RATES TO DIP,REALTY BUOYANT

As soon as interest rates fall and the economy revives,the sentiment will turn bullish and prices will appreciate. So,it is wise to buy a house on variable rate of interest,at present. PRABHAKAR SINHA writes
There is good news for home buyers and investors. In its third quarter review of monetary policy,the RBI signaled a change in the focus of its policy initiatives from containing price rise to fuel economic growth.
In a policy statement,the RBI governor D Subbarao said in a statement that the balance of the policy stance has shifted to growth.
This decision will help real estate sector in a big way. As the economic growth accelerates,the mood in the markets will become more vibrant. The new direction of the policy initiatives of the central bank,experts feel,is towards softening interest rates. It will bring back investors and home buyers,who were so far not ready to take the plunge in the market,owing to the uncertain market conditions.
However,the maximum benefit will accrue to the first-movers. At present,prices of apartments in many micro markets like Noida,Greater Noida, Ghaziabad,Crossings Republik,Raj Nagar Extension,etc,are very competitive.
But,as soon as interest rates fall and the economy revives,the sentiment will turn bullish and prices will appreciate fast. Therefore,it is advisable to buy a house on variable rate of interest,at present. In this case,initially,you may have to pay the EMIs at the prevailing high interest rates. But,as soon as interest

rates fall,your EMI will also get lowered. In the bargain,you will get your house at the current lower price .However,if you wait for the interest rate to fall,the prices will go up by then.
As a major shift in its policy initiatives,the central bank decided to infuse liquidity into the monetary system first time since March 2009.
On Tuesday,the RBI decided to reduce the requirements for banks to keep cash balance with the central bank,which is also known as cash reserve ratio (CRR),by half a percentage point,to 5.5% of total deposits. This will release around Rs 32,000 crore,which can be loaned to the productive sectors. This will not only increase the availability of funds in the market,but will also help soften the interest rates.
Chanda Kochhar,MD and CEO of ICICI Bank,said that the CRR cut could signal a turning point in the economic trajectory. Going forward,she says,we could see an improvement in confidence among companies and investors,which would take Indias growth back to its earlier trajectory in the medium term.
The last few months have seen a moderation in growth and volatility in capital flows and currency,she says. RBIs current year growth projection of 7% is in line with the expectations of the government and many market participants. At the same time,the RBI is estimating an improvement in the growth rate in the next fiscal year,which will certainly help in improving the sentiments in the market.

Source: Times Of India Saturday , 28th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?edlabel=CAP&pubLabel=TOI&pageid=61&mydateHid=28-01-2012

LUXURY HOUSING

India has the fastest growing number of high net worth individuals in the world and real estate comprises approximately 40% of their investment portfolio. Consequently,luxury housing is staging a comeback on the realty market. SANJEEV SINHA writes
Spurred by new product offerings,greater influx of end-user demand and an increasing upwardly-mobile segment,luxury and ultra luxury housing projects,with prices ranging between Rs 1 crore and Rs 15 crore,again seem to be making a comeback.
Mahagun Marvella,Raheja Revanta,Lodha Fiorenza,Lodha Aurum Grande,Oberoi Exquisite,Unitech's Nirvana Country2 Espace Premiere and Orris Aster Court are some of the premium projects,some ready,others under construction. In fact,dozens of luxury projects are coming up in the NCR alone,with Gurgaon and Noida being the hub of such projects.
So,what goes Is affordable housing out and luxury housing in again Industry experts say that while this may not be the case,affordable housing projects are certainly having a slowdown for some time now.
"The rise in affordable housing projects,owing to the 2008 economic downturn,and the oversupply in the premium housing market is currently going through market lethargy. Exponentially increasing interest rates,rise in cost of building materials and increasing labour charges have put developers in a fix with regard to profitable execution of such projects,"says Chintan Patel,director (real estate and hospitality practice),at Ernst & Young.
Luxury housing,on the other hand,is experimenting with a variety of new product offerings ranging from Singapore-style apartments to branded luxury residences."This has managed to attract the interest of buyers in the luxury market,who previously had to look outside the country for such options,"he says.
This explains why even with the hardening interest rate stand taken by the RBI,"the developers in the NCR region,apart from some other regions like Bangalore,increased the supply of luxury housing projects in the latest third quarter,for instance,compared to the previous year's third quarter,as demand for this segment continued to remain healthy,"says Samir Jasuja,founder and chief executive officer at PropEquity,a real estate data,intelligence and analytics firm.
As expected,the pricing for the luxury housing continued to appreciate in these regions year-on year (YoY),as end users for these projects were only slightly impacted by the prevailing macroeconomic trends.
This was,however,not the case with affordable housing whose supply fell by over 50% in these regions as price-sensitive end users of this segment were severely impacted by the multiple interest rate hikes by the RBI,as well as the rising cost of such projects,as developers were reluctant to reduce prices to maintain their margins.
Whatever be the case,demand for luxury housing is again increasing and not without reasons. Today,at a growth rate of more than 20%,India has the fastest growing number of high net worth individuals in the world and real estate comprises approximately 40% of their investment portfolio. Demand is also rising from NRIs, fuelled by the depreciation of the rupee value."The luxury housing market is currently seeing a greater influx of end-user demand,in contrast to the previous trend of the investment-driven purchases. This has further been helped by the construction-linked payment plans on offer by most developers,"says Chintan Patel of E&Y.
Dinesh Gupta,the chairman of Prabhatam Group,says: "With the rapid pace of urbanization,the new urban families are craving for luxury homes that are fully loaded with global amenities enjoyed by the NRIs and citizens worldwide. Luxury housing is primarily catering to the high-end investors and consumers and is gaining a huge momentum as luxury has become a necessity for the urban households today."The Prabhatam Group has diversified into real estate and is currently developing luxury and super luxury homes and studio apartments for the NRIs and HNIs in cities like Bhopal,Indore,Dehradun and Amritsar.
Gupta says that even in Tier I & II cities,luxury housing has become a hot and happening concept today,as the large middle-class segment is leaping beyond its pipe

dreams and gradually entering the HNI segment with vast disposable incomes.
No wonder,real estate developers are now not only showing a renewed interest in this segment,but are also moving on to cater to a new set of clientele with ultra luxury homes."The focus has gravitated to the ultra rich with the product offering in the villa format,positioned in leisure destinations like Lonavala,Goa,Kerala,Kasauli and Shimla. The per unit ticket sizes in these enclaves would be anywhere in the range of Rs 5-10 crore on average,with select villas even priced at Rs 15+ crore,"says Patel of E&Y.
There has also been a shift from the typical golf-based projects toward spa-based,wellness,destination-based and experiential themes. The two villa development formats most attractive to this super rich clientele category are 'water' associated development (beach based,sea view,river front) and hill-based (foothills with lake front,hill stations).The water-associated formats generally have water access as an USP with yacht services or private jetty for the residents of the enclave.
"The newest trend is to focus on exclusivity - which,generally,an independent villa provides .Developers are translating this exclusivity quotient into enclave format,modelled on east Asian luxury villa developments in Bali,Phuket ,Koh Kood,etc.The key here is fewer units,in 25 to 50 range,with larger plot sizes,giving the privileged residents the much sought-after privacy and physical and visual space. In addition,on offer,are a whole gamut of 5-star lifestyle amenities and services,"Patel says.
While the villa residences are yet to see the influx of global luxury brands,Indian developers like Oberoi Realty,Nitesh Estates and Rohan Lifescapes are partnering with these brands offering products in the apartment and condominium space. This has seen the entry of super luxury brands like Ritz Carlton and Four Seasons in Bangalore and Trump and Armani in Mumbai.
In fact,today's buyers have become so much quality conscious that some realty developers,who are primarily catering to Tier I & II cities,are also spinning out projects in tie-up with global property developers and architects. For instance,Delhi-based Prabhatam Group claims to be making headways in bringing about a sea change in luxury housing by developing residential condominium and group-housing projects that are designed by international architects and demonstrate the essence of world-class living.
"All our designer super luxury condominiums are embellished with world-class features that are simply matchless in both price and style. For example,one of our projects,Prabhatam Heights at Amritsar,is ushering a new trend in luxury homes with sixth sense electronic fittings and fixtures and 80% oxygen-rich environment to boost the health of residents,"Gupta says,adding that today,however,it isn't only the specifications which lure the customers to such products,but the entire experience of living in that location,which induces a customer to invest in the project.
Thus,with rising aspirations and many other factors tilting in its favour, the growth prospects of luxury housing seems to be bright."The changing demographics of the country coupled with the rising aspirations have pushed up the demand for luxury housing. According to analysts,the annual sales of semi luxury and luxury houses are expected to grow at a CAGR of over 30%,over the next few years,as there is constant up gradation of consumer's standard of living and purchasing power,"says N Shridhar,group director of Mumbai-based DB Realty,which is currently developing premium projects like Orchid Turf View,Orchid Heights,Orchid Crown and Orchid Woods.
Arjun Puri,the director of Puri Constructions,which has just launched a luxury housing project called Diplomatic Greens in Gurgaon,is also of a similar view."The end user always aspires for a better lifestyle and product. No wonder,what was considered a luxury four years ago,has become a necessity today and,in my view,the same trend will continue. The growth prospect for luxury projects is enormous,"he says.

Source: Times Of India Saturday , 28th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=64&pagesize=&edid=&edlabel=CAP&mydateHid=28-01-2012&pubname=&edname=&publabel=TOI

VILLAS BACK IN NCR

Plotted-land holdings have historically produced higher returns,over longer investment periods. If you want to widen your investment portfolio,this is a sound option,says A K TIWARY
If you are well settled,have a home in the NCR,and are almost on the verge of closing your home loan,you may plan for plotted development to widen your investment portfolio. Reason - plotted-land holdings have historically produced higher returns over longer investment periods (ideally running into 10 years).While any property's brick and mortar are depreciating assets,land costs only appreciate.
Choices available
Many developers in the NCR,having launched different residential formats,are now looking seriously at the plotted-asset class. TDI,Omaxe, Ansal API,Ansal Housing,Chintels Group,Central Park,Supertech, Parsvnath,etc,have plotted developments in their integrated townships in area like Noida, Gurgaon, Kundli,Sonipat and Panipat.
The latest firm in the fray is Mahavir Hanuman Group.The group has two projects,River Park I & River Park II,in East Delhi Extension (Baghpat),where they are offering plots ranging from 100 sq yard to 500 sq yard in the townships.
TDI Group has launched villas in sizes of 250,350,500 and 700 sq yd,with approximately 8 acres of frontage and two entries and exits in TDI City,which is spread over 1,200 acres in Kundli. Chintels Group is developing 850 luxury villas in International City,over 150 acres,near Dwarka-Gurgaon Expressway.
"The villas are being built with the highest specifications and quality,which will set a benchmark for living standards in the NCR. The first phase will include around 200 villas in the International City,"Prashant Solomon,joint managing director of Chintels India Ltd,said.
Ajnara India Ltd has the options of villas in their project Ajnara Le-Garden at Noida Extension.The project will have nearly 250 affordable villas,set amidst pristine greenery. The area of the villas will be in the range of 80 sq yd to 120 sq yard.
Mahesh Pawar,the managing director of Mahavir Hanuman Group,says: "Given recent issues that have come up with land acquisition and the likely ramifications of the land acquisition bill,land acquisition prices are expected to go up. This will clearly have an impact on the input costs and,as a result,plotted developments are likely to be the first to experience an upward price revision."
"Many people prefer to buy their own piece of land and develop it according to their choice,as they might have had bigger houses when they were kids. There were very few highrises at that time and realty sector in cities grew horizontally rather than vertically,"Rupesh Gupta,the director of JM Housing Ltd,says.
Ashok Gupta,the managing director of Ajnara India Ltd,says: "A villa has the benefit of space and comfortable living,where you can enjoy a beautiful evening in your own garden with family and friends. The house too gets larger space with a backyard and a

garden in the front. Villas are quite good for people with joint families or for those who want to have lavish housing."
A profitable investment
Take the case of the plots sold two years ago on the Extended Golf Course Road, Gurgaon,for Rs 30,000-35,000 per sq yard (on a development-linked payment basis ).These are currently going for Rs 60,000-65,000 per sq yard.I n some areas,contiguous land parcels of over 100 acres might become unavailable in a few years and,so,fewer plotted developments can be expected in the years ahead. This will push up prices of plotted developments. Therefore,from a pure demand-supply perspective,scarcity of land parcels in most cities will have a direct bearing on prices of plots in the future.
The reality
Ravinder Taneja,the vicepresident of TDI Group,says: "Many families living in South Delhi or those living in unorganized colonies prefer to upgrade and move into these classy dwellings. The future of villa development looks good. There is enough land available in and around the NCR region. People prefer to stay in independent villas. Everybody aspires for a piece of land. And,so,the prospect of growth in demand for villas looks quite decent."
Amarjit Singh Bakshi,the managing director of Central Park,says: "We have launched villas in Central Park in Sector 48,Gurgaon. Villas are generally developed in premium gated-housing complexes with all the facilities like spacious interiors,parking space,health clubs,swimming pools,Jacuzzi,etc. Such dwellings are connected to the city and yet secluded from the din. The idea is to provide residents the luxury of entertainment options at walking distance instead of driving distance."

Reason behind villas development
A report says that those who live in places like Mumbai have no choice but to live in highrises. Others,who live in cities where land is freely available and is still affordable,have the option of choosing a horizontal asset class – villas. The fetish for land-owned development remains,as one moves northwards or goes down south,where land availability is not an issue
Kamal Taneja,the managing director of TDI Group,says: "There is a huge demand for this segment but the supply is limited. Realty players are now introducing high-end and affordable villas .Earlier,the concept was very exclusive,now villas are an integral part of a complex. Villas,therefore,are an attempt to give exclusivity to a development".
Vikas Gupta,the joint managing director of Earth Infrastructures Ltd,says: "Preference for villas is also a cultural issue. Mumbai is a city that is used to highrises,but people in Delhi,Chandigarh,Chennai and even Bangalore,prefer individual living units. Mumbai,on the other hand,does not have an appetite for villas but there are some developers who are creating villat ype products in highrises."

Source: Times Of India Saturday , 28th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=64&pagesize=&edid=&edlabel=CAP&mydateHid=28-01-2012&pubname=&edname=&publabel=TOI

MNCS FLOCK TO NOIDA

Noida has taken a lead over other areas of the NCR in executing projects like planned townships,wide roads,and congestion-free connectivity with Delhi. These have attracted MNCs,IT and ITeS companies,as well as big media houses to set up base in Noida. MAGICBRICKS reports Noida has been seeing an increase in the number of multinationals setting up base here. This has resulted in a large-scale migration of skilled and unskilled workers to this place.
Infrastructure has developed in tandem - wide roads,big commercial centers,and institutions - which have lifted the stock of this place among developers,end users and investors.
Noida has obviously benefited from the urban stress being faced by Delhi,which is under pressure from a lack of space,sky-high property prices,and a large population. The prominent developers who have helped in the growth story of Noida include Jaypee,Amrapali,Prateek Group,Gulshan Homz,JM Housing Ltd,Earth Infrastructures Ltd,Ajnara India Ltd,etc.
Noida excels in many features which the neighboring areas in Delhi lack. Some of these factors include planned townships,wide roads,congestion free connectivity with Delhi. These features have attracted MNCs,IT and ITeS companies,as well as big media houses to set up base in Noida.
Ashok Gupta,the managing director of Ajnara India Ltd,says: "Noida has been the high point in the last decade. Apart from its infrastructure and easy connectivity with Delhi,availability of land has also been a major factor that has helped in its rapid development. The brilliantly conceived and executed Yamuna Expressway has further connected Noida with Greater Noida,and propelled Noida as a model for growth and development."
Prashant Tiwari,the managing director of Prateek Group,says that Noida's affordable to mid-segment and luxury residential projects,with high technology and world-class facilities within the premises,have encouraged people to move here."Infrastructure has been a major boon in Noida.While big shopping malls and commercial centers have made it a business hub,flyovers,the DND Expressway and the Noida-Greater Noida Expressway,along with wide city roads,have made traveling and living better in Noida,"Tiwari says.

Vivek Saxena,who sold his 2BHK apartment in East Delhi and moved to a 3BHK flat in Sector 61,Noida,says: "I moved from East Delhi to Noida as Noida offers not only better infrastructure but also facilities within the project,which are quite good. Children have access to a lot of facilities for extracurricular activities like tennis,pool,a gymnasium,etc,all inside the housing project."
Roopak Jain,head of sales and marketing at JM Housing Ltd,says that Noida has many new areas coming up,which would have even more advanced buildings in the next three-five years. The best part is the availability of different options in ready-to-move projects,which would be completed in two-three years. One can choose from a large number of options according to his budget,Jain says.
Today,the boundaries of Noida have extended to new places. Noida Extension is a case in point,which has world-class projects lined up with most of the developers being the ones who have been active in Noida. Companies have started operations in Sector 137 and 143 in Yamuna Expressway. The connectivity of Noida and the expressway is encouraging for them.
"I bought my second home in Noida as the idea of owning a flat with world-class facilities,and with no tension of looking after its maintenance like plumbing,electric fittings,etc,was very appealing.Today,every society is being managed by facility management agencies and one just needs to make a call for the staff to come over and fix the problem,"Ravi Kant,a honcho of an MNC,says.
Developers like Ajnara India Ltd have three projects,Grand Ajnara Heritage in Sector 74,Homes 121 in Sector 121 and Ajnara Daffodil in Sector 137,Noida. Prateek Group has three projects,Prateek Laurel in Sector 120,Prateek Wisteria in Sector 77,Prateek Fedora in Sector 61,and Prateek Stylome,a luxury project,in Sector 45 in Noida.
Not long ago,moving to Noida was not an option for people,and even for the MNCs. But,over the years,Noida has changed mindsets and the area has emerged as a major residential hub of the NCR.I t is now a favoured destination for people looking for affordable housing,as well as for people who want to lead a luxurious lifestyle,with all the amenities within the premises of their society.

Source: Times Of India Saturday , 28th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=68&pagesize=&edid=&edlabel=CAP&mydateHid=28-01-2012&pubname=&edname=&publabel=TOI

EMERGING SECTORS ON NOIDA EXPRESSWAY

Sectors 137 and 143 on Noida Expressway have a bright future owing to good connectivity with Delhi and Noida,development of schools,commercial hubs and,with hospitals nearby. MAGICBRICKS reports
Sectors 137 and 143 on Noida Expressway are contributing to the growth chapter of this area,as these sectors have seen the establishment of multinational companies and the development key residential projects in the past few years.
These two sectors have a bright future due to good connectivity with Delhi and Noida,development of schools,commercial hubs and hospitals nearby.
Developers like Logix Group,Paramount Group of Companies,Sikka Karnam, Supertech Ltd,etc,have established their presence here. While Sector 137 is halfway through in terms of construction,Sector 143 is still going through the labour pains.
For realtors,Sector 137 is a better choice as it has maximum demand due to proximity to Delhi .It has a good scope for appreciation and therefore,is a very good choice for investment purpose. S ector 137 is close to corporate and commercial districts and is a perfect option for the working class. In addition,there are many schools and hospitals in the vicinity. Its strategic location,being close to Sector 136 and 142,is a big advantage as these sectors are heading to be big IT hubs in the near future.
Ankit Jain of Nirman Associates says that the proposed

Metro line promises a station on Sector 137 and 142 Cross Road. This sector is also seeing many projects and is definitely a fast-growing area. The capital values in Sector 137 range from Rs 3,500 to 3,800 per sq ft. According to MagicBricks site,the prices saw an increase of 9% in the October-December quarter,compared to the July-September quarter,last year.
Currently,the rates in Sector 143 are lesser,at Rs 3,000 to 3,200 per sq ft. This sector will be next to the forthcoming Metro station,facing the Faridabad-Noida-Ghaziabad (FNG) Expressway,and will have South Delhi on a 15-minute drive via the DND flyover and Sector 18. Noida will be a mere 10-minute drive from here.
Krishan Kant Sharma of Explo Infra Estates says that Sector 137 may have a brighter future,mainly because of its proximity to Delhi,but Sector 143 may supersede Sector 137 if extended corridors are made .Ajeet Singh of International Estate Market says that Sector 137 is a prime location as far as connectivity,builders and societies are concerned,and it is very close to the SEZ.
Realtors believe that between the two areas,Sector 137 has more advantages in terms of proximity to Delhi. Almost all the projects in Sector 137 have been sold out;Sector 143,however,appears to be a good option for investors.

Source: Times Of India Saturday , 28th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=68&pagesize=&edid=&edlabel=CAP&mydateHid=28-01-2012&pubname=&edname=&publabel=TOI

LIVE YOUR DREAMS IN RNE

Living up to the hype and delivering on promise is rarely seen in real estate.One place that came into prominence in 2007 is Raj Nagar Extension (RNE),which has since then fought several misgivings to come out on top and win the confidence of homebuyers.
From being a unique model with multiple developers working in tandem in one area to providing affordable luxury housing;from being a place that seemed in the boondocks to battling questions about infrastructure,RNE has proved that the place is going to be 'the place' in real estate.
Initially,there were 12 developers who got together to realize their vision of providing affordable housing,but as the popularity of RNE grew,more developers joined the caravan and,today,there are 32 developers in the project.As the good word about the place spread and infrastructure got developed in the area,enquiries increased manifold about the housing options and projects available.
The USP of this area is an adjoining perennially green and unpolluted belt,which will remain undisturbed owing to the fact that Ghaziabad Development Authority has declared 500 acres along Hindon river a green belt and banned all construction activity in the area.
This area is in the vicinity of posh localities of Ghaziabad,and though centrally located,it is buffered from the hustle and bustle of that busy township.Raj Nagar Extension is one of the NCR's most well-planned cities with excellent connectivity with Delhi,as well as Noida,Greater Noida,Vasundhara,Indirapuram,and Vaishali.RNE is only 15 minutes away from the Delhi border;other important places in Delhi can also be reached within 15-20 minutes.
The city will have all the ultramodern facilities including shopping complexes,multiplexes,malls,etc.Thus,people who invest here will remain easily connected and with all the modern amenities in close proximity.
Land in Raj Nagar Extension has not been acquired by the authority.Land in RNE is directly purchased by builders from farmers and villagers,hence it's completely freehold."With clear land titles and the developers' intention to deliver the promised houses,Raj Nagar Extension is a onestop destination for a wide band of middle-class end users.The first thing that a buyer should ask about a project is whether the land has a clear title or not.They should check all the government clearances before investing.Thankfully,at RNE,our focus was always on serving people with right efforts in the right direction,"says Manoj Goyal,the chairman and managing director of KDP Buildwell.
Vijay Jindal,the chairman and managing director of SVP Group,says: "This place has proved that with right intention,projects can be completed on time.We can proudly say that all the developers in this area have lived up to the promises made to the buyers.We are happy that the area has come out very well and it was well received by the people.Our projects in the area,too,have seen a tremendous response."
Good connectivity and proximity to the bypass makes RNE a comfortable place to live as people can travel to Delhi or other cities without crossing the crowded

areas of Ghaziabad.A proposed flyover and road from Hindon Airbase will offer express connectivity to Delhi via Wazirabad.
As per the latest plan,the proposed Delhi-Haridwar highway will also pass through Raj Nagar Extension. The Delhi Metro is also coming near Raj Nagar Extension,at Arthala,providing one more option of connectivity .Buyers have several options,be it construction linked plan or ready-to-move plan."It is good to invest in areas where development has already taken place and people have moved in.This way you will know that your investment is secure.
The area offers affordable homes and has proved a secure investment. It has seen good infrastructure development,as promised,and thus people are living there after just four years of its launch,"says Gaurav Gupta,the director of SG Estates and spokesperson of Raj Nagar Extension Developers Association.
Praveen Tyagi,the chairman and managing director of VVIP Addresses,says: "The area has become livable just four years after its launch,which is no mean feat. All of us worked together with common intention of providing good housing to people,who are showing faith in our projects and in this area. We will keep up the tempo and keep delivering the homes of people's dreams."
At present,32 housing projects accounting for 16,000 flats are coming up in Raj Nagar Extension. As part of its commercial development plan,the region is set to have a special economic zone (SEZ),a golf course and a national stadium in the next few years. Developers like Landcraft Developers,SG Estates and Ashiana Homes have delivered their projects. Nearly 1,400 families have started living in Raj Nagar Extension. Thirty per cent projects are nearing possession by mid-2012."Buyers are always concerned about the time of possession and whether their dream home will see the light of the day. By delivering around 1,400 units,RNE proved the seriousness towards timely delivery and,thus,the place is witnessing an enhanced interest of new buyers. We always knew that once the delivery of units happens,the area will see enhanced interest of buyers. In fact,many families have started living here.With the delivery,we have proved that a conglomeration of developers can work in unity if they have a common cause,"says Manu Garg,the director of Landcraft Developers.
An ordinary 2BHK (two-bedroom-hall-kitchen ) flat that would have cost Rs 15 lakh to Rs 25 lakh two month ago,now costs Rs 18 lakh to Rs 30 lakh here. The prices have increased by 18-20 % after the recent controversies surrounding land acquisition in Noida Extension.
"We believe 'affordability' has a wider connotation and hence we have kept our price range wide so as to include the whole of the middle class. Though this place,too,will become fully occupied in next three years,it will still be far ahead of other places where the population density will not appreciate before the next five-six years,"says Harendra Khokhar,the director of K M Group.

Source: Times Of India Saturday , 28th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=70&pagesize=&edid=&edlabel=CAP&mydateHid=28-01-2012&pubname=&edname=&publabel=TOI

HINDON PAR HAS GREAT POTENTIAL

With land becoming scarce in prime localities of Ghaziabad and Noida,Hindon Par is offering new options to builders and developers to come up with their mega
housing projects.ABHIGYAN writes Aquiet and dusty area,with heavy traffic,Hindon Par (literally,across Hindon river) along the NH-24 is now considered as a place with potential for real estate development in the future.
The limited land availability in the fast developing areas of Vaishali,Indirapuram,Vasundhara,Kaushambi,and Noida has prompted real estate developers and development authorities to focus their attention upon Hindon Par for mega housing projects.
Real estate experts say that once basic infrastructure like connecting roads,transport,etc,improves,this area will be considered as one of the prime locations to live.To meet the infrastructural demands,a lot of initiatives have been undertaken by the authorities concerned in UP government and the NHAI (National Highway Authority of India).
To ease the traffic snarls,there is a plan to widen NH-24 to eightlanes.Important crossings at the busy NH-24 are getting a makeover to ease traffic bottlenecks.After UP Gate,which is an important Tpoint connected to NH-24 and Dabur Chowk,some of the chaurahas (crossing) where local traffic is highly congested at peak hours,like Kala Pathar,Abhay Khand and CISF Cut,are being renovated.According to the plan,a 20km stretch of the NH-24 up to Dasna Tiraha will also be widened from four lanes to six lanes.
Keeping these in mind,development authority like UP Avas Vikas Parishad have launched a highrise residential township project,Siddharth Vihar Yojna on
NH-24,just across Hindon river and adjacent to Antriksh Sanskriti,a joint venture of Raksha Vigyan Soceity.
Vimal Sharma, the joint housing commissioner of UP Avas Vikas Parishad,says: Siddharth Vihar Yojna comes under Self-Finance Multistoreyed Residential Scheme 2011.Although scheme is closed,it is likely to be extended after the assembly elections,as the scheme is expecting more applications.The development authority has received only 250 applications for 1,256 built-up houses till the scheme closed.To complete this project,Avas Vikas Parishad has acquired 700 acres of land.There will be three categories of flats in the forthcoming projects named Ganga,Yamuna and Hindon Enclave. The Hindon Enclave will have 424 flats,ranging between 66.15 sq metres and 99.36 sq metres and will cost between Rs 27.75 lakh and Rs 39.60 lakh.Yamuna and Ganga Enclave will have a total of 832 flats,coming in sizes of 115.68 sq metres,127.20 sq metres,181.63 sq metres,187.26 sq metres,166.60 sq metres,178.78
sq metres,190.77 sq metres and 268.60 sq metres.The price of these categories ranges from Rs 51 lakh to Rs 145 lakh.The project will also have 8 Pearl penthouses and 12 Ruby penthouses of 181.63 sq metres and 187.26 sq metres,at a cost of Rs 86.85 lakh to Rs 90.85 lakh.In addition to the 1,256 houses for general categories,1,984 EWS houses will also be constructed on the premises of project site, Sharma says.
S V Singh,the deputy housing commissioner of UP Avas Vikas Parishad,says: One of the advantages of this project is that it is just 5km from Delhi and 2km
from Noida,on the Delhi-Lucknow Road.A 75metre-wide expressway highway has been proposed,which will connect this residential project to NH-24 and NH-58.These places along the NH-24 used to be deserted with no hint of development;now,they are buzzing with real estate activities and commanding premiums.
Siddharth Vihar Yojna will be a good alternative to the crowded Delhi region and will create an attractive

environment for highquality living,work and recreation.A proposed Metro line at CISF and the widening of national highway will provide direct connectivity to the township.The project will have a variety of flats and houses to cater to the needs of a variety of customers,starting from 1BHK,2BHK,2BHK plus study,3BHK and Pearl and Ruby penthouses with spacious and inviting rooms.The project will also have facilities like a swimming pool,a club,a gym,and community centres which assure a decent standard of
living,Vimal Sharma says.
Apart from UP Avas Vikas Parishad,private builders like Antriksh,Aditya,Ashiana,Landcraft,Ansal Housing,Mahagun,Wave City,etc,have already launched projects along the NH-24.Antriksh has launched Antriksh Sanskriti.
Rakesh Yadav,the managing director of Antriksh Group,says: Antriksh Sanskriti on NH-24 is the new residential project by Antriksh Group.The project offers 2-, 3-, 4BHK apartments and includes various facilities like a club,open and covered car parking,24hour power backup and parking facility.It promises you a stylish living with quality construction with the best materials.
For NH-24,the real estate revolution started with Crossings Republik and is set to culminate with the development of huge townships like Landcraft Golf Link over 92 acres and Wave City over 4,500 acres.
Landcraft Golf Link of Landcraft Developers Pvt Ltd is a premium integrated township on the main NH-24,Ghaziabad.Golf Link is spread over 92 acres,with the land coming from Mehrauli village.Well planned and superbly designed,the township is being developed with vast green landscapes and sports a peaceful environment,although it is in close proximity to the city.Landcraft Golf Link offers modern amenities like a golf course,swimming pools,a sports club,a gymnasium,parks with jogging track and a childrens play area.
Manu Garg,the director of Landcraft Developers,says: Here,we are offering stylish villas,prime plots and elegant apartments in the sizes of 100-335 sq metres,128-299 sq metres,1150-2370 sq ft,and 2850-5305 sq ft.Four towers,out of 14 multistoreyed towers,are likely to be completed by April 2012. Ashiana Group is also completing its projects in the same township.Ashiana will construct four towers to accommodate around one thousand families.The project is adjacent to Columbia Asia Hospital,which has world-class medical facilities,and is on a 5-minute drive from Raj Nagar,Kavi Nagar and Shastri Nagar.
The proposed Metro station at Mehrauli will directly link the township under construction.Leading schools and colleges are near the township,like Ryan International,Silver Line School,Gurukul School,ABES Engineering College,SIMS Management College,AKG Engineering College,New Era College,etc.
Wave Infratech is also coming up with a mega project,Wave City,on 4,500 acres on NH-24.Wave City will offer all the infrastructure facilities and lifestyle amenities compatible with the modern aspirations of the metro folks,including a proposed mechanized cleaning and sweeping system,closed loop city mass rapid transport system,2-acre parks for every 400 people and a lake spanning 3 acres,etc.
R K Jain,the executive director of Wave Infratech,says: As prices in this stretch are still affordable,people are keen to buy here than in other parts of the NCR,where prices are spiralling out of their reach.The response to the units on this project is heartening.

Source: Times Of India Saturday , 21st January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=74&pagesize=&edid=&edlabel=CAP&mydateHid=21-01-2012&pubname=&edname=&publabel=TOI

HIGH-TECH CITIES

Builders and developers are promoting their high-tech townships as dream destinations,even as the demand for housing increases and homebuyers look for world-class infrastructure to lock in their investments.A K TIWARY writes
Construction of two high-tech cities (over 2,500-4,500 acres) is underway near Ghaziabad and Greater Noida,within the NCR,after the clearance from the government.
With facilities like schools,playgrounds,a golf course,hospitals,internal roads,shopping centres,malls,etc,under one roof,these projects have caught the attention of homebuyers.In the first phase,slated to be complete in 4-5 years,more than 10,000 flats will be available in these high-tech city projects.
The forthcoming Eastern Periphery Expressway,which abuts these townships,will transform these cities into great commercial points and help in stretching the limits of the urban area around Delhi.The expressway will also provide seamless connectivity of the west and north India bound traffic.This also means that the potential for future trade will also move towards this side and add to the commercial viability of the project.
Located strategically at the termination point of the proposed Delhi-Mumbai Industrial Corridor,Boraki,and 4km from JP Greens,Greater Noida,Sushant Megapolis is being developed on 2,504 acres,taken the villages of Bela Akbarpur,Chamrauli,Ramgarh,Chatrasenpur,Dattawali.The project is 10km
from Dadri and comes under Bulandshahr Khurja Development and Sikandrabad Development Authority.
The saleable area is around 50% of the 2,504 acres of gross development.The remaining area has been earmarked for roads,green belts,parks,open spaces,a golf course and other public facilities and amenities.The saleable area of approximately 1,300 acres comprises various options like plotted developments,with the sizes ranging from 120 sq yd to as 2,500 sq yd independent plots,built-up lowrise houses,bungalows,villas,independent floors (company constructed houses on plotted developments ),highrise apartments,commercial offices,convenient shopping centres,neighborhood shopping facilities,institutional areas like schools,medical centres,hospitals,recreational

facilities and reserved areas for universities and higher education institutions and non-polluting employment generating industries.
Pranav Ansal,the vicechairman of Ansal API,says: "The project is an integrated township and will cater to the needs of all.Apart from government development,plotted development is not available in this region.The project is proposed to be connected to the hub of Greater Noida.Once the rail overbridge is completed,the uninterrupted traffic starts flowing into the township will be connected to NH-91."
Located on NH-24,opposite Columbia Asia Hospital,Wave City is a self-sustainable integrated township.It will be among the largest integrated city developments happening in the NCR region,spanning over more than 4,500 acres of land belonging to village Kacheda,Dujana,Naiphal;it will have all the modern infrastructure and lifestyle facilities.
R K Jain,executive director of Wave Infratech,says: "In first phase,we will develop 1,671 acre of land consisting of nearly 7,500 plots,which will house plotted development like housing,built-up floors and bungalows.In addition,to this,the first phase will have nearly 1.7 crore sq ft of group-housing schemes,consisting of built up flats,starting from 900 sq ft to 3,000 sq ft."
"The overall development in this phase will also have commercial complexes,hospitals,a dispensary,schools and IT/ITeS space,industrial spaces (non-polluting ) and dedicated green areas.This high-tech city is aimed at addressing the housing demand for the middle-income group and will offer all infrastructure facilities and lifestyle amenities.It will have a mechanical cleaning and sweeping system,closed-loop city MRT system,a 2-acre park for a population of every 400 people and a lake spanning 3 acres,a minimum of 12 metre-wide road network which could be as wide as 18,24,45 or 60 metres depending upon the built up area and population concentration and power distribution,"Jain says.
The first phase is likely to be completed in the next three years and the construction of the project has begun,according to Jain.

Source: Times Of India Saturday 21st January 2012
URL: http://lite.epaper.timesofindia.com/getpage.aspx?pageid=74&pagesize=&edid=&edlabel=CAP&mydateHid=21-01-2012&pubname=&edname=&publabel=TOI

MILLION DOLLAR VIEW FROM BOOMERANG HOMES

Jaypee Greens recently launched Boomerang Residences at Jaypee Greens Wish Town, Noida. RAVI KUMAR MANGALAM writes 
As the name Boomerang Residences suggests, the project has been developed to bring luxury, comfort and convenience at the doorstep of its residents.
Boomerang Residences will offer blissful and luxury living at its best; built to ensure harmony with nature, these premium high rise residences will cater to people who have a taste for fine living, a company spokesman says.
Having over 20 floors, these limited,108 ultra-luxurious condominiums will be located amidst a golf course and just next to Boomerang The Club.
At Boomerang Residences ,the apartments have been especially designed to ensure privacy ,so that as soon as you step out of the elevators ,youre home with only one residence on each floor, says the spokesman.
Triangular in shape with soft edges, these high rise towers stand surrounded by an 18-hole signature Graham Cooke golf course on one side and a 9-hole golf facility on the other, with manicured greens all around.
These apartments are large, starting from approximately 5,180 sq ft, where they will have top-end fixtures that include Italian marble flooring ,teak wood doors and a fully equipped modular kitchen.
Dedicated to rejuvenating and revitalizing the senses, the residents exclusive ultra-luxurious Spa Zone offers a choice of therapies for improved health, fitness and beauty.
With special therapies to ease the mind and the body, the spa is your own personal retreat, which is drawn from traditions of meditation, respect for nature and the desire to achieve physical and mental well-being, the catalogue promises.

WISH FOR CONVENIENCE 
Surrounded by 1,162 acres of lush greenery, Jaypee Greens Wish Town is picturesquely placed and has numerous golf courses, landscaped parks, thematic gardens ,lakes and water bodies that comprise, from lowrise and midrise apartments to highrise skyscrapers .Designed as a perfect place to live, work and have fun, Wish Town offers excellent education facilities, international standard healthcare facilities, recreational and entertainment centres ,various art and cultural galleries ,museums ,spiritual centres ,hotels, multiple shopping complexes ,corporate offices, IT parks and public services, the spokesman adds.
Boomerang The Club ,which will have a unique design, offers a wide range of amenities like a multi-cuisine restaurant  ,cafes,gym,sports, banquet facilities, etc .A super specialty medical and research centre is being established here, over 27 acres of land, with cutting-edge technology and state-of-the-art infrastructure. Jaypee Group has endeavoured to provide the best of the world-class facilities and infrastructure with latest educational aids to residents, the spokesman says. Apart, from these amenities, the township will also have commercial complexes and business establishments, which will ease the stress of commuting to the office through traffic jams.
Jaypee Greens has created a new yardstick for luxury living .And with homes amidst tranquil surroundings that incorporate every convenience of daily life as well as luxurious amenities, Wish Town is definitely a dream come true for many, the spokesman adds.

Source: Times Of India Saturday , 14th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?edlabel=CAP&pubLabel=TOI&pageid=47&mydateHid=14-01-2012

BEQUEATH PROPERTY WITH CLEAR TITLE 

All those who own properties must ensure that they leave behind clear titles so that their children or heirs do not suffer, says VIVEK SHUKLA 
RL Bhatia is now a relived man after he joined hands with a developer .At 85,Bhatia admits that with not much time left for him,he was planning to redevelop his house for the last couple of months.
Well ,he is not redeveloping his property for the sake of earning some quick bucks. Generally,it is believed in the realty market that people redevelop their properties to earn big money in quick time.
Would you like to know Bhatia's reason for redeveloping his South Extension-I house The ex-cop Bhatia says that he is well off economically and hardly needs more money for himself and his wife .His three children, two sons and one daughter, are well settled in their respective fields.
"I joined hands with a developer in order to give a share of my property to all my three kids with a clear title. The idea behind giving them property with clear titles is that they do not fight over it after I and my wife depart from this world, "he says.
Sameer Jasuja ,the CMD of PropEquity, says that redeveloping landed property is really very sensible thing as it gives owner enough scope to demarcate his or her property among their kids apart from the fact that they also earn a good amount of money."For instance, if you have three kids, you can easily bequeath one floor each to your kids with clear titles.It is not easy to bequeath your one landed property to more than one kid,"he says.
Realty experts say that it is wrong to believe that a large number of people sitting on properties worth a fortune in the capital redevelop their properties to earn more.
Sanjay Khanna,the director of Kailash Nath Projects Pvt Ltd,says: "Given that even the dearest of siblings fight to finish on the issue of properties,  it is expected that all those who have landed property bequeath their properties with clear and clean title to their children."
"It goes without saying that if parents bequeath properties without any title dispute to their kids ,they would be doing them a great service. Then they can leave this world in peace, with the comforting thought that their kids would not fight over property that they left behind, "Khanna says.

There is no denying the fact that in the absence of a clear title ,apart from the siblings 'fights over the property, many innocent buyers may get ensnared into legal brawls later.
Alimuddin Rafi Ahmed,the MD of ILD group, says: "Before buying a piece of land, buyers must inspect whether proper approvals for development on the property ,and for the building plans, have been obtained. If you are booking a flat in some project of a realty firm ,then it is advisable that you thoroughly check the copies of the construction plans and layouts of the project and the buildings. It will help buyers assess the property ,and also see whether it matches with the approval granted by the authorities .This will also come handy for buyers on a later date if actual construction deviates from the plan."
Neeraj Jha (name changed),a Delhi-based journalist ,narrates the sad story of his own family where siblings fought for several years as the title of the property left behind by their parents was not clear."It was very sad .I was involved in a protracted legal battle with my two brothers on the issue of dividing the family property. While we got our due share in parental property after a long haul, our relations became very sour .At the end of the day ,I feel that all those owning properties must ensure that their kids do not suffer either in the absence of clear title or for any other reason."
Talking about the importance of buying housing projects without any legal issues ,Gaurav Mittal ,the managing director of CHD group,s ays that it is also a good idea for buyers to see whether banks have appraised the project for giving loans. Though not a substitute for buyers conducting their own checks ,this could provide an additional level of comfort about the veracity of the builder's documentation.
One can safely say that one has to buy property with clean and clear title .And if you have to spend some money and time in this regard ,you must do so .And, finally ,you must bequeath your property to your legal heirs with clear title. Remember ,property without a clear title will only give pain to your kids.

Source: Times Of India Saturday , 14th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=49&pagesize=&edid=&edlabel=CAP&mydateHid=14-01-2012&pubname=&edname=&publabel=TOIe=&edname=&publabel=TOI

SOME TERMS IN PROPERTY DEALS 

ASHISH GUPTA explains some financial terms and their implications in property transactions 
In all property transactions ,there are a number of payments involved .Some terms of these payments are used interchangeably .However, there are some differences between these terms.
A buyer should be aware of these different terms and their implications.
Earnest money 
In some transactions, earnest money may be payable. Earnest money is the money paid by a purchaser of a property under an agreement for sale. The amount is paid to bind the parties in performing their parts of the contract.
It is a guarantee for performance of the contract .If the transaction is completed as agreed upon ,the earnest money becomes a part of the purchase consideration.
In case the transaction doesn't get completed due to the buyer's defaulting ,the money is liable to be forfeited to the seller. When a buyer makes an offer to buy a property, he generally signs a contract and pays a sum acceptable to the seller as earnest money. The amount varies depending on the agreement and negotiations. If the offer is rejected, the earnest money is returned since no binding contract has been entered into. If the buyer retracts the offer or does not fulfil its obligations under the contract ,the earnest money is forfeited to the seller.
So ,in case the deal falls through, the buyer may not be able to reclaim the deposit .If the seller terminates the deal ,the earnest money will be returned to the buyer.
Advance 
A purchaser may be liable to pay an advance as well .An advance amount is the initial token amount paid by the

purchaser to the seller at the time of finalizing the purchase the property .It is not a guarantee to ensure completion of the contract .It will end up as a part of the sale amount as it will be adjusted in the final sale consideration.
The buyer does not forfeit this amount in case he is unable to complete the purchase formalities.
Security deposit 
A security deposit is the amount paid by a purchaser to a seller as guarantee towards fulfilling the contract .If there is an agreement to the effect that the amount deposited is only to guarantee due performance of the contract ,it is not forfeited unless the agreement contains a penalty clause to compensate the aggrieved party .A security deposit is normally payable in rent contract .It is paid as a number of months' rent and may vary from one to six months. The amounts are higher in case of high-end residential and commercial leases. Generally ,it may vary from 1-3 months.
Normally, this deposit is interest-free .The lessor is not required to pay any interest on this deposit. The security deposit is refundable at the end of the lease contract .It is refundable only at the time of handing over of clear possession of the house by the lessee to the lessor in good condition, after deducting all amounts outstanding (if any) towards rent, society maintenance charges ,electricity and water bills ,or any other dues.
A lessor is entitled to adjust all costs of restoration of any fixtures and fittings ,and damages to the premises ,etc ,caused by the lessee against the security deposit.

Source: Times Of India Saturday , 14th January 2012
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=60&pagesize=&edid=&edlabel=CAP&mydateHid=14-01-2012&pubname=&edname=&publabel=TOI

INDEX OF MORTGAGED PROPERTIES VITAL

ASHISH GUPTA explains how this institution helps ensure a property is mortgaged with one lender only 
The Finance Minister ,in his Budget speech for 2011-12,had elaborated on the establishment of a Central Registry.
The objective of setting up the Central Registry is to prevent more than one loan being taken from different banks for the same property. This Registry became operational on March 31,2011.
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI),a government company ,has been incorporated for the purpose of operating and maintaining the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act).
Initially ,transactions relating to securitisation and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure a loan granted by a bank or financial institution will be registered in the Central Registry.
The records maintained by the Central Registry will be available for scrutiny to any lender or any other person wanting to deal in property .Availability of such records will prevent more than one loan being lent against the security of a property ,as well as fraudulent sale of property without disclosing security interest over it.
Under the provisions of the SARFAESI Act, details of any charge creating security interest in a property are required to be filed with the Registry within 30 days from the date of creation .A Central Register will be kept for the purpose of maintaining records of registration of transactions relating to securitisation, reconstruction of financial assets and security interest created over properties. All electronic documents, required to be signed by the Central Registrar

,will be authenticated through his digital signature.
If there is a security interest being created in favour of two or more lenders ,the details of inter se priority among them and whether they hold it on a pari passu or subordinate basis is to be specified.
All details of transactions maintained in the Central Registry are open for inspection through its website ,and during business hours at the Central Registry on payment of a fee.
Banks obtain a mortgage of the property to be funded as the prime security.The mortgage is usually in the form of equitable mortgage or deposit of title deeds which is very simple ,convenient  ,inexpensive and borrower-friendly.One disadvantage of this kind of mortgage is that the mortgage deed is not registered with any revenue authority .Hence ,the mortgage details are not depicted in the revenue records .Neither the encumbrance certificate issued by the sub-registrar nor the search certificate issued by an advocate will be able to detect such mortgage details.
Credit Information Bureau of India Ltd (CIBIL) has already introduced 'Mortgage Check' ,in association with the National Housing Bank (NHB),the home finance regulator.The 'Mortgage Check' will contain information on properties mortgaged to various banks, details of existing loans and comprehensive information on such propertie s.
It will help lenders share and access mortgage information. The 'CIBIL Mortgage Check' is a database of over six million mortgage records collected from member organizations banks and housing finance companies .Authorised persons can access the database to check details of a property for which a loan is applied.

Source: Times Of India Saturday , 31st December 2011
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=60&pagesize=&edid=&edlabel=CAP&mydateHid=14-01-2012&pubname=&edname=&publabel=TOI

WILL MAKES TRANSFER EASY 

ASHISH GUPTA explains how a Will and nomination work 
Anyone competent to enter into a contract can make a Will .He can distribute his assets, including property ,shares ,cash ,jewellery, etc,as he wishes.
A Will can be written on a plain paper .Ideally,it should be written in simple and clear terms.
A Will need not be registered.In case you want it registered, it has to be done in the office of the sub-registrar .The chance of a dispute is lesser as registration adds to the authenticity of the Will.
A Will takes effect only after the death of the person making it .It has no effect while the person is still alive .It can be changed or cancelled by the person making it.
A Will should mention who the testator is clearly - the person making it. Also ,the beneficiaries who will be entitled to the property should be mentioned clearly .Further, one also needs to mention details of the assets and how they are to be distributed among the beneficiaries clearly .It needs to be signed by the person making it and then attested by two witnesses.
A Will cannot over-ride the natural succession in case of an ancestral property. So, a person cannot will away all his inherited property .He can Will away only his share to anybody he wants to give it to. The remaining property goes to the legal heirs.
One can also appoint an executor to the Will .He will oversee the distribution of the assets as per the Will.

One can modify his Will any number of times .He can add or delete beneficiaries ,or the proportion of assets and the mode of distribution.
Minor changes can be made by filing a codicil instead of rewriting the entire Will .A codicil is a supplementary document .It specifies the changes in a Will.
One can also transfer assets to nominees. Bank accounts, demat accounts ,insurance policies ,mutual funds etc can be transferred this way. Nomination ensures easy transfer of assets .However, it does not make the nominee the sole owner of those assets .The other legal heirs of the individual can stake a claim to those assets .According to the law ,nomination only indicates that a person is authorised to receive the amount but is not the sole owner of that sum.
In case there is no Will, the estate of a deceased is distributed in accordance with the laws of succession. Also ,a father may appoint a guardian through a Will for his minor child. However, it does not have any effect if the father dies living behind his wife, who is the natural guardian of the minor child.
The mother will succeed as guardian and not the person appointed by the Will of the father .She may appoint a different guardian through her Will ,who will succeed as guardian on the death of the mother. The guardian will act only until the child is a minor.

Source: Times Of India Saturday14th November , 2011
URL:http://lite.epaper.timesofindia.com/getpage.aspx?pageid=60&pagesize=&edid=&edlabel=CAP&mydateHid=14-01-2012&pubname=&edname=&publabel=TOI

GET YOUR HOME BUDGET RIGHT 

KAVITA SRIRAM has some tips to help you arrive at a comfortable budget for your dream home 
Many people do not prefer to cut back on their home-buying expense. 'It's not everyday that one buys a house' ,is the usual contention. How much should you spend on your dream house How much can you stretch 
It is crucial to arrive at an affordable home-buying budget as 
a home loan is a long tenure commitment.
While making a lavish purchase can squeeze your purse and plunge you into a debt trap, underestimating and investing in a very small house can prove inadequate for you at a later point in time .Calculate your home-buying budget based on your income level, debt obligations, and other financial goals and objectives.
Here are a few factors to take into account: 
Existing debts 
A person already burdened with too many debts will have trouble if his debt burden is increased further .Debt-to-income ratio compares an individual's outflow in the form of debt obligations against his income streams. A high debt-to income ratio signifies that the borrower's finances are stretched and he may have a tough time repaying. To arrive at the debt-to-income ratio ,add all the debts including vehicle loan ,personal loan, taxes and insurance .Divide it by

the gross monthly income. If a person pays Rs 4,000 per month towards personal loan, Rs 10,000 towards vehicle loan and Rs 6,000 towards education loan ,his monthly debt obligation is Rs 20,000.If his income were Rs 60,000,his debt to income ratio would be 33.3%.
A higher ratio is indicative of larger debt. Living with a high debt-to-income ratio is risky.

Goals 
While the current financial situation has a bearing on the repayment capacity ,a homebuyer must also take into account changing future situations and needs. Long-term financial goals, increasing expenditure levels, investment objectives and financial commitments must also be taken into account. For a large family with many dependents, expenditure is bound to increase.
Besides servicing debt, one should not stop saving for contingencies or making investments.

Create a house budget 
Make a monthly budget that includes all the regular household expenses ,outflows towards recreation ,and sporadic expenses .Evaluate your ability to meet all your monthly expenses after setting aside an estimated EMI expenditure.

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