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adProperty News For May 2011

I-t department purchases real estate worth rs 2,500 crore in a year
Source : The Economic Times Published On : 2011-05-02 City : New Delhi

I-T Department Purchases Real Estate Worth Rs 2,500 crore in a year

NEW DELHI: The Income Tax Department became one of the largest purchasers of real estate properties last year as it embarked on a mega expansion spree to spread its establishment for enhancing taxpayer services in the country.

The department, which has recently begun a special drive to check prevalence of black money in the country's real estate sector, has acquired high-worth properties worth about 2,500 crore in more than 20 cities in the last year alone.

The largest acquisition by the department has been at the cost of more than 2,000 crore for the purchase of office space in the civic centre near the national capital's marketing hub, Connaught Place. The civic centre is the tallest building in Delhi. The department has similarly purchased 56 staff quarters worth more than 89 crore at the pricey Bandra-Kurla complex in Mumbai.

"All the acquisitions have been done in order to expand taxpayer facilities and to provide better living and working facilities for the department staff. No doubt the department's purchasing power has been the largest in the last fiscal," an Income Tax Commissioner involved in the process, said. The department, with these acquisitions in the real estate sector has probably become the largest government department to acquire and create real estate in the country, the commissioner said.

The shopping bucket of the department, according to an official report, has other high-profile purchases and acquisitions like creation of a training centre and hostel facilities for new recruits of the Indian Revenue Service (IRS) at their alma mater - National Academy of Direct Taxes (NADT) in Nagpur at the cost of 100 crore.

In Chandigarh, the I-T department has purchased 5,000 acres of land for office space at the cost of more than 33 crore, a centralised air conditioned I-T office at Udaipur at the cost of more than 16 crore, acquisition of land for construction of office building for the department in Mumbai at about 23 crore and land measuring more than 9,500 sq m at Jamnagar in Gujarat for office building at 8 crore.

Another set includes office building at Siliguri for 5.5 crore and a separate creation of 49 residential quarters and guest house at Siliguri in excess of 10 crore. One more big acquisition by the department has been made at Muzzafarpur in Bihar for building staff quarters at the cost of more than 21 crore.


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Demand for home loans slackening
Source : The Hindu Business Line Published On : 2011-05-02 City : Mumbai

Demand for Home Loans Slackening

Banks and housing finance companies are seeing a slackening in demand for home loans. Prospective buyers are postponing decisions on expectation that the high property prices will cool off. Further, the gradually rising interest rates are also acting as a demand dampener, say market players. 

 Though numbers are not forthcoming from lenders, officials from three credit information bureaus  Business Line spoke to have traced a clear trend of receiving fewer home loan applications for verification from banks and HFCs (housing finance companies) in the last few months.  

The slackening trend in demand for home loans is more pronounced in metros such as Mumbai and Delhi where property prices have touched unrealistic peaks, said experts....

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Think before you build
Source : The Hindu Published On : 2011-05-07 City : Bangalore

Think Before You Build

Architecture is not just about ‘designing' a given space. This would relegate the striking science into being too basic and mundane. To see a building being architecturally successful, the link between space and its inhabitants has to be lyrically established in association with people who use the spaces in many ways — physical, psychological, emotional and much more.

A discussion with architecture students from across the city recently on ‘What makes up the psychology of spaces' was interesting, in that we saw the topic gaining momentum with architects responding to young perspectives that described ‘contemporary designs' as mechanised and which cater routinely to commercial demands....

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Serviced apartments an attractive option
Source : The Hindu Published On : 2011-05-07 City : Coimbatore

Serviced Apartments an Attractive Option

The booming industrial, educational, and healthcare sectors in Coimbatore are attracting several visitors to the city. Apart from hotels, serviced apartments also cater to the accommodation needs of these visitors.

Though the facility is available in the city only for the last few years, the demand and growth has led to several small-scale players offering the facility now....

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Is your house strong enough?
Source : The Hindu Published On : 2011-05-07 City : Coimbatore

Is Your House Strong Enough?

Earthquakes such as the one in Gujarat have shown that unsafe buildings kill people. We cannot avoid earthquakes or know when they will occur but safe buildings will definitely reduce the risk and damage.

About 60 per cent of our country is susceptible to damaging levels of earthquakes. Therefore, it is necessary to know the forces acting on the structure in which we live and its vulnerability during earthquakes.

Most buildings in urban areas are made using RCC frame-type construction. A well-designed structure will not cave in during disasters. However, due to wrong planning and execution, weaknessess get introduced, making the building vulnerable....

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