, Deepak Memorial, Shanti Mukund, Arogya Clinic and Hospital and clinics.
Educating your children also gets easy as some of the top schools exist here. These include Ryan International, Amity School, St. Mary's, National Victor Public School, DAV schools, Guru Harkishan Public School, Don Bosco, etc.

Proximity to Central Delhi and the CBD and its conveniences and infrastructure have pushed up both rental and capital values of properties here. Mayur Vihar phase-III-based realty consultantAmrit Kapoor of Kapoor Associates says "I have seen a constant increase in the number of people coming to me for renting flats here. They are usually youngsters or working class couples who prefer the low rents here. A three-bedroom flat in I.P. Extension is available for Rs 18,000 to Rs 20,000 per month. You can get a two-bedroom flat between Rs 12,000 to Rs 13,000 pm and a one-bedroom with terrace for up to Rs 11,000. What makes this place great is the markets, close proximity to CP and Noida and also Metro connectivity. I have also seen people actually buying propertyhere after living on rent for many years."

Sandeep Kapoor of Temple Estates and Securities Private Pvt Ltd, who lives in the Technology Apartments of I.P. Extension, with his wife, son and their labrador pup, enjoys moments spend in their society flat. "This place is any day better than South Delhi in terms of prices, congestion and quality living. It makes sense to opt for a place which suits your budget and is close to al major central points," he says. "Patparganj is close to CP and Amity International School in Noida, where my son studies. Our housing society has an abundant supply of electricity, water and power back-up. It has an excellent security system and I am not worried when my son is out playing with his friends. Although the huge density of people makes it a congested area, I rate it better than South Delhi's massive space and parking constraints. In the 11 years that I have lived here, I have seen a tremendous inflow of people from other areas of Delhi.
I've been into complete real estate consultancyfor the last two years and I feel I should have entered the field years ago as it's vital that educated people enter this field for a better hold on the market. What I don't like is the lack of greenery in this area and hope to see some improvement in the coming years," concludes Sandeep Kapoor.

Echoing the sentiments of some senior residents of East Delhi, S.P. Goel, a 65-year-old retired joint secretary from International Commission on Irrigation and Drainage, talks about living in Mayur Vihar Phase I. "I bought a flat here in Manu Apartments some 20 years ago and have, since then, enjoyed living here. In the beginning it was a little lonely but the growth has been continuous and quick.
Electricity and water is not a problem here. Security is complete and living in a society makes people interact with each other on a regular basis. Now with the Metro at our doorsteps, East Delhi has another feather in its cap.
The DND flyover is also a great way to connect to South Delhi in a matter of minutes," says Goel. He, however, points to the menace of the open drain along the Metro line. Being close to the Commonwealth Games Village, this problem needs to be addressed at the earliest.
"The moment this is taken care of, I would call East Delhi the best place in transYamuna," remarks Goel Brij Kumar, a 39-year-old advocate in Patiala House, who was born and has grown up in Laxmi Nagar, says he loves the place. "Water, light and other facilities are in plenty and its close proximity to my chambers in Patiala House in Central Delhi, makes it the best place for me. I have my office, Kumar Law Firm, on Vikas Marg, and my clients have never complained of any inconvenience coming to meet me for work."

 

Courtesy: HT Estates 20th Feb 2010

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Team Times Property explains how you can ease your tax burden while creating an asset

As the financial year comes to an end, it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs per annum on a home loan can be set-off from salary or business income, for a self-occupied property.

Loan for construction eligible for deduction

A loan availed for the construction of a residential property, purchase of a residential property, extension of an existing house, and major repairs and renovation of a house are eligible for tax benefits. Under Section 88 of the Income Tax Act, a home loan borrower can claim a deduction of up to Rs 1 lakh from his taxable income on repayment during the year along with specified savings instruments like provident fund.

All co-owners eligible for deduction

In case there are co-owners to a property, each of them can claim tax benefits separately, in proportion to their share holding in the property. If the share holding is not mentioned in the purchase deed, they can execute an agreement on a stamp paper, mentioning the shares in the property, and claim tax benefits separately. Co-owners can thus claim a deduction of up to Rs 1.5 lakhs per annum separately, on interest paid towards a self-occupied house, and also up to Rs 1 lakh per annum towards principal amount repaid.

Pre-EMI qualifies for benefit

The entire pre-EMI interest amount (the interest paid during the construction period) is allowed as a deduction under Section 24 of the Income Tax Act equally over five years (20 percent of total interest paid per annum), starting from the year in which the construction is completed.

However, if one avails a loan only for a land purchase, he is not eligible for any tax benefits. In the case of a composite loan (for land and construction) and the house construction is completed within three years, only after completion of the construction will one be eligible for the tax benefits.

Courtesy times property dtd. 19/02/2010

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A leading developer of corporate and IT business parks is coming up with its first residential project in Noida – and is pulling out all stops to give end users a green ambience and futuristic lifestyle. Krishna Kumar Mangalam reports

    Blossom County, coming up in Sector 137, Noida is the first residential project of Logix Group, which has raised some very fine IT parks and corporate buildings in Noida. Hardly 1km from FNG Expressway, all the 800 units in Phase-1 of the project have already been booked, even days before the formal launch.

    Shakti Nath, chairman and MD of Logix Group, is excited about the project, especially at the public response for a first-time residential project of the corporate-address developers. “Brand matters. As a company, we have raised 4 million sq ft of international-class corporate buildings in Noida since 1997. We have 250 top-notch IT/MNC clients occupying our buildings. The goodwill will naturally carry over, and many of our corporate clients have booked into our residential project as well. We have also incorporated many of the features present in our IT parks into Blossom County, to give a futuristic lifestyle to our customers,” says Nath.

    Blossom County is well connected and is on a 7-minute drive from Sector 18 of Noida, with a good shuttle service. The proposed Metro line is adjacent to this project. Talking about the USP of the project, Nath says: “We had the common man in mind while planning Blossom County. Everything that he can dream of has been provided for. Room sizes are the largest in their class. Each flat has a 360-degree view of greens. The site is spread over 25 acres and only four acres are built-up – rest 21 acres have been devoted to open spaces, trees and water bodies. There is a one-lakh-sqft world-class clubhouse, Dezire, on the premises, with every conceivable amenity and recreational facility including a beach pool, and even a business centre, where residents can avail the latest office facilities and conduct their business here itself. We even have a 300-seat banquet hall and service apartments where residents can host any special event and put up their guests. For working couple, there are crèches and day schools to care for their infants and kids.”

    There will be 17 towers in the project, each 20 floors, barring two towers, which will be 25 floors each. The site is quadrangular and the towers will be raised in a circle with the centre being an 11-acre green expanse interspersed with water bodies and the club swimming pools. Units will be 2, 3 and 4BHKs, and 50-odd penthouses. The flat sizes will vary from 920 sq ft for a Type-1 2BHK to 2,375 sq ft for a Type-8 4BHK. Prices of these units will start at Rs 24 lakh, with the basic selling price at Rs 2,875/sq ft. There are 2,500 units in the entire project. Possession for Phase-1 of the project will be given in the next 18 months. The entire project is slated for completion in three and a half years, and with the Metro line to Sector 137 set to open in two and a half years, residents will have an assured, hasslefree connectivity to the whole of NCR when they take possession of their flats.

    Blossom County has 45-metre-wide roads on two sides and 24-metre-wide road on the third side. En route to F1 racing track, it is close to the corporate and commercial districts of Noida. There are several leading public schools and hospitals within a radius of 5km of the project.

    Registered with the Indian Green Building Council as a green building, the project promises to incorporate the latest technological innovations to bring down the carbon footprint of its residents and has roped in UK-based architectural firm HKR & DFA to design its inaugural residential project. The project promises broadband wi-fi connectivity throughout the complex. Other features include private lap pools and Jacuzzi, vaastu-compliant master plan, free inhouse consultancy by leading interior designers, and provision of RO system and CNG supply in every kitchen. As for fixtures, high-quality vitrified tiles would be laid in the house with branded ant-skid ceramic tiles for toilets, kitchen and balconies.

    But, the most customer-centric feature will be what Nath describes as “periodic customer-audits”. “We will invite customers, who have booked into our project, every three months to our project site where our technical team will take them round the construction site. And, over high tea, customers are free to tally the progress of the project on site with the promised sectoral deadlines, and pull up my staff for any delay. I have told my team to be up front and not hide anything. This way, they will be on their toes and adhering to project deadlines will be easier.”

Courtesy times property dtd. 19/02/2010

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