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Saturday, December 20, 2014

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Wednesday, December 10, 2014

Look for deals when buying realty

This is a good time to purchase a property for personal use, but not if you are buying it as an investment.
A wait-and-watch policy is advocated in the latter case as at current levels, real estate prices are quite high across most cities. "The prices are high in most cities and it is better to wait, except for Hyderabad, where we expect a good growth and a potential for appreciation," advises Ashutosh Limaye, head - research at Jones Lang LaSalle, India.
At the same time, those waiting for a major correction in the real estate markets may be disappointed. "We do not foresee a correction. Rather the prices will see a modest appreciation," adds Limaye. Financial advisors believe that property should be purchased only if you plan to stay in that property.
with thanks : DNA : LINK : for detailed news.

Tax defaulters in east Delhi to face 'music' tomorrow

Tax defaulters in east Delhi will literally face the music tomorrow as the EDMC has planned to send drum beaters outside the houses of such offenders to make them pay their dues. 

"EDMC will initiate drum-beating against property tax defaulters in Shahdara (South) Zone tomorrow. The corporation has decided to take such an action in order to liquidate the property tax arrears and to make them pay their property tax dues," a senior official of the EDMC said. 

The starting point of the drum beating process has been set at H-17-23, Laxmi Nagar at 11:30 am. It will take place at 19 locations in the zone. 

"The Assessment & Collection Department of EDMC is initiating the drum beating process as it has been observed that huge amount is outstanding against many properties falling within the jurisdiction of Shahdara (South) Zone, whose owners did not pay property tax even after issuing of statutory notices," he said. 

These property owners have been given opportunities time and again to clear their property tax but they failed to do so. Hence, the department has no other option but to resort to the other means of recovery of outstanding dues, an EDMC statement said.

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

Tuesday, December 2, 2014

With better connectivity, Faridabad real estate market set to boom

Faridabad has suffered on account of poor infrastructure and bad connectivity, and has failed to register the kind of growth witnessed in neighbouring Gurgaon and Noida. File Photo: Shiv Kumar Pushpakar

Despite its proximity to Delhi, Gurgaon, and Noida, and with fairly good connectivity with its neighbouring cities by road and rail routes, the property market in Faridabad has not kept pace with the real estate market in other National Capital Region (NCR) cities.

In spite of all its potential to become a ‘model city’, Faridabad has suffered on account of poor infrastructure and bad connectivity, and has failed to register the kind of growth witnessed in neighbouring Gurgaon and Noida.

“The biggest issue with Faridabad has been the poor connectivity. The information technology industry chose Gurgaon over Faridabad because of its better connectivity with Delhi and proximity to airport. Since young people with high disposable income work in IT industry, it had a ripple effect on the real estate market and led to mushrooming of shopping malls and spurred the demand for housing. Faridabad, on the other hand, has mostly manufacturing industry employing people with less disposable income,” said SPR Buildtech Ltd director Nalin Saluja.

However, the real estate market in Faridabad is now booming with improved infrastructure like Gurgaon-Faridabad expressway, six-lane Mathura Road, expansion of metro rail, and laying of foundation stone for the Faridabad-Noida-Gaziabad expressway.

with thanks : The Hindu : LINK : for detailed news.

Living in Mumbai? See How Many Years It Would Take to Buy a Property

Living in Mumbai? See How Many Years It Would Take to Buy a Property
Mumbai is the costliest city in the country to buy a property. Now, a report has quantified how tough it is to buy a home in the country's financial capital.
According to a report by personal finance portal Arthyantra, property prices in Mumbai have gone up by as much as 50 per cent over the last three years. That means it will take a mid-income professional (with a salary of Rs 8 lakh) 13 years to accumulate enough money for paying the down payment for buying a property in Mumbai, the report says.
Down payment is the margin money for a loan and for home loans it varies from 15-20 per cent of the property price. To calculate the time required to accumulate the down payment, Arthayantra assumed a savings rate of 25 per cent of income and salary hike of 10 per cent per year.
According to the report, Mumbai remains the city with the highest residential real estate prices followed by Delhi. It estimates average property price of 1000 sq feet in Mumbai to be about Rs 1.6 crore, while in Delhi to be Rs. 1.1 crore.

with thanks : NDTV : LINK : for detailed news.