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adProperty News For March 2009

Interest rate: riders keep homebuyers guessing
Source : The Hindu Property Plus Published On : 2009-03-07 City : Chennai

The limited period interest sweetener announced by SBI has turned home loan market competitive, but it also raises issues, writes K.T.JAGANNATHAN

Even as a few public sector banks followed the leader and announced a drop in interest rate on housing loans, the decision of State Bank of India to freeze interest rate to eight per cent has, as expected by many, it has raised many questions. The reduced interest rate from SBI is limited by period, as the offer will be available only up to April 30.

This lower interest rate offer, however, will be available for loans of all sizes for a period of one year from the date of disbursement. ...

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Understanding “life interest”
Source : The Hindu Property Plus Published On : 2009-03-07 City : Chennai

A life interest is an interest in an immovable property. It is created for the lifetime of the person or persons concerned

In many documents, you may come across the term “Life Interest” or “Life Estate”. It may not be clear as to what is meant by this term.

The implications of a person having a life interest in a property may also not be clear. In the event that you are thinking of settling a property or creating a trust also, reserving a life interest may be a useful option. If you have an idea of what it is, it would be helpful in dealing with properties. ...

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Recession restores confidence in buyers
Source : The Hindu Property Plus Published On : 2009-03-10 City : Chennai

Steady drop in prices of cement and steel, there is promise for lower and middle income group, writes Hema Vijay

Much to the relief of the home buyers, 2008 has seen a fall in prices of materials leading to drop in construction costs. It looks; economic down turn has thrown up an opportunity. With the cost of labour and price of land also coming down, many hope that the housing could now get within the reach of lower and middle income groups. What is now required is intelligent utilization of the situation and careful planning.

Material hope ...

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Buyers treading cautiously
Source : The Hindu Property Plus Published On : 2009-03-14 City : Chennai

The reality sector in general and housing market in particular had a dream run in the last few years. Increase in salary levels and easy availability of credit helped the turn around. The average age of home mortgage consumer dropped from late thirties to late twenties With the IT sector on the rise, investment in the real estate also increased. Apartment sizes, specifications, delivery terms and price band were matched with the boom. But the current economic slowdown has changed the scenario significantly and has forced the homebuyers and developers to re-orient their strategies.

New offers

N. Ananthanarayanan, Head REIS, Jones Lang LaSalle Meghraj, says that the buyers are now getting calculative and wants to probe factors such as falling prices of cement and steel, construction cost and reduction in service tax and wants to know how these are reflected in the new offers.

Mr. Ananthanarayanan says buyers are also now examining the actual carpet area that they get in comparison to the area that they pay for. He also points out that today, the buyers are looking at the terms of payment and penalties carefully and wants a fair deal. They ask for compensation for any delay in delivery of the completed apartment commensurate with the loss of income or the rent....

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Maintenance fee to be charged only on uds
Source : The Hindu Property Plus Published On : 2009-03-14 City : Chennai

Under the sub-heading " The legal remedy" in this column, in reply to a reader’s specific query whether maintenance charges can be collected by an Association based on the area of each apartment in a complex, your have clarified that having regard to the totality of circumstances obtaining in the upkeep of an apartment complex, the respective associations can after evolving a consensus lawfully collect maintenance charges based on the proportion to the common area facilities owned by the owners individually.

Does this mean the levy should be on the undivided share notionally held by each or the area of the apartment as a whole? This doubt arises since the owners generally are never ever given the details in regard to how the common area break-up was arrived by the builder, apart from the plinth area mentioned in the agreement and the connected blueprint. Also, does that not imply collection of lesser amount than what the reader’s query purports, but contrary to the ground reality of being only the other way round, as practised by all associations. I shall be obliged if you can clarify this aspect of reckoning maintenance charge too.

M.R.Srinivasan, Thiruvanmiyur, Chennai-41. ...

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