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If you are planning to buy a housethis year, take all the time you need.

A Crisil research report on residential property prices of India's 10 biggest cities says prices will remain more or less stable with a moderate dip in prices in Mumbai and a marginal (2 per cent) rise in the National Capital Region (NCR) in 2010.

According to the report, the average capital appreciation in the 10 cities is expected to be 2-3 per cent. Bangalore and Chennai are expected to see the highest rises of 7.3 per cent and 5 per cent respectively. On the other hand, Ahmadabad and Mumbai will see a correction in prices by 1.8 per cent and 0.4 per cent respectively.

Interestingly, Mumbai witnessed the maximum rise in prices by 11 per cent between March and November last year, the report said. While Central Mumbai witnessed a price rise of 21 per cent, the central suburb saw 15 per cent hike.

“Mumbai has already witnessed a steep recovery in prices after the correction in 2008 and the demand has slowed down since December 2009,“ said Sudhir Nair, head, Crisil Research.

Developers, however, disagree. “We have not seen any drop in demand and I believe demand for residential real estatewill go up by 30 per cent this year,“ Niranjan Hiranandani, vice chairman & MD, Hiranandani Construction said.

“Mumbai is so starved of volume that unless land supply increases, prices cannot drop,“ Dharmesh Jain, CMD, Nirmal Lifestyle, said. “Considering the rate of inflation, we expect that prices in Mumbai to go up by 5-12 per cent in 2010, depend- ing on the location and quality of constriction of building.“

The expected price rise in Bangalore and Chennaiis on account of recovery of the IT sector. “The confidence is back now in the (IT) sector leading to a demand in those areas,“ said Nair.

Courtesy: - HT DT: - 09-April-2010

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The Commonwealth Games Village luxury apartmentsare ready and Emaar MGF, the developer, has begun handing them over to DDA.

The residential project on the banks of river Yamuna will house athletes and officials for the Games that will be held from October 3 to 14, 2010.

“We have begun the process of handing over the apartments to DDA,“ said Shravan Gupta, executive vice-chairman and managing director Emaar MGF.

The project, with 1,168 apart- ments, was to be built on a pub- lic-private-partnership model between DDA and Emaar MGF which won the right to develop the 118-acre residential projectin competitive bidding from DDA at Rs 321 crore against a reserve price of Rs 300 crore.

As per the arrangement, DDA got ownership over onethird of the apartments over and above the Rs 321 crorefrom the developer. Emaar MGF was to retain ownership of the rem- aining 790 apartments which it expected to sell in the open mar- ket and raise money.

However, last year's financial crisis and realty slump meant the company couldn't find buy- ers and raise money. It asked DDA for a bail out which it got--DDA purchased another 333 apartments for Rs 770 crore.

“Market conditions are improving. There has been a robust demand for quality res- idential projects,“ said Gupta.
He claimed the company has managed to sell a major portion of these apartments.

After the games are over the developer would refurbish the apartments and physically hand over the apartmentsto end- users by early next year.

Courtesy:- HT  dt:- 09-April-2010

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The foyer can be styled to make a stunning first impression on anyone who enters your house, says Deepti Ganapathy

    The foyer serves as the gateway to your home. So the decor from floor to ceiling must be in perfect harmony with your interior decor. Since it is a small area that it often a window to your creativity and design sense, express your personality with flourish through foyer decor.
Color schemes
    The color and texture on the walls of the foyer should ideally compliment the color scheme of your home. A light colored palette would make the space look spacious and breezier. Another option is to create an 'accent wall', which is a strategically located wall with a bold color. If you have a recessed nook or alcove in this space, then add some dramatic and bold colors. Place a beautiful entry table or console inside the alcove, hang your art and light up the area with wall sconces or lamps.
Lighting
    A properly and stylishlylit foyer makes a significant difference, since it's situated at the entrance to the living room.
    If you have the space in your medium size foyer for a chandelier or other large, ornate light, you should use it. Chandeliers add a burst of light and come in many styles. Invest in a wrought iron chandelier for rustic charm, or go for classic crystal or bohemian acrylic painted. If you have more space, you can hang multiple chandeliers of different designs and sizes. The foyer chandelier must be large enough to provide foyer light as well as a lovely view from outside the home.
    Scones and track lighting are ideal for this high traffic area. Whatever lights you choose, make sure they provide plenty of light and place your foyer lights so that areas or objects of interest are highlighted. These may include paintings, photographs or other pictures, as well as accent walls. Use small lights and fixtures in several parts of the foyer to spotlight different elements. For example, two wall sconces flanking the entryway add a formal tone to the room. A side table along a wall is the perfect support for a table lamp that illuminates enough of the floor to help guide people through the foyer.
    Pendant lights that you suspend from the ceiling or walls will add a bright spot of color. Eye-catching light fixtures can be the focal point of a foyer. An etched-glass pendant light adds ambient light as well as a sculptural aesthetic. Set a long wall shelf aglow with small lights in the shapes of candles or use actual tea lights.
Visual interest
    The floor and ceiling are the two areas that you can experiment with in this space. Medallions are a great way to dress up a foyer ceiling. These work well especially in rounded spaces when they are designed in the centre in the room.
    The design of the medallion relates to the style of cornice in the room. While it is common to use a medallion around a light fixture, they can also be used alone. Most medallions are either round or oval, but square panels are also used and also in star shapes. When you are selecting wall color for your foyer, don't forget the ceiling. Well-chosen trims can have an incredible effect on the look and character of your home.
    They can brilliantly define the character of any room and enhance the overall beauty of the home.
    Even low ceilings can be treated with molding or lattice strips and contrasting paint to provide interest and visually increase the ceiling height. For exceptionally high ceilings add crown molding where the wall meets the ceiling and then, approximately one foot below add a small decorative trim.
    Then, paint a strong color between the two for a dramatic effect.
    Wood beams are another fantastic way to add visual interest to your foyer. They can be installed in a grid pattern for a square or rectangular room and they look great in a round foyer as well.
    For the floor, you could create an interesting mosaic with handcrafted tiles and centre it so that the lights from the chandelier can highlight its artistic appeal.

Courtesy: - Times Property DT: - 03-April-2010

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Kavita Sriram has some tips to help you arrive at the tenure best-suited to you

    Tenure is the period or duration for which a loan amount is sanctioned. Borrowers might feel like taking the shortest possible loan tenure ideally. However, do not rush for the shortest loan tenure. It may appear enticing to pay off your home loandebt in the shortest possible time span. However, a short tenure loan translates into very high EMI dues month after month. The borrower must remember that he has other financial commitments - usual monthly expenses - and must not stop saving during the repayment period.
So, what is the ideal loan tenure?
Consider different EMI outflows for various loan tenures. Will you be comfortable paying the EMI, yet have enough to meet all other financial commitments and emergencies? Freeze on the tenure for which you can pay the EMIs without a major financial stress.
Consider these parameters before deciding on the loan tenure:
Is the amount high?
If the homeowner has borrowed a huge sum of money, the EMI outflow would be high. Hence, to make EMI repayment comfortable, the borrower may have to go for longer loan tenure. Longer the loan tenure, lesser is the EMI outflow.
Consider a loan of Rs 50 lakhs borrowed at 12 percent interest. If the tenure is 15 years, the EMI outflow would come to around Rs 60,000. If the loan amount was lesser, say Rs 25 lakhs at 12 percent interest, the EMI outflow for tenure of 15 years would be around Rs 30,000. If the borrower can afford to take a shorter tenure loan, of say 10 years, his EMI outflow would be around Rs. 36,000.
Purpose of buying property
If the borrower has purchased the property solely as an investment, he would like to sell it off when he gets a good deal. In such cases, most buyers prefer to keep the loan tenure as short as possible. This way they need not pay any penalties towards prepayment or exiting the loan before end of tenure.
    Those who have purchased the property only to live in it may prefer longer loan tenures. They may not be very keen on very short loan tenure. Further, they benefit from tax deductions on their home loans. However, borrowers must keep in mind that longer the loan tenure, greater is the associated cost of borrowing.
Age of borrower
    A person close to his retirement years will not be eligible for a long tenure loan. A middle aged person who is making good money may prefer repaying the loan before he retires. A young borrower who has recently started working may not bring homea huge income. His income level may go up as the years pass by. He should opt for longer loan tenure as he has many years ahead to work and clear his debt.
Income
    A person with greater disposable income can pay off his debt faster than a person who earns lesser. If the borrower has higher income, he can pay higher EMIs and clear his debts faster.
    A person having greater financial commitments, other debts or a lower income may find repaying his debt a big challenge.
    A borrower's current income level and expected increase in income are factors that can influence the loan tenure. Interest rate fluctuations are difficult to predict.
    The impact of increase in interest rates could be hard if the borrowed amount is high. Whenever you have excess funds, partially prepay the loan. This way, a borrower can clear his debt faster.

Courtesy: - Times Property DT: - 03-April-2010

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South Delhi epitomizes class and traditional chaos in equal measure

It has some of the Ultimate Addresses to vie for in India as well as historic monuments and urban villages. Razia Sultan led her kingdom from ruled her kingdom from Mehrauli in the 13th century. Today, many a high and mighty rules the roost here.

South Delhi epitomizes class and traditional chaos in equal measure. If you are looking for a place to rent someplace here, there are many enviable options to pick from. Not only are many preferable neighborhoods relatively close to Delhi's central business district -Connaught Place and the international airport, they are also connected to industrial suburbs such as Noida and Gurgaon. What might excite some is the Delhi Metro that will soon dash through localities like Jor Bagh, INA, Green Park, Hauz Khas, Malviya Nagar, Saket, Qutab Minar and Chhattarpur before leaping into Haryana (for which the trial run was conducted last month).

The supply

According to market insiders, there are residential options in localities like Defence Colony, Vasant Vihar, New Friends Colony, and Greater Kailash I and II.

Real estate dealerssay, among category a neighborhoods, you can also find rental accommodation in Shanti Niketan and West end. Abhishek Raj Mudgal, proprietor, Shree Jee Associates, Safdarjung Enclave, says there is supply (for rented housing) across the area, including colonies such as Safdarjung Enclave, Green Park, Golf Links, Malcha Marg, Sunder Nagar and Safdarjung Development Area (SDA). A three-bedroom apartment can be rented for Rs 35,000 a month in SDA or Green Park, says Mudgil.

"If you have budget constraints, you may check out Anand Niketan," says Sanjay Sharma, proprietor, SM Realtors, Defense Colony. Another upscale option is Defense Colony, specifically A and D blocks, says Sharma. "It is very central and one can, from here, get very quickly to Connaught Place, Supreme Court, High Court, railway station and to the airport."

Those interested in having this premium zone as their address can rent a brand new, three-bedroom apartment for Rs 1.75 lakh to Rs 2 lakha month while an old one goes for Rs 75,000 to Rs 90,000 a month, says Sharma. In Defense Colony's A block, the rent for a new 1400-sq ft apartment is Rs 90,000 a month and Rs 55,000 to Rs 60,000 a month for an old construction.

Where Panchsheel Park and Anand Lok are concerned, rental values of independent houses (three-five bedrooms) are for about Rs 2.35 lakh to Rs 2.5 lakh. Apartments of about 2300 sq ft to 3000 sq ft go for about 1.75 lakh to Rs 2.25 lakh.

As per multinational property corporation CB Richard Ellis (CBRE), the rental values for three/five bedroom independent houses range from Rs 2.25 lakh to Rs 2.5 lakh a month in Niti Bagh and SDA. The monthly rentals for 2300 3000 sq ft apartmentsvary from Rs 1.25 lakh to Rs 1.75 lakh in Niti Bagh and SDA. CBRE data shows the capital values of apartments ranging from Rs 20,000 to Rs 25,000 per sq yd in Friends Colony and Maharani Bagh. (CBRE figures are asking rates, not necessarily those at which transactions take place.)

The attractions

So, what makes south Delhi click? It has a whole host of eateries, cine plexus and shopping centers... You can chill out at places such as Ansal Plaza, Select City Walk, MGF Metropolitan Mall, DLF Emporio, to name a few. In addition, major markets include South Extension, INA market, Greater Kailash I, and Sarojini Nagar. Then there is that slice of India, the greatest of crowd pullers, Dilli Haat, near INA. The trendy Khan Market and Sunder Nagar market are not too far either.

When it comes to medical facilities, the area is serviced by some of the country's best super-specialty hospitals. South Delhiites have access to healthcare centres such as the private Max hospitals (multiple locations), Escorts Heart Institute and Research Centre (Okhla Road), Rockland (Qutab Institutional Area), Indraprastha Apollo (Sarita Vihar), Batra (Tughlakabad Institutional Area), GM Modi (Saket), Sitaram Bhartia Institute of Science and Research (Qutab Institutional Area) and the well-known, government-run All India Institute of Medical Sciences.

The competition

However, posh south Delhi has serious competition from Trans-Yamuna, which has a slew of property options, expanding infrastructure and facilities, as well as the satellite town of Noida, now linked to the heart of the capital through the Metro.

Courtesy: HT Estates 20th Feb 2010

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Homebuyers need to plan their finances before they go in for a housing loan,

Buying a housing property is a very big financial commitment on the personal front. Attractive and aggressive home loan schemes coupled with tax incentives has made it easier for younger people to invest in housing properties. Buying a housing property and financing it through home loan has many benefits; however it requires a certain amount of financial planning on the individual's part in order to make the process easier throughout the loan tenure.

Cyclic trends in interest rates   

The interest rate cycles have shrunk over the past couple of decades. We are seeing a lot of volatility and cyclic trends in the interest rates. Real estate, especially the home property market has seen a major shift in the last few years. There has been an increase in the aggressiveness of real estate developers, home buyers and housing finance companies. Also, the globalization has brought in many factors that influence the macro economic conditions in general which impacts the interest rates. Since home loan is a long term commitment, it is important to mentally prepare for cyclic trends in the lending rates and do financial planning to be able to pay higher interest rate during certain period of entire loan tenure based on market conditions.

Planning for other financial commitments   

A home loan is a long term financial commitment with the payment tenure being more than 10 years in most cases. Therefore, it is important to think about various personal milestones and financial commitments and chalk out a strategy to manage personal finances accordingly. People should also be careful while signing for attractive looking teaser home loan schemes which promise a lower interest rate during initial few years and higher floating rates after a couple of years. These are some of the important aspects that borrowers should keep in mind while planning their financial aspects for purchasing a housing property:

Although, people resort to stretching of their finances while buying a housing property, they should be careful in stretching beyond their means as there is another added variable of interest rate fluctuation, spells of bad economic/market conditions etc which should be carefully factored into the financial planning.

It is important to create a financial cushion which can be utilized to fund any extra financial burden during certain periods. People can invest in equity or debt based investment instruments based on their risk appetite. This accumulated fund can be used for the financial requirements or part-prepayment of loan to reduce the EMI burden in case of high interest rate periods.

It is important to carefully do due diligence in choosing your housing finance company (HFC). HFC becomes your long term partner and at times it is not so easy to change the HFC or it requires additional cost to do so. Since a home loan is a long duration commitment, it is important to take some time and be a little selective about the HFC.

It can be helpful to take feedbacks and cross check the experiences from friends, relatives etc about the past dealings of the HFC. It helps in understanding various positive and negative aspects regarding a certain HFC and therefore helps in getting tied with the right lender.

The home loan insurance schemes are available through various insurance companies and they cover the home loan liability of an individual.

These policies cover the home loan if something happens to the borrower. In these policies, the sum assured is adjusted against your home loan liability with every EMI paid. Home loan insurance comes in handy for the risk adverse investors and those who do not have adequate insurance cover for their life.

Many home loan insurance products provide a cover to pay the EMI in case the borrower met an accident, suffered a prolonged illness or loss of job. It is important for borrowers to spend some time and figure out the appropriate insurance product that fits their need.

Courtesy:- Times Property dt:- 20-March-2010

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Currently, under the Income Tax Act, 1961 (the ‘Act’), an individual can claim a deduction for interest paid on housing loan for a self-occupied housing property for up to Rs 1.5 lakh in a financial year subject to the fulfillment of certain conditions. Furthermore, a deduction may also be claimed up to Rs 1 lakh for repayment of principal amount of the housing loan.

There were expectations that the above limits may be enhanced to provide some relief to the common tax payer. No additional concessions have been provided to the individual tax payers on this front in the Budget. Some relief though has been provided to the undertakings engaged in building housing projects in respect of extension of time period for completion of such projects and relaxation in norms for built-up areas for shops and other commercial establishments.

It’s, however, important to note that certain proposals on the indirect tax front could adversely impact the cost of the housing projects and thereby, increase the price of residential units. In this context, following points merit attention:

INCREASE IN EXCISE DUTY

In general, the standard excise duty rate of 8% has been increased to 10% on all goods, including steel, iron, etc. Excise duty on another main input of a housing project, i.e. cement, has also gone up. Duty hike in these essential inputs would impact the cost of the construction since in many cases builders may not be able to claim set-off of duty paid on these inputs.

PROJECTS UNDER CONSTRUCTION

Besides duty hikes in essential inputs, the government has also proposed to extend service tax to real estate, including residential units. Through this proposal, the government intends to levy service tax on sale of property by builder to buyer if any part of the consideration for the property is received before the completion of construction, i.e. before the receipt of completion certificate from the competent authority. In such a situation, the activity of construction would be deemed to be a taxable service provided by the builder/promoter/developer to the prospective buyer, and the service tax would be levied accordingly.

In this context, a question arises from a buyer’s perspective whether buying a housing unit for which he is making payment in installments actually involves any service being rendered per seby the builder. Also, it is not clear whether the proposed levy would impact only new projects or it would even cover the existing projects where booking has already been made by the individuals and part-payments made while construction is at different stages of completion.

If implemented , this proposal could lead to increase in prices of the property by about 3.4% of the sale price, and not 10.3% as is being generally understood, since service tax on such services is payable only on 33% of the value of the property.

PREFERENTIAL LOCATION

Another major setback has been the proposal to levy service tax @10.3% on any preferential location charge or other development charges recovered by the builder except charges in relation to parking spaces. Most of the housing projects have different cost components like preferential charges for certain apartments due to location advantage. These components may now be subject to service tax. This proposal is also likely to push the cost of housing even further.

TO SUM UP

The levy of service tax on housing projects would increase the price of the housing units, if the Budget proposals are accepted in the present form. One should, however, hope that at best the said proposals are made applicable to the new projects and not to the existing projects which are at different stages of completion. As most of the current housing projects have been delayed beyond any control of the buyer, in the whole bargain, the common man should not be burdened further.

Courtesy: - ET DT: - 18-03-2010

For information about real estate, real estate India, Indian real estate property, property in India, Indian property, apartments, apartments for sale, apartments for buy, apartments for sale in Delhi, apartments for sale in Gurgaon, apartments for sale in indirapuram, flats for sale in Delhi, homes, homes for sale, houses for sale, homes for sale in Delhi, homes for sale in Gurgaon, houses for sale in Delhi, houses for sale in Gurgaon, property investment options in Delhi, investment option in real estate, real estate consultant, real estate agents, real estate developers and many more  log on  to http://www.zameen-zaidad.comand http://propertycafeteria.com/

Currently, under the Income Tax Act, 1961 (the ‘Act’), an individual can claim a deduction for interest paid on housing loan for a self-occupied housing property for up to Rs 1.5 lakh in a financial year subject to the fulfillment of certain conditions. Furthermore, a deduction may also be claimed up to Rs 1 lakh for repayment of principal amount of the housing loan.

There were expectations that the above limits may be enhanced to provide some relief to the common tax payer. No additional concessions have been provided to the individual tax payers on this front in the Budget. Some relief though has been provided to the undertakings engaged in building housing projects in respect of extension of time period for completion of such projects and relaxation in norms for built-up areas for shops and other commercial establishments.

It’s, however, important to note that certain proposals on the indirect tax front could adversely impact the cost of the housing projects and thereby, increase the price of residential units. In this context, following points merit attention:

INCREASE IN EXCISE DUTY

In general, the standard excise duty rate of 8% has been increased to 10% on all goods, including steel, iron, etc. Excise duty on another main input of a housing project, i.e. cement, has also gone up. Duty hike in these essential inputs would impact the cost of the construction since in many cases builders may not be able to claim set-off of duty paid on these inputs.

PROJECTS UNDER CONSTRUCTION

Besides duty hikes in essential inputs, the government has also proposed to extend service tax to real estate, including residential units. Through this proposal, the government intends to levy service tax on sale of property by builder to buyer if any part of the consideration for the property is received before the completion of construction, i.e. before the receipt of completion certificate from the competent authority. In such a situation, the activity of construction would be deemed to be a taxable service provided by the builder/promoter/developer to the prospective buyer, and the service tax would be levied accordingly.

In this context, a question arises from a buyer’s perspective whether buying a housing unit for which he is making payment in installments actually involves any service being rendered per seby the builder. Also, it is not clear whether the proposed levy would impact only new projects or it would even cover the existing projects where booking has already been made by the individuals and part-payments made while construction is at different stages of completion.

If implemented , this proposal could lead to increase in prices of the property by about 3.4% of the sale price, and not 10.3% as is being generally understood, since service tax on such services is payable only on 33% of the value of the property.

PREFERENTIAL LOCATION

Another major setback has been the proposal to levy service tax @10.3% on any preferential location charge or other development charges recovered by the builder except charges in relation to parking spaces. Most of the housing projects have different cost components like preferential charges for certain apartments due to location advantage. These components may now be subject to service tax. This proposal is also likely to push the cost of housing even further.

TO SUM UP

The levy of service tax on housing projects would increase the price of the housing units, if the Budget proposals are accepted in the present form. One should, however, hope that at best the said proposals are made applicable to the new projects and not to the existing projects which are at different stages of completion. As most of the current housing projects have been delayed beyond any control of the buyer, in the whole bargain, the common man should not be burdened further.

Courtesy: - ET DT: - 18-03-2010

For information about real estate, real estate India, Indian real estate property, property in India, Indian property, apartments, apartments for sale, apartments for buy, apartments for sale in Delhi, apartments for sale in Gurgaon, apartments for sale in indirapuram, flats for sale in Delhi, homes, homes for sale, houses for sale, homes for sale in Delhi, homes for sale in Gurgaon, houses for sale in Delhi, houses for sale in Gurgaon, property investment options in Delhi, investment option in real estate, real estate consultant, real estate agents, real estate developers and many more  log on  to http://www.zameen-zaidad.comand http://propertycafeteria.com/

While most of the large to mid-sized recent offerings have received a lukewarm response, the buzz is that quite a few real estate companies are bent on going ahead with their initial public offering (IPO) plans. Grapevine in market circles is that quite a few fund managers are being tempted with apartments at concessional rates in the projects of these companies in return for subscribing to the issues. This kind of arrangement will not be very expensive for real estate firms either, given the fat margins in the business and the fact that these projects are yet to be completed. After all, what are a few crores when hundreds of crores are at stake? Market watchers say at least two companies that came out with IPOs in the recent past had such an arrangement with some fund managers. Needless to say, both the offerings had witnessed a strong response from institutional investors despite expensive valuations. With banks cutting down their lending to the real estate sector, and the stock market, too, lukewarm to property developers, it has become a desperate situation for many cash-starved builders.

Courtesy:- ET dt:- 18-03-2010

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BPTP Park Serene, 4 bedroom Multi-storey Apartments for sale@ Rs. 4887750 in Sector 37D, Gurgaon, 150 mt. wide expressway will pass within half a km. range of the project, Mega SEZ earmarked in the master plan is in close proximity of the project, International schools are coming up in the vicinity, A 100 bedded hospital at 500 mts from the project.

This is a group housing complex being developed in Gurgaon. This project will consist of 2 and 3 bedroom apartments. The complex will have 100% power backup and 24x7 security along with recreational features such as clubs, swimming pool and landscaped areas. This project has been designed by Sikka Associates.

BPTP launched another grand state of the art Group Housing Project“Park Serene”. The project is located at Sector 37-D, Gurgaon in the serene, calm and nascent environs alongside the Dwarka - Gurgaon super expressway. Spread in an area of 24 acres, with 80% open area, the only limitation to the concept of “blessed living” is one’s own imagination. The remarkably outstanding developments which are planned in the area make the Group Housing one of the most 

Promising destination for the end users in the years to come. The brand BPTP lends more credence and value to it and reassures the unmatched quality construction as delivered in the past by the company .The condominiums are a confluence of luxury, class and convenience and has excellent futuristic projections in terms of returns expected on investments for numerous reasons. Some of the most redeeming features of this new venture are as under-mentioned –    

150 mt. wide expressways will pass within half a km. range of the project.

There is a vast exposure of reserved green area right opposite the project.

Mega SEZ earmarked in the master plan is in close proximity of the project.

International schools are coming up in the vicinity.

A 100 bedded hospital at 500 mts from the project and its construction is already underway.

 The flyover from the Hero Honda Chowk is expected to be completed in two years from now.

A few sparklers which make the project unusually attractive for Group Housing. It boasts of an 8 acre mini golf course, 8 acre central park along with other features like club, gymnasium, round the clock power and water supply etc.

For more information about this project and about real estate information, real estate investment options, real estate agents information and information about 2 bedrooms flats for sale, 3 bedrooms flats for sale, 4 bedrooms flats for sale in Gurgaon and Delhi /NCR and also we provides real estate services like property for sale, project for sale, property investment, buy houses, sale houses, homes buyers, homes sellers and many more

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BPTP Park Serene, 4 bedroom Multi-storey Apartments for sale@ Rs. 4887750 in Sector 37D, Gurgaon, 150 mt. wide expressway will pass within half a km. range of the project, Mega SEZ earmarked in the master plan is in close proximity of the project, International schools are coming up in the vicinity, A 100 bedded hospital at 500 mts from the project.

This is a group housing complex being developed in Gurgaon. This project will consist of 2 and 3 bedroom apartments. The complex will have 100% power backup and 24x7 security along with recreational features such as clubs, swimming pool and landscaped areas. This project has been designed by Sikka Associates.

BPTP launched another grand state of the art Group Housing Project“Park Serene”. The project is located at Sector 37-D, Gurgaon in the serene, calm and nascent environs alongside the Dwarka - Gurgaon super expressway. Spread in an area of 24 acres, with 80% open area, the only limitation to the concept of “blessed living” is one’s own imagination. The remarkably outstanding developments which are planned in the area make the Group Housing one of the most 

Promising destination for the end users in the years to come. The brand BPTP lends more credence and value to it and reassures the unmatched quality construction as delivered in the past by the company .The condominiums are a confluence of luxury, class and convenience and has excellent futuristic projections in terms of returns expected on investments for numerous reasons. Some of the most redeeming features of this new venture are as under-mentioned –    

150 mt. wide expressways will pass within half a km. range of the project.

There is a vast exposure of reserved green area right opposite the project.

Mega SEZ earmarked in the master plan is in close proximity of the project.

International schools are coming up in the vicinity.

A 100 bedded hospital at 500 mts from the project and its construction is already underway.

 The flyover from the Hero Honda Chowk is expected to be completed in two years from now.

A few sparklers which make the project unusually attractive for Group Housing. It boasts of an 8 acre mini golf course, 8 acre central park along with other features like club, gymnasium, round the clock power and water supply etc.

For more information about this project and about real estate information, real estate investment options, real estate agents information and information about 2 bedrooms flats for sale, 3 bedrooms flats for sale, 4 bedrooms flats for sale in Gurgaon and Delhi /NCR and also we provides real estate services like property for sale, project for sale, property investment, buy houses, sale houses, homes buyers, homes sellers and many more

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Recovery in NCR and Mumbai is a definite precursor to the expected trends in 2010, a report says, but cautions that it would be premature to predict a bounce-back for the entire sector. Prabhakar Sinha writes

    Residential marketsacross major cities of India have seen significant appreciation in values towards the close of 2009. This trend is most prominent in NCR and Mumbai, the two key residential markets in India, where values in Oct-Dec 2009 appreciated, compared to the same period the year before, says Cushman and Wakefield in a report.
    The report said that recovery in NCR and Mumbai is a definite precursor to the expected trends in 2010. However, it would be premature, the report adds, to predict a bounce-back for the entire sector. The other markets which are still witnessing some correction are expected to stabilize only in the next 3-6 months. These are expected to see positive signs of recovery by the middle of this year, when values across the board would stabilize but will remain within acceptable range. The average increase in capital values in various micro-markets in these two metro areas has been in the range of 3 % to 25% over the previous year, the report shows (see chart). Most micro-markets in these two cities have recorded stable to appreciating capital values over the last quarter as well. NCR and Mumbai have shown a faster recovery than other cities due to the fact that these are high-demand markets, both from end users and investors, who were holding back their requirements as a result of economic slowdown, which created a kind of uncertainty in the
job markets. The best outcome of the slowdown is the emergence of affordable housingin the country. At the same time, the strong recovery in the economy led to sharp upward correction in the capital values for mid-ranged housing due to the quantum of demand and affordability.
    Certain broad trends that were noticed across cities were that peripheral and the suburban markets witnessed the highest correction but were also one of the first markets to bounce back, C&W says. Another shift in the trend is the rise in demands for properties under construction. The report said, there was a clear shift towards ready to-move-in propertiesduring the beginning of the year, when there was uncertainty on the capability of a developer to complete a project. But that has receded now resulting in a rise in risk appetite for properties under construction.
    In the NCR region, demand for affordable housing in the range of Rs 20 lakh to Rs 40 lakh could be understood from the fact that a number of projects completely sold out within a couple of days of their launches. Recently, in Noida, Supertech, which launched apartments for Rs 9.75 lakh, (this is the first project in NCR for sub-Rs 10 lakh) could sell around 500 apartments in a couple of days. The new trend has led to increase in the volume of transactions. Supertech CMD, R K Arora, says that the developers have now shifted to high-volume business from high margin ones. However, he also pointed out that this became possible because of the relaxation in the density norms (number of apartments allowed to be constructed on a given area). Therefore, the construction activities are set to rise in 2010.
    Due to focus by developers in 2006 and 2007 on luxury housing, high-end properties in most cities suffered a steep correction when slowdown impacted the sector, as compared to mid-end properties. This left a large unmet demand in the mid-end market. As favourable conditions have come back, the sector has witnessed resurgence of demand.
    However, for the trend to continue, the government should not put extra burden on it. The budget announcement of 10.3% service tax on the sale of apartmentsbefore completion is expected to have the highest impact in the real estate market. This may hamper the attractiveness of the projects under construction. The scope of service tax is extended to the construction of complex service, wherein the developer/builder is likely to pay service tax on construction services while the project is under construction. The levy would cover all construction of complex service or commercial or industrial construction services resulting in higher cost of properties under construction. The service tax of 10.3% will be levied and also be charged on additional services provided in residential developmentssuch as preferential location charges, internal or external development charges, etc. It is estimated that service tax of 10.3% will be levied on approximately 33% of the value of an apartment, which is likely to escalate the price of real estate and put further pressure on the housing affordability. In the short term, the report says, real estateprices across most cities are expected to continue to strengthen. However, it also warns that a significant increase could result in demand drying up and lead to stagnation or further correction. Rental values are expected to remain stagnant, especially in the luxury/high-end segment with certain mid-end properties witnessing buoyancy.
    Developers are likely to remain cautious and launch new projects at attractive price points, the report says. Due to prevalent demand for mid-income housing, most developers are expected to focus on new projects in this category, over short- to medium-term, with very few niche projects in luxury category with strong differentiation factors.

Courtesy: - TP DT:-13-Mar-2010

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The restructured income tax slabs and liquidity in the banking system work well for homebuyers waiting to acquire property, writes B S Manu Rao

The much-awaited event — Union Budget 2010 — is behind us. This budget was crucial in that there were expectations of some rollback in stimulus measures as the economy is growing at a good rate. And a week later, homebuyers will find the incremental disposable income in their pockets useful as it makes EMIs that much easier to repay. For those waiting for a trigger, it is the push to go for a home now. Another factor that came as good news is the status quo on the home loaninterest rate front. The last Credit Policy review hiked the cash reserve ratio for banks but the ample liquidity in the system and keen competition among lenders is holding the interest rates steady. As the growth forecasts for the economy hover around the eight percent mark, job security is gaining ground. The IT sector is faring well, especially in the segment catering to domestic demand. These factors point to consumer confidence looking up in the coming financial year. While the price correction in the property price that came following the sub-prime crisis brought house within reach of many more, the job insecurity was a wet blanket. Now, on the one hand, the sentiments have improved, and on the other, there is the new dimension of affordable housing that the slowdown evolved. This new segment in the property market is bound to find more potential homebuyersin the coming financial year as the new income tax structure comes into effect.
Budget and realty
The budget has an emphasis on promoting housing. The measures include: Interest subvention scheme extended The interest subvention scheme has been extended up to March 31, 2011. This move is aimed at boosting affordable housing. The Finance Minister has also proposed an extension of the one percent interest subsidy scheme to March 2011. The government had introduced this scheme in the last budget to promote low-cost housing. Under this scheme, borrowers will be given a one percent subsidy on the first 12 equated monthly instalments (EMIs) to be paid to the bank. This subsidy on housing loans up to Rs 10 lakhs, and where the cost of the property is under Rs. 20 lakhs, helps the cause of affordable housing. This along with the restructuring of the income tax slabs for individuals helps those looking at low-cost housing.
Tax holiday deadline extension
The extension of the deadline for completion of pending housing projects by one year for the tax holiday under Section 80-IB given earlier helps developers. The relaxation in norms for built-up area of shops and other commercial establishmentsin such eligible housing projects is also beneficial.
Allocation for development
There is an increased budgetary allocation for urban development and housing schemes. The investment-linked deduction benefit for convention centres located in the NCR has been extended till July 31, 2010. This is for deduction under Section 80-ID. The time limit for completion of projects eligible for deduction under Section 80-IB has been extended to five years. The more liberal limit to commercial space that could be created in such projects will also help.
Central registry
The budget has set aside Rs 25 crores for a Central Electronic Registry. The Central Electronic Registry (CER) will be a database of all mortgages and banks that have a charge. So, in future, when a borrower seeks to avail a loan against property, the lender will be able to verify whether anyone has a charge on the property already.

Courtesy: - TP DT:-13-Mar-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, says Vivek Shukla

    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 propertywas 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 can not blame only our banks,” says Samir Jasuja, CMD of Prop Equity.
    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 are 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 before buy commercial properties, a realty expertsays that they should not invest where there is a deluge of supply. In that case, 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.
    R K 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, corporate 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 rock-bottom prices. The crash in property prices led to downward revision of prices by developers. The reduction was to the tune of 30% or so,” Ahmed concludes.

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

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Subhash Lakhotia
takes you through the Union Budget and says what it has in store for the Indian investor in realty sector

The Union Budget 2010-11 has brought about significant a m e n d m e n t s, which are going to affect the real estate sector. The first and most important point concerning real estate sector is that the existing income tax deduction in respect of interest on residential house propertyloan will continue to be allowed as a deduction up to Rs 1.50 lakh. Similarly, the repayment of the housing loan will also continue to enjoy deduction within the existing limit of Rs 1 lakh under Section 80C of the Income Tax Act, 1961.
    Building and operating a new 2-star hotel or above as classified by the central government on or after April 1, 2010 would enjoy the benefit of Section 35AD of the Income Tax Act, 1961. This amendment to the said Section 35AD will inspire a large number of taxpayers of India to set up 2-star and above hotels anywhere in India to enjoy the tax benefit. The entire expenditure incurred, wholly or exclusively, for the purposes of a new hotel will be allowed as a deduction in terms of Section 35AD of the Income Tax Act, 1961.
    The special feature is that all types of capital expenditure other than expenditure incurred on acquisition of land or goodwill or financial instrument will be allowed as a deduction to the assessee. The impact of this amendment would result into a zero income tax liability for a couple of years for the new hotel, which starts functioning after April 1, 2010. However, there is no condition with regard to the place where the hotel is to be set up. Thus, the business of buildingand operating a new hotel of 2-star or above category, anywhere in India, which starts functioning after April 1, 2010 would come within the purview of specified business, and as such, would be entitled to deduction even in respect of capital expenditure. There is no restriction even with regard to capital employed and the location of the hotel etc. However, those taxpayers, who would like to take advantage of this section, should remember that they should build and operate the new hotel. This tax benefit will not be available if merely a hotel is built or merely the hotel is operated by a taxpayer.
    In another amendment, the threshold limit for tax deduction at source on the rental income has been increased to Rs 1,80,000 per year as against the existing threshold limit of Rs 1,20,000. This amendment will take effect from July 1, 2010. As a result of the proposed amendment, there would be relief to senior citizens and women taxpayers in particular, who receive rent in respect of the propertybecause, now, no tax would be deducted at source on such rental income up to Rs 1, 80,000 in a year.
    Amendment has also been made to Section 56 of the Income Tax Act, 1961. This amendment is applicable from October 1, 2009. As a result of amendment to Section 56, any immovable property if received by an individual or a Hindu Undivided Family without consideration, in that case the stamp duty value of such property would be added as an income from other sources. This provision, however, would be applicable only in respect of receipt of such property as giftthe value of which exceeds Rs 50,000. It may be recalled here that this provision also existed in the statute book last year but the existing section has been substituted with a small amendment. However, the big amendment which has been made to Section 56, retrospectively from October 1, 2009 and which will have great impact on a large number of taxpayers of India, relates to deletion of existing Section 56(vii)(b)(ii). As per this section, which was introduced through last year’s budget, if consideration for property is less than the stamp-duty value of property by an amount exceeding Rs 50,000, then in such a situation, the stamp-duty value of such property as exceeds such consideration would be added as income from other sources in the hands of the individual or an Hindu Undivided Family.
    This section was creating a lot of tension in the minds of taxpayers. Hence, luckily, this section has been deleted retrospectively from October 1, 2009. The impact of this amendment would be that if a person buys some property, let us say for Rs 18 lakh and the value adopted or assessed by the state government for the purposes of payment of stamp duty in respect of this property is Rs 24 lakhs – in that situation, the buyer might have paid stamp duty on Rs 24 lakhs even though the sale transaction is of Rs 18 lakh. But in view of deletion of the above provision under Section 56, the buyer will not be subjected to income tax on the difference between the purchase price and the stamp-duty value of the property. Hence, in view of amendment to Section 56 of the Income tax Act, 1961, genuine hardship that might have been caused to the taxpayers has been addressed very well by the budget.
    Like any other company, if a real estateprivate limited company is to convert itself into limited liability partnership, then there will be no liability to capital gains tax because the provisions of Section 47 have been amended by the Union Budget. However, certain procedural formalities have to be complied with to avail tax exemption. One of the most important conditions is that the total sales, turnover or gross receipts of the business of the private limited company, which desires to be converted into a limited liability partnership, should not exceed Rs 60 lakhs in any of the three preceding years and that the shareholders of the existing company become partners of the limited liability partnership in the same proportion as their shareholding in the company.
    As per Section 80ID of the Income Tax Act, 1961, profits of a hotel or convention centre in the capital territory if constructed by March 31, 2010, are exempted from income tax. The current budget provides some more time for these facilities to be set up for the Commonwealth Games to be held in October 2010. Hence, amendment has been proposed to Section 80ID to extend the date by which the hotel has to start functioning or the convention centre has to be constructed, from the present March 31, 2010 to July 31, 2010. It may be recalled here that Section 80ID of the Income Tax Act provides for 100% deduction for five years to an undertaking from the business of a 2-star or 4-star category hotel or from a business of building owning and operating the convention centre located in the NCT of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar, Ghaziabad provided such hotel has started functioning or such convention centre constructed during the period 1.4.2007 to 31.3.2010. Now, due to extension of date of July 31, 2010 there would be relief to those persons whose projects have been delayed.
    Special provisions for computing profits and gains of business on presumptive basis have been introduced by the Union Budget. The benefit of this amendment can also be taken by all those persons who are engaged in the business of real estate. As per this section, if a person does not keep accounts and has a turnover of Rs 60 lakh, he can opt for computing the income on the basis of presumptive taxation. Hence, for a person with no accounts doing business and having gross receipts of less than Rs 60 lakh, his business income on presumptive basis would be treated as the amount equal to 8% of the total turnover or gross receipts. Likewise, the limit of tax audit has been increased from Rs 40 lakh to Rs 60 lakh. This will also help all those persons who are in the real estate sector. Likewise, the exemption limit for tax audit for professional persons has been increased to Rs 15 lakh.
    This will help real estate brokerswho are having gross receipts up to Rs 15 lakh, because they would now not be required to compulsorily get their accounts audited. The amendment relating to payment of tax deducted at source by the date of filing income tax return will also help all those who are engaged in real estate businessalso, because now, as a result of the proposed amendment to Section 40 of the Income Tax Act, 1961 in respect of any sum on which tax has been deducted at source and the same has been paid even by the last date of filing the income tax return, even in that situation, the expense would not be disallowed.

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

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Sales of newly built US single-family homes fell unexpectedly in December, data showed on Wednesday, the latest indication that the government-led housing recovery might be losing some steam. The Commerce Department said sales fell 7.6% to a 342,000 unit annual rate from an upwardly revised 370,000 units in November. It was the second straight month that new home salesdeclined. US stock indexes fell on the data, while government bond prices held at higher levels.

“This isn’t good news. It should put some pressure on the market, especially coming after the disappointing outlooks we saw,” said Dan Cook, senior market analyst at IG Markets in Chicago. New home salesfor the whole of 2009 fell 22.9% to a record low 374,000 units, the department said.

The data came as the Federal Reserve deliberated on monetary policy. The US central bank is expected to leave overnight lending rates near zero.

At its meeting in December, the Fed announced it would end purchases of agency mortgage-backed securities in March. The program has depressed mortgage rates, contributing to the housing market’s healing in recent months.

But the housing marketrecovery is showing some signs of fatigue after a surge in sales as first-time buyers rushed to take advantage of a popular tax credit, which had been scheduled to expire in November.

It has since been expanded and extended until June this year and while analysts expect home sales to pick up as a result, they reckon the pace will not be as strong as witnessed with the initial tax credit.

Courtesy:- ET dt:- 28-jan-2010

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The model offers homes with sports facilities like race tracks.

Real estate projectswith “sports” as theme appear to be catching on with Indian developers. Under this model, borrowed from the West, companies offer homes surrounded by sports facilities like race tracks, cricket stadium and lawn tennis courts. And, the pricing is fairly competitive.

Jaypee Sports City, coming up in Greater Noida on 2,500 acres, is one such project. The city, being built by Jaypee Greens, boasts a cricket stadium, a go-karting facility and an international standard motor race track, covering 875 acres.

While the company has earmarked 700 acres for residential developmentand 300 acres for commercial and institutional development, the remaining 625 acres will just have greenery.

Launched in November last year, the company claims that it has seen good traction. Around 70 per cent residential plots and 50 per cent apartments have been sold.

“Jaypee Sports City has been conceptualized as an integrated city, where one gets everything that he dreams of in his neighbourhood,” said Manu Goswamy, head, sales & marketing, Jaypee Greens.

“Jaypee Sports City is a huge project which will be developed in various phases. It is difficult to give the finishing date. We will be able to start the delivery of the first phase (launched inventory) from 2011.”

The residential plotsare 153-538 sq yard each and priced at Rs 18,000 per sq yard. While 850-1,800 sq ft (high-rise apartments) flats will be priced at Rs 2,450 per sq ft, 1,600-2,100 sq ft (low-rise apartments) houses will be sold at Rs 2,850 per sq ft.

Emaar-MGF, a real estate major, is also building 1,168 apartments (34 towers) in Commonwealth Games Village in New Delhi. “We have been awarded the work for development of the 27.2-acre residential complex, part of the over 100-acre Commonwealth Games Village 2010 complex. This is one of the most prestigious projects being undertaken by the company,” said a company spokesperson.

Another sports project is “US Open Apartments” in Mulund, Mumbai. The project, being build by Nirmal Lifestyle, will have amenities like spa, a fitness centre, sports clubs, lawn tennis courts, a baseball court, a swimming pool, and badminton courts, over 75,000 sq ft out of the 5,00,000 sq ft that will be developed. The company has tied up with US Open for this project.

“We wanted to bring the concept of health and fitness into the country. Today, many parents want their kids to be sportspersons and if we offer them different stadiums in the complex, the project becomes appealing to them,” said Dharmesh Jain, chairman and managing director, Nirmal Lifestyle.

The US Open apartments will have two- to five-bedroom houses and the project is likely to be completed in the next four years. “We have seen a lot of enquiries from customers and we expect it to be a successful venture.”

Nitesh Estate of Bangalore has built a series of sports-themed residential complexes — Nitesh Wimbledon Park, Nitesh Flushing Meadows, Nitesh Roland Garros and Nitesh Wimbledon Gardens.

According to real estate consultants, there is a market for residential and commercial complexes based on the sports theme.

Courtesy:- BS dt:- 21-feb-2010

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It is essential that the rent should cover at least the cost of ownership ¬ the interest factor and a part of the principal amount

Jai Mavani

If you are the owner of a propertyand you have rented it out to tenants, you will be expected to maintain your property for them. This is because (and you can take this as a rule) a tenant does not have the time to maintain the asset himself and always expects the owner to maintain it.

If your property has housed tenants for a long time and commanded fairly competitive rates, you can expect a better valuation. The case would be vastly different for a property that sees short-term tenants and rates that spike periodically. Always remember to factor in transaction costs such as stamp duty and brokerage. This counts as good advice because these costs can be quite high. Apart from speculation, demand and supply determine the price of your property most significantly. Selecting your tenants while selecting a tenant, you must consider certain attributes. Primarily, you must ascertain that you have the right mix of positive cash flow and security for your property. The badly chosen tenant can steadily become a nightmare ¬ which might never end!

It is the class of your property that eventually attracts the type of tenant. And that's a fact. You may find some aspirants who offer you a higher rent for your property and some that don't quite make it to your expectations in the department. However, don't blindly go in for the largest bundle of cash offered. Keep in mind the painful fact that the tenant eviction process in India can be excruciatingly long. You should also consider that in India you can't always research the credit history of a potential tenant. This is mainly due to the fact that individual credit bureaus in India, as compared to foreign countries, are in nascent stages of development.

Personal references from common friends and acquaintances or third-party references are the preferred and most common form of background check. You can ask for such references from your tenants before closing the lease agreement. Before you get into an agreement with the tenant, remember to gain absolute clarity on what s/he intends to do with the property. This is important since there are situations in which your property might experience a greater degree of use, hence wear and tear, than others. For example, if the property will be used as transit accommodation or a guest house, maintenance cost will rise significantly. If your tenant mentions that his tenancy will involve the stay of many children, you can expect a similar rise in the level of wear and tear.

Try to factor in these higher maintenance costs into your rent expectation. Terms of agreement your commercial negotiations should factor in various pricing and financial issues. They should ideally include a comprehensive list of responsibilities of the lesser and the lessee.

This is what you need to consider while quoting a rent. It is essential that the rent should at least cover the cost of ownership, which means the interest factor of the EMIs if the leased property is leveraged. Additionally, it should also include a part of the principal. It should signify a fair return on investment for you. It should equate with the market levels, factoring in any escalations due to any special usage. Include the society maintenance charges into your rent quote.

Also calculate the rent with the understanding that you would be bearing the electricity and water charges. There should be an extra charge for any additional space provided. This includes parking spaces and such considerations should be declared to the tenant in advance. Make it a point to bill your property maintenance charges and security charges separately. It might be prudent to draft an exclusive agreement for these billings with a detailed disclosure of what types of maintenance will be covered. The stamp duty and registration cost must be borne by the tenant though it may be noted that in case of a lapse of such payments, the authorities concerned may charge the landlord. If there is an incremental fee or profit arising from the sub-lease of the property, the landlord is entitled to a share of such monies. There should be provisions for a security deposit and terms of repayment of such a deposit. With regards to the property usage, you should lay down some terms as to what the tenant can and cannot do on the premises. If any modifications can be made to the fittings, or if any alterations to the structure (even painting permissions) are allowed, it is the landlord's responsibility to clarify this in advance to avoid laster misunderstandings. The timeframe of the lease and the escalation of price on rollover must also be discussed in advance. Include a mid-term exit clause in the agreement, including provisions notice periods, penalties, etc.

From an overall perspective, it is essential for you to have a laundry list of sorts that gives you a clear idea of what must be focused upon at the agreement drafting stage. Heads of agreement or a Memorandum of Understanding (MOUs) made with the help of your lawyer and broker can help in creating your checklist during the negotiation process. Your broker can inform you about current market prices and the loopholes you can use in your favour. Make sure your broker is working in your favor even if his brokerage is slightly higher. With a good broker, your negotiating position will be stronger and you can take care of almost any eventuality. Rent collection this could well be the sweetest part of the deal but if you're cursed with a bad tenant, this could be the biggest torment. You must ensure that the tenant pays his rent regularly and as per the agreement. You can collect rent in the following ways: Cheques or pay order payments to be made for specific dates inter-bank transfers that can be made through direct debits.

The author is Executive Director KPMG Pvt. Ltd. This article was first published in Knight Frank's guide book titled Real Investment: A real estate investmentguide for India

Courtesy: HT Estates 20th Feb 2010

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How much is your house worth? The price of a property may not necessarily reflect its value. To get an idea, engage a valuer empanelled with a professional body

Sachin Sandhir

For a majority of citizens residential propertyrepresents their single largest financial commitment. Built with huge sums of hard earned money, homes are something that every individual takes pride in, which is often reflected through notional value. To get information, people will have discussions about the same in their social circles, among family and relatives. These create speculation and curiosity amongst people, even who have no intention to sell, to know what their property is worth. While people tend to use the terms price, worth, and value interchangeably, these differ in meaning and implication. The price of a property may not necessarily reflect value, which is governed by various other factors and considerations. Therefore, when selling, it is essential to determine the value of property.

An informal and simple way to determine value is to approach a real estate agent, who provides comparative data on similar properties that he has transacted in and the rates at that point in time. However, this value is only an estimate and should not be considered as the `market value'.

In order to get a true picture of all economic/financial aspects of a particular property, it is advisable to engage a valuer, empanelled with a professional body, to determine the `market value' of the property. RICS accredited valuers carry out credible valuations based on the RICS Red Book of Valuation Standards and are, therefore, considered as the mark of professionalism worldwide and across India.

Valuation is a soft science involving high level of judgment where different assumptions lead to different values. Considering the risks associated with valuation tasks, meticulous application and specialised skills are required, which come at a cost --the cost of a valuation report. Therefore, this approach should be adopted when seriously considering sale of your property, as the stakes are high and the accuracy of the `market value' will determine your financial gains. A professional valuation, backed by consistent valuation standards, is a thorough exercise conducted by a competent valuer who will spend time collecting data, inspecting the location and property and a thorough due diligence of all important legal, economic and financial aspects. Some aspects that form part of a professional valuation and which will significantly impact the property values include: Freehold and leasehold property Land value: This forms a major component of the overall property value, the extent to which verification of land records and title deeds was incorporated as part of the valuation report, is laid down in the `scope of work' and `assumptions' for estimating the market value.

As is: The value of the property in the "as is" state Highest and best use: This is the process used to determine property use which is legal and yet produces the highest value for land Cost approach: The value of the building is based on how much it would cost if one was to construct the property today; this approach is more relevant and applied in case of newly built propertiesSales comparison approach: A comparison of the purchase prices of similar properties that were sold in the recent past is considered; upon data collection, upward/downward adjustments are made, to account for differences in year built, construction quality, condition of the property; attractiveness of location, lot /apartment size, available facilities and other such factors Given the level of activity in the residential space, it is essential to institutionalise valuation standards. These coupled with higher professionalism in this practice, I am certain will ensure that valuation of land and properties will no longer be artificially inflated and this will contribute significantly in containing land prices, which are very important when it comes to providing homes at affordable prices. The author is Managing Director and Country Head, RICS India

Courtesy: HT Estates 20th Feb 2010

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Commercial property ­ shop, office space or plot ­ developed by DDA, is a safe buy

 Arati Bhargava a C

People looking out for commercial propertygenerally prefer to get those developed and sold by the Delhi Development Authority (DDA). That is because, first, the property has already been constructed; second it costs less than the market rate of the area and third, it is already be in a commercial zone.

In a DDA property the first buyer of the commercial spacemakes a completely safe buy. The reason being that he purchases it directly from the DDA and, therefore, there is negligible chance of any problem. When the DDA sells office space or shop it advertises inviting tenders. The person who bids the highest gets the shop. In the case of commercial space that is to be put on auction, the DDA declares the minimum reserved price and any bid thereafter has to be over and above that. In respect to commercial plots, the DDA advertises details of the plot, its land use and the date of auction, in leading newspapers. The prospective buyer is expected to deposit a cheque of an amount specified by the DDA should he want to bid for the property. Later, in the auction, should the person's bid be the highest and accepted by the DDA; this advance amount is adjusted against the price.
If the person's bid is rejected, then the DDA refunds the amount deposited.

The transfer of ownership of a property purchased directly by the DDA is completely above board. The registration of the property is done in the name of the buyer with the sub-registrar of the area and the buyer gets the Conveyance Deed (rights to the property). For those who buy the commercial space or property from the first buyeror even subsequent buyers it is vital to check the property history. The Documents you should include the original Conveyance Deed of the property. Also check that the size of the shop is as specified in the deed to ensure that no unauthorized space has been covered as that may be liable to action by the authorities. In addition, see that dues like property tax, water and electricity bills have been paid up to date.

Insist on seeing the original deed because sometimes photocopies of deeds are shown, with the seller claiming the original is lost ­ and this creates problems later. Buying office space or commercial space in a large complex involves a different kind of paperwork. The commercial plot's building plans have to be sanctioned by the concerned civic agency. The purchase of a shop or office space in a commercial blockis done through a builder-buyer settlement. This agreement is registered and in effect is a sale deed. Should a person be buying such property, from the first or subsequent owner, he should definitely go through the ownership history of that property that includes checking the first builder-owner settlement.

Another document that needs perusal is the Completion Certificate (CC ) given by the concerned civic agency to that complex. The authorities give the CC to the owner only after the building has been completed and if it has been made as per the sanctioned building plans.
(the writer is a senior columnist )

Courtesy: HT Estates 20th Feb 2010

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