Despite the fact that the real estate market all over is experiencing a slump, Pune real estate is going steady. While industry experts have predicted a steep decline in the real estate values, Pune seems to be confronting the forecast.

Backing the statement are the following examples. To begin with, within months of announcement of a new project by the Magarpatta Township Development and Construction Company, 5,800 apartments of 20,000 planned were fully sold out. This is in spite of the fact that the project is on the peripheries of Pune at Sinhagad Road. Same is the case with several other projects which includes the Blue Ridge Township at Hinjewadi, which has seen vigorous sales in the last few months.

Given that Pune was by no means a mainstream real estate destination it never saw a huge drop in real estate prices. The slump was there but it was for a short period of time. Reasons Pune real estate agents that there was demand but people were anticipating a fall in prices so they were waiting to buy an apartment in Pune. But on the contrary prices escalated and so the demand.

Moreover, since the IT industry drives the property demand in the city, first home sales form a major chunk of transactions happening in Pune. Inevitably, transactions as well as price escalation have been highest in the areas of Kalyani Nagar and Baner which are close by two major IT hubs in the city. Besides the IT and BPO industry, the student population continue to fuel demand for housing in Pune.

Renowned Pune real estate developers sack the view that the Pune property prices are on the move for a sharp drop. Pune real estate agents and the local industry experts don’t see any recession in Pune Real Estate industry at least in the next 10 years. Pune real estate builders affirm that the demand is stable and outstripping supply.

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Chandigarh is one of the hottest destinations from all real estate perspective. It has been recently voted as the ‘best city to live in’ by a popular magazine. Chandigarh deserves this tag for many reasons

1. Well planned infrastructure - Chandigarh is known for its architecture, wide roads, well-spaced out lanes and ambient environment. The expansions and extensions to various sectors are always well-planned.

2. Strategic location - The city is administrative, political and cultural nerve centre for Punjab and Haryana. The city has the magnanimity of a big city but still retains the coziness of a small town. It is also the gateway to north India. It makes lot of strategic and business sense for all firms to have their outlets/offices in Chandigarh.

3. New Developments - Chandigarh is opening up to the real estate changing trends. The city had just opened Rajiv Gandhi Chandigarh Technology Park. This park, perk over an area of 111 acres, is a destination for top IT/ITES/BPO companies.

Chandigarh is known for its kothis. Traditionlly, people usually build huge, lavish, palatial houses known as kothis which are 2-3 storey tall multi-apartment structures. Now, Chandigarh is shrugging its ‘uniformly-developed-city’ tag to pave way for new segments like luxury homes, studio apartments and individual flats. The traditional residential sectors like 21, 22, 24 are witnessing remodeling of traditional ‘kothis’ into individual flats.

Also, new constructions in neighbouring areas like Panchkula, Mohali and Zirakpur are witnessing a boom in the demand for individual housing as compared to the composite 2-BHK or 3 BHK. This demand has been fuelled by the migratory population. The city’s is no longer an abode of the retired army people. In fact young professionals and students from nearby areas of Punjab, Haryana, Himachal Pradesh and even Delhi flock to Chandigarh in search of better lifestyle and good infrastructure at affordable costs.

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Bhiwadi has now-a-days become a hot destination for real estate development as well as for home buyers. It is prominently located on NH-8, just beyond the border of Haryana. Big builders have come up with major projects like The Essentia, Omax City, Kajaria Greens, Cosmos Greens, Piyush City and Camellia Garden. The one time deserted area has now been converted into lush green residential and commercial lifestyle. 

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Agra is the city synonymous with romance, architectural grandeur and The Taj Mahal. The city now is taking a sharp turn towards the new age lifestyle with Sushant Taj City Agra spreading over 500 plus acres. The township shall also have some of the finest schools, Healthcare and shopping & entertainment facilities never seen in Agra.

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From being a “pastoral location” to “one of the most sought after areas” in Indian Real Estate, Sonepat has come a long way. The upcoming 135 km KMP Expressway is the main attraction for developers. The area between Kundli and Sonepat town falls under an industrialized zone. Atlas Cycle, Hilten Rubber, Indo Adean Fusegear, ECE, Hindustan Everest Tools and Satnam Overseas, LT Overseas (Dawat Basmati Rice), Osram, GSK’s Horlicks are some well known brands that have units here.

Land rates have witnessed an average appreciation of almost 100 – 150 % over the last few years. Residential property rates range from Rs.10,000 to Rs15,000 per sq. yd. For apartments prices vary from Rs.1,700  to Rs.2,200 per sq. ft. Commercial properties stand at around Rs.5,000 to 7,000 per sq. ft.

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Get the widest range for choice in all kinds of Residential and commercial properties for sale, purchase, rental or lease in the entire NCR region. 2 BHK, 3 BHK flats/ apartments in Noida, independent houses, guest houses, farmhouses, and showroom are their area of expertise

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YOU NEED TO CALCULATE THE NET COST OF A LOAN BEFORE DECIDING TO PREPAY WHEN THE RATE INCREASES,

The increases in home loan interest rates have upset calculations of many borrowers. Increases make a dent in the budgets of the home loan borrowers. In order to contain inflation, the Reserve Bank of India (RBI) has recently hiked the cash reserve ratio (CRR) from 8.75 to nine percent. The latest CRR hike drew out about Rs 8,500 crores from the banking system. The hike in the repot and CRR rates has led to hikes in the home loan interest rates.

Over the last couple of years, the interest rates on home loans have gone up by almost five percent - from seven to 12 percent. As such, the EMI installments have also gone up significantly, upsetting the budgets of people.

There has been a quantum jump in the number of home loan borrowers approaching banks for foreclosures and partial repayments. Many borrowers are trying to reduce the term of their loan, which have increased due to the recent interest rate hikes. These borrowers are typically the ones who have taken floating rate loans in the last 12-18 months and are now trying to make balloon payments. With interest rates on home loans rising in the last one year, consumers are now looking at other options to acquire funds for their investments.

Before deciding to foreclose, one needs to understand the implications - both present as well as future. It can hurt their liquidity in the short to medium terms, if they decide to foreclose their home loan accounts or make partial repayments.

With the increase in EMIs, many borrowers are exploring the option to pre-pay the housing loan. Before deciding whether to pre-pay or not, one should work out the net cost of the home loan. This can be done by factoring in the income tax benefit on the housing loan interest.

Normally, banks do not charge anything in case the loans are being repaid from one’s own sources. However, in case one goes for refinancing, i.e. borrows from some other bank, then a prepayment penalty is levied.

The increased interest rates have put off many speculators from the real estate market. The interest rates’ trend over the next few months is expected to be upwards, across the industry. On the flip side, this may actually prove beneficial for buyers as it will deter speculators from over-leveraging themselves for speculative gains.

                                                                                Courtesy: - ET/FT dtd: - 14th Sep 2008

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THERE HAS BEEN A RISING TREND OF DEVELOPERS OFFERING FULLY FURNISHED HOMES TO ITS BUYERS, WITH ALL THE AMENITIES BEING PRESENT EVEN BEFORE THEY MOVE IN.

India is a developing country and with its developments, the lifestyle of its citizens is changing as well. There was a time when living in a joint family was the norm, but it’s not the same anymore. Also, when someone bought a home, doing it up on your own was even more exciting then buying your home? But now times are changing. With time being a constraint for so many, today developers and builders are offering the buyer the facility to move in as soon as he purchases a home.

The concept of ready-to move-in homes is becoming quite popular in the city. Ready-to-move-in apartments are the new definition of luxurious living in India. These apartments or homes are fully fitted out with all the amenities required for every day living, sometimes even including the basics like furniture, which the occupant usually prefers to buy on his own and of course the modular kitchens, television and other audio-video systems, air conditioners, etc.

“Basically the décor is close to complete and all the occupant has to do is walk in with his personal belongings and voila - it’s ready to live! To cater the burgeoning demand of the ready to-move-in homes, we have come up with a property in Noida. They are centrally air conditioned luxury apartments and penthouses with all the amenities like modular kitchen, sauna bath, steam bath, massage chairs in master bathroom, etc.” explains Rohtas Goel, Chairman and Managing Director, Omaxe Ltd. The demand of such apartments and homes has only grown in the recent past and is expected to grow further in the future. These kinds of homes are particularly popular with nuclear families and even those with dual income and no kids (DINKS). Bhim Yadav, CEO of Falcon Realty Services says, “The market has been picking up over the time. These homes are gaining quite a lot of popularity amongst the nuclear families and the people from the corporate sector.”

But how does the builder gain from it? “The developer gains a good commercial value out of these projects as the market is very receptive for such kind of projects,” says Sunil Bedi, Chairman and Director, JMD Ltd. Also, from the developers point of view it takes the development capabilities of the company to the next level. They do not just bring together brick and mortar, but offer an entire style statement to the buyer which is a reflection of the developers’ own perception of stylised living. The developer even gains from the profit margins that he makes from the sale of such apartments.

Ready-to-move-in apartments are quite popular in many areas of the National Capital Region (NCR) in Greater Noida, Gurgaon and Ghaziabad. Even colonies like Vasant Vihar and Anand Niketan where there is a large population of expatriates are witnessing an increasing number of readyto-move-in apartments. Even some places in Connaught Place and South Delhi have such ready-to-move-in homes for buyers.

Anshuman Magazine, the Managing Director of CB Richard Ellis says, “This might not be a trend, but it is something that is picking up because of the rise in the competition. And since everyone wants to go a step further than their competition, they are trying to give their customers much more that what they even expect. Plus, when the developers make bulk purchases, they make good profit margin while selling such apartments. But I still feel that when a person buys a home, he wants to set up his home the way he wants.”

Even though ready-to-move-in apartments might seem that they will cost a bomb, it might not be the case. If you are looking for one, you just might find something that you are looking for. Goel says that to meet the growing demand of housing of different sections, these apartments are available in all ranges. These projects are available in different price range to suit everyone’s pockets from bigger and plusher apartments to one or two bedroom apartments.

If you are one of those people who do not have the time to set up a home after you buy it, you now have the option of finding the best home with the best décor as well in Delhi and NCR

Courtesy: - ET, dtd: - 13th Sep. 2008              

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Parsvnath Developers Limited (PDL), India’s leading real estate company, announced the launch of Parsvnath City Center, a Commercial shopping complex, at Sonepat. The commercial shopping complex spread over an area of 16, 214 yards is strategically located in the heart of Sonepat Town, in the commercial hub and is in close vicinity to the railway station. The project is scheduled to be completed with in a short span of 30 months. “The changing life styles coupled with higher aspirations of people in the satellite towns have lead to a burgeoning demand of modern facilities of metro towns. At Parsvnath we have tried to address their needs by launching integrated township, group housing and a commercial mall. The outstanding response to our projects induced us to further add glory to the city that has shown remarkable growth in all industrial sectors. Thus we are further expanding our presence with the launch of Parsvnath City Centre,” said, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited. “Sonepat is today a shining example of a bustling, modern city that has shown remarkable growth in practically all industry sectors and is blessed with lush greenery makes it an even more attractive real estate destination,” Mr. Jain concluded.

Parsvnath City centre having 3, 70,000 sq. ft of saleable area comprises of ground plus four floors would be equipped with established and accepted brands. The project offers Shopping mall, an entertainment centre, Multiplexes and food courts equipped with acclaimed restaurants offering variety of cuisines. Currently, Parsvnath’s projects in Sonepat include Parsvnath City, an integrated township having Parsvnath Preston, a group housing project and Parsvnath Mall, a commercial project.

                                                                 Courtesy I.R.N- 11-09-08

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Parsvnath Developers bags redevelopment project for Mahim Bus Terminus, Mumbai

Mumbai, India, August  - Parsvnath Developers Ltd has announced that the Company has won another project from WEST, Mumbai to develop a plot of land at Mahim Bus Station, Mumbai for commercial and residential utilization along with remodeling of existing bus station.

The project would give the Company a developable area of 40,000 sq ft with a realizable value of approximately Rs 70 crore. This project is in addition to a project bagged from BEST, Mumbai for re-development into a modern bus terminus at Kurla along with modern passenger facilities and a commercial shopping complex in Mumbai.

The Mahim project would be on lease to the Company for a period of 60 years and would be executed within 24 to 25 months from the date of commencement of work.

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