Things to keep in mind while renting your property

Renting your home is not uncommon. When you have a house which is not unoccupied for any reason, it is best to give it on lease. Unoccupied houses can be a bane. Forced entry by trespassers, pesticide problem and wear and tear if kept unused for long are some reasons good enough to rent it out. However, homeowners should take the time to address and prevent the potential pitfalls of this option, especially when you live outside the country. After, all it's still your house!

www.sevagiri.com

Salma Hussain, a Dubai based entrepreneur says, “I am an NRI and would like to put my recently inherited property in Mumbai on rent. Since I am based out of Dubai, I have no immediate use of the house. I do not want to sell it off as Mumbai realty market appreciates every year. I will use it for investment purposes only. Since I am unaware of the rental market of India, kindly suggest the dos and don’ts.

Involve brokers: Involving a broker or an agent is always considered safe. The agent will be responsible for vetting potential lessees and can also help you in case a tenant refuses to vacate the flat.

Check background: After finalising the tenant, the agent will assist in checking your tenant’s background. Police verification is a must. The police will keep a copy of all the documents submitted by you and the tenant for their reference.  If the tenant has a history of criminal activities, it is bound to surface.

A reference from the previous landlord also helps. Though this practice is not prevalent, it is effective. A reference can tell you how long the tenant stayed in the previous property, how s/he maintained the house and whether the rent was paid on time. This will help you gauge the tenant's reliability, trustworthiness and honesty.

References also give a general an idea on whether you are charging the correct amount monthly. 

Check bank statements: Ensure whether the tenant will be able to pay the rent or not by knowing his monthly income. Also, ask him to provide an official letter which includes date of joining and the type of employment contract.  In case you are renting your property to students, don’t forget to make a note of their parents’ phone numbers in case of emergency.

Go for short renewals:  Rent out your property for a shorter period. The standard rent agreement is made only for eleven months. There are agreements where you can go for a 36 months’ rent agreement. However, experts say that the shorter the period of rent agreement the safer you are. If you do not wish to go ahead with the same tenant, this way you have a scope to re-think. 

Document it! Every rental agreement should be in writing and registered. “The rental agreement should cover the term of the lease, monthly rental amount and security deposit. It should specify all the terms and conditions such as who will pay for utilities water, electricity and maintenance charges. The purpose of tenancy should be clearly mentioned, such as whether the property is being used for commercial or residential purpose. If the rental agreement is set to expire and you and the tenant agree to extend the term of the lease for a specific period, then the extension should be in writing,” says Santhosh Kumar, CEO – Operations & International Director, JLL India.

Source - TOI 

Your guide to buying a property

Have you evaluated your requirements? It is very important for a buyer to have a clear head in terms of his/her requirement. Ashwini Bhardwaj, a local real estate agent in Delhi says, “Many a times buyers look for king size apartment and in some cases the requirements are that of big garden, modular kitchen, calm locality, affordable budget and the list goes on. It is extremely significant to ascertain their needs and then start looking for home.” You must be clear about the size, type and the kind of apartment you are looking forward to before investing.

New or resale: Another significant factor is to decide and know whether investing in new or re-sale property will be beneficial for you. Take time to analyze the worth of both new and re-sale property based on your needs and lifestyle. Resale properties are priced less in comparison to new properties. Sometimes they are same priced until and unless it is a under construction property with upcoming social infrastructure.

Amenities: Buyers should consider the liveability factor of a particular locality prior to making investment. It’s not only the nearby schools, hospitals, malls and grocery stores that helps in making decision. Rather, the amenities and facilities available within the residential housing project matters a lot. For children and senior citizens amenities such as medical centre, children play area, swimming pool, club house, among others should be within the residential complex so that they don’t have to venture out to play and socialise respectively.     

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Location! Location! Location! = Right location: Selecting a right location is one of the most complicated aspects of property buying. Every buyer has their own set of preferences like distance to work space, school, malls, bus stops, metro station, etc. It is extremely essential that the area is well-connected to the other parts of city. As a buyer, you need to identify the right location that match well with your needs.

Infrastructure: The place where you are looking forward to invest should be equipped or must be in close proximity to established schools, health care facilities, parks, public transport, grocery stores and others. Whether, an end-user or investor, surrounding infrastructure matters a lot as it decides liveability factor of the locality.

Developer’s credentials: Prior to making investment, it is extremely important for you to do a proper check of the property market and the reputation of the developer. The check must include market presence of the developer, status on the past completed projects, credibility on project delivery and reviews of the past buyers. It will help you in getting an idea about the capability of the developer and also his construction capability/quality.

Explore options: Do not stick with one option rather go explore various types of housing options under different brand names. This will help you get a better understanding of the market to make the best property decision.

Check for project approvals: Before putting your hard earned money in a residential housing project, it is important that you check and enquire about the builder’s credibility. Also check for the project approvals. Being a buyer you have all the right to demand for documents associated with approvals procured from the local authorities. 

Know the hidden costs: Hidden costs are one such expenditure that may take many home buyers by surprise. These hidden costs often escalate the total cost and make it very difficult for the person to handle the expenses. It may include interior cost, maintenance deposit, parking space cost, registration cost, among others. So, it is smarter to be aware of these costs and be ready for this additional expenditure. 

Legal issues: Property transaction comes along with legalities which is sometimes very difficult to understand. Legal experts are the one that help you with the legal issue titles such as No-objection certificate, transferable title, record of right and title, stamp duty charges, tax and many more. You can check the legal advice section of Magicbricks.com to make right decision.

Source - TOI 

Rupee moves up 11 paise against dollar

MUMBAI: The rupee continued to rule higher against the American currency for the eighth straight session as it rose 11 paise to 66.10 in early trade at the Inter-bank Foreign Exchange on Monday on increased selling of the US currency by exporters and banks.

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Forex dealers said that besides sustained selling of the American unit by exporters, the dollar's weakness against some currencies overseas and a higher opening of the domestic equity market supported the rupee.

The local currency had appreciated by 12 paise to settle at 66.21 against the greenback on Wednesday.Forex market remained closed on Thursday and Friday on account of Id-e-Milad and Christmas, respectively.

The currency had gained by 88 paise in the past seven days.

Meanwhile, the benchmark BSE sensex recovered by 100 points, or 0.39% , to trade at 25,938.71 in early trade.

Source - TOI 

Sensex rebounds 100 points on value-buying, short-covering

MUMBAI: The benchmark BSE sensex recovered by 100 points in early trade today on the back of value-buying in blue-chip stocks amid covering-up of short positions by speculators ahead of the monthly derivatives expiry.

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Moreover, a stronger rupee against the dollar and a mixed trend in Asia buoyed mood.

The 30-share index rebounded 100 points, or 0.39%, to 25,938.71, with all sectoral indices led by capital goods, oil and gas, power and banking trading in the positive zone, rising by up to 0.65%.

The barometer shed 11.59 points in the previous session on Thursday. Markets remained closed on Friday on account of Christmas.Also, the NSE Nifty was quoting higher by 27.05 points, or 0.34%, at 7,888.10.

Brokers said value-based buying at some blue-chip counters and the rupee rising for the eighth straight session accelerated the upmove.

Besides, covering-up of pending short positions by speculators ahead of the futures and options expiry on Thursday supported the upside, they said.

Elsewhere in Asia, Japan's Nikkei was up 0.34% while Hong Kong's Hang Seng shed 0.44% in early trade today. The benchmark Shanghai Composite Index added 0.22%.

The US Dow Jones Industrial Average closed lower by 0.29% in the previous session on Thursday.

Source - TOI 

Hong Kong Apartment Sells for Record $77 Million: Report

Hong Kong, China: A luxury apartment in Hong Kong sold for a record 594.7 million Hong Kong dollars ($76.7 million), days before Christmas, making it the most expensive flat in the city and possibly in Asia, reports said on Friday.

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An unidentified buyer paid more than 1,03,700 Hong Kong dollars per-square-foot for the 5,732 square-foot (532 square-metre) unit at the luxury 39 Conduit Road apartment tower in the southern Chinese city's upmarket Mid-Levels residential area, The Apple Daily and The Standard reported.

The condominium, on the 46th floor with a view of the iconic Victoria Harbour and a 1,754 square-feet rooftop, had a list price of 646.48 million Hong Kong dollars on developer Henderson Land Properties' website.

The price beats the previous record 470 million Hong Kong dollars ($61 million) paid for a luxury unit which takes up the entire eighth floor of the Opus Hong Kong, a 12-storey residential building designed by Pritzker Prize-winning architect Frank Gehry, in 2012.

Henderson Land was not available for comment Friday, a public holiday.

This comes as analysts said a US interest rate hike could put an end to the housing boom in the Chinese city which maintains a decades old peg with the US dollar.

Hong Kong-based brokerage CLSA warned the residential market was at a "turning point", with prices possibly dropping 17 per cent by 2017, while other firms have tipped falls of up to 30 per cent.

Hong Kong's de facto central bank last Thursday raised its base interest rate by 25 points to 0.75 per cent after the Federal Reserve announced its first rate increase in more than nine years.

But chief analyst for Midland Realty Buggle Lau said the record-breaking purchase does not reflect the bigger picture of the overall property market in the city.

"The super-rich, I don't think the small increase in the interest rates have any impact on their purchasing power," Lau said.

"This is exceptional, it can't reflect the whole market," which he described overall as "sluggish".

Property prices in Hong Kong, famous for its sky-high rent and super-rich tycoons, have more than doubled in six years due to record low interest rates and a flood of wealthy buyers from mainland China.

Many residents complain they can no longer afford decent accommodation in the city of seven million people, and analysts say property ownership is out of reach even for the upper middle class.

Source - NDTV 

Dwarka e-way oustees to get plots in Sector 110A

Delhi/NCR

The Dwarka expressway project crossed a major hurdle on December 23 after the Punjab and Haryana high court resolved the dispute over allotment of plots to New Palam Vihar families by directing Huda to allot plots in Sector 110A instead of Sector 37C.

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More than 380 families had approached the high court as they were against the development authority's decision to give alternative plots in Sector 37C in the absence of adequate number of available plots in Sector 110A.

The high court, however, has directed Huda to allot the plots to displaced families in Sector 110A through land pooling scheme.

Sources said the government has decided to relax the norms related to land pooling to accommodate all the families.

The resolution clears one of the biggest obstacles in the way of the expressway project and is likely to expedite construction work. A 1.3-km stretch of the road could not be undertaken for construction owing to the land dispute.

Huda administrator Hardeep Singh said Haryana's additional chief secretary will come to Gurgaon on December 27 to discuss all the issues related to expressway construction, including allotment of plots.

He said senior officials would visit the area and take a call on the next course of action. Singh said about 464 houses in New Palam Vihar, Tekchand Nagar, Kherki Daula and Mohammadpur are falling in the way of the expressway.

The expressway was sanctioned in 2007 and was expected to be ready before the 2010 CWG, but in 2008 a number of writ petitions were filed by New Palam Vihar residents challenging the acquisition of land for the expressway. On the directions of the high court, Huda had agreed to allot alternative plots to residents whose houses were coming in the way of the proposed road.

Source - TOI 

Property can be registered below circle rate

Delhi/NCR

In landmark verdict that will benefit thousands of land owners in Delhi, the high court on December 23 allowed registration of properties even if valued below the minimum circle rate of the area.

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A bench of chief justice G Rohini and justice R S Endlaw relied on provisions of the Indian Stamp Act to revive discretionary powers vested with the state government under Section 47A to register sale of property below the local circle rate. Over time, the government had come to treat circle rate as the absolute measure of registering properties, despite the Stamp Act giving room for manoeuvre.

The bench has provided property owners an opportunity to convince the Collector of Stamps why their asset should be valued below the circle rate of the area. The registrar/sub registrar will now accept such sale/conveyance deeds and forward it to the Collector of Stamps before whom the property owner can appear and explain the reasons for lower valuation of his property.

The HC recognized that there may be various reasons for low valuation, such as a property being disputed, having unauthorized occupants, poor location etc.

Till now, if the valuation of a property was lower than the prevailing circle rate, the registrar summarily rejected it.

Section 47A says, "If the registering officer while registering any instrument transferring any property, has reason to believe that the value of the property or the consideration, as the case may be has not been truly set forth in the instrument, he may, after registering such instrument, refer the same to Collector for determination of the value and proper duty payable." It also empowers the Collector to give a chance to the owner to give an explanation, and then conduct an independent enquiry before determining the actual worth of the property.

The HC made it clear that circle rate circulars issued by Delhi government from time to time since 2007 can no longer come in the way of registration of a property. Its directions came on a bunch of PILs filed by Manu Narang, Amit Gupta and Atul Gupta arguing that "no absolute benchmark can be fixed and dictated for determination of the minimum price of any property since prices of property vary from place to place, person to person and due to various other factors."

The PILs challenged Delhi government's circulars issued from 2007 till 2014 hiking circle rates after every revision.

Source - TOI 

Your guide to buying a property

Have you evaluated your requirements? It is very important for a buyer to have a clear head in terms of his/her requirement. Ashwini Bhardwaj, a local real estate agent in Delhi says, “Many a times buyers look for king size apartment and in some cases the requirements are that of big garden, modular kitchen, calm locality, affordable budget and the list goes on. 

www.sevagiri.com

It is extremely significant to ascertain their needs and then start looking for home.” You must be clear about the size, type and the kind of apartment you are looking forward to before investing.

New or resale: Another significant factor is to decide and know whether investing in new or re-sale property will be beneficial for you. Take time to analyze the worth of both new and re-sale property based on your needs and lifestyle. Resale properties are priced less in comparison to new properties. Sometimes they are same priced until and unless it is a under construction property with upcoming social infrastructure.

Amenities: Buyers should consider the liveability factor of a particular locality prior to making investment. It’s not only the nearby schools, hospitals, malls and grocery stores that helps in making decision. Rather, the amenities and facilities available within the residential housing project matters a lot. For children and senior citizens amenities such as medical centre, children play area, swimming pool, club house, among others should be within the residential complex so that they don’t have to venture out to play and socialise respectively.     

Location! Location! Location! = Right location: Selecting a right location is one of the most complicated aspects of property buying. Every buyer has their own set of preferences like distance to work space, school, malls, bus stops, metro station, etc. It is extremely essential that the area is well-connected to the other parts of city. As a buyer, you need to identify the right location that match well with your needs.

Infrastructure: The place where you are looking forward to invest should be equipped or must be in close proximity to established schools, health care facilities, parks, public transport, grocery stores and others. Whether, an end-user or investor, surrounding infrastructure matters a lot as it decides liveability factor of the locality.

Developer’s credentials: Prior to making investment, it is extremely important for you to do a proper check of the property market and the reputation of the developer. The check must include market presence of the developer, status on the past completed projects, credibility on project delivery and reviews of the past buyers. It will help you in getting an idea about the capability of the developer and also his construction capability/quality.

Explore options: Do not stick with one option rather go explore various types of housing options under different brand names. This will help you get a better understanding of the market to make the best property decision.

Check for project approvals: Before putting your hard earned money in a residential housing project, it is important that you check and enquire about the builder’s credibility. Also check for the project approvals. Being a buyer you have all the right to demand for documents associated with approvals procured from the local authorities. 

Know the hidden costs: Hidden costs are one such expenditure that may take many home buyers by surprise. These hidden costs often escalate the total cost and make it very difficult for the person to handle the expenses. It may include interior cost, maintenance deposit, parking space cost, registration cost, among others. So, it is smarter to be aware of these costs and be ready for this additional expenditure. 

Legal issues: Property transaction comes along with legalities which is sometimes very difficult to understand. Legal experts are the one that help you with the legal issue titles such as No-objection certificate, transferable title, record of right and title, stamp duty charges, tax and many more. You can check the legal advice section of Magicbricks.com to make right decision.

Source - TOI 

Things to keep in mind while renting your property

Renting your home is not uncommon. When you have a house which is not unoccupied for any reason, it is best to give it on lease. Unoccupied houses can be a bane. Forced entry by trespassers, pesticide problem and wear and tear if kept unused for long are some reasons good enough to rent it out. 

www.sevagiri.com

However, homeowners should take the time to address and prevent the potential pitfalls of this option, especially when you live outside the country. After, all it's still your house!

Salma Hussain, a Dubai based entrepreneur says, “I am an NRI and would like to put my recently inherited property in Mumbai on rent. Since I am based out of Dubai, I have no immediate use of the house. I do not want to sell it off as Mumbai realty market appreciates every year. I will use it for investment purposes only. Since I am unaware of the rental market of India, kindly suggest the dos and don’ts.

Involve brokers: Involving a broker or an agent is always considered safe. The agent will be responsible for vetting potential lessees and can also help you in case a tenant refuses to vacate the flat.

Check background: After finalising the tenant, the agent will assist in checking your tenant’s background. Police verification is a must. The police will keep a copy of all the documents submitted by you and the tenant for their reference.  If the tenant has a history of criminal activities, it is bound to surface.

A reference from the previous landlord also helps. Though this practice is not prevalent, it is effective. A reference can tell you how long the tenant stayed in the previous property, how s/he maintained the house and whether the rent was paid on time. This will help you gauge the tenant's reliability, trustworthiness and honesty.

References also give a general an idea on whether you are charging the correct amount monthly. 

Check bank statements: Ensure whether the tenant will be able to pay the rent or not by knowing his monthly income. Also, ask him to provide an official letter which includes date of joining and the type of employment contract.  In case you are renting your property to students, don’t forget to make a note of their parents’ phone numbers in case of emergency.

Go for short renewals:  Rent out your property for a shorter period. The standard rent agreement is made only for eleven months. There are agreements where you can go for a 36 months’ rent agreement. However, experts say that the shorter the period of rent agreement the safer you are. If you do not wish to go ahead with the same tenant, this way you have a scope to re-think. 

Document it! Every rental agreement should be in writing and registered. “The rental agreement should cover the term of the lease, monthly rental amount and security deposit. It should specify all the terms and conditions such as who will pay for utilities water, electricity and maintenance charges. The purpose of tenancy should be clearly mentioned, such as whether the property is being used for commercial or residential purpose. If the rental agreement is set to expire and you and the tenant agree to extend the term of the lease for a specific period, then the extension should be in writing,” says Santhosh Kumar, CEO – Operations & International Director, JLL India.

Source - TOI 

Trends that have changed the realty graph in Mumbai

Mumbai

Fuelled by an improving job market and the resulting first time homebuyers, overall Mumbai remains an attractive place to invest in real estate. Mumbai continues to offer comparatively good value for money, and this is the key driver in the majority of buying decisions.

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In the following pages, a detailed area wise analysis is presented by the international property consultant, Cushman&Wakefield (C&W), which advises and represents clients on all aspects of property occupancy and investment. As per the C&W report, Mumbai witnessed nearly 4,000 unit launches during the first quarter of 2015, registering a decline of 63% from the same period last year. Around 92% of units launched in the first quarter of 2015 were in the eastern suburbs. Mid and high-end segment contributed 49% and 51% respectively to total unit launches during the quarter. Due to launch of a premium project with large unit sizes in Mulund, 3BHK units dominated launches this quarter with a 53% share, followed by 2BHKs with a 24% share. Although the number of projects launched in this quarter declined by 71% from the previous year, the average number of units launched per project increased by 27%, from 446 in the first quarter of 2014 to 567 in the current quarter. Due to stable demand, average year-on-year quoted capital values increased by 3-8% across all segments of western suburbs submarket.

Here's the lowdown on three of the recent trends that have dramatically impacted the realty graph in Mumbai in the past few quarters.

Connectivity, infrastructure as the buzzword

With the commencement of Monorail and Metro services, the real estate prices due to the connectivity offered by these locations are gaining traction. Infrastructure projects have always had significant positive implications for the real estate market, especially in an infrastructure-challenged city like Mumbai. Parel is one example of multiple infrastructure initiatives driving an area’s real estate market. Initially, Parel gained prominence as a residential destination because of its proximity to Lower Parel and Bandra Kurla Complex (BKC). However, with several infrastructure initiatives such as the Chembur-Wadala monorail and the Eastern Freeway, Parel saw a rapid increase in residential demand, resulting in the doubling of property values over the last three years. The real estate market in areas such as Andheri, Ghatkopar and Wadala, is seeing an upward trend, owing to existing and upcoming infrastructure developments.

Metro has significantly boost to residential development in Andheri which has been typically proclaimed as a commercial hub and is logistically well-connected to the Western Express Highway (WEH), offering quick access to commercial hubs like the Bandra-Kurla Complex (BKC), Lower Parel and the eastern suburbs like Ghatkopar, Vikhroli.

As per C&W report, many new project launches were between Kanjurmarg and Mulund where erstwhile industrial land is being redeveloped. End-user demand remains high in the eastern suburbs due to presence of good social and physical infrastructure.

SOurce - TOI 

Gujarat: Top choice for destination homes

Ahmedabad - The dream of starting one's day by a beachside or spending an evening on the hilltop and enjoying the view of the setting sun are being fulfilled by the growing demand of destination homes in Gujarat.

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 The state not only boasts of being far more developed in comparison to its counterparts but is also blessed with huge mountains and unending coastline which makes it a top choice for destination homes. The trend of investing in property at tourist spot or special location has been prevalent around the world since a decade now but Gujarat has joined this wagon much recently. In last two to three years, developers have come up with exceptionally decked up destination residences to cater the growing demands.

There is a huge shift in demand and a major flux in customers. Today's customer is far more exposed to various means of entertainment which has introduced an Indian family sitting in tier II city of India to lifestyle and living of foreign lands. Also the budding numbers of nuclear family has instilled growing need of recreational activities and majorly the disposable income is high which aids fulfilling such desires. Every consumer wants to have to best of money paid and want to make the most of every moment. This has infiltrated the dreams of living with extravagance that Bollywood movies depict -larger than life.

The major factors that are alluring larger number of buyers to Gujarat is its infrastructure, connectivity to major cities, safety and security. Also the development of the state and plethora of malls, multiplexes, eateries, and welcoming atmosphere play vital role. Gujarat has already made a mark on the world and the future projects that shall repay double the investment and surety of profit has turned professional investors here as well. Builder Raman Purohit says, "Dual Income, No Kids (DINK) families as well as investors are eyeing on locations near the big cities. At times bunch of our houses get booked together. Buyers look for five-star amenities and are ready to pay good."

Dwarka, Gir, Una, Silvassa, Jambughoda, Prabhas Patan, Vapi, Ahwa, Saputara are some of the most wanted locations for destination homes. Builders offer tenements, bungalows as huge as 3BHK, 5BHK and beyond with large lawns and backyards in lap of scenic beauty. Purohit further adds, "Among large number of options Dwarka and Gir's demand stays unmatchable. Builders from Mumbai and Delhi are seen coming up with projects here in Gujarat."

Approximately the prices range between Rs 40 to 70 lakhs depending on proximity to main location and amenities provided. Mumbaikar Seema Juneja, a homemaker who bought a home in Gir two years back, says, "Waking up to chirping birds and roaring lions, eating the world-famous mangoes and reclining in my backyard while breathing in the fresh air is simply an unparalleled experience. We often host parties here and make sure to visit our destination home in small holidays." Not only has this had her home appreciated beyond belief in just two years' time.

This segment is increasing the tourism and also boosting the realty sector. Gujarat has always been the huge market providing employment and now is equally increasing as the destination to lure travellers from here and abroad. Purohit adds, "Many NRI's and NRG's have also invested and make sure to be here every winter. An investment made today will soon give investors a big reason to cheer."

Source - TOI 

Andheri East: One of the fastest developing suburbs of Mumbai

Mumbai

Development of various infrastructure projects, including metro has provided a perfect backdrop to rise of Andheri east as a commercial hub. This has changed the whole economic scenario of the area.

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During the first half of 2015, Mumbai recorded total of nearly 2.5 msf supply with 83% contribution from Grade A developments, according to a report by Cushman & Wakefield.

The increase in net absorption can be attributed to sizeable activity witnessed in the first quarter of 2015 and a lot of pre-committed spaces being absorbed in a major project completion in Q2. In line with H1 2014, preference for premium spaces kept net absorption levels unchanged at almost 89% of total net absorption in H1 2015 too. Leasing activity in the first six months of this year was significantly higher at 2.85 msf, as compared to 2.1 msf for the first half last year. The significant improvement in leasing but marginal increase in net absorption indicated the g rowing trend of relocations and consolidations by major occupiers within the city.

City level vacancy was noted at 18.8% by the end of first half, 1.6 percentage points higher compared to first half of 2014 mainly due to high infusion of supply and comparatively lower transaction activity during the inter mediate months. Weighted average rentals increased marginally across submarkets due to increase in quoted rentals of certain buildings witnessing higher demand.

Among the various areas reporting growth in Grade A commercial buildings, Andheri East is cited to be one of the fastest developing suburbs of Mumbai. Andheri East boasts of a perfect blend of both residential and commercial complexes. Its sub-localities, too, offer a mixture of regions that offer afford able and mid-segment homes.

Andheri East developed as an industrial area in the 1980s and later grew into a commercial office destination. Today, the region comprising Marol, Jogeshwari-Vikhroli Link Road and Chandivali belt is home to some of the premium Grade A office spaces.

Some of the important sub localities present are Marol, Tunga Village, Gundavali, Sahar Village, Sag Baug and Subhash Nagar. Andheri East is an important business district of Mumbai and it houses several MNCs and other commercial establishments. Industrial areas like Saki Naka, Mumbai Industrial Development Corporation and Santacruz Electronic and Export Promotion Zones are important landmarks in Andheri East.

For years, south Mumbai was the hub for premium property in Mumbai, but this is fast changing. According to recent reports, the media, pharma, FMCG and SME sectors seem to be the key residential property drivers in the Andheri East belt. With many big names such as HUL, P&G, Glenmark, Sun Pharma shifting their headquarters to the Andheri-Powai belt, there has been a sudden increase in demand for premium and marquee properties in this market. For the families, some of the best educational institutes, five star hotels, libraries, parks, banks, hospitals and recreational avenues are easily accessible, thus increasing its appeal to families.

Source - TOI 

Credai Visakhapatnam to hold Property Expo from 25 Dec 2015

VISAKHAPATNAM: The Visakhapatnam chapter of Confederation of Real Estate Developer's Association of India (Credai) is to hold the second Vizag Property Expo 2015-16 from December 25 to 27 at Visakha Function Hall in the city.

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Credai Visakhapatnam chapter chairman K Ramakrishna Rao stated that around 130 stalls would be set up at the expo and it will see the participation of around 80 builders.

The show would enable the visiting public to make their choice from the multiple options and own their dream house. More than 100 exhibitors would showcase their flats, plots, villas, and other commercial properties from which visitors could chose.

He said that CREDAI had a good track record of ensuring quality and timely delivery of properties and the Property Expo would offer the biggest platform for the city’s building industry, which in turn provide better choice to the end user.

Convener of the expo P. Koteswara Rao said that Visakhapatnam was a fast-growing city and there would be good demand for housing.

CREDAI would endeavour to meet this demand by ensuring quality in construction and timely delivery. He said that there would be a draw of lots every hour on all the three days and cash prizes would be given to the winners.

Bumper prize

A bumper prize of Rs.2.50 lakh was also proposed to be given, he said.

The response to the last year’s expo was good and CREDAI would offer better service this time.

Property Expo would provide an opportunity to potential buyers to chose the best, Mr. Koteswara Rao said.

Source - GNS

Rupee rises for 7th session to 66.21, up 12 paise

AI: The rupee on Wednesday continued its upward march for the seventh day by surging 12 paise to close at 66.21 against the American currency on sustained selling of dollars by banks and exporters amid foreign capital inflows.

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The rupee resumed higher at 66.26 as against Tuesday's closing level of 66.33 at the Inter-bank Foreign Exchange (forex) market.

It moved in a range of 66.12 and 66.30 during the day before finishing at 66.21 per dollar, showing a gain of 12 paise or 0.18 per cent.

It has gained by 88 paise or 1.31 per cent in seven days.

The dollar index was up 0.08 per cent against a basket of six currencies in the late afternoon trade.

Overseas, the dollar edged down in Asian early trading today after data overnight painted a mixed picture of the US economy, with major currency pairs trading in a narrow range as traders wound down in a holiday-heavy week.

However, the dollar posted small gains against most other major currencies in the late afternoon trade, with the euro weakening on the back of disappointing French data.

"French GDP for the third quarter was revised down, and consumer spending is also looking softer, which has led the euro slightly lower against the dollar," said senior sales trader at London Capital Group.

Meanwhile, the Indian benchmark Sensex rose by 259.65 points or 1.01 per cent on Wednesday.

Foreign investors remained net sellers and sold shares worth Rs 157.07 crore yesterday, as per provisional data.

In forward market today, premium for dollar displayed a steady to easy trend.

The benchmark six-month premium payable in May quoted at 195-196 paise as compared to 195.25-196 paise, while far forward November 2016 contract eased to 404-405.50 paise from 405-406 paise earlier.The RBI fixed the reference rate for the dollar at 67.0435 and for the euro at 73.9289.

In cross-currency trades, the rupee rebounded against the pound sterling to end at 101.50 from Monday's close of 101.61, while remained weak against the euro at 73.71 compared to 73.64 earlier.

It, also declined against the Japanese currency to settle at 55.28 from yesterday's close of 55.06 per 100 yen.

Sensex advances 72 points on positive Asian cues

BAI: The BSE Sensex climbed over 72 points to trade at 25,922.47 in the opening trade on Thursday, with sustained buying by participants and funds leading to across-the-board gains coupled with positive Asian cues.

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Rising for the second day, the 30-share index advanced by 72.17 points, or 0.27 per cent, to trade at 25,922.47 as all sectoral indices - led by metal, oil and gas and realty - were trading in the positive zone with gains up to 1.15 per cent.

The gauge had gained 259.65 points in the previous session.On similar lines, the NSE Nifty was trading higher by 22.80 points, or 0.28 per cent, to 7,888.75.

Brokers said a firming trend in other Asian markets following a strong overnight gains in US markets buoyed the trading sentiment here The market will remain closed tomorrow on account of Christmas.

Among other Asian markets, Hong Kong's Hang Seng moved up 0.48 per cent while Japan's Nikkei gained 0.26 per cent in early trade on Thursday.

The US Dow Jones Industrial Average ended 1.06 per cent higher in Wednesday's trade.

Source - TOI