Golf Course Extension Road as the next destination for luxury houses in Gurgaon

Golf Course Extension Road is going to be the next destination for luxurious residential projects in Gurgaon.

This developing stretch has carved a niche for itself in a very short period, as it is on a 30-minute drive from the Indira Gandhi International Airport and has easy accessibility to NH-8 and South Delhi through the Gurgaon-Faridabad Expressway.

Property market

Relatively, Golf Course Extension Road is a new locality. During the slowdown, the number of transactions dropped considerably, but with improving infrastructure and a growing demand for premier lifestyle housing segments, the realty scenario on this stretch has now changed.

Developers and prompters are now raising golf themed apartments and luxury villas. Top realty players like DLF have already launched several premium projects like Aralias and Belaire on this road.

While projects like these have done their bit in promoting the area, the area turned into an end users destination with the development of Road No. 9 from Sikandarpur to Golf Course Road. The extension of this road to connect to Sohna Road further opened up the area to development.

Apart from DLF’s projects, the other launches along this stretch are Ansal API’s Esencia, M3M’s Golf Estate, Pioneer Group’s Pioneer Park, Emaar MGF’s Emerald Hills, Tata’s Raisina Residency and IREO’s Grand Arch.

Read more: The Economic Times

Ireo Victory Valley, located in Sector 67, Gurgaon – on Golf Course Extension Road

Is hiring a real estate broker more helpful for home buyers?

“The broker has a deeper knowledge of the locality and can offer you more suitable choices in your budget,” says Pankaj Kapoor, managing director, Liases Foras. Other than helping you identify homes that meet your requirements, brokers also escort you to these homes, even when they are locked and unoccupied by procuring the key from the owner beforehand.

The real estate broker also understands the legal process. So, he can provide guidance and assistance in the registration process after you buy the house. He can help you with the kind of documents you would require and format an agreement with the seller that will be in your favour. A reputed agent will know bank representatives, legal experts and other people related in the field, which can ensure that your work gets processed faster.

Read more: The Economic Times

Real estate

2011 was estate a record industry year in for the Real Estate industry. In 2012, as the world tries to spring back from an economic downturn, it is time for the real estate industry in the country to ‘Conserve, Consolidate and Grow.’ This was both the title and the conclusion of the Confederation of Indian Industry (CII) Real Estate Conclave 2012 held in Mumbai recently. “Construction business is the second largest employer in the nation after agriculture. It accounts for 10 percent of the nations GDP. Yet it has not been accorded industry status thus keeping benefits from financial institution sides, lower interest rates and easy approval processes away from us. We need to organise, talk in one voice and drive towards the common goal of growth of the industry and the nation if we have to reach our potential,” said Firdose Vandrevala, chairman, CII National Committee on Real Estate & Housing and Chairman & Managing Director HIRCO Developments. Anuj Puri, chairman & chairman and country head Jones Lang LaSalle (JLL) said, “With the economic downturn 2012 became a sort of reality check and supply has been going up, but absorption has come down. The scenario is less predictable and there is a great challenge. This however is also an opportunity.” He said that it is time to conserve, consolidate and grow individually and as an industry.

Read more:  The Times of India

Keep your home loan cost low

Servicing a home loan is a high value and long-term financial commitment. Therefore, it requires a lot of financial planning and discipline from the borrower to service the home loan EMIs and manage other financial commitments regularly. On the one hand, a home loan enables young prospective homebuyers to purchase their own home as well as brings certain benefits in income tax. On the other hand, a homebuyer should analyse and understand the various charges associated with a home loan as it is a high value loan and ensure he gets a good deal. The total cost of the loan include direct costs such as interest and indirect costs such as the onetime processing fee, administration fee, legal fee etc.

Read more:  The Economic Times 

Real Estate Boom

Ashwin Puri, CEO, Pioneer Property Zone talks on the rise of retail in real estate within the retail sector:

What is retail in real estate?

Retail in real estate basically focuses on development of retail assets, which begins right from land acquisition and ends with managing the property for commercial purposes, for example-a mall. In the last 10 years or so, there has been a change in the shopping culture of people. Shopping malls have evolved and have become the new destination for shopping needs. While most development till the recent past was restricted to the top seven cities in India, mall development has moved on to tier II and III cities. This sector has immense potential, which is still untapped.

Read more:  The Times of India  

Why are home prices stubbornly high despite slumping demand?

Gautam Belwal is not much of a movie buff. But these days, he spends most Sundays at his rented home catching some action flick or the other. His weekly searches for a two-bedroom house in Noida (in Delhi NCR) have come to an end due to soaring realty prices. And as if to add insult to injury, the youngster suffered a double whammy some weeks ago. The multinational IT company he works for doled out a below-par increment, dashing his hopes of buying a permanent home. Sumit Joshi, director of Noida-based Real Credit Consultancy, a small firm that helps home buyers get loans from the big banks, reminisces about the days he would be flooded with calls from customers and bankers. Now, he is the one doing the chasing as buyers stay away and a banker client refuses payment due to unfulfilled targets. According to a recent Knight Frank report, Indian real estate prices rose 12 percent in the past year, the third highest in the world. “Demand in metros has slowed down in April-May. This is mainly due to high interest rates, which have made buyers hesitant to buy property. There are also very few new projects being announced as builders’ communities have been affected by high interest rates too,” said VK Sharma, CEO of LIC Housing Finance, the country’s third-largest housing finance company. For the quarter-ended March, prices in the National Capital Region rose 33 percent while Mumbai and Bangalore posted 17 percent and 8 percent jump, a recent report from Liases Foras Real Estate Rating & Research showed.

Read more:  The Financial Express 

Realtors confident that housing prices will not dip

As the Indian economy slows down, the real estate sector, with its back to the wall, remain gung-ho that prices will not dip any time soon. In a recent realty event in Mumbai organised by CII, top property developers aired confidence that prices in residential realty would remain high. “There is pressure on developers, but that is because of the delays by the state government,” said Sandeep Runwal, director, Runwal Group, a Mumbai-based developer. “The delays are affecting the prices as it would only increase the cost for developers.” And the costs are likely to be passed on to customers. According to data compiled by international real estate consultants, about 60 percent of projects launched in metros fall in the luxury category. However, private investors seem to be taking a cautious approach, and are only going in for smaller projects with smaller tenure of investment. “We are treading cautiously and want that the project we invest in is priced conservatively,” said Ramesh Jogani, managing director, Indiareit, a private equity arm of the Piramal Group.

Read more:  Hindustan Times  

Views from an apartment add to the value of the property

What a house overlooks significantly beefs up its profile. Whether your apartment overlooks the sea, or the mountain, the golf course or just plain green patches like a park in the apartment complex, the ‘view’ cost is factored into the total cost of the property. In Mumbai, landing a sea-facing apartment is akin to getting a trophy. Logic is defied in computing the cost of sea-facing apartments; if the market price is Rs 5 crore for a 2BHK apartment facing the sea, the owner can quote exactly double and still find many takers for it. Demand is high and the price is for the asking! “There is such a craze for a sea view that there is no debate on super area and built-up area and the average prevalent real estate values,” says Gopal Singh, a Mumbai-based consultant. Having a sea facing apartment at Bandstand, Worli and Malabar Hill is a sign that you have arrived! In Delhi, golf views hold sway over a large number of buyers. Realty major, DLF, has built many apartments with golf courses like Aralias, Magnolias. As a valuation parameter, how important is the parameter of the view. “What a house faces or overlooks is definitely an important factor, as it enables the developer or seller to charge a premium,” Anshul Jain, the chief executive officer of DTZ India, says.

Read more:  The Economic Times 

Need for affordable houses

According to the Union Government data, there is a shortage of 26.53 million units, primarily in the economically weaker section and lower income group category across the country. “Government is in the process of catalysing policies for the affordable sector. There is a scope for lending to the sector and all that needs to be done is to create an ambience for growth,” Susheel Kumar, Joint Secretary, Ministry of Housing Development and Poverty Alleviation, said. According to a National Housing Bank study, despite the prices moving up from Rs 3-7 lakh to Rs 5-10 lakh, the demand for affordable housing is steadily increasing. Interestingly, 13 out of 21 developers who began with low-income houses have continued with further projects beyond their pilots. The study also said that 25,000 units were launched in June 2010-November 2011 as compared with over 14,500 over the preceding 30 months.

Read more:  The Hindu Business Line 

Economy

Steps taken by RBI to support rupee

India took more measures on Monday to bolster a weakening rupee after it hit a record low on Friday, but failed to cheer the market which had been hoping for bolder steps.

The rupee rallied earlier after Finance Minister Pranab Mukherjee said the government will unveil steps to arrest the currency’s slide, but it trimmed gains on disappointment the measures were not aggressive enough.

June 25 – The central bank raised the investment limit for foreign institutional buyers in government debt by $5 billion to $20 billion. However, the additional limit can be invested only in bonds of three years and above.

Read more: The Economic Times

India Business News

Delhi most competitive city in India: EIU report

Delhi has been named the most competitive city in India for its demonstrated ability to attract capital, business, talent and tourists by a new Economist Intelligence Unit (EIU) research report. The study, which has been commissioned by the Citigroup, ranked Delhi at number 68 in the list of 120 of the world’s major cities. The national capital has edged out financial hub of Mumbai, which ranked 70th in the index, followed by Bangalore, India’s Silicon Valley, at 79th rank, Pune at 97, Chennai at 105 and Kolkata at 106.

Read more:  Financial Chronicle | Deccan Herald | The Economic Times | Business Standard | Hindustan Times  

Moody’s Backs India’s Stable Rating

Moody’s Investors Service said Monday it is maintaining its ‘stable’ outlook on India’s sovereign rating as the growth slowdown and deteriorating business sentiment in the economy are likely to be temporary.

Read more: The Wall Street Journal

India to become 8th largest shareholder in IMF

India is set to become the eighth largest shareholder in the IMF after quota reforms which are likely to be finalised at the multilateral agency’s Annual Meeting at Tokyo in October. Once the quota reforms are carried out, India’s share at IMF is set to rise to 2.75 per cent from 2.44 per

cent, making it the eighth largest shareholder in the multilateral agency from its present 11th position. “The quota reforms at the IMF are likely in October at the Annual Meetings of IMF and World bank in Tokyo,” a Finance Ministry official told PTI.

Read more: The Hindustan Times

Infrastructure

More toll payments by cash trigger Gurgaon e-way jams

Everyone travelling on the Delhi-Gurgaon expressway is accustomed to getting stuck in traffic snarls at its 32-lane toll plaza. The reason, as National Highways Authority of India has disclosed in a reply to an RTI application, is that on an average, 86 percent people pay cash at the toll plaza while only 15 percent pay through tag. Ideally, at least 60-70 percent of vehicles should be on the tag mode to ensure smooth movement through the toll plaza.

Read more:  The Times of India  

Goa govt to invite global bids for Mopa airport in Sept

Goa Chief Minister Manohar Parrikar has said all concerns for the greenfield airport in Goa had been addressed, and global tenders for the project would be invited in September.

Read more:  Business Standard 

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