May 19th, 2011
With major banks and housing finance companies (HFCs) raising mortgage rates, it is tough times for a large number of home loan customers with floating rates. On Tuesday, State Bank of India, the country’s largest bank, raised both its deposit and lending rates, taking its effective home loan rate to 10.25%. A back of the envelope calculation shows that home loan rates have increased by about 25% over the last few years, that is from about 8% to above 10% now.
On Tuesday, in addition to raising its base rate by 75 basis points to 9.25%, SBI also raised its fixed deposit rates by as much as 225 basis points (100 basis points=1%), all of which were in maturities of up to six months. The bank also raised its prime lending rate (PLR) by 75 bps to 14% now. All these hikes are effective Thursday.
More News: commonfloor.com
Tags: Hike in Home Loan interest, Hike in Home Loan rate, home loan, Home Loan Interest rate, Home loans 25% costlier in 2 yrs, SBI Home Loan, Tough Times Ahead for Home Loan Borrowers
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May 19th, 2011
The revenue department has proposed an amendment to the Indian Stamp Act, 1899 to capture the huge change in the Indian economy over the past century. The draft law will be taken up by the cabinet soon. The new stamp duty law worked out by the government says the benefit will lapse one year after the new framework comes into force.
The finance ministry has noted that the while some of the exchanges like NSE and BSE have taken advantage of the relaxation and demutualised, many others have not done so. To put pressure on the ones that have not yet done so, government has decided to withdraw the stamp duty relaxation available to stock exchanges on demutualisation.
NSE and BSE have taken advantage of the relaxation and demutualised, many others have not done so. The ministry feels putting a sunset clause to Section 8B will put pressure on others to demutualise. The States will also be able to revise periodically the market value guidelines of lands, buildings and various kinds of interests in immovable property for determining the duty chargeable at the time of registration once the bill is passed by Parliament and notified.
More News: commonfloor.com
Tags: Ahmedabad, Bangalore, Chennai, Delhi, Demutualise, Government To Withdraw Stamp Duty Relaxation, Gurgaon, Hyderabad, Kolkata, Market value guidelines of lands, Mumbai, New stamp duty law, Pune, Real Estate Developers, Real Estate India, Stamp Duty Relaxation of Stock Exchange, Stock Exchange demutualise, sunset clause to Section 8B, Withdraw Stamp Duty Relaxation
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May 18th, 2011
Residents of Manapakkam and surrounding areas are pinning their hopes on new chief minister J Jayalalithaa to go ahead with the second airport at Sriperumbudur.
The residents will get back their 900 acres of land marked and frozen for acquisition for three years at Manapakkam, Gerugambakkam, Kovur and Kolapakkam to build a parallel runway for the existing airport if the state government decides to go ahead with the new airport. The parallel runway work may not be taken up if the second airport materialises.
Nearly 1,000 families who have bought land and houses through bank loans are repaying the loan even though they have no clue whether they will come to own the property in the future.
“We are planning to meet officials of the new government after they settle down. AAI will also submit the ICAO report to the government by that time, said Vijay Kumar, vice president of Marvel River View County Owners Welfare Association at Manapakam.
The Airports Authority of India (AAI) had put the plans to build a parallel runway on hold and announced that they would not prefer to have a new runway at the existing airport if the state government went ahead with the proposed airport at Sriperumbudur.
More News: timesofindia
Tags: AAI, Airports Authority of India, existing airport, ICAO report, Manapakkam, Marvel River View, Owners Welfare Association at Manapakam., parallel runway, Property in Chennai, Sriperumbudur
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May 18th, 2011
Puravankara Projects, one of the leading real estate companies in the country, made foray into the city with a Rs 650 crore project, offering luxurious two and three bed room apartments.Puravankara Projects Limited launched its first luxury property in Coimbatore, ‘Purva Bluemont‘. Purva Bluemont sitting on a 16.86 acre land offers the discerning home owner the opportunity of convenience, luxury and apartments that are designed to offer a perfectly balanced contemporary lifestyle.
With a well-planned layout of 1116 units and offering 80% open space, state-of-the art amenities including clubhouse, swimming pools, outdoor sport facilities and much more, Purva Bluemont caters to every need, ensuring an elevating lifestyle experience for our home buyer. Project is located on Trichy Road, in Singanallur – one of the most upcoming residential areas of Coimbatore.
More News: commonfloor.com
Tags: Coimbatore, Puravankara, Puravankara made foray in Coimbatore, Purva Bluemont Coimbatore, Real estate in India, upcoming residential areas of Coimbatore
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May 13th, 2011
Silent Valley Chennai by Vijay Shanthi Builders at Tambaram has 70 apartments with 10 luxury villas. Each of the homes comes at an area of 685 to 2436 sq. feet. The Silent Valley apartments come with 60% open area. You get the option of 1 bedroom, 2 and 3 BHK apartments as well as Duplex homes as well as luxury villas there.
Vijay Silent Valley is located in Krishna 1st street Moogambigai Nagar. Extension of Mudichur bypass Road which is located near the GST Road and Tambaram Railway Station. Many major super markets are located around the locality. Famous hospitals like Hindu Mission, Dr. Agarwal Eye Hospital are located near Silent Valley. Schools like Ramakrishna School, Anand Jain School, MCC College, Crescent Engineering college are located near Silent Valley.
Vijay Shanthi are a professionally managed company that has placed client satisfaction above all else. We have a commitment to excellence that greets our customers at the doors of every Vijay Shanthi home, each day of the year.
Amenities
- Party Hall and Mini theatre
- Gymnasium and play area
- Swimming pool and Gazebo
- Special Yoga Zone.
- Indoor games
- Many major super markets are located around the locality
- Arignar Anna Zoo is located nearby this project
Location : Near GST Road, Tambaram
Plans : 1,2,3 BHK, Duplex, Villas
Sizes : 1225 sq ft – 1643 sq ft
Price Starts from Rs 42,87,500 (Rs 3500 per sqft)
Tags: Chennai, Chennai Property, Chennai real estate, Silent Valley Chennai, Tambaram, Tambaram Chennai, Vijay Shanthi Builders, Vijay Shanthi Silent Valley
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May 13th, 2011
Footwear and accessories brand Pavers England is looking to move from Chennai to Mumbai. The company is planning to move their marketing, merchandizing and branding divisions to their Andheri office, which houses their regional sales team. This announcement comes soon after FMCG company Cavin-Kare announced that it would be moving its sales and marketing team to Mumbai.
“We’re planning this move in the next six months or so. It is extremely difficult to attract talent, particularly in these divisions, in Chennai,” said Utsav Seth, CEOMD of Pavers England. Cavin-Kare also cited the same reason for moving to Mumbai. The FMCG company’s CMD C K Ranganathan had told TOI that the inability to attract the right talent to Chennai had begun affecting the company’s growth. “We sometimes take six to nine months to fill positions just because people aren’t willing to move here,” Ranganathan had said. “Even when advertising agencies transfer someone whom we want to work with to Chennai, the person quits the next day.”
For both these companies, the move to Mumbai would be significantly more expensive, especially since real estate costs are substantially higher when compared to Chennai. “But if you have to grow, you have to choose value over cost,” said Seth. “Even if we manage to attract talent to Chennai, attrition is much higher when compared to local population.”
More News timesofindia
Tags: Cavin-Kare, CEOMD, Chennai, Chennai Brand Factory, FMCG, marketing team, Property in Chennai, TOI
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May 12th, 2011
Higher interest will push up monthly installments for home loans for existing as well as new home buyers. The National Real Estate Development Council (Naredco) expects interest rates on housing finance to increase to 10.5 per cent for loans up to Rs 30 lakh and 11 per cent or more on loans above Rs 30 lakh.
Pradeep Jain, chairman, Confederation of Real Estate Developers’ Association of India, said: ‘‘The increase in rates will intensify the cash crunch scenario the industry is facing. The current pressure on prices is global in character and reflects supply-side bottlenecks. The solution is not monetary tightening.”
More News: commonfloor.com
Tags: CREDAI India, Hike in Home Loan interest, home buyers, Home Loan Interest rate, Housing finance, interest rates on housing finance, Naredco, National Real Estate Development Council, Real estate in India
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May 12th, 2011
Chennai-based Isha Homes (India) Private Limited is planning to raise Rs.150 Cr through PE to develop two projects in Chennai and one in Coimbatore for a total project value of Rs.500 Cr. Isha Homes is a real estate developer with niche villa homes segment, which entered budget apartments last year. Established in 2004 by Suresh Krishna and S Ramadevi.
More News: commonfloor.com
Tags: Chennai, Chennai real estate, Chennai-based real estate developer Isha Homes (India) Pvt Ltd, Chennai-based real estate developer Isha Homes Chennai, Isha Gitikaa, Isha Homes (India) Pvt Ltd, Isha Homes To Raise fund through PE, Isha Malhaar, Isha Signature Villas
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May 11th, 2011
The Chennai Cops has come out with a list of guidelines to make homes bulgar-proof. In Chennai, after a short spell of rain in the last week of April, the heat is back and many residents have taken to sleeping on terraces sparking fears that summer crimes could also rise. The police say such instances have actually risen and commissioner T Rajendran has come out with a list of guidelines in this regard.
According to police statistics, cases in which cash and jewels are stolen through open windows or open doors while the inmates are either asleep on the terrace or are out of the town are on the increase.
More News: commonfloor.com
Tags: avoid untoward incidents, Bulgar-proof Home, Chennai, Chennai Cops, Guidelines for Bulgar-proof Home, New high rise guidelines, Suspicious movements, Theft
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May 11th, 2011
Real estate builder Landmark Construction has come up with Vertica, a range of premium luxury apartments and duplexes at the heart of Chennai. The total project cost is Rs. 261 crore. “Vertica” is coming up on 21.25 grounds on the Peters Road in Gopalapuram, the heart of the Chennai city.
It is 17-storeyed complex and has 82 units of which four would be two-bedroom flats of each 2,000 square ft, 64 three bedroom flat of 2,350 sq ft and 14 four bedroom flats of each 4,300 sq ft, said Landmark Construction Managing Director T Uday Kumar.
More News: commonfloor.com
Tags: Chennai, Chennai ongoing projects, Chennai Properties, Chennai real estate, Gopalapuram Chennai, Landmark Construction, Landmark Construction Chennai, Landmark Construction to Launch Vertica, Peters Road in Gopalapuram
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