Metro Lines Lead to Higher Property Tax

The entry of Metro trains to Delhi, Noida and Gurgaon has sky rocketed the property prices in all three cities. The massive development in transportation comes across as a major boost to realty estate in Delhi especially. The property buyers will have to pay dearly in wake of the categorization of the colonies in Delhi.

A major change in tax slab is expected if colonies are categorized again depending on their proximity to the Metro. The colonies will be divided into five categories A, B, C, D and E based on infrastructural facilities like civic amenities, road network and proximity to metro now. There is also a grading system that defines which colony would fall under which category, for instance, those with grading of 89 or more are in Category A whereas others between 75 and 88 come in category B.

Besides re-categorization, the interim report of the 3rd municipal valuation committee (MVC) has also suggested a raise in property tax levied on rented commercial setups. It has proposed to levy property tax as in Category ‘A’ on 5-star hotels, multiplexes, commercial farmhouses, petrol pumps and malls. The tax rates will be as those charged for category ‘B’ for 3 and 4 star hotels ultimately adding substantial sums of money in revenue collection of MCD. In addition to this, it is also recommended that MCD should try to uplift its tax base since despite a whopping 40% hike in realty value in last few years, it has not managed to collect much.

The property rates in Gurgaon and Noida are also towering high with coming of Metro services to both the cities. The capital and rental values in Delhi and NCR are multiplying every year making them unaffordable though this makes them the most coveted and an ideal realty destination.

Delhi- most popular destination for the purchase of flats

Buying a real estate property for yourself, and for your family is one of the most important decision of life. The property can be a house, shop, land, or an investment, in one of the posh malls of the city. But, among all this, home is the place, which tops our purchase list. A house is the place, where we tend to spend most memorable moments of our life, which are cherished by us for the entire life. There are different factors, which we consider before the purchase of the land, such as location, hygiene, development, surroundings, price, etc. Out of all these, price or cost of the land is the most important factor, which enables us to actually purchase the property. It is but obvious, unless and until, your pocket will allow, you would not able to purchase a property.

So, the main thing is to locate a property, which is in your budget and also satisfies the above mentioned conditions. We all know, the property rates have been touching heights these days. It’s getting tougher for the common man, to buy a property for himself. Now here comes a good news for the citizens, as according to a survey, Delhi is the most popular destination, when it comes to buying a flat. It means the property rates in Delhi, are far cheaper and accessible than properties in many other cities. The survey also reveals that more of end users can be seen buying properties in the city, out of which most of them buys it for their personal use, followed by the people, who purchase houses or flats as long term investments.

It means Delhi is far economical from cities like Bangalore and Hyderabad, who lags behind the list, of the city, in which most flats are sold. This might also be because of the huge developments occurring in the city and it becoming as the favourite destination for people in almost all sectors of work.

Concept of affordable houses building up

House is one of the most essentials factors, which contribute towards the healthy living of an individual. A well organised and a beautiful house is the dream, which we see from the times, we start planning for our future. A well maintained house is an asset, which takes a large amount of time and effort to develop. All the members of the family have to contribute a lot for building up a house for themselves. Also, because of the prices of the real estate properties going high, it seemed more difficult to own a house. Especially, in a city like Delhi, where everything is just too costly, buying a house of your own is actually an achievement.

Trends have been changing and so are the interests and tastes of the people around. Keeping in mind, the budget and the demands of the common man, there have been houses developed which are in the reach of the middle class men and so that they can also own a land and structure their dreams into reality. There are houses available in the real estate market, which are quite affordable and people belonging to middle class and lower than also, can think to purchase a house of their own. These houses are quite comfortable and fulfil all the criteria’s for the dream house of a common man.

These affordable houses have started been build by almost all the top most real estate builders in the city. There are many new societies getting developed in delhi and its NCR’s, such as Gurgaon, Noida, Faridabad, Ghaziabad, etc. The societies built in these areas provide a very soothing and a happy environment for the residents to live in. More than anything else, a lively and a well developed area, with all the modern facilities is required these days. And all the property builders keep this point in mind, therefore, there are malls and markets around the societies and the houses built.

If we will keep on growing this ways, then that day is not far, when every Indian will own a house of his dreams!

Check the developmental potential of the land, before buying it

Before purchasing a land, we generally check the locality and the surrounding of the area. We tend to inquire about the people living in the areas around, the markets covering the place, or the factors affecting the health. But, have you ever researched about the developmental potential of the land before purchasing it. The land, on which you are planning to build your house, needs to be inquired on a number of factors, which helps in deciding the life of the property you are going to build on the land purchased. Some of the factors, which must be checked before buying it, are:

• The soil quality of the land
• General topographic features of the land
• The support of the soil with respect to the structure of the property you are planning to build on the land
• Land’s susceptibility to floods and other natural disasters
• Should check that the drainage system is proper
• The sewage system in that area and that the land has an easy access to the sewage system

If the above factors are not checked, then they can hamper the growth of your investment. The buyer is required to do a proper research before investing the money in the land. Purchasing property is one of the best investment deals one makes in his life, because it can never get demolished and no one can actually take it from you. So, all the above mentioned factors are important to check, so that the land does not become a curse for you rather than you gaining profits out of it. These points might not add to the outer look or beauty of your house or any other property type, but are very essential to bless your house with a long life.

The Emerging Real Estate for Senior Citizens in India

The real estate in India has been re-discovering itself since the past decade. It has become highly customized and customerized like never before. The property developments in India shifted focus from metro cities to tier-II, III and IV cities. The residential property market in India has always been adjusting to the changing needs of individuals and companies.

The large scale growth in property was first seen in commercial industry as the IT wave set in. It carried forward to residential sector to accommodate the professionals working in these industries and finally to retail, in order to create entertainment and recreation sources for them. The residential segment is the most popular realty sector in India with builders concentrating all their funds on housing developments.

‘Affordable housing’ being the buzzword, developers have been constructing international quality housing at cost effective prices. After meeting the needs of industries and investors, real estate is now all geared up to cater to the requirements of senior citizens. According to a report by Jones Lang LaSalle Meghraj (JLLM), the leading real estate advisory firm, homes for senior citizens is emerging as a new property market in India.

The report said that the status of seniors in Indian market is experiencing a sea-change due to their augmented financial independence and change in mindset. They are no longer considered withdrawn or financially dependent and thus, this segment holds immense potential. Indian real estate market is witnessing a new array of opportunities in building homes for senior citizens, with its unique needs and promises.

Out a billion, the population of senior citizens in India is around 10% and with the trend of nuclear families at its best, they need greater support in all forms. The housing segment has increased four to five fold in just few years and is still on a growth path.

NAR - India Annual Convention 2010 to be Held in Chennai

The NAR (National Association of Realtors) India 2010 second annual convention is to be held for two days on July 16 and 17. The venue for the convention is The Radisson Resort Temple Bay at Mamallapuram in Chennai.

Chennai Real Estate Agents Association (CREAA) is the aegis body for the two day meeting. The agenda for the convention is the introduction of best global practices in real estate sector in India.

Some of the objectives of the get together can be listed down as following:

(a) Promoting of code of ethics and fair practices among realty developers,

(b) Establishing a better understanding among stakeholders and others involved in the realty industry and

(c) Building strategies by formulating transparency in all business activities related to the huge industry.

It is believed that the convention will act as a great platform even for brokers pan India as a vision statement is said to emerge during the meet. Now known as consultants, the broking community is set to enjoy an elevated status ultimately raising the overall standard of real estate business in the country. Not only would the convention help add credibility to the realty business but also promote quality property transactions.

The speakers at the convention include Managing Directors of some of the rapidly developing realty builders like Olympia Park, Akshaya Homes, SSSDPL, Parsvnath and Prestige Group. The $35 billion real estate industry was at its best in 2007 with property developments and capital values observing an upward trend. After the recession, it is again back with a bang and witnessing an all time high with capital and rental values soaring high across the country. The demand for housing, offices, retail outlets, multiplexes, etc. is growing tremendously but the supply is not enough, resulting in inflated property prices.

India Realty Expo 2010 in Dubai : Spelling Success for Indian Real Estate

MCHI (Maharashtra Chamber of Housing Industry), a member of the Confederation of Real Estate Developers’ Association of India (CREDAI) is a prominent body of realty developers in India. It held India Realty Expo in Dubai from 3rd to 5th June 2010 to showcase properties of renowned Indian builders in order to attract NRI home buyers from the Middle East.

This Expo has not only helped NRI investors in exploring investment opportunities in the Indian real estate market but has also taken Indian property sector to an international platform. The residential, commercial and retail properties mostly from Pune, Bangalore, Mumbai and Goa were exhibited for affluent NRIs looking for investment back home. The properties put on display matched international standard living equipped with modern amenities like swimming pools, health club, play areas, etc. Since NRIs are used to living and working in a global lifestyle and environment, they look for properties in India on the same lines.

The realty exhibition has surely been a huge event with as many as 21 leading developers participating, all members of the MCHI and CREDAI Association. The event turned out to be a huge hit as it extended numerous golden opportunities to Non-Resident Indians to build a home in their motherland. Indian realty also gets to see huge money coming in from outside helping in further boom in the industry.

Since, the prices have stabilized post recession, it is just the right time to exhibit global standard property in India to foreign investors. Investors are now looking at investment options as the economy shows clear signs of recovery. Also, those with affluent incomes are coming forward to invest in their native land so that they can spend retirement years near their home towns and get a regular income meanwhile.