Some Tips to consider while purchasing a home

Many people have currently noticed that it's an excellent time to shop for a home. Today, we would like to appear at why it would even be an opportune time to sell your house. There are highest five Reasons we tend to believe currently is also an ideal time to place your house on the market.

1.) The Demand Is High

The most recent ExistingHome Sales Report by the National Association of Realtors (NAR) showed a high  increase in sales over the calendar month of 2012; sales have remained on top of year-ago levels for twenty five months. There is a unified consumer and are looking for purchasing home.

2.) Offer Is commencing to Increase

Total housing inventory in the last 6 months rose to a standard level. This represents a 51% increase compared with 43% in Jan. The Places in Noida and Greater Noida is in high Demand and expected to enter positive equity within the next twelve months. Currently The demand is high and before offer will increase could garner you your best value.

3.) New Construction Is coming

Over the last many years, most householders mercantilism their home didn't have to be compelled to contend with a replacement construction project round the block. Because the market is ill , additional and additional builders area unit jumping back in. These ‘shiny’ new homes can once more become competitive as they're a lovely various for several purchasers.

4.) Interest Rates area unit Rising

According to the study Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to four.57% that represents a jump of quite a punctuation since the start of the year. Whether you're moving up or moving down, your housing expense is additional a year from current if a mortgage is important to get your next home.

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Rising Interest Rate Pose Real Threat

Residential property prices have increased by up to 10% in many major cities according to the latest data from the National Housing Bank.
The big positive that can be drawn from the current scenario is that the government recognises that a boost in the real estate market will help the weakening economy but this can only happen if construction costs are brought down and people are encouraged to buy their own homes. Banks and finance companies are still wary of financing the real estate sector.

A report from Cushman & Wakefield states that across the whole of India some 11.8 million units/homes will be needed by 2016. The figures are based on past trends for population and household growth and the income classification for households.
But there is a grave problem that lies in the middle of realising a well funded infrastructure for such residential projects and that is the hike in interest rates.
Rising interest rates in India are having an impact on the real estate market and are proving to be a deterrent to the sector, according to the Royal Institution of Chartered Surveyors (RICS).
There has been robust economic growth but that has created challengers for the property market, developers and builders. Political instability and indecision, allegations of corruption, issues relating to the environment and land acquisition, regulatory delays and inefficiencies have all negatively impacted on investment demand.
Surging interest rates in the country have also been a tremendous cause of concern. With several rate revisions having already taken place in the last year in order to dampen growing price pressures, RICS expects that a further interest rate hike is unlikely, at least in the near future.

Consumers too have been impacted by the steady hike in interest rates. With cost of borrowing becoming dearer on one hand and price escalations on the other, consumer sentiment has been adversely affected and the uptake in housing stock has seen a slowdown, resulting in over supply in some markets. Additionally, with inflation high and rising, real interest rates are extremely accommodative and have also started to exert upward pressure on commercial property prices.

Retail property, on the other hand might see an uptake with about 50% FDI allocation from last year. However, given the lack of political and economic consensus on the decision, international retailers may play the wait and watch game, prior to setting up business in the country.

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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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