Property dealer shot dead in Nashik

A 35-year old property dealer was allegedly killed by three persons, as reported by Nashik police. Sanjay Sanap, Inspector with Nashik Crime Branch said in a release that On February 17, the victim Ranjit Mangawana was shot dead at the Artillery Centre Road in Nashik at around 1 AM. Read More at http://shopsandhomes.com/blog/index.php/2016/03/property-dealer-shot-dead-in-nashik/

Mallya lands a property deal in addition to Rs.515 crore from Diageo for leaving USL

The United Spirits Ltd. (USL) deal with Diageo has really raised the flagging spirits of Vijay Mallya. For stepping down as Chairman of USL, Mallya has not only bagged $75 million (Rs.515 crore) but also a soothing property deal. The deal allows Mallya or his nominee to purchase 13 residential, non-core properties of India’s biggest spirit maker located across various parts of the country. Further, as disclosed on an analyst call, the former Chairman of USL will get a 10 per cent discount on three of the key USL properties in Goa, Delhi and Mumbai respectively. Read More at http://shopsandhomes.com/blog/index.php/2016/02/mallya-lands-a-property-deal-in-addition-to-rs-515-crore-from-diageo-for-leaving-usl/

Can Budget 2016 provide relief for home loan buyers?

Home loans for purchase or construction of a house provides few income tax benefits to the borrowers. Currently, there is an income tax benefit for the interest payments and principal amount on home loans. However, it is felt that few existing provisions are a tad unfair, which can be addressed by the finance minister during the budget. Read More at http://shopsandhomes.com/blog/index.php/2016/02/can-budget-2016-provide-relief-for-home-loan-buyers/

Launch of 2nd real estate fund by Essel Finance

Essel Financial Advisors and Managers (EFAM), the private equity arm of Essel Finance, launched its second real estate fund with a target of raising upto Rs.250 crore. The real estate fund will be invested in various residential projects across cities such as Delhi NCR, Mumbai, Chennai, Bengaluru and Pune. In a statement, the company has added that it will target 6-8 transactions. Read More at http://shopsandhomes.com/blog/index.php/2016/02/launch-of-2nd-real-estate-fund-by-essel-finance/

Home buyers lose 85% of tax benefit on delayed possession

Did you know that a tax deduction of Rs 2 lakh annually is permissible against payment of interest on home loans, if the house is acquired within three years of taking the loan? and, if the possession takes place after three years, the exemption reduces to a mere Rs 30,000 a year — a drop of 85% – that’s like rubbing salt to an injury of delayed possession with absolutely no fault of yours! Read More at http://shopsandhomes.com/blog/index.php/2016/02/home-buyers-lose-85-of-tax-benefit-on-delayed-possession/

Commercial Assets worth Rs.1500 crore to be sold by Godrej Properties

In September 2015, Godrej Properties, the real estate arm of the Godrej group, sold 4.35 lakh sq ft office space at Bandra-Kurla Complex in Mumbai for an excellent valuation of Rs.1479 crore. In keeping with this buoyant mood, the realty firm is targeting a sales revenue of Rs.1500 crore this year through monetisation of other commercial assets in Mumbai, Kolkata and Chandigarh. Read more at http://shopsandhomes.com/blog/index.php/2016/02/commercial-assets-worth-rs-1500-crore-to-be-sold-by-godrej-properties/

Centre hints at making Aadhaar compulsory for property registration

To identify property owners and closely monitor the money entering the real estate industry, the Union government is contemplating on making Aadhaar, the identification issued by the Unique Identification Authority of India (UIDAI) mandatory for property registrations. Read More at http://shopsandhomes.com/blog/index.php/2016/02/centre-hints-at-making-aadhaar-compulsory-for-property-registration/

ICICI Bank takes over 275 acres from Jaiprakash Associates

In order to reduce the bank’s exposure to the company and also lessen JAL’s debt servicing obligation to a more manageable level, ICICI took over about 275 acres, worth an estimated Rs 1,500-1,800 crore from the flagship company of the Jaypee Group, Jaiprakash Associates Ltd. In Noida & Greater Noida. Read more at http://shopsandhomes.com/blog/index.php/2016/02/icici-bank-takes-over-275-acres-from-jaiprakash-associates/

Lottery results for 4,275 MHADA homes in MMR

MHADA, the apex public body constituted under the MHADA Act, was established in 1977 under the Housing Department Government of Maharashtra with a comprehensive approach to housing problem in the state. Every year, MHADA conducts a lottery under Konkan Housing and Area Development Board. Read More at http://shopsandhomes.com/blog/index.php/2016/02/lottery-results-for-4275-mhada-homes-in-mmr/

MORE invests Rs. 114 cr in Pune & Bangaluru

The real estate arm of Motilal Oswal private equity has made investments worth Rs. 114 crore in two projects – one in Pune and the other in Bangaluru. While Pune based Kolte Patil developers received Rs. 58 crore, Skylark Mansions which is based in Bangaluru collected funds worth Rs. 56 crore. Read More at http://shopsandhomes.com/blog/index.php/2016/02/more-invests-rs-114-cr-in-pune-bangaluru/

Thane Municipal Corporation mulling over 10% hike in property tax

While presenting the annual budget of the civic body to the Standing Committee, The Municipal commissioner of Thane Sanjeev Jaiswal has proposed a hike of 10% in property taxes, both residential and commercial. Read More at http://shopsandhomes.com/blog/index.php/2016/02/thane-municipal-corporation-mulling-over-10-hike-in-property-tax/

Property approvals – Legal 101

If you do not have access to adequate information on legalities of buying a property, the consequence could be a harrowing experience! For instance, if the power of attorney isn’t in the name of the seller, or the legal procedures of the government are not met by the builder, then you might have to bear penalty; it could either be in the form of money or worse, lose the property itself.

Here’s a short guide on almost everything you need to know about legal terms and approvals associated with real estate. Read More at http://shopsandhomes.com/blog/index.php/2016/02/property-approvals-legal-101/

Affordable homes sale augments; breather for realty sector

The Data from the real estate sector in the early months of 2016 has revealed that property sales in the six major cities of India have increased by nearly 15 percent. Real estate research and consultancy firm Liases Foras has reported that maximum gain in sales has been recorded from Ahmedabad, Bangalore, Mumbai Metropolitan Region (MMR) and Delhi. The highest number of sales were reported for houses that are between the Rs 50-lakh to Rs 1-crore bracket (31 per cent) followed by those in the Rs 25-lakh to Rs-50 lakh bracket. Read More at http://shopsandhomes.com/blog/index.php/2016/02/affordable-homes-sale-augments-breather-for-realty-sector/

Cinepolis expansion plans in Chandigarh

Cinepolis India, India’s first international exhibitor which already has operations in cities like Delhi,Mumbai, Bengaluru, Hyderabad, Kolkata, Ahmedabad, etc with its brand Fun cinemas and Fun Republic Mall, is all set to enter Chandigarh with a multiplex to offer an unparalleled movie watching experience to the residents of the Union Territory. Read More at http://shopsandhomes.com/blog/index.php/2016/02/cinepolis-expansion-plans-in-chandigarh/

Launch of INSPIRE by Adani realty

Adani Realty, the recent foray of Adani Group has announced its first commercial project called ‘INSPIRE’ by Adani at BKC, Mumbai. The project with a built up area spread across eight lakh sq. ft. and G+10 floors, will offer offices of 2500 sq.ft. to larger floor plates of 50,000 sq. ft. of carpet area. Further, the project will have Gold Certification by the Indian Green Building Council under the LEED India Core and Shell rating system. BKC being in proximity to the business partners and residential locations, the latest project of Adani Realty will help in addressing the needs of large number of corporate houses. Read More at http://shopsandhomes.com/blog/index.php/2016/02/launch-of-inspire-by-adani-realty/

Sale of home spaces increase by 7% in December quarter across top eight cities

According to a report by property research firm Liases Foras, during the quarter to December 2015, sale of homes across the top eight cities of India improved by 7% year-on-year. Sales increased by 15% on a quarter on-quarter basis on the back of sluggish pricing and discounts by builders during the same period. Read More at http://shopsandhomes.com/blog/index.php/2016/02/sale-of-home-spaces-increase-by-7-in-december-quarter-across-top-eight-cities/

Supertech Ltd. To compensate NRI for denying possession of flat

According to a complaint filed with the apex consumer commission by south Delhi residents Reshma Bhagat and her son Tarun Bhagat, they had made a payment of Rs 63, 99,727 to Supertech Ltd in 2008 for a luxurious flat in Greater Noida and the flat’s possession was to be given by December, 2009 which the company failed to honour. Read More at http://shopsandhomes.com/blog/index.php/2016/02/supertech-ltd-to-compensate-nri-for-denying-possession-of-flat/

Mahesh Babu purchases land for farmhouse

After Mega family Chiranjeevi and Pawan Kalyan who own huge farm houses in the outskirts of the city, Mahesh babu is all set to follow suit. While the former superstars use their properties as a family holiday getaway and visit there during festivals, Mahesh Babu also seems to have similar plans. Read More at http://shopsandhomes.com/blog/index.php/2016/02/mahesh-babu-purchases-land-for-farmhouse/

Rs.400 crore to be invested in Goa by Tata Housing over a period of 3 years

With an aim to develop a mid-income housing project in Goa, Tata Housing will be investing about Rs.400 crore over the next three years. The project is the second housing project in Goa undertaken by the Tata Group firm after developing the luxury project comprising 65 villas about 7-8 years ago. Read More  at http://shopsandhomes.com/blog/index.php/2016/02/mahesh-babu-purchases-land-for-farmhouse/

Palace in the sky – Dubai’s answer to Antilia

Although Mukesh Ambani’s modest dwelling in the heart of Mumbai’s most expensive locality is worth more than $1 billion, the penthouse atop a 25-storey tower in the hyper exclusive residential development in Dubai’s Palm Jumeirah is a clear winner in terms of stacked designs and the views it offers. While Antilia enjoys the honour of being the world’s most expensive house despite its repulsive looks, this apartment constructed by Omniyat and Drake and Scull International costs a meager $74.5 million and can be purchased right away! Read More at http://shopsandhomes.com/blog/index.php/2016/02/palace-in-the-sky-dubais-answer-to-antilia/

Property owners in Surat proposed to be insured by the Municipal corp.

The Municipal Corporation of Surat (SMc) has proposed a Citizens Security Insurance Scheme (CSIS) which is a first in Gujarat. In his draft budget for the year 2016-17, Municipal commissioner of the city Milind Torwane has recommended that CSIS will be started for all property holders aged between 18 and 70. Read More at http://shopsandhomes.com/blog/index.php/2016/02/property-owners-in-surat-proposed-to-be-insured-by-the-municipal-corp/

Mumbai Metropolitan Region- Preferred property market for investors

Despite being the most expensive property market in the country, Mumbai Metropolitan Region continues to be the prime market for attracting investor interest. Structured equity or debt was the preferred route of investment as the city received the major portion of private equity investments in the past year. Read More at http://shopsandhomes.com/blog/index.php/2016/02/mumbai-metropolitan-region-preferred-property-market-for-investors/

Office spaces- some big ticket deals!

The country’s office space market is experiencing a major boom with commercial real estate transactions of nearly $3 billion recorded during the last calendar year. In a series of high profile office space deals of large global investors like Blackstone, GIC of Singapore, Brookfield Asset Management, Canadian Pension Plan Investment Board and Middle East sovereign funds have chased down transaction opportunities. The latest is Bangaluru based RMZ group which has acquired Essar’s Equinox biz Park in Bandra-Kurla Complex in Mumbai. Read More at http://shopsandhomes.com/blog/index.php/2016/02/office-spaces-some-big-ticket-deals/

Bungalows – an ideal investment option

With beautifully crafted and lavishly furnished interiors, bungalows have been symbolizing a grand lifestyle since times immemorial. They usually comprise a single floor and cover a larger space on ground. Thanks to Hindi films, bungalows are perceived as a more attractive alternative for one’s dream home than a simple apartment in a building. Read More at http://shopsandhomes.com/blog/index.php/2016/02/bungalows-an-ideal-investment-option/

Investment learnings of 2015

2015 will not be remembered for the gloom it brought to the residential real estate sector but for forging a solid base for sustained future growth. Few of the notable highlights of the year gone by are as follows:

• FDI rule relaxation will facilitate the flow of more investment in the country with the removal of the two major obstacles: Minimum capital of $5 million and minimum of 20,000 square metres of development.
• The passing of the Real Estate Bill by the Union Cabinet implies a more vibrant, efficient and highly transparent real estate sector, beneficial for both the buyers and developers.
• The proposed recommendations to increase the salary of state as well as central government employees by almost 23.6 per cent by the seventh Pay Commission will have a positive thrust to the demand side of residential real estate. Read More at http://shopsandhomes.com/blog/index.php/2016/02/investment-learnings-of-2015/

Looking for an international property? Then IPS is where you should head!

International real estate markets are now on the radar of investors due to turmoil in global oil prices, geopolitical unrest and currency fluctuations. So, if you are one of those looking out for opportunities in property markets in UAE or other foreign lands, then you must book your calendars for the International Property Show (IPS). Read More at http://shopsandhomes.com/blog/index.php/2016/02/looking-for-an-international-property-then-ips-is-where-you-should-head/

Namma Bengaluru shouts out real estate investors

Property Consultant JLL India and Royal Institute of Chartered Surveyors (RICS) have forecasted that Indian realty market will see a revival in 2016. Bengaluru, witnessing a real increase in realty, has emerged as the second most preferred destination for investors after Mumbai. Read More at http://shopsandhomes.com/blog/index.php/2016/02/namma-bengaluru-shouts-out-real-estate-investors/

Muscat to host 6th India Property Fest

After the extraordinary success of the last five editions of the India Property Fest, Adsync LLC is all set to host its flagship property show in Muscat this time. The company, which is an established property expo organizer in India, has been arranging this property fest since 2013. The sixth edition is scheduled for April 15 & 16, 2016 at Holiday Muscat in Muscat, Oman. Read More at http://shopsandhomes.com/blog/index.php/2016/02/muscat-to-host-6th-india-property-fest/

Hiranandani leases 19lakh sqft to TCS at Thane

Signaling the revival of the sluggish commercial real estate sales in the city, the largest deal in the office space has just concluded between TCS and Hiranandani. Software giant Tata Consultancy Services has signed on the dotted line to pick up 19 lakh square feet for its biggest office under one roof at Hiranandani Estate in Thane. Read More at http://shopsandhomes.com/blog/index.php/2016/02/hiranandani-leases-19lakh-sqft-to-tcs-at-thane/

Indian Real Estate becomes attractive for Foreign Investors after 5 years

Indian real estate market has become increasingly attractive for foreign investors after almost 5 years, as indicated by India-specific fundraisings.

Talking about the improvement in foreign investors’ confidence in real estate market, Shobit Agarwal, Managing Director of Capital Markets at JLL India, said “During the pre-GFC (global financial crisis) phase, 82% of funds got raised in US dollar. This reduced to 57% in post-GFC phase when micro-market understanding was required more than banking on the macro-economy. Interestingly, the contribution, 2014-onwards, has increased considerably to 70% – hinting that the positivity is here to stay for some time.” Read More at http://shopsandhomes.com/blog/index.php/2016/02/indian-real-estate-becomes-attractive-for-foreign-investors-after-5-years/