Public bodies coming up with housing projects

November 21st, 2009 No comments »

Several government, quasi-government and cooperative agencies are coming up with new housing projects as the concept of affordable housing gains prominence in the State.

In the past one year or so, many of these agencies had shied away from construction projects, the reason being the downturn in the real estate sector. But, more that a decade ago, the Kerala State Housing Board and cooperative societies such as the Ko zhikode Bhavana Nirmana Sahakara Sanghom (house construction cooperative society) had made a mark in the real estate market. However, they seemed to have run out of steam with the coming of private builders.

The housing board has now drawn up a proposal on a build-share-transfer basis on 65 cents (0.25 hectares) of land at Chevarambalam in Kozhikode city. Tenders have already been invited from private builders for constructing either residential complexes or commercial-cum-residential complexes. The builders will be short-listed soon based on the bids, says Jacob John, Executive Engineer, who is the Regional Engineer in-charge.

Selection criteria

One of the basic requirements is that the builder should have designed and executed similar projects, at least three of them, within a three-year period.

The project cost is Rs.15 crore. Construction activities will be on the basis of the existing rules of local bodies. The selected builder should complete the project within a stipulated period, he says.

The company will be selected for the project based on the highest quantity of shares it offers to the board. The ownership of the project will be with the housing board, but the builder can do business, he says.

Mr. John says the proposals for build-share-transfer and private-public participation projects have also been envisaged on 12 acres (one acre = 0.4 hectare) of land near the medical college.

Foraying into the construction sector, the Calicut City Service Cooperative Bank has announced a Rs.12-crore construction project at Chalappuram. The proposed cooperative complex will be constructed at a cost of Rs.12 crore.

Four floors, with an area of around 12,000 sq ft, of the complex will be entirely utilised for the head office of the bank and a farmers’ centre, says P.A. Jayaprakash and T.M. Velayudhan, directors of the bank.

Fifty flats will be constructed on the remaining floors of the 14-storey complex. The total area will be more than 71,000 sq ft. Earlier, there was a proposal to construct office spaces and a head office. The bank is yet to work out the details of allotting the flats, Mr. Velayudan says.

The cost of the project will be recovered through sale of the apartment area, he says.

Earlier, the housing board has been spearheading big projects in Kozhikode city. Hundreds of dwelling units thus have come up in places such as Chevarambalam, East Hill, Chevayur, Bilathikulam, Chakkorathukulam and Malaparamba. The boom in the realty sector two years ago saw several allottees occupying the flats at reasonable rates. Some have brought them for investment purposes. By returning to the housing sector once again, the housing board is providing an opportunity to middle-class people to get reasonably priced homes.

The sanghom is searching for land in the city for new projects. It had constructed more than 550 units in various places in a span of 30 years, says K.M. Radhakrishnan, secretary.

The Gandhi Nagar and Vrindavan Colony were the first villa project constructed under the cooperative society in the city.

The society has constructed flats at Eranhipalam and Chintavalappu. The villas are at Chevayur, Hill View, Vidya Nagar and Field View. Devi Nagar at Bilathikulam; Ullas Nagar at Pottamal; Giri Nagar on Florican Hill Road; Netaji Nagar at Kottoli and Kairali Nagar on Florican Road are the other projects.

The housing societies target the middle class. The projects of cooperative societies get the benefit of stamp duty waiver. Many say these are affordable.

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Commercial spaces in high demand

November 10th, 2009 No comments »

The recovery in the realty sector nationwide is leading to an upward trend in urban rental values. For almost a year, the economic slowdown had a negative impact on the growth prospects of commercial spaces.

Today, for instance in Kozhikode, the scene is vibrant with more commercial buildings coming up even on the outskirts of the city. The shortage of commercial spaces has forced builders to set up projects in new areas, such as the mini bypass and the n ew Ramanattukara-Malaparamba bypass. Some have already drawn up plans to establish hotels and business-related ventures on the upcoming stretch from Malaparamba to Vengalam.

Property developers say the Vengalam-Ramanattukara bypass will witness a big growth in terms of commercial and residential projects. The availability of space will give the stretch a boost to real estate business. Besides, the place will be free from traffic chaos.

Builders say that land is not available in the centre of the city for constructing shopping malls. So, they are forced to develop new commercial sites on the bypass. A multitude of projects ranging from star hotels, showrooms and supermarkets are coming up from Thondayad to the Malaparamba junction. This is a strategic location and has good connectivity.

The ‘hi-lite’ group is coming up with ‘hi-lite’ Hills, a commercial and residential project. The ‘hi-lite’ Plaza will have office spaces in two towers with over 10-lakh sq ft of built-up space. The towers, each of eight storeys, will be equipped with all amenities and a corporate ambience suited for all kinds of commercial enterprises. Among the advantages is a peaceful working environment.

It will have 100-plus office spaces with areas starting from 750 sq ft. The first tower will be completed in July 2011. The selling rate is Rs.4,500 a sq ft.

The company hopes that the area will accommodate information technology parks, multi-specialty hospitals and star hotels. One of the reasons for such expectations is that Kozhikode accounts for a large volume of remittances from Non-Resident Indians. Further, the city is known for its strong trading class.

Back to investing

People who have made a fortune in West Asia have forayed into new ventures here. Many have started investing in businesses in new regions. The recession in Dubai and Kuwait has made many invest in shopping complexes here. Business enterprises are not so risky in the State. Moreover, it offers a steady income. Banks are also willing to finance new projects, they say.

The slowdown has forced many multinational companies and retail giants to stop business in the city almost a year ago. But now they are retuning to reinvent their businesses. The businesses run by local companies might have had gone through a rough patch but they have emerged stronger.

Today, the rental rate quoted at shopping malls in the heart of the city ranges from Rs.200 to Rs.300 a sq.ft. This is high even in comparison with the rates prevailing in the market during the real estate boom in 2007.

However, commercial spaces are available at nominal rates in the range of Rs.15 to Rs.50 a sq ft in areas such as Malaparamba, Nadakkavu, Karaparamba and West Hill. The rental rate at prime locations such as Mavoor Road is above Rs.100 a sq.ft. It is also high near Malabar Christian College Road, Arayadathupalam, YMCA Cross Road, Railway Station Link Road, Eranhipalam and Annie Hall Road.

The rates are soft in residential areas such as Chinthavalappu, Chalappuram, Karikkamkulam, Bilathikulam, Mankavu and East Hill. Warehouses are available at cheaper rates in areas adjoining the main junctions on Beach Road or at West Hill.

A year ago, many private banks, financial institutions, insurance companies and telecom players have started looking for commercial spaces away from the din of the city. Most did not want to remit high floor rates. Others wanted locations close to residential areas. Today, they believe their strategy has worked. House owners having plots adjacent to National Highways, especially on Kannur Road (National Highway no.17), try to sell their land to developers or construct office spaces. The trend is seen in other parts of the city as well. They hope that the positive outlook will spur growth and end the shortage of commercial space.
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Township projects back in vogue in Kozhikode

November 5th, 2009 No comments »

Townships are back in vogue. With the property market recovering, builders are again focussing on this concept in Kozhikode. Many of them offer townships within the city as a unique selling proposition.

The Chennai-based Prime Realty has come up with a villa project in a sprawling locale at Kuttiyilthazham close to the proposed Cyber Park. There will be 26 villas on 2.5 acres of land, near the proposed link road connecting the Ramanattukara-Thondayad bypass and the Meenchanda mini bypass.

“The current market scene has made builders stress new models. Buyers will not simply be tempted to choose a villa or flat with regular features,” says M. Rajeevkumar, director of the project.

Each villa has an area of approximately 2,000 sq ft, bound by a compound wall, on 5.5 cents to 8 cents of land. A tennis court, a children’s park, a playground, a swimming pool, a clubhouse, a multi-gym and a common parking area for visitors will come up on an acre of land. Round-the-clock security will be provided.

“Each villa will be fully furnished. An LCD TV will be provided. Customers can just walk into their dream home,” Mr. Rajeevkumar says.

The priced will be about Rs.50 lakh. There are different modes of payment. Either the land will be registered in the buyer’s name initially or the client will have the option to make payments in instalments during the various stages of the project, Mr. Rajeevkumar says.

“Townships have successfully gained acceptance in major metros. Earlier, housing projects were focussed in areas near hospitals and schools. Now, it is done in a better fashion with modern amenities,” he says.

Flats and villas

The Calicut Landmark Builders has launched a project at Methottuthazham Junction, near Pottammal, close to the proposed Cyber Park.

There will be 40 villas and 200 flats on six acres of land. The flats will be in two towers — one 11-storeyed and the other 17-storeyed.

The luxury villas and apartments will have amenities such as a swimming pool, a modern and well-equipped gymnasium and a walkway, says K. Arunkumar, managing director, Calicut Landmark Builders.

“The timely completion of our earlier township project near Kanndaikkal has given us the confidence to go ahead with the new township,” he says.

Townships help working couples.

“However, our target group belongs to all categories of people, including non-resident Indians and business executives. Owning a dwelling unit in a township is also a good investment,” he says.

The villas are priced at Rs.3,500 a sq ft. Mr. Arunkumar says the units can be customised according to the taste of the buyers. The minimum space is 1,800 sq ft.

Affordable concept

The apartments are based on the idea of affordable homes. These are priced at Rs.1,850 a sq ft. There will be three categories of apartments depending on the areas and the number of bedrooms. A one-bed room flat will have a space of 550 sq ft. The other two types are in the range of 615 sq ft and 940 sq ft, he says.

He says the township project on the Kannadikkal-Paroppadi route with 17 villas and 54 apartments have been a fresh concept in Kozhikode when started in 2006-end. Initially, each villa was priced at Rs.40-45 lakh and flat, Rs.1,300 a sq ft.

The area is in the fringes of the city and close to Silver Hills Public School and Silver Hills Higher Secondary School. Besides, the residents have proximity to major hospitals in the city and connectivity to the Kozhikode-Wayanad Road (National Highway 212) and the Ramanattukara-Thondayad Bypass.

The Kozhikode-based Apollo Build-Tec recently launched a villa project at Ramanattukara. There are 32 villas on 3.5 acres of land. The villas will have areas between 2,000 sq ft and 2,500 sq ft and the launching price is Rs.2,750 a sq ft.

Spring Dale Villas of ‘hi-lite’ Builders at Palazhi is another township project. The villas are priced at Rs.3,500 a sq.ft.

The area of a villa will be 2,200 sq.ft. Thirty-five of the 110 villas have so far been sold, marketing officials say.

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RBI policy a breather for home buyers

November 5th, 2009 No comments »

The recently announced credit policy of RBI has not made any changes to the interest rates and the home buyers, at least for the time being, could heave a sigh of relief.

But the decision to hike the amount that banks have to keep aside for advances to commercial realty sector from 0.4 per cent to one per cent with a view to build a cushion against likely non-performing assets (NPAs) in the sector could hamper funding to the sector.

However, the developers and other players welcomed the apex bank’s intention behind the move to prevent asset bubbles in the segment.

“I am fully for preventing asset bubbles but the increase in provisioning now sends a negative signal. The commercial real estate sector needs a push–the country needs IT and commercial space and the increase in provisioning could impede bank funding to the sector,” Sunil Mantri, Realty’s Chairman and Managing Director, said.

Mr. Niranjan Hiranandani, a developer, described the RBI action as “an ad hoc measure.” — PTI

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What one-time settlement scheme holds for buyers

October 29th, 2009 No comments »

Under-valuation of land has been rampant in State. Those who have done this can make use of the one-time settlement scheme. 
The exchequer has been losing vast sums for many years as amounts much lower than the money that changes hands are shown on record during property deals. Land buyers do this to make gains from a corresponding low outgo in stamp duty.

Registration Department officials say that apart from denying the State its rightful share of revenue, the illegal practice has been helping the sellers, who include even the land mafia, get away with low income taxes.

A one-time settlement scheme has been on since June in the State for those who have undervalued their property. Considering the response, the department has decided to extend the scheme till March 1, 2010 from the September 30 deadline.

The land buyer who opts for the scheme is exempted from legal proceedings in future. The exemption is applicable to land registrations till March 31, 2009. One has to pay a penalty of Rs.2,000 for up to five cents (1 cent = 40.5 sq m) of land in the Corporation limits, Rs.1,000 in municipalities and nothing in grama panchayat areas. For five-10 cents of land in the Corporation limits, the amount fixed is Rs.5,000; in municipalities, Rs.3,000 and in grama panchayat areas, Rs.1,000.

The fine for 10 cents to 50 cents in the Corporation limits is Rs.10,000, in municipalities, Rs.5,000 and grama panchayats, Rs.2,000. The defaulters have to pay a fine of Rs.12,000 or 6 per cent of the earlier stamp duty, whichever is higher, for lands above 50 cents in the Corporation limits; 4 per cent or Rs.7,000 in municipal limits and 2 per cent or Rs.3,000 in grama panchayat areas. The department has mobilised nearly Rs.18 crore from the scheme in the State. Kozhikode district’s share is Rs.1.8 crore, officials say. Sajan Kumar, Deputy Inspector-General of Registrations, says under-valuation of land rates has been prevalent throughout the State. The stamp duty in Corporation areas is 13.5 per cent; municipalities, 12.5 per cent; and in the grama panchayat limits, 10 per cent. Apart from this, a 2 per cent charge is levied for registration, says K.P. Suresh Kumar, District Registrar, Kozhikode.

Approximately 1.86-lakh under-valuation cases have been detected in the 33 sub-registrars’ offices in the district since 1986. The State has nearly 20 lakh cases.

The department has served notices on 25,000 people till now under Section 45(B) of the Kerala Stamp Act. There was a shortage of stamp paper for a month; so, the department is yet to despatch notices to the remaining defaulters. People can voluntarily submit the penalty even if they have not received any notice so as to avoid any liability in future, Mr. Sajan Kumar says.

He says that the sub-registrars determine the value of land in an area based on the guidelines fixed by the State government. They can report cases of undervaluation also on the basis of the market rates or a transaction registered at the actual value in a particular area. Normally, land transactions are done far below the actual market rates.

The sub-registrars’ offices will look at the highest transaction that took place in an area when dealers undervalue land. At present, the government tries to extract at least 30 per cent of the actual stamp duty, although in most cases it gets only 15 per cent. Builders of flats generally remit 50 per cent.

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Waiving pre-closure penalty will ease burden on borrowers

October 29th, 2009 No comments »

At a time when Indian households have been forced to cough up more for their monthly living needs, the Reserve Bank of India (RBI) seems to have come to their aid. Last week, the Central Bank, for the first time, has indicated that it is not comfortable with the penalty being charged by banks for pre-closure of loans.

According to media reports, the RBI is planning to ask banks to discontinue the practice of foreclosure penalty, which was a bane for the borrowing community.

At present, borrowers sitting on large chunk of loans need to think twice before shifting loans as in most cases the penalty amount runs into thousands of rupees.

Though penalty charges are applicable for all types of loans, it is particularly harsh for those sitting on home loans because of the large loan ticket size.

Hopefully, it will be a thing of the past soon.

As a borrower, you are bound to feel like celebrating but you will have to wait a little longer.

For, the RBI’s move is likely to be applicable only for fresh loans though the regulator is not averse to the idea of extending it to old borrowers at a later date.

In fact, the RBI wants to make life good both for new and old borrowers by removing various disparities between the two.

For instance, there is a move (still in early stage) to remove the concept of benchmark rate and replace it with a single rate which would be

The above changes, in reality, would put a greater emphasis on the concept of borrowing and borrowers would be required to keep track of loan pricing.

At present, for many borrowers, the downward trend in interest rate did not mean much as they were forced to continue with existing loans because of pre-closure penalty. In the case of home loans, the penalty amount was good (huge) enough to maintain their loyalty.

For instance, a loan amount of Rs.30 lakh required the borrower to cough up a penalty of Rs.60,000 for foreclosure (at a rate of 2 per cent) and worse, this was not funded by the fresh lender.

As you are aware, loans when shifted from one bank to another, take care of only the principal amount and do not include other charges.

Hopefully, the new regime will bring in the desired changes.

As pointed out earlier, the changes on the home loan front require borrowers to be agile to the changing dynamics and it will be prudent for borrowers to prepare for an early closure in their own good.

Gone are the days when borrowers could feel comfortable with the fact that their EMI is not a burden. With interest rates fluctuating on a regular basis, it will be advisable to look at the option of closure of loans well before the due date.
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Unscrupulous middlemen back on the prowl

October 23rd, 2009 No comments »

The revival of the realty sector has once again brought cheers to investors. However, the recovery has also made unauthorised land brokers make a smooth comeback into this thriving business.

Land brokers are back to cash in on the new sentiments prevailing in the market. So, buying and selling plots should be done in a very cautious manner. Beware of being duped by unscrupulous brokers and mediators.

The boom witnessed in property two years ago went through a rigorous corrective phase and has now reached a fair level. The land mafia and the real estate brokers have jacked up prices in most parts of Kozhikode city as elsewhere in the State.

Hundreds of people who had earlier invested during the boom period in 2007-end and early-2008 on the advice of brokers had lost a substantial portion of their money. Many of them had invested in land after selling gold and shares in their possession.

On the other hand, many who have invested in flats and villas of reputable builders, instead of buying plots, have not faced such pitfalls. Several things have to be factored in before buying a plot. As far as possible, avoid utilising the services of brokers in striking a deal. Numerous instances have been quoted of clients being deceived. Seek professional help from firms such as the Bangalore-based Real Estate Bank India (REBI) that has a branch in the city.

Besides, the buyer and the seller have to pay commission to the land broker. The commission rate for selling a piece of land is 2.5 per cent and buying, 1.25 per cent. But more will be demanded.

Builders say that nearly 75 per cent of land transactions usually take place through brokers. So, the pertinent question is how to avoid their machinations? One of the options is to advertise in the media so as to get a one-on-one interaction between the seller and buyer. There are Internet sites offering help as well.

Do not get intimidated by fraudulent brokers who hold out as a threat the clauses of any agreement they have with the buyer or the seller. One can take up the matter with the police.

Always check the original title deed to get a clear idea of the plot. Verify the back documents of the property at least for 13 years. Get an encumbrance certificate from the registrar’s office. The land tax receipt issued from the village office should be checked. Another is the possession certificate.

Make sure that the seller has been remitting the property tax at the Corporation office if the plot has a building. Check the occupancy certificate. Get a certificate from an attorney based on the title deeds and tax receipts.

The buyer should also verify whether the seller is governed by the Hindu Succession Law or the Muslim Succession Law. Another aspect to be checked is whether minors have claim to the property. In the case of the seller, he/she has to get a no-objection certificate from the tahsildar and get permission from the court to sell the property. A minor after attaining 18 years of age can claim the property he/she has inherited within three years.

Deceitful brokers can land buyers in trouble by providing forged title deeds. They usually make fake title deeds for non-existent land in connivance with officials at the sub-registrar’s offices. A builder nearly lost Rs.1 crore after buying 30 cents of unclaimed land in Kozhikode city. The only way not to fall prey to such crooked methods adopted by land brokers is apply for a no-attachment certificate at the office of the tahsildhar. The prospective buyer can get this certificate within 20 days.

If one is planning to buy a constructed house, then go in for more details. The buyer should check the original plan of the house submitted by the owner to the Corporation. Check if the seller has deviated from the original plan and if he had secured a completion certificate and possession certificate.

The government has planned to bring in legislation to curtail unethical land deals in the State. The new law will give an idea to the buyer of the value of land at a particular place. Proposals for fair value have been made in 117 villages in Kozhikode district. There are 55 villages in Kozhikode taluk. The three villages in the limits of Kozhikode city are Nagaram, Kacheri and Kasaba.

Recently, the Registration Department has come up with a notification for a one-time settlement to get exemption from legal proceedings if anyone has deliberately undervalued land during registration. The facility will be available till March 2010.

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Towards houses for all

October 23rd, 2009 No comments »

Recognition of housing as a basic right of every family is the theme of a memorandum being submitted by the Kerala State Housing Board Employees’ Association to the Union government through the Indian National Trade Union Congress (INTUC).

Why cannot the government come forward to amend the Constitution to protect the right of the citizens to have a decent shelter was the fundamental question raised in the paper, submitted at the 29th plenary session of the INTUC in the city early this week.

With the government having introduced steps such as the National Rural Employment Guarantee Programme, the National Health Insurance Scheme and compulsory primary education for all children, it is expected that the issue of housing will be addressed with the seriousness it deserves, said the paper, submitted at the session by Vithura Sasi, working president of the association.

The government cannot shy away from its responsibility to provide affordable housing for all, especially the weaker sections of society, said E. Sankaran Potty, general secretary of the association, explaining the contents of the proposed memorandum. According to figures provided by the association, there will be a shortage of 24.71 million housing units in the country in the near future.

The paper quoted a study by the Associated Chambers of Commerce and Industry of India, which said that despite the current slump, demand for housing would become “stronger and more intense” with rising income, a swelling middle class and rapid urbanisation. At present, the housing shortage is 19.4 million units in the country, of which 6.7 per cent is in rural areas.

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Builders see a change in buyer sentiment

October 13th, 2009 No comments »

There have been some genuine enquiries right from the second quarter of 2009, says Najeeb Zackeria, president of the Kochi branch of the Confederation of Real Estate Developers’ Association of India. The interesting part is that there are enquiries in all segments of property, be it budget, semi-luxury or luxury, Dr. Zackeria says.

There are enquiries for villas, but unfortunately, there are no stocks available at present. The builders over the last year had concentrated more on delivering the ongoing projects. It was not a good time to announce new ones.

The customers’ approach is to go in only for finished products or projects nearing completion. This approach has slightly changed, he says. However, the change in this graph has favoured only builders who have sustained through the recessionary period and have delivered their products in time. Unless progress is seen in a project, customer confidence will be lacking.

The customer confidence is just coming back, says M. Unnikrishnan of the Thripunithura-based Royal Projects. There is a release from fear. The market is very much alive, but the budgeting is small. The customer is having a studied approach, Mr. Unnikrishnan adds.

Earlier, an investor will put in an extra effort to go for a higher budget, but now the customer is looking at the builder to help them make a good buy within their fixed budget. In fact, quite a few genuine enquiries are not materialising into buys only on the aspect of cost.

Customers have had to face bad times because quite a few projects in areas such as Kakkanad have come to a standstill. These probably had come up without any USP and hence were hit by the market trend, Dr. Zackeria says. The delay in the SmartCity project may also have been playing on the customer mind. Another factor affecting Kakkanad was perhaps the mushrooming of a number of small-time builders during the boom period, some of whom were not able to sustain through the difficult times. The builders are taking the new momentum in the market with caution. “We do not expect any rapid improvement,” Dr. Zackeria says. It will take about another six to eight months for a turnaround, he adds. It will happen as a spontaneous effect of the overall economic improvement, and depending upon the absorption of the present supply of stock and end-user demand, the new supply will start trickling in.

In fact, quite a few builders are waiting for some more time to pass before they announce their new projects. The full concentration is on completing projects in time.
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To ensure the structural safety of buildings

September 30th, 2009 No comments »

How safe is your building? Only a structural engineer can give an answer. For that, he or she should have been in the team that constructed the building, monitoring every stage of the work. But there is no rule that such a professional should be in the team. There are only guidelines. In western countries, structural certification is mandatory. Here, builders can decide whether to engage a structural engineer or not.

The government agencies seem to be not taking the initiative to tighten construction norms to ensure the safety of buildings. Usually, the buildings are designed on the Indian Standards Code, says S. Suresh, member of the Association of Structural and Geotechnical Consultants. A structural engineer need not issue a safety certificate during or after the construction.

A buyer may be under the impression that his building will stand for 100 years. An earthquake or cyclone may strike once in 50 years. Can the building which outwardly looks safe stand a wind velocity of 140 kmph or an earthquake high on the Richter scale? A structural engineer can ascertain safety only if stringent monitoring has been done at all stages of construction. Hence, he or she should be involved right from the planning stage, Mr. Suresh says. Sometimes, a structural engineer is called only at the start of the construction, as his or her role is considered only advisory.

Mr. Suresh contends that no structural engineer can certify such a building. Their work has two parts — the design and the execution. The structural drawing is important as the grid lines will be shown in that. It needs to be decided at the planning stage how many pillars are needed and where they should be erected.

Pending before the Supreme Court is a public interest litigation filed after the Gujarat earthquake on whether a structural engineer needs to certify a building.

Though structural safety is important with more and more multi-storey apartment complexes coming up to meet housing needs, the building rules in the country are yet to specify these norms. As Kochi has recently been denoted as an earthquake zone, the construction safety norms should be made stringent. An earthquake audit is likely to come up soon as part of the UNESCO programme to make buildings earthquake-resistant.
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