The Revised Master Plan 2015 will be a Big relief for Builders

The Revised Master Plan 2015 by Karnataka High Court, which will be the absolute document for land use and zoning guidelines that includes a wide range of improvement plan for the city, would be considered to have a sweeping effect on property development.

With BDA as the local planning authority, which is drawing the Revised Master Plan 2015 would take priority over all village and gram Thana maps.

The ruling was proposed by Justice BS Patil in a writ petition filed by Sobha Developers Limited against BDA and BBMP, which concerned about the BBMP’s opposition to cut roads in the developer’s residential project in Nagasandra.  Opposing the denial of permission to cut roads for water, laying power, and sewerage connections by the BBMP, the developer stated that as per the Nagasandra village map, the part of the project was on a ‘naala’ (drain).

The petitioner was concerned that there was no naala displayed in the Revised Master Plan 2015, as the developer’s project development plan had been approved by BDA and construction license too was permitted by the Palike.

Suraj Govind Raj of Anup S Shah Law Firm, representing the petitioner said that the verdict entails that henceforth all the development will act in accordance with the Revised Master Plan 2015.

Relief for builders

After the Karnataka High Court professed the Revised Master Plan 2015 the final document for zonal and land use regulations, it seems the property owners and developers across the state could show a sign of relief.
  
Several property development projects failed to get permission by the local bodies due to the multiplicity village maps though the maps were drawn up by the local bodies and due to which many projects were embroiled down.

Advocate Suraj Govind Raj said that all plans drawn by the local planning authorities will be the ultimate plan for land use regulations and zoning.
  
With the Revised Master Plan 2015, the court makes the property development easier as developers will now have to refer to one map that is drawn by respective local bodies.

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Useful Tips for Safe and Practical Real Estate Investment

A significant percentage of people end up in the real estate sector while searching for the so called “most practical investment option”. Yes, real estate could well fit with your present as well as future requirements. Yet the question coming prominent is how to make sure that you have opted for the right investment option?

One important aspect regarding real estate investments is that with the right choice, you are assured of good returns. So, it is all about opting for the best by keeping your future requirements and current financial conditions in mind.

If you are an impulsive or over-confident person, you might encounter difficulties. Always consult as many people as possible. Here, lawyers, real estate agents, property consultants, housing lenders and financial consultants assume significance. Always verify that you are surrounded by the best in the industry in terms of real estate, legal or financial assistance. Experience plays a crucial role here, therefore, try to approach people with many years of experience.

Non-professional help could also be sought. Here reference is about friends, relatives, colleagues, known-ones who have made it big in the real estate sector. If you are going to a new area, local newspapers or online reviews might provide valuable information on the area, builder and ongoing prices.

Next thing to consider is your budget. Buying a home or other properties should be a potential investment, not a financial burden. What is advisable here is a thorough analysis of your budget, other liabilities, monthly expenditure, savings etc to know how much you can invest on the concerned property without any negative impact on a comfortable lifestyle. The idea here is that the present cost should be within your budget and there should be significant financial returns in future.

Negotiations, how much importance you give it? If not much, then consider this. Effective negotiation skills can fetch you significant discount even on small deals. Another issue is an after-purchase one. You need to find good tenants for good monthly returns.

In short, with right planning, guidance of experienced people and good assessment, you can blindly trust your real estate investment.Finally, research the property reviews from your known friends and other useful resources before investment.

Indian Real Estate Market is Healthier Than Abroad

Now a days India has become a talk of the town in Real Estate, as property market is offering an unbelievable infrastructure to the customers. The real estate market in India is residing a better life style by building an infrastructure all over the cities of India. Not only the metros but also the outskirts are facing a big change in the realty sectors. Property in the places like Mumbai, Gurgaon, Bangalore, Delhi, Kolkata, Noida and other main parts of country is coming up with outstanding Infra structure. Keeping in mind the various needs of the buyers these new coming projects are designed in India. The flow in the real estate market is not only inspiring the Indian investors but also foreign property buyers are showing interest in purchasing properties in India. Top developers in India and abroad is designing the Infrastructure for the country. Commercial and residential have been redesigned in a way that one will compare them at an international level.

The main reason behind considering India as an attractive destination for realty investor is that it offers some returns to each property buyers. The developers have introduced the concept of budget property which has been struck in the country. The budget residential property offers property within your budget with all the necessary amenities provided which makes you to stay happy in the complex. As there is real estate boom in India, there are competitions due to which the developers are offering everyone with the best property at the best price. The most desirable cities in India like Delhi, Mumbai, Noida, Gurgaon and Bangalore where you can buy properties. India’s real estate is better than abroad due to employment opportunities, Growing Infrastructure, low price apartments and the outstanding amenities and creative architecture. Properties like studio apartments, villas, luxury apartments, golf course estates, food courts etc are coming due to this people are ready to invest. Many builders are offering dream homes as per property buyers wish. The only feature the buyers need to decide is the budget.

When India is offering an endless opportunities at a much less price then why to invest in property outside the country. If you have a property in mind then India’s real estate have lots of offer.

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UK DFID will Finance 500-Cr to NHB for Low-Cost Homes

The National Housing Bank CMD R V Verma said at an event in Delhi that the British Government's Department for International Development will finance Rs 500-crore loan to National Housing Bank for constructing affordable houses in the low-income states of the country.

He also added that the project will be started in eight low-income states that include Madhya Pradesh, West Bengal, Odisha, Uttar Pradesh, Bihar, Rajasthan, Chhattisgarh,and Jharkhand.Over a period of 2013-2019, the project will comprise a DFID (Department for International Development) obligation of up to 50 million pounds (Rs 500 crore).

Alan Duncan UK Minister of State for International Development said that this project is designed to help the poor and will also involve the partnership investments of private sector in order to generate a return.  He also added that UK loans for small and medium developers to build17,000 low-income households will help India to develop its private sector and this project will also help financing mortgages to low-income families.

R V VermaCMD of NHB further added that this loan consists of two components in which the 40 million pounds that is equal to. 400 crore in Indian rupee will be considered as concessional loan to NHB for constructing affordable housing units and to finance loans to low income families.  The remaining 10 million pounds equal to Rs. 100 crore

Mr. Verma also added that this is a valuable opportunity for an appreciated partnership and the project is significant to take care of the housing shortage especially in low-income states.

He also said the rates on the lending cost for affordable housing will be lower when compared to the normal rates. He also added that in future the project will also expand to other states.

He concluded the event by saying that NHB will contribute by investing about Rs 500 crore or more towards this project.

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Home prices started to reduce finally

Fall in House Price

The slowdown in the economy has finally taken a duty on the demand of the house price in the residential real estate sector for the quarter ended June 2013 reduced all over the country. As per the data given by National Housing Bank, compared with the previous quarter, 22 out of 26 cities which is covered by NHB Residex is facing the fall in housing prices this quarter ended June 2013.

The Residex as prepared by the NHB is to track the movement of the residential property price on a quarterly basis. As per the index not only the tier I cities, but also the tier II cities are experiencing a fall in the price during the period between April and June 2013.

Ludhiana experiencing the largest revision of price falling which is 6 percent followed with Indore and Vijayawada that are 5.6 and 5.4 percent respectively. The prices in Delhi and Mumbai are reduced by 1.5 and 0.5 percent respectively. The four cities Dehradun, Nagpur, Surat and Lucknow saw an increase in the price, where Nagpur has witnessed the high rise of 3.1 percent.

The similarity in fall in the residential prices in a recent occurrence, the prices in 9 out of 20 cities has reduced when seen on year to year basis. Indore and Ludhiana faced the largest fall of 9.4 and 8.2 percent respectively in a year. Jaipur also experienced the biggest upward and downward movements of 41 percent over the last one year. Delhi and Mumbai saw increase in the price 15.7 and 12.2 percent in the year June 2013 compared to June 2012.

Experts say that, decrease in the price may not be the real fact of the ongoing slowdown.  One of the chairman states that, there is no such reduce in the prices and some cases they have not even fallen but still there is a decrease in the sales which is going down.

The situations differ from city to city. One of the advisor says Mumbai is in a bad condition than Delhi and it has been experiencing a decrease in transaction over the last two years.

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Realtors Likely to Clear Inventory on Freebies & Festival Sales!

According to the industry experts, this festive season, many realty developers are optimistic of clearing a huge portion of their inventory pile-up primarily by enticing buyers with freebies and discounts despite a tight situation on the declared prices. According to a top developer, what has led to the build-up of unsold units with developers in majority of the realty market over the last few quarters is the fact that higher interests and the overall slowdown. This trend is unpleasantly affecting cash flow and also new project launches.

To add on to that, it has been noted that things might get worse for developers what with RBI’s strict directives such as banning 80:20 scheme. It is believed that the period during September-December is the time when maximum launches and publicity of real estate projects takes place. Despite this fact, industry watchers opine that there might not be any price correction during the period. 

An associate of a renowned developer opined that they don’t expect any price correction now. Majority of the projects have marginally gone up or have maintained the same price level. However, with the projects been factored in the slowdown, the developers intend to plan out their sales prudently. 

The trend now in the realty market with regard to the festive season is such that the developers are in the likelihood of luring buyers through many gifts/discount schemes, which are usually in the form of gold coins, customization, cash-back on monthly rentals, free club facility and parking, upfront cash discounts, zero brokerage amongst many offers. 

According to a realty portal, numerous freebies have been publicized by various developers in Delhi-NCR, Bangalore, Mumbai, Chennai, Pune, Kolkata and Hyderabad. Such attractive offers are likely to result in huge enquiries and footfalls during this festive season. This move may help create decent sales. The property reviews and ratings indicate this trend may entice the customers.