Steady Growth Observed In Pune's Luxury Housing Segment

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While demand for luxury property in India has waned a little on account of a slump in the market, impending hopes of a cut in rates and unaffordable prices, Pune continues to post strong demand and transactions in this segment. The luxury real estate Pune market has registered decent growth over the last few months owing to a spurt in the number of high net worth individuals in the city. Pune has the fastest growth rate in terms of new multi-millionaires of the country. Pune is the seventh most favored city in Asia for high net worth individuals. This is a development that is manifesting itself quite strongly in the real estate market with significantly high levels of demand for properties in the premium segment, i.e. those priced above Rs. 1 crore. There are ample Pune properties available in this category and 70 percent of the total inventory offered by developers extends to properties priced between Rs. 1-2 crore on an average. The Rs. 2-5 crore property segment occupies 25 percent of the overall inventory volume in Pune presently. There are a healthy number of properties available in the property segment exceeding Rs. 5 crore as well. This augurs well for the luxury housing segment which is set to get hotter with several landmark projects to be launched in the near future. Several NRIs have been settling in Pune for its pleasant climate and top class investment possibilities. Property prices in the segment have also gone up by close to 15% on the back of steady demand and growth of the segment.

As per Indian real estate reports, premium projects are mostly being developed at prime locations like Koregaon Park and Viman Nagar while several projects are being developed near the International Airport at Lohegaon in addition to places that are located in close proximity to both Western and Eastern IT hubs. Several luxury Pune real estate projects are being developed in posh areas like Boat Club Road, Salisbury Park, Bhosale Nagar, Prabhat Road, Kalyani Nagar, Magarpatta, Model Colony and Sopan Baug in addition to the emerging Baner-Aundh corridor. It goes without saying that these projects come with premium amenities for residents including Wi-Fi, parks, clubs, fitness zones, central air conditioning, swimming pools, private terraces and concierge services among others.

Chennai Corporation to review residential buildings undertaking commercial activities

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In a move to augment the property tax collection, the Chennai Corporation is planning to conduct a drive to discern all commercial buildings in Chennai which are located in residential neighborhoods of Chennai, Tamil Nadu. The corporation officials will soon initiate a drive which will allow them to get comprehensive details of each building located on a particular street with structure classification, based on its use for commercial, residential or other purposes. Over the last few years several commercial activities have mushroomed in residential property at Chennai, which has led to tax evasion.

The drive will help the civic body to map the rise of commercial structures in residential areas of Chennai. In several residential places in Chennai like T. Nagar, Anna Nagar, Egmore, Purasawalkam, Mylapore, etc. commercial activities are been undertaken; but as they are based out of residential complexes they pay a much lower property tax to the Chennai Corporation. This initiative is expected to boost the property tax revenue, in addition to this the move will also help in streamlining the property tax assessment. According to an estimation, at present there are about 12 lakh property tax assesses in the city of which about four lakh buildings do not come under correct property tax net.

Alongwith this drive the Chennai Corporation is also planning to evaluate the trade license framework for properties in Chennai which have been seen a boom in commercial activity over a period of time. It is believed that identifying illegal commercial structures is expected to take about three months as there is a shortage of employees in the Corporation.

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Real Estate Mumbai: Price Rates Prevalent over Andheri-Dahisar Area

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Andheri-Dahisar is one of the poshest areas of Mumbai and is mostly inhabited by upper-middle and elite class. The Q-o-Q change in average per square feet rate has been recorded at 10.44%. This indicates that the change in price rates has been significant in Jan-Mar quarter of 2014. As far as individual localities of real estate Mumbai in this area are concerned, they have shown different rates in the psf values. This blogs throws on avenger prices prevalent across these localities and the % change in their psf rates.

Malad(W), Goregaon(E), Kandivali(W), and Dahisar(E) are the localities where a 350 sq. ft. 2 BHK apartment can be available in 20-45 lakh price bracket. Dahisar(E) and Kandivali(W) have witnessed appreciation of residential rates, while at the remaining two, rates underwent depreciation. For buyers seeking a  two-room flat in 40-60 lakh range, there are several options: Kandivali(E), Borivali(W), Malad(E), Charkop, Oshiwara, and Jogeshwari(E). While appreciation in Kandivali(E), Borivali(W),  and Charkop varied in 1-2%, rates dropped in the others. Oshiwara witnessed the plummeting of rates by about 7%, while in Malad(E), the prices dripped by 2%, as compared to the previous quarter.

Indian real estate buyers eying properties above 70 lakh have otions like Andheri, Borivali(E), Thakur Complex, Chandivali, 4 Bungalows, Juhu, Marol, Versova, and Veera Desai Road.  Average psf rates over Andheri(W), Thakur Complex, Marol, Chandivali, Versova and Veera Desai Road showed an upsurge in residential rates of apartments. 

If compared to the properties in Navi Mumbai, the price rates are significantly higher in Andheri-Dahisar area.

Delayed Constructions: Biggest Woe for Seekers of Properties in Noida

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Book a flat and forget about it - this is what a number of buyers in Noida and Gurgaon are forced to do. Infinite delay in constructions have left these buyers with no other option but to suffer silently. With no law strong enough to provide them with protective shield, they have no other alternative than to be at the mercy of their builders. As per statistics, about half of the realty projects in Noida, Ghaziabad, and Greater Noida are running late. Not a brick has been laid in the name of construction. And among the under-construction projects, 40% are behind their schedule.

There have been instances whenever seekers of Noida real estate properties have already paid 80-85% of the price and still haven't got any solid assurance from builders. These buyers have to dole out huge checks in the form of EMIs every month, in addition to pay rental for their temporary residences. Names of reputed builders like Unitech, Ansals, and Raheja Developers have cropped up in many cases where the buyers have been facing procrastination woes. Many of these builders, just after recovering the construction costs from buyers, start dragging projects to future.

It is mandatory for sellers of property in Noida to pay the delay penalty of Rs 5-10/sq. ft., but the developers fail to pay even that amount. At times, these developers themselves face problems like delay in land acquisition, strict credit conditions , and lack of funds. In light of all this, it is the buyers section that has to part with a large sum of mpney and not get anything in return. As the number of delayed constructions is on rise, the sellers are losing their credibility in market.

It is high time that some strict actions are taken against the defaulters and buyers are restored with the money in case they want to back from the project. 

Residential Property in Delhi: Fallen Prey to Financial Crisis

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Indian real estate is going through a really bad phase. As they say, a problem never comes alone, and this is perfectly apt for the realty market that the country is facing. The skyrocketing prices, the financial crisis, and the degradation of rupee against the mighty dollar has left no stone unturned for properties to tread an uneven path. One of the cities that have suffered immensely out of all this is the capital city Delhi. The elephantine rate at which the prices have increased has worked against the buyers' sentiments. The demand, as a result, has gone an all-time low.

The developers who have been putting all their energies in raising the rates of residential property in Delhi, are now facing the consequences of their deeds. With thousands of inventories lying vacant from more than 20 months, they are getting sleepless nights. The bubble that they created to empty the pockets of the buyers is all set to burst anytime. As soon as that happens, the rates shall start plummeting. The price correction has already occurred in South Delhi localities like Greater Kailash and several others. If the bubble continues to deflate, the demand shall rise. It is obvious that the buyers who are reluctant to make a purchase shall go on with their decision.

To win their clients back, the developers and the builders have now resorted to new means. They are approaching them with several cash discount offers and freebies. Sedans, LCDs, microwave ovens, free EMI periods, zero registration duty, and 10% discounts are a few tools that they are employing as their marketing strategies. All these sweetening devices are not going to appease the buyers, who have already under the burden of inflation. We can only hope that prices get corrected and the residential property in Delhi shall again see a rise in demand.

Makaan.com, the Indian real estate website with intelligent search facility, allows searching residential property in Delhi and other cities. Buy, sell, or rent 1, 2, 3 BHK flats, villas, condos, shops, offices, and plots in different price brackets.

Indian Real Estate Saga: Soaring Prices, Dwindling Demand

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Indian real estate is burgeoning nicely, from year to year, and from decade to decade. Though the extortionate prices and scams have diluted its stronghold to some extent, It is still going great guns. The demand may have seen a depreciation in  cities like Delhi/NCR, yet the call for properties is very much there in the scene. And why that shouldn't be? With the population boom, the demand for both residential and commercial spaces is bound to prevail. The upper-middle and the elite class have a predisposition towards luxury houses and plush villas. Thanks to the  cornucopia of wealth that they possess that the demand for extravagant housing never ceases to exist.

As far as the middle-class is concerned, the real estate scenario says a different story. The considerable appreciation of rates has staved them off from buying even 1 or 2 BHK flats. Go and hunt a 2 BHK in the localities of Delhi like Kalkalji, Rohini, Vasant Kunj, Malviya Nagar, Chankya Puri, Golf Links, Sirifort Road and you will rarely get one with price below 50 lakhs. In certain localities, you will find a 2 BHK flat costing you as high as one crore! Of course, this middle-class is unable to invest their savings on such a high-valued property, so they end up cheaper localities, much below their expectations and preferences.

Same is the case with the rest of the country. Hebbal in Bangalore has seen an appreciation of 58%,  highest among all the Indian cities. In Hinjewadi too, the prices have escalated by 50% in the first quarter of 2013. Dwarka Expressway in Gurgaon, Kalyan in Mumbai, Gachibowli in Bangalore say the same story. The developers have successfully created an artificial demand for soaring the prices, thereby denying the access of ordinary buyers to the fruits of property in India.

So, what our covetous developers are doing now? In order to save the dwindling demand, they have now resorted to providing exclusive offers and tying up with international brands. But that too would work well for the upper strata and not the middle-class buyers. There is dire need to break this property bubble and let the prices correct. Once the bubble bursts, real estate India shall touch new heights.

Search 1, 2, 3 BHK rooms, flats, apartments, villas, condominiums, office spaces, warehouses over Makaan.com, India's premiere real estate websites. The properties listed from leading builders, land owners, and agents are available for buying, selling, and hiring on rent.    

Hot Localities to find a Property in Chandigarh

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With contaminated air taking a toll of health, over-congested roads getting on your nerves, and not an inch spared to move about freely, living in metropolitan cities like Delhi/NCR is more of a problem than a luxury. So, people have started looking for other options: Chandigarh, with its fresh air and serene climate, is one of the cities that people are now considering as their investment destinations. Buying a Chandigarh property incan be both lucrative as well as affordable. Let's see why.

The property rates are lower here, much below than that in Delhi, Gurgaon, or Noida. This makes buying a house or villa affordable in terms of prices. Invest on low rates and expect good returns a few years after. In fact, the recent hike in demand has already led to the escalation of prices. If this continues, real estate Chandigarh shall be seen as a lucrative market, both for developers and end-users. With prominent names like DLF and Omaxe gaining good footing here, the buyers can expect houses with the same facilities as that available in a world-class project. Still, the infrastructure is not up to the mark in many localities.

Let's have a look over Zirakpur, the satellite town located in the Shivalik foothils. As far as real estate Chandigarh is concerned, Zirakpur stands out among other cities: decent infrastructure, availability of luxury houses, and low cost of operation make it a city worth trying for, though most part of it is now already occupied. The price rate in the April-June, 2013 stood at an average rate of Rs. 3011/ sq. feet.

Buying an apartment at VIP Road gives you good connectivity with important commercial centers. The property price in the current quarter is Rs. 3028/-, relatively higher than what you find at places like Dera Bassi, Ambala Highway, and Patiala Road.

Panchkula, another satellite city, reflects an entirely different scenario. The rates are quiet high here; buying a flat here could cost you anywhere between 40 lakhs  to one crore, and even more. It is one of those Chandigarh properties that are out of the gamut of a common man. With an average rate of Rs. 5893/ sq. ft., it is not possible to look out for affordability, specially within sector 20. The other thing to note is that the prices here can increase drastically even within a few days.

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