Archive for the ‘Real esate’ Category.
Real estate selling had been a constant benefactress throughout the fiscal year 2016 and then came the currency ban announcement which made the sector off beaten track. In Kolkata it’s seen that after the demonetization revelation a lot of property in Kolkata north has been alluded to as far outs. This has hugely affected realty sector nationally with the allegation of huge volume of unaccounted money has been perked up over the preceding years. As an after-effect a massive drop down is property price is apprehended by the market experts who think this money-ban move is somehow a temporary slowdown in real estate, but again realty market will turn around in 2017, coining this price fall. Price fall will gather more potential buyers as it would be followed by lower interest rates in home-loans and transparency in the practice of realty business. The report suggests that developers are expecting resurgence from the second half of 2017.
The multi-year slowdown, however, did not deter investment as cash-starved developers raised Rs 48,300 crore in 2016 from private equity (PE) investors to fund their projects, up 53 per cent from last year’s, according to property consultant Cushman & Wakefield. Cushman & Wakefield India MD Anshul Jain said: “With buyer sentiment already low, the recent demonetization by the government has further dampened sentiment of homebuyers.”
Asking about this conjecture the Realtors’ Apex Body CREDAI President Getamber Anand stated, ‘’Housing sales were better this year before note ban. But sales have slowed in the last two months. We feel that 2017 will be a golden year for the developers in the primary market as they will benefit from the government’s demonetization move and a likely fall in interest rates on home loans.”
DLF’s CEO Rajeev Talwar opined, “There has been a lot of cleansing in the real estate sector this year. So, 2017 will be a good year for primary product suppliers of real estate.” He also added, “Housing prices would remain stable in the primary market, but decline in the secondary (resale) one. ‘’
Resale market won’t be much fertile within this period or so. Again lots of residential online transactions are seen on the cards for the virtual property sellers as the current system indulges cashless circulation in every business sector. The year started on a positive note as the government offered tax sops in the budget to improve housing demand and declared an additional Rs 50,000 deduction on interest on loans for first-time home buyers. It also let off REITs (Real Estate Investment Trusts) from the dividend allocation tax. Again there will be a drop in the commercial space absorption expected by the market aces. As scarcity in commercial space absorption has been one of the major causes of the reduced development of quality architecture. The implementation of
RERA will make the process even smooth and will protect the buyers’ right to major extent. Finally buyers are about to get some healthy vibes for their investment with dropdown in home-loans and reduced price of the properties across the country.
A little paining, changing in decorations and furniture, usage of curtains can make big change in your lifestyle and interiors. Occasion time home needs some add-on to look gorgeous. Give your home vibrant outlook this winter to welcome the Santa. Christmas time is celebrated for welcoming a new year, thus door or entrance decoration has important part in Christmas celebration.
Door decoration- Dark colored doors can be easily made bright and vivid. To have an eye-popping display use some classy lanterns to the frame on your front door, add on some gleaming paper loop to give a desired look. Use red and gold or even silver and mauve combination for this décor will just do the trick for you.
Color co-ordination- Coloring interior or changing of wallpapers has a positive impact on inhabitants as well as the visitors. While painting choosing colors are really important. A bright yet decent looking living room has significant importance. Using of color strokes might help you apartment look bigger than real. Most of the times your home colors are inspired by natural shades which gets bang on gelled with the occasion. Get your rooms a bright kick with this festive mood.
Home decoration- Follow social media like Instagram or Youtube to have a close look at the recent decoration trend. Shortlist all snaps and use up according to your budget limitation. If you want to keep the décor really classy go for the simple yet elegant one. End of the day your home should look fresh not clumsy by over-usage of glittery furnishings. You can use DYI bottle lamp and layered wreath across the beams and staircases. Use egg shell or small balls for hanging purpose or use some old used woolen socks as cute little gift pockets.
For dining room- As Christmas is the occasion for some lip-smacking recipes then dining space should be decorated as a true story teller. Never use fragrant candles inside your dining space, instead choose the normal one. Select the cutlery set and table cloth with of dark and light combination. You can buy online home decors especially designed for this festive in particular or else can use your previous years’ decoration items as well if those are well- maintained. Arrange some small gifts for your loved ones. But all of your selections should be exceptional and captivating. Your home should look classy, not overdone.
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Due to the continuous market slow down in real estate sector developers have adopted a recent sale boosting strategy where they are consciously tapering off the on hand inventories. Recent statistics of realty sale in India proves that more new-built residential apartments are sold in India across the top seven realty market of the country in the first three quarters of 2016. Simultaneously there have been remarkable new developments taken place during this period. This is the record selling that has occurred within past 8 years. Experts opine that this the point of time while developers are promoting the sale of new constructions where on the other hand they have be constantly trying to lessen the inventory level. Since Kolkata has been always reasonable to every class of home-buyer it’s seen that there has been an upsurge in the sale of flats near Kolkata airport in the second half of 2016.
According to JLL India Nearly 1.20 lakh housing units were sold across Mumbai Metropolitan Region, Delhi-National Capital Region, Pune, Bengaluru, Chennai and Kolkata between January and October whereas 1.06 lakh new constructions came in front.
Ramesh Nair, chief operating officer of JLL India said, ‘’ With demonetisation and several other regulatory reforms like Real Estate Regulatory Bill, the Benami Transactions Bill and the GST, the time may now be ripe for market which will see the genuine buyer coming back.’’ As per Nair demonetization will have short-term impact on national real estate market and the sale of newly launched apartments across the major cities of the country. Realty index has fallen 14.8% since November 8 after the declaration of ban on higher currency notes. Nevertheless real estate sector has been the witnessing sloth market since past few years, demonetization came as an add-on.
According to the Edelweiss Securities latest report, ‘’ “Companies, specifically in the mid-cap space, that have locked strong pre-sales over the past few years should benefit from earnings scale up despite a slow physical market. This will be driven by pending recognition of sales already executed along with prospects of improved macro-led rise in new sales.’’ The report also suggests that it has a ‘buy’ rating on companies like Oberoi Realty , Sobha, Sunteck Realty , Godrej Properties and Brigade Enterprises. The developers’ balance sheet will maintain to perk up due to domestic accruals and supervision. This will facilitate them to set out surplus funds towards value accretive land or project acquisition and help mature their net asset values.
In 2016 the first quarter saw some outstanding launch numbers than sales, followed by slowdown in consecutive quarters. During the third quarter, the number of apartments sold across India exceeds the new launch by 10,000 units.
“Overall, this trend seems here to stay for some more quarters. It would be interesting to see if 2016 sets a new benchmark in units launched versus units sold, surpassing the historic year of 2008 for good. This data should also serve as an eye opener for fence-sitters expecting a price drop, which may not hap pen. The negative sentiment gripping this sector from the last one year or so may well be misplaced. “Nair said.
West Bengal housing department will now review the formation of joint venture real estate promoting companies. Specifically the brokerage and development companies of giant commercial properties like- shopping malls, hotels in New Town and Rajarhat and some other recent developed Property in Kolkata north. Housing minister and Mayor of Kolkata Mr. Sovan Chatterjee said, ‘’The alleged violations were being looked into and action would be initiated against firms that had violated the JV norms to go in for commercial development in the satellite township during the Left Front regime.’’
According to the government statistics there are seven big-shot real estate companies which had tied up with the state government complied by the JV norms. Meanwhile the government has summoned a few of those real estate firms in charge of their contribution in transgression of JV agreement with the state government. Rest of the JV partner real estate firms is also being kept account. Speaking about the JV agreement the housing minister also stated,’’ These JV firms have developed malls and hotels on the land earmarked for housing projects for the masses.’’
Chatterjee also put light on the fact that development and brokerage companies which singed JV with the state government for promoting lower income group and middle income group housing shifted into endorsing commercial development thereafter without notifying the state government and violating the JV agreement. In the JV firms the private companies had 50% stake functioned with the land equity offered by the state government. There after LIG apartments are sold under the cost price and MIG flats just at cost price and HIG condos at a quality range.
After TMC government came into the ruling position in 2011 chief minister has declared that JV firms would be under investigation for alleged violations and stopped allotted lands to such real estate companies. As an aftershock these companies has stopped their duties. It’s not like that JV firms don’t do business, just that there has been no activity regarding the same purpose. As per the official updates 2 major real estate firms that had close association with their earlier ruling government, as the members of the board of directors of these firms were in the family relations of the erstwhile ruling party head honchos.
Digging the past the minister said, “We will probe into the irregularities and take action against the errant firms. We don’t want to name any particular persons involved in such irregularity.” On the contrary JV companies came with the fact that the land which had been allotted to them for commercial real estate development has been used for the same as per the official records. They also mentioned that there was a provision to embark on 10% related activities. Development of malls and hotels were also scheduled as per government agreement.
As per the director of one of such firms “There has been no change in land purpose. All the projects where malls and hotels have been developed were allotted for the very purpose. The housing department had raised the issue two months ago, following which we went with documents and clarified the matter.”
Rs 24 lakhs have been deposited as property tax by the inhabitants of flats in Ultadanga and other residential and commercial dwellers and property owners within 2 weeks after currency ban was on air. According to the civic bodies the amount is almost four times than each week’s property tax collection i.e.- approximately 3 lakhs in a week. News is also there that Kolkata Municipal Corporation has drawn Rs 73 crore in a fortnight from tax ensemble. Bidhannagar municipality too has yielded from the demonetarization move. This was an outcome of retention of old currency notes as due property tax by the civic body of Bidhannagar.
As per the officials of Bidhannagar Corporation the average amount put by each week is roughly 3 lakhs. An additional information has came in front is the civic body will be collecting old 500 currency notes till December 15. There is a rough expectation of additional 50 lakhs likely to be mounded within this extend period of property tax collection, which will be a record collection in itself.
The latest update made by the Corporation commissioner Alokesh Prasad Roy was- ‘’Tax payment could be made using the old Rs 500 notes till December 15. According to the RBI directives, payment can no longer be done with the old Rs 1,000 notes.’’
The corporation officials assume that all the blackguards had been standing in the queue in the last few days all of a sudden to clear up their dues using banned 500 and 1000 notes. Though this method they are in one hand paying due taxes and getting rid of black money consumption on the contrary. The corporation authorities have been collecting property tax at pre-2005 rates as they are yet to put together a new tax structure since the Supreme Court verdict in 2007.
The Bidhannagar municipality had taken up a process of new tax structure in 2013 by circulating self-assessment forms to all lease-holders, asking residents to clarify the details of their properties with breakup of the entire property consumption, floor area, garage area, years and cost of the construction, sanction date of building plan and other major information about in case there is any redevelopment or the alteration of the property. Though the movement initiated by the Bidhannagar Corporation was fell down radically as the authority didn’t have proper infrastructure to collect and inspect all the forms.
In case you are investing in a wholesome residential property and have been going gaga over the huge and stunning area of kitchen or washroom don’t assume the plumbing is also equally up to the mark. Eye-popping looks should be the second preference after the subject plumbing. Make sure you divulge all the hidden plumbing issues before your investment done. According to eminent Architecture agencies of the city Kolkata, over 30% of all homes incorporate imprecise plumbing system. Among the current developments in the city a fewer of the high-ending residential properties are having up to the mark excellent plumbing frame of references, flats near Belgharia Expressway is one out of those.
Plumbing sector is the largely ignore d sector while buying a new or a used property. This plumbing check up is missed because our lack of knowledge. Hidden leakage and sink drainage might be causes for anxiety for the people who are likely to reside in. Here are the plumbing issues and instant solution to prevail over-
Device leakage– Leakage and overflowing these are the most common issues in the households. Even a little crack can be monstrous. The best solution to prevent leakage is to seal them with tape or cement glue. To avoid this hitch always one should use quality and branded fitting components with lengthy sustenance power. Ask for the drainage diagram from the builder.
Closely monitor the washroom and bathroom- Choked toilet can also give you a worst nightmare. Blockage can be caused by jammed water pipes due to construction materials or some other waste. To get the ultimate solution ask your builder to clear the drainage pipes after the construction is done. After that time to time you should also keep it clean and unclogged. A leaky tap might damage your washroom floor or in some cases the lower portion of the walls of any attached room. The pipes should always be replaced after every 10 years. Use galvanized pipes instead of plastic zinc coated pipes.
A good artistry is needed– Either you buy a newly built property or a settle for a resale one a good workmanship has been equally important in both of the cases. Poor finishing can end up with biggies. Using waterproof materials such as good quality fixtures and tiles can hinder the damage. Longevity shouldn’t be compromised anyhow with short cuts and cross-cutting methods. Always make sure the work has been done by the accomplished contractor.
Frozen pipes– In the hilly areas it’s mostly seen that pipes get cracked by lower temperature. Frozen pipes burst into pieces. Poor quality pipes should be strictly avoided in this particular geographical area’s plumbing system. Using warm water outside the pipe or blow hot air with drier will help them sustain.
According to Aloke Bhasin, a Delhi based Architect and Interior designer, ‘’ Always stick to the quality fittings rather than going for the low-cost fittings that usually have a poor longevity. Check the bathrooms, washrooms, kitchens and laundry fittings from time to time. Always stick to the branded fittings as they are the finest quality with prolonged sheltered life.’’
New Town Kolkata Development Authority (NKDA) organized a meeting at the Rabindra Tirtha auditorium on last Monday Nov, 21st. All the architects and the engineers associated with NKDA were present there. The meeting was about improving awareness on go in for better technologies, craft and construction management process. This particular real estate market of property in kolkata north is already known for advanced housing estate development and world-class infrastructure. New Town area is also illustrious for the perfect association of cement and jungle. This place is directly connected with the city Kolkata and only a few minutes distant from Kolkata airport.
Many competent real estate companies have been coming up with new projects in this area to rule the property market of city Kolkata and suburban Kolkata. In this recent meeting officials said that the participants’ attention was drawn to the recent amendment of NKDA Rules that discourages dumping of construction materials and demolition waste on the roads. At any given time in Rajarhat and other peripheral areas are found log jammed with debris and garbage of construction companies. In the recent scenario it’s seen companies those are storing materials on road are not even showing any concern to remove the stuffs with the help of police. NKDA had also declared earlier that a service would be given for removing of construction waste and excess building materials from at a given cost for removing per tons of ravage.
The topic earned much highlight in this meeting was how the drains, roads, culverts and entire sewage system had been getting affected and clogged with this demolition waste of the constructions. NKDA now needs advanced procedure for this waste destruction without spoiling the area infrastructure and corporation water channels and sewage system. Along with the eye-catching skyscrapers this place maximizes the chance for exclusive real estate development. Thus new procedures like -renting of vacant land, construction work in the project sites in phases, use of prefabricated beams, using empty plots with prior permission from the corporation, steady monitoring of trucks while unloading sand bricks, cement and other raw materials, use of polythene sheets on the ground to avoid leakage into drains are planned to be implemented.
After cancellation of 500 and 1000 rupee currency notes this buzzing area has have the minimum effect of demonetarization as Housing Corporation Development Corporation (HIDCO) already consists a number of digital money options available in the township. This is the sign of an advanced business area to stay ahead in order to deliver the cream service to the area home-buyers and corporate onshore and offshore investors. To make all matter convenient NKDA has to come up with some exclusive and quick-efficient development idea which would be framed by core professionals. Rajarhat is the wise selection for home-buyer or startup entrepreneur. Therefore the companies which have bagged several residential and commercial projects in this area should have to be aware as well of the post threats causes by the runoffs.
Mumbai is best known for the dynamic and ever growing metropolis. The metro single–handedly serves 5% GDP of India as it’s apparently considered as a prime financial market of the country. The greatest lure of real estate sector in Mumbai is having advanced infrastructure and presence of renowned MNCs and giant real estate development companies. But the property price in Mumbai has been always ahead of the other metro cities of India. Despite Navi Mumbai shows some good rank in terms of real estate development and sale just as the growth of budding property in Kolkata north. During this sluggish real estate market few outskirt sectors of metros have kept the hope alive from the buyer’s perspective. Soon the city will be essentially proactive in order to fulfill the increasing market demand.
According to a report by Knight Frank new projects launch in Mumbai is exactly the double in the first half of 2016 than that of the previous year. This specific zone has been witnessing close to 28% above sale based on the new project inaugurations and market demand. Well, this is the ideal time for the Mumbai property buyers to explore the micro locations of the metro for grabbing their desired residential units. These include the projects near Navi Mumbai airport, CST Panvel, widening of the Sion-Panvel Expressway. These projects will enhance the connectivity in the city as Navi Mumbai has mono rail, metro rail connectivity in addition.
The second half of 2016 has also brought a wide grin in the realty sector along with the festive season and its lucrative offerings. Now it’s the favorable time to go ahead with the property buying decision for the market speculating home buyers. Adding on passing of the Real Estate bill and the new land acquisition bill have turned practically helpful for the well-acclaimed builders of Mumbai to provide accurate transparency to their forthcoming buyers. . Besides the government has declared a series of positive initiatives that can boost the overall market sentiment which will lead to a major real estate expansion at the end of 2020 as expected by the market experts. Asish Raheja, Managing Director of Raheja Universal Pvt. Ltd says, ‘’ Most of the infrastructure projects in Navi Mumbai are currently under construction. It is best advised that homebuyers invest before these projects are completed. As a general rule, investors must go for micro-locations which don’t have full-proof social infrastructure, but does have upcoming civil infrastructure. Since social infrastructure always follows the civil infra, such areas will yield better returns in the long run.’’
Tuesday night had been the witness of a drastic and bold decision from bringing back the transparency in the money market by copping out Rs 500 and Rs 1000 bank notes from the circulation. Rs 500 and Rs 1000 ban in India may perhaps finally vindicate the corruption of the country. It all came out as an eye-opener when PM of India Shri Narendra Modi had shocked the nation with his November 8 announcement. Nevertheless Indian Government has pulled select denominations of its currency twice before. In the early 70’s and 78 twice Government had come in the rescue of the money market to eradicate counterfeits and black money transaction. Bankers and economists feel that it will create a wave in real estate and gold transaction. These two sectors hold the major stocks where individuals lay up their black money.
An Ambit Capital report says that India’s ‘black economy’ is over Rs 30 lakh crore or about 20 percent of total GDP. However, given the fact that the total currency in circulation amounts to a total of Rs 16.6 lakh crore and a hefty part of would be money that is justified and is in motion, experts declare that it is mostly in the form of gold and real estate investments. In the financial report on black money of 2012 the real estate sector in India contributed 11 percent of the GDP. The ban of 500 and 1000 rupee notes will not only wobble the real estate market but also it will create a ruckus in the recent election process of UP and Punjab as these two states spend a huge cash for political promotion.
Asking on the abrupt impact of the step to demonetize the Rs 500 and Rs 1,000 notes, Deepak Parekh, chairman HDFC Ltd said: “I expect price of real estate to come down. One expects the price of real estate should come down in medium term.” Fight against the black-money will continue unless real estate and gold investment industry will come up with fair and white collar transactions. This is the sole motive of this movement. For the real estate resale industry and small scale builders this revelation will likely to bring more clarity. The practice involves stockpile of unaccounted investment. Housing price might take a downturn which could pull more willing buyers into this investment zone.
Being world’s largest consumer of gold India imports a dollop of gold out of which its total annual consumption is around 900-1,000 tons, some industry associates consider that this might reduce the demand for pure gold in the near future. Stating that there could be short-term impact, PC Jewellers managing director Balram Garg said, “This is a very good decision for long term especially for the organized sector.’’
The Ambit report also throw lights on the bulk of this black money is obtained in physical assets such as real estate and gold. It emblems the purchase of physical assets can be financed by black money not the financial assets.
If you are seeking low budget flats in Ultadanga area please visit our registered office at Sd Group , AA Block, Sector 1, Salt Lake City, Kolkata, West Bengal or call us with your property enquiry at 033-23341245 in office hours. You can post your requirement in our official website www.sdgroupkol.com
The corporate rating agency ICRA recently disclosed the fact that RERA is not a well-balanced act in order to benefit the builders. ICRA also puts light on the fact that RERA is chiefly focusing on the buyers’ and investors’ takings. Builders too have certain issues like multiplicity of approvals, lack of ample funding opportunities. Leaving out these issues RERA concentrates on timely and orderly delivery of the projects and the truthfulness of the offerings. Developers as well need some assistance from the authority on speeding-up and well-execution of the entire construction process. According to ICRA the project execution cycle lined up between 3-4 years, has expanded to as much as 6-7 years.
The vice president, corporate sector ratings, ICRA Ltd. Mr. Shubham Jain said, “The provisions of Act hold significant importance for buyers and investors, but problems faced by developers, including multiplicity of approvals and lack of adequate funding avenues, continue to remain unaddressed in the Act.’’ Nevertheless ICRA also highlighted the positive profits of RERA regulation which comprises an ultimate exclusion of deceitful developers and brokers, advanced standardization, enhanced liability for well-timed implementation and also proper use of investment coming from the various avenues.
Speaking about the commercial real estate sector some positive growth in this sector is seen during the past one year or so. On the other hand residential real estate sector is still soundless in spite of ever-increasing market demand. Besides there is no commendable price slash in recent times which develops a negation in buyers’ attitude. This is not at all a favorable situation for residential real estate market as well as entire national financial market. Under this circumstances a sluggish attitude has been observed in the supply chain, for builders have been facing challenges like- delays in receipt of approvals, scantiness in manpower and effective capital funds.
“The opaque nature of the industry coupled with the lack of regulatory bodies thus far has resulted in significant asymmetry of information as well as skewed balance of power between the developers and the buyers,” said Mr. Jain. The Real Estate Regulatory Bill, 2016, which intended to standardize the housing sector and look after consumer welfare, was passed by Rajya Sabha on March 10 and by Lok Sabha on March 15. ICRA also feels the recent consumer activism coupled with the aggressive deportment by the judiciary is a constructive step towards keeping up transparency on accountability and timely deliverance and favoring buyers’ investment.
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