There has been an overall slowdown in real estate industry and various industry players have been affected. Some factors responsible for this slowdown can be increase in interest rates, slowdown in IT industry, increase in property prices, and increase in interest rates loan rates because of which many property buyers have stepped out of market. But somehow this slowdown can bring happiness to those middle class buyers who have been eagerly waiting for the property prices to come down. In major cities such as Delhi, Mumbai, Bangalore, Chennai and Hyderabad real estate market has come down. Also because of increase in cost of raw materials like steel, iron and building material builders are facing difficulty of constructing property at agreed prices.
Real estate slow down in Bangalore
As realty business in Bangalore has been hit by global financial crisis because of this uncertain condition in Indian equity market and property prices builders have come in formidable situation .The condition is that approximately 400 flats or more are still vacant despite of advertisements .And the situation is same with may top builders of country. Many builders developers said they have faced a drop in new projects as compared to last year because of which condition has become worse in the market.
Let us examine, what the prospects of condominium conversions in the coming years are and how recent trends affect its popularity.
The reason why most people prefer owning a condominium rather than paying rent every month is that they can save a lot of money in real estate investing. All they have to do is to make an affordable initial investment and they can get rid of paying monthly rents. The overall prices are very low. However, Condo units do not allow the buyer to maintain his/her own lawn and garden, and other amenities like pools. But, the overall percentage of such people is very low, and there is a huge number of buyers in the real estate investing market who do not mind the presence of neighbors, and in fact, who love the active participation in community events.
Now, let me talk from the point of view of investors. Real estate investors have got an inexpensive but much more effective way of increasing their bank balance in the form of condominium conversion. True, they do have to pay a premium for the real estate investing properties. Still, the overall cost of purchasing an apartment and turning them into Condos by renovation is far less expensive. Therefore, it is worth paying a premium for properties. Again, the buyers are available in the market and you can convince them easily to buy the same. Eventually, you get a huge return that not only covers your expenditure for the premium but earns you more than you could have earned by means of other real estate businesses.
It is important to find something within your budget and research the area fully before you live there. When you look for apartments for rent in Boston you will find that they vary pretty widely in terms of price. Recent reports would suggest that renting a luxury apartment in Boston is not very cheap any more as more people flock to this vibrant city to work and live.
A housing complex in the heart of downtown Boston is being renovated according to recent repots. It is a complex that was built in the 1960s so is relatively modern and will be renovated to the LEED standard for green construction. The apartments will be available at reasonable prices to rent or buy and will come complete with high quality insulated walls, solar roof panels and technology that allows air to be sealed in tight. The great thing about the renovations and improvements being made is that it is expected to cut the energy consumption of these apartments by around seventy per cent. This will not be at any additional cost to the residents. The complex is a large one at around five hundred homes and apartments.
The insulation that has been seen mainly in Europe until now will incorporate metal panels that are built around the exterior of the building. This sandwiches six inches of foam that creates a barrier to protect the interior of the home. This alone makes this renovation fairly unique. They will form a barrier and defense against air infiltrating the home.
Condominiums had continuously held its recognition as one of the most popular type of modern housing in the Philippine market. Although it was only a few decades ago when these types of housings were introduced in the country, which is unlike that of apartment buildings and townhouses, condominiums were quickly recognized for its many unique and modern benefits that made it popular among many Filipinos.
Popular Benefits of Living in a Condominium Unit One of the first reasons why condominiums had gained a lot of popularity in the Philippine market is because of its location, in which the first condominiums are mostly found in business and commercial districts, such as in Makati City.
Because of its location, condominiums can offer their residents the advantage of living in a home walking distance or mass transit distance away from their workplaces, making it easier for them to avoid the usual hassles of morning rush hour. This allowed them to spend more time relaxing at home before going to the office rather than waste hours in a traffic jam.
At the Government level many new policy initiatives have been taken recently to boost the real estate Property in India . These policy decisions will lend a stimulus and impetus to the industry. It is beyond doubt that the new initiatives will unlock the potential of the sector. Also, along with the stimulus package announced by the Government, the Reserve Bank of India (RBI) has taken a definitive step whereby banks are allowed to devise new schemes beneficial to the property sector.
As part of the Government initiatives to boost real estate boom sector India, RBI has declared concessional schemes for the real estate sector. Such initiatives include:
Urban Land (Ceiling and Regulation) Act, 1976 (ULCRA) repealed by increasingly larger number of states.
In case of integrated townships, the minimum area to be developed has been brought down to 25 acres from 100 acres.
51 per cent FDI allowed in single-brand retail outlets and 100 per cent in cash-and-carry through the automatic route.
Full repatriation of original investment after three years.
Minimum capital investment for wholly-owned subsidiaries and joint ventures stands at US$ 10 million and US$ 5 million, respectively.
100 per cent FDI allowed in realty projects through the automatic route.
Further, in its endeavour to initiate new policies to boost the real estate sector in India, the Ministry of Commerce and Industry, Government of India, has taken steps to reduce the time taken to develop special economic zones (SEZs) by simplifying the procedures to get the tax-tree industrial enclaves notified. Now developers can easily get their land classified as an SEZ at the outset itself by producing title deeds to prove their ownership. Again, the Government has announced several concessions in the Budget 2008-2009.