THE FACTS OF REAL ESTATE



Real estate projects are suffering from time and cost overruns as cash-crunched builders are finding it difficult to find buyers. This has put pressure on the prices and terms of trade have shifted in favor of the en user. Nonetheless, some basic facts must be borne in mind before deciding to make the down-payment for your dream home. First and foremost, one must be clear about whether the house is being bought for personal use or investment. Further, one needs to look at one’s payment capacity. Going by human nature, one may like a house which is beyond one’s budget. Is it advisable to stretch oneself to buy that dream home? If yes, how much should we borrow and what proportion should be faded internally. As a buyer, one should not be lured to buy a home only because the interest rates are low; rightly priced property must be available at a right location.



# GET GOING TO PROPERTY



Buying property for investment purpose

is not really on people’s mind in the current economic environment. With job security

at stake, it is not advisable to commit any amount, however low the property prices or

borrowing costs. For people who want to upgrade to a better location or buy their

first home, this is the right time to look for that dream house. One should opt for a

builder with a renowned name, so as to minimize the risks associated with project

non-completion. Do not attempt to go bottom fishing, irrespective of the negotiating

skills that you may possess. The other important thing to keep in mind is
that real estate is a long-term asset

class. Though selling one’s house is the last thing that anyone would do, one must not

be bogged down by short-term property price fluctuations. If you’ve zeroed in on the

right location, the ideal strategy is to sit across the table and finalize the deal.

These negotiations may extend up to three-four months for properties that are still

beyond affordable levels.

Instead of trying to settle at the lowest price points, one must quote a rate based on

financial strength. A word of caution: one should not get over leveraged as this would

expose oneself to high risk.


HNIS COMFY AT HOME



Contrary to popular perception that the Indian HNI is looking at the overseas markets for realty investments, the fact of the matter is that he is far more comfortable in home turf rather than foreign locales, however beautiful and exotic they may be. ET Realty finds out the reason for his comfort at home

The Indian HNI (High Net worth Individual) is being aggressively wooed by the foreign developers. With the balance of economic power shifting towards Asia and India projected to be the world’s third largest economy by 2050, and a subsequent increase in the number of wealthy individuals, property consultants from major locations globally making their sales pitch and getting the HNI segment interested enough to buy.

HNIs are people with net financial assets of at least $1 million, excluding primary residence and consumables. Data by consultants such as Cap-Gemini and Merrill Lynch suggest that India has the youngest HNI population in the Asia-Pacific region, with the club having even 28 yearolds on their rolls. Strong GDP growth, robust growth in industrial and service sectors, high market capitalization and steady FII inflows are the factors contributing to the rise in HNI wealth. In year 2006, India's HNI populaton, or people who own more than a million dollars, crossed 1 lakh, which made it the secondfastest growing HNI segment in the world, after Singapore, where the growth was 21%. If one were to analyse the asset allocation of Indian HNIs, data suggests that while equities make up the greatest portion of India's HNIs' portfolio at 31%, 17 % of their investibles in real estate. “If you were to look at the total pie of investment by Indian HNI , only 2% of the investment from Indian HNIs is going in overseas realty,” says Samantha Jerath, Director with Jerath Properties, a reputed Delhi based real estate consultant having a portfolio of many HNIs. He adds that “barring Dubai and London, I would not reckon any other place due to reasons such as cultural differences, unfamiliarity with laws, language issues.” Also, accessing and monitoring your investment becomes much more difficult when it is an overseas investment as it involves paperwork, making payments from time to time and with many realty investment options available back home with better appreciation profiles, Indians any day prefer their own country.

HNI Vikram Baidyanath says that out of all global property destinations, London is most attractive to him. “I’ve spent more than six years in London and it is more of a second home. Besides, it gives a comfort level to be in London and see our products displayed in stores. The Asian community has a strong presence and English is understood and spoken by all, removing the language barrier.” Though well traveled, he feels he would not be exactly tempted to invest elsewhere – “To invest in foreign realty, either one has to have business interest in it or be really attached to it. Also, appreciation is not all that phenomenal to attract casually investment.”

Lack of awareness is another deterrent for investing in foreign realty. According to Sandip Sen of Calcutta Skyline who has a good network of HNI clients in Eastern part of the country, “We have found that Indians are not investing a lot in foreign markets, if at all they are investing, it is restricted to UK and Middle East. Primary constraints in making overseas property investments include unfamiliar laws, fear of being stuck in litigation, plus lack of general awareness. There are regulatory issues too.” As per RBI, the maximum investments limit allowed outside India is $ 200,000 per year. For anything above that, RBI needs to be approached. Dubai has been a popular choice with Indian HNIs agrees Dubai based realty consultant Mansoor from Spring Rose Real Estate, “A lot of Indian HNIs, especially from South India are investing in retail, while HNIs from Delhi and Mumbai are purchasing apartments from well established brand names.”

With recession, property prices have depreciated globally. But this has not turned overseas properties attractive. On the contrary, according to Dr Devinder Gupta, CEO and CMD, CENTURY 21 India, “Due to the global meltdown and uncertainty in the sector, many projects have become unviable. Even the bankers are unwilling to lend. This has led to Indian HNIs being wary of investing overseas.” There are enough accounts of developers globally being faced with credit crunch and stalling further construction which has delayed most of their projects in the pipeline. The cash flow and credit crunch problems have also impacted the delivery deadlines.

As Samantha Jerath sums it, “Realty investment is all about perception, trust and ease of accessing and monitoring projects. The comfort level is far greater for the Indian HNI in homeland.”

Courtesy:- ET dtd:- 27-03-09

INDUSTRIAL SPACES ON TOP

The industrial regions in India witnessed the highest increase in their rental values amongst the Asia Pacific locations, with
Greater Noida reaching the 8th position, globally. ET Realty gives an account

Despite the economic slowdown in the country, demand for industrial space in India witnessed a robust growth. According to a Cushman and Wakefield report, Industrial Spaces across the World 2009, Greater Noida in the National Capital Region (NCR) saw the eighth highest annual growth in rental values in the world as on December 2008, and the highest in the country.

Peenya Industrial area and Bommasandra Industrial Areas in Bangalore recorded 12th and 16th highest annual growth in rental values in the world, respectively. Mumbai's Thane-Turbhe Creek, which recorded the highest growth last year and finished at the 26th position as the most expensive industrial location, slipped eleven places to settle at the 37th spot, the report said. According to the report, London's Heathrow retained its position as the most expensive industrial location for the eighth consecutive year.

According to the report, industrial areas in India saw the highest growth in rental values amongst the Asia Pacific locations.
Greater Noida, Peenya Industrial Area, Bommasandra Industrial Estate and Jigani Industrial Area took the top four positions in the Asia Pacific region. NCR's Greater Noida area, which has been developed to attract medium to large-scale industries, recorded an annual growth of 25% in industrial rental values at Rs 10 per sq ft per month in 2008. Greater Noida has been particularly promoted for campus development, but in the recent past, did not receive much supply. This, coupled with marginal vacancy, has pushed the rental values northward, the report says. Demand only marginally exceeded supply and mostly came from large corporates like engineering goods, electronic goods, some auto and autoancillary industries, among others. The area has also attracted ancillaries like warehousing and logistics, the report points out.

Greater Noida, which is considered to be one of the most planned cities in north India, has come up as education centre. A large number of engineering colleges and other vocational institutions have been developed in the townships. Experts feel the development of such a large number of educational institutions will lead to improvement in the supply of trained manpower. This will also help other industries to come up in the township. Besides, as education sector is dependent on domestic players, the global slowdown has not affected it.

On the other hand, Manesar in Gurgaon saw an 8% fall in rental values in the same period as a result of large industrial area supply, which entered the location outstripping demand and mostly catered to the requirements of small to medium-size industrial sheds/locations. This area continues to be popular with small to medium-scale industries due to good connectivity and infrastructure, the report says.

Harleen Oberoi, the executive director of industrial services at Cushman and Wakefield, says, "Traditionally, expensive industrial locations like Mumbai (Thane, Turbhe Creek), Pune (Talegaon, Chakan, Ranjangaon), Chennai (Sriperumbudur), have seen a slowdown due to high price points and large scale development in recent years. Slowdown in the economy has affected the general uptake of industrial spaces, especially by large multi-national corporations, which were keenly looking at India in the past few years. However, the demand from indigenous industrial sector, including medium to small operations, has not decreased that rapidly and therefore new locations and locations providing smaller industrial sheds continued to grow in 2008."

Peenya Industrial Area and Bommasandra Industrial Area around Bangalore witnessed healthy growth in rentals at 19% and 11%, respectively, in 2008, the report said. These established industrial locations around the IT city of Bangalore witnessed demand from smalland medium-scale industries. These locations have very little fresh supply, but due to favourable factors, have seen increased demand. Typically, demand for this sector comes from sectors like manufacturing, electronics, storage and warehousing, the report points out. Mumbai's Thane-Turbhe Creek (TTC) continued to be the most expense Industrial location in India with Rs 33 per sq ft per month rentals. However, the location did not see any change in rental values in 2008. This is largely due to subdued demand from various sectors. Apart from the industrial sector, this was also garnering heavy interest from the IT/ITeS, research and development, bio-technology, etc., due to superior development and relatively affordable rental values as compared to other corporate office locations.

However, the report says with the slowdown hitting most of these sectors, the location also has lost some of its sheen. This is the most expensive industrial location and has reached very high price points and thus prospective occupants have started to prefer other more cost effective locations over TCC.

Courtesy:- ET dtd:- 27-03-09

CHENNAI With real estate residence



Chennai's current residential real estate scenario is considerably depressed. Developers who have projects along the once booming IT corridor are all set to reduce their rates by as much as 20 per cent.

However, the Mogappair-Porur composite region continues to hold mid-to-long term investment potential.

Drivers
1. This overall location is very close to the prime residential catchments of Anand Nagar and also to Chennai railway station and the bus terminus.
2. The fact that it is not near the IT corridor also increases its potential.
3. The rates here are competitive at Rs. 2800-3000 per sq ft.
4. The expected appreciation for residential properties here is between 20-30 per cent long term).

MOHALI With real estate residence


Residential rates at Chandigarh have gone through the roof, and there is little scope for appreciation as of now. Moreover, as Chandigah is a planned city conceived on certain density specifications, there are limitations on development. It is, therefore, not dynamic in real estate terms, which means it will not change much with time.

Chandigarh could not partake in the IT boom for these reasons. However, adjoining Mohali presents a completely different picture. The area called Greater Mohali, which encompasses the fast developing Landra-Mohali Road area, is a very promising residential zone Pan India developers such as
Unitech, Emaar-MGF, Ansals and DLF have snapped up land here to develop mega, multi-sector residential hubs. These will be highly organized cluster projects, and all the right drivers are in place.

Drivers
1. International airport coming up.
2. Indian Business School coming up.
3. Multi-terminal bus stand soon to be commissioned.
4. 120 acre township with IT SEZ coming up

The investment opportunity here is in land, which currently sells at between Rs. 12000-14000 per sq yd. After 3-4 years, the cost of land in these areas will surpass those in central Mohali, which currently stand at Rs. 30000-35000 per sq yd.

PARSVNATH LAUNCHES AFFORDABLE HOUSES IN LUCKNOW



Parsvnath Developers Limited announced the launch of parsvnath Royale Floors, independent floors in parsvnath City, lucknow. It is located on the main faizabad Road, lucknow, which is a part of an integrated township - parsvnath City. The project offers four BHK units having saleable area of 1665 sq ft, three BHK units having a saleable area of 1435 sq ft 1135 sq ft and two BHK units having a saleable a mall of 900 sq ft. The offering of the independent floors comes in the price range starting from Rs 13.95 lakh to Rs. 27.50 lakh.

Courtesy:- HT dtd:- 07/03/09

KUNDLI NOW JUST 15 MINS AWAY FROM MUKARBA CHOWK



Now, you can breeze your way through Mukarba Chowk and arrive at
Kundli in 15 minutes flat] A possibility that turned into reality on March 1, 2009 with the inauguration of the Mukarba Chowk grade separator by the Chief Minister, Sheila Dikshit. Mukarba Chowk is known for long traffic jams and a ceo Kling to a recent RITES survey, is also the busiest intersections ín the city with 2.36 lakh vehicles passing through the mute every day. Because of the grade separator now the travel time from Connaught Place to Kundli would barely take 40 minutes.

Says Kamal Taneja, MD, TDI Infrastructure Ltd, "Life will be a serene journey to our township - TDI City now. The commencement of the grade separator at the Mukarba Chowk has brought bliss to the lives of the thousands of imple by saving time, which is as precious as money. It is a pacemaker in the lives of commuters and also our prospective residents. Making lives easier is what we thrive on for the gm with our country"

Courtesy:- HT dtd:- 07/03/09

YES, THREE GOVT BANKS TO FLOAT ASSET RECONSTRUCTION COMPANY



Private sector

Yes Bank is planning
to form an asset reconstruction company (ARC) in partnership

with a foreign lender and three public sector banks — Bank of Baroda, Union Bank of

India and Bank of India — in the next 6-9 months.

Sources close to the development said that the ARC would be capitalized at about Rs

110 crore. While Yes Bank will hold a 29.5 per cent stake in the venture, the three

local banks will have a combined 33 per cent stake and the balance 37.5 per cent being

offered to the foreign partner.

Yes Bank, which was earlier in talks with JP Morgan for its ARC foray is now scouting

for a new foreign partner.

“The foreign partner would be a US-based lender. The bank has received the first level

of RBI approval, but the foreign partner has not yet been finalized,” said the source.

According to the

foreign direct investment
(FDI) norms, a foreign partner cannot hold more than 49

per cent stake in an Indian firm. For taking stake in the ARC, the foreign partner

will also have to seek an approval from the Foreign Investment Promotion Board (FIPB).

“With the stock of non-performing assets (NPAs) growing with Indian banks, there could

not be a better circumstance than now to enter the ARC business. Yes Bank expects to

acquire assets worth more than Rs 1,000 crore during the first year for the business,”

the source added.

However, unlike other established ARC players such as Arcil and IARC, the Yes Bank-led

ARC is not expected to look at acquiring retail NPAs from banks.

“To begin with, Yes Bank will look at acquiring long-term assets, mostly on the

corporate loan books,” the source said.

After closing

investments
for the Global Environment Fund, Yes Bank is looking at launching

its second private equity fund — Distressed Assets Fund — in April. The bank has

partnered with a West Asian bank to launch this Rs 500-crore fund.

The bank plans to launch a Rs 300-crore Social Sectors Fund, a real estate fund, and

an infrastructure fund in the next two years

Courtesy:- BS dtd:- 05-03-09

# What next?



With the current financial constraints of the developers and no support coming in from the interim budget, the builders will be better
off focusing on the core fundamentals of good real estate development
that concentrates on space efficient apartments with respectable
finishes and cost-effective amenities for the middle class buyers.

As for the buyers, they are better off starting their apartment search
today by negotiating hard with reputed developers to get the maximum
space with upgrades at the minimum price per square feet and ink the
deal, says Amit Ramani, President, Nelson India.

Long horizon

Yet another view is that the lack of sops will build up pressure that
will lubricate demand and supply in such a manner that down the line,
things are bound to fall in place. Simply put, the next six months will
be critical.

According to Harsh Vardhan Roongta, CEO of apnaloan.com, the revenue
deficit numbers tell the true story The money . markets are clearly
recognizing the stress. Obviously reducing interest rates to stimulate
demand is clearly not going to be easy in such a situation. In fact,
interest rates have reduced only marginally and have stubbornly held on
despite the massive dose of liquidity that has been injected in the
system over the last two-three months.

So what does it mean for the residential real estate sector? “I think
as the holding capacity of the developers reduces, we will start
seeing reduction in prices across the board sometime around May June
when the lean season anyway begins even in normal times. The consumer
should pick up the signals after a short time lag and we may see the
OND quarter to be a pretty good quarter in terms of consumer demand.
Of course, it all depends on how the economy rolls out and whether the
good show put up by the agricultural sector will continue this year as
well. The government (both current and to-be formed) can kick-start
this process by at least removing the regulatory cost (in fact it
should be called a tax) on land that adds up to anywhere up to 30-40
per cent of the land cost. Since this cost is mostly added at the
state government and local bodies' level this will require an
across-the-board consensus of the kind that has been achieved on VAT
and GST. A tough ask but in the extraordinary situation currently
prevailing, it is possible if guided with some degree of imagination
and fiscal incentives.”

Courtesy:- HT dtd:- 21-02-09



LOW RESPONSE TO HOME LOAN SCHEME



Govt banks have cleared only 28,000 proposals so far.
Two months after lower interest rates were announced for home loans up to Rs 20 lakh, public sector banks (PSBs) have cleared only 28,000 proposals and disbursed Rs 1,550 crore under this special scheme.

For instance, India’s second-largest public sector bank Punjab National Bank (PNB) has approved only 35 loan proposals and disbursed Rs 1.70 crore under the scheme, according to data compiled by industry bodies and the government. At the other end of the spectrum is State Bank of India (SBI), the country's largest lender, which has cleared around 6,500 applications.

Under the special loan package, pushed by the government to boost
real estate demand, public sector banks decided to freeze interest rates on home loans up to Rs 5 lakh at 8.5 per cent for five years. For loans between Rs 5 lakh and Rs 20 lakh, the rate was frozen at 9.25 per cent. SBI went ahead an dropped the rate further to 8 per cent for a year and others such as Central Bank of India have also responded in the same manner.

Further, borrowers can avail themselves of a loan of up to Rs 5 lakh by paying 10 per cent upfront and in case of home loans of Rs 5-20 lakh, the upfront payment has been fixed at 15 per cent compared to 25-30 percent for other loans.

But with buyers expecting real estate prices to fall further, many are deferring a purchase for the moment, said bankers.

“Real estate firms are grappling with a sharp drop in demand and mounting debt repayment. They will have to reduce prices substantially to clear inventory. Once that happens, we may see some improvement in response," said a senor public sector bank executive.

Though prices have dropped by around 30 per cent in certain pockets, buyers are more worried about the equated monthly installments (EMIs), which would come down if real estate prices dropped more, bankers said. "Interest rate is a smaller worry," said a bank executive.

With the economic slowdown, many buyers are preferring to stick to rented accommodation instead of purchasing their own apartment," another executive said.

Besides, many banks are not pushing home loans under this scheme as they are worried over their cost of funds. With funds raised at higher costs, public sector banks would see pressure on their spreads if they hawked the special scheme too aggressively, said an analyst at a Mumbai-based brokerage.

Apart from the cost of funds, banks also have to bear the cost of providing life insurance cover to the borrowers. Also, they are not allowed to charge any processing fee, which adds to the overall cost.

Bankers also said that even for normal home loans, demand has slowed down in anticipation of further reduction in real estate prices. According to the Reserve Bank of India data, the growth in
housing loans dropped to 8.8 per cent for the year up to December 19, 2008, as against a year-on-year rise of 14.8 per cent in the period up to December 21, 2007. Banks sanctioned home loans of Rs 21,989 crore in the year up to December 19, 2008, as against Rs 31,780 crore in 12 months ended December 17, 2007

Courtesy:- BS dtd:- 02/03/2009

WOMEN AND PROPERTY RIGHTS





According to the Hindu Succession Act, a woman can inherit property...
But in case certain conditions are imposed, she cannot sell it off

One keeps getting disturbing news about the steep fall in the male to
female ratio in the northern states. As per the latest information
available, in some states like Haryana and Punjab, the ratio of male
to female is 1000:850. The Hindu personal law, right from the olden
days, is biased in favor of male children. It is believed that a male
child helps in the salvation of the souls of his ancestors by
performing the ‘shraddh karma’.

The above thinking is reflected in the distribution of property among
one’s children. Our traditional Hindu law treats sons and daughters
differently A father is duty . bound to provide good living standards
to his daughter till her marriage and get her married as per the
dictates of his lifestyle. However, he is not supposed to give her a
share in his property Our traditional Hindu law also recognizes a
male’s right to ancestral property even when he is in his mother’s
womb.
Major amendments were made to traditional Hindu law in the year 1956,
like introduction of ‘divorce’ and abolition of ‘bigamy’, etc. In 1984
only a statutory right was given to the female child in her father’s
property by way of succession in the state of Andhra Pradesh. The
Union government recognized this right and amended the Hindu
Succession Act in 2005.

The general perception is that the lot of Hindu women in India has
improved after the ‘Hindu Succession Act of 1956’, but, unfortunately,
this is not the case. As per the provisions of the Hindu Succession
Act (Sections 15 & 16), a woman no doubt inherits the property, but
it’s subject to certain conditions. If she gets it either through
gift, succession, or court decree, she can use the property subject to
conditions in the gift deed. Supposing a father gifts immovable
property to his daughter, her rights are subject to the conditions
laid down in the gift deed. If the father has allowed his daughter to
sell the land, then she can transfer the property by way of sale. If a
father imposes the condition that his daughter can enjoy the property
in her lifetime, but doesn’t have the rights to sell it, or that she
has to hand it to some society or the other, then she has to act
according to the deed.

In case of death of a woman intestate,
the property will initially

devolve upon her son, daughter and husband. The sons of her
predeceased son and predeceased daughter will also a get a share. In
case she dies without a successor; the property will devolve upon the
relatives of her husband, as per the law applicable. In case she dies
without successors or relatives of husband, the property will go to her
parents. In case she has neither of the above the property will go to
the relatives of her father and in their absence; to the relatives of
her mother.

Courtesy:- HT dtd:- 21-02-09


# UNITECH BACK IN MARKET AFTER FIVE MONTHS



Unitech, India’s second-largest real estate developer, has launched two projects after a gap of nearly five months, indicating improved consumer confidence and finalization of a strategy in response to a slump in demand.

The Sanjay Chandra-owned company launched a 1 million square feet mid-income housing project in Gurgaon’s Sector-47 on February 28 and a commercial project in Mumbai with its joint venture partner.

The launches follow the sale of the company’s Gurgaon hotel property for Rs 230 crore, restructuring of short-term debt and final-stage negotiations for sale of 225,000 square feet office property in South Delhi.

The prices offered, Rs 29-42 lakh per flat, are almost half the secondary market prices of such properties in the vicinity, according to Unitech’s head of strategy and planning, R Nagraju.

Courtesy:- BS dtd:- 04-03-09

UNITECH BACK IN MARKET AFTER FIVE MONTHS

Unitech, India’s second-largest real estate developer, has launched two projects after a gap of nearly five months, indicating improved consumer confidence and finalization of a strategy in response to a slump in demand.

The Sanjay Chandra-owned company launched a 1 million square feet mid-income housing project in Gurgaon’s Sector-47 on February 28 and a commercial project in Mumbai with its joint venture partner.

The launches follow the sale of the company’s Gurgaon hotel property for Rs 230 crore, restructuring of short-term debt and final-stage negotiations for sale of 225,000 square feet office property in South Delhi.

The prices offered, Rs 29-42 lakh per flat, are almost half the secondary market prices of such properties in the vicinity, according to Unitech’s head of strategy and planning, R Nagraju.

Courtesy:- BS dtd:- 04-03-09

WOMEN AND PROPERTY RIGHTS





According to the Hindu Succession Act, a woman can inherit property...
But in case certain conditions are imposed, she cannot sell it off

One keeps getting disturbing news about the steep fall in the male to
female ratio in the northern states. As per the latest information
available, in some states like Haryana and Punjab, the ratio of male
to female is 1000:850. The Hindu personal law, right from the olden
days, is biased in favor of male children. It is believed that a male
child helps in the salvation of the souls of his ancestors by
performing the ‘shraddh karma’.

The above thinking is reflected in the distribution of property among
one’s children. Our traditional Hindu law treats sons and daughters
differently A father is duty . bound to provide good living standards
to his daughter till her marriage and get her married as per the
dictates of his lifestyle. However, he is not supposed to give her a
share in his property Our traditional Hindu law also recognizes a
male’s right to ancestral property even when he is in his mother’s
womb.
Major amendments were made to traditional Hindu law in the year 1956,
like introduction of ‘divorce’ and abolition of ‘bigamy’, etc. In 1984
only a statutory right was given to the female child in her father’s
property by way of succession in the state of Andhra Pradesh. The
Union government recognized this right and amended the Hindu
Succession Act in 2005.

The general perception is that the lot of Hindu women in India has
improved after the ‘Hindu Succession Act of 1956’, but, unfortunately,
this is not the case. As per the provisions of the Hindu Succession
Act (Sections 15 & 16), a woman no doubt inherits the property, but
it’s subject to certain conditions. If she gets it either through
gift, succession, or court decree, she can use the property subject to
conditions in the gift deed. Supposing a father gifts immovable
property to his daughter, her rights are subject to the conditions
laid down in the gift deed. If the father has allowed his daughter to
sell the land, then she can transfer the property by way of sale. If a
father imposes the condition that his daughter can enjoy the property
in her lifetime, but doesn’t have the rights to sell it, or that she
has to hand it to some society or the other, then she has to act
according to the deed.

In case of death of a woman intestate,
the property will initially

devolve upon her son, daughter and husband. The sons of her
predeceased son and predeceased daughter will also a get a share. In
case she dies without a successor; the property will devolve upon the
relatives of her husband, as per the law applicable. In case she dies
without successors or relatives of husband, the property will go to her
parents. In case she has neither of the above the property will go to
the relatives of her father and in their absence; to the relatives of
her mother.

Courtesy:- HT dtd:- 21-02-09


EDEN IN THE CITY



Kamal Kant Koner can hardly believe that a green and serene Yamuna Bio-Diversity Park

actually exists within congested Delhi

We travel so far only to realize that paradise could be just next door. That’s what

struck me this month. For years, I’ve seen the world vicariously through the pages of

ET Travel, (which I design, incidentally!) and then a chance news item set me on an

amazing path of discovery. It was an article on a bird sanctuary in Delhi itself and

I, a hardened cynic like most people who have breathed this city’s smog and braved its

jams for too long, scarcely believed it could be true,....

But it was. Just 13 km from the congested crossing of ITO, where we all work in Times

House! Unbelievable, but that’s what the auto rickshaws meter displayed. So near yet

so far from my world that I had a hard time convincing myself that it was true. But so

it was, and I reached the somewhat blandly named Yamna Biodiversity Park just around

11:30am. It was already a bit to warm, thanks to the unusual weather patterns this

year, and I figured I should have reached at least an hour earlier, the slated time

for opening.

Already dreaming of photographing the wealth of birdlife nestling in the 457 acre park

that was set up in the northern part o Delhi in 2003, I came to a rude stop at the

main gate though, as the security staff informed me that I needed a prior appointment.

Appointment? To see a bio-diversity park at a

time when eco-sensitivity is the latest mantra being popularized? Ah well, bureaucracy

clearly moves to its own tune.

Anyway, one staffer had the bright idea of taking me to one of the scientists who is

responsible for the park. And it helps sometimes to flash our natty Times group

identity card! The scientist finally let me into the park, albeit with an escort. So

entry free but no freedom! I wanted to stroll around, but there’s a strict rule that

staffers (even scientists) accompany all visitors. The reason given — and I admit it’s

plausible — is there are at least 7 species of snakes in the
area, including deadly cobras.

But snakes are hardly the first thought when in the garden of Eden, right? I was just

astounded that a park with so much of wildlife, water and greenery actually exists in

our backyard. The noisy city, surrounded by gritty urban villages faded away until I

was in the midst of a perfectly natural habitat. As I made my way to the water body,

the silence was only broken by the chirping and twittering of birds. On the way, my

escort stopped at a small bamboo shed in the middle of the park. There I saw what

seemed to be a green pigeon on top of a tree. Later I found plenty more round the

park.

With winter already on the wane, the water body was alive with migratory birds.

Pintails, Green Head ducks, Indian Cormorants

and many other species. I learnt that some 200 species of birds can be seen in

the park, including migratory ones, and a tree of the acacia family in the centre of

the ‘lake’ seemed to be their preferred perch. At this time of the morning they were

already quite active and seemed almost close enough to touch thanks to the zoom lens

of my camera.

Incidentally, despite the rather gruff welcome, I was pleased to find out that the

park also lends out binoculars to visitors. Once they clear the hurdle of getting in,

that is!

Emboldened that I had actually been taken so far inside the park that was usually

reserved for scholars and scientists (why that should be so is another matter!) I

dared to ask if I could have a closer look from the other side. My escort agreed!

Tromping through the marshy wetland, I caught a wonderful glimpse of a Humming Bird,

brilliant in its fluttering charm. At the other end of the lake, was a hidden space

covered on three sides with dry grass, with a small hole on each side. Once inside I

could see the birds really close up, starting with a flotilla of ducks in the water.

True to its name, three’s more to the park than just birds; it’s also a repository of

many plants, trees, shrubs and herb. There’s also a bamboo bridge links to the

butterfly zone. Although I came across butterflies and insects all over
the park, a
special environment
is created

for them in this space and some 36 species have already been identified as ‘residents’

of ties biodiversity park. Different kinds of flowers make it an ideal hub for

butterflies, bees, wasps and many other nectar loving insects. It’s easy to see them

but much too difficult to capture them with my camera!

Courtesy:- ET dtd:- 26-02-09


SOLITUDE IN THE CITY



Nearby is an amphitheatre on the banks of the wetlands overlooking the bamboo bridge. Although the water isn’t clear — that would have been a miracle indeed! — I was lucky enough to see a shoal of river eel. Suddenly, something made me look up: it was a hawk perched on top of a dry tree. Just as I pointed my camera, it spread its glorious wings to fly off and I captured the moment.

Turning right, we walked parallel to the boundary wall. Far behind the trees, a bulbul rested on another dry branch. A little ahead, quite near another small water body, I was attracted by the sound of a bird. Led by the sweet song I reached a kingfisher on a tree on the other side of the pond!

For the aficionado, my “haul” of birdlife and nature may seem commonplace but the very idea that such an eco friendly environment existed so near the hustle bustle of Delhi’s business district made it extraordinary. This was no zoo, with enclosures and iron bars; everything was as close to me as nature should be. For me, viewing wildlife there was as much of an adventure as any safari on the Serengeti or Misaim Mara. And the flora and fauna was diverse enough to make me think, who needs Singapore’s night safari?

At present this little hidden gem is reserved only for schools and institutions, not for the general public... Hence the barrier at the main gate. Though already 5 years old, the park is still evolving, with scientists planting more species of plants and documenting more birdlife. All to the good, I’d say, more green lungs for Delhi.

Looking at the peaceful environment inside — the ideal haven for botany students and nature lovers — I wonder if it isn’t a good idea after all to prevent the hordes from invading this calm habitat with their picnic hampers and noisy children.

I wouldn’t want this garden of Eden to end up looking like Eden Gardens during a cricket match....

Courtesy:- ET dtd:- 26-02-09

NRI REALTY INVESTMENTS HALVE



The NRI season is now at its fag end. De spite undertaking tours to the US, the UK and Middle East and doling out freebies and discounts, realtors have been unable to catch the attention of this cash rich community. The result: NRI investments in India-based properties dropped by over 50% this season, with the four metro cities and “NRI-heavy” micro markets in states like Gujarat and Kerala being among the worst hit.

“Compared to last year, the drop in NRI interest in India-based properties has been almost 50% in all sectors. The metros hawed a sharp drop in demand, largely owing to the steep prices”, says Sanjay Dutt, CEO - business, Jones Lang LaSalle Meghraj (JLLM), a global real estate consultancy firm. “Very few luxury home have been sold as compared to last year”, he adds.

At a time when the domestic demand in micro-markets in Tier-I, II and III cities began to slump in the third quarter of this financial year, the developers were hopeful that the demand from the NRIs will pep up the sentiments in the realty markets. However, the global slowdown and the resulting slump froze the bullish sentiments among NRIs. “Though a far-from-spectacular number of transactions have indeed taken place this season, generalized job insecurity and a desire to conserve available cash among IT employees abroad has curbed investment demand for high-end properties, Mr Dutt said adding that the response was “significantly muted” from the NRI community this season.

The sharp corrections seen in some larger cities has also led to an “acute wait-and-watch attitude among NRIs who - just like everyone else - are now very price sensitive”, he explained.

Courtesy:- ET dtd:- 26-02-09

TATAS, BIRLAS BET BIG ON REAL ESTATE



Two of India’s large business houses, the Birla’s and Tata’s, are

looking at real estate
as a major investment area, albeit in different ways. While the Birla’s, through a financial

services arm, are offering real estate as an alternative investment option to clients, the Tata’s are planning to develop

surplus land held by group companies and could also invest in the sector through money raised in recent public offerings.

Interestingly, these moves come at a time when real estate prices are correcting and slow demand for projects has prompted

large developers to default on their financial commitments and on project deadlines.

Aditya Birla Management director Ajay Srinivasan who also heads the financial services business, says the conglomerate is

merely gearing up for the future. “We are now putting a team in place and want to be ready when the time is right,” he told

ET. The financial services arm of the group is setting up a real estate and private equity arm for its wealth management

units. To be headed by Sashi Kumar, the real estate business would be managed through Brla Sun Life Asset Management.

The Birlas plan to subsequently launch two real estate funds, offshore and local, for the real estate sector where although

the investors would be different, the investment destinations would be in India and could also likely include distressed real

estate assets.

Tata Housing Development, a real estate arm of the Tata group,

has already said that it plans to leverage its tie-up with banks by developing properties on surplus land owned by other Tata

group companies. Tata Housing is now identifying excess land banks owned by companies such as TCS, Voltas, Rallis India, Tata

Motors, Tata Coffee and Tata Tea.

Tata Capital, the financial services arm of the Tatas, is scheduled to close a largely successful non-convertible debenture

issue on Tuesday; it has so far raised Rs 2,300 crore against a targeted Rs 1,500 crore. Although Tata Capital has said that

it won’t lend to group companies, it has proposed to invest in most asset classes.

Anticipating a large value erosion in the realty space, Indian corporates are planning to float new funds to acquire assts in

the domestic property market. Real estate funds such as Saffron Advisors have either floated or are in the process of

floating funds with corpus ranging between Rs 500 crore and Rs 1,000 crore. “As far as Indian realty is concerned, for the

right projects, funds are still available,” says Saffron Advisors MD Ajoy Kapoor. “Conservative European investors, after

conducting extensive due diligence and research, are more comfortable with
href="http://www.zameen-zaidad.com/Tata_Housing.aspx"> investing in Indian real estate provided
they are able to align

with the right partners.”

A few months back, Munich-based retail aggregator Deutsche Capital Management AG underwrote $20 million for Saffron India

Real Estate Fund I, an India-focused real estate fund. DCM is raising a specific fund for investing in Indian real estate

through Saffron Advisors.

Courtesy:- ET dtd:- 26-02-09

INDIRAPURAM BUCKS THE TREND



The realty sector is still going strong in Indirapuram. While the slump has also hit here, this bustling place has managed to withstand its onslaught, says Vivek Shukla

Even though real-estate market is facing crunch time across the country, this engine of growth is still going strong in Indirapuram. While it is true that the slump has also hit this bustling place, it has managed to withstand the onslaught of slump, though. Visit any the office of any realty developer or realty consultant on Saturday, Sunday or for that matter on any pubic holiday, you will see a flurry of activities. Prospective buyers are visiting them in order to either survey flats in various projects or finalizing their deals.

As of now, projects of several builders like Gaursons, SVP Group, Mahagun, Amrapali, Ashiana, Parsvnath, Express Builders, Krishna Apra, Jaipurias, Agarwal Associates and SVP Group are in various stages of completion or already completed. The best thing about Indirapuram is that all these facilities be they malls, hospitals or schools are all in a radius of a few kilometers.

While making a township or building apartments, a developer must heed one important aspect is there a school in the vicinity? It has been found that this is the first question an end-user poses before finalizing a deal. This is followed by a question on the distance of the nearest hospital or mall? However, developers have fast caught on to these finer details while coming up with a project. Yes, the developer should came up with his project in an area where these facilities are available at a stones throw, says Sunil Jindal, director o SVP group. We take special care in our projects so that the buyers do not have to worry about these things. Indirapuam is still seeing activity in the realty market, owing principally to the prices, which are lower than those prevailing at Noida and Gurgaon, says Amit of Supertch. Generally, in societies the prices start from a range of Rs 2,900 to Rs 3,200 per sq ft.

Ajay Rathore, country head of realty consultant Century 21 India, says that Indirapurams road connectivity is OK if not good. Reaching there in peak hours is a difficult task, but then, no place in Delhi or in the NCR is free from traffic woes. Hardcore commercial places like Connaught Place, Nehru Place and South Extension are just at a 40-mintute drive. Big-ticket software companies and educational institutions are right across the highway, while Kaushambi and Ghazibad are at a 10-minute drive. I think that due to its proximity with all these and other areas, prospective buyers are visiting here in order to finalize flats, Rathore concludes. Sunil Jindal says that as State Bank has reduced home loan rates to 8%, it will further lift the realty market of Indirapuram. We are already seeing positive signals to the loan rate cut. The number of queries we are receiving from prospective customers have shot up, all of a sudden.

Realty experts say the upcoming 2010 Commonwealth Games has triggered a lot of action in infrastructure development, retail and hospitality sectors in and around Indirapuram. What sets Indirapuram apart from other places is the availability of basic infrastructure in the vicinity.

There are no dearth of hospitals, clinics, malls and schools in and around Indirapuram. Moreover, there are several plans in the pipeline to widen NH-24 and develop habitat Centre on the lines of India Habitat Centre in Delhi. Authorities would do great service if they develop NH-24 sooner rather later.

While it is true that it is place worth living, the only sore point is the public transport, which is appalling a person has a problem, if he doesn't own a vehicle. More or less you remain at the mercy of the three-wheeler drivers. They are even worse then their Delhi counterparts
Courtesy:- Times Property dtd:- 21-02-09

BLACKSTONE MAY BE TOP BIDDER FOR PRESTIGE BIZ



Blackstone has offered around Rs 230-240 crore to buy out southern realty major Prestige Group's serviced apartment business managed by the international luxury hospitality brand Oakwood.

The private equity giant's proposal, which is still in the early stages, falls below Prestige's asking valuation of Rs 300 crore, at least two people close to the development said. However, Blackstone may have merged as the top bidder for the 177 key serviced apartment asset located at UB City in Bangalore's central business district. ET could not confirm this independently. When contacted, a senior Blackstone official said the firm will not comment on any specific deals.

Oakwood Premier Prestige, a full service five star one-to-three bedroom property, became operational in the last quarter of 2008. Oakwood has three properties in India currently, Pune and Mumbai are the other locations. Sources said a Hong Kong based fund as well as domestic financial investors like Kotak have also looked into the potential deal. An official with Kotak private equity said the firm did show early interest but has decided not to proceed with it. Senior officials at Prestige Group could not be reached at the time of going to press. Earlier media reports had indicated that the Bangalore headquartered realty player has put a few of its projects on the block to unlock liquidity. Prestige is a joint venture partner with UB Group in the 1.5 million sqft mixed use development in UB City where Oakwood is located.

One banking source said a deal looked uncertain as most potential buyers were looking at bargain valuation given the market conditions. It is believed that Prestige was looking at Rs 350 crore valuation in the beginning, but has now decided to settle for at least Rs 300 crore still higher than all the offers on the table at present. The 50 year-old Oakwood Worldwide has 23,000 residences at over 4000 locations offering complete housing solutions to mainly corporate travelers globally.

Courtesy:- ET Dtd:- 20-02-09
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