Govt meet to help NRIs resolve real estate woes with developers

Kolkata: The ministry of overseas Indian affairs is bringing together real estate developers, government officials, both from the Centre and the states, and Indians living abroad in a first-of-its-kind seminar aimed at resolving property disputes in Delhi on Monday.

“The seminar would cover the role of different government and private agencies, measures to prevent disputes…and speedy way of disposal,” said a posting on the website of the Indian consulate in New York.

Indians living abroad are a “major source of foreign exchange remittances that has led to the present state of comfortable foreign exchange reserve in the country”, the posting adds, and a substantial amount of money earned by non-resident Indians (NRIs) is spent on buying property back home.

The ministry has been receiving a lot of complaints from Indians living abroad, mostly in the US, the UK and Canada, about properties not being delivered on time or usurped by local people, said Vayalar Ravi, minister for overseas Indian affairs. “This is an attempt to help NRIs and PIOs (persons of Indian origin) resolve disputes with property developers and state bodies in India,” he added.

The ministry is trying to start a “constructive dialogue” between NRIs and real estate developers, and include in it lawyers and government officials, according to an official responsible for holding the seminar.

“We need cooperation of the state governments as well,” said this official who did not want to be named because he isn’t authorized to speak to the media. “Only Punjab and Kerala have special cells to address problems faced by NRIs… We have been pressuring other states to start similar cells, launch fast-track courts and so on,” he added.

The meet could benefit thousands of NRIs, who on their own, can do little to pressure property developers to finish construction on time. Some have formed online groups to start collective bargaining but because they live abroad, haven’t had much success in securing their rights.

“It’s hard-earned money that we have invested back home,” said Asim Debnath, a US-based Indian who had bought a flat in a condominium in Rajarhat on the outskirts of Kolkata, which was sold only to NRIs. The property isn’t ready yet, and the developer is blaming the lack of civic infrastructure in Rajarhat township for the delay in completion.

“There isn’t much we can do,” said Debnath. “Local authorities and politicians do not seem to appreciate our concern.”

The attempt to bring together NRI home buyers and real estate developers should benefit “all stakeholders”, according to Pradeep Sureka, president of the West Bengal chapter of Confederation of Real Estate Developers’ Associations of India (Credai)—an industry lobby.

“But involvement of local government officials is crucial because real estate developers face a lot of problems with civic infrastructure, which slows construction,” he said. “While we are ready to be governed by regulations, we expect such regulations to be binding on agencies responsible for creating infrastructure.”

The seminar will give NRIs an opportunity to voice their problems, said Kaustuv Roy, executive director of property consultant, Cushman and Wakefield. However, such initiatives should be backed by strong legislation. “The biggest problem that overseas investors face is discrepancy between what is sold to them and what they receive in the end,” he added.

Source -  http://www.livemint.com/2009/12/06230146/Govt-meet-to-help-NRIs-resolve.html

Indian Real Estate state of affairs & Its consequence On Buyers

The  India real estate market  is going through a phase of radical change in this 21st century. It is bring both residential &  commercial property buyers good chance to cash on such opportunity. To one side from metro cities, smaller towns in remote areas have also drawn attention from major real estate developers thus bringing immediate construction activity. Some real India property players are also in the race to bring India a better future by changing the face of even satellite towns. So Indians can hope to see shaping new India with construction of more residential complexes, shopping malls, skyscrapers and new infrastructures, banks, hotels etc everywhere including the places where they are most unexpected so far.
The real India property market is now reaping the benefit of foreign direct investments, the backing of rich & NRIs. Even some of the International commercial property developers have started setting up their base in every nook & corner of India thereby bringing growth to Indian realty. It is clearly reflected in cities like Bangalore, Goa, Mumbai, Hyderabad, Pune, Delhi & even in cultural rich towns like Jaipur, Udaipur, Cochin Y much more. The industrial advancement has brought about a surge in the commercial property development in the recent years. More number of foreign buyers is bring into being interested in buying the cheap commercial property located in the rich & diversifies enlightening land of India. With this, real India property market is witnessing a sudden rise in the number of commercial property buyers. The commercial properties are in great demand these days not only in India but also across the world to meet the rising industry demands as a sheer effect of globalization. Investing in the commercial property sector is considered a bit safe than in the stock market as there is no conviction. When property buyers give a thought to all such things, they dont hesitate either to invest in Indian property market. To their added advantage, an ever growing number of foreign buyers are investing huge bucks in India realty while buying property of their choice.
Buyers usually have to face the problem of how to find a money-making property deal in India which should be done firmly by keeping an eye on the cost & legalities involved in it. Legalized property developers & brokers are always proved to be s good source which buyers can rely on for buying commercial property. The buyers have to take care of many legal formalities & get possession of several important documents like Title Ownership Documents. Getting a stamp duty on the property from a local court confirms their property buying further.

Realty back in business

Bangalore: Have cash will buy, seems to be the catch phrase in corporate India where real estate is concerned. With Central Business District (CBD) valuations dipping 25-30% from their peak levels in 2007-08, companies are going in for outright purchase of office spaces than renting them. Standard Chartered Bank, media-company Sun Network, IT giants Oracle and Symphony Services have all bought up or are close to buying properties in CBD areas. The trend is mainly seen in Bangalore, Delhi, Pune, Chennai, Mumbai and Kolkata.

Early this year, Bangalore realtor Prestige Group sold 60,000 square feet of prime property to media conglomerate Sun Network.

Confirming this, Irfan Razack, chairman and MD of Prestige Estate Projects said, “We had constructed built-to-suit spaces and now corporates with long term business plans are willing to buy built-up properties.”

IT giant Oracle plans to buy one million square feet of office space in one of the upcoming projects of Bangalore-based real estate developer, Brigade Enterprises, for Rs650 crore.
In Q3 of 2009, Godrej Properties sold 52,000 square feet in Godrej waterside in Kolkata to city-based diversified business group Rose Valley. Early this year, Standard Chartered Bank also moved into new properties in Gurgaon, Bangalore and Mumbai.

According to an analyst, cash-strapped developers too are finding this a better prospect to improve cash flows than keep vacant properties. But, according to Anuj Puri, chairman and country head of Jones Lang LaSalle Meghraj, corporates are taking advantage of the fact that valuations could pick up and are making hay while the sun shines.

Goutam Chakraborty, regional director-commercial lease, Colliers International said almost all developers are willing to offload commercial properties. Buyers too are bargaining hard. It will not be too far fetched to say that the slowdown has actually proved to be a boon of sorts for companies looking at cost-effective commercial spaces.

source – http://www.dnaindia.com/bangalore/report_realty-back-in-business_1314448

Finding the Best Realtor for Your Home Purchase

Navigating through today’s maze of properties for sale can be tricky. Having a realtor who not only knows the area, but can also gauge what type of home is best for you, is essential. But how do you choose the most qualified person for your quest?

Often word of mouth is a good way to start. Do you have friends who had a positive experience with a local realtor? If not, try to find a realty company that is known for great customer service.

Having a good rapport with you realtor is key. Open and honest communications will help both of you be on the same page when looking through the list of properties available. Additionally, choosing a good realtor will save you a lot of time and frustration.

Make a list of exactly what you are looking for – proximity to your job, schools, price range, and floor plans desired – so your realtor has a clear idea of what type of house to show you. If you find that most of the properties your realtor is taking you to are unacceptable, it may be time to revisit what you had originally expressed, and clear up any miscommunication. You may also have to examine whether your expectations of available homes are within the price range you can, or want to, afford.

Agents often have a niche that they specialize in. If you are in the process of buying a larger home with a yard for your expanding family, you probably don’t want to be dealing with an agent that focuses on downtown condominiums. Conversely, if you are looking to downsize in your retirement years, having an agent that has sold suburban homes for 30 years may not be ideal either.

Don’t be afraid to switch realtors if you see warning signs that this person does not have your best interests in mind.

* Are they trying to talk you into a purchase of a home where you don’t feel 100% comfortable?
* Do they take more than 24-30 hours to return your calls?
* Have you been notified that this realtor is also helping to sell the same house he is encouraging you to buy? Ensure you are getting the best deal possible with both sides represented by one person.

While you can’t judge a book by its cover, keep an eye out in the area you want to live for realtors that have good marketing programs. Bus benches, large ads in newspapers, flyers and various radio or television commercials show that this realtor is serious about his business.

Browse the latest listings for Boulder CO real estate at BoulderProperty.com. Easily compare prices for Lafayette homes for sale with other surrounding communities.

Source – http://www.articlealley.com/article_1238218_33.html