Collector rates in new sectors in Mohali slashed by nearly 20 %

The administration has reduced the collector rate in new sectors in the district by nearly 20% to encourage the realty market. The decision means that the buyer of a property will pay reduced fee as the stamp duty levied on every transaction registered with the office of the sub-registrar. The rate has been left unchanged for the old sectors of the township with the new rates coming into effect from June 30 (Monday).

So, buying property will pinch you less in Sectors 85-92 in the residential areas. In the commercial segment, the reduced rates apply in Sectors 53-56 and Sector 71 onwards. Industrial plots also will attract the slashed collector rate.

From phase-1 to Sector 80, the old localities, the existing rates which range between`24,000 and`28,000, will continue to apply.

The decision is likely to positively impact the property market, which has seen a dip of 15-20% with no major buying or selling taking place in the district for the last three years.

with thanks : Hindustan Times : LINK : for detailed news.

New apartment act dumps co-ops

NEW DELHI: Close to 20 lakh people live in Delhi's apartment blocks for whom buying, selling and transferring property or applying for loans against their property is a bureaucratic hurdle with lots of paperwork and corruption. Delhi Apartment Ownership (DAO) 1987 Act had simplified the process for the flat owners by letting the builder or promoter of the flat execute a lease deed, which worked like a sale deed, and spared the owner from paperwork to correctly furnish title of the property and apply for freehold. 

The Act which hasn't been implemented since 1987, when it was notified, is now likely to be scrapped to make way for a new Delhi Apartment Ownership Bill 2013 that is currently being drafted. The new bill, which is among the priorities of the urban development minister Venkaiah Naidu, makes several changes and revisions in the earlier draft which are bound to impact lakhs of apartment owners across the capital. 

One major change is taking out cooperative group housing societies and DDA flats from its purview and retaining only privately developed flats. The new bill will also lay down punitive measures against the builder in case he delays the process of handing over management of the common areas to residents' associations and execute the lease deed. Senior DDA officials say the existing Act, which is being replaced with the new bill, did not have any teeth. 

"We have decided on some punishment, a fixed sum that the builder will have to pay in case he tries to delay the process of formation of associations or is not willing to hand over the common areas, which we will incorporate in the bill. There were also issues like duplication of authority, as the co-operative group housing societies were also covered by Delhi Co-operative Act. So, we decided to exclude them from the purview of this bill. We are also, through participation of local representatives, working to address other issues that were left unclear in the previous act," said Balvinder Kumar, vice-chairperson, DDA. 

with thanks : Times of India : LINK : for detailed news.

House prices rise up to 7% in 12 major cities: National Housing Bank index

New Delhi  June 13, 2014

The real estate market in Mumbai has shown a price increase after a gap of three quarters, according to the National Housing Bank's Residex survey, that tracks property values across Indian cities.

Mumbai saw an increase of 3.2 per cent, while Delhi recorded growth of 1.5 per cent in the January to March quarter this year. Both these cities are among the top real estate markets in the country. Delhi, however, has been showing an increase since the last two quarters.

House prices have increased by up to 7.1 per cent in 12 major cities, National Housing Bank said on Thursday.

Prices witnessed an increase ranging from 1.3 per cent in Bhopal to 7.1 per cent in Surat in comparison to that in the previous quarter of October-December, 2013, the quarterly update of NHB Residex said.

Prices, however, fell in 12 other cities, ranging from -0.6 per cent in Vijayawada to -5.7 per cent in Patna.

Indices for Faridabad and Kochi remained stagnant.

Ahmedabad saw a price rise of 6.1 per cent, Chennai 5.8 per cent and Kolkata 5.1 per cent.

Lucknow saw 4.9 per cent rise, Raipur 4.4 per cent, Mumbai 3.2 per cent, Nagpur 2.9 per cent, Dehradun 2.7 per cent, Hyderabad 2.2 per cent, Delhi 1.5 per cent and Bhopal 1.3 per cent.

Cities which witnessed a decline include, Jaipur (-3.8 per cent), Guwahati (-3.75 per cent), Bangalore (-3.6 per cent), Meerut (-3.5 per cent), Bhubaneswar (-3.47 per cent) and Ludhiana (-3.3 per cent).

Prices fell in Chandigarh by -2.7 per cent, Coimbatore (-1.7 per cent), Indore (-1.6 per cent), Pune (-1.3 per cent) and Vijayawada (-0.6 per cent).

with thanks : Business Standard : LINK : for detailed news story.

Home buyers have high expectations from Narendra Modi govt: Study

India has seen a decisive electoral mandate after a long gap leading to formation of a stable government at the Centre. While the industrial sector is excited about the positive outcome, there is talk of improvement in sentiment in real estate as well.

Buyers who were till now sitting on the sidelines, hesitating to invest their money in property, waiting for the economy to revive, are now showing a turnaround in sentiment, shows a study by Makaan.com. The research conducted last month involving 1,400 home buyers, in cities like Mumbai, Delhi NCR, Bangalore, Chennai, Pune, and more, indicated this trend - when asked whether the new government's arrival would have a positive impact on real estate sector, 80% of the respondents answered in affirmatively.

As far as a drop in property price and interest rates on home loans is concerned, while 26% of home buyers are expecting a drop of over 10% in coming 12 months, 19% of the buyers expect prices to go up. Expectations of low interest rates on home loans are relatively high with 68% of home buyers believe that it will fall from the present levels.

Presently interest rates range from 10-14% depending on the cost of the fund for lenders. It has been speculated that government will announce measures in the forthcoming Budget that it will lower the interest rate burden on prospective buyers. This can be done by either giving industry status to some identified segment within real estate or by including home loans in the priority sector lending for banks.

with thanks : Financial Express : LINK : for detailed news story with graphics.

www.flourishingproperty.com

Another Web Portal by B S Vohra : www.flourishingproperty.com  Please log on to view details of various Residential & Commercial Apartments ( with 12 % Assured returns ), Flats, Shops, Offices etc being offered by various Builders & developers.

Another Blog by B S Vohra is on top rankings now. Flourishing Property : www.flourishingproperty.blogspot.in is the Blog offering latest information on the Property trends in Indian market with the latest news. Please feel free to subscribe the blog if you have any plans to buy , sell, rent the property. Just log on to the blog. On the right side, there is a Tab asking to Subscribe Free News Letter. Just enter your mail ID & click on the subscribe button. You will be asked a code to type to check that you are human. After that you will get a verification mail. Just open the mail & click on the confirmation / verification link. Thats all.

dna property show begins in Pune city today

What A Government That Means Business Can Do For Real Estate

New Delhi: The dust has settled on the elections drama and the BJP is now firmly in the driver’s seat. By and large, this is being seen as the best possible news for the Indian real estate sector - and rightly so. Narendra Modi has the business mind-set, background and also determination which are called for to bring India’s entire economy back on track. What the real estate sector now awaits is his policy approach to the issue of housing in India.

 

Now, as the country stands poised on the verge of a major change in economic climate, it is a good time to reflect on why boosting the housing sector is so important for the country. Economists typically measure economic health on various different parameters, including Gross Domestic Product (GDP), the momentum of the manufacturing sector, inflation rate, etc. However, in India, the appetite for home ownership can and must be included as an important variable.

 

The health of the economy influences people’s desire to either invest or hold on to their money. Since real estate is an investable asset class, forward momentum in the real estate sector depends heavily on economic climate. In fact, real estate is also a priority investment route in India, because the desire to own homes is extremely high in this country. It is also an extremely important vertical from an economic viewpoint, because the transacting of real estate generates massive revenue for the government. This revenue can, in turn, be used for the creation of infrastructure, reducing national debt and generally uplifting the country.

 

These aspects are extremely important from the point of view of the country’s ability to attract more investments from abroad. The Modi government is quite aware of this fact, and - in the interest of overall economic growth - is likely to remove all or most of the policy roadblocks that have been preventing the velocity of the housing sector in India. 

with thanks : IndiaTV : LINK : for detailed news.