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But what kind of reception they get and whether they can raise the targeted amount of money will depend upon global investor sentiment, he said. A lot depends on global investor sentiment–which, at the moment, is improving. Appetite is picking up–however, this is also a function of the annual results of the currently listed real estate companies, which are due in April. The potential for IPOs of new real estate companies will emerge at that point,” Puri said.

In 2010, it is anticipated that USD 2-billion worth of private equity investment will come to India, he said. “Private equity funding, apart from the obvious financial support, also helps in improving corporate governance standards of real estate companies,” Puri said. “Private equity interest in India continues, given the market’s risk/reward profile and size. We anticipate 2010 to see about USD 2-billion worth of private equity investment coming in,” Puri said. “PE investment is also instrumental in bringing about transparency and financial discipline, which are now of paramount importance,” he added.

The present escalation in real estate prices is not a bubble building but driven purely by genuine end-users and investors, he said. “The slowdown (in the last year) resulted in residential space affordablity and availability in areas that were previously out of reach for middle-income buyers,” Puri said. “However, the metros are now seeing price escalations in areas where supply is limited. However, there is no indication of a bubble building, since the demand is driven purely by genuine end users and investors and not by speculators,” Puri said.

The bank is planning for new home loan schemes and still continues with its teaser home loan scheme beyond its tenor which ended in March while all other banks have moved out of it. The bank is also on tracks of increasing its retail book which includes personal loans, education loans and car loans with a projected growth of over Rs 35,000 crore for this fiscal. Auto loan segment is the next area of target for SBI after home loans. The bank has set a target growth of around Rs 3,400 crore and plans tie ups with Maruti, Honda and Chevrolet.

“We will continue to aggressively grow our home loan book as well as promotional schemes next financial year by tweaking interest rates wherever possible, as it is asset-backed lending,” said a senior SBI official. Much of its growth in home loan book has come from the special teaser home loan which it started in February 2009. At the end of the financial year 2007-08, the home loan book was just Rs 44,626 crore, which grew by Rs 9,437 crore during the financial year 2008-09 to Rs 54,063 crore.

Under the scheme, the PSU will offer around 1,300 houses in the first phase in NCR — Gurgaon, Noida and Ghaziabad. According to Arup Roy Chaudhury, CMD, NBCC, the flats will have all modern facilities. The specifications will be at par with those offered by private builders.

Sources pointed out that NBCC is also contemplating creation of separate enclaves for plotted development, including town houses and villas, in an affordable price range in NCR, most likely in Ghaziabad. An official said the scheme will initially be open to government, state and central public sector employees and later extended to the public.

‘‘We are keeping our promise to deliver affordable housing in the Capital and NCR region and also in other cities like Kolkata, Kochi and Patna,’’ the NBCC chief told TOI.

Sources in NBCC said land is now being acquired for the purpose in Delhi, Gurgaon and Noida. Also, the agency is keen to buy five other plots at a reserved price offered under the group housing scheme for which the Noida Authority failed to find private players.

As the realty sector is badly hit by the economic downturn, providing affordable housing in Delhi and the NCR has become the top priority for private and public sector real estate developers.

The PSU, which has registered a high profit, is also likely to launch similar scheme in other cities like Kochi, Patna and Kolkata.

‘‘Housing at affordable prices has been made possible by NBCC due to its adoption of forward costing method and a transparent mechanism by clearly identifying the super area loading so that any individual buyer is not confused by these issues while booking a house or flat,’’ Chaudhary said.

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“We estimate that prices in all segments have gone up by 5% to 10% since early this year,” the Credai chief executive officer said. What heartened the developers was the slight upward movement of prices of housing projects in the mid-segment, which had been sluggish for the past two years, the CEO said. Credai is the apex body for private real estate developers in India. It represents over 5,000 developers through 20 member associations across the country. Credai Karnataka has 135 members of whom 40 are top developers.

Encouraged by the revival in the real estate industry, Credai organised a two-day expo of housing projects in Bangalore. The expo, which concluded on Sunday, had about 15,000 apartments of well-known brands in the affordable, middle and premium categories, Srinivasan said. Bangalore has 350 to 400 builders-developers. Raghuvinder Singh of Mantri Developers said that Bangalore, contrary to belief, did not suffer from oversupply of residential properties. “It’s not true that oversupply has brought the prices down. We are, if anything, short of housing,” he said. Singh contended that Bangalore was not hit by recession. “It was more a case of buyers dithering. This psychological barrier has now been crossed.”

Obviously, the focus for a lot of investors will be on the debt portfolio. Industry experts felt the second half of the year could see debt mutual funds doing much better. Though it is still not the time to go the whole hog, shorter-term debt schemes are likely to do better than medium and long-term ones. Said A Balasubramaniam, CEO, Birla Sun Life Mutual Fund, “For the next couple of months, passive fund management will not help. Fund managers will have to react to situations quickly. Actively-managed schemes in both duration and spread management are likely to do much better.” In other words, look at short-term schemes now. Balasubramaniam said May-June would be a good time to take a look at medium- and long-term schemes again. Reason: One would be more confident about the direction interest rates would take then.

Lending rates, on the other hand, will also start going up. Teaser rates, launched by almost all banks, including State Bank of India, HDFC, Axis and others, are already being phased out. Axis Bank exited its two-year fixed rate scheme last month, almost two months before schedule. HDFC’s teaser rate closed on February 13. Many others have also gone out of the market. For a potential home-buyer, this means that besides rising property rates, he will be burdened with higher interest rates as well. “For someone buying his first home, I will advise that timing the market is not at all important. However, one can wait till the first week of April to see where home loan rates go,” said Harsh Roongta, CEO, apnapaisa.com. However, for those planning to invest in property, things are unclear. Property experts feel it makes sense to wait for more time. Akshaya Kumar, CEO, Parklane Advisors, said: “I don’t see the property market running away anywhere in the next few months, so an investor can wait before taking a call.”

According to him, if the stock market were to stay strong, the property market would follow, though with a lag. However, a higher interest rate regime could be a deterrent. “One can take a call on investing once there is some clarity on interest and property rates,” he added. As far as a car loan is concerned, most feel one should defer the purchase unless it is necessary. “With cost of living rising due to higher food inflation, consumers should concentrate on savings rather than unnecessary purchases,” said a financial planner. Also, after the first round of rise in car prices in January, many auto makers like General Motors and Hyundai Motor India are expected to raise prices by 1-3 per cent from April. In addition, loans will become costlier. Further, many people purchase cars during the end of the year, because it gives them depreciation benefits while filing tax returns. Purchasing in the initial part of the year does not make much sense from a tax perspective. One could wait for some more time for things to cool before deciding later in the year.

Despite being hit hard by the recent turmoil, the residential sector of the crisis-torn Indian real estate industry has emerged as the sole bright spot for individual investors, the digest ranked Noida, Pune, Bangalore, Chennai, Hyderabad and Kolkata behind Gurgaon and Mumbai. The six cities, which are witnessing an influx of IT/ ITeS employees, also provide residential units at affordable prices. However, infrastructure continues to remain a concern across most of these cities as it is unable to keep pace with the growth in population. With the exception of Bangalore, oversupply will be a concern in the short term due to large number of projects launched over the past 3-4 quarters.

Analysing the contours of the top destinations, the digest said the downturn has led to new opportunities at affordable prices in Gurgaon. The presence of Tier-I developers and quality development, together with the Metro, is expected to improve connectivity. The commercial city of Mumbai has witnessed high income demographies and high investment acitivity levels across various price bands. The relative affordability in suburban markets like the eastern suburbs, Thane and Navi Mumbai, has been attracting investors in a big way.

In Noida, the reasonable price range has led to an increased absorption momentum. The excellent connectivity through the existing road infrastructure and the Metro has triggered investors’ attention.

AVNISH AGRAWAL, DIRECTOR, MERITON GROUP- Talking from common man’s perspective, the bank interest rates should be stabilised. Most importantly, stamp duty should be reduced as it puts financial burden on the buyers; it would be a real relief for the common man who has to bear the burden. Besides, for the new projects many clearances are required; if they can be done through a single window, it will be a major breakthrough.

VIJAY JINDAL, CMD, SVP GROUP- Expectations from the budget are very high. We need something that will help the real estate sector to grow leaps and bounds. Government should take steps to bring more transparency and simplicity to the processes involved in the real estate. Affordable housing must get maximum support from the government. The authorities must understand that the demand is for affordable housing and we need to bridge gap between demand and supply.

ABHISHECK LODHA, MANAGING DIRECTOR, LODHA DEVELOPERS LIMITED- We expect the finance minister to provide specific tax incentive and rationalise stamp duty registration charges, which will lead to further investment in affordable housing projects, which would in turn drive urban development. The budget should make high-priority provisions for the laying down of the necessary infrastructure so that new areas can be opened up. This should result in creating and linking up satellite settlements to main cities that will help tackle the demand-supply mismatch. Further, we look forward to flexibility in FDI norms. Additionally, the budget should offer clarity on the introduction of a real estate regulator, which may not necessarily decide on rates, but should put down firm principles in terms of property dealings and also quality parameters in terms of rating of constructions.

RAJIV SINGLA, MANAGING DIRECTOR, MAPSKO GROUP- Indian real estate sector is passing through a transition phase, where every eye is lying on budget 2010 as the tool to heal the loss. The finance minister needs to focus on offering easy interest rates with more flexible EMIs so that middle class people can come forward to buy their dream house. We should also target foreign investors or NRIs to invest their money in India.

ASHWINI PRAKASH, EXECUTIVE DIRECTOR, PARAMOUNT BUILDERS- I expect a lot from the budget 2010-11 as it can be used as an important step by our government to bring real estate market back on the track. I strongly feel that finance minister would certainly work on promoting real estate investment through various fiscal tools like, continuing income tax rebate on home loans. And at the same time interest rate on home loans should be made more affordable to bring it up to the reach of a common man. In the last two years IT sector and the real estate sector have been the most affected areas and in order to reconcile the earning capacity and to build a sense of security for citizens the government should offer some aid packages to these sectors in Budget 2010 like the US government did.

J K JAIN, CHAIRMAN, DESIGNARCH- The budget must think seriously on decreasing the excise duty to decrease the costs of infrastructural projects. The current economic situation requires the sector to be revived so that the demand for the housing industry increases. To achieve this, the government must look at reducing the property and related taxes along with the taxes on cement and steel, which together contribute to the growing infrastructure needs. Besides, the realty sector would definitely expect some cuts and provisions in the license fee and the service tax being levied in order to revive this ailing industry, apart from measures by the Government to reduce the interest rates on loans to the housing sector. Also, amount of rebate must be increased by Income Tax department for housing sector.

ANIL KUMAR SHARMA, CHAIRMAN, AMRAPALI GROUP- As real-estate sector in India contributes five to six per cent of our GDP growth, the sector needs special attention. Our expectations are not very high but are rational. Government must think seriously about low cost housing. Since the stimulus package, bailed out the Nation from recession, we expect that same should continue for at least two more fiscal years.

GAURAV GUPTA, DIRECTOR, S G ESTATES LTD- While developing the housing for low strata income category, for example, economically weaker section (EWS) and lower income group (LIG) housing, the developer is not able to utilise entire floor space index (FSI) since the height is kept at ground plus three to keep the costing low. So amendment should be made for the balanced FSI usage. In the same lines, some cross subsidisation can be called for, such as refunding the stamp duty to developer once the project is complete. If sec 80 (IB) is restored, nothing like it. Under Section 80 IB (10), in the case of construction of housing projects, 100% of the profits derived in the previous year from a housing project can be deducted if the total commercial space in the project did not exceed 5% of the total built-up area or 200 sq ft, whichever is less.

ASHOK GUPTA, MD, AJNARA INDIA LTD. The finance ministry has allowed external commercial borrowing (ECB) in realty projects, which includes integrated townships of 25 acres or 50,000 sq m. However, the Reserve Bank of India has not yet notified it. ECBs should be permitted for funding construction costs of at least those real estate projects which qualify for 100% FDI. I would expect that limit of Rs 1 lakh specified for deduction for repayment of principal amount of a home loan for self occupied residential property should be extended to Rs 2 lakh. I also wish that extension of tax holiday for housing projects under Section 80 IB (10) should be allowed for conceptualising of new projects while also encouraging more projects to come up in view of the incentive that would be coming.

Today the real estate market in India is at an all time high. With the emergence of multinationals, the demand for office and residential space has increased many folds. But the investors of this market still consider India as an emerging market for the restrictive laws relating to Foreign Direct Investment (FDI) and earning profit is difficult in India’s property sector. Sensing this, Government has liberalized the laws relating to FDI in February 2005. With this now Non Resident Indians (NRIs) or Overseas Corporate Bodies (OCBs) can invest upto 100% in the sector and also in real estate industry and construction ventures. A foreign Company with 60% NRI holding is considered as OCBs. But still Government has certain rules in place for purchasing commercial property by foreign company i.e. property for business purposes.

Although the investment period is restricted to minimum of 3 years for the FDI to avoid speculative trading but the real charm is that the investment is now allowed in the smaller projects of 25 acres, (which was 100 acres earlier). The hassle free and the easiest way to enter this market is by buying an investment fund. There are many attractive and transparent funds from reputed investments houses. It is expected that with the liberated laws, real estate investment fund will emerge soon. But care should be taken before acquiring any land and legal help should be taken at every stage of buying process.

The increase in global real estate investment interest in India is evident from the fact that US real estate billionaire, Sam Zell has termed India as world’s lowest cost housing market and is planning to make substantial investment. Further, Dubai based Emaar Group has already invested USD 100 million in Hyderabad. And companies from Canada, Malaysia, Tokyo, UK, and Singapore have all committed millions of dollars in India. This is all the result of easing of laws along with impressive property price growth.

The local factors contributing to this booming real estate market is the rise in demand for the property for sale and rent. With India’s population raising to over million the potential for growth in property demand is huge. In addition to this the growth of IT sector and outsourcing in particular geographical areas has led to the demand for office and housing space in those areas. With the increase in the buying power of these professionals and the availability of housing loans has made it possible for them to afford their own houses. The increase in demand has also inflated the property prices.

Before 2005 there was only 1.1% of foreign direct investment in India’s real estate sector. But after Government easing the controls and restriction on foreign ownership of immovable property and also on terms of ownership, there is a strong inward inflow of foreign investment interest in India. Government of India is keen to attract investment in this sector but in favor of control investment. As a result the local builders are earning around 30-50% of rate of return on capital and property prices has increased in excess to 20%. Cities like New Delhi, Mumbai and Banglore are mainly attracting these investments.