December 12, 2007
Chennai is recognized as a preferred place of corporate people and MNC. This city has earned a benchmark on three major classes – financial costs, expert manpower and outstanding business environment. Chennai is a home of chief automobile sectors also and on the northern area port is gearing up with expansion of housing units. In fact the Chennai residential real estate sector is going though a change in market dynamics and over increase in real estate purchasing activity. City home loans and augmenting rates have resulted in major price escalation in past few months in Chennai.
India is zooming away in real estate industry no lesser than any other part of the world. In fact India real estate is booming in all the direction – be it Chennai real estate, Hyderabad real estate or Cochin real estate, all the cities are skyrocketing when it comes to real estate. A few year back Chennai real estate has shortage of housing options, but now it has superfluity of residential options. Chennai is recognized as a preferred place of corporate people and MNC. This city has earned a benchmark on three major classes – financial costs, expert manpower and outstanding business environment. Chennai is a home of chief automobile sectors also and on the northern area port is gearing up with expansion of housing units. In fact the Chennai residential real estate sector is going though a change in market dynamics and over increase in real estate purchasing activity. City home loans and augmenting rates have resulted in major price escalation in past few months in Chennai.
In the last 12 months Chennai real estate sector has faced an extremely enthusiastic trend. With about magnified costs driven by BPOs, real estate had gone through an incredible growth and it has become a dream of commoner. Such a tremendous growth could be visible in Chennai, Bangalore and Hyderabad that has extensive plans and lucrative commercial projects. Some places in Chennai such as MGR nagar and Anna nagar, which was about rupees 70 lakhs per ground in 2002, are not quoting Rupees 95 lakhs per ground. When looked on the wider term, Chennai real estate had contributed a lot to the story of increasing over all India real estate. As per a recent study Chennai real estate have established a addition of 3.5 million square feet of housing sector in past quarter and now the market is likely to catch up excellent time ahead in winter. Especially, the demand for real estate in Chennai is on a large part obsessed by the growth of IT and BPO industry. It has not only perked up the capital value of commercial property, but also fuelled the demand of residential areas.
Industry experts believe that Chennai real estate has massive demand impending in almost every sector — particularly commercial, residential and retail. It has also proved that investing in real estate Chennai has been providing many investors with activist cash flow, tax advantages and pleasure of making an impact on people’s lives. Investment property is generally the loveliest aspects of your monetary portfolio. Even the foreign funds and investors are now investing in Chennai real estate as it is fourth largest metropolitan city in India and has lot to offer the foreigners. Before investing do your required homework and do consult any expert real estate agent to defend yourself from hidden troubles. Chennai real estate is known as the recurrent wealth builder, but everything has to be done with knowledge and skills. With real estate property boom all across Chennai, you can touch the new heights of money making.
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Scott Thompson, author of Internet Real Estate Agent: A Guide To Dominating Internet Real Estate Leads &Marketing, is a leading Real Estate Realtor® in California. His experience has led to the amazing secrets you will find in this book. “Ninety percent of my business comes from the Internet” states Scott, “Whether you’re new to the industry or an experienced Realtor®, this revolutionary book will be beneficial to you.” The goal of Internet Real Estate Agent is to show the readers the hidden gems of online real estate marketing;
teach the many secrets of internet technologies to help save them time and money and help them to avoid the pitfalls. “No one is currently teaching real internet advertising skills to agents, only old traditional advertising”Scott Thompson adds, “I want to educate real estate professionals to increase their business by using the power of the internet.”
December 12, 2007
The Federal Reserve announced Wednesday it was coordinating with other central banks to deal with the global credit crunch. Wall Street rallied after the surprise announcement. In a statement timed to occur before the start of trading in New York, the Fed said it planned to offer $40 billion in emergency funds to banks next week through an auction process.
The Fed said that it was creating a temporary auction facility to make funds available to banks and was also setting up lines of credit with the European Central Bank and the Swiss Central Bank that could be used for additional resources.
The first two auctions of $20 billion each will occur next week on Dec. 17 and Dec. 20.
Wall Street investors applauded the Fed’s latest effort to combat the country’s worst credit crisis in nearly a decade. The Dow Jones industrial average was up by more than 200 points in early trading. A day earlier the Dow had plunged 294 points as investors expressed disappointment with what they saw as a lack of urgency on the part of the central bank for dealing with a credit crunch which threatens to push the country into a recession. The Fed cut a key interest rate on Wednesday but by a smaller quarter-point rather than the bolder half-point move that many investors had hoped for.
Economists looked more favorably on Wednesday’s action, although they cautioned that the Fed’s experiment at finding another way to inject cash into the banking system had not been tested. “Clearly, the Fed is feeling its way in the dark here. Current conditions are unprecedented in modern times,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics.
Analysts said the use of auctions to try to get more money into the banking system was an acknowledgment that efforts to spur direct loans from the Fed to banks through the Fed’s discount window had not worked as well as hoped because of banks’ fears that investors could become worried if they started utilizing the Fed’s discount window to any large extent.
In its announcement, the Fed said it had reached an agreement with the European Central Bank as well as the Bank of England, the Bank of Canada and the Swiss National Bank to address what it termed “elevated pressures” in credit markets.
December 3, 2007
The Reserve Bank of India (RBI) has said that India can’t be immune to the global subprime crisis despite the fact that Indian banks have no exposure to the troubled housing loans market in the US. The central bank said it was keeping an eye on the spillover effect of the subprime crisis from the international markets into the Indian financial sector.
Speaking at the annual Bankers Conference organised by IBA and Bank of Baroda here on Tuesday, Mr Reddy said, “The domestic factors, by and large, are on anticipated lines although global uncertainties would be resolved later rather than sooner.” He said that the central bank was ready to respond to these global uncertainties, and was watching for any spillover of the financial market turmoil into the real economy.
The monetary aggregates that are currently beyond central bank’s comfort zone are being carefully monitored, he said, though credit growth was closer to what the central bank wanted. In his valedictory address at the conference, Mr Reddy said India cannot be immune to global developments but we, in the RBI, are actively monitoring the global developments, articulating our assessments as well as responses in regard to impact on India and are in a state of readiness to act, as appropriate, in a timely manner. “The major reason for extraordinary vigilance by RBI is what I would describe as simultaneous volatilities in several globally significant markets, namely money, credit and currency markets; asset prices; and commodity prices, especially oil and food items,” Mr Reddy added.
The current phenomenon of simultaneous volatilities should be viewed in the context of possible repositioning of the world’s dominant reserve currency, involving significant wealth, income and terms of trade effects, he added. Even Indian banks with overseas presence have confirmed that they have insignificant exposure to the US subprime mortgage market, though some analysts have flagged the prospect of a sort of subprime lending problem within India also, he said. However, there are reports of accelerated emergence of non-performing assets in regard to consumer credit, housing and real estate in a few banks. RBI’s preliminary assessment is that these do not have systemic implications either in terms of solvency or liquidity.
In the context of the current capital flows into the country, Mr Reddy admitted to it having posed challenges to the liquidity management for the central bank which it actively manages on a daily basis. In terms of the evolving global prudential framework, the emphasis has generally been more on capital, as a means of reducing vulnerability to risks than on prudential requirements for liquidity risk.
December 3, 2007
Credit Information Bureau (India) Ltd (CIBIL) and U.S.-based TransUnion have launched a new scoring system for individual as well as commercial borrowers, top CIBIL officials said on Wednesday.
It will give a score to each borrower of its member institutions based on the individual’s credit history and outstanding debt positions, CIBIL Chairman, S. Santhanakrishnan told reporters.
The data will be collected from 143 members including banks, housing finance companies and credit card companies, among others, he said. CIBIL also plans to have insurance and telecom firms as its members and use their data in future.
The score will predict a customer’s likelihood of becoming a defaulter in more than 91 days within the next one year, thereby reducing the chances of delinquencies, he said.
TransUnion, which will provide the technical assistance to the scoring system, has implemented similar models in South Korea, China and South Africa, its President (Asia & Europe), Larry K Howell said.
With the increase in available credit options in India, borrowers have taken advantage of the system by moving from one institution to another, even though they have defaulted in earlier cases, Santhananakrishnan said.
Banks and other financial institutions can use this generic score along with their internal assessment before extending credit to an individual, CIBIL Managing Director Arun Thukral said.
Demand for loans has been rising fast in India and so are the worries about defaults as the central bank had raised interest rates multiple times since mid-2006.
“We also plan individual product score such as home loan score and auto loan score as well as other types of products such as fraud alerts and limit alerts,” Santhanakrishnan said.
CIBIL’s main shareholders include State Bank of India, ICICI Bank, Bank of Baroda, Housing Development Finance Corp, HSBC and Standard Chartered Bank.
July 25, 2007
Real estate has become new buzzword in today’s dotcom environment. Everyone seems to get attracted towards this domain. And Ofcourse, we’re also one among others to enter this segment.
We believe that we could come up with unique model that could be helpful for people who’re engaged in this business. We’re in process to build a community portal that is exclusively designed for people in this business.
We would love to share news related to real estate business. Blog has become a necessary tool to engage with customers and public. We’d like to use this blog to help general public to know more about this business, understand the dynamics of buying and selling of property, getting a loan and what not related to property.
Looking forward to receive great suggestions and contributions from friends who could possibly put forth their suggestions in this blog.