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Saturday, May 31, 2014

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Salman to start real estate business in Mumbai


After tasting immense success with his NGO 'Being Human', Salman Khan has now decided to go commercial with his next venture. Reports have it that he will be constructing a preview theatre and a shopping complex in Bandra.

His father Salim Khan recently revealed that they are planning to develop a property in Bandra where they will be making a commercial complex with many stores and showrooms, in addition to their own preview theatre. He said that this theatre will hold significant importance as there is no preview theatre in Bandra.

On the professional front, Salman Khan is presently busy with his film projects, which includes Sajid Nadiadwala's Kick and Sooraj Barjatya's Prem Ratan Dhan Payo.

with thanks : bollywoodhungama : LINK

Still Searching for a Dream Home?

CHENNAI: Looking for a home? The right piece of property from the right builder at the right location and at the right price? The CBRE Prop Fair 2014, a three-day mega property exhibition that began at the Chennai Trade Center on Friday, may be your ideal destination.
The fair has reputed property development firms, funding institutions and construction majors showcasing an exhaustive range of housing projects to suit all budgets.
The mega exhibition, organised by CBRE (the world’s largest commercial real estate services and investment firm) also provides expert advice, options and solutions to clients in the residential segment.
Over 80 of the city’s top real estate companies are participating and more than 250 housing projects are for the pick to house hunters.
The fair will be on from 10 am to 8 pm over the weekend.
with thanks : newindianexpress : LINK

Friday, May 30, 2014

Flats sold in 2005 in Sector 53 not delivered: Buyers

GURGAON: Homebuyers in Parsvanath Developers' flagship project in Gurgaon have accused the developer of delaying possession, alleging flats in four of 15 towers sold by the builder in 2005 have not been delivered till date though construction began in the 2009-10 financial year.

Located on the Main Sector Road in Sector 53, opposite the golf course, construction on the project, Exotica, started in 2005 and bookings started the same year. Exotica Condominium Owners' Association (ECOA) chief Amit Bansal told TOI on Thursday according to the sale deed, buyers were to get possession of the property within 36 months, allowing a maximum delay of a further six months. However, the ECOA alleged four towers (D4, D5, D6 and B1) in the residential project were yet to be delivered to the owners.

Earlier this month, the National Consumer Disputes Redressal Commission (NCDRC) had ruled against Parsvnath Developers in a similar case where the developer had delayed the possession of flats in its Parsvnath Privilege complex in Greater Noida. The NCDRC ordered the developer to return money with with 18% interest to buyers Subhash Mahajan and Abhishek Kumar Dwivedi, who had filed the petition for the delay. It also ordered compensation of Rs 7 lakh within 90 days to each of the buyers for causing them mental agony, failing which the rate of interest would rise to 24%.

Bansal said the ECOA will approach the NCDRC in a day or two. TOI contacted Parsvnath Developers, but a spokesperson for the company said it was not currently in a position to comment on the issue.

With Thanks : Times of India : LINK : for detailed news.

Tuesday, May 27, 2014

Bangalore is new hot spot for Dubai-based NRI property investments

Amongst UAE based Indians, Bangalore takes the second spot with 24.35 per cent preferring to invest in residential property in the coming months. Chennai and Pune take third place with almost equal percentage of people preferring these cities; Delhi assumes 4th position followed by Cochin, Navi Mumbai, Hyderabad, Gurgaon and Hyderabad.
"Bangalore's property market bucked the trend in other metros with many new launches, good demand and resilient prices. Sector experts predict that residential property in the city will remain a good bet for 2014, too. Bangalore is the third-largest real estate investment hub for High Net worth Individuals (HNIs) and tops the list in terms of investments from Non Resident Indians (NRIs) looking at settling down in India in the future. With a high net-worth individuals population of about 10,000 -- the third highest in the country after Delhi and Mumbai -- Bangalore's super-luxury segment is also worth watching", commented Sunil Jaiswal, CEO Sumansa Exhibitions, organisors of Indian Property Show, the most popular and much acclaimed show of Indian Properties in Dubai to be held from 12-14th June 2014 at Dubai World Trade Centre.
Key facts from the Survey:
31 per cent NRIs looking for properties in the price range of 76 lakhs and above, mid segment range of 26-75 lakhs at 52.57 per cent
Demand for high end segment (1 crore plus) at 16 per cent, Bangalore a leading real estate hub for luxury home investments.
Residential Apartments are all time favourite with 77.17 per cent interested in buying one, compared with villas or commercial property.
Highest number of buyers in the age group of 36-50 years at 67 per cent
72 per cent buyers aim for immediate purchase within next 6 months.
More than 14,700 NRIs from across UAE participated in the survey which was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned etc.
with thanks : cpifinancial : LINK

Sunday, May 25, 2014

Noida to get north India’s tallest residential tower

Noida: Real Estate player Brys Group plans to invest Rs.900 crore-Rs.1,000 crore over the next four years in a project that will be north India’s tallest residential tower, Rahul Gaur, chairman-cum- managing director of the company, said here on Saturday.

“We will invest around Rs.900 crore-Rs 1,000 crore and the project will be completed by 2018. We are financing the project with both bank and our finance,” he said.

Located in Noida, Sector 150, the residential tower named “Brys Buzz”, will be 81-storeyed with 111 elevators and a helipad on the top of the building.

“We have got all clearances like fire, environment, height, pollution, sanction plan. Arabian Construction Company is building this tower and seismic consideration is part of the building,” Gaur said.

“There will be 291 units in the building, out of which 65 units are already booked,” Navneet Gaur, director, Brys Group, said, adding that 80 percent of the bookings were domestic.

For international clients, the company has an office in Dubai and it is looking at clients from London, Los Angeles, Australia and Canada.

with thanks : MizoNews : LINK

Thursday, May 22, 2014

Details of your New Projects !

Builders & Developers may feel free to mail us details of their NEW PROJECTS for uploading on the Flourishing Property Blog, without any obligation. Advertisements can be added on our Flourishing Property Web Portal.


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3-Day Credai Property Show from Tomorrow

KOCHI: The three-day Credai Kochi Property Show will begin at Jawaharlal Nehru International Stadium, Kaloor, here on Friday. Excise Minister K Babu will inaugurate the expo. Credai (Kochi) president John Thomas, secretary Paul Raj and exhibition committee chairman Sunil Kumar V said that the property show will line up real estate brands of Kerala, along with leading financial institutions.
The expo will showcase various projects in all locations of Kochi and its suburbs from the leading brands in the real estate sector of the state. He added that the show offers access to easy housing finance schemes, through reputed banks of the country.
Speaking about the facilities at the expo venue, Sunil Kumar said that the exhibition venue will have ample car parking space and air-conditioned ambience, to provide a comfortable environment for customers to select their favourite homes.The show will be open for all from 10 am to 8 pm on May 23, 24 and 25.

with thanks : newindianexpress : LINK : for detailed news.

Wednesday, May 21, 2014

Mumbai: Flat jumps from Rs 1 cr to 1.46 cr in 2 years

Did you invest in a multi-storey apartment in Mumbai’s Kanjurmarg East two years back? If so, here is a good news for you. The property prices in the locality have increased by 46 per cent in two years, according to PropIndex, a quarterly report by Magicbricks.
Where in Jan-Mar 2012 quarter, the property price was Rs 10000 per sq ft, in Jan-Mar 2014 quarter, it stood at Rs 14600 per sq ft. For instance, a 1000-sq-ft apartment in Kanjurmarg East would now cost about Rs 1.46 crore, which you may have bought about a crore two years back. The area offer property (2 and 3BHK) size ranging from 850-1300 sq ft, as per the data. The data also shows that there are few properties available offering 1 BHK in size range of 500-650 sq ft.

with thanks " magicbricks : LINK : for detailed news.

Assocham suggests steps to give boost to affordable housing

"Given the slowdown in the real estate sector, additional High Net Worth Individual (HNI) investments in the sector at high interest costs and the increase in ready reckoner rates by some state governments, will only push up property prices further".
"Taking adequate and appropriate measures to increase affordable housing alternatives will not only create a GDP multiplier, but also improve the living standards of Indian citizens," Assocham President Rana Kapoor said.
The country currently requires 18.78 million additional houses, of which 95.62 per cent are in the Economically Weaker Section (EWS) / Lower Income Group (LIG) / Middle Income Group (MIG), Assocham said.
The industry chamber said grant of infrastructure status to the housing sector will help attract higher capital. It advocated relaxation in the conditions for foreign direct investment (FDI) in real estate and reduction in minimum capital requirement from USD 10 million to USD 5 million and minimum tenure before repatriation from 3 years to 1 year.

with thanks : Jagran Post : LINK : for detailed news.

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Tuesday, May 20, 2014

Realty check: Unoccupied houses at all time high, says JLL

In a report by realty consultant JLL, Rohan Sharma, Senior Manager - Research & REIS, says vacancy rates have risen to new market highs in almost all cities barring Pune and Hyderabad.

The Bharatiya Janata Party (BJP) has a tough task ahead of itself in terms of a real estate revival. While the party enjoyed a landslide victory crossing the half-way mark of 272, breathing new life into the sector that has been plagued by tepid demand and high interest costs, is not going to be easy. 

In a report by realty consultant JLL, Rohan Sharma, Senior Manager - Research & REIS, says vacancy rates have risen to new market highs in almost all cities barring Pune and Hyderabad. 

High vacancy rates or the number of vacant or unoccupied unit in a rental property, suggests a particular property isn't being met by good demand. 

However, not all is down in the dumps for the sector. 

The report highlights a slowing demand in Delhi-NCR, but stability in other cities on the back of new launches in emerging residential corridors attracting buyers. Properties' capital values too have steadily risen across cities.

With thanks : Money Control : LINK : for detailed news.

Monday, May 19, 2014

New York going the way of Hong Kong with its 'micro-apartments'

We in Hong Kong are accustomed to idolising real world cities like New York. But there is at least one crucial respect in which the Big Apple is following our example: increasingly cramped apartments and shrinking living space.
Writing in The Atlantic magazine, journalist Jacoba Urist points out the obvious: New York has a serious housing problem when "it has 1.8 million one- and two-person households, and only one million studios and one-bedroom apartments".
The solution, advocated by former mayor Michael Bloomberg and followed by developers, is to build more "micro-apartments", tiny flats of 250 and 370 square feet. Sound familiar?
New York, of course, has always had small flats. But the point is that they are being promoted as the wave of the future from tycoons like Bloomberg on down.
Developers love it. Why? Because such flats increase the ground value that they can extract from each square foot of space. Property tycoons like Li Ka-shing know all about this.

with thanks : scmp : link : for detailed news.

3,000 EWS families to get swanky new homes in Delhi

About 3,000 families living in slums of Kalkaji and Govindpuri are set to get swanky new homes, courtesy the Delhi Development Authority's (DDA) new housing project.

After rehabilitating residents of the Kathputli Colony in the Capital, the slum dwellers of South-east Delhi are next on the land-owning agency's list.

According to DDA officials, this new housing society has been named the Kalkaji In-Situ Housing Society and is located at Govindpuri Main Road in Kalkaji Extension, near the Bhoomi-Heen Camp. The project will cost approximately ` 232 crore and is expected to be completed by the end of 2016.

with thanks : indiatoday : link : for detailed news.

Sunday, May 18, 2014

India Election: What Narendra Modi’s Victory Means for the U.S. Economy

Narendra Modi’s victory in the Indian election is expected to improve trade ties between New Delhi and Washington and could eventually lift U.S. exports in industries ranging from pharmaceutical products to heavy infrastructure, U.S. officials and business leaders say.
Narendra Modi addresses a public rally Friday after his party won its biggest victory in 30 years on promises to revitalize the economy.
Agence France-Presse/Getty Images
On Friday Mr. Modi, whose pro-business credentials during Gujarat’s rapid economic expansion have already lifted India’s stock market, led his Bharatiya Janata Party toward an apparent victory that could make him prime minister later this month.
Depending on which officials join his government, U.S. companies could benefit from a relaxing of recent policies that promoted Indian manufacturing and intellectual property at the expense of international rivals, U.S. business groups say.
“Looking at his reputation and track record in Gujarat, there were some good signs from his tenure there,” said Linda Dempsey, vice president of international economic affairs at the Washington-based National Association of Manufacturers, a trade group.
Below are some U.S. sectors that could see benefits or challenges under Mr. Modi’s government:
with thanks : WSJ : LINK : for detailed news.

Thursday, May 15, 2014

Delhi govt likely to bring rent deeds under circle rate

In a major initiative, Delhi Government has proposed that rent and lease deeds will be based on the circle rates of properties, a move aimed at mopping up more revenue and curbing tax evasion.

As per the proposal moved by the Revenue department, stamp duties on lease deeds and rent agreements will be calculated as per existing circle rates of an area and no under valuation of properties will be allowed.

Divisional Commissioner Dharampal said that circle rate may be applicable on properties whose tenure of rent agreement is more than one year.

"Often the real rent amount is not shown to save on stamp duties. We are planning to impose taxes on rented properties based on circle rate of a particular area," he said.

Sources said 2 to 5 per cent circle rate may be imposed on rented properties which may raise the rents of commercial properties in areas like Khan Market, Connaught Place and Greater Kailash.

with thanks : Times of India : LINK : for more details

Facebook CEO Mark Zuckerberg Sued Over Real Estate Deal


A Northern California real estate developer is suing Facebook founder Mark Zuckerberg over a deal involving property behind Zuckerberg's home.

Mircea Voskerician says he agreed to sell his stake in the property to Zuckerberg in exchange for a promise that Zuckerberg would introduce him to other wealthy people who might want to buy homes. Voskerician says Zuckerberg never made those introductions.

His lawsuit, filed this month in Santa Clara County, claims breach of contract. The San Jose Mercury News reported the lawsuit Monday.

Zuckerberg's attorney, Patrick Gunn, told the Mercury News his client paid Voskerician $1.7 million for the right to buy the property. He says Voskerician's lawsuit is meritless.

The Facebook CEO Mark Zuckerberg paid over $43 million in separate deals to buy four homes and lots adjoining his house in the tony Crescent Park neighbourhood of Palo Alto in late 2012 and 2013 after learning that a developer planned to build a large house behind his existing home.

"Zuckerberg stated he did not want construction in his backyard for 14 months and told Voskerician that he would refer him business and make him introductions if, in exchange, Voskerician would help him secure his privacy," the lawsuit states.

with thanks : NDTV : LINK : for detailed news.

Wednesday, May 14, 2014

The 16th China ( Guangzhou ) International Building Decoration Fair

The details of the The 16th China ( Guangzhou ) International Building Decoration Fair can be viewed at :

Noida may see 10% rise in allotment rates

NOIDA: Buying property in Noida is likely to cost more from June. 

The Noida Authority proposes to hike the land allotment rate of residential and commercial properties by 15% and industrial properties by 10%, respectively, according to sources. The new rates are likely to be effective from next month. 

Sources told TOI the proposal is ready and will be tabled in the next board meeting of the Authority scheduled in June. 

"We will first approve this proposal in our board meeting. The rates will come into effect after the final decision," said a senior Noida Authority officer, who is working on the proposal. He said the land allotment rate will be increased in all categories, including residential, group housing, commercial, institutional and industrial plots. He also said the hike was unavoidable as the Authority requires funds to meet the expenses of its upcoming infrastructure projects. 

The Authority had hiked the rates from 9-12% in May 2013.

with thanks : Times Of India : LINK

New senior citizen apartments in CNY, developer says the market is hot : NY


Camillus, NY - Calling the market for retirement housing hot, Clover Construction has begun work in Camillus on a 119-unit apartment complex that will rent to people 55 years old and older.

Earth movers have begun carving out the hillside on Milton Avenue between Knowell and Hinsdale roads to ready the site for construction of the one and two-bedroom apartments.

"There's a great need throughout the country for this," said Rob Bishop, Clover's manager for the project. "There are a great number of people retiring every day, the numbers are increasing. It's a hot part of the construction market right now."

This will be the third senior complex in Central New York for the Williamsville company. It just built a similar project in Clay and is the middle of constructing one in New Hartford, he said. Most of the developments are leased before construction is finished, Bishop said. With occupancy levels in the 90+ percents, "they get in them quick and stay there. Which is good for us," he said.

with thanks : syracuse : LINK : for detailed news

Tuesday, May 13, 2014

Property prices likely to increase post elections: Survey

The Housing Sentiment Index (HSI) assessed by IIM Bangalore and forecasts that home buyers across eight of 10 cities surveyed expect real estate prices to rise over the next six months. 

Cities like Ahmedabad, Kolkata, Mumbai, Delhi, Hyderabad, Pune, Noida, Gurgaon, Bangalore and Chennai were surveyed.

"Indian real estate is bound to remain attractive in the medium term with faster growth expected in the Tier II cities. Competitively priced urban pockets such as Noida, where robust supply is backed with a promise of better infrastructure, received a thumbs-up from end users.

"However, active interest will take another six to nine months, since consumers expect prices to go up only after six months, post the 2014 elections," Business Head Sudhir Pai said in a statement.

with thanks : Jagran : LINK : for detailed news.

Shanghai new home sales drop on tepid sentiment

Shanghai's new housing market remained weak for another week as sentiment among homeseekers and real estate developers was extremely sluggish.
The purchases of new homes, excluding government-funded affordable housing, dipped 0.7 percent week on week to 125,100 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
The average cost of the new homes fell 4.1 percent from the previous seven-day period to 26,777 yuan ($4,293) per square meter, Uwin data showed.
"The slack momentum was really uncommon for this time of the year as May often sees robust transactions of homes because the market has fully rebounded from the seasonal low of the Spring Festival," said Huang Zhijian, chief analyst at Uwin.
"To make it even worse, the developers all seemed very hesitant to release their projects as they are still struggling whether to offer significant discounts to unload their supplies."
Only 68,100 square meters of new houses were launched for sale last week, a weekly drop of 43.2 percent, according to Uwin data. An average weekly supply of 227,100 square meters was released over the past 12 months.
with thanks : ecns : LINK

Sunday, May 11, 2014

Pune pips Mumbai in property sales

Pune-Real estate

Pune: Of late, Pune has been stealing a march over Mumbai Metropolitan Region (MMR) in property sales. At least, that’s what a recent survey by a real estate research firm says.

The national survey by Liases Foras, a real estate research firm, has revealed that while Pune witnessed a 22% rise in sale of residential properties in the quarter ending April 30, 2014 vis-a-vis the previous quarter, MMR reported only a 17 % rise in the same period. 

According to the survey, sales in Hyderabad plunged as much as 24%; Bengaluru and Delhi registered a 7% and 1% drop, respectively compared to the previous quarter. Chennai, however, saw an increased by 8%.

“The cost bracket of Rs 25 lakh-to-Rs 50 lakh witnessed the maximum (35%) new sales, followed by the Rs 50 lakh-to-Rs 1 crore cost bracket (32%). 

In the Pune market, the maximum new sales was in the affordable segment while in the Mumbai and Delhi markets it was in the luxury segment,” said Pankaj Kapoor, managing director, Liases Foras.

with thanks : DNA India : Link : for detailed news.

Thursday, May 8, 2014

Plz share any property related news, pics, events !

Plz share any property related news, pics, events for uploading on the Flourishing Property Blog. You can use the Contact Form in the Top Right to contact us.

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Earth Iconic : Construction in Full swing :

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Property prices crash 30% as buyers hold on cash till election verdict

Stocks have been rising on the expectation that Mod will be well-placed to form a stable govt, but that assurance doesn't seem to have enthused people to buy homes.

BANGALORE|MUMBAI|NEW DELHI: Not all asset classes have been on a bull run in anticipation of the election result on May 16, when votes will be counted. Stocks may have been surging over the past few months but the secondary residential market has been going the other way, according to anecdotal evidence and the data that's available.

Prices of tens of thousands of homes built by local builders and investors in the metros have crashed by as much as 20-30 per cent in the past one year, with their owners desperate to exit a market in which buyers seem to have completely disappeared. 

with thanks : Economic Times : LINK : for detailed news

BlackBerry to Sell its Canadian Real Estate for $278 Million


Smartphone maker BlackBerry will sell a majority of its real estate holdings in Canada to real estate investment firm Spear Street for about $278 million.

The move is being seen as a part of the Canadian handset maker's broader efforts to conserve cash and fund turnaround efforts amid intense competition from Apple's iOS and Google's Androidoperating system-based smartphones.

As part of the deal - expected to conclude this month - with Spear Street, BlackBerry will sell over 3 million square feet of space and vacant lands. It will lease back a portion of the space and Waterloo (Ontario) will continue to serve as the company's global headquarters.

In a statement last night, BlackBerry said: "Spear Street Capital, LLC has waived its due diligence condition pursuant to BlackBerry's previously-announced agreement to sell the majority of BlackBerry's real estate holdings in Canada. Spear Street has agreed to purchase the properties for Canadian dollars 305 million or approximately $278 million."

with thanks : gadgets ndtv : LINK : for detailed news.

Wednesday, May 7, 2014

Delhi: Builder Arrested for Allegedly Duping Investors Worth Over Rs. 30 crore

New Delhi A 42-year-old builder has been arrested for allegedly duping investors for over R
 30 crore on promise of providing them residential properties, police said today.

Manoj Bhardwaj, a resident of Khanpur area, was arrested by the Economic Offences Wing (EOW) of Delhi Police on April 3.

The accused had floated a company without prior registration and land sanction of site plan.

"Manoj had formed M/s Arun Dev Builders Ltd in 1997. His company in 2006 had proposed a township project 'Arun Dev City - Haridwar' without having prior registration, land, approval/sanction of site plan etc.

"Manoj induced gullible investors by showing rosy pictures through luring brochures and advertisement and collected a huge amount of Rs. 36 crore, taking bookings from around 1,500 investors," DCP (EOW) Sanjay Tyagi said.

with thanks : NDTV : LINK : for detailed news.

Around $16 billion locked in Mumbai's fund-starved real estate sector

Close to Rs1,00,000 crore (around $16 billion) by private equity funds is locked in the fund-starved real estate sector as hundreds of projects get delayed across the country and investors struggle for an exit.
Over and above, investments worth around $1 billion are waiting to be deployed in the sector as the fund managers continue to scout for "quality" projects to ensure a steady cash flow for their investors.
The sector now pins its hopes on a stable government in New Delhi that could drive up the market and bring in a new policy framework.
Ever since banks dropped developers from their client list a few years ago and reduced exposure to the "risky" real estate sector at the behest of the RBI, the sector has been at the mercy of private equity (PE) funds. The PE players raised huge funds from the domestic market as well as foreign (offshore) markets promising their investors attractive returns. In return, developers who sourced funds from PE players are doling out a steep 20-30% interest to the funds, making their projects expensive.
with thanks : DNAINDIA : LINK : for detailed news.

Buying Property? Get Ready to Pay Seller’s Dues to EB

A person purchasing a property cannot demand a fresh electricity connection without settling the dues left behind by the erstwhile owner, the Madras High Court has observed.
“A property buyer steps into the shoes of the  erstwhile owner. He has to pay the outstanding dues as condition precedent for seeking restoration of electricity supply or fresh connection for the same property,” Justice D Hariparanthaman said.
To ensure that the verdict is enforced uniformly without any ambiguity, he also directed the TN Electricity Board chairman to issue circulars to all his subordinate engineers.
“The TNEB chairman is directed to circulate this judgment to all superintending engineers concerned to insist upon payment of dues of erstwhile consumers in the premises for which electricity supply has been disconnected for default in payment of dues, by the subsequent purchasers,” the judge said.
Earlier, invoking the ‘buyers beware’ principle, TNEB counsel SMS Johny Basha and S Srimathy told the bench that law contemplates that the buyer should be careful before purchasing a property.

with thanks : NewIndianExpress : LINK : for detailed news.

Tuesday, May 6, 2014

Puravankara Sells 50% Stake in Kochi Project to Sobha Developers

Real estate developers Puravankara Projects has sold 50 per cent stake in its upcoming project in Kochi to Sobha Developers for Rs 326 crore.
With this deal, both the companies will jointly develop a housing project on the 16.69 acres of land near Marine Drive in Kochi. The company has entered into a co-owner agreement with Sobha Developers to develop this project.
“This is to inform that the Puravankara Projects has sold by way of sale deed and agreement for sale to Sobha Developers Ltd lands in Marine Drive, Kochi, Kerala, and as co-owner, Sobha Developers would be constructing a residential project at Marine Drive in Kochi, Kerala,” Puravankara said in a
filing to the Bombay Stock Exchange. “The total consideration of `326.56 crore will be paid by Sobha Developers,” Puravankara said. Puravankara has already got `161.56 crore and Sobha Developers would pay rest of the amount within nine months from the date of receipt of plan approval.
“The company will be using the proceeds substantially to prepay debt,” Puravankara said.
In a separate filing, Sobha Developers said: “The total consideration for acquiring the co-ownership rights is `326 crore”.
Sobha said it will undertake the construction of the project and will be entitled to the cost of construction plus a mark-up of 10 per cent over and above such cost.

with thanks : newindianexpress : LINK : for detailed news.

Delhi high court raps corpn on illegal properties

NEW DELHI: The Delhi high court on Monday lashed out at South Delhi Municipal Corporation for glossing over illegal constructions mushrooming in Mehrauli .

Justice S K Mishra gave two days time to the SDMC to ensure unauthorized constructions in more than half a dozen properties in the area is razed immediately.

HC warned it will not tolerate "cosmetic makeup" by which the corporation attempts to portray it has taken action against illegal construction. The court was quick to discover that most of the claims of the SDMC were superficial as far as its assurance of taking action is concerned.

It pulled up the agency saying lack of action despite repeated orders smacked of collusion with the accused property owners and warned the agency of strict action in case it fails to honour court orders.

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

Capitol Alert: As California property values rise, owners see big tax bill hikes

The revival of California's economy and a rising housing market mean some hefty property tax increases for homeowners, the Legislature's budget analyst believes.
When property values were dropping sharply during recession, county tax assessors adjusted tax rolls downward, which then lowered property tax bills. Many property owners also applied for reductions.
The average homeowner saw a $1,600 property tax cut while those for commercial property averaged $7,500. "In total, temporary property tax reductions depressed local government property tax revenues by an estimated $7 billion in 2013-14, amounting to a 15 percent reduction statewide," theLegislative Analyst's Office (LAO) says in anew report.
But with a rising market, the LAO says those cuts are being rescinded, as state law allows, and some property owners may see tax increases as high as 20 percent. It notes that home values rose statewide by 12 percent in 2012, but those increases were not immediately reflected in property tax bills.

with thanks : fresnobee : LINK : for detailed news.

Read more here:

Latest trends in new homes

When planning your new home, be sure to convey your likes and lifestyle to your architect or designer so that your home will reflect your family’s personality.

We are all as different and unique as our fingerprints, and your dream home should fit you like a glove. Take your time and shop the market for all the perks and perfections that your new-construction home buying budget can buy.
 The buzz word today is “green,” and the finer newly constructed houses have mastered this art to perfection.
 Energy-saving home features include alternative energy resources that not only protect the environment but also keep the utility costs down. Solar paneling and wind generation power along with a combination of other money-saving strategies are perks found in some modern neighborhoods.
 Ask your builder to double-up on the insulation, add extra rubber stripping beneath the doors and opt for advanced windows to keep the air temperature comfortable.
 Let builders entertain you with a variety of media perks to woo and court the fussiest buyer.
 Home theater rooms are no longer a luxury, but rather are becoming the norm. In addition, built-in sophisticated security systems add a special touch to set the property apart from the pack.
 Not to be neglected is the outdoor living space that when carefully planned can provide a backyard entertaining area with or without a pool.

With thanks : TCTimes : LINK : for detailed news.