Big ticket realty deals

Source : ET :28 May 2010, 0217 hrs IST,



Mumbai
A high-end apartment located in Mahalaxmi was sold for a total cost of Rs 12,60,00,000. The apartment, admeasuring 4,000 sqft, commanded a capital value of approximately Rs 31,500 per sqft. It is situated in an under-construction project and has therefore commanded only marginally lower value than the capital values prevalent in this region.

The current average rental value for the location ranges between Rs 34,000 and Rs 55,000 per sqft. With many new residential projects coming up here, the location has been witnessing a steady growth in demand since the past few months. Backed by positive demand, the capital values have remained stable in the last quarter and are expected to strengthen in short-to-medium term.

Central Mumbai has the advantage of being conveniently located — almost equidistant from central business district (CBD) and the other major business centres in Bandra–Kurla Complex, Andheri and Lower Parel — and thus is a preferred location for expatriates and senior executives. The location also boasts of proximity to social infrastructural facilities like retail and entertainment centres, healthcare and education centres.

Pune
An apartment covering an area of 2,800 sqft was taken on lease by a multinational corporation for use by its senior management. Located in Shivaji Nagar, the apartment was leased at a monthly rental value of Rs 1,40,000 per month.

The rental value commanded by the apartment is well within the range for high-end properties in this area, which ranges between Rs 120,000 and 2,00,000 per month. The rate commanded by the apartment, located in a high-end residential building, is in line with the existing values in the location. North-eastern Pune, including Karadi, Kalyani Nagar and Bund Garden Road, has traditionally seen high demand from expatriate and senior corporate executives in the city.

Rental values in this location have remained stable over the past few months as demand has seen some steady increase. With economic stability and resurgence of senior executives’ presence in the city, demand for lease of high-end property is on the rise.

Bangalore
A high-end residential standalone bungalow, spread across 2,400 sqft, was sold at a total price of Rs 2,60,00,000. A part of a gated community, the bungalow is situated in the peripheral location of Whitefield and commanded an average price of Rs 10,800 per sqft.

This residential unit has, however, commanded a much higher capital value due to the fact that this is an exclusive housing project being developed by a national developer and provides all the essential amenities. Whitefield, as a location, has been witnessing interests from senior managements of large Indian and multinational corporates, along with many expatriates, due to the area’s rapid growth as a corporate office location.

In addition, the location also enjoys good connectivity through excellent road network. The location is also developing into a self-sustaining micro-market with many education centres, retail and entertainment options as well as healthcare.

Contributed by Cushman & Wakefield, a real estate consultancy firm

Stalin launches e-stamping project

State government's attempt to root out fake stamp papers

M.K.Stalin
 Source : The Hindu, May 28,2010

CHENNAI: For complete eradication of fake stamp papers in circulation, the State government on Thursday launched an e-stamping project for registration of of documents.

As a pilot project, it is being implemented in nine sub-registrar offices in Chennai and will subsequently be extended to other registration offices in the State.

e-stamping can be used for execution and registration of any type of documents such as sale, mortgage etc. A single e-stamp suffices for any denomination. According to the Stock Holding Corporation of India, which has been authorised to implement the project, e-stamping of certificates is just like stamp papers, which are generated online. Registration of documents is done after verifying the payment of stamp duty online.
e-stamping has its own security features such as unique identity number , 2 D barcode, microprint and locking system.

Collection centres are being set up in all sub-registrar offices in the city. The registrants have to submit a duly filled-in application form. Stamp duty can be paid in these centres by cash/DD electronic money transfer system. Facility has also been provided to registrants for verifying the details given by them through a model certificate. Documents prepared through e-stamping, which has enriched security features, can be executed and registered in the office concerned without any difficulty. Online facility is available for verifying the genuineness of the certificate and registration will be completed by the registering official then and there.

On Thursday, Mr. Stalin issued e-stamps to 44 registrants. The facility is now available in sub-registrar offices in Chennai South, T. Nagar, Chennai Central, Triplicane, Mylapore, Chennai North and Royapuram.
Tourism and Registration Minister N. Suresh Rajan; Nasimuddin, Secretary, Commercial Taxes and Registration Department; and R. Sivakumar, Inspector General of Registration, were present.

Lodha picks up MMRDA’s Wadala plot for Rs5,723 crore

 Source : Pallabika Ganguly :ML : May 25,2010

MMRDA had set a reserve price of Rs50,000 per sq metre (for a minimum price of Rs1,980 crore) for the property. The plot, situated at Wadala in central Mumbai, has a permissible built-up area of 4,95,000 sq ft and 14 top property developers were in the fray

The MMRDA (Mumbai Metropolitan Region Development Authority) today auctioned a 25,000 sq metre commercial plot at the Wadala Truck Terminal (WTT). The Lodha Group won the bid at Rs5,723 crore. The developer will pay 10% of this amount upfront and the balance will be paid over five years at an interest rate of 10%. The plot has a permissible built-up area of 4,95,000 sq metre and the developer is allowed 19.8 FSI on the plot of land. It will be given out on a 65-year lease.

“Lodha Developers won the deal at Rs5,723 crore with interest. We are also granting 19.8 FSI to the developer,” said SVR Srinivas, additional metropolitan commissioner, MMRDA.

MMRDA had set a reserve price of Rs50,000 per sq metre and was seeking a minimum price of Rs1,980 crore for the property. It was finally sold at Rs81,818 per sq metre. There were 14 bidders in the fray: Sheth Infrastructure Ltd, Shriram Urban Infra Ltd, DB Realty, Reliance Infra, Bhakti Realty, Indiabulls, Parinee Developers, Godrej Pvt Ltd, Ackruti Ltd, Sunteck Realty, Gaurhati Estate, Lodha Crown, Raheja Universal and Acne Housing.

Out of these bidders, apparently only four turned up for the auction. Sources told Moneylife that Sunteck had bid Rs70,002 per sq metre and Indiabulls had bid Rs67,222 per sq metre.

“It is too high a price that the developer has paid for this land. However, the winner has got more built-up area to construct and the location of the land is not in a crowded place and hence construction with high FSI can easily come up,” said Pankaj Kapoor, founder, Liases Foras.

Moneylife had earlier reported on how MMRDA had failed to attract bidders for a prime commercial real-estate property deal in the Bandra-Kurla Complex (BKC) due to the high price quoted by it. There were around eight prospective bidders—including developers and banks—in the fray.

Currently, residential prices of properties in Wadala are around Rs8,000 per sq ft-Rs12,000 per sq ft.

Vasthu based layout for residense

Eco-friendly floors

Sleek: Bamboo floor at an office in Hyderabad.

Looking out for options to make the flooring of a residence look natural? If yes, eco-friendly flooring can be the answer.

According to Sudeep Srinivas, an architect in Bangalore, in an eco-friendly flooring, the materials used for the flooring are environment-friendly. 

These are usually natural materials that are not processed in industries. These include bamboo, cork, stone and even reclaimed and sustainable wood. Materials such as glass and metal tiles are also considered eco-friendly if they are recycled.

Bamboo floors, where the raw material comes from the bamboo plant, are hard and durable. 

These are easy to clean, sustainable and attractive. However, the choice of colours is limited. Bamboo flooring is rarely done in India due to lack of adequate number of skilled workers. It is mostly done in beach houses and farm houses. The flooring is best in places where the climate is moderate, says Ganesh Kumar of Metaskapes, Chennai.

In India, it is a premium product for those who care for aesthetics and ethnic look. The bamboo is available in the North-East region of the country and also imported. According to Mr. Ganesh, the cost of bamboo flooring is comparable to the other floorings.

In the case of cork flooring, it is made out of the bark of cork oak tree. It is durable, gives a natural look to the house and is also scratch-resistant. However, cork floors require high maintenance and they are not water- resistant.

Floors made out of recycled materials such as glass are economical and eco-friendly. “Glass is used both in the exteriors and interiors but it is better used in the interiors. Toughened glass is a premium product in the market.

The glass goes through several processes like edging, frosting and staining. The glass has to be laid by skilled workers. Use of glass is gaining popularity in India. This is because of the transparency, depth and the superior glossiness. People go in for the plain and stained glass in India. The laying of glass requires skilled workers”, says Senthil K C Kumar of How Solutions, Chennai.

Granite, marble, slate, sandstone and limestones are the types of stones used for stone flooring. According to T.R.V Sundar of Architectural Granite and Marble, “People in India go in more by budget and uniformity.

Most of them are not aware of the various colours available. There are almost 155 colours of granite available in India.” Stone floorings are natural and durable. “They also provide livelihood to many, from the quarrying of these stones to laying.” Covered with “celesta” the flooring has a life of 10 years even if they are not maintained.

Rammed earth flooring, which is a mix of mud and clay, is another type that is eco-friendly.

“It is a traditional type of flooring, which if done properly gives the floor a beautiful finish, design and pattern. 

It is done mostly in places where people walk a lot like hotels. Rammed earth flooring is also cost - effective in the case of residential houses” says Mr. Ganesh.

Speaking on the advantages and disadvantages of eco friendly flooring Mr. Srinivas says that the major advantage of using eco-friendly materials for flooring is that these keep the place cool and also give a natural look. Price of the eco-friendly materials is also low.

“The use of eco-friendly materials is the sensible and sensitive thing to do at a time when global warming and green house effects are the burning topics.”

Source  :NIKHITA JOSE  ,The Hindu,Coimbatore,May 22,2010