Noida Real Estate Property

Union housing minister Kumari Selja is all set to hold a meeting with state governments urging them to ensure reservation of developed land for EWS in housing projects.

"Private builders and developers in the city will have to adhere to the new policy and make space for accommodating the poor in their housing projects," Ms Shelja said.

The proposal has been included as part of mandatory reforms to avail funds under the Rs 50,000 crore Jawaharlal Nehru Urban Renewal Mission.

"Delhi and many cities including Gurgaon, Faridabad, Pune, Bangalore, Indore , Banagalore, Kolkata and Lucknow have in-principle agreed to follow 'adequate housing reservation' policy," a senior housing ministry official said.

I have seen a news item on this website, NBCC coming out with huge residential Project in Delhi NCR by end 2008.

Any news about this project?

Thanks In Advance

But that could be about to change. More middle-class Indians can hope to get a step on the housing ladder in 2009 as bank loans become cheaper and desperate builders, chastened by last year's property market slump, cut prices to move unsold stock and build cheaper homes.

The past few years have seen houses become just another financial asset, as punters and wealthy investors, buoyed by surging stock market earnings, trooped into the property market in the blind faith that the only direction to house prices was up. Their faith was rewarded, and house prices were driven up to surreal levels. Builders were only happy to play along, and many of them focused on high-margin exclusive developments, almost oblivious to the fact that such properties were beyond the reach of the vast majority of India's 300-million middle class.

But sometime last year, realty discovered reality. High prices together with double-digit interest rates put off genuine buyers and many families abandoned their search for a home. And the stock market collapse turned the tables on the speculators, and with them, the building trade.

"Developers have understood that affordable or relatively lower-priced homes are the solution to the current mess," says R Nagraju, head of corporate planning and strategy at Unitech, the country's second-biggest property company.

Ramesh Sanka, chief financial officer of India's biggest property company DLF says it is a move dictated by the market. "Companies can't build homes according to their own desire. They build homes for customers and is a if there demand in that segment, we will certainly have more launches in that category,'' he said.

A number of state governments have questioned the Centre's powers to exempt SEZs and units from paying stamp duty as they consider it a state subject.

States, including Andhra Pradesh, Orissa and Madhya Pradesh, which have been complaining against the stamp duty exemption given to SEZs for more than a year, have intensified their protest. In a recent meeting of state finance officials, states reiterated that the exemption given by the Centre was leading to revenue loss for states and should be immediately withdrawn. States have alleged that while the Centre had the power of legislation, the power to fix rates lay with the states. The finance ministry has already taken up the issue with the department of commerce which had drafted the SEZ Act. It has written several letters to the commerce department asking it to explain as to why stamp duty exemption was given to SEZs. "We are yet to get an official reply," an official said.

Commerce department officials, however, claim that the legality of the exemption was discussed and examined at the time the SEZ Act and rules were being drafted. "The SEZ Act was drafted after due deliberations with all concerned," an official from the commerce department said. The SEZ Act was passed in Parliament in 2005 while the rules were notified in February 2006.

The law ministry has now asked the finance ministry to explain in detail as to how stamp duty rates for SEZ developers were reduced to zero in the SEZ Act.

But unfortunately, few months ago the collapse of international financial giants due to subprime crisis & its subsequent impact on the world economy including India has. temporarily put brakes on the growth trajectory of the Indian real estate sector. The reason I say temporarily is because there is no denying the fact that if the economy has to maintain its growth momentum, the real estate sector can not be held back for long. Even the government seems to have realized this and has started giving it the much desired stimulus by lowering interest rates on housing loans and announcing whole lot of other measures to revive the demand for housing in the country. The country still has a housing shortage of 23 million units.

Given the huge housing shortage in the country, there is an immense opportunity for developments in affordable and mass housing segment. Though demand for hi-end & luxury apartments has stagnated, but there is a huge demand supply gap in the affordable housing sector. The government's recent measures are also an indication to the sector that they should start focusing on affordable housing or take initiatives to make houses affordable for masses. With interest rates coming down on small loans and steel, cement prices going down it is now possible for developers like us to launch affordable housing projects. It will also guarantee assured sales and upfront cash flows in these challenging times of slowdown.

Whilst gloom seems to be the overriding signal coming out of the world markets, it is exactly such times which should prompt us to look at the new opportunities that are emerging and develop these themes with courage into a new world order. The present phase of consolidation which is being faced by India can in fact create new opportunities and which if identified would take the real estate sector to a higher next level. This was the overriding principle of our growth in the last two decades and we still continue to believe in the same philosophy. I am confident that this downturn too will result in a stronger Unitech.

In conclusion, now is the time that stakeholders in Indian real estate sector should put their minds together in order to understand the opportunities that are emerging despite global challenges. If we are successful in doing so, I am sure that a few years from now, many of us would agree that this phase of change and introspection was useful in its own way, and was one which allowed us to put in place the prerequisites for ensuring sustained long term growth and maturity of the real estate sector in India.

BPTP said the Freedom Park Life property investment scheme had been built to suit the needs of a new generation of Indian families and features top health facilities.

Offering two and three bedroom apartments and penthouses, the scheme also includes landscaped courtyards and a childrens' theme park.

Buyers will also be able to take advantage of a jacuzzi, swimming pool and a health club.

BPTP said:"An eye for detail, combined with a classy sense of design, gives these homes a sophisticated yet comfortable feel.

"Facilities at Freedom Park Life are in sync with the evolving desires of the young-at-heart.

"People can enjoy a quality of life that comes packaged with all comforts and luxuries at one place."

Located in Sector 57, Gurgoan, the development is near the city's thriving new commercial district.

Founded in 2003, BPTP is one of the fastest growing Indian firms and is already a key player in the real estate development industry.

It currently has development projects in New Delhi, Gurgaon, Faridabad, Noida and Greater Noida.

The recession has thrown open the gates for a new real estate service - serviced office space providers. These firms offer ready-to-use office space, which can be used from day one. Companies seeking office space need not bind themselves to long term leases or invest in office infrastructure.

Serve Corp, one such service provider, entered the Indian market in March 2008 and plans to expand to all metros within two years. Avanta, a UK-based firm, too has set up shop in India. It aims to have 20 serviced office centres up and running in the next two years.

"India offers good business opportunity, especially in the next 2-3 years as companies want to expand without investing too much in office infrastructure due to the recession. The serviced office space market is under-penetrated here" said Meenal Sinha, general manager, Serve Corp India.

According to experts, companies opting for serviced office space can save up to 30 per cent of their real estate costs in the first 3 years as they do not invest in the infrastructure. This is significant as companies across sectors struggle to maintain their bottom lines in the current economic slowdown.

A UK-based company, International Business Wales (IBW), opened its office in one of the business centres of Serve Corp in Bangalore in February last year.

"We wanted quick solution to our needs as we have to travel a lot. Buying space in a serviced office business centre was hassle free as we do not have to worry about the infrastructure set up and other problems that come up with traditional office space", said Kant Singh, vice-president, IBW.

Investing your money in real estate is not enough. Knowing where to invest is necessary for attractive gains in the property market. So which are
the best places to invest in real estate in 2009? Global real estate consultancy Jones Lang LaSalle Meghraj (JLLM) outlines the nine best places that can fetch you lucrative returns:

Mumbai: It has different areas in which growth can still be observed. These areas will sustain prices even as other areas in Mumbai will see a correction. Vasai-Virar region, known for budget housing, is a good bet as connectivity will increase with additional trains planned for next year.

Price: Rs 2,500-3,500/sq ft

For prime property hunters, Bandra-Khar area is a preferred destination owing to its elite profile & high-level of shopping & other facilities.

Price: Rs 18,000-25,000/sq ft

Delhi: There is a slowdown currently in the suburban market. However, the areas around the 150-metre road that will eventually connect Gurgaon to Dwarka, specifically, Sectors 103-111, have significant growth potential. One can expect a year-on-year appreciation of at least 5-7% even now. The area is currently under-developed. However, when residential projects reach completion in 2-3 years, the appreciation will be between 30-35%.

Price: Rs 2,200-2,300/sq ft;

In Dwarka: Rs 4,000-4,500/sq ft

Chennai: While Chennai's residential scenario is considerably depressed, the Mogappair-Porur region holds mid-to-long term investment potential. It is close to the prime residential catchment of Anand Nagar, Chennai Railway Station and bus terminus. The fact that it is not near the IT corridor also increases its potential.

Price: Rs 2,800-3,000/sq ft

Bangalore:  The city is feeling the brunt of the IT slowdown. However, established suburban areas like Koramangala, Outer Ring Road
and Bellari Road continue to be good investment destinations. While Koramangala is close to Electronics City, Outer Ring Road & Bellari Road are close to IT hub and appreciation potential is 10-15% in long term.

Price (Koramangala): Rs 7,000-8,000/sq ft

Price (Outer Ring Road and Bellari Road): Rs 3,500-5,500/sq ft

Pune: Pune's new growth corridor encompassing Kharadi and Nagar Road can be considered as the most lucrative real estate investment zone for 2009-2010. Proximity to revamped airport, improved connectivity, upcoming IT SEZs, commercial ventures and reasonably low entry costs make it profitable for investment.

Price: Rs 2,700-3,500/sq ft

Hyderabad: Significant growth in Hyderabad has now been restricted to specific areas. The residential investment growth potential will centre primarily around Gachibowli and Tellapur. Factors such as its proximity to the financial district and Outer Ring Road reducing the commuting time of residents to key workplace locations are the significant drivers here.

Price: Rs 3,000-3,500/sq ft

Mohali: The area adjoining Mohali called Greater Mohali, which encompasses the fast-developing Landra-Mohali Road area, is a promising residential nexus. Pan-India, developers such as Unitech, Emaar-MGF, Ansals & DLF have snapped up land for mega, multi-sector residential hubs.

Price: The investment opportunity here is in land which currently sells in the range of Rs 12,000-14,000/sq yard.

Kochi: Apartment units have the highest demand here owing to affordable prices and availability. The prime residential areas adjacent to M G Road & along Marine Drive command a premium.

Price: Rs 3,000-3,500/sq ft

Ahmedabad: There are attractive residential hotspots coming up in the city. Considerable economic activity is expected with the arrival of the Tata Nano project which will boost the value of real estate in and around Sanand corridor. Located in an industrial region rich with SEZs together with good land availability and low land prices makes this location a viable one.

Price: Villas selling at Rs 2,600-3,000/sq ft.

The Revenue Department has now granted such a facility following the empowered group of ministers on Special Economic Zones decision on this matter.

3 Domestic manufacturers of goods including steel and cement have cause for cheer, with the Finance Ministry now extending the facility of cenvat credit to such manufacturers for goods supplied from domestic tariff area (DTA) to SEZ developers.

The Revenue Department has now granted such a facility following the empowered group of ministers on Special Economic Zones (EGOM) decision on this matter.

With this move, domestic manufacturers can avail cenvat credit on the duty incurred on inputs used for manufacturing the end products supplied to SEZ developers. Already, domestic manufacturers were entitled for cenvat credit in respect of goods supplied to SEZ units.

"The Finance Ministry move would enable domestic manufacturers to supply goods to SEZ developers at competitive rates. A SEZ developer had the option of importing the goods from outside the country," Mr L.B. Singhal, Director General of Export Promotion Council for EOUs and SEZs (EPCES), told Business Line.

Backward integration

He said the Finance Ministry's move would help in backward integration of SEZs with the domestic economy and spur economic activity within the country.

The EPCES had taken up this matter with the Commerce and Industry Minister, Mr Kamal Nath, at the council's annual general meeting held on September 16 last year. This issue was later taken up at the EGOM, which agreed that the cenvat credit facility would be extended for goods supplied to SEZ developers.

In the first week of August 2008, the EGOM had decided that for supply of goods from DTA to SEZ units and SEZ developers, service tax would be refunded, irrespective of whether the service is rendered inside or outside the SEZ. This would be done so long as the goods supplied related to authorised operations of the SEZ unit and SEZ developers.

Drawback facility

For goods supplied from DTA to the SEZ developer, the EGOM had agreed that the drawback facility would be granted even if payment was received in Indian rupees. Similarily, EGOM had also decided to recommend to RBI that SEZs should be treated as infrastructure projects rather than real estate projects.

Mr Singhal observed that guidelines in respect of these three decisions were yet to be issued though they were taken in August and October last year.

The government has received nine fresh proposals for setting up special economic zones despite the industry losing appetite for
investment

in the tax-free enclaves on lack of business confidence in difficult times.

The Board of Approval (BoA) in the commerce ministry will consider on January 15 new proposals, including those of infrastructure major Larsen & Toubro and JSW Group.

L&T, which has already received approval for three SEZs, proposes to set up another zone for IT and ITeS in Maharashtra, sources said.

BoA, chaired by Commerce Secretary G K Pillai, will also take up proposal from steel giant JSW Group for setting up an SEZ for aluminium in Andhra Pradesh.

The group already has two approvals in its pocket for such projects. While the West Bengal project would be for steel products, it would be a port-based venture in Maharashtra.

SEZs, which remained the favourite investment destinations for the last three years, started losing sheen towards the fag end of 2008 as promoters, especially those in the real estate business, found few takers for the units in these enclaves.

Investors' frenzy has given way to withdrawal symptoms, though well over 270 tax free zones have been notified by the government. Several realty players which saw a great opportunity in the SEZs have developed cold feet on these investments.

IT WAS a correction that was waiting to happen. Real estate developers, responding to market demand and the loan incentives given by the government, have started focusing on budget homes. While there are still various issues to be sorted out, the ones that have hit the market with budget homes are smiling all the way to the bank.

Take, for instance, Olympia group in Chennai, which had the Opaline luxury apartments on the Old Mahabalipuram Road. The group added compact premium homes of 500-1,000 sq ft each to the existing projects and the sale of 100 apartments within a month has been an eye-opener for the group.

Many others in the premium segment such as Chaitanya and VijayShanti in Chennai have started marketing projects in the smaller unit size, and therefore affordable category, and come up with great results.

Vishal Gupta of Ashaiana Homes and Finance believes the government's role in triggering real estate sales was two-fold. "As a group, Ashiana has always been in the Rs 13-25 lakh category with some projects in the higher ranges of Rs 45-70 lakh as well. But We have seen a progressive weakening of the market since October. November was a bad month with the number of site visits very high but conversions at an all-time low. In December, since the government's move to reduce home loan interest rates in the sub-20 lakh loan slab, the sentiments have improved considerably and buying has restarted." Gupta, in fact, feels that even the Pay Commission hikes and payment of arrears to the government and public sector undertaking employees has triggered a fresh round of buying.

The Assotech group too cheers the government's move to reduce interest rates. Explains Rajeev Rai, V-P (corporate) of Assotech, "We do not see the average cost of units in the Metros and tier I cities dropping below Rs 20 lakh. Therefore, the impact of the government dropping interest rates on houses has not been significant. We are expecting another booster dose from the government soon, which may help buyers in the larger cities. However, we have seen a better buyer response to our projects in smaller cities such as Rudrapur and Gwalior, where projects are in the Rs 13-20 lakh range. The number of enquiries have gone up by 50-70% and conversions too are 20% higher."

Rai too feels that in addition to the lowering of interest rates on small size loans, the Pay Commission pay-outs to the government sector has resulted in enhanced user response.

In Indore, realtor Pradip Agarwal has noted a 20% in enquiries and transactions of apartments in the Rs 15-20 lakh range. In Jaipur, realtor Anil

Rohilla has personally supervised at least three transactions in the last week in the Rs 8 lakh category and serviced about 20-25 enquiries.

Rai also feels that to actually make a difference, the difference between the cost of lending and the cost of raising the funds for the banks has to be substantial. That not being so, banks are still not lending at the pace that can trigger a bull run in affordable housing. But the National Housing bank's announcement of Rs 20,000 crore being released to banks for financing affordable homes has worked and banks are more responsive to these loan requests.

Clearly, developers who had stock or could immediately create stock in the category have won the first round. The term affordable has been bandied by the government and developers for a while now. According to a MagicBricks study on behalf of the Confederation of Real Estate Developers Associations of India in 2006, there was a huge shortfall and an insatiable appetite for affordable homes across India. However, to boost this category, the government needed to provide some incentives to the private sector so that the required scale of development would happen. In addition to the differential rates of interest for affordable housing, the government may also need to provide incentives to developers to create more stock in the affordable category. This may happen in Budget 2009.

In another related survey, Brix Research, the knowledge centre of MagicBricks, conducted extensive online and offline surveys to understand what users would consider affordable. Most professionals living in big cities stated that Rs 25-35 lakh was their affordable budget for housing. Others belonging to smaller cities or even suburban areas of big cities said that a house between Rs 5-15 lakh was "affordable" for them.

The Brix Research survey also revealed that only 6.9% users said that they could pay the entire amount by themselves. About 54.8% said they would borrow one-fourth of this amount from banks. About 28.4% were planning to source about half of this amount from the bank. Another 9.7% said they would have to borrow three-fourth of this amount.

Obviously, there is still a huge unmet demand for budget housing. Also, the present move has just scratched the surface and found that the markets can glitter if adequate boost is given to this segment. Statistics have also revealed that the quoted figure of 24.7 million housing units' shortage across the country may have grown. The present round of developers who have offerings to woo the budget buyers are already doing well. Will others follow?

IF YOU had been flip-flopping over buying a home in 2008, then your best chance to get one at an attractive price is in the first three months of 2009. Here's why. Firstly, experts feel that residential prices are likely to stabilise from April onwards with fears of deflation looming large over the Indian economy. Moreover, the persistent decrease in the general price level of goods and services is likely to bring down interest rates to affordable levels, which will mean that the pendulum will shift from a buyers' market to a sellers' market, from April.

With real estate developers expected to further cut prices over the next three months, experts feel that this is the best time to let their indecisiveness work to your advantage. Says Anuj Puri, chairman and country head of Jones Lang Lasalle Meghraj: "2009 will open up opportunities for investment in real estate as property prices have corrected by around 15-20% in 2008. I expect a further correction of 10% over the next three months. Price stability should arrive by March 2009 and will not climb quickly. The first three months of the new year is going to witness a surge in residential sales."

With the government trying to kickstart the slowing economy, many in the industry feel that now both the end user and the investor will return to the market. In fact, the investor behaviour too is likely to witness a change. What happened in 2008 will come as a learning and investors will do their due diligence on any investment plans in any area and go with the long-term investment horizon of three to five years.

Arvind Mahajan, executive director of KPMG India, believes that as a buyer if you have good negotiation skills and can avoid brokers, you might even avail an extra discount. "Owing to cash crunch, developers are under immense pressure and are looking for ways of funding their future projects. Prices have already dipped 15-20% and interest rates are also coming down. The amount of real estate inventory that we have now makes it undoubtedly a buyer's market," he says.

• BEST DEAL Price stability expected by March and will not climb quickly
  
• Deflation likely to bring down interest rates to affordable levels
  
• Best time to pick & choose & bargain for a good deal Easing of ECB norms a booster dose

THE easing of external commercial borrowings (ECB) norms by the government in the new year has already come as a big boost for the realty sector.

Says Sachin Sandhir, MD & country head, Royal Institution of Chartered Surveyors (RICS) India; "Three months from now, prices will start stabilising. It is really just a matter of time until the market becomes positive again. With fears already looming large over the Indian economy slipping into deflation, interest rates are expected to come further down into an affordable zone.

"If you venture out now you will have a much easier time finding exactly what you want and there is a better chance of getting it at the price you want, too."

So there's no time like now to move into top gear with your house hunt and seek out the best deals.

Yet, housing for all has remained an elusive goal. The current economic crisis offers another opportunity to take that dream closer to reality.

The slump in realty, precipitated by the global economic meltdown, has already driven many developers to increasingly look to build houses that middle-class families can afford.

Several leading real estate companies have rolled out plans to build what they call no-frills houses, which could cost Rs 15-30 lakh for a two-bedroom accommodation in cities like Delhi and Mumbai. Many more developers will follow their lead through 2009.

Omaxe plans to build 6,000 to 8,000 "affordable" flats -- costing between Rs 12 lakh and 25 lakh -- across 10 cities, including Delhi, said chairman and managing director Rohtas Goel. If it succeeds, the company would scale it up 10 times in the following years. Mumbai-based Acme Group will be coming up with houses in the range of Rs 2,500 to Rs 4,000 per sq ft in Thane and Goregaon next year. In Bangalore, Sobha Builders is "looking at providing Rs 30-lakh houses," said JC Sharma, managing director of the company.

Government-run agencies like the National Building Construction Corporation and Delhi Development Authority also have similar projects in the works.

No other market near Delhi offers rates as affordable as those in Faridabad. Greater accessibility from Delhi via the Metro will make this area even more popular in the near future. Demand has been picking up ever so slightly and the buyer looking for bargain prices in the NCR region can get them in Faridabad.

Plots in Sectors 82, 83, 84, 85, 75 & 76 are priced at Rs 10 - 12, 000 per square yard, in the secondary market. Primary market rate for a 250 square yard plot is Rs 14, 0000 per square yard, Rs 13, 500 per square yard for a 350 square yard plot and Rs 12, 500 per square yard for a 500 square yard plot. Rates have reduced about Rs. 6000 from the previous year. Sectors under Haryana Urban Development Authority (HUDA) have seen a similar reduction of Rs 6000 per square yard over one year. The average plot rate in Sector 21 A, B, C, D is at Rs. 24 - 28, 000 per square yard. Rs. 35,000 per sq yard is the average rate for Sector 16 while it is Rs. 40,000 for Sector 15. Sectors 30 - 31 are priced between Rs 40,000 and Rs 42,000 per square yard. Apartment rates in Sector 21 range from Rs. 30 - 35 lakh for 2 BHK to Rs. 50 -60 lakh for a 3 BHK.

Greater Noida Industrial Development Authority Chief Executive Officer, Pankaj Aggarwal, said, "The Authority plans to construct low-cost houses for domestic workers and service industry personnel, who require residences nearest to their workplace as they cannot afford huge spending on conveyance alone."

Real estate companies were facing a tough liquidity situation as home buyers deferred new purchases due to high interest rates and banks stopped lending to real estate firms due to fear of mounting defaults.

A reduction in lending rates may lure home-buyers back into the market. Rohtas Goel, chairman and managing director of Delhi-based Omaxe, said: "We are confident that banks will reduce interest rates for the housing sector, which will help bring back the end-user to the market. This move will further boost the confidence of investors."

Experts are still sceptical of banks passing on the entire benefit of the reduced rates to their customers. "The RBI has cut rates in the past but we have not seen much from financial institutions. Only when home loan rates come down to 8-8.5 per cent, can we see some difference," said Anuj Puri, chairman, Jones Lang LaSalle Meghraj.

Developers said the government's move to allow external commercial borrowings (ECBs) in development of integrated townships was a big step. Hitherto, realty developers were prohibited from raising funds through ECBs as foreign funds were considered the main trigger for the rapid increase in property prices.

"When we have land and demand for houses increase, we need liquidity. Interest rates are cheaper abroad and we can tap that now. Today's measure is great and akin to allowing FDI in real estate. If we can raise money abroad, it will supplement bank funds and customers' money," said JC Sharma, managing director of Sobha Developers.

Speaking to The Indian Express, Pradeep Jain, Chairman, Parsvnath Developers said, "We will approach the RBI to demand a restructuring of existing debt by way of Financial Institutions (FIs) granting a minimum moratorium period of 12 months. Beyond 12 months, terms and conditions will be up to FIs. Also, the recently reduced interest rates for home loan borrowers upto Rs 20 lakh should be increased to Rs 30 lakh for customers in metros only. In addition, the home loan mortgage interest rate still needs to fall below 10 per cent." The real estate sector continues to demand relief even as the new stimulus package allows developers of integrated townships to borrow funds from overseas and asks states to release land for low and middle-income housing schemes. However, the industry believes that liquidity should improve as a result of these measures.

"Developers can also use this extra liquidity for existing projects which are on a halt because of paucity of funds. Overall, this will boost real estate and infrastructure while increasing demand and keeping pace with supply," said Omaxe MD, Rohtas Goel. Navin Raheja, Managing Director, Raheja Developers echoed the view. "If banks follow the repo rate cuts announced today and reduce lending rates by even a per cent, the real estate sector will receive a much desired boost," he said.

Some developers say the moves do little to specifically address the realty sector's main source of troubles credit flow to developers.

The central bank on Friday reduced repo and reverse repo rate by one percentage point and banks' cash reserve ratio (CRR) by 50 basis points, which is likely to enhance liquidity in the system and make lending to home buyers and developers easy and less expensive.

"Rate cuts will definitely have positive impact on demand for homes. RBI's actions in the past have eased liquidity in the system, but credit flow to developers still remains an issue," says Gera Developers chairman Kumar Gera, who is also the chief of real estate industry body Credai.

Developers were expecting that the government would raise the limit on homes loans classified as priority sector lending for banks to Rs 30 lakh (three million rupees) from Rs 20 lakh now; and raise exemption limit for tax benefits on interest paid on home loans to Rs 3 lakh from Rs 1.5 lakh now.

With cash reserves dipping in these days of economic slowdown, two leading colonizers had recently applied for refund of licence fee, amounting to over Rs 220 crore, paid for carving out residential colonies in Gurgaon. The move had come after their November meeting with chief minister Bhupinder Singh Hooda failed to get desired results.

Another meeting was held on Friday between town and country planning department officials and colonizers. Though the details are not known, sources claimed realtors stand to gain big-time once the policy-package is finalised. Once in place, it would bring down prices of houses and flats in NCR by 20-30%. Sonepat, Gurgoan, Faridabad and Bahadurgarh are some areas where private colonizers engaged in mega housing and commercial projects are feeling the squeeze.

Your's truly Sanjay (left) and Mr. OP Dimri, anchor of the "Property Guru" show on IBN7 recording for the January 03, 2009 episode.

See "Property Guru" on IBN7 at 12:30pm on January 03, 2009.

You can also catch the show live online by clicking here.

The episode is a look back on 2008, and what to expect in the Property market in 2009 ... must-see for end-users and investors.

You can also catch the show live online at ibnlive.in.com/videos/video_streaming.php?type=ibn7