Housing Prices Rise by Around 1 Percent in 20 Major Cities: NHB

New Delhi: Housing prices have increased marginally by an average 1.1 per cent in 20 major cities, including Delhi and Mumbai, in January-March 2013 over the previous quarter due to slowdown in demand, National Housing Bank said.

Residential housing prices in 12 cities have shown increase in prices in this quarter ended March, 2013 over the previous quarter (October-December, 2012), quarterly update of NHB Residex said.

On the contrary, eight cities have shown decline in prices over the previous quarter with maximum fall observed in Guwahati (-7.84 per cent) followed by Ludhiana (-6.71 per cent), Surat (-6.67 per cent).

Besides, price correction was witnessed in Kolkata by 5.75 per cent, Lucknow by 3.18 per cent, Hyderabad 2.23 per cent and Chennai 1.28 per cent.

“Property prices in majority of the cities are witnessing marginal upward trend,” NHB said in a statement.

Price increase was witnessed in Jaipur (28.74 per cent) followed by Bhubneshwar (14.54 per cent), Pune (7.81 per cent), Bhopal (6.49 per cent), Delhi (3.59 per cent), Bengaluru (2.83 per cent), Mumbai (2.31 per cent), Kochi (2.30 per cent) and Faridabad (0.98 per cent).

NHB RESIDEX tracks the movement in prices of residential properties on a quarterly basis since 2007. The index for Delhi includes property transactions in Gurgaon, Noida, Greater Noida and Ghaziabad.

NHB RESIDEX has been expanded to include six new cities namely Chandigarh, Coimbatore, Dehradun, Meerut, Nagpur and Raipur from this quarter, it said.

Source: Press Trust of India

Delhi realtor buys 20 acres in Kolkata

Alchemist Township India, a Delhi-based real estate developer, has bought 20 acres of prime land in the Aerotropolis being developed by Bengal Aerotropolis Projects Ltd (BAPL) at Durgapur, 180 kilometres from Kolkata.

This project envisages developing 2.4 million sq. ft. for housing. The company has set a target to develop 10 million sq. ft. for affordable homes in Eastern India, which will include Bengal, Orrisa, Assam, Bihar and Jharkhand.

International property consultants Jones Lang LaSalle India were the transaction mediators for this deal, which is West Bengal’s largest land transaction in 2013 to date.

Source: Business Standard

All land-related info of Bengal will now be a click away

Banglar Bhumi, a portal on land records of West Bengal, is ready to provide all land related information to people, particularly entrepreneurs, sources in the Land and Land Reforms department said.

The land have been divided into various zones like agricultural zone, industrial zone and tourism zone for easy spotting of target lands.

“The basic idea behind marking the zones is that industrial and other big projects of the state government and the Centre will be located in the appropriate zones without disturbing food security in the state,” sources said.

The block-wise land use maps show single, double and multi crops land, dry and barren land, forest land, metal roads, national highway, state highway, railway network, industrial area, area under infrastructural development and water bodies etc.

“This will help the entrepreneurs intending to set up industries know the actual infrastructure available at the proposed sites,” sources said.

However, the concept of zoning in block-wise maps of the districts was introduced in May 2011 to identify agricultural zone, industrial zone and tourism zone, townships and wetlands.

The block-wise land use maps of five districts — West Midnapore, Bankura, Purulia, Burdwan and Birbhum — have been prepared and formally published in March 2010.

Source: The Indian Express

Land buying tips for real estate investors

KOLKATA: Check the land deed twice before you buy a plot from a broker. Chances are that the deed is fake, a clone of the original, like counterfeit notes. Land deed cloning is the Ponzi firm’s latest gift to fraudulent trade in the state.

TOI has learnt that Ponzi firm owners had started the fraud with a section of Bank and land registration officials. They fake signatures and seal of the land registration authorities, thus selling the same plot to many buyers. Hundreds of complaints have poured into the Shyamal Sen commission’s office set up to probe the Saradha muddle, where many have lodged co plaints against fake land deeds, apart from asking for a refund of money. Such fake dealings in the way of multiple mortgages have also added to the bad assets of banks.

“Most of the cases involving fake or cloned documents in land deals have been reported from districts like South and North 24-Parganas and Nadia,” said Dipankar Mukherjee, secretary of the All India Bank officers’ Confederation (West Bengal state unit).

Alarmed with the situation, the state government had started to confiscate land lying with the suspicious companies. The government has started to seize land of companies that have more than 24 acre in possession.

“The trend of duping banks by forging land deeds was high in the middle of the past decade. City police have busted several rackets where fraudsters had managed to get bank loans with forged documents, and in some cases loans were obtained from different banks showing the same land or property. In several cases, probe unearthed a nexus between the fraudsters and a section of bank employees. But now, after busting several rackets, we have managed to buck the trend,” said Pallav Kanti Ghosh, joint CP (Crime), Kolkata Police.

According to bank sources, the fraudsters close land documents and sell the same piece of land to several people. “It is difficult to make out the fake from the original as those are done very meticulously. They even copy stamp of the registering authorities and signature on the original,” said a bank official.

T R Chawla, executive director of Allahabad Bank, said most of the frauds that are reported are done by individuals. “We have seen cases where documents were faked but mostly these are done by individuals, rather than any corporate entity,” he said.

Although the number of land frauds has come down after the banks in the state have started using Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI), the fraudsters have taken innovative routes to dupe people. “There is a mechanism that allows us to search if that land had already been mortgaged with any bank. But if that land is already sold to an individual and has no mortgage records, it is difficult to track it down,” Mukherjee said.

According to Deepak Narang, executive director of United Bank of India, “We have been able to contain such frauds after the banks have started using certified copies of land deeds and using CERSAI extensively.

Source: The Times of India

India could miss projected infrastructure investment

KOLKATA: Amidst the economic slowdown in almost every industry in India, a dearth of “bankable” projects, not capital could be a major constraint for India to meet its projected Rs.56.32 lakh crore investment in infrastructure during the 12th Plan period (2012-17), the head of an infrastructure consulting firm said on Saturday.

“Lack of bankable projects is the biggest problem in our country,” Vinayak Chatterjee, chairman of Feedback Infrastructure – among India’s biggest – told media on the sidelines of an event organised by the Confederation of Indian Industry (CII) in Kolkata.

Of the projected Rs 56.32 lakh crore investment during the 12th Plan period, about Rs.29 lakh crore is likely to be invested by the government and the rest by the private sector.

However, Chatterjee said the country would need much more projects in the pipeline every year to meet the investment target.

“The basic reason is it have not factored in the arithmetic that how much of bankable projects are required to meet the target,” he said.

“The other problem is that the creative energy is with the private sector. But the private sector cannot create the bids. It can only respond to the bids,” he observed.

According to him, lack of tangible infrastructure projects along with lack of political and bureaucratic willingness were the “effective constraints” rather than dearth of capital, which had been the popular belief.

He also called for setting up of an independent commission for renegotiation of public-private-partnership (PPP) projects in India for “transparency”.

The country required an institutional and interventional framework for renegotiation of infra projects under PPP mode, he averred.

Source: indiamart