75 Mumbai city-based
families have been relentlessly making efforts
to get back their sprawling flats which
their fathers and grandfathers had rented out to the naval authorities. Over
the years, some died and now their children are carrying
on the fight to get back the flats - each costing a few crores in today's prices. Most
of these flats are stated to be huge and their bathrooms are
as big as some of the bedrooms in
modem constructions.
Between
1940 and 1945, the British
navy based in Mumbai went on a flat
hiring spree, mainly in south Mumbai, to
bouse its sailors and other personnel
during the war. Over 250 flats in
prime localities like Cuffe Parade, Colaba,
Churchgate, Marine Drive, Napean Sea Road and a
few in Bandra and Vile Parle were rented out by their owners at
less than 10 paise per square foot, but
there were no written agreements when these flats were rented out, but
only verbal assurances that the properties would be banded back once the war ended. However, the
Indian navy, which took over these flats after
independence, has been diligently paying
the rent and getting receipts from the owners every
month. For instance, a 2,000 sq ftflat in south Mumbai fetches a rent of barely Rs. 800 a month.
Since
years, the navy has been claiming that it has been
facing a housing shortage. However, there
are a large number of buildings that
have been constructed
for its personnel now. So, the navy should surrender our flats, it
is stated. Between 1987 and 1989, 224
flats came up in four new buildings in Navy
Nagar, This huge colony already has over 4,000 flats for naval personnel.
Hectic
lobbying and numerous representations made to the centre by the frustrated flat
owners finally forced the defense ministry to formulate a dehiring policy some
time in 1977. The policy laid down that
for every 1 00 flats constructed for the navy, ten of the rented flats would be
handed back to the families. Since then, more than 150 flats have been
surrendered by the navy. In fact, last year itself 21 flats were returned.There is no exact timeframe for the remainingflats to be surrendered. Butit will happen shortly according to the defence source.
In a
follow up to the much discussed
economic packages aimed at stimulating the economy with
relaxations, the Union government
is at it again. This time it is towards investment
in the hospitality sector.
The Government has permitted hotels to avail
of external commercial borrowings (ECBs) up to
$100 millions per year both for foreign currency and
rupee capital expenditure for permissible end-uses, other
than for land acquisition, under the automatic route. The.
decision was announced by the Finance Ministry in the
second stimulus package on January 2, 2009. The government's
move comes after Tourism Minister Ambika Soni wrote to Prime Minister
Manmohan Singh seeking relief for the traveland hospitality sector in the wake of global melt- down and the spate ofcancellations following the terror attacks. According to the Finance Ministry, the
ECB policy has been reviewed in consultation with RBI. The decision
will mean greater infusion of investment for implementation of new projects and
infrastructure and modernization and expansion of existing production units.
The Delhi development Authority
(DDA) drew flak from the Delhi High Court for a lottery system which pits slum
dweller of the capital against affluent
applicants from other states for flat. It is so unjust that a person living in a jhuggi-jhopdi, who
is virtually getting a lifetime opportunity to live in a house in Delhi has to compete
with a person from other States having at least 10 properties, a Division Bench
of the High Court observed. The court directed the DDA to give a break-up of
the number of SC / ST allottees from within Delhi and thosefrom outside the state.
The court was hearing a petition
filed by Prem Chand of Dilshad Garden against the DDA Housing Scheme 2008,
which puts Scheduled Castes / Scheduled Tribes (SC/ST)
applicants from outside Delhi on par with their counterparts domiciled in the Capital. Over
5,000 flats were put up for allotment under the scheme, of which 17.5 per cent
were earmarked for the Scheduled Castes.
The
Tamil Nadu Government has issued an order to provide 50 per cent rebate on stamp duty and registration
fees for micro, small and medium enterprises (MSME) units in industrial estates
developed by the government, the Tamil Nadu Small Industries Development Corporation
(TANSIDCO), or by private entites.
The
order, dated January 6 2009, follows the guidelines issued by the
State government in it MSMI policy last year, to allow a 50 per cent rebate on
stamp duty and registration fees based on the transfer value in Government or TANSIDCO
developed industries estates, and the guideline value in privately developed
estates. Micro enterprises would also be exempted from payment of stamp duty onmortgaged and pledged documents, according to the order.
one of the country's
largest real-estate developers to introduced a scheme that would have sounded
incredible yesterday. The company would like to pioneer a 'price protection'
scheme soon for customers buying homes in the Rs.20
lakhs to RsAO lakhs category across the country.
According to the company sources, if the price of a house drops within a year
of a consumer entering into a contract with the developer, the latter will pass
on the benefit of any reduction during the year to the consumer. The consumer
would ultimately pay only the reduced price of the property. Most consumers make
a down payment and commit to pay the balance in installments. So, if the price
of a house drops from the initially contracted RsAO lakhs to Rs. 38
lakhs during the year, the consumer's installments will be reduced commensurately.
To
ensure that only genuine consumers gain, the company will impose certain
conditions. For instance, the property would not be allowed to change hands for
one year to keep speculators at bay. Further, the company would sell only one
home per family. This is also a way for
the company to ensure that people are buying a house for possession and not for
investment purposes. The company will also be assured that the buyer does not default
on his installments.
This would improve confidence
in the market. It comes on the back of many other developers announcing schemes
such as full payment only after construction is over. Companies have even
offered free cars to potential customers. Such schemes should do particularly
well in Tier II cities.
The Supreme Court has held
that a land owner who enters into an agreement with a builder for construction of
an apartment building and for sharing
of the constructed area is a 'consumer'. Therefore, he is entitled
to move a consumer forum against the builder as a
service provider under the 'Consumer Protection Act'. The
court thus set aside the judgment of the National Consumer Disputes
Commission which had ruled that the land owner cannot move a consumer forum as
the agreement was for a joint venture. The commission ruled that such disputes
should be settled in the civil court.
Setting
aside that view, the Supreme Court stated the owner could
move either the civil court or the consumer forum, as the latter is an additional
course open for him. The complaint of the landowner in this case, viz, Faqir
Chand vs Uppal Agencies Ltd., was that the builder had violated
regulations of the Municipal Corporation of Delhi and failed to rectify several
shortcomings in the construction.
DLF
reduces Bangalore project price by 24 per cent DLF, the largest real estate player
in the country has reduced the price
of its residential project in Bangalore by around
24 per cent. The revised price of the project West end Heights in
Bangalore is less than Rs 2, I 00 per sq ft as against
the October 2008 launch price of Rs 2,775/- per sq. ft. The
new price would be applicable with retrospective effect, so
that customers who had booked flats in 2008 are benefited. According
to the company, it is passing on the benefit of reduced
input costs to give greater value to its customers with the intention to make the
project affordable for the common man and the most interesting
feature of the project is that
bigger apartments carried lower price per sq. ft. On
the issue of delay in
other projects in New Gorgon, the spokes person
said that the company had not put on hold any project where it had made commitments to
customers. This included DLF New Town Heights and Express Greens. DLF would deliver the projects on
itself he added.
System Overflowing seqage tanks, broken broken or burst pipes and water flooded streets
are a common sight for us.
We live
with it as if it would be impossible to contain or remedy.
May be we will not pay more attention to the
safety measures to prevent the breakdown of Sanitary
System just squander
away the
State funds on 'imported' technology.
What
we need is a Sanitary
System which is compatible
with Nature laws and flexible in terms of operation and expenditure.
Realty rates in
Pune, which have
already been slashed up to 40 per cent, are set to be cut further as developers are trying
to recover some of the money stuck in various projects. The industry
is going through a tough phase. About
35,000 new homes are built in Pune every year
for the last few years. Now, 25,000
more are planned in the next 30 months. Job insecurity and
high interest rates are the cause of
fall in demand. Many are waiting for prices to drop
further.
Some developers have had
to sell at a loss just to raise
cash. The builders are now
making, desperate bid to lure buyers and are offering attractive incentives.
The following are a few incentive schemes introduced by the developers to attract
the buyers.
"Buy now and your
builder will pay the EMI for three months if you lose your job"
"Till you find another job, the builder will
pay interest on your home loan."
"Buy now and if rates drop before you take
possession your builder will revise the
price."
One scheme offers buyers who have lost their jobs a three month
respite
from EMIs, offering to pay to banks themselves. They are also offering to pay the
interest on the loan themselves till the buyer gets another job, or takes possession of the flat. The
rate guarantee scheme promises that
if rates slide after a buyer
has booked a flat but before
he takes possession, he will be charged at the new, lower
rates and the excess amount the buyer has paid
will be refunded.
The Confederation of Real
Estate Developers Association ofIndia (CREDAI) in Pune, is also
advising its members
to devise new plans to lure buyers and sell flats at the lowest possible
rates.
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HOME
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LOAN
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RATES
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||||||||||
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BanklHFC
|
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Reducing
|
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Floating Rate
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Fixed Rate
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||||||
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Balance
|
|
Period
|
|
|
Rate
|
Period
|
|
Rate
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||||
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BANK OF
|
Daily
|
|
Floating
|
|
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|
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Fixed
|
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|||
|
BARODA
|
|
|
(Below
|
I""'''''''
|
I""'''''''
|
|
|
|
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I-
|
i""""""
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|||
|
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3Olaksh) JOIOSOIakhs)
|
SO_I
|
|
|
|
|
30_1
|
30_1
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|||||
|
|
0·5
|
|
8.50
|
9.25
|
|
9.75
|
|
0·5
|
|
9.50
|
11.25
|
|||
|
|
5 ·10
|
|
8.75
|
9.50
|
|
10.25
|
|
5·10
|
|
9.75
|
11.50
|
|||
|
|
10 ·15
|
8.75
|
9.50
|
|
10.25
|
|
10 ·15
|
|
10.00
|
11.75
|
||||
|
|
15-20
|
|
9.00
|
9.75
|
|
10.75
|
|
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||
|
|
20- 25
|
|
9.00
|
9.75
|
|
10.75
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||
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|
|
|
|
(Uplo Rs.30Iacs)
|
(above Rs.30 to 5OIacs)
|
(above Rs. SOtacs)
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|||||||
|
BANKOF INDIA
|
Daily
|
|
upto 5 yrs
|
8.75
|
|
9.50
|
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|
|
10.25
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||||
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|
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|
5-10
|
|
9.00
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9.75
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10.50
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10-15
|
|
9.25
|
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10.00
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10.75
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||
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15-20 yrs
|
9.50
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10.25
|
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11.00
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|||
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(UpIO Rs.301acs)
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(Above Rs.30Iacs) •
|
|
||||||
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CORPORATION
|
Daily
|
|
|
0·5
|
|
|
|
9.75
|
|
10.50
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||
|
BANK
|
|
|
|
|
5-15
|
|
10.00
|
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10.75
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|||
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15-25 yrs.
|
10.50
|
|
11.00
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|||||
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CANARABANK
|
Daily
|
|
|
|
|
|
|
|
|
|
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|
|
|
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(UpIO RS.30Iacs) (Above Rs.30Iacs)(Uplo Rs.30lacs) (Above Rs.30Iacs)
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||||||||||
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|
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0-5
|
|
9.50
|
10.25
|
|
11.25
|
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12.00
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||||
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|
|
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5-10
|
|
9.75
|
10.50
|
|
11.25
|
|
12.00
|
||||
|
|
|
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10-25
|
10.00
|
10.75
|
|
11.25
|
|
12.00
|
|||||
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CAN FIN HOMES
|
Monthly
|
|
|
5·20 yrs.
|
|
|
12.00
|
5-20 yrs.
|
14.00
|
|||||
|
HDFC
|
|
Monthly
|
|
|
0-18yrs.
|
|
|
11.75
|
0·20yrs.
|
14.00
|
||||
|
ICICI
|
|
Monthly
|
|
1- 20
|
|
|
13.00
|
|
|
1-20
|
15.50
|
|||
|
INDIAN BANK
|
Daily
|
|
(UpIO Rs.2otacs)
|
(Rs.20 to 301acs)
|
(Uplo Rs.201acs) (above 201acs)
|
|||||||||
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|
|
|
0-5
|
|
9.00
|
|
9.50
|
|
11.00
|
12.00
|
||||
|
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|
|
5-10
|
|
9.25
|
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9.75
|
|
11.50
|
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||||
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10-15
|
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9.50
|
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10.00
|
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||
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15-20
|
|
10.00
|
|
10.50
|
|
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||
|
|
|
Daily
|
|
(UpIO Rs.30Iacs)
|
(Above RS.30
|
|
(above Rs.7Slacs)
|
|
||||||
|
|
|
|
to 75lacs)
|
|
|
|||||||||
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LIC Housing
|
|
|
0-20
|
|
9.75
|
|
10.75
|
|
10.75
|
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||||
|
Finance
|
|
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(This rate upto Jan 31 st 2009)
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||||
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Further details contact: 9980135651
|
|||||
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SBM
|
|
Daily
|
|
upto 5 yrs.
|
|
|
10.75
|
upto 15 yrs.
|
12.75
|
|||||
|
|
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6-15
|
|
|
11.25
|
|
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||
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|
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16-20 yrs.
|
|
|
11.25
|
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||
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Daily
|
|
|
|
Floating
|
|
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|
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||
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(Upto
|
(above
|
|
|
1-'
|
|
|
|
|
|
|
|
SBI
|
|
|
|
30laksh) 30 10 75 lakhs)
|
|
750khs)
|
|
|
|
|
|
|||
|
|
|
0-5
|
|
9.25
|
|
9.75
|
|
10.25
|
|
|
|
|
|
|
|
|
10 -15
|
|
9.50
|
|
10.00
|
|
10.50
|
|
|
|
|
|
||
|
|
15 -20
|
|
9.75
|
|
10.75
|
|
11.00
|
|
|
|
|
|
||
|
|
20-25
|
|
9.75
|
|
10.75
|
|
11.00
|
|
|
|
|
|
||
|
SYNDICATE
|
|
Daily
|
|
|
1·5
|
|
|
|
10.00
|
|
1-5
|
|
9.50
|
|
|
BANK
|
|
|
|
|
5-10
|
|
|
|
10.50
|
|
s-to vrs
|
10.00
|
||
|
|
|
|
|
|
10-20
|
|
|
|
10.75
|
|
|
|
|
|
|
|
|
|
|
|
20-25
|
|
|
|
11.00
|
|
|
|
|
|
|
|
|
|
|
|
(UpID Rs.201acs)
|
|
(Above Rs.2otacs)
|
|
|
|||||
|
PNB
|
|
Monthly
|
|
|
0-5
|
|
9.25
|
9.75
|
0·5
|
|
10.25
|
|||
|
|
|
|
|
|
5-10
|
|
10.00
|
10.50
|
5-10
|
|
10.25
|
|||
|
|
|
|
|
|
10-15
|
|
10.25
|
10.75
|
10-20
|
|
11.00
|
|||
|
|
|
|
|
(UpIO Rs.20lacs)
|
(Above Rs.20Iacs)
|
|
|
|
||||||
|
Axis Bank
|
|
Monthlv
|
|
1· 20vrs
|
11.00
|
|
11.25
|
1-20vrs
|
14.00
|
|||||
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
||
|
|
The above rates are based on our survey.
|
|
||||||||||||
|
|
Home loan borrowers are to verify with the
|
|
||||||||||||
|
|
concerned banks, for changes in the rates.
|
|
||||||||||||
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