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adProperty News For November 2011

Land acquisition bill:will new land law hurt realty sector?
Source : The Economic times Published On : 2011-11-01 City : Noida

Land Acquisition Bill:Will New Land Law Hurt Realty Sector?

The new land policy cleared by Union Cabinet could lead to a big gap between demand and supply. Paying compensation four times the highest amount of registered sale in the area in last three years is only going to increase the cost of setting up the industrial establishments, infrastructural projects and townships, believe real estate firms.

If the bill is passed in its proposed form, it will badly hurt the realty sector and urban development, apart from, practically, ending the dreams of affordable housing for the middle class segment.

The new bill, meant to replace the 117-year-old Land Acquisition Bill of 1894, which has been introduced in Parliament, will mean private companies will have to give relief and rehabilitation packages to displaced people even if they directly buy land from landowners, for all transactions over 50 acres in urban areas and 100 acres in rural areas.

There is still confusion and dissatisfaction over acceptance of new land bill by real estate firms. The Confederation of Indian Industry (CII) has already expressed concern over the appreciation value set in the Land Acquisition Bill and said that the proposed value would make land cost economically unviable for industries.

Navin M Raheja, the chairman and managing director of the Raheja Group and chairman of Assocham , says: "Acquisition of land with consent of landowners is a welcome step. But paying compensation four times the best of the registered sale in the area in last three years is only going to increase the cost of setting up the industrial establishments, infrastructural projects and townships. This could also lead to a big gap between demand and supply. There must be an open debate of all the stakeholders like the industry , the government, the landowners and also the media to device a path which is transparent and pragmatic."

"States should be required to put up land for development on e-portals (land offers for development projects) through a website or any other mechanism accessible by everyone, where the landowners can collectively offer their land for sale with the price demanded, so that the industry and the government are free to negotiate with farmers," Raheja said.

Pankaj Bajaj, the president of CREDAI (NCR) opposed the proposed relief and rehabilitation package, and said: "The new bill will badly hurt the realty sector and urban development, apart from practically ending the dreams of affordable housing for middle-class segments, as provision of the Land Acquisition Bill make homes for the common man much more costly. Relief and rehabilitation package for private companies should be done away with. Acquiring private pockets in a housing project should be defined as public purposes."

Rakesh Yadav, the managing director of the Antriksh Group, says: "Apart from real estate firms, the cost of production of industrial units will also go up due to high capital cost of setting up factories. The financing of these activities will be tough, too, as there are no norms for financing the land cost."

Mohit Arora, the director of Supertech Group, says: "In most cities like the metros, Tier 2 & 3 cities, government-acquired land for infrastructure and industrial development, the burden and cost of social and industrial development will be considerably enhanced through this bill. As a result , the infrastructure and industrial development will become slow and expensive."

Prasant Solomon, joint managing director of Chintels India Ltd (which has the largest land bank of 400 acres in Dwarka-Gurgaon Expressway), says: "This policy will also adversely affect the real estate development as additional burden of land cost will make housing expensive. In fact, land in the open market too would become expensive."

Impact of new bill

As far as the farmers are concerned , it is the best time for them to encash upon this opportunity, especially in the NCR's Noida-Greater Noida, Gurgaon, and Faridabad areas. Having gained great visibility after the current land row, the farmers of Noida and Greater Noida are trying to encash in upon the government's pro-farmer mood and obtain the best possible compensation for their lands, which have been acquired by the authorities concerned .


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Delhi govt hikes minimum property rates again
Source : The Times of India Published On : 2011-11-01 City : Delhi

Delhi Govt Hikes Minimum Property Rates Again


For the second time this year, the Delhi government announced a steep hike in circle rates in a bid to garner more revenue and check the use of black money in property transactions.

Circle rates are the government’s valuation of land in the city — differentiated into eight categories, A to H below which a realty deal cannot be registered. After doubling the circle rates in February this year, the government on Monday further revised the rates with a hike in the range of 15% to 250%. The new circle rate regime is unlikely to affect real estate prices in the city. If anything, the hike may result in a price correction in certain areas as the black money component in property deals comes down. Property analysts said even the revised rates were much below real property values in the city....

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Bangalore a safe location for property investment
Source : The times of india Published On : 2011-11-24 City : Bangalore

Bangalore a Safe Location for Property Investment

Bangalore is possibly the safest location for investments in the world. The good news is prices do not skyrocket or get hyped like in some other prominent locations in India. They do not go downwards too like they have in many other prominent locations in India.

Bangalore has the distinction of being a market where most of the property purchases are by endusers and not speculators. Speculators treat it as a pure investment for financial gains. A leading real estate company conducted a study on the pattern of first purchases (purchase straight from builder or developer) by end-users. The study found a surprising and comforting factor. It said 81.2 percent of first purchases in Bangalore were by end-users and not speculators or investors who look for just financial returns. This figure in locations such as Mumbai could be as low as 40 percent.

The advantage of end-users buying more is prices do not appreciate or depreciate at abnormal percentages. This is good news for a homebuyer since the prices would be stable and would move upwards or downwards within a small band. Even during a recession, the salability is almost guaranteed. Also, the market here is not driven by economic sentiment in some other part of the world but by the actual demand and supply situation in the particular location where the project is located....

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Noida circle rates may be hiked
Source : The Economic times Published On : 2011-11-01 City : Noida

Noida Circle Rates May Be Hiked

The district administration is likely to hike property circle rates, or the minimum prices for sale or purchase of real estate, in Noida, an official said Tuesday.

"We have been compelled to hike the circle rates for a number of reasons. The rates of Noida Authority have to be in consonance with that of Greater Noida Authority, which had hiked its circle rates last month. There has to be uniformity in the circle rates in both areas," Additional District Magistrate (Finance) Sarvajeet Ram told IANS.

Adjoining Delhi, Gautam Budh Nagar district includes Noida, Greater Noida and Yamuna Expressway areas.

The circle rates of group housing, residential, commercial and industrial properties are likely to be increased by around 17-25 percent, while industrial plots might witness a hike of around 30 percent.

"The rates have also been revised in view of the hike in Delhi and Ghaziabad. Rates in Gautam Budh Nagar have to be uniform with those in Delhi and Ghaziabad," he said.

The Delhi government Monday hiked the circle rates by 15-250 percent.

The new rates in Noida are likely to be announced Wednesday after a final meeting of the administration officials.

A senior revenue department official said the hike in circle rates would rein in black money component in property transactions as the official rates of real estate would be closer to their market prices.


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Lic housing plans to launch real estate venture capital fund
Source : Indian Realty News Published On : 2011-11-05 City : India

LIC Housing Plans to Launch Real Estate Venture Capital Fund

LIC Housing Finance Ltd (LICHF), a subsidiary of Life Insurance Corporation of India (LIC), plans to launch a Rs. 500-750 crore real estate venture capital fund shortly. “It should happen in two-three months. We have got all the necessary approvals and permission from the government,” chief executive officer V.K. Sharma said on Friday. “For this, the company will seek funds from domestic institutions, high net-worth individuals and banks. The venture capital’s focus will be to invest primarily in urban real estate.”

The fund will be raised through its subsidiary, LIC Housing Finance Asset Management Co. LICHF plans to disburse Rs. 25,000 crore in the current fiscal, Sharma said. “As there is more demand from real end-users, 93% of our lending is to retail, home loan borrowers,” he said. “Rest of the lending is to commercial real estate for construction. Compared to the previous fiscal, the share of our lending to commercial real estate has come down from 12% to 7% this year.”

LICHF plans to launch affordable housing projects for senior citizens in all the state capitals. “We have already begun constructing houses for senior citizens in Bhubanehwar. Next year, we will start a similar project in Bangalore,” Sharma said. LICHF last year said it would build affordable housing in the price range of Rs. 6-8 lakh, picking one state every year. The company has already acquired land in Bangalore and Jaipur...

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