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 rentedout by their owners at less than 10 paise per square foot, but there were nowritten 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 ft flat 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 defence 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 remaining flats to be surrendered. But itwill 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 travel and hospitality sector in the wake of global melt- down and the
spate of cancellations 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 those from 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 on mortgaged 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 otherdevelopers announcing schemes such as full payment only after construction isover. 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 itsresidential 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. SystemOverflowing seqage tanks, broken broken or burst pipes and water floodedstreets 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 thatif 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 haspaid will be refunded.
The Confederation of Real Estate Developers Association
of India (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
|
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
|
||||||
|
|
|
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
|
|
|||
|
BARODA
|
|
|
(Below
|
I""'''''''
|
I""'''''''
|
|
|
|
|
I-
|
i""""""
|
|||
|
|
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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
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|||
|
|
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
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||||
|
|
15-20
|
|
9.00
|
9.75
|
|
10.75
|
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||
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20- 25
|
|
9.00
|
9.75
|
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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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5-10
|
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9.00
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9.75
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10.50
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10-15
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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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|
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(UpIO Rs.301acs)
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(Above Rs.30Iacs) •
|
|
||||||
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CORPORATION
|
Daily
|
|
|
0·5
|
|
|
|
9.75
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|
10.50
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||
|
BANK
|
|
|
|
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5-15
|
|
10.00
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10.75
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|||
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15-25 yrs.
|
10.50
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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
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10.25
|
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11.25
|
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12.00
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||||
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5-10
|
|
9.75
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10.50
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11.25
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12.00
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||||
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|
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10-25
|
10.00
|
10.75
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11.25
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12.00
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|||||
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CAN FIN HOMES
|
Monthly
|
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5·20 yrs.
|
|
|
12.00
|
5-20 yrs.
|
14.00
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|||||
|
HDFC
|
|
Monthly
|
|
|
0-18yrs.
|
|
|
11.75
|
0·20yrs.
|
14.00
|
||||
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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
|
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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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|
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15-20
|
|
10.00
|
|
10.50
|
|
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|
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||
|
|
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Daily
|
|
(UpIO Rs.30Iacs)
|
(Above RS.30
|
|
(above Rs.7Slacs)
|
|
||||||
|
|
|
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to 75lacs)
|
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|
|||||||||
|
LIC Housing
|
|
|
0-20
|
|
9.75
|
|
10.75
|
|
10.75
|
|
||||
|
Finance
|
|
|
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|
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|
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(This rate upto Jan 31 st 2009)
|
||||
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Further details contact: 9980135651
|
|||||
|
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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|
|
|
|
16-20 yrs.
|
|
|
11.25
|
|
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||
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Daily
|
|
|
|
Floating
|
|
|
|
|
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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.
|
|
||||||||||||
For more:http://www.99olx.com
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