Real Estate in this Diwali

Good news for home buyers this Diwali: Expect a 15% drop in prices

Some good news is finally in the offing for all potential home buyers this Diwali as this month, property basically property in chandigarh prices are likely to fall by 10-15 percent in metros as developers struggle to sell high unsold inventory. According to Ashutosh Limaye, head Research &REIS, Jones Lang LaSalle, the festive season beginning around Dussehra is typically considered an auspicious time to purchase a property, and should result in a number of developers offering discounts and freebies. He however, cautioned that a massive price cut would not be upfront. “Builders are less adamant about high property prices and more willing to strike deals because they know that they have to get rid of inventories pretty soon otherwise the stress is going to get simply too much for them to stay afloat,” Lamaye said in an interview 

property portal Mumbai for example has 48 months of unsold inventory which is an alarmingly high number, given that a comfortable level is generally considered to be 8-10 months. While builders are willing to offer a 10 percent discount on the current market rate, freebies such as free stamp duty registration, free floor rise charges etc are also being offered. The otherwise chargeable club house or the common amenities membership fees are also being waived off. Then there are certain direct gifts in terms of cars or modular furniture. Some developers are also offering international holidays to rope in buyers, while others are advertising cash-back offers of up to Rs 50 lakh. However, home buyers in NCR should not cheer just yet. Says Limaye, “ The markets which are more driven by end users will see those offers sooner than those highly governed by investors. That could be one of the reasons why there aren’t so many such schemes floating around in NCR than some of the other cities.” Secondly, the stress level is much higher on builders in Maharashtra than on those in NCR. Mumbai for example has 48 months of unsold inventory. No wonder there are much more schemes on offer in Mumbai. NCR in Gurgaon has about 16-17 months of inventory. Developers there can still hope to revive sales with the festival season coming up. However,if buyers do not respond to freebies and the soft discounts, some builders will be forced to opt for price cuts, he adds. “All indicators hint that a price correction is due, sales during the festive season will really tell us,” Limaye said.

Even Sanjay Dutt, executive managing director for South Asia at Cushman & Wakefield, expects a 5-10 percent correction in projects that are already under construction, and a 10-20 percent correction in new launches where construction has not yet begun. “New launches are where the majority of developers will give higher discounts because they want to fund construction. That’s where the pain is because if you have purchased land [and] spent money on taxes, you’re incurring losses every day,” Dutt told CNBC-TV18. As for homes that are ready for occupation, prices are likely to remain well supported as there is sufficient demand from genuine end-users. According to a recent survey by industry lobby Assocham , home sales have failed to take off despite several lucrative offers. The survey found that the biggest reason for the lack of interest in property was high prices. Moreover, given the fact that there have been job and pay cuts across sectors, and inflation has increased the cost of living, economic recovery will take a while. Given this slowdown, even though builders are willing to lure buyers with freebies, they may still defer purchases for a while now. The only way out for buyers right now is to sell at lower rates and get cash.

News Source: first post

Punjab Government Clears Housing as well as Urban Growth Policy

Chandigarh, Punjab

The Punjab government these days approved a real estate and city progress plan which has a significant forced on guaranteeing cost-effective real estate to the gradual sections of the group.

The Housing and Urban Development, Punjab-2013′ was accepted at a conference of the condition cupboard chaired by Punjab Primary Reverend here, an formal representative said.

The new plan would also focus on rationalisation of standards for the real estate property( Property in Chandigarh ) tasks thereby making the techniques far easier and time limited, he said.

The plan features the problems of rationalised growth manages, common structures guidelines, rewards for development of cost-effective homes and green structures, techniques and time collections of acceptance of various tasks and rationalisation of potential areas, solidity and expenses.

The plan stressed on the need to develop a procedure by along with a two new guidelines of ‘Land Pooling’ and ‘Land Entrepreneurs become Associate in Development’ to prevent any excessive wait due to complicated process of area purchase.

“These guidelines were targeted at obtaining area easily for the city growth tasks for the benefit of both govt as well as the area owners,” the spokesperson said.

In another decision, patios were eliminated for establishing up of the Directorate of Maize Analysis in the condition with the Cabinet accepting exchange of 100 hectares of area in Ladowal near Ludhiana, without charge to the Native indian Authorities of Farming Analysis (ICAR).

The step is targeted at providing a significant forced to the much needed agriculture variation program in Punjab. This effort would also help in growth of new multiple and high producing types of maize thereby helping the income of farm owners considerably.

Source: The Financial Times, Chandigarh

Punjab to appear as Real-estate Centre right after Noida

Punjab realty market is still at a nascent stage and is gradually developing from being an industrial hub to a realty destination. The state is changing its horizon from low rise buildings to skyscrapers and soon it is expected to emerge as a realty hub.

Mohali, Amritsar, Zirakpur, Jalandhar are some of the cities already witnessing real estate activities at a good pace. “These areas noted an escalation of 8-12 per cent in the residential sector in past 6-8 months. Bathinda, Ludhiana, Ropar and Patiala are the other upcoming cities of the state noticing growth in the realty sector. These cities are witness to land acquisition and infrastructure development projects to real estate projects,” says Amit Chawla of AK Realtors.

According to Gurmeet Singh of Guru Properties, “Expanding industrial and retail sector in the cities has created demand in the residential segment. Also, with property prices soaring high in the neighbourhood states, Punjab is also registering higher number of residential flats and commercial transactions and property appreciation.”

The State government is also playing a supportive role and is coming up with various favourable policies and urban infrastructure projects for sustainable realty growth. Punjab Government in corporation with Confederation of Real Estate Developers Association (CREDAI) is taking a lot of initiatives to enhance more investments in the real estate projects. To attract more developers, the government is working efficiently to streamline the land approvals and land title clearance policies. The state government also plans for skyscrapers in its cities and is likely to incentivise high rise and energy-efficient construction through its new real estate policy.

Prominent developers such as DLF, Emaar MGF, Unitech, Eldeco, Taneja, Nitishree already houses their residential and commercial projects in various cities. “The upcoming residential projects are fetching lot of foreign investors. People from Punjab settled abroad are making huge investments in their hometown. The current capital values of new projects at Amritsar, Zirakpur and Mohali varies between Rs 2,500-3,500 per sq ft,” adds Singh.
The State is all set to witness a facelift in the realty sector with favourable government policies and subsidies to developers. 
News Source - groffr.com

As Property Place Individuals Drive Through Zirakpur for Mullanpur

With a real estate major recently stepping up its operations in Mullanpur by opening bookings for plots, there is a spurt in interest in the scenic village near Chandigarh. Mullanpur, being developed as another satellite township and even being touted as "New Chandigarh", has now stolen march over Zirakpur as an investment destination in the periphery of the city.

At the recent phase of bookings for plots measuring 350 and 500 square yards by realty giant DLF, inquiries reveal that the company has witnessed a heavy demand. Plots measuring 500 square yard (1 kanal) are priced between Rs 1.25 crore and Rs 1.50 crore here, compared to Rs 8 crore and more for plots of the same size in Chandigarh.

What has majorly worked in Mullanpur's favour is that it is one of the top urban projects for Greater Mohali Urban Development Authority (GMADA).

Speaking to Newsline, GMADA Chief Administrator Sarvjit Singh said major investments flowing into Mullanpur are indicative of "collective wisdom".

"We have developed a master-plan for it, and it is going to be the best settlement around Chandigarh real estate," said Singh. "It has a low-density population, two urban estates, separate zones for industry, education, medical facilities, commercial establishments, mixed land use and a six-lane road. We are also keeping provisions for the Metro to be extended there," he added.

Salil Taneja, a real estate investor based at Mani Majra agreed that planned development is Mullanpur's biggest USP. "The development in Zirakpur is haphazard, and around it are small villages of Punjab like Baltana, Dhakoli etc, which again have witnessed an unplanned growth. With its close proximity to Chandigarh, Mullanpur offers much scope for appreciation of investment," he pointed out.

Those who have invested here, of course, are happy with their decision. Puneet Maini, a businessman residing at Sector 35, has purchased a one-kanal plot here. "We will have to wait for construction, though. It will take about four years for the area to be developed well," he said.

News source: indianexpress.com

Things you need to find out when having personal Loan to get flat

The Majority of people believe that having a flat or any real estate property is hard mission. Converting this specific desire towards the truth is the difficult job for your typical guy as the real estate prices are growing every day. Today, because of the actual services associated with mortgage loans as well as real estate banks, anybody can wish to possess roofing above one’s mind. Here are a few fundamental items to remember prior to going to consider Home mortgage,

1. Residence as safety: Prior you go for taking mortgage to purchase your residential flats, you have to be familiar with economical reputation. You need to have good quality resource such as task or even company to pay for expenses. After failing associated with reimbursement, the lender may have the actual power to say rights towards the real estate.

2.  Period on the mortgage: Dependence may be the time period or even length of time which is the money quantity will be approved. A few banking institutions expand the money period for the additional charges or perhaps a minor embrace percentage of interest. It is determined by your earnings. In case your earnings is actually substantial, you might be more prone to get yourself a extensive house loan. However remember that just how long you want to experience a mortagage.

3.  Equated Monthly Payments: Equated month by month installments are more comfortable with advantageous each attention as well as primary every month. The advantage of a good EMI with regards to consumers is they understand specifically how much cash they are going to pay towards their own mortgage monthly. You ought to have crystal clear knowing concerning the rates of interest calculations. It is going to impact your own EMIs instantly.

4.  Guarantor: The actual guarantor essentially may pass as the moderate associated safety for consumer for the financial institution. Having a guarantor, the lender places some kind of the meaningful responsibility within the debtor to settle the money. Info security or you’ve absolutely no guarantor, you need to pay back the actual lent quantity back again within the day associated with payment with an intention onto it.

Finally, be aware of all the above factors before having a loan to buy your dream apartment. By making right decision you will very comfortable in future.