Realty Tidbits
Eight city clusters to be developed at Rs 2,100 cr BANGALORE: The Karnataka government has decided to develop eight city clusters in Bangalore Metropolitan Region Development Authority (BMRDL) areas at an estimated cost of Rs 2,100 crore. Government will avail Rs 1,400 crore loan from Asian Development Bank and contribute Rs 700 crore to develop the city clusters, Minister for Urban Development, S Suresh Kumar told reporters after the cabinet meeting here. The Karnataka Industrial Development Corporation had submitted a plan to the government suggesting development of city clusters in areas falling under BMRDL as its study indicated that the population there would inflate to 1.80 crore by 2030, he said.
HUDA to give 2% commercial space to disabled people GURGAON: After three years of Punjab and Haryana high court's order, the Haryana Urban Development Authority (HUDA) is finally going to have reservation for disabled people for allotment of commercial space in HUDA markets. The apex housing body of the state has come out with a recent circular in connection with the reservation of space to be given to disables. The HUDA has come up with the Punjab and Haryana high court order which had ordered 2% reservation for the disabled people. The court order was pronounced in 2009 while settling the case of a disable group housing board colony in Panchkula. Speaking with the TOI, the HUDA administrator, Praveen Kumar, said, "The policy relating to allotment of kiosks and booths in HUDA markets will be implemented as per the court order, in the new sectors coming up in Gurgaon." The administrator also added that the HUDA markets in new sectors will also have new disabled-friendly entry and exits.
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India Post
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Hyderabad second most affordable office market NEW DELHI: Hyderabad, Chennai and Pune have figured in the list of world's top 10 most affordable office markets, according to a report by property consultant DTZ. "Tier II cities in China and India continue to dominate the list of top 10 most affordable markets globally," DTZ said in its report Global Occupancy Costs - Offices.-PTI
February 15, 2013
5 housing trends in winter 2013 POLYANA DA COSTA
W
hether you are a home owner seeking to refi nance, a homebuyer or a renter, expect higher housing costs this winter. Certain mortgage fees are rising, especially for those with small down payments. Luckily for borrowers, low mortgage rates are still around, but they only have one way to go this year, and that's up. This isn't the time to wait for a better deal. It's time to act. It's also time to pay close attention to a number of new mortgage regulations that are being released this year. They will help determine who gets a mortgage in the near future. Here are five housing trends you should expect to see this winter. Homebuyers with low down payments will pay higher mortgage insurance premiums when they get a Federal Housing Administration mortgage this year. The FHA says it will increase the annual insurance premium that is added to a borrower's monthly mortgage payments by 0.1 percent.
FHA borrowers are charged about 1.25 percent of the total balance of their loans per year. Before the financial crisis of 2008, the charge was about 0.5 percent.
rise -- probably slowly, until the Federal Reserve decides to stop printing money to invest in mortgage bonds. Then rates could spike overnight.
The Mortgage Bankers Association estimates that the 30-year fixed will rise to about 3.9 percent by the end of the first quarter of the year.
Because mortgage rates are extremely low, the added cost might not affect borrowers significantly now. That could change once rates rise, says Janneke Ratcliffe, executive director for the Center for Community Capital at The University of North Carolina at Chapel Hill. The FHA also is considering tightening certain requirements for borrowers with FICO credit scores between 580 and 620. Among some
It's unlikely the Fed will give up on keeping mortgage rates artificially low so early in the year. But refinancers and homebuyers who have not taken advantage of the historically low rates shouldn't waste time, mortgage professionals say.
That's still an attractive rate, especially for those who still pay 5 percent or higher on their loans. Those who qualify for a mortgage and are ready to refinance should do so as soon as possible, mortgage professionals say.
Because mortgage rates are extremely low, the added cost might not affect borrowers significantly now. That could change once rates rise, says Janneke Ratcliffe, executive director for the Center for Community Capital at The University of North Carolina at Chapel Hill It may sound like a small increase, but this hike is on top of numerous insurance premium raises the FHA has implemented since 2008 as part of its ongoing efforts to shore up the FHA's reserves. Industry observers say there's great potential for much higher increases this year.
of the changes, the FHA would increase the down payment requirement and costs for borrowers in high-cost areas borrowing between $625,000 and $729,000. Mortgage rates appear to have reached bottom. They can stay low or rise, but don't bet on them falling. Most analysts say they will
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Durham to open branches in India KOLKATA: UK-based educational institution Durham School has tied up with real estate company Infinity Group to open its branches across India and is scouting locations like Kolkata, Goa, and Jaipur for setting up a Rs 100crore investment schools. To be known as Durham Infinity International Schools, it will also work with investors in locations across the world to plan, build and operate leading schools based on the established and recognized Durham day and boarding school model. "We have seen properties in
Bangalore, Goa, Jaipur, Lavasa, Hyderabad and Kolkata, in India, but we have not zeroed in on any yet. We are typically looking for an investment of Rs 100 crore per
school and a land size of 20-25 acres," Infinity Group Chairman Ravindra Chamaria told reporters here.-PTI