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Wednesday, December 24, 2014

Now you don’t need to waste hours searching for property!

Now Home Buyers do not need to spend hours and hours searching for right property!
For your benefit, we have invented a new way to search Residential Projects, code named ‘Project Compass.

The ‘Project Compass’, works for all new projects in Bangalore & Chennai. It is right now available to Google Chrome users and once downloaded, ‘Project Compass’ give instant comparison & analysis when the user is browsing a project on all leading real-estate portals. We cover more than 35 portals & builder websites at this point and will be adding more portals going forward.

The tool solves a huge pain point for the user, who browses multiple real estate portals but does not get to compare and analyze projects in a seamless manner.

The tool essentially helps users in three ways:-
a. Project Analysis
User can see the rating & analysis of the project. The ratings are drawn by comparing the project with other projects in the city. The projects are analysed based on 4 parameters – Builder, Amenities, Connectivity and Neighbourhood. The ratings & analysis are a result of multiple data points which our research team captures about the projects and the surroundings.

b. View & Compare Similar Projects
User can view and compare similar projects in the vicinity using realtycompass Auto-compare algorithm. The algorithm takes into account Builder & Project category, possession date and vicinity into account before drawing comparisons.

c. Compare Prices of the Projects
User can compare prices of the projects being sold by various online brokerage firms and hence decide which broker to go for depending on the broker offering the best price.

Users can download the tool from Chrome Store, or can visit www.realtycompass.com

Thursday, November 27, 2014

How mono train will impact real estate growth in Chennai

With populations going up in all cities, people are facing the problems like delay in transport and could not reach on time to offices and other places as they could not move fast enough because of traffic and lots of stoppages in between. Both monorail and metro came to existence to avoid traffic and faster means of transportation.
Monorail and metro rail serve the purpose of mass transit system which is fast and efficient; there are basic differences in design, structure and cost of a monorail and metro rail. The concept of metro rail and monorail started because of congestion of traffic routes and difficulty to run rapidly moving trains on tracks that were old and could not support such a rapid transit system.
Monorail is a transport system which runs on single rail laid on a beam in the air. Metro rail runs on two parallel rails just as traditional rails. Metrorail too has an independent rail track but it has two rails and may not be high in the air. The track of monorail is narrower than the train itself. Monorail can be built faster with less cost. It consumes minimal space. Metrorail can travel at higher speed than Mono Rail. Monorail is eco-friendly because it doesn’t produce higher noise compared with Metro rail.
Traffic analysis in Chennai
The rapid economic growth has resulted in the significant increase in traffic management problems. The increase in travel demand with population and vehicle growth, turns down the share of public transport, with significantly enhanced confidence on the personal motor vehicle has led to increased costs due to travel delays, loss of productivity, deteriorating air quality caused by automobile exhausts and an increased incidence of road accidents
The estimated population and vehicle growth is shown in the chart. It is estimated that by the end of 2026 growth population would reach to 125.82 lakhs. Motor vehicle number has increased at a considerable rate during the last few decades.
growth population Growth trend in vehicle population
Source- www.cmdachennai.gov.in
Rise in population and vehicle accumulated the traffic at certain major roads. Arterial roads leading to the Central Business District (CBD) carry heavy traffic and are congested. Level of congestion on arterials and other major roads has increased eight-fold over the period 1984 to 2008. Depending upon the severity of traffic, plan would be made to decrease the junction traffic by introducing monorail or metro. Due to traffic acute shortage of parking supply is witnessed in commercial areas like Anna Salai, Periyar EVR Salai, T. Nagar, Purasawalkam, George Town, Nungambakkam, Adyar and Mylapore.
Growth in traffic volume in chennai
Source- www.cmdachennai.gov.in
About the Monorail project
As like Bangalore metro, Chennai metro rail system is under construction of express transportation. The ministry of urban development has given on paper approval for the Chennai monorail project (CMP) Phase-1. This fourth urban rail transport project has been approved under PPP model
As per the sources, the project was planned to be implemented in various phases.
A total of 18 corridors had been proposed and the project been executed. It is one of the biggest monorail projects in the planet.
Monorail services will be provided between Poonamalle and Kathipara with a link from Porur to Vadapalani covering 20.68 km.

Route Map
Phase l
MONORAIL Chennai Proposed
Monorail route will connect Poonamallee in the northwest of Chennai and Vandalur in the south via two corridors and will meet near the Kathipara intersection
Corridor 1 will link Poonamallee and Kathipara, via Kumaranchavadi, Porur and Nandambakkam, with line forking off to Vadapalani
Corriodor 2 will connect  Vandalur and Kathipara, via Perungalathur, Irumbuliyur, Tambaram East, Sembakkam, Medavakkam and Velacherry
Growth in real estate industry
No doubt, monorail will definitely increases the land price of Chennai as well as nearby places. Proximity and easier connectivity to others places in a short time would really sharpen the Chennai real estate business. Reduction in the travel time would lead to the considerable boom inside and outside the places of Chennai.
As per market experts, Vandalur-Kelambakkam Road is one of the future growth corridors in Chennai. It is about 18 km stretch from Vandalur-Kelambakkam strategically connects two important roads of the city, OMR (Old Mahabalipuram Road) and GST (Grand South Trunk Road) has propelled residential development along the stretch. In the residential sector, sales are expected to pick up as overall housing demand has increased in the city. Due to the good infrastructure, rise in income levels and increasing employment opportunities in all sectors
The first phase of Monorail project would connect Vandalur to Velachery providing a support to several people working in areas such as Tambaram Perungalathur, Tambaram East, Selaiyur Camp Road, Sembakkam, Medavakkam, and Pallikaranai etc. Once the monorail is operational several developers have set their anticipation on the real estate growth.
Real estate business at R.A.Puram and neighbouring areas of Alwarpet and Abhiramapuram saw a 5 per cent increase in capital values this year and may continue to increase, as demand remains strong.
Growth in Vandalur
Apart from monorail, another ambitious project of the government is the setting up of a 30-acre bus terminal at Vandalur. This is expected to offer connectivity to several locations in Chennai as well as south India. Monorail as well as bus terminal jointly shot up the price of this place. As a result many commercial and residential are emerging rapidly.
Top rated projects in Vandalur are listed below
Tata housing
Ruby builders
Stepsstone Promoters Pvt Ltd
Amudha Civil Constructions Pvt Ltd
Vijay Shanthi Builders
Growth in OMR, GST, Medavakkam and Velachery
OMR and GST have witnessed a launch of high rated projects and the demand for high end segment will hold up the price. Monorail and IT hub are promoting the real estate sector.
IT Companies present in OMR are Scope International Ltd, SCM Microsystems,Sunmix Network Pvt Ltd,Hexaware Technologies, American Atmel R & D etc.
Kelambakkam is rapidly emerging as a real estate hotspot of Chennai which is located on OMR because of IT corridor the land value is considerably increasing due to connectivity and infrastructure and the availability of tourists’ places like Kovalam beach, the OLD church of St. Mary, Tiruporur Murugan temple and Nithya Kayana Perumal temple.
The Companies existing in Kelambakkam are, Xansa Pvt Ltd, Home Town Information solutions Pvt Ltd
Medavakkam due to its excellent location (Both OMR and Tambaram) receiving good rentals.
Velachery has seen a growth mainly due to IT sector. It connects the rapidly growing business class information technology corridors of OMR. Velachery maintains the perfect balance between new and old Chennai. The geographical advantage in terms of the connectivity to other parts of the city is the reason for the inflow of population.
The Velachery main road on the south connects to south Chennai and Mount Road (Anna Salai) at Guindy via Velachery.It is almost saturated more projects naturally flow into adjacent areas such as Pallikaranai, madipakkam
In road ways transport from Velachery to OMR takes hardly 25 min and it is about 9 km to travel where as if we compare with monorail it would be approximately 10 min to reach.
Popular builders of Velachery are
Phoenix Market city
Mehta havens Ltd
Shree constructions
Contribution of Monorail to Chennai
Reduction of traffic
The city faces the severe traffic problem due to inadequate, shrunken and encroached footpaths, missing links in the road network. The substantial increases in the population and the introduction of more bus facility and goods vehicles have amplified the traffic.
Trend in road accidents over the years is presented, as per the accidental data available an average of 630 persons die on City roads annually.
Monorail would noticeably reduce the traffic and accidents. It promises affordable rate for travelling any distance on time, safe arrival and we can avoid sitting all the time as like in bus.
Trend Road Accidents - Chennai
The metro train would likely reduce the traffic thereby reducing the parking problem as many would prefer to travel by train than road ways.
Pollution control
The reduction in the road way travel would help in safeguarding environment by sinking the air pollution and can feel the fresh breeze.
Future compass and Demand
Demand is largely increasing due to its proximity to IT hubs of OMR, Tambaram and Orgadam. Some of the builders like Sobha developers, Tata housing, Unitech and Vijay Shanthi have shown their prime interest in these areas because of the location advantage.

Saturday, October 18, 2014

Role of DLF I-bankers under Sebi lens, Real estate giant moves SAT against ban order

Not surprisingly, investment bankers disagree. "This raises bigger industry issues. Do you have the bandwidth and time to carry out full due diligence if the company just doesn't disclose?" asked a senior banker with a foreign bank.

Legal consultants and auditors could be held responsible in the DLF case under the current Companies Act enacted in 2013, some experts say. However, in India, documentation is usually structured to absolve both the bankers and legal experts, said a lawyer who has participated in over a dozen Indian listings. "At best, the company could sue the law firm for inadequate diligence, but usually that will circle around disclosures made by the company as such clauses are included," he added.

Since the DLF IPO happened in 2007, when the 1956 Companies Act was enforceable, in the current DLF case none of the consultants is likely to come under the scanner, said one of the lawyers involved in the offering.


Tuesday, September 30, 2014

US-based Hines to enter Indian residential market

US-based real estate firm Hines on Monday announced the launch of Hines India Residential, a joint venture with a financial institutional partner, which will invest in multi-phased, for-sale residential developments in the country.
The joint venture entity, with an initial capitalisation of $250 million (over ₹1,500 crore), will invest in projects in Bangalore, Mumbai and NCR, Hines India Country Head and Senior Managing Director Yash Gupta said, declining to name the global fund as well as the stakes of the two partners.
“Our role will be of a value-add partner and we are in talks with many local developers. Our intent is not to be the developer but bring Hines’ global know how and market research here,” he added.
The entity would deploy the initial funding across 3-5 projects in the next two-three years and it would prefer to start a project in NCR by the first quarter of 2015.
Gupta said, “We are open to fund both new and mid-way projects and would like to target the mid-market segment as it has the highest demand. An individual project could see an investment of around $50-70 million (₹300-500 crore).”
Hines, which entered the Indian real estate market in 2006, has completed construction of three commercial buildings, with 1.5 million sq ft of area, in Gurgaon.


Saturday, April 26, 2014

Indiabulls Real Estate Q4 net falls 20%

Indiabulls Real Estate Q4 net falls 20%

Mumbai: Indiabulls Real Estate Ltd reported a 20% fall in profit for the March quarter as sluggish economic growth took a toll on the company’s revenue.
Net profit declined to Rs.41.6 crore in the three months ended 31 March, from Rs.52 crore in the corresponding year-ago quarter. Total income from operations fell 21% to Rs.327.6 crore from Rs.412 crore a year ago.
The developer, which has both residential and commercial real estate projects, sold about 3.40 million sq.ft. of space in fiscal 2014, higher than about 2.82 million sq.ft. a year ago, the company said in a presentation on Thursday.
Indiabulls’ total land bank for residential development stood at 966.56 acres and that for commercial development was at 43.18 acres as on 31 March.The company’s total saleable area under construction was 24.78 million sq.ft. as on 31 March.Shares of Indiabulls Real Estate closed 2.11% higher at Rs.62.85, while India’s benchmark Sensex rose 0.52% to 22,876.54 points.


Monday, March 17, 2014

Buy your first home by March 31

NEW DELHI: Those planning to buy their first house should rush and complete the formalities by March 31 to avail of the additional tax benefit against the interest paid on a home loan. That’s because an exemption available to taxpayers will lapse in the current financial year which enables them to reduce the interest paid from the taxable income. The reduction can be up to Rs 1.5 lakh under section 24 of the Income Tax Act and up to Rs 1 lakh under section 80EE against the interest paid on home loan.

The benefit under section 80EE can be availed only to buy the first house of a value of Rs 40 lakh, provided the maximum loan amount is Rs 25 lakh. The second provision is due to lapse. But those who have already borrowed need not worry. The provision was introduced in the 2013-14 budget, although the benefit was available only for a year to provide a much-needed impetus to housing, which has been hit by rising interest rates and falling real income levels.

In the Vote On Account presented on Monday, finance minister P Chidambaram decided not to amend any direct tax provisions, many of which are due to end on March 31, 2014. Although the next finance minister has the option to reintroduce the benefit, it may not be available for the first three-four months of 2014-15. Similarly, the benefit of income tax rebate to companies which are involved in power generation and distribution will also lapse. The provision of lower dividend tax paid by Indian companies on dividend received from foreign companies will also lapse on March 31, 2014.

Executive director (taxation) of PWC India Kuldeep Kumar said that the benefit under section 80EE was very helpful to those who were buying their first house. He said that if the interest payable during a year is less than Rs 1 lakh, the unclaimed amount will be allowed to be claimed in the next financial year. The benefit was also allowed during the construction period.

With this provision, one could avail a deduction of Rs 2.5 lakh from his taxable income against the interest paid on home loan.

After the provision lapses, the first home buyer, falling under 30% bracket, will lose Rs 30,000 and those who are under 20% bracket will lose Rs 20,000.


Residential prices soften in Delhi-NCR

Housing prices have declined by an average 8 per cent in Delhi-NCR during 2013 compared with the year-ago period due to slowdown in property market amid economic and political uncertainties, a study said.

“Delhi-NCR is one of the most sought after property destinations in India. However, the present economic and political uncertainty is getting reflected in capital prices in the region,” property portal 99acres.com said in a report that covers trends on property prices for the housing segment.

The quarter on quarter comparison shows a decline of 2 per cent in Q4-13 as compared to Q3-13 of this year. “Annual comparison (Q4-13 with Q4-12) however shows a decline of 8 per cent in 2013,” the portal said in a statement.

The average rentals for 3BHK flats have dipped by 6 per cent during the fourth quarter of 2013 against the previous quarter. Rentals have fallen by 7 per cent during 2013.

Commenting on the report, 99acres.com Business Head Vineet Singh said: “Delhi –NCR region is witnessing a decline in transactions which is underlined by a combination of factors like slackened demand for real estate, high costs of borrowing and rising inventory of projects by real estate developers.” However, he added that certain pockets in the region have shown a spike in prices like Noida extension, Yamuna Express way and Bhiwadi area near Gurgaon due to the presence of affordable range of new projects.

Removal of toll and launch of schemes by developers like construction-linked schemes would shore up the prospects of real estate in the region.

“Also, the upcoming general elections in April will also ameliorate the situation with lots of policy issues likely to move out of limbo,” Singh said.

In the western region, the capital prices have remained stable in Mumbai showing a rise of 1 per cent during Q4-13 over Q3-13, while Pune saw no change in capital prices.

“The annual comparison shows Mumbai and Pune showing a double digit growth of 16 per cent and 12 per cent in Q4-13 over Q4-12,” the statement said. — PTI

Road ministry explores financing options for Delhi-Jaipur Expressway

The Road Transport and Highways (RTH) Ministry is exploring options like real estate development along the Delhi-Jaipur Expressway to finance it as land cost alone has trebled after the new land acquisition law came into force.

The cost of ~11,750 project that included provision for land acquisition is likely to shoot up by at least ~30,000 crore as the land cost has trebled after the new law .

“The National Highways Authority of India (NHAI) has informed us that the cost of land alone for 272 km expressway would be about ~18,000 crore from the estimated ~6,000 crore,” a ministry official informed.

The development comes barely a month after the Prime Minister’s Office asked the RTH Ministry to move a Cabinet note for the project saying it would be the first such highway to be built by the central government.

“The Delhi-Jaipur Expressway is one of the announcements of the Prime Minister in November, 2013 which has been taken up as a priority project of the government. As on date, there is no expressway built by central government and Delhi-Jaipur Expressway would be the first,” a PMO statement had said.

The official said the Ministry is exploring ways for financing the project which may include development of real estate along the stretch or building it around the existing highway.

The Ministry has sought advise on possible financing modes from stake-holder states – Delhi, Rajasthan and Haryana, before proceeding on the project, the official added.

The Road Ministry has estimated the project cost for the Delhi-Jaipur Expressway at ~11,750 crore, including land acquisition and pre-construction activities.

RTH Minister Oscar Fernandes had earlier said that unless a major portion of the land is handed over in the construction of the proposed Delhi-Jaipur expressway, financial institutions could shy away from funding the project. — PTI


Tuesday, March 4, 2014

C-21 lands in trouble, admn to slap notice

INDORE: Indore Development Authority (IDA) has decided to serve notices on commercial complexes including C-21 in connection with violation of land lease agreement in Scheme 54. Also, the decision has been taken to cancel the lease of four plots given to tea and grocery traders for not paying the lease amount even after eight years of allotment. As per the rule, traders had to pay lease amount within three years of allotment.

A report submitted before IDA board found a portion of the mall constructed on plots given to tea and grocery merchants and Mayur Hospital constructed on a residential plot. In 2006, IDA had allotted plots to tea traders and grocery shops on no-profit-no-loss basis for shifting the market from Siyaganj to ease out traffic flow in the city. At least 123 plots were allotted to tea traders, of which, no construction has been done on 52 of them. Similarly, 176 plots were given to grocery shops, of which, 92 plots are without any construction work so far.

Over the year, malls, restaurants and other commercial units developed over it violating the lease agreement. The issue was raised before the IDA board meeting, following which, a committee was constituted to investigate the matter.

IDA chairman Shankar Lalwani said they are only concerned with violation of land deeds. “The report states that plots are not being used for purposes for which they were allotted. We will serve notices for cancellation of lease agreement,” said Lalwani. “We have sought details of the plot on which the mall was constructed,” he added.

Indore Municipal Corporation (IMC) and town and country planning are also under scanner in this case. IMC is in spot for sanctioning map of the mall and other commercial units on the plot. Town and country planning is under scanner for joining small plots allotted to traders for construction of the mall, thereby violating rules.


Wednesday, January 8, 2014

ReEstate Expo Novosibirsk

Sunday, January 5, 2014

PMC may not hike property tax next fiscal

PUNE: Chances are that citizens will not be burdened with an increase in property tax in the next financial year. The civic administration has submitted a proposal to the standing committee, suggesting that the levy should not be hiked.

Property tax is one of the main sources of revenue for the PMC. The department handles the billing and collection of property tax on residential, commercial and other types of properties held privately or by state and Union governments within the municipal limits.

“The committee has received the proposal, which was tabled at its meeting earlier this week. The members wanted to discuss the proposal, so it was decided to arrange a special meeting for the purpose. The civic administration has suggested that there should be no increase in the tax and the proposal is expected to be approved,” standing committee chairman Vishal Tambe told TOI.
As per the proposal, the civic body will have to decide on the issue by February 20, 2014. The proposal has projected income from property tax for this year to be around Rs 720 crore.
PMC officials have said the administration hopes to increase the revenue from property tax by around Rs 20 crore per year, thanks to unassessed properties identified in a special drive. The PMC currently collects tax from owners of around 7.5 lakh properties. It has identified around 16,000 more properties and additional constructions in over 4,000 structures in its drive.

“Property tax revenue is expected to go up due to various such initiatives taken this year. Also, the PMC had increased the tax in current financial year. Hence, the department prefers not to hike the tax for next year,” civic officials have said.

According to the officials, the civic administration had proposed a hike of 18% during the current financial year (2013-14), which the standing committee reduced to 8%.

Property tax is the tax charged on immovable or tangible real property, such as land, buildings and permanent improvements. PMC assesses all residential and commercial properties situated within its limits, based on which the owners have to pay the tax. The levy may also include basic house/building tax plus service taxes such as street tax, and conservancy/scavenging tax. It is collected either every six months or annually. Citizens who pay their dues before May 31 get a discount of 10%.


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