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Real Estate India


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Posted by pratibha at 7:24 AM - No Comments   Add a Comment  
 
 IMPORTANT TIPS FOR BUYING PROPERTY
 

To take a decision to buy a property in one's life time is an extremely important decision as one has to drain down the whole amount of hard earned precious savings for owning suitable home. After selecting a home of one's choice, he will have to go through and check a lot of legalities and paper work. As such, one must be conversant with various legal terms and technicalities.

 

 

1.       Clear Title Deed: - One must ensure and investigate the records of last 25 to 30 years from registrar's office whether the property selected is unencumbered and has a marketable clear title. It will be better if such documents are got examined by a lowyer so that there may not be any hurdle while mortgazing same for obtaining loan from bank or financial institution.

 

 

2.       Property Under Construction: - When a property of one's choice is under

construction, he should ensure that the builder has all the legal document viz-a-viz agreement signed between the builder and the Landlord, CLU, layout plan duly approved by the concerned authorities, environmental clearance and other necessary permissions required for construction of multi storeyed buildings etc.

 

 

3.       Ready To Occupy Property: - In case of ready to move properties one must ensure that the seller has clear title and possession of property as well as right to sell the property. Also check that the building has been constructed as per approved plan, it has not been mortgaged and all dues till date for water, electricity & house tax have been paid in full. Also ensure to take all necessary original documents i.e. allotment letter, completion certificate & possession certificate etc etc obtained by the seller from the builder.

 

    

     4.    Payment of stamp duty for Sale Deed: - Usually stamp duty is charged as fixed by the government and is payable by the purchaser. Builder, seller and purchaser are required to be present at the registrar office at the time of registration. Also ensure proper documents are obtained after making the payment.
Posted by pratibha at 1:42 AM - No Comments   Add a Comment  
 

 MATHERAN REALTY SETTING UP LOW-COST HOUSES AT KARJAT
 

The big worry for most people is what the house will eventually cost? At the end of, it will work out to Rs.3 Lakh. Those who opt for the monthly payment option will need to shell out Rs.2, 000 every month.

 

 

It could well be termed a lottery with a difference. Anyone who has chanced to buy a lottery at some point is aware that the rewards are huge for an almost minimal charge. Matheran Realty is banking on this for its first phase of 2,000 flats, situated about 100 k.m. from Mumbai in the picturesque Karjat, this project will have apartments at 300 sq. fit. apiece.

 

So, how will this work? The mechanism is pretty simple actually, with a person having to fill an application form which is priced at Rs.100. To make sure there is no unfair advantage, a person can fill in just one form ensuring everyone is in with an even chance. Besides, there is no question of packing and choosing since you just take the flat that comes your way. All the 2,000 apartments will be given to the winners through the lottery method. The price tag is Rs.999per sq. ft.

 

Matheran Realty is working with UK’s Eredene Capital and Philippines’ Sterling Construction Systems (SCS). The township, called Tanaji Malasure City, is now witnessing the first phase of construction. The plans by any yardstick are gargantuan – in all, there will be 2 lakh houses with each having an area of 300-500 sq. ft. Come January 2009, the first set of owners will be ready to move into their dream home.

 

SCS is banking on the paucity of affordable housing in Mumbai to drive its mega township. “We expect a huge response to the scheme,” says SCS president (marketing) Harinder Bhalla. There seems to be hope for those who do not get their allotments in the first phase. They will get preference when booking starts for the second phase. That effort may be worth it since the project will be home to schools, colleges, hospitals and a retail centre. The entire exercise is expected to be completed over the next 10 years. All this will be over 100 acres. Eredene Capital will fund the project to the extent of Rs.131.2 crore with SCS offering technical support.

 

The big worry for most people is what the house will eventually cost? At the end of it, it will work out to Rs.3 lakh those who opt for the monthly payment option will need to shell out Rs.2,000, Speaking of construction technology, SCS will use prefabricated Hardiflex fibre cement Boards. This has been used with some success for housing projects in the Philippines, Australia, Jordan, Vietnam and in India. Importantly, it lowers construction cost by 15-20% and construction is much faster. With a price tag of Rs.3 lakh, this form of housing could work well for those in the Rs.8,000-1,0000 salary brackets.

 

In terms of profitability, there is always a question mark. “Such projects are profitable though the margins may be lower than what premium property developers get, “says Park Lane Property Advisors managing director Akshaya Kumar. Others tracking the industry think that low-cost housing will have acceptable levels of production quality and succeeds in cutting down frills such as high quality paints open space and parking.

                                                                                                 

 

                                                           Courtesy: - ET. dt. 1St August 2008

 

 

 

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 Special Residential Zones Could Be In Offing
 

With real estate developers lobbying for special residential zone on the lines of special economic zones, the government has now indeed stated considering their proposal. The ministry of urban housing is of the view that earmarking of land masses in cities and their peripheries for such zones can really boost country’s housing stock, provided there are enough regulations in place. The policy makers fear it may not turn out to be a foul real estate play for developers. Also there is major hindrance to convince states in doing so, land being a state subject.

 

 

 

                                                                                            Courtesy: - E.T. dt 1st August 2008

Posted by pratibha at 2:22 AM - No Comments   Add a Comment  
 

 INDIA UNDER CONSTRUCTION
 

Excellent Infrastructure, Special Residential, Zones, A Green And Sustainable Environment, Uniform Land Laws Across The Country, A Single Window For All NOCs And Efficient Land Records Will Change The Face Of Realty In India In 2020.

 

Indian real estate in the past few years, has significantly transformed itself and has been through a roller caster situation – the highest of the high being the unprecedented few of FDI following the opening up of the sector, interest rates at very affordable 7 per cent. Public listings of many companies and price hike; on the other end the lowest of the low has been market capitalisation of the recently listed companies hitting unexpected lows, a 20-30 per cent price correction in the metros,

Sluggish adsorption, spiraling inflation adding to the already high input costs and the worst of the lot interest rates 14 per cent.

 

But, these are surface level fluctuations that operate on what must be described as one of the biggest opportunities in the world for construction and infrastructure development. India needs not just homes (22million of them), here is need for offices, SEZs, airports, roads, schools, hospitals, entertainment centres… the list is endless. This inherent need is an opportunity that cannot be denied. In 2020, India is slated to be an economic super power and one of the underlying assumptions is that infrastructure would be the booster rocket of growth. But, for all this to happen, some realities of the real estate business need to change. The following three things will be a reality in 2020.

 

100 per cent infrastructure – Real Estate projects, whether residential or commercial, will have 100 per cent infrastructure guarantees. This means that all projects would have quality access reads, water, electricity, connectivity, safety and security. Our cities are bursting at the seams and given our pace of development, the shortcomings of meeting infrastructure needs are likely to widen.

 

Thus, the projects that are likely to succeed in the future will be those that have quality in terms of basic infrastructure. In fact, real estate development which encompasses housing, schools and colleges, hospitals, SEZs, offices, retail and industrial developments, entertainment centres and sports facilities will converge with the conventional infrastructure (of roads, water, electricity, airport, ports etc) and be seen as an integral part of infrastructure development of the nation.

 

SRZsSpecial Residential Zones must become a reality. Unless one addresses affordable housing for the teeming millions much of the expected gains may remain a dream. The SRZs are like SEZs, only the development caters to housing for the masses. SRZs are to be free of government levies and taxes, thus making homes more affordable by up to 30 per cent. This will ensure that the common man has chance of getting a roof over his head at affordable prices with the best of essential amenities.

 

Green mantra – Green and a sustainable environment while carrying out urban development would be part of the landscape like water and electricity. This is not only because one needs to contribute to preserving our environment, but also because sustainability would translate into distinct cost advantages. Green and sustainability will be consumer driven and not necessarily developer driven.

Three more things that will happen to change the face of the real estate sector by 2020 include.

 

Land would have uniform laws through-out the nation – Currently land being a ‘state’ subject is under the jurisdiction of the local governments. There is a kaleidoscope of interwoven state, centre and local laws dealing with every parcel of land. This means that there are varying rules, regulations, standards, practices, from town to town across India. Even the simple concept of replicating ‘best practices’ from town to town across the country. In short-business is not as usual across India. Even the simple concept of replicating best practices’ across the country cannot be replicated smoothly due to a fragmented legal framework.

 

A single window for all NOCs and clearances – There is hardly any predictability in terms of when one can get clearances or NDCs. It can take any time from three months to three years. One of the primary reasons for this is the lack of single window for all clearances and NOCs. Reducing the ‘time to market’ will reduce costs. The current unpredictability, enhance efficiency and ultimately pass on cost benefits to end users as risks of delay significantly decrease.

 

Efficient land records – Perhaps the riskiest par of the real estate business is the lack of robust and reliable land records. If one were able to have reliable land records by 2020, one would have taken a huge step towards making the sector bereft of risk.

 

In 1991, our then Finance Minister Manmohan Singh had concluded his maiden budget presentation with these words, “No power on earth can stop an idea whose time has come”.

The time for real estate development to drive the GDP, to create employment and to take India to its rightful position in the comity of nations is here! During the next two decades the signage across our country will be “India: Under Construction.”

 

                                              

            Courtesy: - HT Estate. 26July 2008
Posted by pratibha at 4:01 AM - No Comments   Add a Comment  
 
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