Real estate in india

With falling property prices,
home financing offers have increased. But, there is a word of caution: One must keep the borrowing component low to avoid high leverage

Home buyers have their plate full, at least in terms of financing options. A recent addition to the offer list is Canara Bank’s new home loan scheme. ET Intelligence Group takes a look at some of the public sector bank schemes to check which of these involve the minimum outflow. After the stimulus package’s blanket offer (five-year fixed 9.25% interest rate for loans up to Rs 20 lakh taken till 30 June 2009), there are other equally luring offers. Be it the largest public sector bank SBI, or the likes of LIC Housing Finance, Bank of Baroda or Union Bank, every bank is vying for the same customer. However, there is a word of caution; one must keep the borrowing component low to avoid high leverage.

CANARA BANK’S NEW HOME LOAN

This scheme is applicable for home loans up to Rs 30 lakh. The interest rate will be 8.25% in the first year and 9.25% for the next four years. Thereafter, the benchmark prime lending rate (BPLR) will be applicable, less 2.5%, subject to a minimum of 10%.

For loans above Rs 30 lakh and up to Rs 1 crore, the rate of interest will be 9% for the first year, 9.75% for the next four years and BPLR less 2% subject to a minimum of 10.50%. These rates are only available for the new borrowers and up to December 31, 2009. The maximum loan tenure that can be allowed under this scheme is 25 years. The loan to value ratio would be 80%.

SBI had earlier unveiled its Happy Home offer. This scheme specified an interest rate of 8% for the first year, a discount of almost 200-250 basis points to the prevailing market rate. However, after the first year, it would be marked to-market.

OUTFLOW

The EMI for Rs 30 lakh loan would be Rs 29,104 in the first year, at an interest rate of 8.25%. For the next four years, the EMI would be Rs 30,783, calculated at 9.25%, resulting in increased outflow of Rs 1,679. But assuming that the minimum rate applicable after the fifth year would be 10% as per rules, the EMI payable would be Rs 31,774. This would be a marginal increase of 3.2%, which would not be heavy on the pocket.

A borrower would be protected against the rising interest rate regime, at least for the first five years. However, on the flip side, one would end up paying a higher EMI amount in case the interest rates decline during the first five years.

THE BEST OPTION

A cursory glance at the scheduled interest rates gives the impression that this is the cheapest home loan scheme, but it is not the case. A comparative analysis shows that the interest outgo of other public sector bank schemes is higher than LIC Housing or Bank of Baroda. However, the interest outflow is lesser compared to SBI’s offer. Nonetheless, each bank has its own payment schedule (whether the repayment will first be towards interest or principal). A customer must, therefore, undertake thorough analysis on his own before opting for a scheme. Happy home buying.

Courtesy:- ET dt:- 13-04-09

For the first time in last five years,
Mumbai’s commercial real estate market

is headed for an oversupply with a total of 16.02 million sq ft of new commercial

office space expected to enter the market in 2009. Demand though has been dipping

steadily. According to property consultancy Jones Lang LaSalle Meghraj (JLLM), the

demand for office space has dropped 60-80% compared to the peak period from late 2005

to early 2008. Some parts of the city had seen rental appreciation of over 100% in the

period on the back of big demand from the Banking, Financial Services and Insurance

(BFSI) and IT/ITeS sectors. “Rentals are set to go down a further 20-25% in Mumbai

owing to the mismatch in supply and demand. BFSI which generated the most demand for

the Mumbai market has been hit the most in the recent times,” says Vivek Dahiya, CEO

of property consultancy GenReal.

A JLL-M report ‘The Slope of Descent’ says: “The BFSI and IT/ITES sectors - the two

most prominent office space occupiers in the country, have been adversely affected in

the economic downturn. The BFSI sector suffered globally with the collapse of major US

and UK banks resulting in many financial corporates putting their expansion plans on

hold. BFSI demand for office space in India’s business districts fell in 2008, and it

is projected to remain sluggish in the short term.”

The mismatch for many years has been on the supply side, which has been reversed now.

Throughout 2006-08, Mumbai trived on new companies coming in. A number of
investment banks, management

consultancies, private equity firms and others who entered the Indian market

wanted to take up space in Mumbai, mostly south Mumbai. “The only demand that is there

in the market today is from the non-BSFI corporate segment,” says Kaustuv Roy,

executive director at Cushman & Wakefield.

The first quarter of 2009 saw a total supply of 2.47 million sq ft of new space in

Mumbai of which the total absorption of space is only 35%. The total absorption was

only 896,454 sq ft. Rentals have been steadily falling in most major micro-markets of

Mumbai.

Rentals in Nariman Point are down 13% compared to last quarter and about 30% down

compared to a year ago. Worli, Lower Parel, Bandra Kurla Comlex and Andheri-Kurla are

the worst hit with rentals coming down by 38%, 39%, 27% and 33%, respectively, over

the last one year.

This is the best time for businesses to relocate to locations that offer lower rentals

and bring down their operating cost. “There is some leasing activity going on but only

for the price conscious which is mainly for relocation. The business expansion demand

has completely dried out in the city,” says Aniruddh Wahal, national head, strategic

occupier services at JLL-M.

Courtesy:- ET dt:- 17-04-09

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Redevco, one of Europe's largest real estate investment and development firms, with a

$10 billion portfolio, is understood to be looking at investing around Rs 300 crore in

various projects of Bangalore-based
Sobha Developers .

Redevco, part of the diversified Cafro Holdings, which is into private equity, retail,

financial services and renewable energy, in addition to
Indian real estate

have been slowing over the past three quarters and this deal is expected to be a major

one. While Redevco said it had nothing to comment, Sobha has been maintaining that it

is in talks with various funds and nothing has been finalised.

Over the past two quarters, Sobha has been aggressively looking at three options to

reduce its debt burden of close to Rs 1,900 crore, a leverage of 1.6 times.

The company, which has Infosys as one of its major clients, is looking to raise around

Rs 850 cr by selling around 200 acres of its 3,000 acre land bank, offloading up to 49

per cent stake through special purpose vehicles and to offload up to 25 per cent stake

at the enterprise level.

Sobha is understood to have identified around 150 acres of land on which projects can

be implemented through special purpose vehicles by divesting stakes.

The company is also engaged with around 12 banks and financial institutions to

restructure around Rs 850 cr of debt that will be due for payment during the next 18

months.

Banking sources indicate Sobha has been able to get a nod for a part of that sum and

talks are also on with mutual funds to roll over Rs 350 cr of debt

Courtesy:- BS dt:- 17-04-09

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The aged and single, living all alone in big houses, are an easy target for unscrupulous tenants, says
Sarthak

Tripti (name changed) has been living all alone in her spacious East of Kailash house. After the recent demise of her husband, this 76-year-old lady is looking for a tenant for her first floor house. Before leaving for England, her married son, who came to attend the last rites of his father, told several realtors in the area to look for a “tenant for our first floor house, who has a small family. Like one or two kids, and who can also provide some medical aid to my mother as when she is not well. Those who can drive her car, at least occasionally, will be preferred.”

Interestingly enough, for sheer numbers, old ladies outnumbers old men living alone in their big houses in posh localities in the capital. Their kids either live in some other city or abroad. If we talk about ladies alone, there are many instances when they have not married at all, and in their ripe age, they are left as the sole guardian of their houses, which they got in inheritance.

Kajol Makhijani of Mak Realtors says finding right tenants for such weak and weary ladies is a huge task for them. They take extra effort in order to find the right person who can occupy the house. “While we see and ensure that the prospective tenant has the right credential, we also make our own enquiry to see if he or she create trouble for their former landlords,” says Kajol.

Realtors say that in almost all the private localities of the capital, one can easily find a large number of old couple, as well as single men or women, living all alone. It goes with out saying that all types of shady characters try to gab the properties of these people, and sadly, many of them have lost their lives at the hands of these elements.

Anu Gupta of South Delhi based DGS Realtors says that it is wrong to believe that senior citizens are under constant threat only from outsiders. The fact of he matter is, in many instances, they have badly suffered at the hands of their own close relatives or so called friends. Giving a shocking example of former DU teacher, Prof Lotika Sarkar, Anu Gupta says that as Lotika is very old and alone, her tenants tried to fudge ownership papers of her posh South Delhi colony house, which is worth crores. The aim was to grab her house. But for timely exposure by the Times of India, the house of Lotika Sarkar would have been grabbed by those who claimed to be her well-wishers. “Keeping this in mind, as and when senior citizens requests us to find tenant for his or her house, we take extra precaution in order to ascertain the background of the possible tenant.” Many Realtors says they do not rush into these things an bid their time for the right person. When they feel they have found the right candidate, only then do they make their next move and introduce him or her to their clients. There are many senior citizens who prefer to let a part of their houses to single women only. They somehow think that workingwomen will not create problems for them at any stage. East Delhi-based realtor, Pramod Kumar Chopra, says he has recently found a tenant for his Nirman Vihar client. The lady was looking for a workingwoman who could also take her to doctor, at least once or twice a month. She was ready to give her house on lower rent than the prevailing market rates.

Courtesy:- TOI dtd:- 28-03-09