Balanced Growth Expected in Indirapuram

Indirapuram is one of the prime residential regions in Ghaziabad located along the NH-24. It enjoys the advantage of proximity to both Delhi & Noida which has acted as a catalyst in the development of the region. In the recent times Indirapuram has become one of the favorite reality hot spots in the NCR (National Capital Region).

Indirapuram has a mix of both affordable as well as premium residential options. A large number of private developers such as Ashiana Builders Private Limited, Amrapali Group, Krishna Apra Group, Jaipuria Group, Aggarwal Group, SVP Group, Expressway Builders Limited etc have come up with multistorey apartments. Over a period of time these projects have registered good absorption rates and appreciation in values.

Some of the under-construction projects such as Divyansh Pratham, Gulmohur Residency, Desire Residency etc, are expected to give possession of the projects from year ending 2012 to 2014.

As per market sources, ready-to-move-in property commands premium values vis-à-vis the under-construction properties in the area. Capital values of ready-to-move-in properties are available between Rs 3,500-5,000 per sq ft. On the other hand, capital value of the under-construction projects is approximately between Rs 2,200 to 3,200 per sq ft.

However, as understood from various realtors and other market sources, projects located in Indirapuram have registered stable values in the last three months as compared to property price trends witnessed in July-Dec 2010. Reasons for stable values are multiple increase of interest rates and the upward movement of capital values witnessed during 2010.

Yet, in the long run this locality is expected to reap good returns due to the proposed infrastructure connectivity. The NH 24, which is currently a four lane highway, is proposed to be built as an eight lane highway, along with the enhancement of metro connectivity once the Vaishali & Kaushambhi metro station becomes operational.

Source  Magicbrics

Golf Course Road – An upmarket destination in Gurgaon

Gurgaon

Golf Course road comes to mind instantly when we talk about a prime location in Gurgaon. Golf Course Road has gained the reputation of providing some of the finest projects with prominent builders of the likes of DLF, Emaar MGF, Unitech Group, Ansal API, BPTP Ltd, and many more having their presence in this area.

The surprising fact is that it is not only the high income group (HIG) who are investing in this locality the middle income group (MIG) too, have bought apartments here. The reasons for this are the presence of a good social network and location advantage. The ongoing value of apartments in this locality is between Rs 8,000 and 10,000 per sq ft.

Vijay Agnihotri of Ankit Real Estate said that the main reason for high demand in this locality is that it provides a buyer the comfort of being within the Gurgaon limits and also close to all facilities - hospitals, schools and malls. “It is an ideal experience for a buyer to have everything within easy distance and Golf Course Road provides that.”

As for rental values, the range is between Rs 40,000 to 50,000 for a 2 BHK. Rental values in this locality have witnessed a steep increase owing to demand for rental housing as many people are looking for comfort of living when they migrate to Gurgaon for jobs.

Source:- Magicbricks

Delhi Govt Earns 30 Per Cent More Property Tax

The Municipal Corporation of Delhi (MCD) has collected close to 30 per cent property tax in 2011 as compared to the last year. Overall, MCD collected over Rs 1,500 crores, including Rs 728 crores in transfer duty, during the financial year 2010-11. MCD officials attribute the sharp rise to the increase in the transfer duty and the increase in the number of taxpayers. Last year, MCD collected just close to Rs 1,158 crores as property tax, including Rs 460 crores as transfer duty. "This year, close to 10.35 lakh people have paid their property tax -an increase of 5.5 per cent," said Mr Ved Prakash Gupta, chairman, high-powered tax committee, MCD.

April 29th 2011, delhiscoop

Builders Want Regulators For Steel And Cement Industries

The Builders Association of India (BAI) has called for creation of a Steel Regulatory Authority and a Cement Regulatory Authority,
 two new regulatory bodies for steel and cement sectors on the lines of SEBI, IRDA and TRAI, pointing to the alleged cartelisation
of cement and steel manufacturers. In a resolution passed, the BAI has said that manufacturers of major construction materials like
cement and steel started jacking up prices by indulging in unfair trade practice. Under free economy, consolidation of cement and
steel industry gathered momentum resulting in unfair monopolistic trade practices which are detrimental to the construction industry,
 said Mr Cherian Varkey, President, BAI.

May 3rd 2011, realtyplusmag

SBI Drops Prepayment Charges on Home Loans

Banking leader State Bank of India dropped ‘prepayment charges on all its loans over the past fortnight.
The announcement coincided with the hiking of the bank’s base rate and withdrawal of the controversial
 teaser home loan schemes. With the SBI taking the lead, other banks are now expected to follow suit and
 withdraw the controversial penalty in the days to come. Most banks and home finance institutions charge a
 prepayment penalty in the range of 1 per cent to 2 per cent in the event of a customer opting to close the
 home loan prematurely. Public sector banks generally charge about 1 per cent or less of the loan outstanding
 as prepayment penalty, while it can be anywhere between 1-3 per cent in private banks. In many cases, banks
do not charge any prepayment penalty if you prepay using your own sources.

May 2nd 2011, Indian Realty News

Land Records Go Online In Haryana

Haryana entire land revenue record would be linked through satellite under National Land Record Modernisation Programme (NLRMP.
This ambitious programme has been implemented by Union Ministry of Rural Development and is being implemented in Haryana through
Haryana Space Application Centre. The main server for the programme would be installed at the district headquarter as well as state
headquarter in Chandigarh from where the concerned officers would be able to assess the present status of the land in the district by
sitting at a single place.

April 29th 2011, realtymag

Auto, home loans to cost more as banks hike lending rates

MUMBAI: Country's largest private sector lender ICICI Bank and five state-owned banks on Friday raised their lending rates by about 50 basis points each, making auto, home and other loans expensive. 

Union Bank of India , Indian Overseas Bank , United Bank of India , Andhra Bank and State Bank of Bikaner and Jaipur are the public sector banks that raised interest rates today. 

The decision of the banks to raise the interest rates comes within days of the Reserve Bank increasing short term lending (repo) and borrowing (reverse repo) rates by 50 bps, with an aim to calm down inflation, which has hovered above the government's comfort level. 

Several other banks including Punjab National Bank ,Canara Bank , Bank of Baroda and Indian Bank have already increased their interest rates. 

ICICI Bank today raised its base rate by 50 bps to 9.25 per cent and Benchmark Prime Lending Rate (BPLR) to 18 per cent. The new rates will come into effect from tomorrow, it said. 

Hike in lending rates will increase the cost of credit for new borrowers and the existing ones who had obtained loans on floating interest rate. 

According to ICICI Bank, the floating reference rate, on the basis of which interest rates are determined for existing borrowers, will now be 15 per cent. The decision, the bank said, will not impact the customers who had obtained loans on fixed interest rate. 

Post the hike, the base rate of Union Bank of India, Indian Overseas Bank, United Bank of India, Andhra Bank now stands at 10 per cent. The base rate of State Bank of Bikaner and Jaipur now stands at 9.25 per cent. Besides, the BPLR of all banks except ICICI Bank now stands at 14.25 per cent. 

The Base Rate system replaced the BPLR system from July 1, 2010. However, BPLR is applicable for old customers who took loans earlier. The higher lending rates would make loans dearer for both new and existing auto, home and corporate borrowers. 

Banks have been on a rate hike spree since the Reserve Bank's decision to raise short-term key rates including the repo and reverse repo by 50 basis points in its Annual Credit Policy on May 3. The repo rate and reverse repo rate now stand at 7.25 and 6.25 basis points, respectively. 

Besides, the banking regulator also upped the savings bank deposit interest rate to 4 per cent from 3.5 per cent.

Source: Economics Times