Real Estate Prices Dip Again
Just when you thought real estate prices were beginning to stabilise, prices have dropped again.
After DLF’s price correction in its Bannerghatta Road property, real estate major Sobha Developers dropped prices by a whopping 22%. Sobha was the first to effect a price drop of 8% to 10% three months ago. Now, some of its properties like Sobha Sunscape are selling at 22% lower than the price quoted three months ago.
According to a senior ICICI Home Search official, “The first round of price drops by developers didn’t create any market stir. Many are now looking at a second round that’s sure to create excitement among buyers.”
According to developers’ association CREDAI, Bangalore property prices have fallen by 15% to 20% as compared to the same period last year and a further drop is unlikely. A 2-bedroom, 1, 200 sqft apartment at Sobha Sunscape is available for Rs 38 lakh, which includes car park, registration and stamp duty charges, VAT charges, as well as maintenance deposit and BWSSB and Bescom charges.
Except in two high-end villa projects, the company has dropped prices in all properties by 15%, though some rates may be available only during its ongoing property mela.
J C Sharma, MD, Sobha Developers, said though the real estate situation still remains challenging, “the current market situation allows us to pass on benefits to the consumer”. Interest rates have dropped to 8%, service tax is out, and stamp duty rate has fallen.
“After DLF dropped prices, there’s been tremendous excitement. Today, many project site visits are happening, something consumers had stopped for the past 4-5 months, ” said a leading real estate agent who requested anonymity.
Source: Times of India
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Nursing Continuing Education For the 21st Century EDU Tip As the world continues to get more complex, careers are becoming more specialized and require continuing education credits to remain in good standing. This is especially true in the medical fields although many professions and professional organizations also demand their members to continue to develop the [...]
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Elevated Expressways to Interconnect Bangalore
Bangalore is hasty on the growth and development front occupying the brand name of the first IT hub in India. The Bangalore real estate developers have provided the city first class infrastructure to serve the demand. The soaring number of IT and ITeS has given Bangalore a new name but also set of problems in correlation. Bangalore is facing a major time traffic congestion problem these days owing to the large number of migrants.
The city is overcrowded with floating population who has migrated to Bangalore either for studies or for job purposes. The city roadways network is not at all sufficient to cater to the rising demand as told by the Bangalore real estate builders. The tripled number of public and private vehicles on the road without any change in the road network has led to long traffic jams and queues resulting in long traveling hours. To buy an apartment in Bangalore these factors play a crucial role.
The Government has decided to take some initiatives to advance the present road network. Bangalore peripheral and outer ring road development is the one step in this field to divert the traffic flows.
Another major step in the plan is to construct an elevated corridor. The State Government is coming up with a new project costing Rs 2, 800 core to construct an elevated expressway linking Bangalore South with Bangalore North and the other to link East and West. The north -south stretch is approximately 17km long while the other is 10km long.
It is expected that the project will be completed in 24 months after initiation and some space and regulated traffic flow can be seen on the roads. The two elevated expressways will meet at Vellara Junction. This will definitely decrease the traveling time giving some degree of satisfaction to the people. Bangalore Real Estate Developers are aiming that these expressways will also boost Bangalore properties.
George Gonigal provides you the best and latest information on Properties in India, If you want to Houses for Sale in Bangalore, he suggests you log on to magicbricks.com
Source: emagicbricks.blogspot.com
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Seven Interview Questions to Ask a Buyer Agent
Seven Interview Questions to Ask a Buyer Agent
By [http://ezinearticles.com/?expert=Joshua_Ferris]Joshua Ferris
Not all that long ago the concept of buyer agency (a real estate agent representing the buyer only in a transaction) was relatively uncommon to the real estate industry because, at the time, most agents represented the sellers of property or both parties.
Buyers of real property were in need of a real estate professional to represent their needs exclusively and buyer agency was born. Fast forward to today, there are tens of thousands of agents who represent buyers in real estate transactions so here are seven questions to help you find the right buyer agent for you.
How many homes have you sold in the past year? - The real estate industry is home to over one million practicing professionals and each agent can choose whether to work part-time or full time.
Sometimes you have an agent who may be licensed to help friends and family sell real estate and other times you have the full time professional who assists in the buying and selling of dozens of properties each year. Find out how many properties your buyer agent has participated in the sale of over the past 12 months to get a better idea of how much experience they have in today's real estate market.
How many times have you represented the buyer only in a home sale over the past year? - The representation ratio is as important to the agent's ability to help you as their overall sales experience. Ask your buyer agent how many times they have represented the buyer only in a real estate transaction because buyer representation and seller representation are two very different concepts.
What area do you sell the most homes? - When you begin looking for a home you will need to narrow down where your ideal living areas will be. Using an agent with extensive knowledge of the area you're most interested in will aid you in finding the right home much faster. There are many real estate agents who specialize in one county, city or even one town!
What's the most you have negotiated off a home's price in the past 12 months? - Part of being a buyer agent is negotiating the best price possible for your buyer client. When interviewing your buyer agent you should know what their most recent successes have been for other buyers because there's a very real chance you will see similar results.
There are agents who constantly push for the maximum possible price reduction before you purchase a home and there are also agents who will be happy if you buy a home at asking price without negotiating at all. It's your money and future so knowing their negotiating success is crucial to your investment.
What type of incentives are being offered by builders and homeowners right now? - During down markets you will find a lot of home builders and sometimes even homeowners who offer incentives to entice you to purchase their home. Incentives can range from the seller paying closing costs and HOA fees to car leases and free appliances.
Do you have a network of contacts that I can use to make my buying process easier? - Who your buyer agent knows really does matter. What happens if you need a new home inspector at the last minute? Having a solid network of contacts will help streamline your home buying process making it much less stressful for you.
How quickly can I expect a response from you? - A big concern for home buyers is what is going to happen once you do start the home buying process. Will your agent be available by phone, text or email? Will you have to wait three days for a response? These are important questions to ask before you choose your buyer agent.
Knowing more about your buyer agent will make you much more comfortable about working with the agent and give you a better relationship to candidly discuss aspects of home buying like sale price, contingencies and what to expect throughout the transaction.
Joshua Ferris is an associate real estate broker in Orange County NY and specializes in both [http://housemeetsowner.com/orange-county-new-york/monroe/]Monroe New York and [http://housemeetsowner.com/orange-county-new-york/newburgh/]Newburgh New York real estate.
Article Source: http://EzineArticles.com/?expert=Joshua_Ferris http://EzineArticles.com/?Seven-Interview-Questions-to-Ask-a-Buyer-Agent&id=1805235
Source: emagicbricks.blogspot.com
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Nursing Continuing Education Seminars EDU Tip Here we are talking about Continuing Education programs that are accredited by Federal or state Accreditation Agencies. Accreditation is a mandatory legal requirement. The word “Seminar” comes from the Latin word “semen, ” meaning “seed.” Just as a seed helps the plant to grow, Seminars help professionals to grow by unlocking their [...]
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Information That NRIs Need For Buying Real Estate Property in India
In the case of NRIs there is a general permission to acquire any immovable property (other than agricultural land, plantation or farm-house property) by way of purchase, provided the payment is made out of foreign exchange inward remittance or any Non Resident bank account in India, i.e. Non Resident External Account - NR (E), Foreign Currency Non Resident Account - FCNR or Non Resident Ordinary Account - NRO account. Although immovable property is not defined, the same will include:
- Residential property being house property, bungalow, apartment, villas and all other kinds of residential properties
- Commercial property being shops, offices and show rooms
- Industrial property being factory premises and godowns
- Land for construction of any of the above properties
Acquisition can be made by way of
- purchase
- receiving the property as a gift
- inheritance, and
- share of joint property received upon partition of family or property.
Transfer: Although transfer is not defined under the Regulations, but the definition of FEMA, 99 [Sec. 2(ze) of F.E.M.A. 1999] will apply & include:
- sale for consideration
- exchange of property
- gift of property
- relinquishment of right in a joint property.
Repatriation of Sale proceeds: An NRI being an Indian citizen or a foreign citizen of Indian origin is allowed to repatriate the sale proceeds of an immovable property subject to the following conditions:
- the acquisition should be in accordance with the existing Foreign Exchange Laws (i.e. FERA, '73 or FEMA '99).
- the purchase price was met out of Foreign Exchange Inward Remittance or NRE / FCNR (B) account, and
- in case of residential properties, repatriation is restricted to a maximum of two properties.
The NRIs who are staying abroad may enter into an agreement through their relatives by executing the Power of Attorney in their favour if it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or developer, drafting and signing of agreements and taking possession). Rental income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.
George Gonigal provides you the best and latest info on India Property and Real Estate India. He would also let you know about Real Estate in Gurgaon for NRIs.
Source: emagicbricks.blogspot.com
Starting a Home Business as a Freelance Graphics Designer
If you are an artist, then a perfect opportunity would be to sell your craft to individuals and businesses. Many artists make great livings by starting a home business as a freelance graphics designer. Freelance graphic design is a service that is extremely in demand. For businesses or individuals that are trying to create a logo for their business, an advertisement such as a newspaper ad, magazine ad or banner ad, graphic designers are extremely in demand.
Source: homebusinesslab.com
Tatas, Birlas to Invest in Real Estate
Two of India’s large business houses, the Birlas and the Tatas, are looking at real estate as a major investment area, albeit in different ways.
While the Birlas, through a financial services arm, are offering real estate as an alternative investment option to clients, the Tatas are planning to develop surplus land held by group companies. The Tatas may also invest in the sector part of funds raised through recent public offerings.
These moves come at a time when real estate prices are correcting and low demand for projects has prompted large developers to default on financial commitments and project deadlines.
Aditya Birla Management director Ajay Srinivasan, who also heads the financial services business, said the conglomerate is merely gearing up for the future. “We are now putting a team in place and want to be ready when the time is right, ” he told ET.
The financial services arm of the group is setting up a real estate and private equity arm for its wealth management units. To be headed by Sashi Kumar, the real estate business would be managed through Birla Sun Life Asset Management. The Birlas plan to subsequently launch two real estate funds, one offshore and the other local, for the sector.
Although funds will be raised overseas as well, the investment destinations will be in India and can include distressed real estate assets. Tata Housing Development, a real estate player, has already said that it plans to leverage its tie-ups with banks by developing properties on surplus land owned by other Tata group companies.
Tata Housing is now identifying excess landbanks owned by companies such as TCS, Voltas, Rallis India, Tata Motors, Tata Coffee and Tata Tea. Tata Capital, the financial services arm of the Tatas, is scheduled to close a largely successful non-convertible debenture issue on Tuesday; it has so far raised Rs 2, 300 crore against a targeted Rs 1, 500 crore. Although Tata Capital has said that it won’t lend to group companies, it has proposed to invest in most asset classes.
Anticipating a large value erosion in the realty space, Indian corporates are planning to float new funds to acquire assets in the domestic property market. Real estate funds such as Saffron Advisors have either floated or are in the process of floating funds with corpus ranging between Rs 500 crore and Rs 1, 000 crore.
“As far as Indian realty is concerned, for the right projects, funds are still available, ” said Saffron Advisors MD Ajoy Kapoor. “Conservative European investors, after conducting extensive due diligence and research, are more comfortable with investing in Indian real estate, provided they are able to align with right partners, ” he added.
A few months ago, Munich-based retail aggregator Deutsche Capital Management underwrote $20 million for Saffron India Real Estate Fund I, an India-focussed real estate fund. DCM is raising a specific fund for investing in Indian real estate through Saffron Advisors.
Tough lending norms, unfavourable primary market and global financial worries have affected fund flow into the Indian property market. Real estate deals have fallen and fancy valuations by developers are being corrected to a large extent.
Source: Economics Times
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