Realty Prices must Fall, Rajan tells Developers

finance minister Arun Jaitly keeps telling Reserve Bank Governor Raghuram Rajan to cut interest rates and now the latter has made a case for reduction in property prices. “If real estate developers, who are sitting on unsold stocks, start bringing down prices, that will be a big help to sector because once there is a sense that the prices, that will be a big help to the sector because once there is a sense that the prices have stabilized, more people will be willing to buy,” Dr. Rajan said. Given the high inventory of unsold flats across the country, he said, “I think we need the market to clear and with growing unsold stock we need to figure out ways to do it.”

The RBI Governor was speaking with State Bank of India boss Arundhati Bhattacharya at an interactive session in Mumbai on Thursday on Thursday, August 20. His comments come at a time when the realty sector is struggling with low demand and rising inventory of unsold flats. He said the developers should bring down house prices else the realty sector wills not some out of doldrums, “It will help the economy if realty firms reduce prices of unsold stocks,” he added. Property prices in some cities have witnessed small corrections, but analysts say there’s further scope for decline in property prices. Analysts have also cited high interest rates as a big factor for the slump in property sales. The Governor said banks should explore ways to make home loans easier, but quickly added that property prices must fall before rates are brought lower.” We don’t want to create a situation where prices remain high at a level that demand may not pick up to the extent necessary,” Dr. Rajan said. Earlier, he had said the central bank will cut interest rate provided it feels confident that inflation will remain below 6 per cent even after the reduction, “we will cut rate when we see that even after the rate cut inflation will remain below 6 per cent,” Dr Rajan said. RBI expects retail inflation to be around 6.1 per cent in January-March, 2016.

Live in Noida, Work in Gurgaon

Noida is the most livable in NCR, while Gurgaon is the best bet for office , residential preference survey 2015’ it says living in Noida is the best bet for the people who like to lead a hassle-free and laid-back life with enough amenities. No matter a good number of residents may have to travel long distance to Delhi or Gurgaon for the sake of their job. In the study, Gurgaon has predictably emerged as NCR office district. Noida has few takers for office space, despite being more affordable than Gurgoan, which is the swishiest NCR city and creates most employment.

Survey further states that there could actually be no demand for office space in Noida and the trend could continue to exit for the next few quarters. This indicates that it could be a good bargaining time for those IT and ITES tenants to seek disadvantage as a corporate location springs from its lack of infrastructure. Gurgoan scores over Noida when it comes to proximity to an airport, law and order situation, power scenario and accessibility. Gurgoan’s proximity to IGI International Airport, barely 20km away, gives the city an edge over Noida.

There is a lack demand in Noida’s office spaces. One of the major reasons is the distance factor. The Noida Authority has plans for six-lane elevated flyover signal-free drive from sector 41 to SEZ phase II, which will be ready by 2017. This could make a difference in the flow of companies into the city.

“Although professionals choose to live in Gurgaon because most corporate offices are located there, in the long term, and in term of lifestyle quality, Noida is so far the best bet in NCR,”

‘HOMEBUYERS MORE AWARE’

Another Good Samaritan campaigning for the environment is Amit Kumar, a school teacher by profession, who questioned the logic behind constructing residential apartment within a 10-km radius of the Okhla Bird Sanctuary. Following kumar’s complaint the National Green Tribunal gave orders prohibiting the New Okhla Industrial Development Authority (NOIDA) from giving completion certificates to housing projects falling within a 10-km radius of the Sanctuary.

“Such constructions were being carried out illegally without obtaining the required approval from the National Board of wildlife(NBWL) , “says Kumar’s lawyer,Gaurav kumar Bansal, who claims to have appeared pro bono for the case. “Since the government showed little concern for environment laws and failed to take care of the sanctuary, the applicant had to move court,” he adds.

Eventually, the homebuyers, the common people, were the ones to suffer the most. Had the builders and the authority taken clearances from the environment ministry for the projects this problem might not have arisen. The ball right now is in the ministry’s court as it has notify the 100 m buffer zone proposed by UP government before completion certificates are finally handed over.

There are many issues that this case has raised. One, public perception has undergone a change. Earlier, people would simply look at an advertisement and blindly book an apartment. Now homebuyers question builders, ask for environment and fire department clearances, adds Bansal.

A case which could have changed the game for home buyers, relates to jyoti Swaroop Arora, a consumer, who had complained of alleged collusion between realtors associated with the credai. Ant-trust watchdog competitions commission of India had then expanded the scope of the compliant to include around 20 developers and found that their actions indicated a “one-follows-the other” phenomenon which could not have meant independent action by the builders and that there was no evidence that credai allowed these companies to fix prices.

Had Arora gone for an appeal or if the matter had been referred to a higher court, it could have been a game-changer, says MM Sharma, head of competition law and policy, vaish Associates Advocates.

Govt notifies eco-sensitive zone around Okhla Bird Sanctuary; renders 59,400 Noida homes legal

Home buyers in Noida can heave a major sigh of relief with Environment Minister Prakash Javadekar yesterday announcing that the Centre has approved the eco-sensitive zone around the Okhla Bird Sanctuary by limiting it to 1 km.

“The notification of new eco sensitive zone will be out in one week. The limitation of justifiable limits around Okhla Sanctuary has been completed. The government has approved the draft notification on Okhla Eco Sensitive Zone,” Javadekar told CNBC-TV18.

“Under the draft notification, the eco-sensitive zone is the area up to 100 meter from eastern, western and southern boundary and up to 1.27 kms from the northern boundary of the Okhla bird sanctuary up to the DND flyover across the river bed, situated in the Gautam Budh Nagar district of Uttar Pradesh and southeast district of Delhi.”—The Times of India reported.

The minister said that the minutes of National Green Tribunal (NGT) would be ready in two days. The move will make 59,400 apartments legal.

“Today’s decision will help thousands of home buyers and ease the pain of EMIs,” he said.

Javadekar also allayed fears on any negative impact on the bird sanctuary and assured that the natural habitat won’t be in danger because of the decision.

Meanwhile, reacting to the green clearance on the periphery zone of the Okhla Bird Sanctuary, DLF sources, “National Green Tribunal notification ensures Noida Mall can be completed in three-four months. The Noida Mall may yield Rs 200 crore rental income per year post completion.”

“We hope government issues notification urgently. Occupation can become a reality only once completion certificate issued. The DLF Mall Of India is already complete. We hope to give out for rentals this year,” DLF sources told CNBC-TV18.

Professional Real Estate Consultants (PREC) Vs Agents

Professional Real Estate Consultants and agents have similar roles and responsibilities to each other and overlaps at times yet they play very different roles in the real estate market. The major difference between professional real estate consultants and Agent is that, professional real estate consultant is a well-educated, self-mannered and more disciplined in his approach, he also handles the queries and advises in a professional way and resolves all the queries effectively, whereas in a normal agent these kinds of qualities are not found.

A professional real estate consultant handles the clients with utmost care and advises as per the client’s requirement, educate and help them to grow their money. He advices them about financials, government procedures and the real estate laws, whereas a normal agent only plays a role on suggesting the properties, showing them different options and helping them throughout the property transactions.

The agent’s moves forward along with the market, A professional real estate consultant takes his time, verifies, understands and have all the records with him before approaching the client, where as an agent approaches the client without verifying or understanding the records.

Consultancy Fees

The professional real estate consultants do charge more than the standard market fees on fewer transactions as compared to an agent because of their dedicated team in research, marketing and sales, that is why they are more different from any other agents and their charges would be a little higher compared to others.

Real Estate in Delhi NCR (Noida & Greater Noida)

The business sector has not even started reacting. Regarding thankfulness, the general execution in the Noida/Delhi/Greater has been less than impressive in all the key parameters that influence the land. Designers like Jaypee Greens have been affected by the backing off of economy.

The other motivation behind why business has endured is additionally in view of deferrals in finishing of undertakings, for different reasons. This has additionally put off purchasers as they see a danger in Real Estate property sell and buy in Noida as they have begun home advance EMIs and undertakings used to postpone possession. Postpone in the advancement of base by the administration has likewise affected conveyance plans.

In the event that we look in Jaypee Greens Wish Town or a few others manufacturers extends there the supply in the premium fragment is considerably more than interest, which has dwindled in the last couples of years because of the slow economy in and outside the nation. It appears that circumstance is enhancing now and, so as to offer their items, designers are putting forth at attractive financing plans to purchasers.

Truth is told, numerous a times, it looks as though they are making another monetary item around the lodging units. We are provided real estate property sell in Noida, This is not a decent pattern. Eventually, just honest to goodness request from certified purchasers will drive the segment.

Delhi NCR Real Estate Market Overview

Real estate development is one of the critical drivers of economic development and also considered as the backbone of the country’s infrastructure. The sector has also helped IT, ITES (IT enabled services), hospitality, entertainment, and retail sectors grow by leaps and bounds.

As we all know that Delhi NCR is one of the best destinations in India and when it comes to business opportunities and job opportunities, this region has been offering numerous opportunities to the deserved talent. Delhi NCR region has been playing a dominant role in the economic development of the country. The region is spread over total area of 34144 Sq. Km approximately. The periodic returns on the investment and rate of appreciation are high in this area.

Delhi NCR Real estate market is seeing positive developments due to various reasons. Some of those reasons are migration of people towards urban areas, Rise in nuclear families, easy finance availability, continuous growth in population, huge job opportunities in service sectors and growing income levels.

And, that is the reason it is one of the most preferred destinations for investments.

Let us look at the trends in Delhi NCR Real Estate market. In late 2008, the real estate sector was significantly hit with the US Financial downturn. There were negative sentiments in the real estate sector and financial sector during those tough times.

However, the realty sector experienced a pickup in demand during the first half of 2010 across metro cities such as Mumbai, Chennai and Delhi NCR area like Noida, Ghaziabad, Gurgaon, Faridabad, and Delhi.

The current real estate market that is highly influenced by economic cycles is seeing mixed trends. In some of the areas, the sector is riding high whereas some of the areas are not seeing much improvement on the economic front.

Overall Delhi NCR Real Estate Market Overview is great as far as demand and supply is concerned. The construction quality of the projects is good when it comes to trusted Builders such as Jaypee, Gulsan, Paras etc. However, some of the new players and inexperienced builders lack trust and transparency in their business operations.

With the developments being made by Modi Government, Indian real estate market is expected to see positive developments. It is going to attract huge investments from both domestic and foreign investors.

www.umangestates.co.in suggests that customers and investors need to stay cautious while entering the real estate market due to largely unorganized real estate sector.

Moreover, it is also es sential to evaluate the performance of the real estate developers. Investors and end users are advised to check the track record and completed projects of the developer. We feel it is required considering risk factors and volatility in current real estate market.

The real estate sector in India has come a long way since the liberalization of the economy. Owing to current trends and sentiments, this sector is going to make a big difference in the country’s economic status thereby raising the rate of appreciation and investment returns.

Why you should invest in property in Noida

Noida is one of the quickest developing zones encompassing Delhi and has seen huge development of the realty showcase too. Real Estate Noida business sector offers a few energizing prospects for first time home purchasers inferable from all the favorable circumstances on offer. Interest has expanded in Noida inferable from a few alluring private buildings and lodging plans that are being taken off by driving designers here. Nearby, individuals are quicker on putting resources into real estate property in Noida by virtue of the exceptional yields offered in a generally shorter compass of time. More infrastructural advancements are occurring in Noida and are in charge of costs shooting up to inconceivable levels a couple of years back. Subsequently, purchasing in Noida is dependably a gainful recommendation whenever till costs at last settle something which realty market specialists don’t see happening in the prompt future in any event.

Capital thankfulness in Real Estate Noida business sector has been seen crosswise over very nearly 75% of all territories being produced by the Noida Authority authorities. A few administrative activities have likewise shored up Noida’s general charm as a suitable speculation destination.

Multi-level auto stopping offices are being centered around by the powers alongside more lifted bars, flyovers, underpasses and scaffolds. These activities will unquestionably prompt an acceleration in estimation of incalculable Noida properties in the following couple of months. A way breaking super strength kid healing center is likewise slated to be built in the city alongside a top postgraduate organization. A pathway is likewise being assembled that will keep running from the Botanical Garden metro station to Sector 18.

Properties have as of now turn out to be more lavish upon the increment in area designation rates to 10-12% which will surely affect purchaser request a bit. The choice has been taken by the Noida and Yamuna Expressway powers yet business property rates won’t be expanded because of a proposed revision in this area. The Yamuna Expressway will see the most astounding rates of 12% while Greater Noida rates will stay unaltered. On the off chance that you need to dodge the approaching pocket squeeze and appreciate the advantages of infrastructural advancement, you ought to surely hope to book your property at the soonest!

How to Search Right Rental Property?

These days it is really tough to search for a right rental property. But no worries, in this digital age it is apt to take our rental property search online. It is much easier to find property online rather than searching offline. You not only save on time but you also save a ton of energy.

What are your requirements in rental home?

First and foremost thing to do is to identify your requirements in the rental home. Do you need 3 bedrooms or 2 bedrooms in rental home, depending upon the size of your family. You may need a spacious balcony or a rental home at strategic location.

Once you are ready with your requirements you can go ahead with your rental home hunt online.

Let us go through the available features at the site that will help you find exactly what you are searching for in a rental home.

Basic information

 Opt for desired option in given search parameters-

 1) What city you want to live?

2) Add more location (Area)

3) Property Type

(Apartment/Flat, Independent/Builder Floor, Independent House/Villa, Studio Apartment, Serviced Apartment, Penthouse or you can simply choose All Residential option)

4) Select BHK Option

(1 BHK, 2 BHK, 3 BHK, 4 BHK, 5 BHK, >6 BHK or you can simply choose Select all)

5) Price range- Minimum to Maximum

6) SEARCH- And finally just hit the search button and get your desired rental property.

This basic information will help you search your right real estate property sell in noida rental property. After the data processing you will find the right rental property.

The search result will show you the rental property with address and the rent amount. It will show you the size details and other details such as furnished or unfurnished flats and the number of bathrooms. You will find the pictures of the rental property, property ID and posted date.

Thereon if you click on view detail you will find further details such as number of bedrooms, balconies, number of floors and built up area.

So, if you are interested in the rental property, you have to call at the mentioned no. 9871664488. Hunting for a rental property online is the cakewalk for you now, thanks to findmyghar.com. Follow the given tips and find your dream home right now.

Be wary of the Hidden Charges while Buying Property in Noida

Hidden Charges increase the actual cost of the property; therefore, it’s better to keep in mind these charges while preparing the budget for a new property.
Buying a property in Noida is one of the most important decisions for those who want to settle in the Noida. The buyer goes out of his or her financial capabilities and prepares the budget to buy the property. But often, the buyer ends up paying extra which he or she does not realize. There are a number of extra charges in the form of extra taxes and other fees which comparatively makes the property much costlier than its actual price. This extra amount other than the actual cost of the property hurts the buyer’s pocket as it gets out of the buyers allocated budget for the property. Hence, the buyer needs to be aware of these hidden charges to prepare the budget accordingly, before investing in a new property.

Sale house and calculator

1. Stamp duty and registration fees: 
Getting a property in Noida registered is an important aspect in the property buying process. It is a final agreement between both the parties that indicate the change in ownership of the property. In order to get the registration done, one has to pay a certain amount to the government. The registration form costs a particular amount, depending on the total property value. Though the charges for stamp duty and registration for Property in India varies from state to state, but usually it is between 4%  to 10%. Typically, in a majority of the states, this registration and stamp duty fee adds up to 5% – 14% of the cost of the property. In addition to this expense, there is another registration fee that is payable to the court which differ from state to state and varies between 1% to 2% of the value of the property.  And, above all, there are additional costs that include lawyers and notary fees, who get the agreement done in the court.

2. Service Tax:
The service tax is applicable on the purchase of any property in India that is under construction. The imposed service tax is 12.36% of the 25% value of the under constructed property for constructed property service Tax is not applicable.

3. Preferred Location Charges (PLC):

The term preferred location charge, commonly known as PLC refers to the extra charge that is levied from the buyer to buy property in Noida in their choice of location. This is applicable specification in a house complex, layout or residential community. Through this charge differs from builder to builder and project to project, property facing the garden, main road or corner is charged extra owing to a PLC. PLC is also applicable floor wise.

 

4. Transfer Memorandum:

Noida authority gives land to develop projects only on leasehold. So anyone who buys a property in Noida will actually own it for 99 years & the authority technically remains the first owner. However, even under lease hold, one need to get the property registered in his name. The lease of such property is usually renewed after the term is over.

The seller has to file an applicable to the Revenue Officer in the authority office requesting permission to sell the property or transfer of lease. The authority charges the transfer Memorandum fees at 5% approx of the circle rate.

5. Utility Charges:
The charges referring luxury amenities or those linked with the building come under utility charges. This includes parking in open or closed space, clubhouse membership for a lifetime or yearly, firefighting provision, electrical and various other charges associated with Government utilities as well. Apart from these there are other charges involved while buying property in Noida such as maintenance, security charges, and others also. Security charges refer to the expense for employing security personnel, installing and maintaining security arrangements like CCTVs camera, intercom among others. These extra charges add up to the initial cost of the project in a huge way and become a burden on the shoulder of the buyer.
5. External Development Charge (EDC):
EDC is usually meant for the maintenance of roads, water, sewage, electric supply, lights and development of the surrounding area. It varies from location to location and adds up to 10% of the entire cost of the project. This charge is levied by the development authority on the builder, but it is passed on the buyer adding an additional burden on them.

6. Lease Rent: Since the Authority allots the land to the developers on lease, therefore the developers are required to pay lease rent to the Authority. Like as in the case of EDC, this lease rent is also passed on the buyer an additional burden on them.