New Government Initiatives To Boost Real Estate Sector In India

At the Government level many new policy initiatives have been taken recently to boost the real estate Property in India . These policy decisions will lend a stimulus and impetus to the industry. It is beyond doubt that the new initiatives will unlock the potential of the sector. Also, along with the stimulus package announced by the Government, the Reserve Bank of India (RBI) has taken a definitive step whereby banks are allowed to devise new schemes beneficial to the property sector.

As part of the Government initiatives to boost real estate boom sector India, RBI has declared concessional schemes for the real estate sector. Such initiatives include:
Urban Land (Ceiling and Regulation) Act, 1976 (ULCRA) repealed by increasingly larger number of states.
In case of integrated townships, the minimum area to be developed has been brought down to 25 acres from 100 acres.
51 per cent FDI allowed in single-brand retail outlets and 100 per cent in cash-and-carry through the automatic route.
Full repatriation of original investment after three years.
Minimum capital investment for wholly-owned subsidiaries and joint ventures stands at US$ 10 million and US$ 5 million, respectively.
100 per cent FDI allowed in realty projects through the automatic route.

Further, in its endeavour to initiate new policies to boost the real estate sector in India, the Ministry of Commerce and Industry, Government of India, has taken steps to reduce the time taken to develop special economic zones (SEZs) by simplifying the procedures to get the tax-tree industrial enclaves notified. Now developers can easily get their land classified as an SEZ at the outset itself by producing title deeds to prove their ownership. Again, the Government has announced several concessions in the Budget 2008-2009.

New Government initiatives to boost sector of Real Estate India include granting a tax holiday on profits from initiates in the financial year 2007-2008. In order to enjoy this benefit, the housing projects should be of the affordable housing unit type of 1000 to 1500 square feet. Another condition is that such projects should be completed by March 1, 2012. Further, the Finance Ministry has allocated US$ 207 million to grant 1% interest subsidy on home loans up to US$ 20, 691. In order to avail this benefit, the cost of the home should not be above US$41, 382. It is believed that these initiatives will be add further impetus to the real estate sector in the country.

The Right Time for Mortgage Refinancing

If interest rates have dropped by a percentage point or more since you got your first mortgage, refinancing could save you big bucks. And if you have enough equity so that your new mortgage is for less than 80% of your home’s value, you’ll be able to stop paying Private Mortgage Insurance (PMI), which will save you even more.

Mortgage refinancing could also result in lower monthly payments, depending on factors such as: if any -points’ are paid to lower the interest rate on the new mortgage; how much cash is taken out at the time of refinancing; the duration of the new mortgage and whether the new mortgage is a fixed-rate, adjustable-rate or variable-rate loan.

-A vast majority of people close their loans, make their payments and don’t worry about it again,- says Bob Cannon of BancMortgage Financial Corp. -They don’t refinance when they should be looking at it.-

Even if you have bad credit and have to pay somewhat higher interest rates, mortgage refinancing will still cost less than other forms of borrowing because the loan is secured by your home. And if you use the money wisely, you can get out of credit trouble and raise your FICO score. This will qualify you for better rates in the future.

Your FICO score is computed and tracked by the three major credit bureaus: Trans Union, Equifax and Experian. Your score is updated quarterly and is negatively affected by such things as: late or missed loan payments, filing for bankruptcy, having too much debt compared to your income, and credit card balances being too close to their limits.

Fixing Bad Credit If you are a homeowner, mortgage refinancing can go a long way toward improving your financial situation. Here are a few other positive steps you can take to speed up the process:

Credit card discipline – Reduce the number of cards in your wallet or purse to one. Take it out only when necessary and pay it off each month.

Credit union membership – If you aren’t already a member, join a credit union. They’re a good source of loans for purchases like a car or a home.

Automatic savings – Have your bank automatically deposit a set amount from your paycheck into your savings account or retirement plan.

Avoid credit repair scams – There’s nothing a credit repair company can do that you can’t do yourself with a little research and effort.

Many of the homes on your block have probably been refinanced in the last few years. Now it’s your turn. For more information on bad credit mortgage refinancing and a quote based on today’s best rates, visit Bad Credit Mortgage Refinancing Now.

How To Find Indian Property Prices Online In Seconds!

Real estate buyers and owners who need to find current market price of their property or real estate rates in India can now do so online from the comfort of their home or office. Zamanzar.com is the first Indian real estate portal to release an online tool that lets anyone calculates a property value estimate (ZamEstimateTM) within seconds for properties in Delhi NCR, Mumbai, Ahmedabad, Pune, Jaipur, Lucknow, Bangalore, Hyderabad, Chennai, and Kolkata.

Here are the steps to follow

1. Go to Zamanzars online property valuation tool.
2. Enter your brief contact details.
3. Enter brief details about the property and submit the form.
4. You will get a price estimate (ZamEstimte) based on the property details you entered.
5. You will get an accuracy percentage that will help you understand how accurate the estimate might be.
6. You will also get a list of similar property listings based on which the result has been calculated.
7. You can also get this report emailed to you by checking a checkbox while submitting the form.

Here is the ZamEstimate for a 3 BHK Apartment with a covered area of 1500 sqft in Airport Road, Bangalore.

It comes out to be about 53 lakhs with error percentage of about 11%. This estimate will change based on the kinds of property listings submitted on Zamanzar.com

The process we follow for calculating the price estimate is as follows

1. We search through thousands of properties in your city.
2. We choose the most similar properties based on a similarity score calculated for each property.
3. We adjust the price of the most similar properties, if needed.
4. Your property’s ZamEstimate is the average adjusted price of the most similar properties.

The tool is currently in Beta mode and we will continuously improve it to add many more parameters based on user feedback. Please let us know what you think about it!

ZamEstimate is based on the kind of property listings we have in the database at the time, and is thus limited in terms of accuracy. It is intended to give you a decent idea about the property rates in that particular locality. Zamanzar.com also offers an offline, manual property valuation service for a fee where you get a written property valuation report signed by a licensed property surveyor.

Zamanzar.com is currently ranked within the Top 10 real estate portals in India according to Alexa traffic rank. The company was started in 2007 by Nisheeth Ranjan, a graduate of Cornell University and Stanford University, after having worked in Silicon Valley, California for more than 10 years. Zamanzar.com provides an end to end solution for buying/renting/selling residential or commercial real estate across India. The real estate portal has more than 200,000 property listings and offers online and offline services for buyers, renters, owners, agents, and builders. These services include online marketing, property tours, property appraisals, title checks, financing, negotiation, legal paperwork, property registration etc.

FHA Certification Update and Guidelines for Condominium Associations

In February of this 2010, an important change was made that could have repercussions for many condominium and town-home associations. Now entire associations must become FHA certified before purchasers can buy into their developments. Because almost one-third of buyers today use FHA loans, this change can have a drastic effect on the marketability of units in your association. Owners and board members need to be aware of this change and realize the effect it could have. If an association is not FHA certified, many buyers have to look elsewhere. We all know that todays real estate market needs as many buyers as possible.

The change came down from the Federal Department of Housing and Urban Development. It applies to FHA home loans. FHA (The Federal Housing Administration) was created in 1934 for the purpose of making home ownership easier to attain. Then, like today, the housing market was in terrible condition and needed help. Today, FHA loans account for more than 30% of all home closings and experts predict that percentage will increase.

FHA does not actually make the loans. Approved lenders do and FHA guarantees them. Because the loans are backed by the Federal Government the lenders risk is minimized. These lenders can thereby pass along this reduced exposure to their borrowers offering competitive loans featuring reduced rates, smaller down payments and easier credit approval. This makes the home buying process easier and opens up the market to many more potential home buyers. Many associations promote and advertise the fact that they are ” FHA Approved.”

In order to obtain FHA certification, associations need to meet certain requirements. There are some steps and work involved, but it should be worth the effort. It will allow your association the ability to tap into this large pool of FHA home buyers. The benefits can be immense.

In the past, FHA would consider each transaction and application individually. Each property would be inspected to see if it met FHA standards. That was called spot approval. The recent February 2010 change eliminates spot approvals. Now entire associations need blanket approval or “FHA Certification”.

Condominium and Town-home Associations may obtain FHA Certification if the following guidelines are met:

1.No one unit owner may own more than 10% of the units in the Association.
2.No more than 15% of the units can be more than 30 days past due on their assessments.
3.A full budget review will take place and it must be determined that 10% of the associations operating funds is allocated to reserves
4.Right of first refusal may be in the associations bylaws, but it cannot violate Fair Housing Act
5.Association must be at least 50% owner-occupied
6.No more than 25% of the floor space can be commercial space

Obtaining FHA Certification can be a tremendous catalyst for the marketability of your association. It will put your condo or town-home on the radar screen for many buyers. What was not obtainable may now be a possibility. Realtors will add your association to the list of places to show. The homes become affordable for so many more buyers. Sellers as a result will see an uptick in interest hopefully creating more demand for their units and a better overall selling market for the entire association.

Root Realty, as an experienced condominium management company, welcomes the opportunity to discuss the benefits of FHA Certification with your association. We can explain the process and review with you the steps involved in obtaining certification. Root Realty will be happy to assist in any way we can.

Property Investment Vs Property Speculation

Most people get Real Estate wrong for two simple reasons.:

1. They don’t understand the difference between an asset and a liability
2. They don’t understand the difference between investing and speculating

The broke majority live under the misguided belief that their family home is an asset. An asset by definition is Something valuable that an entity owns, benefits from or has use of, in generating income. The key is the words generating income. By that definition your home is not an asset, it is a liability. It does not generate income, it costs you money.

The broke majority will borrow as much as they possibly can, to buy the most expensive home they can afford, in the mistaken belief that this is a good investment. In fact they are are burdening themselves with the worst kind of debt. Long term, expensive, non-deductible debt that produces no income in return. The same kind of debt that lead to the housing collapse in the USA.

Successful investors understand this crucial point. Your home is not an investment.

The Business Dictionary defines an investment as Money committed or property acquired for future income. Now some will argue that an investment doesn’t have to produce an income and cite as an example gold bullion, collectibles or share futures contracts. By definition, none of these are investments, they are items of speculation. They can go up in value or, just as easily, go down. You are speculating on the future trade-able value, not investing in the inherent value of the income an asset represents. Tens of thousands of homeowners around the world discovered in 2009 that home values can fall and can fall dramatically and disastrously.

If you buy a house to live in with no income return expected from it, but in the hope it will increase in value, you are speculating not Investing.

If you buy a house to rent out, you are investing. The Australian government has long recognised the difference and that is why they allow you to claim the expenses relating to a rental property, including interest payments, as a tax deduction but do not allow any deductions for expenses incurred in buying a house to live in. In other words, the government is willing to share the risk of investing in income generating real estate because the risks are lower than tying up your money in your home.

Smart investors have a small or no mortgage on their own home and the majority of their borrowings are for rental property because that is the lowest risk strategy. They also get the best advice they can on quickly reducing the mortgage on their home.

Other Side of the Condominium

Condominiums became popular because of its location, in which Filipinos are given the luxury of living in a home within walking distance away from their workplaces. However, other than this popular benefit, there are also other reasons why condominiums became popular, particularly among many modern Filipino families.

Other Side of the Condominium Condominiums, according to many real estate experts, were first founded as a type of modern housing which can cater to the needs of a modern Filipinos, such as the need for accessibility.

However, other than just its accessibility, there are also other reasons why condominiums had gained a lot of popularity in the Philippine properties. Here are some of those benefits:

Amenities Other than just its accessibility, condominiums can also offer a number of unique amenities that made it popular in the Philippines, such as its own maintenance and security personnel.

According to many experts, part of the reason why condominiums became popular, compared to its predecessors such as apartment buildings and townhouses, is because of its own maintenance and security personnel which assured their residents that their homes will be properly maintained while their safety within the compound is also assured.

In addition to that, condominiums are also the only types of residential Philippine properties in business and commercial districts that can offer residents facilities such as swimming pools, gyms, and sports complexes which made condominiums even more popular in the Philippine market.

Because of those benefits, condominiums quickly rose up from the competition which also led to its rapid growth all over the Philippines.

Condominiums for Families However, other than condominiums found in business and commercial districts, there are also a number of new condominiums which are found around the outskirts of Metro Manila as well as in the provinces. These types of condo in Philippines are known as condominium complexes, which are types of condominiums aimed to offer families a home for their growing children.

Condominium complexes, according to many experts, became popular because of its environment as well as its privacy and security. In addition to that, there are also other reasons why condominium complexes became popular for Filipino families, and that is because of its facilities which can cater to the needs of growing children, such as recreational parks and playgrounds.

Because of the introduction of condominium complexes as well as its rapid growth in the Philippines, condominiums became even more popular because of a new benefit that made it even more unique in the country, and that is its flexibility in terms of providing the kinds of benefits that Filipinos and Filipino families are looking for in a home.

Things to know prior to Building a Home

For all those, who might be thinking about building their dream abode, but are not aware of from where to begin, here are some handy tips that can be quite helpful to get them started. The best way is to look for a realtor in the locality. Renowned realtors know that first time homeowners would have lots of queries, when they start off with the home building project. They will be more than happy to provide answers to all the queries that come along the way. Whether they are working with their clients or with another builder, they would always ensure to make the building process cost effective and hazard free.

What the builders can do?

Home seekers need to know what their chosen home builder can do for them. The builders can do everything for the home seekers, right from ordering the building supplies, managing the construction site, to hiring and supervising the building team, which actually constructs the home. The builder can even handle other burdens, such as acquiring building permits and scheduling home inspections.

Knowing about the building process in a nutshell

Once the required finances are ready at hand, and a perfect plot to build the home has been found, individuals need to select their floor plan and make a blueprint of their future home. Their builder can help them design the floor plans and even provide an estimate of the building cost. They can also help to tweak the home plan, if necessary. Once these things have been done with, the next step is to work together with the builder and prepare a schedule, before the construction approval has come in and by the time the home begins to build up. After all the necessary arrangements have been done, and once the construction is completed, homeowners can expect home inspections to be finished. The home is now ready to move in!

Now, the home owners might have one question in their mind, as to what would be their role and power of control in the entire process. The fact is that homeowners can have as much control over the project as they want. They should remember that the builder or building contractor is there to assist them, guide them, and assure them a result, they can be proud of. Home seekers need to make sure that the builder they deal with is able to build something that they both desire.

If the soon to be homeowners want to discuss anything with their chosen builder about the building project, then they can surely do so. They can even provide any suggestions if they want to.

Before starting off with the building project, it is always better to sit down with the home builder or contractor and make any necessary changes, if required. This will help to save both, time and cost of building the project. Home seekers can give a call at the office of the builder and enquire about anything they want to know. They can even get answers to open end queries and rest assured they will never get disappointed in the process. An experienced and competent home builder will always be prepared to give all the credible answers. For complete information on Property Rental Mohali and Leasing Services Mohali contact us now

Adjustable Mortgage Help – How Government Mortgage Programs Can Help Struggling Home Owners

Need Help With Your Adjustable Mortgage?

Alot of home owners across America are looking for help with their adjustable rate mortgage and do not know who to turn to for that help! One of the places that you can go to is the United Stated Government. This article will go over that United States Governments mortgage rescue plan so keep reading and see if it can help you!ou!

What If I Owe More Then The Value Of My House

One of the biggest problems for home owners with ARM home loans is that they owe more on their home then it is worth. This is due to falling property values across the country. Being upside down automatically disqualifies them from a traditional refinance loan. The new government program however lets those people refinance up to 105% of the value of their home. You can only refinance for a fixed rate or lower interest rate and not to get cash out.

Another requirement for this program is that you must have a Fannie Mae or Freddie Mac loan and still have good credit and have sufficient income to pay the loan payments. They will also be fully documented loans, meaning that you must provide all income and asset information to the lender!

What If I Do Not Qualify For That Program

If you either have bad credit or do not have a Fannie or Freddie loan you can still get help from the Government. They have a program called “Make Home Affordable”. It gives cash incentives to lenders to modify a borrowers loan terms and payments to make the home affordable to them and avoid foreclosure.Under this plan the lender can lower your payment to 31%-40% of you income and keep it at that level for up to five years. This plan only modifies your first mortgage and will not affect a second mortgage or home equity loan. Where Can I Learn More About Loan Modifications and Government Loan Programs
To learn about the options you have when struggling with a Adjustable Rate Mortgage and how to get help and keep your home log onto http://www.adjustablemortgageinfo.com/ today!

A Brief Note On Noida Real Estate Scenario

Known to be the largest planned industrial township of Asia, Noida witnesses an ever expanding real estate market. The town is an emerging destination for foreign direct investments. The projected development of civil society has initiated rapid construction of state-of-the-art housing and commercial complexes in the city.

Due to the sealing drive against the unauthorized establishment of commercial businesses in Delhi, Noida authority has sold around 304.5 acre plots worth Rs 2,557 crore to five of the top notch real estate developers. The following are some information on the latest activities in the Noida real estate arena.

Noida Real Estate Scenario

The plots that are alloted to the five developers by the Noida development authority are in sectors 112, 113, 115, 116, 117 and 118. Unitech has been alloted with two plots 71 and 54 acres at the cost of Rs 1,050 crore. For 72 acres, Parsvnath Developers has paid a sum of Rs 602 crores, Omaxe has paid Rs 307 core for 37 acres, Ambience has paid Rs 323 crore for 37.5 acres and IVCRL has paid Rs 274 crore for 33 acres.

According to Rakesh Bahadur, chairman Noida Authority, the demand for office and commercial spaces in Noida. MNCs and big corporate houses are gradually expanding their bases in the city.

According to real estate experts, the insufficient availability of land in Delhi has caused the development of real estate in the suburbs. Noida scores over all other suburbs like Gurgaon and Faridabad due to the advantage of better connectivity. Noida is well connected to Delhi through the toll bridge and the expressways.

Not only good connectivity, the well developed social infrastructure of the city is far better than the rest of NCR. Hence, the future prospects of Noida are really fine.

The price for residential real estate in the newly developed areas varies from Rs 25,000 per sq m to Rs 50,000 per sq m, while the reserved parking for grouped housing is Rs 3,000 to Rs 4,000 per sq ft. while the price ranges from Rs 50,000 to Rs 75,000 per sq yrd. in case of commercial spaces.

With the completion of the Taj Express Way by 2013, the real estate prices are estimated to be increasing even further.

The Aldyn- 60 Riverside Blvd-new Condominium For Sale In New York

beat. The Aldyn’s perch at sixty riverside drive offers residents gobsmacking Hudson river perspectives, quick access to the spectacularly landscaped new park along the Hudson Brook , and a coveted Riverside Drive address. Take all that along with the rest the Aldyn offers, and it’s tiny wonder the Aldyn has earned a place on any list of New York City’s elect luxury apartment listings. The Aldyn’s generous floor plans make sure that each flats for sale offers classic Manhattan condo dimensions, but top-of-the-range finishes and fixtures make sure that the apartments for sale at The Aldyn embody the very best of up to date Manhattan luxury. Studio features include solid white oak flooring thoughout with outsized windows washing each residence in natural light and rising ceilings making certain that each loft for sale at The Aldyn has an open, ethereal feel. In each room, in each aspect, The Aldyn’s suite of finishes and fixtures provoke. The Aldyn’s gourmand kitchens feature granite counters and chrome steel appliances ; the classy baths are embellished with white oak vanities and Kohler fittings and fixtures ; each residence includes Bosch washers and dryers. And there are those forty thousand sq.feet of opulent extras.

The Aldyn is home to the biggest non-public amenity space in all of NYC — dubbed “La Palestra,” The Aldyn’s stretching amenity space encompasses a spa, bowling street, game room, golfing simulator, basketball and mash courts, climbing wall, indoor pool, pilates studio, yoga studio and a fully set up weight and cardiovascular room with personal coaches available.

More typical luxury condos conveniences like a twenty four hour doorman and concierge and underground parking share space with more sudden comforts like a personal yard garden and well appointed children’s playroom. The new RiverSide Park is also an amenity in its own right, and offers Aldyn residents access to one of the city’s latest and most interesting green spaces. The Riverside South shuttle also makes getting anywhere in the area a breeze, including the tube heart at Columbus Circle, only one or two blocks east. With a uniquely appealing UWS location, a set of comforts few Manhattan condo lists can match, and a cultured all its own, The Aldyn stands out for its full-spectrum luxury, and lists among the most fascinating luxury condos on the Upper West Side.