According to a Times News Network report, the most vibrant retail real estate market in western India in the last 2-3 years is to be found in the city of Pune. Experiencing a economic revival due to the increasing inflow of IT / ITEs companies, Pune’s growth has given an added boost to the city’s real estate pushing retail in the forefront. Well-known brands and retail giants wishing for a slice of the real estate pie are setting up property ventures e.g. Central Mall belonging to the Pantaloons group. Not to be left behind, retailers with large portfolios i.e. Pyramid and Shopper’s Stop are also expanding their retail operations in Pune city.

A research undertaken by Trammell Crow Meghraj reveals over 5-million sq. ft. of built retail space will be available on the Pune real estate market within the next 24-months, while another 5-million sq. ft. still in the planning stage is scheduled to come up in the year 2010.

Amongst, the flourishing mall developments to come up in the high-street retail areas of Pune area are Nucleus Mall and Magnum Mall in the vicinity of MG Road and Kakade respectively. Other upcoming retail markets are along Bund Garden Road and Nagar Road, in large part due to their close proximity to predominantly residential areas of Kalyani Nagar, Koregaon Park and prominent colleges / IT townships of Senapati Bapat Marg, Magarpatta City, Ganeshkind Road.

With a booming retail real estate sector, in the next two years, Pune will see the Pyramid Supermarket chain come up in Kolte Patil, Kondwa on Nagar Road and Kakade City in Kothrud, as well as, an International Convention Centre on Senapati Bapat Marg.

As well-known national brands enter and quickly expand, setting up multiple outlets in the Pune retail market, various developments of retail real estate have experienced a 25% increase in rentals. And, despite recent developments, Trammell Crow’s retail real estate experts are of the opinion that an organised retail market in Pune is still very much at a embryonic stage, and tight control is required to make it sustainable. Unless, Indian mall developers arrive at a true understanding of a business model of mall development, restricting development to location, pricing right, positioning malls in areas of high population circulation, offering a popular product mix and offering infrastructural support, supply will outstrip demand. Innovation e.g. a theme or a hotel within the mall is what is necessary to help keep ahead of the competition. For example, Ishanya Mall – The Design Centre, a Pune mall a “one stop mall for interiors and exteriors” is a good example of what mall developers in the western region should emulate for success.

With great potential, Pune offers a tremendous opportunity to those interested in retail real estate development, as long as, developers make mall space efficiency, product compatibility, inside / outside mall infrastructure and quality development a part of their project. Using this as their mantra, mall developers are sure to make a rip-roaring success of their mall development project. The time was never riper for mall development investments in Pune!

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India’s real estate investment market has grown rapidly over the past 18 months, and following the partial relaxation of FDI regulations , the country is now attracting substantial interest from cross border real estate investors. This report reviews the case for real estate investment in India, and assesses the current and potential future opportunities and constraints in this rapidly evolving market. We identify the key growth sectors, and as part of Jones Lang LaSalle’s World Winning Cities programme we highlight the real estate investment potential of India’s growing number of “emerging city winners”.

The report concludes that: The Indian real estate market offers cross-border investors with an attractive investment opportunity underpinned by a booming and increasingly diversified economy, significant potential for rapid expansion in FDI and a maturing real estate market. It will be those investors who have a long term strategic vision and commitment to India that are likely to be the most successful.

India is reaping the benefits of 15 years of reforms, and its economy is now set for a period of strong and sustainable growth. By 2010 India will be the world’s third largest economy (measured in purchasing power) and is expected to have a middle class of around 300 million people, larger than the USA. India has a large skilled labour pool, with 2.5 million new graduates added to this pool each year, most of whom are proficient English speakers with strong technical and quantitative skills.

Whilst the Indian real estate market still lacks transparency and liquidity compared to more mature real estate markets, its market structure is changing fast in response to the demands of multi-national occupiers. Jones Lang LaSalle’s latest Global Real Estate Transparency Index shows that India has achieved one of
the region’s most significant improvements in real estate transparency over the past three years. Moreover, the increasing participation of cross-border investors and the emergence of new investment vehicles will continue to force the pace of structural change over the remainder of the decade.

A significant weight of domestic and global capital is now chasing Indian real estate, but activity is currently being constrained by limited availability of high quality product. Singapore developers and US opportunity funds, which have dominated the cross-border market so far, are focusing on IT parks and residential schemes. They are now being joined by other Asian and European investors, who are currently exploring opportunities. The market will see more investment by domestic and cross border real estate funds.

Suburban offices and the residential sector are likely to offer the greatest opportunities over the short term, and over the medium term opportunities in the retail sector will grow:

Suburban Offices Occupier demand will be supported by a 30%+ annual growth forecast for the IT/ITES sectors. Strong growth in emerging sectors such as telecoms, financial services, pharmaceuticals and biotechnology will also boost demand and broaden the occupier base. State-of-the-art campus developments are expanding rapidly, and sale & leaseback opportunities are emerging.

Residential Favourable demographics, urbanisation, rising incomes and easier access to finance are fuelling strong demand for residential accommodation. India has an acute shortage of housing, with analysts assessing a shortfall in urban areas of over 20 million units.

Retail India has huge potential for retail expansion, and the sector is growing in the region of 10% a year. Organised retailing currently accounts for only 2-3% of the market, but the sector is undergoing structural change, with leading domestic retailers going through rapid growth, format migration and consolidation. Shopping centre construction is high, but most is of poor quality, strata titled and vacancy risk is high. There is huge largely untapped potential for high quality shopping mall development. Liberalisation of FDI norms will create opportunities for cross-border investors and mall developers/operators.

India continues to be saddled with a number of investment risks relating to low liquidity levels, ownership and title issues, short leases and some concerns over long term asset price inflation, added to which are the broader risks of an economy vulnerable to economic shocks, infrastructure strain and environmental stress.

Nonetheless, India is a vast and diverse country, and risks can be reduced by careful location selection:

Tier I citiesMumbai, Delhi and Bangalore will remain the preferred option for many new market entrants, but there are fewer partnering opportunities. Mumbai and Delhi will both offer diverse opportunities; Bangalore is firmly established as a global technology hub and its economy is moving rapidly up the value-chain.

Tier II cities are currently favoured – notably Hyderabad, Chennai and Pune – where there are greater partnering opportunities. These cities are proving to be highly attractive business locations, and are the increasing focus of corporate, retail and residential demand. This has not gone unnoticed by investors, and the yield gap with Tier I cities has narrowed significantly. Prime office yields in Tier II cities are in the range of 10.5-11.5%, compared to 9.5-10% in Tier I cities.

Tier III cities “First mover” advantage can still be achieved in some Tier III cities, with office yields in the region of 12%. Kolkata and Ahmedabad, the largest Tier III cities, are displaying impressive economic dynamism. Of the smaller cities, we favour Chandigarh, Kochi,Mangalore,Mysore, Jaipur, Thiruvananthapuram and Bhubaneshwar. Goa offers good potential in the hotel and leisure sectors. However, whilst these cities are attracting increasing occupier interest, the investment markets in these smaller cities are likely to lack liquidity.

Special Economic Zones are likely to be particularly attractive to cross-border players due to tax concessions and one-stop development approval mechanisms.

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Need to sell your house quickly? Put off by the thought of estate agents and viewers tramping through your home? Follow this quick guide to selling your home fast.

There is an alternative to the traditional route when it comes to selling your home. You can use one of the many specialist companies that offer to buy your house so that you’re not at the mercy of a chain, or paying huge fees to agents and solicitors. Here are the steps you need to follow:

1. Decide how quickly you need to sell your home

Most quick sale companies can complete the purchase of your house within just four weeks. If you need to sell sooner than that, just say so; they can normally arrange a quicker purchase. If you’re selling your house because you’re relocating unexpectedly or because you’re in financial difficulty, set a realistic timetable and ask the company if they can keep to it.

2. Decide how much you will accept for your home

You may not get the full open-market price for your property as you would with an estate agent, but you don’t have to pay estate agent fees and the whole process is quicker which means you save on mortgage and bill payments. Look at the current market value of properties like yours in the same area and decide how much you’re willing to accept from a specialist buyer, bearing in mind the other savings you are likely to make.

3. Talk to the companies

Always try to talk to the specialist companies rather than just contacting them over the internet. Talking to them gives you a much better idea about how they approach the sale. You can also take this opportunity to ask any questions about the process and to make sure that you can use your own solicitor to check the contract and that you won’t be asked to commit on the spot.

4. Meet an agent

Most specialist buyers will send someone round to view your house. This allows them to give you an accurate and fair valuation and also gives you the opportunity to ask any further questions.

5. Agree the sale

Once you’ve been given a valuation, you will normally have a set period in which to think about whether you want to agree to the sale. If you decide to go ahead, it’s a good idea to get an independent solicitor to look at the contract before you sign. Make sure you know if there are any additional costs to pay, and when you will receive the money. Also find out when you will be expected to vacate the property and whether the company can help you find other accommodation.

Getting a quick house sale is as easy as these five steps and can be accomplished in as little as 3-4 weeks, making it ideal for people in a wide range of circumstances, including those going through a divorce or bereavement or those who are in financial difficulty.

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There are few purchases in life that carry the financial and psychological weight of buying a home. Whether you are buying your first home, moving up to your dream home, or downsizing your home and your life after the kids have gone, it is important to understand the ground rules for success in the world of buying a home.

Making the wrong decision in buying a home can have devastating and long lasting effects, while making a wise decision in home buying can greatly enhance the overall value of the investment. It is necessary to learn all you can about the world of home buying and mortgages before setting out to purchase the home of your dreams.

While there are plenty of web sites designed to help first time homeowners learn all they can, most financial experts say that there is no substitute for the good old one-on-one learning. Fortunately, most mortgage lenders, home inspectors and real estate agents will be able to provide this kind of one-on-one learning.

When buying a home it is often best to use a systematic approach as this is often the best way to be sure that all decisions are based on information and reason, not on impulse or emotion. Buying a home can be an emotional process, nevertheless it is imperative to keep your emotions under control and not let them cloud your judgment.

There are five basic ground rules when it comes to buying a home and shopping smart, and they are:

#1 – Get your financing before you get your home

There are few things in life as disappointing as losing out on the home of your dreams due to not being able to secure funding. While the desire to get out there are search for that great home is understandable, it is vital to line up the financing you will need before you start shopping for a home.

Getting the financing ahead of time has a number of important advantages, including knowing how much you can buy and gaining more respect from the listing agents. By knowing how much home you can afford before you shop you will avoid wasting your time looking at unaffordable properties, and the listing agent will be more than willing to show you the homes in your price range.

It is also important to take a good look at the various types of mortgage on the market before getting started in the home buying process. These days, mortgages come in far more choices than the typical 15 or 30 year. For that reason, potential home buyers need to understand how each type of mortgage works, and to gauge which mortgage is the best choice for their needs.

#2 – Look at the community, not just the home

It is a good idea to look at the entire community, instead of focusing on a single home. This can be a particularly important thing to consider for those moving to a new metropolitan area, as these buyers will be unfamiliar with the local climate and lifestyle. It is crucial to determine the areas of town that are most desirable, and to consider things like distance from work and local shopping opportunities.

We have all heard that location is the key consideration when it comes to real estate, and that is certainly the case. Buying a house in the wrong area can be a big mistake, and it is important to choose the location as well as the home. Potential buyers can learn a great deal about the nature of the various neighborhoods simply by driving around town, as well as by talking to other residents.

#3 – Be fair with your first offer

Trying to lowball a seller on the first offer can backfire, as can paying too much. It is important to carefully evaluate the local market, and to compare the asking price of the home with what similar houses in the neighborhood have sold for.

Comparing the sales of comparable homes, what are known as “comps” in the industry, is one of the best ways to determine what is fair, and to make sure that you neither overpay or underbid on the property.

#4 – Always get a home inspection

Always investigate the home for any possible defects before making an offer. Compared to the cost of the average home, the price of a quality home inspection is virtually negligible. Hence, get a good home inspection done before you buy.

To find the best home inspector, it is a good idea to seek out word of mouth referrals as many of the best home inspectors rely on word of mouth advertising.

#5 – Do not alienate the sellers of the home

Many real estate deals have fallen apart due to the personal animosity of the buyer and the seller. It is important to avoid alienating the seller of the home during the process, and to avoid nitpicking every little detail during the sale.

Keeping the good will of the seller will help the transaction go smoothly, and it will provide the best environment for seller and buyer alike.

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The first thing that affects your property taxes is the spending habits of your school district, other taxing districts, county and city. If the school district has big plans for renovations, new computers, raises in salary or anything else pertaining to the school district, you may see an increase in property taxes to support their spending. Keep in mind that there is a point when the state draws a line on how much can be charged to your property taxes. Many school districts have to find other means to accomplish everything on their agenda because they are only allowed so much money from taxes.

The next thing that affects your property taxes is the assessed value of your property. Many states call this the market value of your property. Although fair market value and the assessed value of your property are different, this does affect your property tax. If your property is compared to other properties of the same structure in your area that have sold or been built, you may see an increase in you assessed value of the property, which when used for calculations will raise your property tax. This makes some property owners outraged because they know they could never sell the property for that amount of money.

Another thing that affects your property taxes is the changes to tax laws, state aid formulas and classification rates by the legislation. This has a big impact on your property taxes after an assessment of your property has been concluded. You may see a huge jump in property taxes when the legislative committee approves a tax hike. There is no way around this for property owners, unless you challenge the assessed value of your property through an appeals process. However, the classification rates and tax laws cannot be affected in a property tax appeal.

If your county has any type of referendum to vote on that can raise taxes and it is voted for, this is also going to affect your taxes. It could raise your tax liability a small amount depending on what it is for and what amount is needed. This is the main reason that most referendums that come up for vote by the voters is voted out. Property owners do not want to pay more than what they are already paying in property taxes.

Again, depending on the state you live in or even the county, you might see an addition to you property tax bill for any road or sewer work done in the prior year in front of your property. This amount is usually split between all the property owners in the area where the work is done. This does happen quite often, which is one reason many potential buyers look for properties on newer streets that have had necessary work already done. These are all things that affect your property tax bill. For the most part, you have no way to avoid the increase in tax or paying the tax. You can use an appeal process depending on which part of your tax bill you are questioning.

1. ^ “Connecticut Office of Policy Management: Mill Rates”. Retrieved 2010-10-04.
2. ^ Fija texto refundido, coordinado, sistematizado y actualizado de la ley numero 17.235 sobre impuesto territorial
3. ^ Preguntas frecuentes de bienes raices
4. ^ http://www.subdere.cl/1510/articles-77206_recurso_1.pdf

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Property taxes for rental properties are normally higher than single-family properties. This causes much confusion for property owners in any state. They cannot understand why they are subject to higher property taxes since most are not making a profit on the properties in question. With people buying two family houses to help with the mortgage payment and property taxes, there are some frustrations over why they have to pay higher property taxes. Many property owners feel they are being singled out for trying to own a property for their family while providing housing for someone else as well.

The general rule for property taxes is that if you have a two family home, you are paying property taxes for two families in that taxing district. The home will be compared to other homes similar in structure as well as recently bought and sold homes to arrive at a fair assessed value. This however does not affect your status for taxes, the rates applied by the taxing committee is where your assessed value is used to calculate the tax due on the property. This is where they get you for owning a two family home. You can find out more information at your local taxing office as to how they calculate tax rates for single and two family houses.

Even if you are paying more property tax, you have more tax deductions allowed than a single-family homeowner does. This may were the taxing office justifies there taxing structure. Property taxes for rental properties are higher but you can claim depreciation on appliances if you supply them in the rental as well as any other furnishings. You also are able to deduct any advertising expenses, repairs, maintenance and weather related upgrades. You can also deduct insurance, cleaning expenses and supplies needed to keep the rental unit livable. With the added deductions that a single-family homeowner cannot deduct, the taxing situation may be evenly split.

Another thing to keep in mind when buying a two family house verses a single family house is that you have someone to help you pay the property taxes were a single family owner does not. If you do not make any type of profit, it may be because you are not charging enough for rent. Remember that the rent you collect is claim on your income taxes as well. Two family homeowners do have more advantages than a single-family homeowner, but not where property taxes are concerned.

If you are paying property taxes on rental properties that you live in one unit, you can talk with the assessors office to see of there is a lower assessment value for owner occupied rental properties. In some states, there are provisions for two family dwellings if the property owner occupies one unit. You just need to check with your particular community to see if there are any special guidelines for this type of situation. You can also view other property owner’s tax bills at the assessor’s office to compare assessed values and tax liabilities.

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India is being considered as “the next big thing” in real estate with many Israeli companies lining up for major investments there, a media report here said.

The latest addition to the growing list of possible investors in the Indian real estate sector is US tycoon Shaya Boymelgreen who recently bought Azorim Investment in Israel for USD 500 million from IDB Holding Corp Ltd.

He is joining hands with Nochi Dankner, a prominent Israeli businessman who briefed him over the prospects in the Indian market, busines daily ‘Globes’ reported.

The two entrepreneurs are in contact and considering a number of joint investments in India, the daily said adding that Azorim Investment CEO David Lev is due to visit India in a few days in this regard.

Meanwhile, Big Shopping Centers () Ltd has already set up an Indian subsidiary, Big India, with a local partner who owns 40 per cent of the joint venture, the report said.

Big India bought two half-acre plots on which it plans to build commercial centres at an investment of USD 40 million.

Another company, Elbit Medical Imaging Ltd. chairman Motti Zisser declared early this year that he planned to invest in India.

The company plans to build three commercial centres in India, which will become an important component of the company’s real estate assets.

“India now resembles the real estate market in Eastern Europe ten years ago. Elbit Medical accumulated great experience in Eastern Europe, and it sees India as an excellent business opportunity,” company sources told the business daily.

Alony Hetz Property and Investments Ltd. controlling shareholder Natan Hetz also recently announced plans to invest USD 100 million with partners in Indian ventures.

Gazit-Globe Ltd., controlled by chairman Chaim Katzman, and Ocif Investments and Development Ltd. controlled by Doron Aviv and Dafna Harlev, are also interested in investing in India, it added. Visit to - http://bullishproperty.in

This article is sponsored by: http://timesofindia.indiatimes.com/topic/Real-Estate

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