Planning to be your own agent? Think again...

With so much information readily available online, many people are under the mistaken impression that all one has to do to sell a property is find a buyer who is ready, willing and able to buy. Finding the buyer for a property in today’s buyer’s market is only half of the battle. The actual job begins after you find one. You have to then sure that the deal does not fall apart due to unforeseen circumstances before it gets to the closing table. So is there a need of a real estate agent? Yes definitely there is, not because of one but several reasons.

Real Estate Agent 

Does the seller really know how to ascertain whether the offer and/or the buyer is a good one? Making an “acceptable” purchase offer is much more than about the money the buyer agrees to pay for the property. You don't need to know everything about buying and selling real estate if you hire a real estate professional who does. Why not hire a person with more education and experience than you? The trick is to find the right person.  Agents take the spam out of your property showings and visits. Agents know what the current trend is. They know your neighborhood and the best prices for sellers and buyers. When you buy a property, you look for all the complementary aspects as well. For example, before buying a house, you tend to look at the neighborhood schools, market place, demographics, crime rate and other such important aspects. In this case, agents play an important role for both buyers and sellers.

Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help to guide clients to make the right choices for themselves. What they do is to device a negotiation strategy based on market supply, demand and the conditions.  Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. With experience and time in the market, they are the best people to guide you and references with whom they have worked and provide background information to help you make a wise selection.

Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. Soon after closing, many questions can pop up that were overlooked in the excitement of closing. Here, agents stand by ready to assist.

An agent’s success and continued career in real estate is referrals.  C It is probably the best option to choose. After all you don’t buy or sell property every day.

http://www.cosmicindia.in/


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What is in store for Real Estate in 2013?

Anyone who has had a look into this sector over the past decade will predict almost the same as what we say here because real estate has grown in leaps and bounds when comes to costs, purchases, sales and prices. The trend has not withered over time and has in fact become stronger.

Real Estate Business

For the coming year 2013, we expect mostly the same. There are hopes of growth in the real estate sector, mainly due to the government’s positive approach towards reforms and moderation of interest rates, experts say.

Land acquisition and real estate regulation bills are expected to be passed during the year, while there is a likelihood of the Reserve Bank of India (RBI) bringing down the interest rates.  The passage of FDI in multi-brand retail by the government shows its seriousness on introducing reforms. RBI can be expected to lower interest rates in the coming months which will benefit developers as well as consumers.

 Residential prices, which have been increasing over the past few years, are likely to witness subdued growth in most markets in a short to medium term till the pressures of unsold inventory are eased out.

 Finance minister P Chidambaram had recently asked the developers to sell their unsold inventory at a lower price.  Besides, infrastructure initiatives such as Greater Noida metro rail network and proposed metro link in north-west Bangalore are likely to have a positive impact on the residential market of these cities.

 FDI in multi-brand retail will also boost the demand for commercial real estate.  Apart from the international brands, several domestic brands are also exploring opportunities to increase their foot prints across the country.  According to Jones Lang LaSalle (JLL), major cities like Mumbai, NCR-Delhi, Bangalore, Chennai, Pune, Hyderabad and Kolkata, will see the addition of close to 9.5 million sq ft of mall space in 2013.

 The primary reason is that a sizable amount of supply that was expected to reach completion in 2012 has been being pushed to 2013. While Mumbai, NCR-Delhi, Bangalore and Chennai will together contribute 70 per cent of the total retail space absorption, cities like Pune, Hyderabad and Kolkata will account for the remaining 30 per cent.

 Further, the ongoing policy reforms are expected to provide some cushion to corporates who are likely to execute their expansion plans in near future.  Demand for officespace is expected to be broad-based and not restricted to IT-ITeS and banking sectors. However, even as leasing activity performs relatively well, rentals are expected to remain stable.

 According to JLL, cities including Mumbai, Bangalore, Delhi NCR, Chennai, Hyderabad and Pune will witness commercial corporate property transactions focused on their own occupancy needs.

On the whole, we can expect 2013 to bring a larger-than-usual number of NRI investors into the commercial space arena. This is because NRIs are currently enthused by the prevailing exchange rate benefits and the fact that commercial real estate capital values are still 15-25 per cent under their 2007-08 peak levels.

So, if you are to make some investments this year then get real estate on your list cause this is better than gold, it’s a gold mine. Prices are set to rise and so are the benefits to the early birds.

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Real Estate Investment: A healthy choice

It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. For many people, real estate is the easiest to understand investment because it is simple, straight-forward and involves a fair exchange between a property owner (the landlord) and the property user (the renter).  As long as the hot water keeps flowing and the rent arrives on time, everyone is happy and benefits.  Investing in real estate is much more complex than this, though, because there are several different types of real estate investments including residential, commercial, and industrial, as well as real estate that trades on stock exchanges, which are called REITs.

Investment in Real Estate

Investment inreal estate has been booming as a top investment phenomenon to multiply the wealth. India Real Estate Investment has proven to be the highest yielding investment opportunity in the recent few years. The realty industry in India is at its zenith and is thereby attracting the maximum investment not just locally but overseas too.

However, there are various factors which initiate the investors to invest in real estate. Most important factors are better return and tax benefits. Real estate sector gives higher attractive returns as compare to the stocks and bonds. Also, one can avail huge tax benefits on investing in real estate. According to the report of the Technical Group on Estimation of Housing Shortage, there is an estimated shortage of 26.53 million houses during the Eleventh Five Year Plan (2007-12), which indicates the huge demand for the residential property in future and provides a big investment opportunity for the investors. This is another major reason to invest in this booming industry.

Many Banks and Financial Institutions like HDFC Property Fund, Dewan Housing Finance Limited-DHFL Venture Capital Fund, Kotak Mahindra Realty Fund, Kshitij Venture Capital Fund (A group venture of Pantaloon Retail India Ltd) and India Advantage Fund (ICICI), provide the funds for real estate development to the Builders and Developers for construction of these structures and to the investors. Therefore the funding becomes lot easier. Along with this there is more cash flow and value appreciation in the real estate investment. 
http://www.cosmicindia.in/

The most important factor that has been a major factor for the growth of real estate and investment are the initiatives taken by the government. A major share of the FDI or the foreign direct investments is tailored to the Indian real estate sector these days. The Indian government is also putting in more money in real estate and many old regulations have been fine tuned to attract more money into the sector. The property tax act, the rent control system, land ceiling regulations have also been updated and made more investor friendly for people wanting to put their money into real estate. Along with domestic laws, the foreign exchange regulation act has also been made more liberal to get more people from aboard into Indian real estate buying, selling and investing.

These all factors indicate that real estate sector would be the hottest sector from the investment point of view.
http://www.cosmicindia.in/

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Going Green- Cosmic Corporate Park

India’s first absolute Green Building

In tune with global trend to protect the environment, the Green Building and Sustainable Design Certificate Program addresses the trend of developing healthier communities by defining effective ways to utilize energy and promote water efficiency. Leadership in Energy and Environmental Design (LEED) is a rating system devised by the United States Green Building Council (USGBC) to evaluate the environmental performance of a building and encourage market transformation towards sustainable design. The system is credit-based, allowing projects to earn points for environmentally friendly actions taken during construction and use of a building.

Green Revolution in India

LEED is a voluntary program; however, obtaining a LEED certification projects a positive environmental image to the community. Additionally, using many green building practices can result in energy and cost savings over the life of the structure. Other advantages include better indoor air quality and plenty of daylight.

Cosmic Structures Limited is proud to launch a new commercial project, Cosmic Corporate Park, in Greater Noida on Yamuna Express Way Tech Zone. Cosmic Corporate Park is India's most glamorous Business Park. It is India’s first absolute Green Building with LEED gold certification. The ultra-modern Cosmic Corporate Park offers first-class access to technology, innovation & 7 star luxuries. Packed with 7 star luxury amenities like theme Restaurants, Discotheque, Gym, SPA, Crèche and more, Cosmic Corporate Park is India's most glamorous business park. To know more about Cosmic Corporate Park, visit: http://www.cosmic-corporate-park.com/

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Cosmic Group- A Complaint free Company

Cosmic Structures Limited is a professionally managed realty company. We act as a respectable and trustworthy builder and developer in the competitive field of real estate and infrastructure in India and abroad. The aim is to come up with new and unique ideas and give our customers the best 7 star luxurious facilities. Cosmic is one of the largest companies with a difference that offers luxury for reasonable costs, excellent customer care levels with highest customer satisfaction index and the highest imaginable standards for the welfare of its staff, society as well as for the environment.

Cosmic group logo

 

Cosmic Structures Limited is a professionally managed realty company. We act as a respectable and trustworthy builder and developer in the competitive field of real estate and infrastructure in India and abroad. The aim is to come up with new and unique ideas and give our customers the best 7 star luxurious facilities. Cosmic is one of the largest companies with a difference that offers luxury for reasonable costs, excellent customer care levels with highest customer satisfaction index and the highest imaginable standards for the welfare of its staff, society as well as for the environment.

 

For Last three decades, Cosmic Structures Ltd. has earned its reputation as one of the premiere builders in the country. All these years we have been successful in delivering what we promised. We have been well recognised for 7 star luxury facilities for office commercials with honour to all commitments made in time.  We have successfully completed many projects and are working hard on our ongoing projects like Cosmic Corporate Park, Cosmic Business Centre, Cosmic Italia, etc. We have a clear philosophy of working only on the absolutely clear title projects and make a meaningful contribution towards the infrastructural development of the country. We have maintained our image of a complaint free company wherein our customers are very happy with our services.

Cosmic is amongst the Industry pioneers and do our best to address the real estate needs of masses in India and abroad. We have been acknowledged for quality, commitments, integrity, timely execution, innovative technology up gradations, brand equity & value addition for all our projects. By far our customers are extremely happy with our services, considering us being a complaint- free company, and henceforth we aim at providing affordable housing and office spaces in much lesser time. We are proud to have excellent customer response and satisfaction and thrive to continue and maintain by giving the best to them. We are happy to serve our best to our customers and staff.


To read more about Cosmic Structures and our services, visit : http://bit.ly/13GTYur


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 Is Delhi NCR is good for Investment or Not.

Reason to invest in Delhi NCR  Real Estate Market.

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Delhi NCR - A real estate paradise

Delhi-NCR Real Estate

Around 4 years ago, when recession hit the globe the future of real estate in India and all across the world seemed uncertain. There was a drastic drop in the demand and the property prices were also hit. However once India was able to get over the economic slowdown and the recession, the real estate industry has grown in leap and bounds.

The property prices in this continue to defy the skeptics. While the investors are getting unprecedented returns for their investments, the real estate developers continue to explore newer avenues and people are getting a wide variety of options to buy their dream home or look for commercial space. The unprecedented growth has infact led to a situation where developers have been unable to match the volume of interest from potential buyers.

While the whole of the Delhi NCR region has witnessed enormous growth, a few sleepy townships and regions that were earlier unnoticed and unexplored have seen unexpected spurt. While Ghaziabad  especially Vasundhara and Indirapuram, Noida, Faridabad and Gurgaon have emerged as satellite towns and preferable destinations to people looking for a property in Delhi NCR region, new regions like Noida Extension, Yamuna Expressway, Noida-Greater Expressway and Noida Extension have already witnessed rapid development. Other major hot real estate hubs have been Bhiwadi, New Gurgaon,Dwarka Expressway, Yamuna Expressway, and the area between Faridabad and Palwal. Better Connectivity, the rapid spread of metro all across the Delhi ncr, new roadways, growth of MNCs and mor and mor people looking for budget properties have led to a further upsurge.

Overall, one can say that the entire Delhi NCR region has become a real estate paradise for investors, developers and buyers. It is one of the best regions in the entire country to buy and invest in property.

If you are looking to own a property in this region, Cosmic Group provides you several options here. Some of our projects in the Delhi NCR region are Cosmic Corporate Park in Yamuna Expressway, Cosmic Corporate Park 2 in Noida, Cosmic Casa Italia in Vasundhara and Cosmic Business Centre in Gurgaon.

You can visit our website http://cosmicindia.in/ for more details about our Group and projects.


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Gurgaon - The Ultimate Commercial Hub of India

Gurgaon Cyber City

Once considered as a sleeping township, Gurgaon has emerged as a one-stop-destination for all great businesses around the world in the last 25 years. Name any big company and chances are, you will find its office in Gurgaon. On one side, it is called the mall capital of India and on the other it is widely accredited as the offshore outsourcing hub in India.
Gurgaon is one of the major outsourcing focal point for housing corporate headquarters of the major multinationals such as Genpact, IBM, Microsoft, Google, Oracle, Pepsi, American Express, Convergys, Coca-Cola, Nestle, etc. The biggest automobile manufacturers of India like Maruti Udyog and Hero Honda also have plants in Gurgaon. Gurgaon indeed is a one-stop shop for commercial seekers. It is the place of abode for beautiful skyscrapers, ultramodern shopping malls, hotels, restaurants, residential areas and top most business schools of India. The city is also flourishing with a number of well renowned restaurants offering multi-cuisines, and well equipped hospitals which include Indraprastha Apollo Hospitals, Escorts Medicity, Paras Health care, Medanta, and many more.
Whether it’s shopping malls, or any other essential component of a convergent economic era, Gurgaon is par excellence compared to any other Indian city. A lot of infrastructural development companies and Business Centres in India have found great amount of business scope in this city. It is a prestigious address for your business, office Spaces, plants and somewhere to live. A new venture, expansion, or an upgrade of technology and support, Gurgaon is the one place destination. With the rise in population there has been a steady rise of apartments and buildings that are increasing at a rapid pace. Construction of high rise buildings like offices and businesses has created a great scope for all the developers and business people to invest and reap benefits from this city.
Many real estate developers are coming up with innovative projects especially commercial ones in Gurgaon. Cosmic group is also pleased to announce its upcoming project- Cosmic Business Centre, in Gurgaon where business, leisure and pleasure come together. Mixing your business with pleasure, it gives you luxury facilities like Service studio, room service, Laundry, housekeeping to ease you while staying overnight. It has Conference room, training room, double restaurant cum bar lounge, gym, spa, roof top bar-be-que, swimming pool, pantry, aquarium at roof top are sheer office bliss with ultra luxurious spaces for business of all sizes. The fully furnished offices have a common reception, all business facilities, Secretarial services, HR solutions, IT helpdesk and 24X7 security and concierge desk. To know more about Cosmic Business Centre and other projects by Cosmic group, visit http://www.cosmicindia.in/

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Noida Expressway – A popular real estate destination

The Noida Expressway

In today’s scenario where people from all across the country are migrating to the National Capital Region for educational, business or career advancement purposes, there is a huge demand of housing units and commercial spaces.
While the entire Delhi NCR has been abuzz with real estate development activities in the recent years, the Noida - Greater Noida Expressway has emerged as arguably the hottest realty hub. The 6 lane and 23 km long expressway not only connects the twin cities of Noida and Greater Noida but also serves as a link between the strategically important cities of Delhi and Agra via the Yamuna Expressway, another emerging real estate destination. The Delhi Metro and excellent road networks have made accessibility between the Capital City and this region easier than ever.
There are 40 sectors along the expressway which have been divided into four zones under the Noida Master Pan 2021. Areas especially those falling within 1 km of the expressway witnessed spurt in Commercial and Residential Projects, IT Companies, educational institutions, Special Economic Zones (SEZs), Hotels and other developmental activities. Several other shopping malls, hospitals, schools and various other amenities related infrastructure have been planned here. The property prices are on a constant rise in this region. Besides, the master plan will ensure balanced development amidst population explosion.
There is little doubt in the fact that Noida-Greater Noida Expressway is going to experience unprecedented developmental activities and will soon be a world-class urban suburb. Cosmic Group is also coming up with its varied realty projects in this prime location.
Cosmic Group is also coming up with its innovative project Cosmic Corporate Park II at sector-140 on the noida expressway. This project is going to be India's Most Glamorous Business Park the first absolute Green Building in Noida with LEED gold certification.
This project also brings in 7 star facilities in a Corporate Park in Delhi-NCR for the first time with 7 theme restaurants, 24 hour Coffee Shop, Lounge Bar, Pub, Kids Zone, Crèche, Gymnasium, Swimming Pool, 20000 sq. ft. club with all major indoor games and food court offering more than 25 cuisines
The project will be ready for possession by Dec 2013. For more details on the Cosmic Corporate Park II, please visit http://www.cosmicindia.in/

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Yamuna Expressway – The next real estate hub

The Yamuna Expressway

The real estate arena in the Delhi NCR region has witnessed a rapid upsurge in the past few years. With good infrastructure, excellent connectivity, modern lifestyle amenities, foreign investment and spurt in the number of MNCs, private sector and other corporate structure, this area is a destination where thousands dream to settle down.
While Noida, Noida Extension, Noida Expressway and Greater Noida have already seen a metamorphosis in the recent years, the most talked-about destination now is the 165 km long eight-lane Yamuna Expressway that connects two cities of national importance – Agra and Delhi via Greater Noida. The area has been abuzz with real estate activities especially since the inauguration of the Yamuna Expressway this August. Several real estate players have already come up with their projects and offering in here. There are several factors that indicate Yamuna Expressway to be the future realty hub of Delhi NCR.
An international airport is most likely to be announced in Jewar on this expressway. The Delhi Metro is going to bring the National Capital even closer to this region in the coming years. Several Corporates have already begun operating and moving to Greater Noida because of cheaper land and the same is applicable to the Yamuna Expressway. Several reputed colleges, universities and educational institutions have already been set-up in Greater Noida and will well-serve this region.
With so many factors favouring real estate development in this area, it is well poised to attract foreign investors, realty players, MNCs and more importantly people looking for affordable housing. Though the recent farmer protests, a few administrative and judicial rulings and connectivity plans still being in early stages has raised concerns, yet it won’t be surprising if this area emerges as a premium urban zone for real estate.
Cosmic Group is one of the real estate firms spearheading the real estate development in this region. It has come up with its ambitious and innovative project Cosmic Corporate Park at the Tech Zone, Yamuna Expressway in Greater Noida. This is a one-of-its-kind project in the Delhi NCR that offers 7 star luxury at a Corporate Office and India's first absolute Green Building with LEED gold certification. To know more details about Cosmic Corporate Park and Cosmic Group, please visit http://www.cosmicindia.in/

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Can your home earn you a pension?

Earning a pension with the help of your home is a fairly new concept. Let us take the example of Mrs. Palekar to show how a home can earn you a pension. Mrs. Palekar belongs to a well-to-do family and has two sons settled in the U.S. She has a home to live in and also has a sum of Rs. 50 lakh saved in the form of a fixed deposit. Every month, Mrs. Palekar earns a sum of around Rs. 30,000 from her fixed deposits in the form of interest which takes care of her expenses, including medication which costs around Rs. 10,000-12,000 per month.

Income Returns

Everything was fine, until Mrs. Palekar discovered that the housing complex she resided in was getting redeveloped and she would have to find herself alternate accommodation. Her existing flat is in the Andheri, Mumbai, and she does not expect to find an inexpensive flat in the same locality. Her promoter is offering her a sum of Rs. 60 lakh for relocation which would be insufficient in the current scenario. Her new flat is going to be ready in four years.

To arrange for an amount higher than Rs. 60 lakh, Mrs. Palekar would have to break her fixed deposit. However, that would not be a feasible option, as then she would not have anything to rely on for her daily living and medical costs.

The Solution

Reverse mortgage is the solution under such circumstances. This scheme is available for senior citizens who are low on cash, but are asset rich.

We have all heard of banks lending money and then mortgaging a house to recover the loan amount. In the case of reverse mortgage, the scenario is opposite. In this case, the bank would pay the owner of the house timely installments in lieu of the house and this practice would continue until the death of the owner. After the death of the owner, the house would become the property of the bank. If a relative or friend wants the house, he could pay the interests and other charges and become the owner of the property.

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Current Trends in Indian Real Estate

The past few years have witnessed the emergence of the Indian real-estate industry as one the biggest sectors for investments. The continuous growth can be attributed to the liberalization of direct investment norms, the introduction of SEZ Act in India and low prices that continue to attract investors from both India and abroad.

Indian Real Estate Market

A recent survey indicates that India has the fourth ranking among the top Asian destinations for direct foreign investment. Being the largest democracy with transparent property laws, India attracts more investors than any other country in the region.

Some of the major factors that have contributed largely in the growth of this sector are:

Ø  Strong and continuous economic growth – Being the fourth largest economy in the world while maintaining a growth rate of over 7% for the past few years, India has also witnessed a steady growth in its real-estate industry. Various economic reforms coupled with increased globalization and demand has propelled its progress. The steady economic growth has led to the rise of areas like Delhi NCR, Hyderabad, Chennai, Pune, Kolkata and Bangalore. Moreover, the economic rise is no longer centered on the bigger cities with states like Bihar and Gujarat leading the charts. This has further enhanced real-estate market in these states.

Ø  Introduction of FDI in the real-estate sector - The introduction of Foreign Direct Investment (FDI) in the real estate sector has enhanced the Indian real-estate industry’s position as one of the most rewarding avenues for investment. This policy has allowed foreign investment in the market and has kindled the interest of the some of the world’s most renowned builders. Their entry into the Indian real-estate market will bring along efficient management, advanced technology along with effective regulatory policies.

Ø  The rise of the middle class – With a population of over 300 billion people falling in the middle class with higher incomes and better education, the workforce is shifting base beyond the four metropolitan cities. High aspirations together with more disposable income at hand motivate people to invest in real estate.

Ø  Continuous growth and development of the IT sector – TheIndian IT sector has shown the upward trend for past few years with many Multinational Companies and corporate increasing the demand for commercial property. This has also led to the increase in employment opportunities, consequently helping in the overall economic growth and increase in disposable income at the hand of prospected real-estate investors. This growth has not only had a positive impact on commercial property, but residential and industrial property as well.

Ø  Accessibility to bank loans – With the incoming of various multinational banks in the Indian market, loans for property are easily accessible now. It is no longer a tough job to seek and get a bank loan with easier norms and regulations and various loan repayment options available.

Ø  The demographic factor – India is the second largest populated countries in the world with over 75% of its population well below the age of 50.

According to ENAM securities research, the Indian real-estate market will grow at a CAGR of 33% over the next five years. The upward trend is also witnessing a huge gap in demand and supply. However, with more foreign investments set to enter the real-estate market in the near future, this development and growth is here to stay.

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What needs to be taken care before a NRI sells his/her property in India

The recent boom in the Indian real estate industry has prompted NRIs (Non Resident Indians) to sell their properties in India to take advantage of the hike in land prices. However, NRIs must take note of the special provisions of the Indian tax laws before selling their property in India in order to ensure a smooth transaction and avail maximum benefits.

NRI invests in Indian real estate

One Indian to another

• An NRI can only sell residential or commercial property in India to a person residing in India or to an NRI or a PIO (Person of Indian Origin).
• Under general permission, an NRI can sell his agricultural land/plantation property/farm house in India only to a person who is a resident of India and is an Indian citizen.
• An NRI can also transfer his/her residential or commercial property to an authorised dealer or housing finance institution in India through mortgage.
• An NRI should not transfer by way of mortgage their residential and commercial property in India to a party abroad. For this purpose prior approval of the Reserve Bank of India (RBI) is required.

Tax liabilities: Like in the case of purchase, sale of the property also attracts tax liabilities. For NRIs, tax implications are as per the Foreign Exchange Management Act (FEMA) 1999, for which factors that need to be considered are, transfer (sale) date for determining capital gains; agreement value for calculating profits and thereby capital gains; transfer charges to the society; legal charges and outstanding loans, if any.

• If the NRI sells his/her house within 3 years from the date of purchase and makes a profit, then he/she is liable to pay short-term capital gains tax at the normal rate applicable as per his/her tax bracket.  But if the sale occurs after three years from the date of purchase, then he/she has to pay capital gains tax at a flat rate of 20%

After the sale of property, the NRI may repatriate the sale proceeds of residential or commercial property in India but must remember that the repatriation of sales is restricted to two properties only. Also, the repatriated amount should ideally not cross the sum paid for acquiring the property, either in foreign exchange received from banks or the Non Resident account, nor should it overshoot the foreign currency equivalent as on the day of payment. Today, remittance of funds from property sales is simple and hassle-free for the benefit of NRIs.

However, the NRI must ensure that he/she is well guided by a legal expert in matters of property sale in India and must also be wary of fake property dealers. It is best to hire authorised dealers so that the property and sale is handled in safe and appropriate manner.

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Planning to buy a Property through an Auction, points to keep in mind

Auction of your Home

What happens if you are unable to repay the home loan that you took within the stipulated time?  For one, you can expect the bank to send a notice with the required amount to be paid. The failure of making the full payment may force the bank to seize the house. 

The procedure

If the borrower cannot repay the mortgaged payment, the bank sends a Notice of Default. If the borrower does not respond by the specified date, the bank takes legal action to recover the loan amount due.

According to the laws created to safeguard lenders, a bank or any lending organisation can seize the property of the person who is unable to repay the loan on that property. The bank does not need to go to a court to claim the property because they are lawfully allowed to do so themselves.  

The rights of the borrower  

A person availing a loan is also entitled to some rights. The Consumer Credit Protection Act allows the borrower to take action against unfair loan repayment calls or excessive and repetitive pressures. The loan providers can call you only at a specified time and you have the full right to modify a loan under specific conditions.   

Auction of the property

Once the property is seized by the bank, they arrange to auction it. First, they find out the real market value of the property. Next, they determine a value for the minimum auction price, which is 15-20% lower than the market price. The price rises with the bid offers from the buyers.

Points for a buyer to consider before auctioning

Auction date

If you want to buy a property in auction, keep an eye on the newspapers for details  such as the date of the auction, price and location of the auction.

Online auctions

Sometimes, a lender arranges an online auction for a property. This allows them to reach a large number of buyers. 

The legal aspects

Hire a lawyer to get acquainted with all the legal terms and conditions. You will also be charged a fee to inspect the property.  

Check records 

Contact the municipal corporation and enquire about the legal aspects and tax issues related to the property. Check if it is indeed safe for you to buy that property.

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Need for Office Space soar to 7 million sqft in Apr-Jun qtr

Need for Office Space soar to 7 million sqft in Apr-Jun qtr

As per the quarterly report by CBRE, a global property firm, metro cities like Mumbai, Bangalore, Delhi NCR have absorbed over 75% of the total space leased in the second quarter. 

Office Space

As per a recent survey, In spite of the recent downfall in the real estate market for large office spaces, almost 7 million sq ft space was rented during the second quarter of the year as against the 5.4 million sq ft from January to March. Also, almost 9 million sq ft space was added throughout the quarter from these metro cities, making it a nearly 96% of the space added in the whole quantum. Most of these spaces were the delayed developments especially in the city of Mumbai from previous quarters.

However, improvement is subjected to the global economic environment and government policies in India. Also, with the slowdown in large office requirements from giant global companies, the office market might witness a fall in absorption this year. The IT segment may also lose its charm as the tax linked incentives are not yet clear with the occupiers.

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Noida Extension buyers want banks to waive interest

The authority of Greater Noida is offering builders with a ‘zero period’ for paying installments. The home buyers are not too happy with it and demand from the lending banks to make all the EMIs interest free paid during the land row.

Bank

80 home buyers have formed a group and have joined hands to mount pressure on banks to waive off the interest on their EMIs. According to the buyers, banks are also to be blamed in the Noida extension real estate mess. They did not completely verify the viability of the projects which is why they charge processing fees from the buyers. They have threatened to undertake a legal action against banks if they disagree to provide financial relief to them by sharing the burden.
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Bank officials alternatively, are exploring options to deduct amount of interest from the future EMIs. They are examining legal provisions for the interest waiver.

The buyers alleged, that banks stopped disbursing further installments after the land row but continued to take EMIs from them with interest, that too, especially when they had already paid a hefty processing fee to the bank at the time of loan disbursal.


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Commercial reality market touching skyline

Reality Market at its Peak

The commercial real estate of most of the Indian cities is booming after the prolonged abeyance. The rentals will remain under control for sometime considering the plethora in the market. The report by one of the popular property consultants ‘Knight Frank’ says that, office absorption in January-March 2012 rose up by 23 percent as in comparison with 2011.

1.04 million sq ft have been total transaction of office space, both sale and lease, in Mumbai from January to March this year as compared to corresponding year which was 0.88 million sq ft. Rentals and capital prices have dropped over the last one year even when the number of transaction are increasing. Commercial space leased at the approximate monthly rentals in Mumbai in the first three months of this year was Rs 111 per sq ft as compared to Rs 120 per sq ft in the first three months of 2011. In the same way the average property price fell between January to March of 2011 and 2012. The report pinpointed that , the growing numbers are yet to take over the present supply, causing a wider gap between demand-supply over the past year causing rent and vacancy levels to remain under burden.

The primary driver of office-space market in most of the Indian cities has been the Banking, Financial Services and Insurance (BFSI) sector, transactions in office-space in IT/ ITES sector has been abridge by half due to the interminable debt crisis. The additional report by Jones Lang LaSalle reveals that, a marginal growth is expected in the rentals of Grade A offices in Mumbai by the second quarter of this year.

An expert alleges that, with a view to boost transactions at a time when the vacancy rates are high, the developers will refrain from rising rentals. He also stated that, the cue of Indian economy is not very encouraging, office occupier continue to block the widening plans across all the major cities of India.  Significant office supply is expected in Delhi and Mumbai over next few months.

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