NRIs - Ray of Hope For Realtors

Realtors in Mohali district have seen a ray of hope among NRIs to keep their business going during the global slowdown. While the local buyers are hesitating from buying houses coming up in large number in the district, it is the interest of NRIs from Canada, US, England and middle-east countries that has given a new lease of life to real estate sector. With thousands of NRIs inquiring about the availability of houses, flats and villas, real estate sector has all of a sudden got fresh lease of life that otherwise was witnessing a low business for the last four-five months. A visit to Zirakpur and surrounding areas revealed that number of inquiries from NRIs for housing properties in Mohali have gone beyond 3,000 during last few months.

Such is the response that one of the real estate development Royal Estate has already decided to come up with a NRI tower in Zirakpur due to rising demand for houses from NRIs. Krishan Goyal, managing director, Royal Estate Zirakpur, said during last two months he had received over 500 inquiries from NRIs and had already sold 4-5 flats to them. ??We have now decided to come up with NRI tower at Royal Estate as demand is great,?? he added. Satish Jindal, managing director, Maya Garden Zirakpur, too is smiling with the expectation of good business ahead as after receiving over 600 inquiries for houses during last two months, he has sold 6-7 flats to them. Response from NRIs is amazing and it shows that good days for real estate sector are lying ahead, he added.

Many of the builders attribute the sudden interest among NRIs for houses in Zirakpur and surrounding areas to the fact that from June onwards international flights are scheduled to take off from upcoming international airport. Interestingly, while Indians residing abroad are showing great interest in buying property in Mohali district, domestic buyers are not coming forward to buy while inquiries in hundreds are being received. Realtors are expecting market to improve on local front also. Subash Chand, partner, Swastic Vihar Zirakpur, said that while there was good response from the NRIs, local buyers are waiting for the property prices to be slashed further. They expect good business from April 1 onwards, as service tax would be completely withdrawn and interest rates are expected to be lowered further. Vijay Arora, president, Peermuchalla Builders Association, said that around 100 inquiries are coming on a single day while sales are not picking up. All expectations are resting on new financial year. With NRIs buying property it seems that market would improve further he added.

Courtesy : nrirealtynews

Safety in Architecture & Interiors

Safety is a prime concern for any home or office. A lot of accidents occur everyday in lack of safety. Proper safety measures should have been taken to avoid these fatal accidents. Here are some home safety tips that you can use to make your home safe.

Safety Tips for Kitchen
• Keep papers, plastic bags, curtains and dishtowels at least three feet away from range top.
• Put matchbox and lighters in locked cabinet
• Clean chimneys, fireplaces and central ovens periodically.
• Store harmful cleaning products in locked cabinets and keep them away from children’s reach.
• Install smoke alarms in kitchen but never install it near windows and doors as it will create problem during functioning.
• Never pour poisonous material in drinking glasses and in food containers.
• Never place any hot objects on towels, napkins or tablecloths.
• Never leave knives or any sharp objects in a sink as they create injury while washing utensils. Put knife in knife guards or a butcher block.
• Always put cooking utensil in the center of stove while cooking.
• Take care while working in the kitchen that no oily or other material is dropped on stove or oven as sometimes cooking material flows out which sticks to the oven or stove and catches fire.
• Clean stove, oven or any cooking objects before starting cooking. Keep kitchen utensils clean as well.
• Make sure that the cords of appliances are not hung over kitchen counters and the cords are wrapped or coiled so that it doesn’t harm any one.
• Always keep fire extinguisher in kitchen.
Safety Tips for Bathroom
• Never leave child in bathtub alone.
• Keep shampoos, lotions and soap dish away from the Children’s reach.
• Keep electrical appliances wrapped.
• Put non-slip strips in the bath tub or shower place.
• Make use of lights in the night in bathroom.
• Place non-skid bathroom mats to avoid injury.
• Install grib bars or rails in bathroom as they help in standing from bath tub.
• Keep heaters, electrical products away from bathtubs, shower place and sinks.
• Set up water heaters at a degree of 120.
• Install sink with cabinet in bathroom as it is used to store floor cleaner, drain openers under the sink.
Safety Tips for Bedroom
• Never smoke in bedroom.
• Keep clothes, curtains, bed sheets at least three feet away from room heater. Especially fire occurs in winter season because of much use of heating appliances and lighting.
• Use safe light bulb wattage for each fixture.
• Use mattress with open flame resistant protection in bedroom for the safety because these mattresses have 30 minutes ignition power to control fire.
• Never put extension cords under carpet or rugs as it causes short- circuit.
• Never place sharp edges furniture in bedroom. Always place round edges furniture.
• Place smoke alarms in your bedroom.
Safety Tips for Living Room
• Use Safety-proof plugs to cover electrical outlet in your home. Keep living room clutter free to avoid falls.
• Place furniture of round edges instead of sharp edges.
• Cover fireplace with metal fire frame.
• Never place lighting fixtures near curtains, clothes etc.
• Switch off light when not in use.
• Make proper arrangement for ventilation.
• Don’t place furniture near window in kid’s room.
• Keep heavy, small and breakable things away from children’s reach.
• Never use halogen lamps in kid’s room for study as it creates danger of fire.
• Keep curtains, clothes, paper stuff three feet away from light to avoid fire
• Never place sharp edges furniture as it can be harmful to kids. Always place round edges furniture.
safety Tips for Stairs
• Keep stairs clean and should not be wet.
• Make proper arrangement of lights on or around stairs to avoid fall.
• Use hand rails to move up and down the stairs. It is better to have railing on both the sides of stairs.
Install gate at the top or bottom of the stairs.

Ravipugaliya - Author is an Interior designer and Contractor
Thanks to Author
Courtesy : Realestatetimes.in

Chinese Real Estate Agencies hit by Slowdown

Recently property transactions were down in Beijing, but the worst may have not come yet. Property agencies and brokers in China are the worst hit during this housing downturn as most of real estate developers sell apartments through agents. Hundreds of property agencies were closed in Beijing in last few months as real estate developers in China are also facing a liquidity crisis amid the housing slump and have to suspend some projects and cut jobs. Real Estate Agents are cautious about changing their jobs amid the impending global recession including in real estate industry.

This downturn comes as the growth of China's exports has slowed and stock markets have plunged. These events has resulted in what economists describe as a deceleration in growth, although at nearly 10% China remains strong, and unlike US sub-prime meltdown and credit crisis, weaknesses in Chinese realty market does not appear to pose a threat to the vitality or stability of the financial system. Nevertheless, it may take a couple of years for the housing market in China to stabilize and develop again. Meanwhile, consolidation and rethinking of business strategies should fill-in management thought processes in order to grow in this new world economy.

Courtesy : Realestatetimes.in

Real estate investments picking up in metros

Real estate investments picking up in metros: ASSOCHAM

Courtesy : India Infoline News Service / Mumbai Apr 16, 2009 15:33

ASSOCHAM President Sajjan Jindal said that the Indian metro cities continue to be the favorite destination for real estate development

Even though real estate has been the worst victim of high cost economy, especially after the meltdown set in, yet it’s share in total private sector infrastructure investments in the metros in last six months works out to be 12%, followed by 10.26% in hospitality, says an assessment of the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

However, metro rail projects accounted for maximum of 27% share in total money injected in metro cities for infrastructure development under central, state, local government including corporates. Sewerage and solid waste management investment in the Tier I cities constitute the major chunk of investments, specifically via government mode. Mumbai (Rs166.94bn), Chennai (Rs15.88bn) and Bangalore (Rs13.54bn) are the major recipients of sewerage related investment. In percentage terms, it works out to be 16.90% of total infrastructure investment.

In a statement, ASSOCHAM President Sajjan Jindal said that the Indian metro cities continue to be the favorite destination for real estate development. The real estate projects constituting residential as well as commercial projects, have pocketed investment worth Rs157.10bn. The southern twin cities of Bangalore and Hyderabad have enjoyed maximum attention of the real estate developers.

The Karnataka capital, Bangalore is the frontrunner in terms of real estate projects planned for the metros with the investment estimated to be Rs79.90bn. Hyderabad at second place among all the cities, has bagged projects worth Rs4050 in realty space. With India being placed as versatile tourist destination across the world and steep rise in tourists arrival in India in past few years, hospitality has been considered as a crucial part of a well-developed infrastructure for the metro cities.

Chennai has come into front run in terms of funds directed towards construction and renovation of hotels. Investment of Rs40bn is being planned to infuse in constructing a five star hotel by ITC Industries in Chennai. Jindal said that as the Tier I cities in India are working out hard to offset the huge pressure on their existing infrastructure, it is the metro rail projects which have been the key driver of the infrastructure investment in these cities with metro projects costing Rs340bn.

The Study is based on the ongoing projects of central and state governments and those announced by private sector in last Six months. Six metro cities taken in the study included Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore. The key challenges faced in the metros include transportation and water supply.

In transportation sector, other than metro rail, Rs62.83bn are being pooled in, accounting for 5% share. Roadway projects in the Tier I cities which include bridges, ROBs, highways and expressways, have been allocated Rs58.19bn. Water Supply projects, primarily being undertaken by the central government under Jawaharlal Nehru National Urban Renewal Mission, have absorbed Rs57.57bn investment with 4.54% share.

Residential Sector likely to witness oversupply

The residential sector, which has already seen a 15-20% price correction in markets across the country this year, is going to witness a significant residential supply over the next 12 to 18 months in two key markets Mumbai and Gurgaon (NCR).

The direct implication of the over supply will be that the rentals will come down drastically which could lead to a further price correction over a prolonged period of time (one to two years).

Says Niranjan Hiranandani, MD, Hiranandani Developers:”There is no over supply in the Mumbai market. In last one month there has been a good sale of apartment as far as Mumbai market goes. There was a short phase and thing are changing. There has been softening of prices, but things will look up from May onwards. This is all a temporary slowdown and the market will pick up.”

Morgan Stanley Research Asia Pacific reveals that in the next few months mid Mumbai micro market will get six to seven lakh million sq ft of residential space as compared to negligible delivery over the last couple of years. In fact the Mumbai market has seen a 50% rental correction in prime areas from Rs 2 lakh for a three BHK in 3Q 2008 to Rs 1.1 lakh now.

Rohtas Goel CMD, Omaxe Group & president Naredco said: “The low sentiments majority of buyers are in wait and watch policy. After the recent price cut by the developers by squeezing their margins to the minimum level and interest rate cut by banks, we don’t foresee any further price correction in the real estate.”

In fact, in many markets, the level of transactions have gone down drastically, which has resulted in this dip. This is also because residential capital values in some micro markets in the metros have shown a negative growth in the last one quarter.

Says Santhosh Kumar, deputy CEO of Jones Lang LaSalle Meghraj (JLLM): “In the current real estate scenario, what is being observed is a stabilization of select markets. A consistent upswing is not possible in any market. When a large level of supply is in the offering. Real estate markets have observed high growth levels in the recent past. However, in certain areas, market stabilization has been observed. This indicates that there are not many buyers for the prices quoted for various real estate typologies at this point of time.”

In various markets, despite a slowdown in demand, essentially from the end-user and speculative investors, developers have refrained from reducing rates. But both in Mumbai and Gurgoan now developers are offering 25% to 30% discount on the market rate. Sales in secondary markets have also taken a beating with very few transactions taking place at relatively lower price points than market expectations.

courtesy : IndianRealityNews

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