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Long road to 100 Smart Cities of India

Long road to 100 Smart Cities of India | CM Property INDIA | Scoop.it
Budget 2014 has laid out a road map to the Prime Minister’s vision of developing one hundred Smart Cities. But the road to reach them look really long (#SmartCities | The blueprint of this dream is still in the pipeline.
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Budget nod to spend on infrastructure can unlock delayed projects in Mumbai - Times of India

Budget nod to spend on infrastructure can unlock delayed projects in Mumbai - Times of India | CM Property INDIA | Scoop.it
Budget nod to spend on infrastructure can unlock delayed projects in Mumbai Times of India MUMBAI: The mention of a spend of around Rs 60,000 crore on transport and infrastructure projects in cities across the country could spell good news for...
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Charoli, one of Pune's hottest real estate growth areas

Charoli, one of Pune's hottest real estate growth areas | CM Property INDIA | Scoop.it
Cm Property's insight:

The development of Charoli, one of Pune's hottest real estate growth areas, is now underway at a rapid pace and urban planners are asking whether it will turn into yet another densely-packed suburb of Pune. This is a valid concern - Pune has displayed a definite pattern of the urban sprawl extending relentlessly into new growth corridors. - Moneycontrol.com

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Check out: Mumbai's new luxury housing trends

Check out: Mumbai's new luxury housing trends | CM Property INDIA | Scoop.it
In Mumbai, with the CBD shifting to BKC for all practical purposes, even the most attractive parts of the city have not witnessed increased action in terms of sales, relative appreciation and leasing over the last 5-7 years...
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Mumbai’s illegal buildings: A growing menace

Mumbai’s illegal buildings: A growing menace | CM Property INDIA | Scoop.it
The problem of illegal buildings in Mumbai - and their impact on the existence of Mumbai's citizens and organizations, as well as its real estate mark (Mumbai’s illegal buildings: A growing menace http://t.co/heebMmgUZi)...
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Salman Khan to start real estate business in Mumbai

Salman Khan to start real estate business in Mumbai | CM Property INDIA | Scoop.it
After tasting immense success with his NGO 'Being Human', Salman Khan has now decided to go commercial with his next venture.
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Affluent Indians over-invest in property

Affluent Indians over-invest in property | CM Property INDIA | Scoop.it

From Africa to America, the rich world-over have their wealth where their heart is — in their homes. Nearly a third of the wealth held by the super-rich (those with over $30 million of assets) in Europe is locked in real estate assets worth $2,391 billion, according to data from Savills, a global property consultant.

The Asians are second, with $1,800 billion, or nearly 27 per cent of their wealth, in property.

Over-investment

The super-rich in India, as expected, beat the global averages by a big margin. Nearly 44 per cent of wealth of the super-rich Indians is invested in property, according to data from Knight Frank. Of this, nearly half is invested in residential property and 30 per cent in commercial property.

Worse, the ‘average’ for rich Indians includes cases where real estate forms nearly 80-90 per cent of the wealth.

“Many wealthy Indians hold a large proportion of their wealth in real estate as there is a belief that the price will never go down,” says Balamurugan, Co-Founder and Director of Metis Family Office Services. He also says that in the past, it was not easy getting a bank loan for business and property was often used as collateral for the loan.

The allocation also tends to be higher in the South when compared with the Eastern and Western regions. For instance, while 80 per cent of the wealth in property is not uncommon in the southern states, the average is closer to 60 per cent in the eastern region and only 40 per cent in the western zone. “There is a more conservative mindset among the older generation and the level of comfort in the capital markets is also lower,” says Rajesh Saluja, MD and CEO of ASK Wealth Advisors.

That said, there may be no ‘ideal’ investment levels. The proportion of property that is preferred depends on a number of factors, including the wealth level, the time period one plans to hold the property and return expectations, says Bikram Sen, CEO of ArthVeda Fund Management.

Upbeat Asian Market

The Asian bias towards property may be understandable, given that property prices in regions such as Hong Kong, China and Singapore were on a tear and government intervention was needed to rein in the property gallop.

According to the Wealth Report’s Prime International Residential Index, property prices in Jakarta and Bali in Indonesia surged over 37 per cent and 22 per cent, respectively, in 2013. But things were sombre on the Indian front.

While the price growth in the Asia-Pacific region was an impressive 13.5 per cent in 2013, Bangalore, the top performing city in India, witnessed a mere 5.6 per cent appreciation.

The slow pace of growth in the property market in India, however, did not dissuade buyers. This bias toward residential property seems to be universal. World over, the super-rich hold multiple second homes and have the bulk of their funds invested directly in property rather than in indirect investment avenues such as funds.

The tepid market notwithstanding, nearly two-thirds of the rich Indians wanted to increase their property investments in 2014. “The high historical returns enjoyed by the asset class and ownership motivation are aiding buyer interest,” says Samanthak Das, Chief Economist, Knight Frank.

Sombre outlook

Still, many factors point to a likely drop in allocations to real estate in the coming years.

Take the case of buying and holding land. There is already a shift away from investing in land, says Balamurugan. This is in spite of the fact that demand for land is robust.

Land price increase has been seen not just in cities such as Mumbai, where land is scarce, but also in cities such as Bangalore. During December 2011 to 2013, the Prime Residential Development Land Index for Bangalore witnessed an appreciation of 26 per cent, according to data from Knight Frank, slightly lower than 35 per cent for Mumbai.

Notable land deals include the purchase of a 0.37-acre plot on Vittal Mallya Road by Sobha Developers, at over ₹22,000 per sq.ft.
Indirect deals

Those who hold land are not keen on direct sale. Instead, they are opting to develop the land by partnering with a builder, to get higher returns. The option of lending money to builders rather than buying property directly is also gaining traction.

“Compared to direct holding, there is better returns and higher degree of transparency in indirect options such as structured deals with builders,” says Kiran Kumar Kavikondala, Director and CEO of WealthRay Securities.

In the last one-two years, there has been an increase in deals with developers who are unable to source funds and are willing to offer attractive interest rates and additional sops.

Branded homes

Sales in the luxury home market have not been robust either. In regions such as Mumbai, Pune and NCR, the concept of ‘branded luxury homes’, wherein developers tie-up with international luxury hospitality or lifestyle brands to create differentiated offering, was launched a few years ago. This segment is growing at a modest 5-6 per cent rate, says Anuj Puri, Chairman & Country Head, Jones Lang LaSalle, an international real estate consultancy.

These homes boast of professionally designed interiors and exteriors, centralised management of facilities and various additional features such as concierge services, high-grade electronic surveillance and security and valet parking. “These factors have high appeal value, especially to buyers who have seen such homes abroad and aspire to live at such levels,” he says.

But he cautions that this segment has challenges, including getting the right brands to come on board, as the international designer labels expect the proposed project to live up to their very high brand standards.

Demand in the housing segment is likely to remain tepid in cities such as Mumbai, Chennai and NCR. A notable exception is Bangalore, where the premium market is ‘expected to remain active’, according to a report by Colliers International, a real estate services company.

Source : Hindu business line.

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Important points that you must keep in mind while giving a house on rent.

Important points that you must keep in mind while giving a house on rent. | CM Property INDIA | Scoop.it
Cm Property's insight:

Let's us know some important points for giving house on rent.

PREPARATION OF LEASE AGREEMENT

A rent agreement is a legal document which binds the landlord and the tenant to comply with the mutually-agreed conditions. It is the most crucial document in case of a dispute between the two.

Therefore, utmost care should be taken in drafting the document. It should state all terms and conditions clearly to avoid any dispute in future.

These are the points one must consider while finalising the agreement.

1) Name, address, father's name of both the tenant and the landlord should be clearly mentioned.

 

2) It should be verified that the lessor is the legal owner of the property or a person duly authorised by him or a person authorised by a court to enter into such a contract.

3) The rent should be clearly mentioned (also whether it includes maintenance fee). The quantum of increase in rent and from which date should also be made clear. The mode of payment, whether in cheque or cash, plus the date of payment, is also important. Any interest to be paid in case of delayed payment should also be stated clearly.

4) The period of tenancy should be clearly mentioned. The security amount and the lock-in period are also important. How the amount will be refunded or whether it will be adjusted in the advance rent should also be clearly mentioned.

5) Who will pay water, electricity and maintenance charges is also important.

6) In case the flat is furnished, a list of fittings and fixtures should be made and penalty for damage decided in advance. The landlord should also check plumbing, electrical, sanitary fittings, etc, and mention their condition in the agreement. Details of the condition of walls, ceilings and rooftop should also be mentioned so that there is no dispute over damage to the house, if there is any.

7) The purpose of tenancy should be clearly written- whether it will be used for commercial or residential purpose.

8) The process for premature termination of the lease.

9) The agreement must specify the availability of facilities like common passage, roof, park, swimming pool, car parking, library, club, gymnasium, etc, besides the demarcated property, and charges payable, if any, for these.

This list is not exhaustive. The landlord and the tenant can add as many conditions as they want.

REGISTER THE LEASE

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After preparing the lease agreement, the most important task is to get it registered. every lease agreement should be registered because only then it can be used as evidence in the court in case of any litigation. However, as per Section 17 of the Registration Act 1908, it is compulsory to get the agreement registered only if the lease period is more than 11 months. For registration, stamp duty and registration fee have to be paid.

POLICE VERIFICATION

This process helps in background check of the tenant. Not doing this is a punishable offence under Section 188 of the Indian Penal Code. This lowers the risk that the house is not being rented out to a personal with criminal background. For this the landlord simply has to fill the verification form and submit it to the local police station along with identification proof of the tenant. The forms are available online on websites of state police departments.

Apart from the above, the landlord should periodically visit the premises to check whether the tenant is violating any condition or if he has sublet the property. If yes, he can demand that he vacate the house. If the tenant refuses to vacate, the landlord can approach the authority which oversees disputes related to rent with all the documents.

 

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The World's Largest Residential Real Estate Franchisor Enters India

The World's Largest Residential Real Estate Franchisor Enters India
Moneylife
Century 21 Real Estate LLC, the franchisor of the world's largest residential real estate sales organization has announced its expansion into India.
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Sahara may exit finance business by December 2017 - Economic Times

Sahara may exit finance business by December 2017 - Economic Times | CM Property INDIA | Scoop.it
Sahara may exit finance business by December 2017 Economic Times The letter signed by his son Smanto Roy was sent to PM on April 15 after Roy had spent over one month in Tihar jail over its legal standoff with stock market regulator Securities &...
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Supertech's home sales hit 15 per cent after Allahabad High Court demolition order - The Economic Times

Supertech's home sales hit 15 per cent after Allahabad High Court demolition order - The Economic Times | CM Property INDIA | Scoop.it
Supertech today said its property sales were affected 15% after the Allahabad HC order last month to demolish its two 40-storeyed towers in Noida.
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Mumbai real estate prices are down! Not. - Forbes India (blog)

Mumbai real estate prices are down! Not. - Forbes India (blog) | CM Property INDIA | Scoop.it
Forbes India (blog) Mumbai real estate prices are down! Not.
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Around $16 billion locked in Mumbai's fund-starved real estate sector - Daily News & Analysis

Around $16 billion locked in Mumbai's fund-starved real estate sector - Daily News & Analysis | CM Property INDIA | Scoop.it
Daily News & Analysis
Around $16 billion locked in Mumbai's fund-starved real estate sector
Daily News & Analysis
Interestingly, it will add to the over $1billion (around Rs6,000 crore) that is waiting to be deployed in India's real estate.
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Emaar MGF: Budget Promises to Trigger Revival of India’s Real Estate - Moneylife

Emaar MGF: Budget Promises to Trigger Revival of India’s Real Estate - Moneylife | CM Property INDIA | Scoop.it
Emaar MGF: Budget Promises to Trigger Revival of India’s Real Estate (Green Zebra Media Emaar MGF: Budget Promises to Trigger Revival of India's Real Estate:...
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Top secrets to become as a successful Real estate Investor

Top secrets to become as a successful Real estate Investor | CM Property INDIA | Scoop.it

What are the Top secrets to become as a successful Real estate investor?
Create a plan:It is important for every Real estate investor to approach their real estate activities as a business approach to achieve short and long term goals. A business plan will visualize as a big picture for investors, this helps to maintain a focus on your goals. It not only allows focus on the goals it also establishes a feasible course of action towards your achievement. This solid plan can keep investors efficient at their task.

Be aware of the market: An effective real estate investors should acquire an in depth knowledge of their selected market. In order to invest in real estate you should do research that how the market functions. There are many different ways to invest in real estate business. You need to evaluate according to your goal which option will be best for you. Should be updated on currents trends, mortgage rates and consumer spending habits. This type of awareness creates potential opportunities.The real estate market is totally depends on selling and buying of a property (Land, Building, Apartment). There are namely two ownerships in the market one is ownership and other leasehold. Ownership is nothing but taking full charge and responsibilities towards the land and lease hold is conceding of certain rights to a tenant in exchange for rent payment.The common form of real estate investing is acquiring an ownership interest in a property and earning money from the tenants.

Be honest and maintain ethical standards: The Real estate investing involves working with many people. Investors are usually not compelled to sustain a particular degree of ethics. Even though, it would be easy to take an advantage of this situation. Every successful investor will maintain high ethical standards. An investor’s reputation is likely to be far reaching. In case of investors lacking in ethics, the consequences can be destructive. Successful real estate investors know it is better to perform fair business, rather than seeing that what they can get away with.



Develop a niche:It is important for every investor to develop a focus in order to gain essential knowledge to be successful. This implies learning everything about a certain type of investment like a Commercial real estate or whole sale investing. Once a particular market is mastered, then the investors can move on to different areas by using this in-depth approach. Savvy investors know that better to do one thing is well than five things poorly.

Build a network:A network can offer imperative support and there is a chance to create opportunities to Real estate investors. This group incorporated with well chosen mentors, Business partners, Clients, and nonprofit organization members. It allows investors to challenge one another and can also assist extensively in advancing ones career through shared knowledge.

Find aid :For this Real estate investing business a great deal of experience is required to attain profits in business. Knowing something new business and legal procedures is challenging to someone attempting to do things on their own. Successful real estate investors often impute their success to others – whether a lawyer, mentor or a supportive friend. Because a successful real estate investor knew that if any money solving problem or any difficult problem comes they can take help from them.

 Empower an Accountant: Taxes cover a major part in Real estate investor’s yearly expenses. Understanding the current tax laws is very complex and time taken. So the efficient real estate investor will take a help of a reputed and qualified accountant to handle the business. The cost associated with the accountant is negligible when compared to the outcome from the business.

 Understand the Risks:  Stock or future market investors are hectic with warnings regards to the inherent risks involved in investing. Most prudent real estate investors understand the risks in advance in terms of real estate deals and adjust their business to avoid risks.

Stay Educated: In every business updating is essential. Mainly in this business updating of Laws, regulations, terminology and business trends is imperative for real estate investors. Because if a successful real estate investor falls behind risk, then he can adapt any regulatory changes or trends.

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Developers want home loan interest exemption to be upped

Developers want home loan interest exemption to be upped | CM Property INDIA | Scoop.it
The maximum deduction of Rs 1.5 lakh allowed on taxable income towards interest on housing loan should be increase to Rs 3 lakh per annum, industry body Federation of Indian Chambers of Commerce and Industry (FICCI) has written in a pre-budget expecations note...
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ED eyes revenue from attached properties - Times of India

ED eyes revenue from attached properties - Times of India | CM Property INDIA | Scoop.it
ED eyes revenue from attached properties Times of India AHMEDABAD: For the first time in the state, Enforcement Directorate (ED) is planning to lease out the properties attached by it in various cases to asset management companies to generate extra...
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What do US NRIs prefer in Indian realty | Property Pulse – MagicBricks

What do US NRIs prefer in Indian realty | Property Pulse – MagicBricks | CM Property INDIA | Scoop.it
See properties in India. In a survey conducted across Houston, Edison and Sunnyvale, CA recently during the India property shows held recently, southern cities drew encouraging demand from NRIs.
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CREDAI property show from tomorrow

CREDAI property show from tomorrow | CM Property INDIA | Scoop.it
CREDAI property show from tomorrow: Confederation of Real Estate Developers Association of India (CREDAI) is... http://t.co/JcT40GyT9x
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UAE investors targeted by luxury Indian project developer

UAE investors targeted by luxury Indian project developer | CM Property INDIA | Scoop.it

News from Arabian business:

Raffles Residency Private Limited, an entity of the Singapore based Jumabhoy family specialising in luxury residences, has announced that it is targeting UAE investors for its maiden real estate venture in India called Raffles Park.

 

Previews of the development have been scheduled for May 30 and 31 in Dubai and on June 1 in Abu Dhabi.

 

The company said in a statement that the events aim to draw the interest of high net worth investors in the UAE and the wider region seeking bespoke residences in the garden city of Bangalore in India.

 

Raffles Park is taking shape in the prestigious residential locality of Whitefield. Designed by Singapore’s award winning Warner Wong and WOW architects, Raffles Park has been planned as a garden enclave with 61 five-bedroom villas spread across 15 acres.

 

The developer said Raffles Park "blends the signature ambience of Singapore and Dubai to offer warmth, security and a smart address to each investor".

As part of the developer’s priority to create ‘homes within a garden’, Raffles Park will feature just four villas per acre, it added.

 

The Jumabhoy family is well-known for shaping and managing the Ascott Executive Residences, the first ever international chain of serviced apartments.

 

Iqbal Jumabhoy, joint promoter, Raffles Residency, said: “The UAE is an extremely important market for our flagship project in India.

 

 

 

"It is a mature real estate destination, with residents exposed to upscale developments and state-of-the-art amenities. Evidently, the NRIs settled here have an appetite for world class facilities that we will now offer them in their home country.”

 

Jumabhoy added: “We are happy that our foray into India has met with a favourable response. The flagship project was announced in India during end 2013. We held a preview cum sale event in Singapore during early 2014.

 

"Almost, the entire inventory that was released as part of Phase I and Phase II of Raffles Park has been booked. These are already under construction, with the development scheduled for completion by June 2016.

 

"Our upcoming preview in Dubai will showcase the offerings of the exclusive project besides highlighting the villas that are available for booking as part of Phase III.”

http://www.arabianbusiness.com/uae-investors-targeted-by-luxury-indian-project-developer-551257.html

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Open house: A new concept in Indian real estate

Open house: A new concept in Indian real estate | CM Property INDIA | Scoop.it
Cm Property's insight:

The concept of Open house has been quite niche in terms of being known to customers who plan to buy homes for future investments. Though it has been a prevalent concept, however, it has been never been used as a concept on sites to promote projects. In this concept, people are shown a fully furnished home which is put on sale, this will enable others to make the right decision with their investment in real estate.

The Indian real estate industry hasn’t adapted to the habit of change which can bring forth new developments and changes all around. The best positive effect of such a concept came out when the seller is able to get a direct confirmation from his/her client, whether to sell or buy.

Paper advertising, event creation on social networks, getting signage designed and assigning agents their respective jobs on the D-day of the Open House is a daunting tasks which is always undertaken by Nirav and Harit. As hardcore marketing professionals, they make sure everything is in motion and zero-error chances are always created by the duo. They also plan on gifting goodies to customers who are really interested in buying a property, such actions help in building loyal customers and improving the goodwill of the firm.

The phenomenon that what one sees is what one believes. Virtual tours and slide shows can be the best way to convince customers about the prospective homes they are looking for. The cost of such open houses should be kept within strict budget in order to conduct as many as possible. Normally, it is seen that some of the most important information is shared through mails; however, it should be mandatory to share important information with customers during such open houses. This help in building up more trust and confidence, therefore, rise in the number of loyal customers as well as company goodwill.

It is vital to select the best available property on site to conduct an Open House session, substantial amount of time, resources and money is spent to conduct one proper session. If the property location is not right, the whole hard work can go for a toss. The Open House sessions are a perfect way to create a group of buyers who may or may not want to invest in a property shown to them, however, other options can also be

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Life check of old buildings by June 20 - Times of India

Life check of old buildings by June 20 - Times of India | CM Property INDIA | Scoop.it
Life check of old buildings by June 20 Times of India PUNE: The Pune Municipal Corporation (PMC) will take strict action against owners or occupants of properties that are over 30 years old if they fail to submit their structural stability reports...
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Modi will move India closer to Japan and China, US expert on Sangh Parivar says - The Times of India

Modi will move India closer to Japan and China, US expert on Sangh Parivar says - The Times of India | CM Property INDIA | Scoop.it
Dr Walter Andersen has followed the evolution of the RSS and BJP, including the rise of Narendra Modi, who he first met in US in the early 1990s.
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Five ways to check a builder’s reputation - The Economic Times

Five ways to check a builder’s reputation - The Economic Times | CM Property INDIA | Scoop.it
If you are planning to buy a property under construction, don’t just go by the brochure claims. A lot depends on the builder’s competence and resources.
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Pay property tax even on holidays this month - Times of India

Pay property tax even on holidays this month - Times of India | CM Property INDIA | Scoop.it
Pay property tax even on holidays this month Times of India PUNE: The civic administration has planned to keep the property tax payment facility open even on holidays this month, so that the maximum number of citizens can avail of the discount...
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