Ravi Karandeekar's Pune Real Estate Market News Blog: Indian real estate market news

Showing posts with label Indian real estate market news. Show all posts

Thursday, May 6, 2010

House prices may go up 4% on service tax

Prices of residential flats are likely to go up by 4% in a couple of months, notwithstanding the recent relaxation in the service tax. The latest Union Budget had imposed a 3% service tax on builders, while the state would impose VAT of 1% on a flat’s price.

“Normally, tax provisions in the Finance Bill come into force from June 1, which is when we expect the service tax to come into force. So, if a flat costs Rs 40 lakh, builders will get 75% abatement which leaves Rs 10 lakh, or 25%, on which service tax will have to be paid. The buyer will have to pay around 3% as service tax and 1% VAT (in some states including Maharashtra),” said CREDAI Pune president Satish Magar.

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Wednesday, May 5, 2010

Service tax on property: ICAI moots 3 methods

The Institute of Chartered Accountants of India (ICAI), the accounting regulator, is looking to consult with the finance ministry to simplify the structure of service tax on construction activities and push three methods of calculating the tax.

The real estate developers in the country were opposing the service tax levied on the construction sector in the budget. To please developers and protect home owners from a drastic hike in home prices, finance minister Pranab Mukherjee had on April 29 reduced the gross sale value of property from 33% to 25% for tax consideration, which in effect would reduce the taxable portion.

ICAI has suggested that tax can be computed through three methods:

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1) SATURDAY, MAY 1, 2010

April 2010 - Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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Sunday, March 7, 2010

Times Premium Property Showcase, Le Meridien, Pune - home buyers make a beeline to take a peek at the several options laid out by over 40 builders

Today is the last day!

Yesterday, I was at Vanshaj Kiona at Balewadi and Mont Vert Berose at Pashan Baner Link road. So, i couldn't see the phenomenon! But, thanks to The Times of India for telling me that -

The resurgence of the Indian economy has set the property scene in the country on a roll once again. The process is not limited to affordable or mid-level realty, but the high end and luxury segment has come alive too!

How about you? Did you visit the Times Premium Property Show yesterday or planning to visit today, on the last day?

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Friday, February 26, 2010

Deepak Parekh, CEO of HDFC, on the builder lobby, the imperfections in the property market, teaser home loans and more...

In the past 10 years, builders have emerged as a formidable lobby with proximity to the powers that be...They go about changing rules, so much so that a police station in Maharashtra had to be relocated to house a project. Does it worry you?

Deepak Parekh:

That is why I have been a proponent of a real estate regulator for the past three years. The builders do not want it because they see it as one more hurdle, one more layer of bureaucracy. The point is, we need to ensure that there is some distinction. Today, anything goes — you don’t need to be a civil engineer to be a builder. I can become a builder tomorrow. If I have access to land, not even ownership, I can put up a board and people will come and start booking.

I don’t need to know anything about construction, but because of the shortage, people will just come and book a flat. Basically, the entry-level in construction is zero. Anyone and everyone can become a builder. And then they do all this...breaking the FSI rules....But, believe me builders around the world have a reputation of being close to the powers that be. They need to be, because they are dealing in land in urban areas which are expensive and politicians have vested interest.

Property prices are once again high. We hear that developers have more staying power and are controlling supply...

Deepak Parekh:

This is happening only in a few cities like Mumbai and Central Delhi. First of all, non-housing prices have not gone up, they have only come down. IT, commercial, SEZ, industrial park, retail malls... all these prices have come down. In Pune, prices have not gone up. In Hyderabad prices have come down even in residential segment. If the residential sector experiences what happend in the non-residential sector, price will come down in residential properties. What happened in non-residential sector is oversupply, overbuilt offices, built offices with no takers. How long will the builders keep them to themselves?

RBI as well as the government want lenders to waive loan prepayment charges..

Deepak Parekh:

On every loan that HDFC has prepaid we have paid massive prepayment charges — to World Bank, to ADB, to LIC to State Bank. So if a borrowing institution has pre-payment penalties we have to pass it to our constituents. You can’t give a 15-year loan to someone only to have the borrower turn around in 15 months and say that he wants to prepay because the neighbouring bank is giving quarter per cent lower. It’s not incremental housing, it is only adding to paperwork.

It is not increasing the GDP.... And then he does not want to make pre-payment charges. You have done documentation, you have examined legal documents, you have put it in a storage place that is far away and safe. The closing charges for a real estate abroad are 25 times higher than that in India. You go and try and close a loan and see what happens in Europe or the US or even in Singapore.

You called teaser rates on home loans a gimmick, and then HDFC started offering teaser rates...

Deepak Parekh:

We were losing business. I still feel that teaser rates are a gimmick; it is a marketing tool. But my marketing people said that if we do not have attractive rates in the first two years no one would come to us. So we had to fall in line immediately. So everyone is doing it now and financial innovation takes 24 hours. ....There are two things in this.

If the teaser rates are much lower than the normal rates, borrowers may not have the cash to pay when the normal rates kick in. Secondly, even when we give these rates the quantum of loan is calculated as if the rates are higher ...we don’t want the family to be short of money two years from now. So our eligibility is much lower because we take into account the higher rates. But if suppose in two years time rates become 12-13%, how are they going to pay? Then 8.5% will become 13%

To read more, please, visit The Economic Times

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Saturday, February 20, 2010

Indian real estate developers haven't yet learnt their lesson...

The real estate sector, which faced the toughest headwind in 2009, may be smiling today owing to a revival in demand.

However, the road to recovery has been painful. After the collapse of Lehman Brothers on September 15, 2008, the noose tightened around developers’ neck with sales down to a trickle as prospective home buyers looked to save jobs and cut expenditure. High interest rates made matters worse.

Come March 2009, developers realised that there is no other way to make sales happen but to bow down to the needs of customers. Developers started resizing projects keeping the buyers requirements in mind — 1BHK (bed room, hall, kitchen) and 2BHK flats with sizes admeasuring 400-650 square feet (sft) started coming back in vogue. Projects were launched by slashing rates by 30-35% from the market price.

The buzz word in realty became “affordable housing” and every developer added a new profile — Unitech gave way to Uninor, DLF will launch “value housing” and Lodha’s with their “Casa” branding.

Even banks cut interest rates as they sought more business. State Bank of India introduced the fixed-floating interest rate (where the interest rate is fixed for the initial years and then floats for the rest of the tenure). Things started looking up on the economy front as well. The job uncertainty was reduced and fears of a prolonged recession were no longer there.

Buyers started thronging to the real estate market. Developers saw booking sales of 50-70% in their projects in a fortnight’s time.

However, the mid-income segment wasn’t the place for them to raise funds to repay the debt that lied in their books.

The government stepped in, requesting banks to restructure the humongous debts on the books of developers and bringing in new norms for raising money through FCCBS for township projects.

Thus Unitech launched its qualified institutional placement (QIP), setting off a trend of QIPs that changed the realty game completely. Indian realtors cumulatively raised Rs 8,380 crore in the year.

However, realty prices have surged 30-32% in the second half of 2009, driving buyers away and the pent up demand, which gobbled all properties in display, is satiating, fast. Housing registration data shows a fall in sales across India after the Diwali Dhamaka season and thus begins the new struggle for developer of attracting buyers to the foyer.

May be realtors have not yet learnt heir lesson.

Real estate prices have come a full circle - Pooja Sarkar - dnaindia.com

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Saturday, November 28, 2009

Dubai brings down world

Dubai World — the conglomerate that spearheaded the emirate’s breakneck growth — announced a proposal to delay paying back loans worth $59 billion (Rs 276,000 crore), investors read it as a sign of yet another implosion after Iceland and Ireland.

This is almost three-fourths of the country’s total $80 billion (Rs 374,000 crore) debt.

While India’s stock markets remained relatively less affected, the medium-term impact — if Dubai World’s proposal is rejected — would be a crash of the country’s real estate, leading to job losses for Indians there.

A million Indians — a third of Dubai’s population — work there. Most are employed in the speculator-led boom in real estate and construction that according to Realty-Network Association began in 2001, following a rise in public spending on infrastructure and housing.

Of the $52 billion (Rs 243,000 crore) of inward remittances Indians working abroad send their families in India, 10-12 per cent is estimated to originate in Dubai, according to research firm CLSA.

Most of these go to Kerala, Maharashtra, Gujarat and Punjab, according to a senior official in a large public sector bank.

To read more, please, visit Hindustan Times

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Thursday, November 12, 2009

No bubble like situation in real estate sector - Assocham

Profitability of realty majors declined by 56 per cent in the first half of 2009-10, which contradicts concerns over formation of a housing bubble in the country, industry body Assocham said today.

"Financial performance of realty majors during the first half of current fiscal shows grim picture of the sector with a decline of 56 per cent in net profit, dampened by 51 per cent rise in financial charges and interest cost," Assocham said.

The total income of realty majors declined by average 40 per cent in line with the fall in net profit whereas the total expenses of sector registered an average decline of 35 per cent despite an increase of 51 per cent in interest cost.

To prevent any formation of asset bubble, RBI in the quarterly monetary review last month asked banks to keep more money aside while giving loans to commercial real estate.
pti

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Tuesday, November 10, 2009

India needs a constitutional amendment to make the right to shelter a fundamental right

India will face shortage of 28 million affordable houses by 2010:

Stating that the country would face shortages of 28 million affordable houses by 2010, Rajya Sabha MP NK Singh today said that India needs a constitutional amendment to make the right to shelter a fundamental right.

Right to shelter should be embedded in a separate legislation as the problem is complex in view of the fact that housing is essentially a state subject, Singh said at the India Economic Summit here.

"The country should look for constitutional amendment for right to shelter as the scale of the problem is very large and is going to intensify. "We have a shortage of 24 million affordable houses which will touch 28 million mark by 2010," he said addressing a session on "The Affordable Housing Imperative."

"Unless and until constitutional amendment is made you cannot force states to do it," he said adding, affordable low cost housing is part of this government’s inclusive growth programme.

To read more, please, visit ZeeNews

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Tuesday, November 3, 2009

HDFC, LIC Housing under CCI lens for loan pre-payment penalty

Abuse of Dominant Position:

Competition watchdog CCI has brought under its scanner several private banks and housing finance companies, including HDFC and LIC Housing Finance, for imposing penalty on pre-payment of loans.

The Commission, according to a CCI official, is scrutinising a complaint concerning pre-payment penalty from a customer against major home loan players like HDFC, LIC Housing Finance and Deutsche Postbank.

In contrast, public sector banks do not charge penality for the pre-scheduled foreclosure of loans.

The complaint has been filed under Section 3 of the CCI Act that deals with abuse of dominant position by companies.

Although the Commission has yet to take a view on the matter, the official said, if the lenders were found guilty of abusing their dominant position, the practice could be banned across the industry.

To read more, please, visit zeenews

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Wednesday, October 28, 2009

Thanks to RBI! Property rates to go up!!
-How much?
Depends upon the liquidity and cash flow of the real estate developer

RBI's move may boost cost and reduce the demand:

The Reserve Bank of India’s move to ask lenders to set aside more funds to cover defaults on loans to property companies may boost costs at real estate developers and reduce demand for homes, company officials said.

The central bank yesterday ordered lenders to set aside an equal amount of their loans to cover for potential bad debts at property companies, an increase from 40 percent to help banks build a cushion against likely bad debts.

"Property developers may be forced to “pass on the prices to the end user," said DTZ’s Bhikshu. "This, combined with the sluggish sales of last few months, indicates that the sector’s recovery path could see some hurdles in near future." Read More

No asset bubble. It's turned around !

The Reserve Bank seeks to head off a real estate bubble, withdraws an earlier move to revive the sector..

According to Mumbai-based Housing Development and Infrastructure Ltd (HDIL), the third largest developer by market value, home prices may increase depending on the liquidity levels of companies.

“The new provisioning norm will make lending more expensive for developers, squeezing their profitability, and so those in need of cash flow may pass it on to buyers, leading to a rise in prices,” said Hari Pandey, vice-president, finance and investor relations, HDIL. Read More

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Funds just got costlier for builders

Avoiding creation of another asset bubble:

The RBI’s credit policy announced on Tuesday appears intended to rein in an incipient bubble in the real estate sector. The provisioning requirement for loans to commercial real estate has been increased from 0.40% to 1%, implying costlier bank loans for the sector.

As most of the realty companies rely on bank funding, especially in times of financial crisis, this move could have an impact on the sector.

“As banks often keep a cushion for any regulatory changes in provisioning, this measure is more for bringing moderation in the realty sector. Since necessary reduction in prices has still not taken place and there is fair amount of money available for the sector, this step is to avoid creation of another asset bubble,” says M Narendra, executive director of Bank of India.

Too early:

Not unexpectedly, industry officials differ. According to Rajeev Talwar, executive director of DLF, “Stability in major parameters is a good sign, but increasing the risk weightage for commercial real estate is a negative signal, which is perhaps not required so early in the economic revival process.”
To read more, please, visit The Economic Times

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Banks asked to make higher provisions on bad loans (to real estate!)

Indian banks could see their profitability being marginally impacted in the wake of the Reserve Bank of India directing them to set aside more funds as a cushion against losses on loans extended to builders and also to make more provisions on bad loans.

1% of a loan:

Banks will now have to set aside 1% of a loan given to commercial real estate as a provision, up from 0.4% now.

RBI governor D Subbarao has categorized such loans as those given to builders for construction of commercial properties like offices, malls, entertainment zones and hotels.

Interest rates to go up:

OP Bhatt, chairman, State Bank of India, said the interest rate on such loans would go up marginally. Most banks are disbursing loans to builders at prime lending rate (PLR) or at a spread over the PLR.

Low exposure:

Chanda Kochhar, CEO of ICICI Bank, said: “There is no issue of asset bubble as such. The provisioning of loans extended to commercial real estate was high previously. Subsequently, the credit flow to this sector fell, which impacted its activity. Now that the activity has picked up in this sector, RBI has raised provisioning requirement back to the old levels. But banks’ exposure towards commercial real estate sector is low. NBFCs and mutual funds are more active in this space.”

The provisioning for such loans was reduced from 1% to 0.4% after the collapse of Lehman Brothers caused credit lines across banks (globally) to freeze.

Low property prices?:

RBI said the hike in provisioning for such loans was largely due to an increase in the flow of credit to this sector and the extent of restructuring of loans.“Excess of credit to a particular sector is a concern for RBI, and thus, provisioning has been raised.

This will reduce easy access to money (for builders). Hopefully, it should result in builders lowering the price of property, something most have refrained from doing so far,” pointed out M Narendra, executive director, Bank of India.

Provision Coverage Ratio on Bad Loans:

Also, RBI has asked banks to improve the provision coverage ratio (PCR) on bad loans to 70%.

All banks follow asset classification norms, which ranges from 10% for sub-standard to 100% on loss loan. PCR is the overall provision on bad loans.

Simply put, PCR is the amount that the banks expect to forego from a loan if they have to write off that loan account.

However, Mr Bhatt, after a meeting with the RBI, said that banks have requested the regulator to review the entire model of asset classification. He indicated to the media that RBI may give banks more than one year to adhere to the 70% norm.

Among banks, SBI’s PCR is 38% and ICICI Bank’s is 55% as of March 2009, while PNB’s PCR stood at 90%. In fact, early this year, RBI had written to SBI asking it to raise its PCR to the industry average of 52%. But a lower PCR does not mean that the bank has not made adequate provision.
The Economic Times

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Thursday, October 1, 2009

Kumar Builders join the IPO bandwagon

Lalitkumar Jain plans Rs 400-500 crore Nirvana!

Kumar Builders had filed the draft red herring prospectus (DRHP) with capital markets regulator Sebi on Wednesday to raise funds worth Rs 400 - 500 crore, according to bankers involved with the plan.

Most of the real estate companies are tapping the market to clear their debts and fund further construction activities.

To impress the market, some real estate companies work really hard and start planning 5 -6 months before they go to Sebi!
To read more, please, visit Two more realty firms join IPO race

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Wednesday, September 30, 2009

Visit MCHI's Property Expo 2009 - 1st to 4th October 2009 at Bandra Kurla Complex, Mumbai

Maharashtra Chamber of Housing Industry and State Bank of India Present: Property 2009, 15th Real Estate and Housing Finance Exhibition:

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Monday, September 28, 2009

Builders welcome move, but fear it may be misused

The developers and builders community has welcome the proposed legislation that intends to regulate real estate deals by making it mandatory to post critical details of the projects on the official internet site of the real estate regulator.

Realty sector players have, however, expressed concerns over the possibility of this measure opening another door for corruption and bureaucratic interference in their work as well as effective implementation of the provisions of the legislation to benefit the consumer.

According to Satish Magar, president, Confederation of Real Estate Developers' Associations of India (Credai), Pune, there was a need to introduce regulations that will protect customers from errant builders.

"This bill will protect the consumers against fly-by-night operators who are out to make a quick buck without giving much thought to consumer interests. Our association is a body of professional builders/developers who are already governed by a self-imposed code of conduct and we are happy to learn that the government plans to widen the gamut to include builders as well as one time constructors."

The law to regulate real estate developers will call on builders to provide details of the number and size of plots, layout plan, carpet area and plinth area of flats, apartments or any other housing complexes. Importantly, it will prevent builders from changing the plans or inserting charges as the sale agreement will be considered binding.
To read more, please, visit The Times of India

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Saturday, September 26, 2009

Developers will soon be required to post project details, including civic clearances, on the website of the real estate regulator

Buying home to get safer in New Delhi and NCR, new real estate bill mooted

Isn't buying property very much safe in Maharashtra, particularly in Pune, India?

1) The law to regulate real estate developers will call on builders to provide details of the number and size of plots, layout plan, carpet area and plinth area of flats, apartments or any other housing complexes.

2) The draft bill has maintained the power of civic agencies to approve the project. It will be the responsibility of the developer to give information to buyers relating to nature of the title to land, layout plan sanctioned by local authority and plan of development works. The big advantage of the law would be that civic agency details will be given to the regulator.

3) The developers also cannot hide the "actual living space" they are offering to buyers as they have to distinguish the carpet area, super area and common area along with the plan and specifications of apartments.

4) The consumer can ask promoters to spell out the details of common services like supply of electricity, water, sewage and drainage, lift, light in passages and staircases, sanitary services and fire-fighting instruments in the project. And if developers fail to provide these services, consumers can approach the regulator, which can also take suo-moto cognizance and inquire into the matter and pass order as it may find necessary.

5) If there is any deviation from the advertisement, the promoter has to compensate buyers for any loss due to false information. In case of pulling out of a project, the builder has to return the money with interest at a rate not more than current rate.
To read more, please, visit The Times of India:

Builders must make a public disclosure of the land mortgaged to banks - RBI cracks whip

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Saturday, September 19, 2009

Builders must make a public disclosure of the land mortgaged to banks - RBI cracks whip

Builders should reveal land mortgaged to banks in advertisements, brochures and pamphlets of their housing projects

Developers generally mortgage their land to banks to get construction loans. Many consumers are not aware of this when they book flats in such projects.

If the builder defaults in repaying the loan to the bank after the flats are sold and building occupied, the bank could take over a portion of, say a garden plot, in the housing society. The society may also find it difficult to get the land conveyed in its name. However, the bank is not entitled to attach a flat already sold by the builder.
To read more, please, visit - RBI cracks whip on builders

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Thursday, September 10, 2009

Indiabulls launches mini-township at Panvel

The inaugural property rate starts at Rs. 2,200 per sq.ft. for the first 50 apartments:

Close on the heels of launching Indiabulls Sky, its high-end residences project in South Mumbai, Indiabulls Real Estate Ltd has now announced the launch of a mini-township, Indiabulls Greens, just 5 kilometers from Panvel station.

Spread across a serene 15 acres in close proximity to the Mumbai-Pune highway, the project offers a good alternative for buyers from Kharghar and Belapur looking to upgrade to a bigger home and a better lifestyle.

Highlights:

15.6 Acres of integrated development

Basement + Ground + 6 Floors

Approximately 900 residential units

Formats of 1, 2 and 3 BHK flats - 650 sq ft to 1700 sq ft

Superior specification

Basement parking

World class amenities

To read more, please, visit - ConstructionWeekOnline.in

Saturday, August 15, 2009

Unsustainable hikes

For example, Aldea Espanola Baner, in Pune real estate market!

Even though the real estate sector is yet to gain adequate momentum, based only on a mild pick up in sales, a few developers have hiked rates.

Discounts, which had become commonplace and were substantial when sales were at their nadir, are now being withdrawn.

Will these attempts by developers to create an illusion of high demand succeed, or will they have an adverse impact on the nascent recovery?
To read more, please, visit - indianexpress.com

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Thursday, August 13, 2009

The future for urban India - Sanjoy Chakravorty

By 2030, India’s total population will be around 1.5 billion—the largest in the world—therefore, the urban population will be around 600 million, more than twice as much as in 2001

Urbanization level of India: 2001: 28%. 2030: 40%

A slow but unstoppable change is taking place in India. It will affect everything people do, the very way they live and work. No, I’m not talking about climate change, but the ongoing urban expansion. The problems are staggering, and it is imperative that we pay attention immediately to the possibilities and consequences.

Let us consider five questions with far-reaching implications:

First, where will these additional 300 million people live? Where will urban growth likely take place?

Second, what type of settlements are likely to absorb such a large population growth: new or existing ones?

Third, How large can a metropolis become?

Fourth, how will people get into and around a city that has grown to a population of, let’s say, 30 million by 2030?

Fifth, where will the poor live in this city?
To read more, please, visit - livemint.com

Thursday, May 6, 2010

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Wednesday, May 5, 2010

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Sunday, March 7, 2010

Today is the last day!

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Friday, February 26, 2010

In the past 10 years, builders have emerged as a formidable lobby with proximity to the powers that be...They go about changing rules, so much so that a police station in Maharashtra had to be relocated to house a project. Does it worry you?

Deepak Parekh:

Property prices are once again high. We hear that developers have more staying power and are controlling supply...

Deepak Parekh:

RBI as well as the government want lenders to waive loan prepayment charges..

Deepak Parekh:

You called teaser rates on home loans a gimmick, and then HDFC started offering teaser rates...

Deepak Parekh:

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Saturday, February 20, 2010

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Saturday, November 28, 2009

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Thursday, November 12, 2009

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Tuesday, November 10, 2009

India will face shortage of 28 million affordable houses by 2010:

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Tuesday, November 3, 2009

Abuse of Dominant Position:

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Wednesday, October 28, 2009

RBI's move may boost cost and reduce the demand:

No asset bubble. It's turned around !

Related Stories:

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Avoiding creation of another asset bubble:

Too early:

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1% of a loan:

Interest rates to go up:

Low exposure:

Low property prices?:

Provision Coverage Ratio on Bad Loans:

Related Stories:

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Thursday, October 1, 2009

Lalitkumar Jain plans Rs 400-500 crore Nirvana!

Related Stories:

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Wednesday, September 30, 2009

Maharashtra Chamber of Housing Industry and State Bank of India Present: Property 2009, 15th Real Estate and Housing Finance Exhibition:

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Monday, September 28, 2009

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Saturday, September 26, 2009

Buying home to get safer in New Delhi and NCR, new real estate bill mooted

Isn't buying property very much safe in Maharashtra, particularly in Pune, India?

Related Story:

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Saturday, September 19, 2009

Builders should reveal land mortgaged to banks in advertisements, brochures and pamphlets of their housing projects

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Thursday, September 10, 2009

The inaugural property rate starts at Rs. 2,200 per sq.ft. for the first 50 apartments:

Saturday, August 15, 2009

For example, Aldea Espanola Baner, in Pune real estate market!

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Thursday, August 13, 2009

Urbanization level of India: 2001: 28%. 2030: 40%

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