12-15% Rise Expected in Prime Property Prices in India |
- 12-15% Rise Expected in Prime Property Prices in India
- SBI to Continue its 8% Home Loan Scheme Even After 31st March 2010
- Hike in Rentals Expected in Commercial Properties
| 12-15% Rise Expected in Prime Property Prices in India Posted: 28 Mar 2010 09:06 PM PDT
Giving a global view on the performance of prime residential property markets with a focus on the key regions in the Asian Pacific property markets, the survey showcased that the Mumbai and New Delhi realty markets held a significant level of promise for potential investors. Pranab Datta, vice-chairman and MD, Knight Frank India said, ''There are growing prime markets in every city of India. But, South Mumbai and South New Delhi are the markets, which are the highest in terms of prices followed by Bangalore, Chennai and Hyderabad. We anticipate that the prices especially in cities such as Mumbai and Delhi will return to the peak levels of 2008 in this year 2010.'' |
| SBI to Continue its 8% Home Loan Scheme Even After 31st March 2010 Posted: 28 Mar 2010 07:06 AM PDT
An official also said that these teaser home loans have helped in the growth of the retail lending book of the bank. "There is demand from the field offices (circles) to continue with this offer beyond March, for better credit growth in 2010-11," he said. The teaser loan schemes have been withdrawn by many banks like ICICI, HDFC and Kotak Mahindra. Public sector banks like Union Bank of India as well as Canara Bank have also withdrawn their schemes. However, mixed set of reactions are coming regarding the issue from other entities. "There is demand from the field offices (circles) to continue with this offer beyond March, for better credit growth in 2010-11," a senior official from a housing finance company had to say. "With the Reserve Bank of India's recent hike in repo and reverse repo rates by 25 basis points and an indication of further tightening, interest rates are expected to go up by 100-150 basis points in the next 12 months. Lower lending rates will put pressure on any finance company's balance sheet," he added. RBI Deputy Governor, Shyamala Gopinath said, "We will not mandate banks to have a particular rate of interest or stop banks from offering special rates. Our concern is only about borrowers' ability to service the loan when the rates climb up in the latter part of the repayment cycle." SBI was the first bank to launch these special loan rates in February 2009. Other banks had followed suit with SBI. Now the plan to extend this scheme might also be followed by other banks. |
| Hike in Rentals Expected in Commercial Properties Posted: 28 Mar 2010 04:17 AM PDT
Shrenik Shah, CEO (land and commercial) of Space Management Ltd, said "There are high chances that with the rising burden of service tax and cost of construction, buyers may end up paying more for commercial properties compared to what they would have cost them before budget." The one who can be affected the most are the corporates. Their expenses would shoot up and its adverse effect could be seen in the long run, added Shah. Agreeing with Shah, MD of Bakeri Group, Pavan Bakeri said that in future the tenants of commercial properties may have to face the consequences as there are high possibilities that the rentals of new properties can shoot up. However, there are some other experts who do not support the view of an impending rise in commercial rentals and its adverse effect on their demand. They contend that there is an oversupply of commercial properties in Ahmedabad's realty market. Elaborating, the director of Real Estate Studies and Management Academy, NK Patel, said "The service tax was being charged earlier too, which will now also include residential segment. In fact, the new residential property rentals have higher chances to rise." He added, "I believe that commercial rentals will not be impacted much, and will remain stable." Jateen Gupta, MD of JP Infrastructure Pvt Ltd, which is into construction of both commercial and residential properties, said that there was genuine demand for commercial properties. "I believe that any commercial project today would get at least 30%-40% bookings as soon as it is launched. Therefore, I see no problems with the commercial segment in near future." |
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