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Minimum Age for an Indian Property Buyer
The average age of home buyers in India has come down by nearly 20 years according to The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

An analysis carried out by the ASSOCHAM, `Emerging Age Trends for Buying Dwelling Units for Self-Use', showed that from 2000 onwards, the age group for property registration for personal use iwas between 30 to 38 years, compared to an age between 55-58 years for buyers twenty years ago. The feedback to this effect came to the ASSOCHAM from real estate developers like DLF, Prasvnath, Omaxe, Unitech etc.

The Chamber's analysis also unveils that just as the age group for buying houses has settled between 30-38, likewise introducing renovations in dwelling units has also come down by 15 years as 20 years ago, introduction of renovation activities would happen at the age of 60, it is now come down on an average to 45 and 48. The main factors responsible for the emerging trends include high rentals, non-sustainable lease agreements between property owners and those of tenants, rising income levels and easy availability of housing finance, says the ASSOCHAM analysis.

Releasing the analysis, the ASSOCHAM President, Mr. Venugopal N. Dhoot said that the pervasive impression is that due to high interest rates, number of aspirants for home loans have declined but the fact remains that the effective interest rate on a loan of Rs.15 lakhs works out to 6.1% upon an interest rate charged at 11.25%. This rate of 6.1% is effective after home loan seekers has availed of all tax benefits and this is one solid reason which encourages youngsters between age group of 30-38 to register properties in their name for self-use, clarified Mr. Dhoot. 20 years ago, the availability of housing finance was limited.

As per estimates made by ASSOCHAM, in the next 5 years, India is estimated to require investment worth $ 25 billion within the urban housing sector. This again has opened up opportunities for foreign investment in the realty sector. An estimated $ 12 billion of investment has been pledged by foreign and domestic funds over the next couple of years. The forecast commercial space requirement until 2008 stands at 42 million sq. ft. The average return on investments on commercial property in India is at a promising of 10-12% in comparison of 5-7% globally.

Assocham believes that foreign direct investment in Indian real estate would also make its working more organised. Besides increasing professionalism, it would bring in advanced technology and help in the creation of healthy and competitive market environment for both domestic and foreign investors. Moreover, the accelerated development in segments like retail of IT/ITeS office space, coupled with an ever increasing demand for quality residential property, points to a healthy prospects for the realty sector.

If the real estate sector has to thrive and grow, investment in this sector has to become broad based and the common man must have an opportunity to participate in the growth of this sector. The time is probably ripe to introduce concepts like REITs not just to broadbase participation in this sector but also increase the velocity of transactions in this sector.

 
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ACCORD BUILDERS
Shanti Colony, Anna Nagar,
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Mobile : 98400 66740
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FIRM FOUNDATIONS
Q-93, 4th Main Road, Anna Nagar,
Chennai - 600 040.
(Near Yes Yesi Supermarket)
Phone : 26192619
Mobile : 99400 22619
firm@vsnl.com
GOLDEN HOMES PVT LTD.
AC-63, 5th Avenue, Anna Nagar,
Chennai - 600 040.
Ph : +91 - 44 - 2621 3388 /
2626 8388
Man and Soil Builders (Pvt) Ltd
No.54, 1st Flr, Vada Agaram,
Nelson Manickam Road, Choolaimedu,
Chennai - 600094
Tel: (044)-23744892
Mobile: 919841029736
Pearl Constructions
5/15A, Brindavan Colony,
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Chennai - 600 094
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PREETHA BUILDERS
"Pozhil" #29(Old # 61),
Bajanai Koil Street,
Choolaimedu, Chennai - 600 094.
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NU-TECH ASSOCIATES
56-C, Lakshmanaswamy Salai,
K.K. Nagar, Chennai - 600078.
Phone : +91 44 2366 3322
Tele / Fax : +91 44 2366 1617
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Macro Marvel Projects Limited.,
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