Jones Lang LaSalle today announced it has launched a website – Lease Accounting Changes, to deliver leading-edge strategies, tools, and information to help corporations worldwide navigate the upcoming changes in global lease accounting treatment.
There is a school of thought that states that you should buy a home as soon as you can afford it, or as soon as your home loan application is approved. In fact, the only question one tends to ask in context with home buying is whether property prices and interest rates are amenable at that point in time or not. On the surface, this makes sense. However, not all surfaces are reliable mirrors.
With liquidity from traditional channels like banks and equity markets drying up for property developers, non-banking finance companies (NBFCs) have raised rates for loans to real estate companies by two-three percentage points (200-300 basis points). The rates have gone up from 15-19 per cent to 17-22 per cent. The rates vary according to the developer, the project and the requirement of the company, say NBFCs and consultants.
Shares in Indiabulls Real Estate rose as much as 4 per cent on Tuesday morning, while those of group firm Indiabulls Power rose more than 3.5 per cent, after the real estate firm said it received board approval to restructure its businesses.
The buzz word among realty consultants at the beginning of the year seems to be price correction. After the real estate firms like Jones Lang LaSalle India and Cushman & Wakefield forecast of a correction in real estate prices in 2011, now Crisil also forecasts a price correction, though in select pockets.
After Gurgaon One, western part of the city might see rise of another multi-storey building in the same vicinity. Jawala Mills, decades-old defunct textile mill on Old Delhi Road is slated to be sold by mid-February. The 17 acres of land was first purchased by IT major Aricent Technologies in early 2000s as tech firm wanted to re-develop the area into an office space. However, the new Master Plan of Gurgaon has marked the area as a residential zone. Following this, Aricent Technologies have decided to put the land up for sale.
Pune is virtually unrecognizable from the sleepy, laid-back city it was a few decades ago. There were no signs of any significant real estate action in the erstwhile Punyanagari before that. Today, however, Pune numbers in the Top Seven property hotspots within the country.
There has never been a real decline in the popularity of second homes in India. It certainly is a full-fledged real estate market segment in its own right. However, just as on the first home market, the demand for second homes is driven by the general economic climate. When the economy declines, all real estate segments decline with it. By the same coin, the demand for second homes always rises when people’s spending power increases.
Ramesh Nair, former Managing Director of Jones Lang LaSalle India’s Chennai and Hyderabad regions, has assumed overall responsibility for the company’s Western India operations. West India, which encompasses Mumbai and Pune.
8 out of every ten home buyers in the Indian cities are sulking with the unfair trade practices of the real estate developers. Only 20 per cent of the buyers said they received a defect-free home and timely possession. The low customer satisfaction index was as much evident with developers offering affordable housing as with luxury housing.