Aakar Realty Enterprises '_____ Realty Mediators

Banks can give up to 90 per cent of the value of the property in case of small value home loans up to Rs 20 lakh. But in case of loans above Rs 20 lakh, the loan to value ratio (LTV) should not exceed 80 per cent, said the Reserve Bank of India, in a notification issued today. Following the announcement in the second quarter review of the Monetary Policy, the RBI today issued the circular putting a regulatory ceiling on the LTV ratio in respect of banks’ housing loan exposures, in order to prevent excessive leveraging by banks. Currently, there is no regulatory ceiling on the LTV ratio in respect of banks’ housing loan exposures. Teaser loans With regard to ‘teaser loans’ (comparatively lower rates of interest in the first few years, after which rates are reset at higher rates), the RBI said this practice raises concern as some borrowers may find it difficult to service the loans once the normal interest rate, which is higher than the rate applicable in the initial years, becomes effe...

In the recent past, the  Reserve Bank of India  (RBI) has revised the maximum amount that can be sent abroad without special permissions. However, these properties should not be agricultural land, a farm house or a plantation. An NRI/PIO is allowed to send abroad up to $1 million from the  sale of property  in any one financial year. This amount should be  the sale  proceeds of property inherited by him out of rupee funds. This transfer is subject to production of documentary evidence in support of acquisition, inheritance or legacy of assets by the NRI, and a tax clearance or a no objection certificate from the Income Tax Authority. The $1 million remittance can also be made from the balances held in Non Resident Ordinary Rupee (NRO) Accounts. After taking a dip following the financial crisis of 2008, property prices have bounced back and how. Despite the high price rise, more and more NRIs are keen to buy properties in India. Who can  buy property ...

A Investor is seeking to invest in flat at Mira Road or Vasai Good returns expected Budget for Investment ranges upto 16lacs. For further details contact us

Flat description : 2 bhk, 770 builtup area, 540 carpet area, kitchen --> furnished, Hall --> furnished with sofa, small dinning table, showcase, In Master bed room --> big glass mirror with makeup desk. Both BMC water as well as borewell water available. Flat is on 3rd floor, building has lift.  It is 8-10 mins walking distance from borivali (west) railway station. Age of the building is 10-11 yrs. Requirement     : Vegetarian,  good for family with  4-5 members For further details Contact Or Email

Real estate developers should be sensitive to social dimensions of  housing  by pricing their products “appropriately”, Union Finance Minister, Mr Pranab Mukherjee appealed recently. Addressing the gathering at NATCON 2010, a real estate conference organized by Confederation of Real Estate Developers’ Association of India (CREDAI), in the capital, Mr.Mukherjee urged that the realty sector has to be sensitive to the larger social dimension of housing by pricing their products appropriately and responding to the cross-section of the housing demand covering both rich and poor alike. Above all, the Minister said that the sector has to anchor its work in strong ethical practices His comments come amid widespread concerns on slow housing sales owing to a recent spurt in prices across key markets. Mr Mukherjee said that fulfilling people’s dream of ‘housing for all’ was an enormous task that the Government alone could not achieve. Acknowledging the...

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When Sakinaka and Powai could not avail the advantage of proximity to  International  Airport in Mumbai, predicting a bull run of property rates at Navi Mumbai is just a myth and mass hysteria created by small syndication of vested interested in Navi Mumbai’s real estate market. According to research conducted by Megus, a project Management Consultant and Research, there were 7 crore sq.ft of  residential  projects put on display in the recently concluded property exhibition. Thane, Panvel, Dombivali-Kalyan and Panvel areas will add 10,000 acres of residential  developed  areas in next five years. India Bull and Lodhas put together are constructing more than 1000 acres in the region. According to RTI  inquiry  with the sub divisional registrar for property documentation, the fall of almost 80% in last six month was witnessed. Where an average 1200 flats were booked every month during 2007 till early 2009 and since March 2009 till November 201...

r   Work on the Shirdi airport project, which is coming up on 400 hectare land at Kakadi village, 11 km from Shirdi, is progressing at a fast pace. The airport is expected to become operational by December 2011. Officials of the state government-owned Maharashtra Airport Development Company said, 60 per cent work on the runway has been completed. It will be fully ready by March next year. The single runway will be 60 metres wide and 2,000 metres long. Construction of a 10-ft high, 11-km boundary wall has also been taken up. A two-lane road from Shirdi to the airport is also being constructed. Earlier, work on the airport project had been held up due to land acquisition problems. The state government, however, managed to acquire 750 acres from 712 farmers of Kakadi village. A development plan was prepared and, in the first phase, work on the runway costing Rs 74 crore was started. Construction of the terminal building is expected to commence next month for which the cost is estima...

   Maintenance of property is important. A common point of dispute among many landlords and tenants is maintenance of a rented property. Usually, a lot depends on the mutual terms and conditions as agreed upon between the parties and laid down in the lease agreement. It is the responsibility of the landlord to ensure that the tenanted premises are habitable and safe. If need be, he should ensure that adequate repairs are undertaken. In case a landlord is unable to do so or is unwilling to do so, his tenant may undertake these repairs. He needs to give proper notice to the landlord, specifically mentioning the nature of problem, the nature of inconvenience caused, safety hazards, and the necessary steps required to correct the problem. It should be mentioned that in case the landlord fails to undertake the repairs within a specified time, the tenant will have it done and will be eligible to recover the amount spent from the landlord - from the rent or otherwise. However, it s...

J J Bhabha mansion, the sprawling 15,000-sq-ft house where Homi J Bhabha , the  father of  India’s nuclear energy  programme, spent most of his growing years, has been put up for sale. After Bhabha passed away in 1966, the bungalow’s only occupant was his brother, Jamshed J Bhabha , doyen of the National  Centre for the  Performing Arts  (NCPA), India’s premiere cultural institution. However, with the younger Bhabha brother passing away in 2007, the house is in the process of being auctioned, and real estate  sources say the Malabar Hill property is worth at least Rs 250 crore at current market rates. Jamshed Bhabha passed away at 93, and leaves no heirs behind to lay claim to the property. In his will, discovered three years after his death, he left almost his entire estate—his Mumbai bungalow and a priceless art collection—to the institution he set up 44 years ago. The will is learnt to have been drawn up 20 years ago. The 3-storeyed J J Bhabha...

  Wanna own land through a 100 per cent cash deal? Think twice as you may end up shelling out more for the deal that can easily be done at market or below market price. The sale of a 3600 sq yard plot near S G Highway has set a precedent as the deal, in which the payment was made in cash, was done at a rate higher than the prevailing market price.  Vijay Shah, the Chairman of the Real Estate Committee of Gujarat Chamber of Commerce and Industry (GCCI), said, “The land deals in which the entire payment is made through cheques tend to be costlier than the deals in which payments are made through cash or a combination of cheques and cash. Price also tends to escalate in cases in which there is a problem with title clearance.” The need of the buyer becomes the key factor in deciding the price of the property, Shah said. The realty experts are of the opinion that the market is going haywire. So far land deals are concerned, no one follows any rule. It all depends on the need, feas...

 Real estate developers and  housing  finance companies probably will find it difficult to generate funds from retail investors through corporate fixed deposits. After the housing finance scam was exposed recently, investors have become skeptical of investing in corporate deposit schemes launched by realtors, believe experts. This is despite real estate companies offering coupon rates close to the maximum permissible limit of 12.50%. Deposit schemes of  home loan  lenders, which were earlier sold in large numbers, are also finding few takers, distributors said. There are about five realty firms and seven home finance companies that are currently raising money from investors — especially HNIs and the salaried class. Realtors, like Ansal Housing & Constructions , Ansal Properties, Jaiprakash Associates and Unitech are offering coupon rates within the range of 10.5-12 .50%. Godrej Properties is said to be offering 8-9 % as interest on depos...

To be given on Stamp Paper of Rs. 200 FORM M-20 (See Rule 58-A) I, Shri/Smt. ____________________________________________________ age ____________ resident of _______________________________________________ have been elected on the Managing Committee of _____________________________ society for the period ____________________________________________________. I have assumed office from __________________________________________ I declare today i.e. ______________ that I shall be jointly and severally responsible for all the decision taken by the committee during its term relating to the  business  of the society and shall be jointly and severally responsible for all the acts and omissions detrimental to the interest of the society as provided in Section 73 (1AB) of the act. Signature of Managing Committee Member Seal of the Society Date Place Signature of Witness (Secretary/Chief Executive Officer)

The Maharashtra Housing and Area Development Authority (MHADA) in Pune region has demanded that the state government resolution (GR) to extend an Floor Space Index (FSI) of 2.5 to low-cost housing schemes build by the MHADA should be extended to Pune region. “Former chief minister Ashok Chavan had said that the state government will soon issue a GR permitting 2.5 FSI for housing schemes of MHADA in Pune and Pimpri-Chinchwad region. However, no further action has been taken on the matter,” said Ankush Kakade, chairman, MHADA (Pune region). Kakade said the decision would help in building smaller flats for the common people under the housing schemes of the MHADA. A copy of the GR, issued by the state government in January, reached MHADA’s Pune office on May 25 when the deadline for receiving suggestions and objections from the public was over. “Only Mumbai and Nagpur had been earlier granted the 2.5 FSI. After the CM’s announcement, a notice was issued by the urban development department...

A closed-door auction for an apartment in upscale Worli, held at a prominent south Mumbai five-star hotel on Tuesday morning, has created a national record. Flat 203 on the third floor of the luxurious Samudra Mahal building in Worli was sold for Rs 1,07,000 per sq ft. The reserve price was fixed at Rs 75,000 a sq ft. Winning bidder is believed to be a leading corporate honcho. The deal was brokered by Jones Lang Lasalle and the auction had only four bidders. When it was completed in 1970, Samudra Mahal was Mumbai’s most expensive building. Bookings had then commenced around Rs 700 a sq ft. Although the 1,706-sq-ft (built-up) apartment auctioned on Tuesday will fetch its seller, Standard Chartered Bank, more than Rs 18 crore, the transaction is the highest ever in terms of per sq ft rate. In April 2010 , a duplex in Samudra Mahal, Worli, was sold for Rs 36 crore—about Rs 1.03 lakh per sq ft  In August 2009 , an apartment in Maker Tower B, Cuffe Parade, was sold at approx Rs 93,000...