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CONTENT
yDEFINITION AND MEANING OFPROPERTY
yDEFN & MEANING OF REAL ESTATEyTYPES OF REAL RESIDENTIAL &
COMMERCIAL.ySEZyROLE OF REAL ESTATE AGENTSyPROPERTY MANAGEMENTyPROCESS OF SALE OF PROPERTYyREAL ESTATE DEVELOPERSyREAL ESTATE IN INDIAyLEGAL STRUCTUREyREAL ESTATE INVESTMENTyHOUSE REGISTRATION PROCESSyAHOME IN YOUR BUDGETyLODHA GROUPyCONCLUSION
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DEFINITION & MEANING
OF PROPERTYProperty is any physical or intangible entity that is owned by a personor jointly by a group of persons. Depending on the nature of the
property, an owner of property has the right to consume, sell, rent,
mortgage, transfer, exchange or destroy their property, and/or to
exclude others from doing these things. Property is divided into two
types: "real property" which is any interest in land, real estate, growing
plants or the improvements on it, and "personal property" (sometimes
called "personalty") which is everything else. (physical possessions
belonging to a person), Important widely-recognized types of property
include private property (any
property that is not public
property property, owned by
legal persons or business
entities. It may be under the
control of a single person or by a
group of persons jointly), public
property (state owned or
publicly owned i.e any property
that is controlled by a state or by
a whole community) In other words "Public property," refers to
ownership by a governmental body such as the federal, state, county or
city governments or their agencies (e.g. school or redevelopment
districts). and intellectual property (exclusive rights over artistic
creations, inventions, etc.), although the latter is not always as widely
recognized or enforced. A title, or a right of ownership, is associated
with property that establishes the relation
between the goods/services and other persons,
assuring the owner the right to dispose of the
property as they see fit.
Property is not a relationship between people
and things, but a relationship between people
with regard to things.
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DEFINITION &MEANING OF
REAL ESTATE
Land, buildings, and things permanently attached to land and buildings.Also called realty or real estate.
1) all land, structures, firmly attached and integrated equipment (such
as light fixtures or a well pump), anything growing on the land, and all
"interests" in the property which may be the right to future ownership
(remainder), right to occupy for a period of time (tenancy or life estate)
the right to drill for oil, the right to get the property back (a reversion) if
it is no longer used for its current purpose (such as use for a hospital,
school or city hall), use of airspace (condominium) or an easementacross another's property. Real property should be thought of as a
group of rights like a bundle of sticks which can be divided. It is
distinguished from the other type of property, personal property, which
is made up of movable items.
2) one of the principal areas of law like contracts, negligence, probate,
family law and criminal law.Real estate is the modern term for land and
anything that is permanently affixed to it. Fixtures include buildings,
fences, and things attached to buildings, such as plumbing, heating, andlight fixtures. Property that is not affixed is regarded as Personal
Property. For example, furniture and draperies are items of personal
property.
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TYPES OF REAL ESTATE
The two major types of real estate are commercial and residential real
estate. Commercial real estate involves the sale and lease of property
for business purposes. Residential real estate involves the sale andrental of land and houses to individuals and families for daily living.
RESIDENTIAL REAL PROPERTY
What is Residential Real Property?
Business Definition for: Residential Property
Buildings and land which are used for residential purposes i.e. living.These include single-family homes, multi-families, apartment buildings,
etc. It derives all or nearly all of its income from dwelling units.
Residential property in India is a luring market. Residential real estate
market in Indiahas seen mounting prices. A survey of the Residential
Real Estate News is sufficient to give a gist of the situation of residential
property prices. Indiahas seen mass developments in residential plots,
housing complexes and luxuryhousing units. The residential real estate
developments in India are not restricted to just the metro cities likeDelhi, Mumbai, Bangalore, Pune, Kolkata, Chennai and Hyderabad
but also the upcoming surrounding areas specially the SEZ's .
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Residential Property Market
The Residential Real Estate Developers In India have ventured out full
time into construction and development of large-scale housing projectsin order to cater to the demand of residential property for sale. India
residential property is a magnet for not just the local real estate
developers but also the foreign investors especially the NRI Investments
in India have a major chunk into the residential property market.
Even the number of Residential Real Estate Agents and Brokers have
increased manifold in the past few years. One can find complete real
estate property listings in residential real estate for sale, residential real
estate for rent and leasing of residential properties in India. The realestate agents and brokers also guide you about the various Residential
Real Estate Loan Schemes available in the market and also the
residential real estate investing opportunities that would yield the
maximum returns.
Residential Properties in India
Residential properties in Delhi, Mumbai, Pune, Bangalore, Gurgaon
and other major cities record the maximum prices as well as sale. The
residential property news is a clear indication of the current trend in
Indian residential real estate market. One can find the names of major
conglomerates venturing into residential real estate developments.
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The residential real estate companies provide Residential Real Estate
Valuation and Property Management Services that can help determine
the residential real estate value of the existing property you intend to sell
or the values of the residential properties to buy.
Residential Properties for Sale in India
The Indian government provides development plans that will list the
residential property for sale in the various cities of India like Delhi,
Mumbai, Bangalore, Pune, Hyderabad, Chennai, and Gurgaon etc. They
also list the real estate agents and brokers dealing in residential real estate
in India. All the Leading Residential Real Estate Developers are also
registered with the governmental body.
The Development Authority conducts residential real estate auctions for
the sale of residential plots and properties. They also determine the
Residential Property Taxes to be paid to the government. Regularization
of construction works on an allotted piece of land is also the work of the
development authority of that area. Residential property act lays down the
guidelines for sale and renting of residential property in India.
Thebenefitsof investing in residential property
We need smaller investments in residential properties as compared to
the investment made in commercial properties, which can be important
in particular if this is your first investment property. Knowing the fact
that residential leases are shorter than commercial ones, residential
properties are generally easier to rent because it is comparatively easier
to find a residential tenant. The more you research residential or
commercial property, the better you are able to know your market, the
safer your investment will be.
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What is Commercial Property?
BUSINESS DEFINATION FOR: Commercial PropertyBuildings and land which are used for performingbusiness activities arecalled Commercial property. It can include a single/more offices,
buildings, factories, hotels and business houses. Itderives its income
from non-residentialsources.
Commercial property is real estate intended for use by for-profit
businesses, such as office complexes, shoppingmalls, service stations
and restaurants. Commercialpropertymaybepurchasedoutrightby a
developer for futureprojects or leased through a real estate broker.
Commercial property falls somewhere between residential andindustrial property.Practically every incorporated city uses a zoning
system toregulatetheuseofpropertywithinits jurisdiction. Inorder to
grantpermissiontobuild anewoffice complex or other profit-making
business, the citygovernment mustdetermine that the chosen area is
indeed commercial property. The zones which separate industrial,
residentialandcommercialpropertyareclearlymarkedoncitymaps.
Iftheproposedbusiness is clearlyinanarea zonedfor commercialuse,
thenthecitywillallowthe saletoproceedfor the stateduse. Ifanypartof the commercial property extends into a residential or industrial
zone, however, then the buyer must seek a 'variance', special
permissiontocross over a zoneboundary.
Commercialpropertycanbeheldby realestate agents whotreatitthe
same as residentialproperty. Signs advertising the availability and size
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of the commercial property can be erected, and arrangements can be
made to buy or lease smaller lots. Sellers of commercial property may
also agree to make improvements to the land, such as grading off
uneven spots or clearing out unwanted trees. A professional developer
may purchase huge swatches of commercial property simply toguarantee its availability for later projects.
Cities often use zoning laws to prevent conflicts between residential
homeowners and businesses. Land designated as commercial property
is rarely located in the middle of residential zones. City planners
encourage commercial businesses to congregate along busier streets
and central downtown areas. This helps to keep traffic to these sites
manageable. Some areas of the city may be designated for 'mixed
usage', which means some commercial property may be used for
residential purposes. A quaint downtown shopping area with
apartments would be an example of mixed usage.
Commercial property definitions may include industrial usage as well,
although zoning laws still regulate the level of industry permitted.
Heavier industries often purchase property on the fringes of cities or in
unincorporated areas. Some commercial property zones in the city do
allow for light industrial usage, usually smaller factories with minimal
emissions and transportation needs.
The benefits of investing in commercial property
This acts as a bigger source of income.The lease provided by banks
tends to be much longer ranging between three to 20 years - and they
are quite good which makes them a secure investment.Commercial
tenants maintain the property better as its condition is much important
to their business and their staff. Lease contract also adds protection for
the owner in the form of good clauses, maintenance clauses and
management clauses made.The return on invested capital oncommercial properties ranges between seven per cent and 10 per
cent net after deducting all costs.
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SEZ India Website, SEZ India Projects
SEZ or Special Economic Zones are specially demarcated geographical
regions that have more liberal economic laws as compared to the
centralized laws of the country. SEZ concept itself gives the SEZdefinition. The very purpose of a SEZ is to develop the area covered
under the special economic zone by following special economic policies.
SEZ In India
The basic motive behind developing a special economic zone like SEZ
in India or SEZ in China, primarily in the developing countries is to
attract mass foreign investments in the country. India Real Estate
Investments have attracted huge foreign funds and thus the special
economic zones in India have increased by and large.
The SEZ norms and rules vary from country to country and region to
region. SEZ land involved also decides the SEZ policy for the SEZ
approvals. The SEZ act 2005 announced the SEZ policy in India for
setting up of any special economic zone in India. This special economic
zone act 2005 set the guidelines and procedures for acquisition of SEZ
land and SEZ development following the proper SEZ laws. Further
amendments were made through SEZ Act 2006 and SEZ policy 2007.
The SEZ history dates back to 1965 when first export processing zone
was set up in Kandla, Maharashtra. That was the instigation of SEZ's in
India.
The SEZ Act in 2005 established India Special Economic Zones
formally. SEZ notification as mentioned in the SEZ Act includes:
y To augment additional economic activity by attracting foreign directinvestments
y To Promote of exports of goods and servicesy To promote of investment from domestic and foreign sourcesy To create more employment opportunitiesy To develop infrastructure facilities of global standards
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SEZ India Benefits
y SEZ's offer economic progress to the area, the local inhabitants andthe country as a whole
y Exemption from payment of stamp duty and registration fees on thelease/license of plots to the SEZ developer.
y External commercial borrowings of upto 500 million USD a yearwithout any restriction of maturity to the SEZ developers.
SEZ Disadvantages
y Revenue losses due to various tax exemptions and tax benefitsawarded to the India special economic zones.
y Most Real Estate Developers In India are interested in setting up aSEZ to cash in the india real estate bubble by acquiring SEZ land at
cheap rates and creating a land bank for themselves
India Real Estate holds a special section for SEZ where details regarding
the SEZ news and notification, upcoming SEZ projects, listing of SEZ
developers, SEZ consultants and consultant agencies, SEZ companies
group engaged in development of special economic zones in India and
others deserve special mention.
SEZ Projects in India
Presently around fourteen major special economic zones functional in
India:
y Santa Cruz, Mumbai, Maharashtray Cochin, Keralay Kandla And Surat in Gujaraty Chennai, Tamil Naduy Vishakhapatnam, Andhra Pradeshy Falta And Salt Lake in West Bengaly Noida, Greater Noida in Uttar Pradeshy Indore, Madhya Pradeshy Jaipur, Rajasthan
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WHO IS REAL ESTATE
BROKER?
Anindividualor firm employedbyothers toplanandorganizesales or
negotiatecontracts for a commission.
A broker's functionis to arrange contracts for property inwhichheor
shehas nopersonal interest, possession, or concern. Thebroker is an
intermediary or negotiator in the contracting ofany type ofbargain,
actingas anagentfor parties whowishtobuyor sell stocks, bonds, realor Personal Property, commodities, or services. Rules applicable to
agency aregenerally relevant to most transactions involving brokers.
Theclientis consideredtheprincipalandthebroker acts as theclient's
agent. Anagent's powers generallyextendbeyondthoseofa broker. A
distinguishing feature between an agent and a broker is that a broker
acts as a middleperson. Whena broker arranges a sale, heor sheis an
agentofbothparties.
Inorder todeterminewhether or notanindividualis actingas a broker
in a transaction, the type of services that are performed must be
examined.
The saleofresidentialproperty is heavily regulated. All states require
realestateagents andbrokers, whoearna commissionfrom theowner
ofrealestatefor sellingtheproperty, tobelicensed. Togetalicense, a
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person must have a high school diploma, be at least eighteen years old,
and pass a written test on real estate principles and law.
Real estate brokers or agents are hired to transact the buying and
selling, lease, or rental of real property on a commission basis. They
can also be involved with the purchase and sale of lands, and the
acquisition of mortgages for others. They may also counsel and advise
people who wish to buy or sell real estate.
Regulation and Conduct of Business
The business or occupation of a broker may be regulated by the state
under its Police Power. A Municipal Corporation has the power to
regulate brokers who function within its boundaries if authority to do so
is granted by the state.
In order for a broker to engage in business, he or she is generally
required to acquire a license and pay a fee. Brokers who conduct
business without a license can be fined by state licensing authorities. In
some states it is illegal for any person other than a licensed broker to be
paid for services concerning real estate transactions.
Laws exist that impose a license tax on brokers. Within the meaning of
such laws, any individual who regularly works as a middleperson ornegotiates business transactions for the benefit of others is ordinarily
considered a broker. It has been held by a federal court that a statute
requiring brokers to obtain a license was only applicable to those
people regularly employed as brokers. An individual only casually
involved in brokerage through the arrangement of only a few sales
would not be considered to be engaged in the business of brokerage.
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REVOCATION OF LICENSE
The state's concerns regarding brokers extend beyond initial licensing
to the establishment of conditions for the maintenance of a license.
The state may provide for the revocation or suspension of brokers'
licenses for reasonable grounds.
The power to revoke a license may be vested in a specially designated
commission that exists primarily to hear complaints about the
fraudulent practices of brokers. Such proceedings are ordinarily
informal, and technical court rules generally are not observed.
During a hearing, the commission is presented with evidence relating to
the broker's conduct and must consider whether such conduct warrantsdenial of the privilege to engage freely in business.
Grounds for revocation of a license are generally based upon Fraud,
dishonesty, incompetence, or bad faith in dealing with the public. A
real estate broker's license may be revoked or suspended because of
Misrepresentation used to effect a purchase or sale. Generally, the
conduct of a broker in negotiating a real estate transaction on behalf of
his or her principal is subject to strict fraud and deceit standards, equal
to those imposed on his or her principal. It has been held by somecourts that the failure of a broker to disclose material facts within his or
her knowledge will create liability. Within the meaning of fraud is the
pretense of knowledge on the part of the broker while executing a real
estate transaction where no knowledge actually existsfor example,
while selling a house a broker states that there are no concealed defects
in the house, although he or she does not actually know if such defects
exist.
A real estate broker's license may be suspended or revoked if duties areperformed unlawfully. In addition, a broker's license can be revoked or
suspended if a broker is guilty of RACIAL DISCRIMINATION in the
selling and leasing of property.
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Commissions: A broker is ordinarily compensated for services by the
payment of a commission, based upon a portion of the value of the
property in a particular transaction.
Generally, a commission is earned when negotiations between a buyerand seller are completed, and an agreement is reached. It is customary
for a broker to deduct and reserve the amount of commission from
funds obtained by him or her for a client. The ordinary basis for the
calculation of a percentage commission is the total sale price of
whatever is sold.
In order for a broker to be entitled to a commission, a sale must be
completed for which the broker has been employed.The broker's right
to a commission is not dependent upon the finalization of thetransaction unless otherwise agreed upon by the broker and by his or
her client.The compensation of a broker is based upon procurement of
a client who is willing and able to purchase. The specific terms of the
transaction must be satisfactory to the broker's client.
Of paramount importance is the prospective buyer's ability to provide
the required funds at the suitable time. A broker who has properly
performed his or her duties should not be denied a commission due to
a failure by the parties to consummate the deal.
In the absence of any agreement to be employed by a client, a broker is
not to be compensated for voluntary services. Similarly, compensation
is not due a broker when a sale is made by an owner after the broker-
client relationship has been terminated. A common type of termination
is the expiration of a real estate listing. This rule against the payment of
a commission is absoluteregardless of whether or not the sale is made
to an individual whom the broker initially producedprovided the
broker was given ample opportunity to complete the transaction andfailed to do so. Once a broker has earned his or her commission, a
client may not terminate the relationship and complete the transaction
himself or herself in order to avoid paying the broker.
Any fraudulent misrepresentations or evidence of bad faith on the part
of the broker will defeat his or her right to a commission. Mere
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Negligence in the execution of duties, in the absence of bad faith, does
not automatically defeat a broker's right to compensation.
Future Roles of Brokers
Technology affected the roles of practically all types of brokers.
Probably the most significant developments have been related to
communications, as new technologies have allowed brokers to
communicate with their clients in a variety of means, thus enhancing
the ability of the brokers to serve their clients' interests. Some changes
were different methods in day-to-day communications, such as the
common use of E-Mail and fax machines. The rise in Internet usage in
the 1990s also caused a number of changes, as registered brokers began
to serve as online customer service representatives for prospective
buyers. Economic problems in the early 2000s slowed the development
of the role of the broker, but as new technologies continue to develop,
the role of the broker was expected to continue to evolve.
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PROPERTY
MANAGEMENTProperty management is the
operation of commercial, industrial
and/or residential real estate. This is
much akin to the role of
management in any
business.Property Management is
also the management of personal
property, equipment, tooling and
physical capital assets that are acquired and used to build, repair andmaintain end item deliverables. Property Management involves the
processes, systems and manpower required to manage the life cycle of
all acquired property as defined above including Acquisition, Control,
Accountability, Maintenance, Utilization, and disposition.
Property management is defined as the responsibility of managing the
multiple aspects which accompany the ownership of real estate. This
is analogous to the role of managing events in any industry. Oneimportant role is the liaison between the landlord and the tenant.
Duty of property management companies incorporate accepting rent,
responding to and addressing maintenance issues, advertising
vacancies for landlords, and doing credit and background checks on
tenants. The many facets to this profession include participating in
and/or initiating litigation with tenants, contractors and insurance
agencies. Litigation alone is at times considered an entirely separate
function, set aside for trained attorneys. A property manager should
be informed with new laws and practices in their given localities.
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Selling property - the process
You know how great your home is, but when you sell your property,
you have to convince someone else. The selling process can seem
complex, but one should consult experienced real estate agents/
agencies to make sure it runs smoothly. The following are the main
steps:
Step 1: Appoint an estate agent
Step 2: Spruce up your home
Step 3: Get your Home Information Pack
Step 4: Agree the sale
Step 5: Up to exchange of contracts
Step 6: Complete the sale
Step 1: Appoint an estate agent
The first step in selling your property is to appoint an estate agent,
wholl value your home and show it to potential buyers. There are two
ways you can appoint an estate agent.Sole agency is where you give thejob of selling your property to a single estate agent for a fixed period of
time. The commission rate for a sole agency sale will be lower than that
for a multiple agency sale, because that agent has a greater chance of
being the one to find your buyer. Accept an offer via another agent
and you might have to pay more than one fee.
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Multiple agency is where you instruct several estate agents at the same
time, who will all try to sell your property. The commission rate for a
multiple agency sale will be higher than for sole agency.
When you first meet your estate agent, theyll give you an estimated
value for your home, and a commission rate for both sole agency and
multiple agency.
Step 2: Spruce up your home
We get so used to the places we live in that its sometimes hard to see
them through others eyes. But if you want a successful, quick sale,
thats exactly what you have to do and first impressions count for a lot.
A few hours spent making your property look its best or even spending
a bit of money to clear up some niggling problems could add to the
price you get from a buyer. Heres a few tips to get you started
Making your home more saleable
y Think like a buyer dont overlook flaws just because you dontmind them or youre used to them
yReduce clutter get rid of everything but the bare essentials
y Decorate neutrally buyers need to be able to see it as their ownhome
y Keep it light clean the windows and use light coloursy Outside and in buyers will often walk or drive past first, and
fresh paintwork and well cared for outside spaces make a great
first impression
Step 3: Get your Home Information Pack
AHome Information Pack (or HIP) collects together many of thedocuments a buyer needs. The main elements of the pack are
y Energy Performance Certificate assesses the energy efficiency ofthe property from A (best) to G (worst), and gives information on
how to improve it
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passed on to the buyer and then starts the drawing up of
paperwork.
Step 5: Up to exchange of contracts
The buyer will then provide the agent with their solicitors details,
which will then be passed on to the solicitor, so they can get on with
drawing up the contracts.
The next stage is where the buyer and their mortgage lender carry out
any valuations and surveys on the building and check that everything is
as it should be with the paperwork. Its quite normal for a few queries
to be raised, so this stage can take a little while.
When this stage is complete, youre ready to exchange contracts and seta completion date, when the money gets transferred, and the property
legally changes hands, the conveyancing process will be complete.
Completion is normally two weeks later, but can be earlier. It might
even be possible to exchange and complete on the same day if you
need to. Leaving a gap gives you time to make arrangements for
moving out and tie up any loose ends.
After youve formally exchanged contracts, youre legally obliged to sellthe property to your chosen buyer and theyre obliged to buy it from
you. You should plan to move out before your completion date. As
soon as you have completed the sale the property belongs to your
buyer and they can move in immediately.
Step 6: Complete the sale
Completing the sale is usually as simple as getting a phone call from
your solicitor telling you that everything has gone smoothly.
This means both parties mortgages have been paid off and new
arrangements put in place, the conveyancers have successfully arranged
the legal transfer, and the property officially belongs to your buyer.
Selling your property is now complete congratulations!
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What Is a Real Estate
Developer?
A real estate developer is a real estate professional who specializes in
creating new developments or renovating existing ones, marketing them
successfully, and selling them. Real estate developers often work with
partners to share the risk and the workload, and they may work for big
companies which conduct real estate development on a large scale oruse real estate development as one investment tool in a diverse
portfolio. People can approach a career as a real estate developer from
a number of perspectives; developers may hold degrees in real estate
development, or come from a background as a real estate agent,
contractor, or architect.
Working as a real estate developer is very challenging. Developers
need to be able to assess a wide variety of future sites and determine
whether or not they will be workable and acceptable. A real estate
developer can look at an empty lot and find potential in it, or tour a
decaying building and create a vision for remodeling and successfully
selling it. Real estate developers tend to work on a big scale,
constructing multiple units which may extend into the thousands or
renovating a building to create a number of saleable units in the form
of offices, retail spaces, apartments, and so forth.
Experience in the real estate industry is critical, as a developer must
know the market well to know whether or not a project will be
successful. Developers also need connections with local governments
which will help them accomplish projects, ranging from friendly people
in the planning office who may provide recommendations to help push
a project through to allies on planning commissions and city councils
who will promote their projects.
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Real Estate In IndiaReal estate in India is a bubble that seems to be blown in to
maximum each time we hear of a price rise in the Indian realty sector.
But then the myth is broken and a fact is established stating there's
room for more. The real estate news shows a never ceasing expansion
in the real estate developments everywhere. More real estate
companies and group have been established in the recent few years.
The real estate discussion forum and Blog discussions have become a
trend amongst enthusiastic property and realty investors. The Indian
real estate market has developed from the local 'thekedaars' to real
estate agents and realtors. Real estate sector has proven to be the best
returns opportunity for investment of the long saved funds.
The for sale real estate listings include everything from residential
houses, apartments, townships, buildings to commercial and retail
shops, complexes, mega malls, entertainment centres, office spaces
and industrial set ups. Real estate construction companies have
ventured into mass development projects that sometimes include
development of integrated townships that are small self-sufficient cities
Indian Real estates are a good fund-attracting site for the NRI's and
other foreign investment seekers. The real estate trends that weremore orthodox have undergone a paradigm shift to a more
contemporary and modern outlook with a bloom in the realty situated
in far away and more serene surroundings. This shift has given the
Indian real estate industry a newer opportunity of developing land
that was otherwise considered useless and provide the tranquility o
the mountainside holiday destinations right in your home.
A most recent real estate report of the year 2007 shows Bangalore and
Chennai as the cities most affected by the bloom in the real estate
market in India. The realty prices have risen sky high.
The realtors and real estate agents in these cities are the happiest of the
lot getting plum commissions because of the excess demand of the
property in these areas. The real estate laws have also changed with
emphasis on the customer demands rather than the builder choices.
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A good real estate developer is also part of a much larger team. He or
she needs to work with architects, contractors, landscapers, politicians,
real estate agents, and numerous other professionals to see a projectthrough from start to finish. Developers have to select good teams,
organize them well, and manage them effectively, meeting the needs of
the project and the team members while staying in control of the
overall development.
Many real estate developers pick a particular area of specialty, such as
high-end residential properties, commercial real estate, middle-class
subdivisions, low-income housing, and so forth. Real estate developers
may also travel across a wide region to work on development projects,applying their skills to settings and cities which may be very different. A
development which appeals to the high-end residential market in New
York City, for example, will not necessarily be as successful in
Minneapolis, and a real estate developer must be able to be flexible
and read communities well to meet their needs.
Real estate development jobs are not mere acquiring land and
constructing on it. The whole realty development procedure involves
careful planning about the location of the project and the desired
customer base targeted then comes the land acquisition and then
accordingly a topmost architect is consulted, the layout designed, rawmaterials customized, state-of-the-art infrastructure and techniques
employed and perfect finishes are provided to give the made-to-order
finish to each unit. A strategic following of this trend can ensure the
best real estate product and hands down sale opportunity for the
realtors.
Many sites provide an online real estate directory that provides all
Indian real estate listings and Real Estate Builders, Agents and
developers. Many websites also function as real estate portals and dealin property buy, sell, rent or lease. You can also research on the real
estate business in India, the trends of the Indian realty market and ge
the latest report and news on the Indian real estate property. On this
website find all you would like to enquire about the real estate market
in India, the real estate listings, a comprehensive listing of the Top
Builders and finance schemes providing institutions as well.
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LEGAL STRUCTURESince the 1970s, home buyers have
been given additional protectionunder the law. Many states and
municipalities require a seller of
real estate to file a truth-in-housing
statement. A seller must disclose
any problems with the home, such
as a wet basement or the presence
of termites, on the form. Failure to
disclose this information can result
in the revocation of the purchase agreement or a lawsuit by thebuyers against the seller for Fraud. In addition, some laws require
an inspector to visit the property to determine if there are any
problems.
Most purchases of residential real estate require the buyer toobtain a mortgage from a bank or other lending institution. The
lending institution receives a security interest on the real estate,
which means that if the borrower defaults in paying back the
mortgage, the institution can obtain title to the property and resell
it to pay off the mortgage debt.Modern property rights are based on conceptions of ownership
and possession as belonging to legal persons, even if the legal
person is not a natural person. In most countries, corporations,
for example, have legal rights similar to those of citizens.
Therefore, the corporation is a juristic person or artificial legal
entity, under a concept that some refer to as "corporate
personhood".
Not every person or entity with an interest in a given piece ofproperty may be able to exercise all possible property rights. Forexample, as a lessee of a particular piece of property, you may not
sell the property, because a tenant is only in possession and does
not have title to transfer. Similarly, while you are a lessee, the
owner cannot use their right to exclude to keep you from the
property, or, if they do, you may be entitled to stop paying rent or
sue for access.
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India Property Tax rates
India Property Tax Rates have been rationalized as whole taxation
system has undergone a change. These changes are basically to evolve
the system and raise it to international standards. Like in Bangalore,
state government has introduced Capital Value System (CVS) forcomputing property taxes. Municipal Corporation Delhi has made
the whole process of paying property tax a very speedy one by making
an online website. Their Property Tax Information System (MCD-
PTIS) assist you by providing an online filling of your property tax,
return form, property tax calculator and also assist you in making
payment of the tax. There are many websites dedicated to property
tax in India and one can easily get tax forms that are also available
online these days. The Nagpur Municipal Corporation (NMC) is the
first local government in India to make record of its five-lakhproperties in city and making it online for the purpose of property tax
search and online payment of tax. Property tax division in India is
responsible for making Property tax Laws, regulating the same and
supervising the property tax assessment.
Property by law is basically of two types: real and personal. Propert
tax is levied on both real and personal property. Property tax
assessment for both of these is different. Any property be it a real or
personal is further categorized according to its use.
Moreover for the Property tax purpose in India real property is taxed
in the jurisdiction of its location where as personal property can be
taxed according to the jurisdiction or taxpayer's resident. Although
there are many other forms of taxes in India like Income Tax, Sales
tax etc yet the property tax is the single largest source of revenue for
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government. The tax paid by you is utilized to make roads, sewer
system, maintenance of parks, do developments in infrastructure etc.
The owner of the property pays property tax and local bodies (local
taxing unit) levy tax on property. The local taxing unit is a legal body
of government with elected officers. Property tax rates are determinedand these are based on the value of your property.
Property Tax Rates in India
For the purpose of Propertytax assessment, property tax rate is often
given in percentage, which is amount of tax per hundred-currency unit
of property value or it can also be expressed as permille in which
amount of tax per thousand currency unit of property value iscalculated.Whenever the value of property will change there will be
change in property tax value. Recently property tax assessment model
in Patna city got praise from UN. Patna Municipal Corporation has
initiated area-based, simplified assessment of property tax.
After knowing the worth of property the assessor does Property Tax
Appraisal that is placing a value on property. Most commonly to
calculate value the willingness of buyer to pay for that particular
property is judged. In addition to this value of property can be assessedby market or sales comparison method, cost approach or income
method. Under market or sales comparison method your property is
compared to some other similar property in the market. While in cost
approach method the consideration to current material and labor cost
is given. Whereas to calculate income method it is estimated that how
much income that property can generate and give to you. Assessor can
use other type of methods as well. Further any addition to your
property will increase its value and value of property is also linked to
the economy of that area. It is very important for taxpayer to monitorthe whole assessment process for property tax purposes in India.You
can always make property tax appeal if you find any discrepancy
regarding your tax.
There are many Property tax consultants in India. They help you
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thoroughly in the process calculating your property tax, knowing the
due dates and deduction. They lend all the professional help and
assistance in the field of property tax.
India Property Taxes
They also do the property tax estimates. Property tax payment
deadlines in most of the states in India are subjected to change. But to
make it fast and on time certain percentage ofconcession is given to all
property owners, who pay their taxes before the last date. This has
been done in few cities and states in India like Bangalore, Andhra
Pradesh etc. Sometimes government also provide Property tax relief
commonly in the form of Senior Citizen Real Property tax relief, First-
time Homebuyer Individual Income Tax Credit etc. Tax relief reduces
the burden of tax especially to senior citizen and people having low
income. Some times many people are not able to buy land or property
owing to low income, high property rates and even high property tax.
They can easily go for tax sale properties that can be purchased at
marvelous discount. These properties are sold, as original owner is
unable to pay tax consecutively for few years and the property is called
tax sale.All in all the whole scenario of property taxes in India is
undergoing major transformation.
India Real Estate Investment
India Real Estate Investment has proven to be the highest yielding
investment opportunity in the recent few years. The realty industry in
India is at its zenith and is thereby attracting the maximum investment
not just locally but overseas too. NRI Investments have taken a new
turn and have entered the Indian real estate market.
The various Real Estate Developments in India include construction of
residential units, townships, commercial complexes, office buildings
and retail stores and shopping malls. The newest entrant is
development of IT spaces that includes IT Parks and integrated
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townships for the employees of the IT industry in that IT Park.
Many Banks and Financial Institutions like HDFC Property Fund,
Dewan Housing Finance Limited-DHFL Venture Capital Fund, Kotak
Mahindra Realty Fund, Kshitij Venture Capital Fund (A group venture
of Pantaloon Retail India Ltd) and India Advantage Fund (ICICI),
provide the funds for real estate development to the Builders and
Developers for construction of these structures. These are the major
institutional investors in real estate in India.
The various factors responsible for the upswing in the India real estate
investments are:
The increasing demand in residential, commercial and industrialproperties
Growth in hospitality or hotel industryDevelopment of Special Economic Zones (SEZ)Increased living standards of people with higher disposable
incomes
Development of IT and ITES industry.The Government of India is also liberalizing by providing more
funds for real estate developments all across the country and
relaxing the economic policies. The various acts by the GOI inthis regard are:
Indian Transfer Of Property ActIndian Registration Act, 1908.Indian Urban Land (Ceiling And Regulation) Act, 1976Stamp DutyRent Control ActsProperty TaxForeign Exchange Regulation Act, 1973
Besides the GOI interest in the realty sector other investments
demanding mention are NRI Investments. NRI investment in real
estate segment in India have increased manifold. Special NRI cities are
being constructed by the leading Real Estate Builders in and around,
major cities in India like Noida, Bangalore, Mumbai, Pune, Kolkata
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etc.
A major chunk of the Foreign Direct Investments (FDI's) presently
goes into the Indian realty sector. Steps have been taken to manage and
further promote real estate investment in India.An Indian Real EstateInvestment Trust (REIT) is being formed that will facilitate fast and
easy liquidation of investments in the real estate market in India. The
Indian realty market is flooded with Initial Public Offer (IPO) by
various real estate and infrastructure development groups. This is
opening further avenues for investments in real estate in India.
NRI Real Estate InvestmentNRI Real Estate Investment has been on a sharp rise in the recent few
years. This can duly be accredited to the tremendous growth in the
Indian realty sector with an average of 30% last year. India being the
fifth largest economy in the world and the second largest among
emerging nations, has shown a potential growth in investments
destination for the NRI population.
Special NRI quota is also provided for various land sales byGovernment. Special Grants and services are also provided to the NRI
population to lure more and more foreign investment. All the leading
banks and financial institutions have separate NRI dealing services that
cover NRE, NRO bank accounts, housing loans and other home loan
related products. You can also refer to the various bank websites to
find out further details about the NRI investment procedures and the
help available.
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NRI Real Estate Investment in India
The real estate bubble is blooming with huge investments from all
sides, the Government of India (GOI), individual builders,infrastructure developers, large conglomerates and NRI's or the Global
Indians. The contribution of the Indian Government and other factors
to the attraction for NRI investments in realty sector of India includes:
Sale of land for residential, commercial and industrialdevelopment.
Infrastructure support for the realty development all across thecountry
Promotion of NRI investments and FDIPolicies for transparency and facilitation of real estate transactionsLiberalization of rules by GOI and RBI regarding NRI property
and NRI homes investment.
No restriction on the maximum number of properties that can bebought
Easy finance availabilitySimpler repayment processes like normal inward remittances or
debit in their NRE or NRO bank account.
The various above-mentioned factors have given the Indian real estate
market a potential of touching USD 30 million in the next five years.
An estimate of 5 million homes recorded sales in 2005-2006. Even the
returns from the real estate investments have out performed other
investments. Easy home loan availability by financial institutions in
India, NRI remittances and repatriation procedures and easy
operability of NRE, NRO and NRCS bank accounts has emerged as
the best of all the available prospects for the NRI's looking forward to
returning to India.
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Step 3: Preparation of Property Sale Deed
This is done by an authorized house registration attorney on behalf of
the purchaser. The final deed is printed out on a green paper with
stamp duty stamp affixed on it. This involves a fee of 1% of theproperty value and might take 7 days again.
Step 4: Final Registration
The house registry or land registry is then stamped, executed, and
finally registered in the presence of seller, buyer and two witnesses at
the office of the SUB Registrar of Assurances at 5% market value of the
property as Stamp Duty. This process takes just 2 days to complete.
Step 5: Submission ofDocuments
The completed home registry is then submitted to the Reader of the
Sub Registrar of Assurances for scrutiny. Then at the payment of 1% of
the transaction value or Rs. 30,000 whichever is less, the documents are
presented before the Sub Registrar. The seller then hands over
possession of the property to the buyer. The documents are handed
over to the buyer within 30 minutes of submission of the payments
receipt.
Step 6: Mutation of The Title of The Property
The purchaser now has to apply to the local Municipal Authority to get
the title of the concerned property mutated in his favor with all the
relevant documents that your Real estate attorney would guide you
about. The Municipal Authority then assigns the property value for
levying property tax and then issue a letter of mutation in favor of the
purchaser.
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Housing Rental Options
Houses on rent in India are providing accommodations to thousands
of families who cannot afford to buy homes of their own. There are
several other occasions when we thoughtfully look for houses on rent.
Students temporarily shifting to another city in pursuit of higher
eduction, employees of a company transferred to some other location
on a short term assignment and businessmen who often require to visit
a particular city for commercial purposes are the categories of people
that find rental houses the most suitable for their requirements. Houses
for rent are also hunted by professionals seeking jobs in bigger cities
and visitors who want to stay in a tourist destination for a longer period.
As the housing needs for different categories of people vary, so do the
options available for renting a house. Hence, we find the most
extensive range of rental homes in India from the modest and
affordable ones to the most luxurious and highly expensive ones.House rents also vary from one city to another and even from one
location to another within the same city. Moreover, it would either be a
short term rental accommodation or a long term rental
accommodation based on the rental agreement papers signed by the
tenants and the landlords.
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Home Rentals in India
Although builders and housing boards in India are leaving no stone
upturned, the gap between demand and supply of residential
accommodations, particularly in bigger cities is widening. This puts apressure on the segment of house rentals and we find house rents
soaring, quite frequently, to newer levels in every category. The growing
population of the country and demographic shift towards urban areas
are also playing their parts in aggravating the scenario of housing rental
in most of the cities. The houses available on rent in most of the cities
are in the forms of single room flats or double room flats. It is also
possible to get rental apartments with two or three bedrooms options.
For premium category of home seekers, such as corporateprofessionals and businessmen, we have well furnished apartments,
bungalows, villas, penthouses, duplexes etc. with good interiors and
cozy environments. While renting a home anywhere in the country, it is
a good practice to involve a property dealer. This is because the various
real estate services provided by property dealers in India let you live in
a rental house as long as you wish without any hindrance. To search
availability of houses on rent in a city, you can take the help of real
estate websites, such as indiahousing.com. There are other property
sites also that offer you similar kinds of services and are beingmentioned on this page.
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AHome in your Budget
When you have decided on the budget, next thing you want to knowhow big a house you want. This depends on your family size and your
needs. In major cities or metropolitan cities, flats are generally sold on
the basis of built up area or super built up area. Area is generally
measured in terms of Square Foot or Square Feet. To assess the are
requirement one needs to understand the following concepts o
saleable area:
y Carpet Areay Built up Areay Super Built up Area
Buying a Property in India
While locating a property, the buyer needs to be clear whether the
property is only for investment purposes or for actual use. If the
property you are buying is for actual use then you need to consider
whether that area has sufficient infrastructure.
This will include:
y Access to roads,y Power back up,y Water supply,
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Real Estate Agents/ Property Dealers in India
When our house hunt or search for Property In India begins, many
people and institutions start getting associated with us. Among them,
those who are going to be there right from the start to the end are the
property dealers and real estate agents. They are those without whomhunting for a house for Property in India can become an arduous
effort. Indeed, brokers and property dealers have made buying
property in India simpler. Thus, whether we need to buy a residential
house or a commercial one, we take assistance from real estate agents
in India.
Property dealers do not assist us in buying a real estate property alone.
When we require to sell our properties for any reason, then also we
seek the help of real estate agents. This is because they are theprofessional people who keep in constant touch with different types o
clients, some of which may want to buy and the other to sell real estate
properties, plots of land or residential houses. In this sense, the
property dealers work as middlemen and help a property owner meet
prospective buyers easily and surely, and of course by charging a
reasonable amount of fee on both the parties of a transaction.
It is not only the selling and buying of a real estate property that are
being dealt by a real estate agency in India. Even if, you do not want toown a house by purchasing since you do not intend to live in that
particular place for long and are looking for a house on rent, so that
you can stay as long as you wish and leave the moment your purpose of
stay in the city ends.
Similarly, if you are a property owner yet do not want to sell it
altogether. Rather you like to rent out a portion or the whole of it to
some tenants so as to ensure a regular income out of it. In this case,
too, the professional help of property dealers will bring you the right
client.
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PropertyDealers in India: Multiple Services
There is a number of other real estate related jobs in which the helpful
support of property dealers will see you through them quite easily and
almost certainly. Getting home loans and getting your newly acquired
house registered at the local authority may become smoother and
hassle free. Similarly, you many need their advice and help in hiring the
services of building contractors, home architects and interior
decorators. The real estate agent of a particular locality has full
knowledge about the availability of residential properties, their current
capital values and the rate of appreciation. Hence, you can get a truepicture of the real estate market of that particular area. This can help
you in taking accurate decision regarding real estate investment.
Buying home, selling home, Renting home, leasing home, real estate
agents have knowledge in all fields. Property dealers deal in flats,
apartments and have contacts with some of the top builders and
property developers.
So, on this page, we have listed a number of property dealers and realestate agents operating across India who have vast knowledge of India
Property and the real estate rates in India.
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Established in 1980, Lodha Group is a premier real estate developer
headquartered in Mumbai. The Group is currently developing inexcess of 29 million sq. ft. of prime real estate over 38 projects in
Mumbai, Pune, Lonavala and H yderabad making it one of the largest
developer in the country. The group is now expanding into Western
and Southern India and recently kicked off their geographic expansion
by launching Lodha Bellezza, an unparalleled super luxury residential
project in Hyderabad and is soon expected to launch its first project in
Pune.
In 2007, the group received one of the largest ever FDI in the realestate sector in India. In addition, it works with leading financial
Institutions, designers and product manufacturers to bring together the
most premium offerings for its customers.
The Group focuses on development of residences and office spaces in
various formats including standalone projects, IT campuses, weekend
retreats and townships. From luxury garden residences in South
Mumbai to large integrated townships in the suburbs, the group caters
to diverse consumer needs across all segments. The Group currently
employs over 1250 professionals. With a vision to build better lives,Lodha exceeds the expectations of customers through innovative,
world-class solutions, thereby creating value and at the most opportune
moment. The group continuously strives to exceed the expectations of
customers through innovative, world-class solutions leading to several
innovative firsts to its credit - be it Lodha Bellissimo - Mumbai's first
"By invitation only" project which is the only Indian residential project
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amongst the top 1000 landscapes in the world, Lodha Luxuria -
Mumbai's first 'Fully Automated Township' or Lodha Aqua - Mumbai's
first water inspired township. Lodha Group has created an entirely new
residential category - mid-income luxury. A new sub-brand CASA by
Lodha was created for this category, with essential quality and luxuryendorsement, providing 'right sized' and 'right priced' products in
Mumbai's suburban locations.
Lodha Group has extended this philosophy to office spaces as well,
where it was one of the first in India to introduce the concept of
branded office spaces through its unique offerings: Lodha Excelus -
Signature offices catering to front office requirements of large
corporate, iThink by Lodha - the ultimate IT destination for large back
office needs and the recently launched, Lodha Supremus - Signature
boutique offices, targeted specifically at mid-sized businesses.
With a focus on building a world class organization, Lodha Group has
attracted top talent from premier institutions and B-school campuses,
hired professionals from benchmark industries and built a proficient
management team.
According to the JP Morgan Property Report 2008, Lodha Group was
ranked second in the list of "most sought after for PE investment in the
realty sector. Also selected as one of India's top 10 builders by
Construction World, the group has consistently delivered luxurylifestyles through innovative solutions, not just by building structures
but by building better lives
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VISION
The Lodha Group seeks to Build a Better Life for its customers by
leveraging its core strengths - the 5 Ls of Leadership, Luxury, Lifestyle,
Location and Legacy - to create landmarks of exemplary quality and
design, that conform to the highest standards of international living.
Leadership
The Lodha Group believes in Leadership through Innovation and has
time and again set new benchmarks for the real estate industry with a
series of 'firsts' to its credit.
y One of the first 'By Invitation Only' project in Mumbaiy Among the first few to introduce the concept of 'Full Cheque' payment
- in 1985
y One of the first to develop Individual Bungalow Scheme concept inMumbai's suburbs: 'Green Park'
y Among the first Customer Reward Program in Indian Real EstateThe Paradise Pleasure Points Program
y One of the first to offer 'Sky Garden'y Among the first to offer biometric fingerprint access control and
motion detector sensors for security
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CAREER WITH LODHA
The Board ofDirectors, the core Management Team and over 1250
associates, making for over 9000 man-years of combined industry
experience, are committed to the Lodha Group's singular vision - 'ToBuild a Better Life'One of the Groups core corporate values is We
will work with the best people - treat them well, expect a lot and the rest
will follow .This is well reflected by the quality of people coming on
board today to work for the group. Also by means of recruiting fresh
talent from top engineering institutions and B - Schools (IITs and
IIMs), the organization is committed to create a culture of exceptional
talent who can put their minds together to deliver the best products in
the market place and set new benchmarks in realty. The qualitative
growth in employee strength bears testimony that the processes and thecorporate atmosphere at Lodha Group are conducive for careers and
overall development.Human Resource Development is a major focus
area for the organization. The HR department is divided into four cells
- Relationship Management, Recruitment, Administrative Services and
Organisation Development. This unique approach, probably the only
real estate company to do so ensures that we have satisfied and
contented employees who are committed to make a difference. Lodha
group has also been awarded with the "Best Places to work in India"
award.The real estate industry is witnessing an unprecedented upsurge. With
operations panning across India and a current growth rate of 200% per
annum.The Lodha Group employs more than 600 professionals,
offering ideal opportunities to the talented and result-oriented
workforce.
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FINANCEThe internal property purchases have also reached an all time high
since the easily available Home Loans in India . Plots are now
accessible to the common man and adjustable into their future financial
planning as it has become easier to arrange the necessary finance to buy
a plot in India with the help of enthusiastic Banks providing innovative
home loans solutions. Loans are readily available for buying any
approved plots in India, pre-constructed property or any undeveloped
residential, commercial or industrial land in India.
Home Loans in IndiaHome loans in India have made people Buy Property in India inspite of the skyrocketing prices. Today, we find considerable Real
Estate Investment in India, either in the field of Residential Property
in India or Commercial Properties in India. Home Loans in India are
disbursed by many Banks as Loan Banking is on of the mos
important function of the Financial Services in India. Property
Dealers and Real Estate Consultants in India usually recommend that
we undertake appropriate Home Loan or Mortgage Loan Counseling
so that we can Buy Apartment in India at an affordable MortgageRate.Purchasing the home of your dreams is not an easy task.
Especially when you plan to buy a home on loan. Home loan means
that you buy a house on installments. In simpler terms when you wan
to own a home and cant afford to pay the amount in lump sum, you
can pay it in monthly installments with an interest rate.
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IndiaHome Loan Rates
The interest rates of home loans are expected to go down even
further according to analysts who foresee a cut down in the rates b
the RBI in the wake of the decision taken by US Federal Reserve tocut its rates by a significant margin.
There are number of companies offer Cheap home loans at a low
interest rate. You can avail loan against existing house for renovation
or expansion etc. There are many nationalized banks that offer
finance for affordable housing.India Housing has put together a
comprehensive data to provide you with the cheapestHome Loans
available in the market. We have listed all the important housing
finance institutes and some of the top home finance banks providing
lowest interest rates.
y ICICI BankHome Loansy IDBI BankHome Loansy HDFC BankHome Loansy State Bank of India
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SOCIAL INITIATIVES
The Lodha Group's vision of 'Building a Better Life' extends to its
social responsibilities to the society and the community at large, to
create a better life for its brethren in the society through proactive
social initiatives.
EDUCATION
Two schools by the name 'Chandresh Lodha Memorial School' are runby the group to provide good quality education to the under-privileged.
Located in Mumbai's two upcoming suburbs Dombivali and
Nalasopora, each school has more than 4000 students across the pre-
primary, primary and secondary sections.
Fees are made affordable through subsidies provided by the group.
These schools focus on creating well-rounded individuals through a
blend of excellent academics and extra-curricular activities such as
dance (Indian and Western), Yoga & Meditation, Computer Training,
Drama, Elocution and various sporting activities.
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VOCATIONAL TRANING
The group sponsors yearly training workshops for people seeking work
opportunities in varied fields such as electronic repairs, diamond
polishing, cooking, henna application and computer related training. Year-round computer training programs are provided at subsidized
rates to deserving candidates.
AFFORDABLE HOUSING
In an effort to make good quality housing accessible to the other strata
of society, The Lodha Group ensures that at least 10% of its annual
constructed area is dedicated to projects which cater to the lowermiddle class. These projects are conceptualized, executed and
delivered with the same expertise and in compliance with the 5 L's that
characterize each Lodha project.
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BEAUTIFICATION
Various public places such as roads, pedestrian areas and parks have
been paved and beautified by the Lodha group, through extensive
landscaping.
DIASASTER RELIEF
The Lodha Group is at the forefront providing active and timely
assistance to the affected through donations and group memberparticipation.
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QUESTIONAIRE
Can you brief us on the history of the organisation?How has the company grown from the time it has
emerged?
During the time of recession was the firm affectedand how did it manage?
What kind of employment opportunities areprovided?
How does Lodha deliver its role towards socialwelfare?
Does the firm hire real estate agents/brokers toapproach its customers?
What are the basic resources used for construction?Has the firm gone global?How does the business help in regional
development?
How does the firm help the customers in gettingfinance?
How does Lodha market its upcoming projects?What kind of environment exists in the
organisation?
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CONCLUSION
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