Aakar Realty Enterprises '_____ Realty Mediators

   Planning to take a home loan? Be prepared to shell out double-digit interest rates soon. Lenders say it’s only a matter of time before they are forced to pass on the higher cost of funds to borrowers after the Reserve Bank of India increased key policy rates by 25 basis points on Tuesday. The rate hike, the seventh successive one since January 2010, is aimed at controlling inflation which the RBI described as a “dominant concern”. The rate of inflation as measured by the wholesale price index is now forecast to be at 7% by end-March, much higher than the original estimate of 5%. At present, new borrowers get loans at close to 9.5%. But borrowers who have availed of home loans around five years back are already paying over 12% following successive increases in prime lending rates. The increase in policy rates may seem modest. But banks are already in deficit mode and borrowing over Rs 1lakh crore from RBI on a daily basis. “The liquidity situation is very tight and the cost...

THE PROJECT TOTAL AREA ==== 42 acres   AREA OF EACH UNIT RANGES FROM 1500sq.ft. TO 3000sq.ft.   DEVELOPED PLOTS WITH FULLY FURNISHED HOME   WITH ROAD,WATER & amp; ELECTRICITY   DOWN PAYMENT - 25% ON BOOKING  PRODUCT BENEFITS  EXCELLENT SECOND HOME OPTION MOST OF THE AREA IN KARJAT  COMES UNDER RESIDENTIAL ZONE SO NO INDUSTRIES WILL BE LOCATED HERE  CLOSE PROXIMITY TO TOURISTS ATTRACTIONS LIKE KHANDALA & LONVALA & NERAL   LOCATION BENEFITS  THE SEZ AT NAVI MUMBAI ARE AROUND 20-22kms AWAY FROM KARJAT THIS WOULD  INCREASE THE JOB OPPURTUNITIES WHICH IN TURN WILL ENSURE HIGH RENTALS  THE UPCOMING INTERNATIONAL AIRPORT AT PANVEL WHICH IS AROUND 42kms FROM    KARJAT WOULD MAKE SPARSH-CHALET  EASILY ACCESSIBLE LOCATION 'SPARSH-CHALET' 12kms == NERAL STATION 17kms == KARJAT STATION 40kms == PANVEL STATION 20-22kms == KHANADALA / MATHERAN 28kms == CHAUK OFF THE OLD MUMBAI-PU...

Lodha Developers has awarded civil construction contract of its proposed world’s tallest residential building, World One, to a joint venture of West Asia-based Arabian Construction Company and  Simplex Infrastructures   . The contract is worth Rs. 450 crores and is scheduled to be completed in 38 months. The project at Lower Parel in Central Mumbai has created waves in the world of real estate ever since it has been launched in June. However,questions have been raised over the status of approvals from the Ministry of Environment & Forests(MoEF) and the Director General of Civil Aviation (DGCA). The DGCA approval is necessary as the proposed altitude of the building will likely be ’sky scraping.’ However, according to the company, the construction contract for the tower has been placed as it has received the approvals. Abhisheck Lodha, Managing Director of Lodha Developers claimed to have already received all mandatory approvals for the project including the ones from MoEF...

    A huge sprawl of land, a private enclave in the heart of the city spread over 4,581 sq mt in Mazgaon has received the nod for redevelopment from the Bombay high court. The land is owned by the century-old Cutchi Lohana Samast Mahajan trust and houses over 200 tenants in 70-year-old buildings. Justice Abhay Oka, earlier this month, upheld the joint charity commissioner’s permission to the trust to sell the land to Gold Plaza Developers Private Limited for a monetary consideration of Rs 3.51 crore. “Considering the fact that the cost of maintaining the property is more than the income derived from the property, the necessity (to sell) is established notwithstanding the sound financial position of the Trust and income derived from alienation of the other property,” said the judge while dismissing two petitions challenging the sale. Though the government approved valuer calculated the market price of the land at over Rs 6.34 crore, the charity commissioner said that for...

AT  NARANGI - VIRAR (E) 1)  PRODUCT === ONE ROOM KITCHEN      AREA        ===  350 sq.ft.       2) PRODUCT=== ONE BHK      AREA       === 550 / 600 sq.ft.      3) PRODUCT=== SHOPS      AREA       === 300 / 350 sq.ft.       THESE PROJECT IS IN UNDER CONSTRUCTION THESE PROJECT IS CIDCO APPROVED THESE PROJECT IS IN 20 mins DISTANCE FROM THE RLY. STN FOR ANY FURTHER DETAILS CONTACT US AT A Comos Realty Corporation 

Tata Housing during the recent ‘Vibrant Gujarat’ summit signed an agreement with the Gujarat Government to investment Rs 1,000 crores for developing a township in Ahmedabad on a public-private partnership model (PPP). The agreement was signed on the second day of the Vibrant Gujarat Summit at Gandhinagar, Tata Housing Managing Director and Chief Executive Brotin Banerjee said. Banerjee declared that the proposed project, which would be a township and may involve one or multiple projects, needs many clearances from the state administration and Government clearances for the same are expected in the next two months. The project, to be developed on PPP model, would in the affordable housing segment On the project completion and the type of the housing, he said, it will take at least three to four years for completion and it would be in the affordable (Rs 10-20 lakh, 2-3 BHK units) range. On the increasing focus of the Tata Group in Gujarat, he said the state offers one of the best investme...

Residential property prices in Mumbai are likely to fall by 10 per cent this year, but rise marginally in the NCR, a Crisil study said. The extent of price decline would vary widely in Mumbai, whereas prices may inch up moderately across national capital region (NCR), it said. Mumbai and NCR would together account for more than half the 1.5 billion sq ft housing supply planned in India’s 10 leading cities up to 2013, the research firm claimed. While in Mumbai property prices are expected to decline by 8-10 per cent in 2011, in NCR, prices will move up marginally because of relatively better affordability, the study maintained. While falling demand and rising interest rates are likely to bring down prices of residential properties in Mumbai, deep pockets of residents of national capital region may push up the rates marginally, it said. Speaking on the matter,Crisil Research Director Nagarajan Narasimhan said that reduced affordability and a likely increase in interest rates by the RBI w...

In a startling move, the income-tax department recently raided four premises of realty developer Lodha Group on alleged misreporting of income. The raid was based on a tip off suggesting inflated expenditure using fake receipts and cash payments from clients. Examination of the documents procured by Income-tax officials from the four premises of Lodha, revealed details of bank lockers in the name of some employees of the company, sources from income-tax department said. The raid covered group chairman Mangal Prabhat Lodha and his two sons who are directors of the company. All project sites and the residence of promoters were raided. Tax officials also visited the Hyderabad office of the firm. Several directors and senior officials were prevented from stepping out of offices till late evening. The I-T officials demanded details of several bills. However, till evening the the company’s server could not be accessed. Established in 1980 by Mangal Prabhat Lodha, a politician of Bharatiya Ja...

Mahindra & Mahindra recently announced its plans of investing Rs 3000 crores in Gujarat to make its presence felt in the hospitality and real estate sectors in the state. Speaking at the 5th Global Summit of ‘Vibrant Gujarat’,Mahindra & Mahindra Vice-Chairman and Managing Director, Anand Mahindra revelaed that Mahindra group’s companies have signed six MoUs with the Gujarat government totaling an investment of Rs 3000 crore. He, however, did not specify the time frame for these investments. Mahindra Lifespaces, the real estate development arm of $7.1 billion Mahindra Group, has signed two MoUs with the state government. Mahindra World City is developing a real estate project spread across 500 acres of land. Another group company, Mahindra Holiday & Resorts, that runs the Club Mahindra resorts, will open seven new resorts in the state, Mahindra added. He also hoped that such a move by Mahindra will also generate considerable amount of jobs in the state. Moreover, investments...

The city’s sea skyline is set for a makeover. Construction along the coastline could gain momentum now with the Union environment ministry recently notifying new coastal zone regulations, lifting the restrictions on floor space index (FSI) for the redevelopment of slum colonies and dilapidated cessed buildings under the Coastal Regulation Zone (CRZ). There are over 80 large slum pockets and 300 small ones on the coast between Cuffe Parade and Dahisar. Most builders were not interested in redeveloping these pockets primarily because the FSI—the permissible built-up area to the size of the plot—was restricted to between 1.25 and 1.6. The new notification, which came into effect recently, allows such slum projects to get an FSI of 2.5 to 4. The new regulations, however, do not give slum developers a carte blanche. The state government will have to partner with builders in redeveloping these slums and hold a minimum stake of 51%. A senior state official said he was hopeful this would giv...

The Minister of State for Environment & Forests, Independent  Charge  Shri Jairam Ramesh today issued the following statement in a  Press Conference  in New Delhi. In  the Press  Conference, he announced Coastal Regulation Zone (CRZ) Notification, 2011 and Island Protection Zone (IPZ) Notification, 2011. Following is the full text of Minister’s statement: “After a eighteen-month long process, the CRZ Notification, 2011 is being formally notified and published today. This replaces the CRZ Notification, 1991. In addition, for the very first time  an Island  Protection Zone Notification, 2011 is being notified and published covering Andaman and Nicobar Islands and Lakshadweep. Both these new Notifications reconcile three objectives: (i) protection of livelihoods of traditional fisherfolk communities; (ii) preservation of coastal ecology; and (iii) promotion of economic activity that have necessarily to be located in coastal regions. Apart fr...

After a year which has seen sustained momentum in property prices, 2011 is likely to be a challenging one for realty developers. Mumbai, the country’s financial capital, is expected to lead a fall in property prices owing to buyers’ resistance to higher prices, rising interest rates, tightening of credit to developers and excess supply. A fall in the number of transactions that started in October is now likely to be followed by a reduction of around 15% in residential prices in Mumbai. After gaining nearly 40% in the last one year, realty prices in Mumbai have already surpassed their last peak seen in 2007. But, interest rates that have started moving higher are impacting affordability and delaying decision making. The cumulative effect of this is that not demand to get converted into sales since the last two quarters. Experts in realty services firm Cushman & Wakefield claim that the last two months have seen prices in the Mumbai and Gurgaon realty markets easing considerably. Nex...

The demand for  residential properties , a major revenue source for most  real estate companies , is witnessing a sharp decline. An anticipated rise in  lending rates  and soaring realty prices may reduce the demand further. This will negatively impact most realty firms that had started showing signs of recovery in the recent quarters. This explains why during the past three months the realty index fell by 16% & underperformed the broader benchmark Sensex which gained 13%. The detrimental effect of the wilting housing demand may be partially compensated for by the gradual recovery in the commercial segment. The acceleration in business activity last year has led to a revival of demand for commercial properties, especially in the past six months. The segment was previously suffering even as residential housing demand bounced back from the slump. As much as 70% of commercial realty demand is for office space, followed by  retail leasing . Under office space, ...

Mumbai January 3, 2011: The Mumbai Metropolitan Region Development Authority’s (MMRDA) ambitious project Eastern freeway connecting south Mumbai to Ghatkopar via P D’ Mello road, MbPT road, Anik and Panjrapol has overcome a major hurdle. The Eastern Freeway got a major impetus after the Maharashtra Coastal Zone Management Authority (MCZMA) gave clearance to a part of the project, which would overrun mangrove land. The MMRDA will finish the entire project by December 2011. The MCZMA allowed the MMRDA to cross the Mahul creek, mangroves near Bhakti Park in Wadala and the adjoining BPT pipeline for the Anik-Panjarpol Link Road. “The commuters from the eastern suburbs presently have two options to reach south Mumbai and vice-a-versa – take the Eastern Express Highway and then move on to Dr Ambedkar Road or PD’mello Road, or take a detour from Sion on to Mahim Causeway to the Tulsi pipe road or the Bandra-Worli sea link. With the work under full swing the Eastern Freeway will be boon to com...

If ever there is anything like a good year to die in, it is 2010 — but only if you are a millionaire US citizen. America’s ‘death tax’, which was repealed in 2010, is set to be introduced in the New Year. Formally called the estate tax, it is levied on inheritance before it is passed on from one generation to the next. The tax was introduced in 1916 and has been in force ever since. The brief window in 2010 was the only exception, making it a freak year in which death carried a huge tax break. Under new laws being passed by the Obama administration, the first $5 million in value of any individual’s estate is tax-free, but all value above this figure is taxed at 35%. The tax will kick in from January 1. The reintroduction of the estate tax is forcing a rethink among wealthy Indian-origin American citizens. When Rajesh Patel (name changed), a New York-based neurologist came to his native town Dharmaj, 90 km from Ahmedabad, this month, he carried an unusual cargo — paintings he had collec...