Good times ahead for property buyers as tepid market gives more bargaining powers

A sluggish market brings good tidings for potential home buyers. One, they have ample time to decide which house they want to buy and secondly, they have a vast variety of unsold properties to choose from. Also, since there is little scope for property prices to appreciate and developers need money to continue their projects, they often come up with special offer prices for limited periods. This doesn’t mean that they will not be willing to negotiate further. In fact, if a developer believes you are a serious buyer and not just a ‘window-shopper’ he might be inclined to offer you something extra.

So, if you hone your bargaining skills, you could get a good discount, which is difficult in a bullish market. Says Anuj Puri, chairman & country head, Jones Lang LaSalle India: “Buyers can leverage a flat market and ask for discounts on the stated price, bargain to have the one-time maintenance charge waived or ask for the parking space to be included in the price.”

Read more: The Economic Times

Stop charging pre-payment penalty on home loans: RBI to RRBs

The Reserve Bank today asked Regional Rural Banks (RRBs) to stop charging penalty on pre-payment of home loans taken on floating interest rates.

“It has, therefore, been decided that Regional Rural Banks will not be permitted to charge foreclosure charges or pre-payment penalties on home loans on floating interest rate basis, with immediate effect,” RBI said in a notification.

The removal of foreclosure charges/prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and competition among banks will result in finer pricing of the floating rate home loans, it said in a notification addressed to all Regional Rural Banks.

Read more: The Economic Times

Right time for NRIS to invest

With the current decline in rupee against dollar, the NRIs are seeing Indian realty market as a lucrative option for investment. The Indian currency has fallen by around 20 percent against the US dollar. This has triggered a substantial rise in the volume of property-related enquiries from the NRIs, as this is a great opportunity for them to invest in real estate in India. They can get very good returns on their investment; but to avail this opportunity they have to make their decisions faster because the price of real estate is also growing here. Many NRIs are even buying multiple units for investment purposes. In the last six months, developers and promoters have sold more than 300 units to NRIs in the NCR markets like Gurgaon, Noida, and Kundli. Anshuman Magazine, the chairman and MD of CBRE South Asia Pvt Ltd, says: “With the rupee depreciating significantly and property prices remaining flat in the recent past, it is a good opportunity for the NRI’s to invest in the market. Although, overall investment sentiment is down, the long-term growth fundamentals of the Indian real estate market are intact.”

Read more:  The Times of India

India Business News

India best place for women entrepreneurs: study

India has emerged as the best place for women entrepreneurs to start business with a high level of optimism on various factors that are important to judge business growth, says a study by personal computer maker Dell.

“According to the study commissioned by Dell, we have found the ideal country for a woman starting a business in 2012 could well be India,” Dell chairman (global emerging markets) and president (Asia Pacific) Amit Midha said.

The Dell Women’s Global Entrepreneurship Study conducted on 450 women entrepreneur across India, the US and the UK by research firm Penn Schoen Berland found that Indian women entrepreneur are confident on their business growth compared to counterparts in the US and the UK.

Read more: NDTV

Ensure at least one account per family: Finance Ministry to banks

In an ambitious move, the Finance Ministry has asked banks to ensure that at least one person per family across the country has a bank account in the next six months.

As per the 2011 census, only three in five families have a bank account in the country, or 40 per cent of the families are not in the banking system, a senior Finance Ministry official said.

“During the meeting between Finance Minister (Pranab Mukherjee) and heads of public sector banks on June 12 it was decided to ensure that there is a bank account in every family in the next six months,” Additional Secretary in the department of financial services, Sunil Soni said in Mumbai

Read more: NDTV

Nasscom maintains growth forecast of 11-14% for IT industry

IT industry body Nasscom today said it maintains its growth projection of 11-14 per cent for the current financial year and will review it in October, even as some member companies have given muted forecast amid global economic uncertainties.

“We don’t think it is in need for us to change it … we will review it back in October and if needed, we could raise it upwards or downwards,” Nasscom President Mr Som Mittal told reporters here.

Read more: The Hindu Business Line

Internet censorship on the rise in India: Google

Internet giant Google has reported a sharp rise of 49 per cent in online content censorship from India as it said the trend of blockage were increasing from governments round the world, more surprisingly from Western democracies.

Google Inc said it had received more than 1,000 requests from governments around the world in the second half of last year to take down items such as YouTube videos and search listings, and it complied with them more than half the time.

Read more: NDTV

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