Dreamz Infra celebrated Quarterly Award Ceremony 2014 on 20th August 2014 . On this occasion many of Dreamz Infra employees got Samsung m...
Real estate sector has been very badly affected by liquidity tightening in the banking system, the rising interest rates and slowing down of economy. It has also been noticed that the demand for residential realty has come down. With regard to this, the prices across the markets in India have started showing a downward trend.
According to a CMD of National Housing Bank (NHB), he stated that rising interest rates have badly affected the demand from the end-users. Moreover, this has led to a rise in the inventory of unsold property. The fact is that the builders have complete the already started projects as well as meet the loan repayment liability. Hence, they find it more practical to cut prices to sell the units and create cash.
Amongst the 26 cities surveyed by the NHB, around 22 cities, during the April-June quarter saw a drop in property prices. This was as compared with the first quarter of the calendar year. It is believed that it would be the first time that in recent years the residential unit prices have fallen in many big cities. It is also considered as a sign of developers opting to cuts to shoot up demand in a slowing market.
According to the NHB Residex, as compared with the previous quarter, in April-June 2013 the biggest price fall was seen in Ludhiana, of 5.99 per cent which was followed by other cities. The CMD also stated that the downward trend in the realty market was good for both end-users as well as builders. Moreover, the investors are absent as the price of money has gone up and the chances of making money in the short-term are not very promising. However, it will be a positive development for end-users to buy house.
The CMD also stated that if prices came down, transactions would increase. This would improve the cash flow in the sector. When in 2008 and 2009, the whole country was twirling under the global financial crisis, real estate came out of it intact. It was primarily because of the fact that the strategy adopted to increase turnover and cut prices.
According to a CMD of National Housing Bank (NHB), he stated that rising interest rates have badly affected the demand from the end-users. Moreover, this has led to a rise in the inventory of unsold property. The fact is that the builders have complete the already started projects as well as meet the loan repayment liability. Hence, they find it more practical to cut prices to sell the units and create cash.
Amongst the 26 cities surveyed by the NHB, around 22 cities, during the April-June quarter saw a drop in property prices. This was as compared with the first quarter of the calendar year. It is believed that it would be the first time that in recent years the residential unit prices have fallen in many big cities. It is also considered as a sign of developers opting to cuts to shoot up demand in a slowing market.
According to the NHB Residex, as compared with the previous quarter, in April-June 2013 the biggest price fall was seen in Ludhiana, of 5.99 per cent which was followed by other cities. The CMD also stated that the downward trend in the realty market was good for both end-users as well as builders. Moreover, the investors are absent as the price of money has gone up and the chances of making money in the short-term are not very promising. However, it will be a positive development for end-users to buy house.
The CMD also stated that if prices came down, transactions would increase. This would improve the cash flow in the sector. When in 2008 and 2009, the whole country was twirling under the global financial crisis, real estate came out of it intact. It was primarily because of the fact that the strategy adopted to increase turnover and cut prices.
Real estate sector has been very badly affected by liquidity tightening in the banking system, the rising interest rates and slowing down ...
Bangalore
Economic slowdown has cast a shadow on Bangalore’s housing market, with the rising cost of living and poor salary increments forcing an increasing number of IT professionals in the city to put their upscale homes on sale.
Gen Y techies, who had invested in apartments, row houses and bungalows in Bangalore — India’s IT capital, some 15 years ago, are now finding it difficult to service their expensive home loans or even maintain these houses amid falling rental yields. Resale inventory in this housing segment has grown 30-35% over the last six months, according to property portal CommonFloor.
Six of every 10 such properties are owned by IT executives, up from around four about two years ago, it said. “The booming real estate market was a major incentive for techies, but now that salaries are not going any higher, inflation is getting the better of these people, they are feeling the heat and the burden of hefty EMIs,” said Mohandas Pai, the former CFO and head of HR at Infosys, who has seen the IT industry grow in Bangalore over the last 20 years from close quarters.
“Now they are eager to get rid of any excess property they possess while they can still getting a good deal,” added Pai, who is chairman of Manipal Global Education. Since 2001, the city has seen an addition of 350,000 apartments, about 8% of which are now up for sale. During this period, about 45,000 villas and penthouses were added to the city and 8% of these are now in the resale market.
“These properties would fetch a huge premium now, running into a crore or more. Why not sell them off,” said Kalpana Murthy, associate director — residential services at Cushman & Wakefield, a property consultant.
Bangalore’s realty sector had witnessed steady investment by salaried IT professionals till a few years ago, with well-paying jobs making even a second or third home affordable for some. Around this time, real estate prices were low and the return expectation high, which helped push up rentals. That demand, however, began to peter off as recession set in, hitting company bottom lines and employees’ salaries. Salary increments in the IT sector this year have been in the 6-8% range, compared with a minimum of 15% between 2007 and 2010. Adding to the gloom is IT industry body Nasscom’s forecast that the domestic IT sector could generate 50,000 less jobs this year, down 17% compared with last year.
“Looking at the appraisals for the year, I stalled my shifting plans, which would only increase my expenses,” said 35-year-old Ankit Jain. The Accenture employee recently sold his 1,500 sq ft, three-bedroom apartment on Sarjapur Road, which he had bought in 2009, for twice the purchase price. But not everyone is as lucky. With several such professionals in the market to sell, and builders launching new projects every month, Bangalore is facing an oversupply of sorts while demand has been dropping steadily. “The market is certainly slow and sellers are finding it difficult to find buyers.
The slowing economy and rising inflation is making matters worse,” said Srinivas Reddy NS, senior manger — research at Jones Lang LaSalle, another property consultant. Home sales across the country have been slipping over the last few quarters. According to property research firm Liases Foras, new home sales in Bangalore in the June quarter were down 23% from a year ago. Another techie, Shameer VK, 35, who works with Cisco and lives in a 2,000 sq ft apartment in Marathalli, said his home is “too lavish”, given the current economic scenario.
“I bought my apartment for close to Rs 50 lakh in 2008, and I pay an EMI of Rs 39,500. A similar house in the same project now goes for Rs1.3 crore,” Shameer said, adding that if he is able to find a buyer for his flat, the money will help him pay off his debt and also buy a smaller property in the neighbourhood. The housing resale market in Bangalore is dominated by peripheral localities in the east and south of the city, which are close to major IT hubs.
According to Sumit Jain, chief executive of CommonFloor.com on Sarjapur Road, which is equidistant from Whitefield and Electronic City, more than 11% of all properties are available for resale. At Whitefield and Bannerghatta, it is 10.9% and 6.9%, respectively. Marathalli has 4.9% while JP Nagar has 4.6%. With the rupee having fallen sharply against the dollar, experts say it could be an opportunity for non-resident Indians who are repatriating dollars.
Source - TOI
dreamz infra bangalore
- 02:40
Resale housing inventory rising due to economic slowdown in Bangalore - Dreamz News
Bangalore Economic slowdown has cast a shadow on Bangalore’s housing market, with the rising cost of living and poor salary increment...
The government has recently introduced the Real Estate (Regulation and Development) Bill, 2013 in Parliament. Once voted into law, the Bill will set up a strong regulatory architecture for the residential real estate sector with strong provisions for consumer protection. HT takes you through the details:
Why is there a need for regulation in the real estate sector?
The
real estate sector plays a catalytic role in fulfilling the need and
demand for housing and infrastructure in the country. While this sector
has grown significantly in recent years, it has been largely
unregulated, with absence of standardization, and lack of adequate
consumer protection, which has constrained the healthy and orderly
growth of the industry.
What are the most important provisions of the Bill?
The
proposed Bill applies to residential real estate—housing and any other
independent use ancillary to housing. However, it is important to know
that the Bill only intends to regulate ‘transactions’, that is, buying
and selling of residential real estate, and does not intend to regulate
‘construction’ which is the domain of states and urban local bodies. The
Bill is aimed at infusing the much-lacked transparency in the sector
and provides for mandatory public disclosure of all project details,
with specified functions and duties of the promoter.
What about dispute settlement and grievance redressal?
The Bill provides for establishment of Real Estate Regulatory Authority and Appellate Tribunal for a speedier dispute redressal mechanism.
What does the Bill stipulate for regulation of intermediaries in the sector?
One
of the provisions of the Bill is the mandatory registration of real
estate agents, which so far have been unregulated, with clear
responsibilities and functions. The Bill also contains strong penal
measures including imprisonment of promoters to clamp down on
non-compliance and flouting of norms and rules. The punitive provisions
include DE-registration of the project and penalties are provided in
case of contravention of the provisions of the Bill or the orders of the
Authority or the Tribunal.
Is it a populist move, with realtors’ body CREDAI saying the proposed
law should govern all stakeholders of the industry and not only the
developers?
There has been a need for a real estate regulator, on
the lines of telecom or those related to the financial sector including
capital markets and insurance. Lack of regulation, it is sometimes
pointed out, has slowed down domestic and foreign investment into the
sector, which could have contributed to enhanced activity, and increase
in GDP growth. The Bill regulates ‘transactions’ in the sector, and thus
all the stakeholders involved in the ‘transaction’ — the
promoter/seller, the allotte/buyer and the real estate agent, all three
are regulated under the proposed Bill, with specified functions and
duties.
Why doesn’t the Bill seek to regulate construction?
The
Bill does not regulate ‘construction,’ which is the domain of States
and urban local bodies. The main concern of the developers is the need
for a single window system for project approvals and clearances, for
which the ministry of housing and urban poverty alleviation-has
constituted an Expert Committee represented by industry bodies to
recommend to the States on ways and means to set up a single window
system. As far as the Real Estate Bill is concerned, its mandate is
limited to transactions, and thus regulates all parties involved in it.
Why is there a concern that the Bill, once passed in Parliament, would result in about 30% rise in realty prices?
According
to the government the Bill is aimed at consumer protection, by creating
an online system for information-sharing so that there is mutual trust
between the developers and the buyers, and to ensure projects
implemented in time. The enactment of the Bill will lead to enhanced
activity in the sector, leading to more housing units supplied to the
market. In the government’s opinion, the Bill will bring in the
much-needed confidence to infuse more investment and, in turn, stabilize
house prices.
Commercial real estate property is not covered under this regulation. Why?
The
proposed Bill only regulates the sale of residential real estate, and
not its development. The promoter is free to carry on development, but
what the Bill provides is that he can only sell after all approvals are
in place and he has registered his project with the regulator.The
registration requirements under the Bill are on a real-time basis,
which does not lead to another layer of approvals. According to the
government, limiting the application of the Bill to residential
properties is to ensure the focus of the regulator on the retail
consumer.
The
initial draft had provided for 4,000 square meters, which later has
been reduced to 1,000 square meters or 12 apartments, whichever is
applicable, after extensive consultations with the states and other
stakeholders.
Developers are selling flats on the basis of super-built area, which includes common passage area, stairs and other areas resulting in 20-30% more than the actual flat area. How does the Bill address this aspect?
According to the Bill, disclosure of
the number of apartments for sale by the promoter has to be based on a
defined carpet area. The buyer should know what he is actually getting
and paying for. The Bill intends to standardize the requirements to
reduce the asymmetry prevailing in real estate transactions.
When will the Bill become law?
The Bill has been
referred to the Parliamentary Standing Committee. The Bill will be taken
back to Parliament after the committee submits its report.
Source: hindustantimes.com/business-news/BusinessRealEstate/Building-trust-the-real-estate-bill/Article1-1113821.aspx
The government has recently introduced the Real Estate (Regulation and Development) Bill , 2013 in Parliament. Once voted into law, the ...
The realty sector can more than double its contribution to GDP to 13 per cent by 2025 on rising housing demand, if the government removes bottlenecks in infrastructure, lowers borrowing cost and makes process of approvals shorter, global property consultant CBRE said.
The share of the real estate sector in GDP is likely to be 6.3 per cent in 2013, CBRE said in a report titled ‘Assessing the Economic Impact of India’s Real Estate Sector’.
The size of country’s gross domestic product (GDP) was USD 1.8 trillion in 2012-13 fiscal.
The report projected that the realty sector will generate employment for 17.2 million people and supply 8.2 million sq ft by 2025, more than double the figures for the current year.
“India’s real estate sector is poised for significant growth in the coming decade as it benefits from significant opportunities such as increasing urbanisation, demand for new housing and the expanding urban fabric of tier II and tier III cities in the country,” CBRE said in the report.
That sector, however, faces numerous challenges like high borrowing costs, slow and uneven infrastructure development and lengthy approval processes, the report said.
“Once these bottlenecks are addressed, we can expect the economic contribution of the sector to increase considerably, with its share of the GDP to more than double from 6.3 per cent in 2013 to almost 13 per cent by 2025,” it added.
Commenting on the report, CBRE South Asia Chairman and MD Anshuman Magazine said the sector has the potential for significant growth provided country’s economic growth does not stagnate and these bottlenecks are removed.
The annual real estate supply in India is expected to increase from about 3.6 billion sq ft in 2013 to about 8.2 billion sq ft in 2025. Majority of this space is expected to be concentrated in the residential sector.
Urbanization in India has been increasing at an unprecedented rate, with almost 71 million people being added to the urban population from 2001 to 2011. At this rate, close to 534 million people will live in Indian cities by 2026. This offers tremendous opportunities for real estate development
Source: realtyfact.com/realty-sector-can-double-its-share-in-gdp-to-13-by-2025-cbre/
The realty sector can more than double its contribution to GDP to 13 per cent by 2025 on rising housing demand, if the government remov...
The rupee is down about 7% since a year ago and by around 39% since five years ago, which makes it cheaper for people earning in dollars and spending in rupees. India received the highest amount of remittance at $69 billion in 2012 among all countries, according to the World Bank.
Given the current scenario—a depreciating rupee coupled with stagnant property prices in India—non-resident Indians (NRIs) may want to buy property in India. “There was a huge run-up in property prices in 2011 and 2012. Now they are consolidating,” says Rohit Raj Modi, director, Ashiana Homes Pvt. Ltd, a New Delhi-based real estate firm.
Recently, there has been significant increase in enquiries from NRIs for property in India. “High net worth individuals (HNIs) and people from the middle income group are showing interest as they see this as an opportunity. They either plan to come back at some point in time or have relatives to use the facility,” says Rajesh Saluja, chief executive officer, ASK Wealth Advisors Pvt. Ltd.
However, there are a few things that should be kept in mind before buying a property in India.
Which properties can you buy?
The Reserve Bank of India (RBI) through the Foreign Exchange Management Act (Fema) regulates how NRIs can buy property in India. NRIs can only buy residential and commercial properties and not agricultural land, plantation property and farmland. However, properties falling under these categories can be inherited. “If you already held properties falling under these categories before becoming an NRI, you can continue holding them,” says Saroj Maniar, partner, Contractor, Nayak and Kishnadwala, a Mumbai-based chartered accountant firm. Such properties can only be sold to resident Indian citizen. NRIs can buy multiple residential and commercial properties in India. Also, no prior permission is required for such transactions. NRIs can hold the property in joint names with another NRI but not an Indian resident or a foreign national. The NRI’s foreign address is mentioned in the purchase agreement.
Documentation: “Normally, the documents required for registration of immovable property would include a copy of passport, photographs, copy of permanent account number card and proof of address if it is different from the address mentioned in the passport,” says Maniar.
Customers are also asked for their bank details, says Modi.
Funding: An NRI can either pay through rupee-denominated non-resident ordinary (NRO) or through non-resident external (NRE) and foreign currency non-resident (FCNR) accounts. Loans are also available and can be taken from any Indian bank within India or from a branch of any Indian bank in the NRI’s country of residence.
Exit options
NRIs must have exit options because they face certain restrictions when selling a property. “Before making such investments, NRIs should keep in mind the exit options,” says Chintan Patel, director-transaction advisory services (real estate, industrial and hospitality), EY. NRIs can sell residential and commercial properties to resident Indians, Indian citizens resident outside India or to Persons of Indian Origin resident outside India. Also, under Fema only $1 million can be repatriated each year if the initial investment was made from the rupee-denominated NRO account. However, if the investment was made through NRE or FCNR account, then the amount of initial investment can be repatriated without any cap at one go. “This is also subject to the restriction that an NRI can only repatriate sales proceeds of two residential properties in their lifetime which is over and above the $1 million limit for every fiscal,” says Maniar. However, out of the profits made, only $1 million can be repatriated each fiscal. The rest of the amount needs to be in the NRO account and/or invested in India. Again in the next fiscal, another $1 million can be repatriated.
As far as taxes are concerned, if it is a long-term capital gain, in case the property was held for at least three years, a flat 20% tax is applicable apart from surcharge and cess. However, if it is a short-term gain, then the tax is applicable as per the slab rate plus surcharge and cess.
Real estate investments require a lot of planning and follow up. Falling rupee should not be the only reason to buy a property in India.
Source: http://www.livemint.com/Money/1J8C9YqDn2x7XLGZ0tNKXI/Investing-in-real-estate-is-not-that-simple-for-NRIs.html
The rupee is down about 7% since a year ago and by around 39% since five years ago, which makes it cheaper for people earning in d...
In today’s modern living, lighting of the place we live
in, plays an vital role and becoming the first choice for both domestic and
commercial properties. A Fashionable Lighting Technology can create right
environment for a hale, hearty and happy living.
Experts identify six different ways of lightings such
as:
- Accent Lighting
- Ambient Lighting
- Decorative Lighting
- Informative Lighting
- General Lighting
- Task Lighting
Task Lighting is that which makes a task easier to execute, stress free and pleasing
– example, a light that makes preparation of an item in a kitchen platform or reading.
Accurately designed task lighting makes task performance easier by focusing, eradicating
of shadow, giving a proper type of cool temperature and execution.
Accent Lighting
enriches various specifics of a space or an object
to expose its color, texture, pattern and form; example, an art piece or a
fireplace in the Museum gallery.
Ambient
Lighting lightens up a space. For example, a room
from quite a few sources and sets a least level of lighting which is soothing
to the beholder. Ambient lighting is done typically by the reflection of the
surfaces and hardly by direct occurrence.
Decorative
Lighting does not have any compulsion to anything
else, but itself. The object discharges light that looks like a lighted
chandelier. All these scuffles are to make it a focus and center of attraction.
Informative
Lighting lights up the area that provides some
information to the observer that helps to become attentive of certain things
one should know. Example is an EXIT sign in an auditorium or a cinema hall.
General
Lighting is provided with no specific purpose, but
just to disperse darkness. Example, A Bulb lynching centrally from a overhanging
in a room as was the habit in our houses many years ago.
Home Lighting
Let us start with Living
room. It must have ambient lighting along with any other type as it is the prime
space in the house. TV should not be watched making the surrounding dark and switching
off the lights. Eyes have to amend each time the eye moves from TV to dark area
and back.
Same pertains to the Study room where study table may have a task lamp.
In the dining area or Dining room, light which is an approximation to days light should
be chosen so that original colors of the dishes are seen.
Pendent lights are not apt for Bed rooms. All Fan & Lighting switches must be accessible from
bed. If it is a double bed then from both the sides.
Stairs should have 2 way switches and light should not throw any shadow.
Special lighting display is required for Bath rooms as they contain many tasks
these days. The Jacuzzi and bath tub should be well lighted and switches should
be available from sitting position.
The cooking areas in the Kitchen require task lighting. It is a good practice to have at least
one light point in each room on emergency light.
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In today’s modern living, lighting of the place we live in, plays an vital role and becoming the first choice for both domestic and co...
We see many blogs now a days, few are good, few are great, few are up to the mark and few blogs are just disappointing. Blogs has always been a great source of information either to a reader or to an amidst blogger who would put his best foot ahead for a post. Though blogs have been an old medium to convey important information or any personal experiences, still this medium has not lost its charm in between all this technological advancements.
Social media has definitely taken over and is the future. But Blogs are like oasis in the social media platform.
Dreamz Infra has also strived to keep the blogging spirit alive and has always published good quality content to his readers. Whether the information is from the real estate world or general information for the readers, quality content with important information has always been our Motto.
We have a Great Infographic depicting the importance of Blogging:
Social media has definitely taken over and is the future. But Blogs are like oasis in the social media platform.
Dreamz Infra has also strived to keep the blogging spirit alive and has always published good quality content to his readers. Whether the information is from the real estate world or general information for the readers, quality content with important information has always been our Motto.
We have a Great Infographic depicting the importance of Blogging:
Blogging: An Option to Reach a Wider Audience and Create Brand Awareness infographic
Follow Dreamz Infra Review for regular news.
Follow Dreamz Infra Review for regular news.
We see many blogs now a days, few are good, few are great, few are up to the mark and few blogs are just disappointing. Blogs has always be...
"Read All @Dreamz infra Reviews & Build a Real Estate relationship with @Dreamz Infra"!!!
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| Dreamz Builds Life |
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Why you pay double of the actual cost????
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| @Dreamz infra @Bangalore |
Now your turn to drive here...Dreamz has everything!!!
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Follow Dreamz Infra Review blog regularly."Read All @Dreamz infra Reviews & Build a Real Estate relationship with @Dreamz Infra"!!! " Dreamz infra Stands fo...
