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adProperty News For May 2009

Consumers share information online
Source : The Hindu Property Plus Published On : 2009-05-02 City : Chennai

Online consumer activism is here to stay. Consumers are relying on the Internet to pass their messages, share information, collaborate on issues and find people with similar concerns. There have been several incidents where online consumer activism has been effective.

Real estate in India has not escaped this trend. Many online groups, blogs, social networking sites and forums have come up on the Internet in the past year to address various concerns of the consumers. Some homebuyers are also approaching online activist groups to resolve their complaints regarding their housing projects.

One of the major disputes is in regard to the drop in real estate prices, which has led customers who had booked apartments at higher prices previously to seek refunds and switch to lower cost projects. Other issues include developers delaying their projects due to lack of funding and slower approvals. This problem is compounded by the fact that customers of delayed projects are paying EMI’s in addition to the rent they are paying for their current home. ...

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Chennai to get nhbresidex
Source : The Hindu Property Plus Published On : 2009-05-02 City : Chennai

Chennai is among the 10 new cities for which the National Housing Bank (NHB) has completed work on a price index for residential property. Raj Pal, Principal Adviser to NHB, told The Hindu Property plus that the NHBResidex is expected soon. It had used 2007 as the base year.

The NHBResidex, as the price index has been named, is on the lines of other price indices used in the country. Chennai and nine other cities have been included in the index in the second phase of the ongoing and ambitious programme to bring all 63 cities covered by the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) within the purview of the property price index.

Hyderabad, Faridabad, Patna, Ahmedabad, Kochi, Jaipur, Luck now, Pune and Surat, are the nine other prominent cities in the second phase of the NHBResidex preparation....

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Price guarantee scheme for buyers
Source : The Hindu Property Plus Published On : 2009-05-02 City : Chennai

Doshi Housing Ltd., has announced the launch of Doshi Nakshatra – II at Tambaram with a unique price guarantee scheme for the customers.

Launched at the lowest price of Rs.2, 795 per sq.ft., compared to the prevailing price of Rs.3,500 per sq.ft. in Tambaram, the customers will get the benefit of rise and fall in prices, if any.

In simple terms, if the Customer books an apartment at Rs.2, 795/- per sq.ft. And in the unlikely event of the price going down to Rs.2, 695 per sq.ft. In future, those who booked at Rs.2,795 will also get the benefit of reduction in prices. At the same time, if the prices go up to say, Rs.2, 895/- per sq.ft., the customer continues to enjoy the rate of Rs.2,795 per sq.ft. ...

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What steps in case of deviation?
Source : The Hindu Property Plus Published On : 2009-05-02 City : Chennai

My son had booked a flat in Bangalore by paying an advance amount of Rs 2.5 lacs. The project was approved by one of the nationalised banks.

He applied for housing loan and got it sanctioned for the flat. But later when we verified the constructed flat with a local engineer we came to know that the building was not constructed as per the sanctioned plan. Hence we approached the builder to cancel our agreement and return the advance. We informed the bank about it and asked them to cancel the sanctioned loan .

Now my son got transferred to Chennai. Hence we approached a local lawyer (Chennai) and sent a legal notice twice but there was no response from the builder....

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Light show turns out to be a success
Source : The Hindu Property Plus Published On : 2009-05-02 City : Chennai
The Light Show on Concept-based solutions organised by KLite Industries concluded recently.
On display were more than 1500 lighting fixtures. The show was reported to be a success.

Among these products were energy-saving induction lamp with life expectancy of 100000 hours, LED Crystal and new generation ceiling lights, lighting with green house concepts, energy saving integrated street lighting system, special lighting for airports, flood lighting for different applications, tunnel lighting and energy saving lighting system for highways and service lanes.

KLite Industries is located at D-10, Ambattur Industrial Estate, Chennai- 600 058. Contact Phone No.26257710

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