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Retire into these sweet homes

 
Source :Sudheer Nair :Deccanherald:May 14,2010
The concept of retirement homes has caught on in a big way in the West. Take New Zealand, for instance, where every state has one such home. In India, there is a huge potential market for the same

Retirement homes: Builders are coming up with designer serviced apartments specially made to suit the needs of senior citizens.The concept of retirement homes is culturally sensitive to markets such as India. There are several factors that are likely to contribute to a shift in this pattern. It is likely to gradually move from being a sensitive issue to an aspiration for independent living. The fading joint family system in India and other innumerable factors have given rise to West-inspired phenomenon of old age homes.

Take New Zealand, for instance. There appears to be retirement villages in each NZ state. They differ in type and are strictly regulated. It appears that people generally buy into these “villages” and thereafter have certain clearly identified rights and privileges.
Financially independent people have slowly started thinking that a “new home” after retirement is no longer a dirty, daunting word associated with alienation, rejection, desertion or abandonment.

It is just what the phrase implies, a new home, a fresh start, and a place where you can continue to live a life of comfort - in the company of peers. Indian life expectancy is steadily increasing; alternative housing for the aged is a practical lifestyle solution that developers are now ready to provide.

The concept of retirement homes itself is undergoing a major transformation from its erstwhile image of being charitable institutions with minimum facilities to self-sufficient special communities/townships. Senior citizens now prefer to stay in retirement resorts instead of languishing in the quintessential old-age homes that they feel are congested and insecure.

“The potential market is huge,” says Amritha who heads a property development company in Bangalore. Her market also includes couples who are likely to retire in about 5-10 years along with other groups such as NRIs and foreigners if there can be a retirement township in an area of more than 50 acres land. She also thinks it will be a success if the government can give some concession by way of tax discounts for such township.

How many are aware?
HelpAge India advocates with national and local government to bring about policy that is beneficial to the elderly. According to them there are no statistical data or surveys to support making any estimate of the proportion of population that would be the target market, “but a ballpark figure of one million out of the 90 million grey population would be a fair figure to mention.”

Of these one million prospective buyers, 50 per cent are not yet aware of the idea, and several thousand from the rest are either not in love with the idea if away from the main city or are investing in them as a long-term option. 
Professional builders who are innovative have jumped into the real estate market and are coming up with designer serviced apartments that have been specially made to suit the needs of senior citizens says, Nataraj Gangadhar who heads a multi-national real estate group in Bangalore.

Concerns like security, healthcare and entertainment are well taken care of in these apartments. The builders are also using the tourism advantage and climate to attract NRIs.

Thus, these homes are sure to be a big hit. For the elderly, health is a big concern and if that is taken care of, these homes will sell like hot potatoes. These are already becoming popular in and around cities such as Chennai, Mumbai Pune, Kochi, Goa and Delhi NCR.
Valsala Devi who is a senior citizen says what is expected from a good retirement home is a clean home, storage space, bigger bathrooms, windows that open easily, washers and dryer and porches.

Apart from providing good facilities, retirement homes provide companionship and security, the two things most needed when one is old and alone says, Kranthi Purushottam, administrator in an MNC Bangalore. She also thinks retirement homes should provide care to residents throughout their life, and not send them away when they start developing mobility problems or mental deterioration.

Shakti Nair, who works as a manager in a bank, Bangalore, takes care of her in-laws says advanced medical facilities in and around the area, high-tech security systems, recreational choices especially designed is what the developers should keep in mind when building a retirement home.

Competing with standards abroad
It will take some time before these retirement homes can be on par with the standards set abroad. Aspects such as medical or assisted care that are offered in developed housing markets like the US are currently more advanced. Some other differences are the procedural aspects of owning a house such as fairly well developed mortgage systems and access to loans which would require some time to develop in the Indian context thinks Adhitya, NRI from London.

Why Bangalore is preferred?
Keeping in mind the reducing square feet area in apartments, choked roads, suffocating environment and lack of adequate security measures, retirement homes are receiving an encouraging response from senior citizens, who want to live a quality life in a retirement village or township says Sanjiv, a Bangalore-based real estate broker. He also thinks there are many reasons why Bangalore is a preferred destination. While pleasant weather and gardens are the main attraction, Bangalore also boasts of good medical infrastructure and a relaxed ambience.

Safety during the construction period

Source:M. SOUNDARIYA PREETHA  ,The Hindu,May 8,2010

If you are constructing a new building, a number of factors need to be taken care of to ensure safety during construction and a quality structure.

D. R. Sekar of the Builders' Association of India told The Hindu PropertyPlus that selection of site is important.

For instance, some areas in Coimbatore have black soil and some are located near water bodies. In these places, the foundation needs due care and it should be an appropriate one. Soil testing is another important task and the services of a soil consultant are essential to know the soil-bearing capacity.

Quake resistance

Mr. Sekar points out that Coimbatore is in a seismic zone and hence the buildings should also be quake-resistant. Awareness on earthquake-resistant buildings has improved during the last three to five years. Earthquake-resistant buildings cost about 10 per cent higher than a normal structure because of the increase in steel use.

The design of the building is another key factor. Those who go in for high-rise buildings should take the services of a structural consultant. They should also decide the purpose of the building to determine the load factor.

After construction, the owner should have the “as built drawing”. This will help in maintenance.
Selection of materials and having the right plumbing fixtures are also important, he says. The Government should relax the building rules to suit the development trends but should be stringent in enforcing them. According to Mr. Sekar, the cost management should not compromise the quality of the building.

The builders should also adopt all safety norms while constructing a structure. Several accidents in buildings occur because of negligence or human error. Hence, safety factor is important while constructing a building. The law is stringent now on site accidents, he says.

Battle of the dues

Source:The Hindu,K.A. MARTIN, May 8,2010

A view of Housing Board flats at Thrikkakara in Kerala.   The Kerala Government wants the State Housing Board to repay the deposits it collected from local bodies for the Maitri Housing Scheme    
The Maitri Housing Scheme has once again emerged the nub of differences between the State Government and the Kerala State Housing Board, with reports that the Local Self-Government Department is insisting that the board pay back the local bodies the money it received from them through the Annuity Deposit Scheme during 1996-98.

The deposit scheme under the Maitri Housing Scheme aimed at providing housing to poor people with the money provided as a one-time deposit by panchayats, municipalities and Corporations.

Sources in the board say it has received over 4.5 lakh applications for various housing programmes.
However, it has been unable to settle a portion of them because of a funds crunch.

M. Rahmathulla, Chairman of the Housing Board, told The Hindu PropertyPlus that it was a fact that it owed around Rs.20 crore to the various local bodies in the State.

However, he said the previous United Democratic Front government, led by Chief Minister A. K. Antony, had agreed to pay these dues to the local bodies provided the board paid back the government the dues when its financial situation improved. However, no order was passed.

Mr. Rahamathulla said there was no conflict between the government and the board, and the matter was under discussion.

For instance, the government had not reimbursed around Rs.130 crore to the board as the interest component in the Maitri Housing Scheme.

Under the housing scheme, the beneficiaries were to pay only 5 per cent interest whereas the loan carried an interest of 13.5 per cent.

Revenue deficit
Sources in the board say that its financial health is bad and that government needs to do something urgent to help it out. It has not been able to meet its commitment on the MN Housing Scheme.

Under these circumstances, the revenue deficit for the board has been growing every year. Things have been made harder by the government's refusal to provide guarantee for loans it can take from the Housing and Urban Development Corporation.

Sources say that while the board's monthly income generation is Rs.4 crore, its requirement is around double that amount. Under these circumstances, it is urgent that the government offers help.

Quickies :Selling your property? Get the papers in order

 
 Quickies  :Selling your property? Get the papers in order

 

Source:Vidyalaxmi, ET Bureau

Planning to sell your old house to buy a new one? Undoubtedly, residential properties sell like hot bread in metros like Delhi, Mumbai or Chennai , or even in tier II towns like Pune, Coimbatore or Chandigarh. It was a simple journey for Bangalorebased software professional Puneet and his wife Haimanti. They sold their house in Mumbai as they were relocating to Bangalore. The couple hired a broker to facilitate an easy transaction.

“The broker would get serious and committed buyers,” was Puneet Malviya’s logic. Ms Haimanti also looked at various real estate portals to post an advertisement but found the entire process time consuming. “Eventually we settled for an offline broker,” she said.

Even Ashish Avasthy, a Mumbai-based corporate lawyer, preferred to trust his broker who helped him buy his first house for similar reasons.



What are the essential documents you need to sell the house?
The documents required to sell a residential property are the housing society share certificate and the sale/purchase deed. Sale deed will confirm if the land is in the name of the seller and only he/she has the full right to sell the land.

You need a copy of previous deeds, if required, to confirm the authenticity of the deal and the property. You also need original copies of stamp duty and registered house documents . The seller will also require an NOC from the housing society. In case of a joint ownership, the owner/owners have to submit documented consent .

Home buyers insist on these documents if they are opting for a housing loan. “We sold our house to an old couple who bought the house from their own savings. Hence, theydidn’t insist on too many documents ,” says Mr Avasthy.



How should you file for missing documents?


Both the Malviyas as well as the Avasthys didn’t have a problem with missing documents as they had invested in new constructions. But, often old houses, which are 30-40 year old constructions, may not have proper registration .

In such cases, the owner should ideally pay off the outstanding stamp duty and file for a registration. “In the case of a missing share certificate, the intending seller should request the housing society to issue a duplicate copy. If the sale/purchase deed and/or chain of agreements/deeds are misplaced, an indemnity bond needs to be furnished by the seller, along with a confirmation letter from the housing society,” explained Mrunal Duggar, vice-president — Homebay Residential , Jones Lang LaSalle Meghraj.

Similarly, if the original copy of stamp duty and registered house documents are unavailable, an indemnity bond should be furnished by the seller. “In any case, the deed needs to be registered after paying up the valid stamp duty. A public notice also needs to be issued,” Ms Duggar added.

Is your property mortgaged with the bank?


You cannot sell the property if you are still servicing the loan. “We paid off the loan amount from the first instalment we received from the home buyer. We took our payment in tranches for an easier transaction ,” said Ms Haimanti.

Mr Avasthy, on the other hand, paid off only 99% of the loan and paid off the balance 1% over a period of one year to avoid foreclosure charges.

But, the bottomline, is you can’t sell a mortgaged house if the buyer insists on accurate paperwork to apply for a loan.


How does one get an objective evaluation of the house?

The value of a property is decided by various factors, including the cost of similar properties in the same location , the view of the apartment, the available amenities in the building and the overall market trends in terms of appreciation and depreciation.

Apart from checking out with your neighbours, get the property evaluated by 2-3 brokers to get a realistic quote.

What are the other clearances before putting the house on sale?

Apart from the title clearance and NOC from the society , the precise details pertaining to the age of the building, the floor plan, the carpet and built-up area, the conveyance of the society, car parking status, land title (free hold/lease hold/collectors land) and transfer charges of the building and the apartment need to be attended to.

What are the tax implications?


The capital gain would be exempt from tax under Section 54 and Section 54F if the sale proceeds are invested in a residential house and if you do not own more than one residential house at the time of purchase of such a house.

But you have to purchase the new house within a year before the sale. Otherwise, this capital gain or net consideration is required to be deposited in a separate account before you file the return . You can reinvest only in a residential property. This doesn’t include a commercial property or vacant plot of land. Similarly, short-term capital gains enjoy no exemption.

“The house you are planning to sell would be classified as short-term capital asset as the holding period is less than three years. There is no exemption available on reinvestment, be it a new house or capital gains tax saving bonds,” explained Vaibhav Sankla, executive director, Adroit.

Delhi real estate regulator by this year-end

Source :economictimes

NEW DELHI: Delhi will have real estate regulator by this year-end, Urban Development Minister S. Jaipal Reddy said Thursday.

He also said the government was talking to other states to have similar regulators.

"The state governments have sounded positive. It would take time to happen. But Delhi will get a regulatory authority for the real estate by this year," Reddy told.

He said the legislation process for the real estate regulator for Delhi would soon be completed as the draft bill has been circulated to the stakeholders.

According to him, the regulator once in place would prevent real estate players from indulging in unnecessary profiteering.

The minister also said the Metro rail will stretch to 190 km in the national capital region by the time the Commonwealth Games start here October 3.

LIC Housing Finance to focus on projects for senior citizens The company will launch one retirement home project in each state every year

SOURCE:Mint: Devesh Chandra Srivastava,Sun, May 9 2010. 10:02 PM IST

New Delhi: LIC Housing Finance Ltd (LICHFL), the housing finance arm of state-owned Life Insurance Corp. of India (LIC), plans to enter the retirement home business with the launch of two projects in Bhubaneswar and Jaipur.

“Every year, LICHFL plans to develop housing projects for senior citizens who are 50 years and above in age. The first project at Bhubaneswar is at the approval stage,” said R.R. Nair, LICHFL’s director and chief executive officer.

The company, which has acquired 7 acres and 5 acres of land in Bhubaneswar and Jaipur, respectively, will launch one such project in each state every year. The cities will be selected on the basis of their demography.

“We would select only those cities that have significant population in that age bracket. For instance, Kolkata is such a city,” he said. “Places of pilgrimage such as Rishikesh or Haridwar could also be of interest as these attract the elderly in huge numbers. However, capital cities will be our first choice.”
Prior to the announcement of this plan, the firm developed such a project in Bangalore that was launched in 2006.

“This is not an activity under any corporate social responsibility, but it is a fully commercial venture. Apart from the sale value, buyers are charged Rs1,500 per month for amenities,” he said. “Spread over 7 acres, the Bengaluru project houses 98 units with community facilities.”
Between 600 sq. ft and 800 sq. ft in size, the units were sold at Rs6-8 lakh. “The pricing for the upcoming projects has not been decided, but it will be quite reasonable,” he said, declining to give details.

The firm, awaiting the Reserve Bank of India’s approval to start its banking arm, expects to disburse loans of up to Rs20,000 crore in the current fiscal. Nair said the firm had given loans worth Rs15,000 crore in the last fiscal, registering a growth of 70%.

The LIC unit’s plans come as other real estate developers and financial institutions have also entered the field of homes for senior citizens. Chandigarh, Dehradun, Pune, Udaipur, Indore, Jabalpur and Ranchi are ranked the highest among tier II cities for post-retirement living because of cheaper land rates and livable infrastructure, according to a recent report by the Associated Chambers of Commerce and Industry, or Assocham.

Real estate firms such as Impact Senior Living Estates Ltd and Rakindo Developers Projects Ltd have already started developing such projects in Amritsar and Coimbatore, respectively, on a lease model. Rakindo Developers is a joint venture firm between Rakeen Group of UAE and Trimex Group of India. Another realty firm, Ashiana Housing Ltd, plans to develop retirement homes at Jaipur, Jodhpur and Lavasa. It has already developed one such project at Bhiwadi near Gurgaon.

“These homes are economically packaged to service the old around healthcare, hospitality and wellness,” according to Saumyajit Roy, assistant vice-president, senior living, Jones Lang LaSalle Meghraj.

The homes will come with monthly charges that will pay for specialized services for its residents.
“With associated services, these houses are higher in value compared to regular housing,” said Ankur Gupta, joint managing director, Ashiana Housing. “Retirement homes are lifestyle products that have got a business value.”

But unlike the US and other developed markets, India does not have any regulation on title ownership after the senior citizen’s death, raising the prospect that the nature of the property could change.
“Once the second generation starts living, the project will no longer remain a senior citizen’s project,” Roy said.

DLF looks to exit IT SEZ in Chennai, seeks 700 crore refund from govt

Source :12 May 2010, 0121 hrs IST,ET BUREAU


CHENNAI: Concerned over the delay in getting clearance from the Centre for its IT SEZ in Chennai, India’s largest listed developer DLF has decided to pull out of the project, communicating the same to Tamil Nadu government.

Tamil Nadu’s deputy chief minister MK Stalin informed the state assembly on Tuesday that DLF is keen to exit the proposed IT-SEZ project, which was to come on 26.24 acres at Taramani in Chennai. It has offered to return the land and also asked the state government to return the Rs 700 crore that it had paid earlier for the site. The government is yet to take a call on DLF’s request.

"At Taramani in Chennai, an IT related SEZ was proposed on an extent of 26.64 acres and DLF was selected through the transparent open tender procedure. Though this firm had already remitted Rs 700 crore to the Government towards the cost of the land, they have been requesting return of this money as approval by the Central Government for the SEZ is getting delayed," Mr Stalin told the house.

It is learnt by ET apart from problems on securing clearance front from the Centre, there also seem to be differences between DLF and government agency, Tidco (Tamil Nadu Industrial Development Corporation) over the terms and conditions of the agreement for the SEZ.

"As per the agreement, at least 2.5 million square feet of IT/ITes space needs to be developed in the SEZ . But DLF is not keen to develop this in an SEZ because existing units cannot be shifted to a new SEZ," Tidco chairman and managing director Sunil Paliwal said.

DLF, on the other hand did not wish to comment on the subject. When contacted, DLF Southern Homes MD KK Raman said, "We have no comments. We have several options." But he didn’t elaborate on what these options are. Official sources said neither any decision has been yet on re-tendering the project nor about returning the amount paid by DLF. "Negotiations are still on," a senior official said.

DLF’s project may have hit a wall but the SEZ project on 25.27 acres by another national player, Tata Realty and Infrastructure at Taramani was on track and is scheduled to be completed in a couple of years.
Stalin said "This project (Tata Realty) involves building a state-of-the-art SEZ for IT with an integrated international convention centre with about 40 lakh Sq. ft. of I.T. and I.T.E.S./commercial space, an Integrated International Convention Centre to seat 1,500 delegates and 275 Service Apartments and suites at an estimated cost of 2,410 crore of rupees. Construction works are in progress now,".

He was replying to an adjournment motion moved by the opposition alleging irregularities in the MoU signed by the Government with Tata for the IT-SEZ project. He told the house Tata was not chosen arbitrarily without following any procedure. It was chosen by Tidco through the transparent tender procedure. It was during the previous AIADMK regime, 123 acres of lands were given to the firms of its choice arbitrarily without any tender.

That way, through Government orders, 80 acres of land was given to Wipro, 50 acres to Satyam Computers, 50 acres to HCL, 20 acres to Cognizant, 25 acres to Mega Soft, 25 acres to Bench mark Soft, 50 acres to Advance software. Again, without floating any tender, AIADMK Government had signed an MoU with Lee Kim Tah Holdings, Singapore to develop a township at Siruseri IT park for allotting 104 acres of land at a price of Rs 15 lakhs per acre.