Real Estate Consultant, Delhi NCR | Reality News and Updates

Home | About Home Retreat |Contact Us

unitech projects in gurgaon
	Home Residential Commercial Post Requirement Renting Sale Resources

NEWS

INDIA - Builders must name lender banks: RBI - 22nd Jul 10
A master circular on housing finance issued by the RBI on July 1 has once again reiterated that builders publicly disclose names of the banks they have mortgaged their land and apartments to. However, despite this directive, none of the developers have done this so far, said market sources.
The RBI circular asked banks granting loans for housing projects to ensure that builders or construction companies disclose in pamphlets, brochures and advertisements in newspapers whom they have mortgaged their property to. \"The builder will indicate in their pamphlets/brochures that they would provide no objection certificate/permission of the mortgagee bank for sale of flats/property, if required,\" said the circular. \"We must honour this stipulation. There should be no harm or difficultly in doing so. There have been complaints that the flat buyer was not aware about the mortgage. This rule will bring more transperancy,\" said Sunil Mantri, president of the Maharashtra Chamber of Housing Industry. Builders generally mortgage their land to get construction loans, a fact that most consumers are unaware of when they book flats in such projects. However, sources said most builders have avoided publicising these details. According to industry sources, builders are handing out allotment letters to flat purchasers even when the flats are mortgaged to banks and financial institutions by the builder. \"The buyer has no clue about this because the developer never divulges this information,\" said a property expert. \"The money paid by the buyer has to go into the account of the bank from whom the loan has been taken by the builder. In most cases, the builder puts this amount into his own bank account without informing the lender bank. This tantamounts to a double sale. Every builder is doing this,\" he said. In fact, the RBI circular has advised banks not to release funds if builders do not comply with this directive. The Bombay High Court had earlier observed that banks granting finance to housing projects should insist on disclosure of the \"charge or any other liability on the plot, in the brochure, pamphlets etc, which may be published by developer/ owner inviting public at large to purchase flats and properties\". Experts said if the builder defaults in repaying the bank after the flats are sold and the building occupied, the bank could take over a portion of, say, a garden plot in the society. The society may also find it difficult to get the land conveyed in its name. The RBI has also warned banks to curb the \"excessively risky lending by exercising selectively and strengthening loan approval process\". \"Banks should ensure that borrowers should have obtained prior permission from government/statutory authorities for the project, wherever required. While the proposals could be sanctioned in normal course, the disbursements should be made only after the borrower has obtained requisite clearances,\" it said. Total loans taken by builders in India is estimated at over Rs 90,000 crore

DELHI Circle rates revised: 300 pc jump in S Delhi - 22nd Jul 10
The Delhi Cabinet on Monday cleared a long-pending proposal to revise circle rates — the minimum rate at which a residential plot can be sold — in the city. Government officials said the existing rates have been revised to “reduce the discrepancy between the actual market price of property and the circle rates”. The existing circle rates have been fixed according to categories defined by the Municipal Corporation of Delhi for collecting property tax. Colonies like Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Green Park and Hauz Khas that fall under Category A for property tax collection, will be registering a 300 per cent increase in circle rates. The rates have been revised from the existing Rs 43,000 to Rs 1.25 lakh per square metre in these South Delhi colonies. With the new rates, the government is expecting an increase of 35 per cent in revenue generation. The current system generates a revenue of about Rs 940 crore, officials said. While the government has done away with the categories defined by MCD, it has defined new slabs and categorised 2,480 colonies within those slabs. The government has taken into account factors such as infrastructure availability and civic facilities in these colonies. The Cabinet fixed Rs 9,000 per square metre as the lowest rate as opposed to the existing Rs 6,900 introduced in 2007. The upper limit will be Rs 1,25,000 per sq m as opposed to the existing Rs 43,000 per sq m. No property sale will be allowed below the specified rate and tax will have to be paid for the entire transaction amount. While the new slabs have been introduced for residential properties — as circle rates are defined only for residential use— “factors” like commercial, industrial and institutional have been defined for other forms of land use. For commercial and institutional properties, the rate will be calculated by multiplying the circle rate defined with a factor of three and by 2.5 for industrial units. Properties that fall under the mixed land use category will be treated as residential properties, the officials added. Revenue Minister Raj Kumar Chouhan said the new rates will come into effect within the next 20 days after issuance of a notification.
THE PRESENT SYSTEM
CategoryARs 43,000,CategoryBRs 34,100,CategoryCRs 27,300,CategoryDRs 21,800,CategoryERs 18,400,CategoryFRs 16,100,CategoryGRs 13,700, CategoryHRs 6,900,All rates per square meter.
REVISED CIRCLE RATES
Rs 1.25 lakhper sq m 60 colonies including Anand Lok, Jor Bagh, Vasant Lok, Chittranjan Park, Defence Colony
Rs 1 lakhper sq m 52 colonies including Bahadur Shah Zafar Marg, Chirag enclave, Defence Enclave, INA colony
Rs 86,000per sq m 55 colonies including Rajendra Park, Sheikh Sarai, NizamuDdin West, Dwarka sector 1-23
Rs 68,500per sq m 127 colonies incluDing Mansarovar Garden, Munirka, Bara Hindu Rao Choti Sabzi Mandi
Rs 54,500per sq m 241 colonies including parts of Rohini, Sarita Vihar, Sadar Bazar, Sabzi Mandi, Swaroop Nagar
Rs 43, 500 per sq m 196 colonies ,Rs 27,500 per sq m 298 colonies, Rs 21,000 per sq m 445 colonies, Rs 18,000 per sq m 911 colonies,
Rs 9,000 per sq m 186 colonies.

New Delhi most Expensive Indian City in Terms of Cost of Living - 05th Jul 10
New Delhi has emerged as the most expensive city for expatriates in terms of cost of living, according to a survey by global HR consultancy Mercer said. However, the cost of living in Indian cities still happens to be cheaper than 84 cities in other parts of the world, the ‘2010 Cost of Living Survey’, which covers 214 such locations across five continents, stated.

Angola’s Luanda topped global rankings as the most expensive city to live in. It was followed by Japan’s Tokyo (second), Ndjamena in Chad (third), Russia’s capital Moscow (fourth) and Geneva in Switzerland (fifth). Indian cities figure somewhere in the middle of the list as the cost of living in the country is on the rise due to escalating property prices and a steadily improving economic climate.

“New Delhi (85) is India’s most expensive city, followed by Mumbai (89) and Bangalore (190) with Chennai and Kolkata ranked 195th and 207th on the global list, respectively. New York was used as the base city for the index, and all the cities were compared against it. Currency movements were measured against the US dollar. The cost of housing, often the biggest expense for expats, plays an important role in determining the ranking of cities, the report added. Pakistan’s Islamabad (212) and Karachi (214), and Nicaragua’s Managua (213) were ranked at the bottom — as the least expensive cities in the world.

Tata Housing Plans To Invest Rs 1,000 Crore In 2010-11 - 01st Jul 10
Mr. Banerjee said, \"Out of the total amount, about Rs. 400 crore will be
spent on land acquisition and Rs. 600 crore on the construction.\"

The company projects to sell around 45 lakh square feet of built-up area
in the existing fiscal.

Tata Housing Development Company, which had a compounded annual growth
rate (CAGR) of 125% and quadrupled its profits in the last fiscal, is
concentrating on the metropolitans and larger cities.

Among the cities covered by the company comprise Chandigarh, Delhi,
Kolkata, Hyderabad, Chennai, Mumbai and Hyderabad.

The company\'s projects are divided into four categories including Shubh
Griha apartments priced at Rs. 3-4 lakh targeted at the low-end
customers, affordable apartments priced between Rs. 12-30 lakh, premium
apartments costing from Rs. 60 lakh to Rs. 1.5 crore and luxury
apartments priced between Rs. 2-Rs. 8 crore.

The company is building up 270 residential units at Rajarhat in the
north eastern fringes of Kolkata in the luxury category. The project
will be finished by the next 24 months.

Tata Housing is also looking for land in Sonarpur and Baruipur of South
24 Parganas district, Dankuni in Hooghly district and Kona in Howrah
District. (With Inputs from Agencies)

Unitech launches a Luxurious Group Housing project Exquisite in Nirvana Country II - 30th Jun 10
It is on 8.7 Acres Group Housing Parcel in NC2 Township.

It will be an upscale residential development with luxurious 3 BR + SQ units with areas of around 2300-2400 sq ft in ticket size of 1.2 Cr onwards

All towers will also have duplex penthouse units (4 BR + SQ + Family Lounge) on the topmost 2 floors of around 3900-4000 sq ft

Architectural Features -
1. It is a G+13, 4-to-a-core development with a total of 6 towers
2. All apartments have spacious rooms and balconies/ terraces
3. All rooms, living/ dining come with a balcony/ terrace, also kitchen has a utility balcony
4. All towers overlook a central green with exquisite landscaping

Other Highlights –
1. Premium Specifications –
a. Imported Marble Flooring in living/ dining/ Lounge/ all bedrooms
b. Balconies/ Terrace in combination of stone/ wood/ granite
c. Branded premium CP Fittings and Fixtures
d. Wall Hung WCs, Glass partition in shower areas, Bathtub in master toilet
e. Branded Premium Modular Switches
f. Split ACs with heating and cooling in all Bedrooms/ Living/ Dining/ Lounge
2. Excellent Location –
a. Connectivity to Sohna Road , Southern Periphery Road and NH-8
b. Part of premium township with villas and other luxury developments
3. Exclusive living -
a. Only 312 families will have this address
4. Security Features –
a. Video Door Phone with 3-tier screening (at the main entry to the project, at tower lift lobby and at the apartment entrance)
b. Audio communication from guard room to each apartment
c. Smart Card Access to Lift Lobby
d. CCTV surveillance
e. Barriers at main entry and exit
5. Exquisite Landscaping and health/sports facilities –
a. Gymnasium
b. Large spacious swimming pool
c. Cricket Pitch
d. Tennis Courts
e. Badminton Court
f. Basketball Court
g. Soccer Practice Area
h. Yoga Garden
i. Putting Green

Price list will be available at the time of launch only.

Commercial realty market beginning to stabilise - 30th Jun 10
MUMBAI: With India\'s economic recovery well under way, its commercial real estate market is also beginning to stabilise, a report released by the
Real Estate Intelligence Services (REIS) division of Jones Lang LaSalle Meghraj said.

The report--The Seven Stars of India--India\'s best-performing micro markets for Occupiers\', highlighted the most favourable office micro-markets for occupiers of India.

The report further said that while the landscape will remain favourable for tenants in 2010, the landlords will have greater influence starting in 2011, which means they should be proactively looking to lock in attractive leases in the near term as the office rents are beginning to bottom out.

The enlisted \'star\' micro-markets score highest by virtue of a winning combination of high real estate development, coupled with a well developed support infrastructure and sustainable social and business environments.

\"With India\'s economic recovery well under way, its commercial real estate market is beginning to stabilise,\" JLLM\'s Associate Director (RIES) Abhishek Kiran Gupta said in the report.

Delhi property tax rates up this year - 30th Jun 10
NEW DELHI: It’s taxing time for property owners. Since the rate of tax for different categories has been revised, Delhiites will have to pay moreReal woes of investing in realty
Income from property
Weigh options before buying house
Investing in under-construction flat
from this financial year. However, no major amendments have been made in the property tax forms, according to senior MCD officials.

With June 30 being the last date to avail the 15% rebate on property tax, people can pay tax either online or submit their forms in the 12 MCD zonal offices.

As per the revised rates, colonies falling under category A and B will now have pay 12% property tax. The categories from C to H will see a rise of 1% from the previous rate — 10% to 11% for categories C and E and from 6% to 7% for properties under category F to H.

For commercial properties like multiplexes, big shops, etc, there has been an increase of 10%. The property tax rate for multiplexes , petrol pumps etc has been increased from 10% to 20%. The rate for commercial properties falling under A and B categories has been increased from 10% to 15% and from 10% to 12% for categories C to E. There is no change in the tax rate for categories F, G and H.

Press and information director , Deep Mathur, said: ‘‘ We have not created any new categories in the property tax forms. It is more or less the same like before. The only change is that we have added a section called the special commercial category under which multiplexes , petrol pumps, etc need to pay more tax. Under this section there is also the general commercial category which includes power distribution companies, etc.’’

For online payments, a person will have to first visit MCD’s property tax website — www.mcdpropertytax .in. If you have an old property reference ID, you will have to enter it and details of the earlier forms filled by you will be made available. A new online user will have to fill up all relevant information before they get a reference ID.

An MCD official said: ‘‘ You can pay by cash, card or cheque. We have tied up with HDFC Bank and Axis Bank for this purpose.’’ According to MCD, the number of people making use of the online system of property tax payment is more thandouble from last year.Added an official : ‘‘ Around 2,000 people were using of the online system at any point of time in a day till last year, this year the number has gone up to 5,000.’’

Mathur said: ‘‘ Forms can also be submitted at zonal offices after filling them up manually. Only up to Rs 5,000 will be accepted in cash payment.’’

Meanwhile, with recommendations of the municipal valuation committee underway , these recommendations may or may not be applicable from this financial year. Mathur said: ‘‘ If recommendations made by the municipal valuation committee are accepted this year, decision regarding applicability within the same financial year will be taken in consultation with the law department.’’

Delhi Real Estate Deals See Jump before Hike - 30th Jun 10
With the Delhi government yet to formally notify the new circle rates announced on June 14, the Capital’s real estate market has been busy pushing through deals and registering them over the last fortnight. The new rates are at least three times the existing ones, and as a result the number of documents received by sub-registrars across Delhi has registered a 20-25 per cent jump, said Revenue department officials. “We haven’t formally tabulated the transactions so far, but there are reports of an increase in the number of transactions in anticipation of the hike,” said Principal Secretary, Revenue, D M Spolia.

The maximum increase has been reported from mid-income areas in Northwest Delhi and West Delhi, officials said. These include areas like Narela, Rohini, Mongolpuri, Saraswati Vihar and Model Town in Northwest Delhi and Mansarovar Garden and major commercial and residential areas like Janakpuri and Tilak Nagar in West Delhi. Till the new rates come into force sometime next month, transactions are being done according to the structure introduced in 2007.
The existing circle rates — the minimum amount at which a property is valued and sold — were fixed according to the categories defined by the Municipal Corporation of Delhi for collecting property tax. “But we realised that there was a difference of 1,000 per cent in the market value and the circle rates fixed by us in some cases. The existing rates reflected only 30-40 per cent of the actual market value,” Spolia added. As part of a survey conducted last year, the Revenue department found that the circle rates for built up flats in areas like Vasant Kunj and Friends Colony were almost the same as those in Govindpuri.

In a bid to reduce this discrepancy between the actual market price of a property and the existing circle rates, the government announced a new policy earlier this month. In the new scheme, Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Green Park and Hauz Khas that fall under Category A for property tax collection, will register a 300 per cent increase in circle rates. The rates have been revised from the existing Rs 43,000 to Rs 1.25 lakh per square metre in these South Delhi colonies.

While the government has done away with the categories defined by the MCD, it has defined new slabs and categorised Delhi’s 2,480 colonies under those slabs taking into account factors like infrastructure availability and civic facilities. With the new rates, the government is expecting a 35 per cent jump in revenue generation, adding another Rs 400 crore to its coffers. The current system generates a revenue of about Rs 940 crore annually, said the officials said.

“We are definitely expecting an increase in revenue, but this also depends on the way the market behaves,” Spolia cautions. The slump in 2008-09 had affected revenue generation, with the government taking in just Rs 786.86 crore.