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adProperty News For May 2009

Central registry to make resale of mortgaged property difficult
Source : Financial Chronicle Published On : 2009-05-04 City : New Delhi

Selling an already mortgaged property to a buyer by suppressing the mortgage details will become impossible soon. A central registry, which is being set up by the government, for keeping a record of all securities will help consumers get mortgage details of a property before buying it.

The process of curbing multiple sale of the same property by allowing buyers to access mortgage details will be part of the computerized registry to reduce the cases of fraud in housing deals.

S Sridhar, chairman of National Housing Bank, told Financial Chronicle that once the registry is in place, consumers would be able to check the centralized database to see whether someone has mortgaged the property. “Consumers will not be taken for a ride while buying or selling the property,” he said....

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How far can vaastu be followed in township projects
Source : The New Indian Express Published On : 2009-05-02 City : Chennai

MANU (name changed) was suffering illness for two consecutive years. He was advised by the local vaastu (directions) or rooms in his house4 to generate positive energy. The advice was followed but Manu died within a short while, not with standing the change.

Ramalinga Raju, the disgraced founder of Satyam Computers Services, Is believed to have been a staunch believer of vaastu and all Satyam offices in the country were aligned in perfect sync with vaastu, but look at the misfortune that befell Satyam Raju.

It is believed our forefathers adopted vaastu shastra in building constructions centuries ago primarily to ensure better lighting and breeze inside the home, As residential developments varied according to the geographical locale, windows were south or east facing to catch the blowing wind, Much later this concept morphed into a religious belief edged with an element of negativity if vaastu was not meticulously followed in Homes....

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Realty to pick up steam
Source : The Times Of India Published On : 2009-05-02 City : Chennai

Real estate decisions, at a corporate or personal level, a global real estate consultancy firm argues cannot be postponed indefinitely, reports Times property Bureau

The current slowdown in the economy has affected rentals of commercial space in the country. Rentals are down, by up to 30% in the quarter ending March 2009.

However, consultants feel that with positive growth in the country, downward movement in rentals is likely slow down in the coming months. According to a report by global real estate consultancy firm, CB Richard Ellis, “over the next few quarters, whilst some amount of further correction may not be ruled out, we do not expect the level of decline to be quite as sharp as in the preceding quarters.”...

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California city, an early casualty of the housing crash, may be reviving
Source : Financial Chronicle Published On : 2009-05-06 City : Chennai




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Ambuja, aipl to develop townships in the north
Source : Financial Chronicle Published On : 2009-05-07 City : New Delhi

Joint venture to invest Rs 1,200 crore over the next three years, to set up projects under the Dream city brand name Phase I to focus on Punjab locations in Amritsar, Khanna and Mohali

Kolkata-headquartered real estate player Ambuja Realty has signed a joint venture (JV) agreement with New Delhi-based Advance India Projects (AIPL) and Infrastructure Leasing and Financial Services (IL&FS), for developing township projects in north India that will benchmark against global standards in lifestyle living under a pan-Indian brand called Dreamcity.

Disclosing this to FC Estate, Gurpreet Singh, chief executive officer of AIPL Ambuja Housing and Urban Infrastructure, said, “As per the agreement, Ambuja Realty and AIPL would hold 45 per cent each in the new JV company, while the remaining 10 per cent would be held by IL&FS.” The JV Company would invest Rs 1,200 crore over the next three years to set up the townships....

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