Affordable housing thrives in Hyderabad

June 13th, 2011

It is on recovery path definitely and good times are ahead as the prices have stabilised to a large extent, say the industry leaders. The most hit after the real estate boom were the projects that came with a spacious design, high-end specifications, and naturally a higher price tag.

“Smaller and reasonably priced projects in a good location are doing well and there is no argument about it,” says Bhawarlal Jain, executive vice-president, Andhra Pradesh Real Estate Developers Association.

Mr. Jain points out, smaller apartments with a price tag ranging between Rs.2,300 per sq.ft and Rs.2,500 per sq.ft have been more successful in finding buyers.

Another builder points out that budget housing, with measurements to the tune of 1,000 sq.ft to 1,200 sq.ft and priced at Rs.2,000 per sq.ft or just above is not that badly placed.

hindu.com

Passport applicants says police verification is frustrating

June 10th, 2011

As per official records, the special branch (Hyderabad) alone receives about 500 passport files everyday. For the 1.5 lakh residents of Hyderabad who apply for a passport annually, tackling babus and agents at the Regional Passport Office (RPO), is only half the battle. The other half unfolds at a local police station where an applicant’s documents land for the final verdict — the police verification.

The special branch (Hyderabad) alone receives about 500 passport files everyday. Another 150 odd is added by the Cyberabad police limit. Applications collected at these two special branches is then disbursed to the concerned police ‘zones’.

As per the passport rule book, it should be cleared in not more than 21 days. As an incentive, the RPO even dishes out a cash ‘prize’ of Rs 200 on every police verification that is completed within the given timeframe.

Police authorities, however, claim that they do not get a single slice of the pie and that the entire money flows into the state coffers. Passing the buck for the delay in verification on to the passport office, the men in uniform even say that it is the obsolete software of the RPO that is responsible for this tainted reputation of the department.

“Within hours after an applicant submits his documents at the RPO, the status of his file changes to ‘police verification awaited’ on the official website. In reality, however, we never receive a file before a minimum of 15 days,” said an inspector at the police verification cell (Hyderabad), adding how this time period stretches up to one-two months in many cases. “Even after we send the cleared applications to the RPO, the status does not change unless the file is finally processed there and the passport is ready to be delivered,” the inspector added.

R S Praveen Kumar, joint commissioner of police (special branch) says that department is striving towards rectifying this gap in information and has even started a status update system on the Hyderabad police website.

“If an applicant logs on to this site, he will get an accurate picture. The applicant will correctly know if his file has reached the police department or not in the first place. There is also an SMS service that we are promoting for the same,” he said. But the efforts of the police department seem to have done little to change public opinion so far.

“I am yet to come across a person who managed to get his passport (either through Tatkal or the regular route) without paying a bribe to the local policeman,” said Rajesh Dubey a resident of Gachibowli who himself had to shell out Rs 500 to speed up the police verification process for his passport last year.

 

Times of India

Things To Note While Buying or Selling Property in Hyderabad

June 7th, 2011

Buying property in Hyderabad is a good investment decision. However, take due care and precautions while buying and selling property in Hyderabad. The first step to ensure while buying or selling property is to ensure that all the paperwork is in order. This is especially true, if as a buyer you are going to check out a resale property. The seller should see that all the papers and rules relating to sale of property in Hyderabad are rigorously followed. In case you are buying directly from a builder, be careful to check on his credentials. Visit other properties developed by the builder to ensure that quality standards are strictly followed. If you feel more confident buying property in Hyderabad from an old and established builder, follow your instincts. In these days of high prices, property investment involves massive sums of money and due diligence must be followed before taking a decision.

Things To Avoid Mentioning in Classifieds Hyderabad

June 7th, 2011

Classifieds Hyderabad is often a good way to introduce your rental property to prospective tenants. The information circulates widely with the help of classifieds Hyderabad, thereby increasing the probability of getting a more suitable response. However, there are some basic precautions that you must take before advertising your property in classifieds Hyderabad. The most important thing to remember is to never give your personal phone number, name or other personal details. You could end up getting all kinds of crank calls. Do not to give a highly detailed description of the property. You do want people to come and visit the property. Only then will they actually decide to buy or rent it. If you give a very detailed description, there may be any one factor that puts them off and they may decide against your property sight unseen. Do not to exaggerate or give any kind of false information in classifieds Hyderabad as such tactics can backfire.

Nizam era coins found in Mahbubnagar

May 26th, 2011

Hyderabad archaeology department has recently retrieved-Nizam era coins-a treasure trove comprising copper and silver coins and silver jewellery that dates back to the 20th century.

Officials of the department said that the trove was found while digging an old house in Mahbubnagar district and contains 737 copper coins (of two anna denomination), 36 silver coins that belonged to the last Nizam, Osman Ali Khan, silver ornaments, one silver ‘kadiyam’ (bracelet), a silver ‘patti’ (anklet) and a silver waist belt.

Speaking to the media about the treasure on Wednesday, P Chenna Reddy, director of state archaeology, said, “The Dr YSR AP State Museum in the city has the largest collection of coins and is only next to the British Museum, London.”

Besides Mahbubnagar Hyderabad, the department has also received similar coins from Khammam Hyderabad and Vijaynagaram in the recent past, officials said.

More News:  timesofindia.com

Cement Manufacturers Started Offering Discounts

May 26th, 2011

The slack in demand due to slower sales and tardy implementation of infrastructure projects has slowed demand for cement used to build reinforced concrete roads, dams, bridges and houses. Leading cement manufacturers have started offering discounts of as much as Rs 10-20 per 50 kg bag in the last two months as slow sales begin to result in inventory pile-ups. What’s significant about this price cut is that it has come even before the seasonal dip in sales brought about by the onset of the Southwest monsoon.

Pravin K Jain, executive president at Grasim Industries said, “cement demand is subdued across the country due to slowdown in real estate for various reasons like high interest rates on housing loans, lower sales among others. Also infrastructure activity has not picked up as expected thus leading to subdued demand.”

Bhagwan J Deokar, president at Builders’ Association of India said, “usually cement prices decline after the arrival of monsoon in June-July. This year prices have corrected by Rs 20-30 per 50 kg bag on account of lower demand.”

 

 

 

More News:  housechennai.com

 

 

End in sight for an ugly land row

May 20th, 2011

This development comes a year after the property dispute had taken an ugly turn when two SUES members were stabbed right outside the college premises. Those privy to the settlement say that peace between the two parties has come at a huge price with SUES apparently paying Rs 10 crore to Jah for an out of court settlement. The letter to the apex court notes that Jah has withdrawn the case he had filed against the SUES management, which was pending at a lower trial court.

The urgency in closing the deal is believed to be rooted in SUES’s dire need to secure an approval from the All-India Council for Technical Education (AICTE) before the forthcoming admission season. “Last year, SUES was not given AICTE approval as it did not have the required land documents. It was subsequently levied a penalty for the same. This year again AICTE warned the society of rejecting its plea for approval if its documents were not in place. That’s why SUES hurriedly struck this deal with Jah who they so far claimed had no right over the land,” a highly placed source told TOI. As per AICTE norms, an institution should own the premises it functions from to secure an approval for its technical courses.

After a raging war spanning over a decade, the city’s biggest and ugliest land dispute seems to have finally been settled. According to a letter submitted in the Supreme Court on March 29 (a copy of which is in the possession of TOI), the two parties involved in the case, Sultan ul-Uloom Education Society (SUES) and Shahamat Ali Khan (grandson of the last Nizam, better known as Shahamat Jah), have reached a compromise, closing the case for good. The letter states that Jah has withdrawn his claim over 18 of the 24 acres of the SUES campus land on Road No. 3, Banjara Hills, which was the bone of contention between the two parties. Legal experts say the education society is now the sole owner of this prime property and the Nizam’s kin have no right over it any more.

 

 

 

More News:  timesofindia

 

 

IT Department asked Lodha Group to pay Rs 60 crore in taxes

May 19th, 2011

In January, the I-T department had raided about 20 premises of Lodha Group in Mumbai and Hyderabad on alleged misreporting of income. While examining the documents found at these premises, I-T officials came across details of bank lockers in the name of some of the company’s employees. When these lockers, in all 26, were raided, unaccounted cash running into crores of rupees were found. Five months after Income Tax department officials seized crores in unaccounted cash from lockers of the employees of real estate giant Lodha Group, it has asked the company to pay Rs 60 crore in taxes.

The raid was based on a tip off suggesting inflated expenditure using fake receipts and cash payments from clients. The raid had covered group chairman Mangal Prabhat Lodha and his two sons who are directors of the company. In the first raid itself, the department had found unaccounted Rs 6.5 crores in an employee’s Kalbadevi locker.

 

 

More News:  commonfloor.com

 

 

Tough Times Ahead for Home Loan Borrowers

May 19th, 2011

With major banks and housing finance companies (HFCs) raising mortgage rates, it is tough times for a large number of home loan customers with floating rates. On Tuesday, State Bank of India, the country’s largest bank, raised both its deposit and lending rates, taking its effective home loan rate to 10.25%. A back of the envelope calculation shows that home loan rates have increased by about 25% over the last few years, that is from about 8% to above 10% now.

On Tuesday, in addition to raising its base rate by 75 basis points to 9.25%, SBI also raised its fixed deposit rates by as much as 225 basis points (100 basis points=1%), all of which were in maturities of up to six months. The bank also raised its prime lending rate (PLR) by 75 bps to 14% now. All these hikes are effective Thursday.

 

 

 

More News:  commonfloor.com

 

 

Relief for small building owners

May 18th, 2011

Giving a huge relief to lakhs of middle class people, the municipal administration and urban development (MAUD) department has withdrawn the mortgage rule for construction of residential houses on plots of the size of 100 sq metres and above and has given more relief to individual residential constructions as well as commercial buildings.

“A GO to this effect will be issued on Wednesday,” outgoing MAUD principal secretary T S Appa Rao told TOI.

Middle-class residents and builders have been up in arms ever since the state government changed the rule six months ago to invoke the mortgage clause for houses coming up on 100 sq mts of land. By this clause, the owner or builder will have to either mortgage 10 per cent of the built up area or one floor to the respective municipal authority. This is to ensure that if the builder or owner deviates from the sanctioned plan, the civic authorities will have the right to penalise him. Before this new rule came into force, the mortgage clause was applicable for only those constructions that came up on plots of the size of above 200 sq mts. Now, the state has decided to give further relief to both residential and commercial constructions.

According to the new rule, the mortgage clause will be applicable for individual residential constructions on an area above 300 sq mts and commercial constructions beyond 200 sq mts.

 

 

 

More News:  timesofindia