Rental Housing | REAL ESTATE NEWS ...

By Accommodation Times Bureau

The Indian rental housing sector is seriously under-serviced by the organized real estate Industry. The onus to meet the huge demand for such housing falls largely on the unorganized sector ? meaning individual property owners. By the same coin, the rate of organization of the sector is so rapid that we can see the shortage of rental space increasing alarmingly on a year-on year basis.

Also, one should remember that the shortage of rental space in India extends far beyond the usually considered boundaries. It is typical to focus only on the mega cities, which have a lot of economic activity and, therefore, a large quantum of inbound workforce to drive rental demand.

If we factor in the 30+ cities in India with populations of more than a million that also generate a considerable demand for rental accommodation, the problem becomes huge.

Another aspect of the rental property conundrum in India is that there is no thought given to the different kinds of products required to meet the different types of rental demand. For instance, there is a huge imbalance between bachelor and family residences in the rental market in most cities. So far, there has been no real concept of public or private agencies constructing residential projects specifically aimed at meeting the demand for rental housing. It is only now that agencies such as MHADA and MMRDA have woken up to this lacuna and have initiated certain projects targeted to meet this demand.

The first thing to do while planning to rent out your home is to find out all the details about the prevailing rental rates in your vicinity. You could consider approaching 2-3 brokers to find an accurate estimate. Next comes choosing a tenant. You may choose a tenant through a broker, advertisement or even word of mouth. Before finalizing a tenant, look into the prospects? records, such as salary slips and bank statements to ensure their capacity to meet the rent obligations in a timely manner. o avoid future litigation related to the property, including vacating it when stated, all terms and conditions of the property let-out must be explicitly stated and authorized by both parties in a rent agreement or deed. Additionally, the agreement must be signed by two witnesses.

Though registering a rent deed is not mandatory, it is advisable to do so, particularly if the rent amount is substantial. Important components of a rent deed are:

1. The purpose of the let-out, whether residential or commercial

2. Duration of tenancy, which is typically between 11 months and 5 years

3. Clause for terminating the tenancy, including duration of the notice period

4. Monetary details, including terms of deposit, monthly rent and periodical increase in rent

5. Penalty for violating any clause of the agreement

6. If a rent agreement is made with a corporate entity, it should mention the details of the person authorized to execute the agreement on the company?s behalf.

Till a few years ago, one of the most dreaded things to do for many house owners was renting out their property. Most house owners preferred to lock up their property rather than renting them out to unknown people. This is because of their own bad experience, or what they heard or read about the bitter experiences of others, and the rent control laws favoring tenants. Now things are getting better thanks to the changing rent control laws.

Renting out your unoccupied property is a wise option. By renting out your property, you can generate a significant amount of income, which can help you in a number of ways, besides taking care of house maintenance expenditure. The first thing to do while planning to rent out your home is to find out all the details about the prevailing rental rates in your vicinity. You could consider approaching 2-3 brokers to find an accurate estimate. Next comes choosing a tenant. You may choose a tenant through a broker, advertisement or even word of mouth.

Despite the changes in the rent control laws, you have to be careful, before renting out your property. Here are some tips that can come in handy, when you rent out your property.

Check out the background of the tenant. Find out where he/she is working & what his / her business is and whether earning enough to pay the rental charges regularly. In case of companies, check their track record and reputation, what business they do, whether your society byelaws allow renting out for commercial purpose. If you happen to choose the wrong tenant, it will cost you a big fortune.

If renting your place to a foreigner, you need to register with the Police Commissioner. In some areas, even for renting out to Indian citizens, you need police permission. Check it out.

Generally, it is better to rent out properties for a short duration. The eleven-month agreement is chosen by people, as it pre-empts the rent control laws, which apply after 12 months. However, companies prefer a longer period of lease.

Always go for a legal agreement and register it. Prepare a comprehensive agreement without any loophole. The agreement must be carefully drafted by a property lawyer.

There are three types of agreements for renting out: a) Rental b), Lease, c) Leave and License. ?Leave and License? agreement is the best option. Under this type of agreement, property owner?s interest is better protected than others.

Take advance rent and security deposit, it will be useful, in case the tenant fails to pay the dues on time.

from your own site.

Source: http://propertyagentsindia.com/realestatenews/2012/12/03/rental-housing/

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Analysis: Steel reprieve comes at price for France's Hollande

PARIS (Reuters) - Francois Hollande's bid to rescue steel furnaces in France's historic industrial heartland was to be the mark of a president on the side of the workers and a state with the courage to bring a multinational to heel.

But the two-month stand-off over steel giant ArcelorMittal's Florange plant in Lorraine has unnerved investors in the euro zone's second largest economy, confused France's unions and exposed his six-month-old government to international ridicule.

His Socialist allies have hailed as a victory a late-Friday compromise under which ArcelorMittal agreed to invest 180 million euros to expand the site near the German border over five years and hold off making forced redundancies.

But as the European steel sector struggles to cope with over-capacity, the furnaces themselves will remain shuttered for now, and questions remain over the exact fate of the some 630 workers employed there and further funding needed for expansion.

With unemployment at 14-year highs of 10 percent and his popularity ratings at record lows for a president only half a year into his mandate, there was clear political advantage for Hollande to lock horns with Indian steel magnate Lakshmi Mittal.

But the result is at best a no-score-draw, and the tactics used - anti-business rhetoric and the threat of nationalization - could damage his wider reform effort.

While his pugnacious, micro-managing predecessor Nicolas Sarkozy led from the front, Hollande let his ministers lead the fight, creating confusion over who runs industrial policy.

Arnaud Montebourg, the firebrand leftist industry minister who pushed the nationalization option hardest, declared Mittal a persona non grata in France and revealed he had found an anonymous potential buyer ready to invest in the plant.

That was lapped up by international critics including London mayor Boris Johnson, who told executives in New Delhi that the "sans culottes" revolutionaries had taken control in Paris and advised them to bring their investment rupees to Britain.

RHETORIC VS REALITY

Montebourg later retracted his personal attack on Mittal but then had to watch as aides of Prime Minister Jean-Marc Ayrault, who announced the final accord, briefed media that his putative investor was neither "credible or solid".

Facing opposition calls to resign, Montebourg went on local television on Saturday to announce he had Hollande's support and insist he felt "not betrayed, merely let down" by the outcome.

But worse than the damage done to the credibility of one of Hollande's most high-profile ministers, many fear the cacophony further shakes France's image as a place to do business just when it needs all the help it can get to avert recession.

"It has been a disaster," a senior French banker said last week as the episode unfolded.

"Even for sophisticated investors who understand that in France there is a difference between the rhetoric and the reality, this is hugely unnerving."

Elie Cohen, economist at the CNRS public research institute, told the commercial i>Tele television network that by raising the option of nationalization, Montebourg risked encouraging copy-cat demands by workers at other struggling sites.

It is still too early to say whether the Florange wrangling will hurt foreign investment in France, which Bank of France data show has grown modestly since the 2008/2009 global turndown to hit 30 billion euros or 1.5 percent of output last year.

Barely noticed last week, U.S. online giant Amazon said it was opening a new distribution centre in northern France that will create up to 2,500 jobs - four times the number at the Florange furnaces and a reminder that 80 percent of France's economy is now in the services sector.

UNIONS FEEL BETRAYED

Vital to France's long-term prospects is whether Hollande obtains in coming weeks the overhaul of the country's unwieldy and expensive labor regulations which he has tasked employers and unions to achieve in negotiations by year-end.

For that, France's trade unions must make unprecedented concessions to allow business more flexibility in hiring and firing. But the government handling of the Florange tussle has left many labor leaders feeling betrayed.

"Until the last minute, basically, we were made to believe that temporary nationalization was essentially a given," Edouard Martin, head of the Florange chapter of France's large CFDT union, told RTL radio.

"We did not understand this last-minute fix-up in which Jean-Marc Ayrault unveils an option never before discussed ... We get the feeling he was lying to us all along."

A big test now will be whether unions have been riled so much that they stonewall in the labor reform talks. It could also make some more prone to protest if the government makes the extra public spending cuts that analysts say could be needed next year to ensure France hits its deficit-cutting target.

For now, both sides hope the battle of Florange is over.

ArcelorMittal has welcomed a deal that includes commitments on voluntary redundancies and re-deployment of furnace workers elsewhere in its French activities that go little beyond what it would likely have offered without government intervention.

Hollande's office concedes he did not manage to get the furnaces re-opened as he promised during his election campaign, but argue the deal to expand activity in the current poor economic climate is a victory of sorts.

Whether the accord goes ahead in its entirety partly depends on variables outside the two parties' control, including 400 million euros' worth of European Commission funding.

It may not be quite the end of the story.

Referring to the nationalization threat, one Hollande aide noted: "We are still keeping that revolver on the table."

(Additional reporting by Nicholas Vinocur, Julien Ponthus and Elizabeth Pineau; Editing by Will Waterman)

Source: http://news.yahoo.com/analysis-steel-reprieve-comes-price-frances-hollande-190315380--finance.html

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Katzenberg, Spielberg attend Governors Awards

From left, award recipients George Stevens Jr., D.A. Pennebaker, Hal Needham and Jeffrey Katzenberg poses with their Oscar statuettes at the 4th Annual Governors Awards at Hollywood and Highland Center's Ray Dolby Ballroom on Saturday, Dec. 1, 2012, in Los Angeles. (Photo by Jordan Strauss/Invision/AP)

From left, award recipients George Stevens Jr., D.A. Pennebaker, Hal Needham and Jeffrey Katzenberg poses with their Oscar statuettes at the 4th Annual Governors Awards at Hollywood and Highland Center's Ray Dolby Ballroom on Saturday, Dec. 1, 2012, in Los Angeles. (Photo by Jordan Strauss/Invision/AP)

From left, Tom Hanks, Jeffrey Katzenberg and Will Smith arrive at the 4th Annual Governors Awards at Hollywood and Highland Center's Ray Dolby Ballroom on Saturday, Dec. 1, 2012, in Los Angeles. (Photo by Jordan Strauss/Invision/AP)

From left, Tom Hanks, Jeffrey Katzenberg and Will Smith arrive at the 4th Annual Governors Awards at Hollywood and Highland Center's Ray Dolby Ballroom on Saturday, Dec. 1, 2012, in Los Angeles. (Photo by Jordan Strauss/Invision/AP)

Richard Gere arrives at the 4th Annual Governors Awards at Hollywood and Highland Center's Ray Dolby Ballroom on Saturday, Dec. 1, 2012, in Los Angeles. (Photo by Jordan Strauss/Invision/AP)

Seth MacFarlane arrives at the 4th Annual Governors Awards at Hollywood and Highland Center's Ray Dolby Ballroom on Saturday, Dec. 1, 2012, in Los Angeles. (Photo by Jordan Strauss/Invision/AP)

LOS ANGELES (AP) ? Tom Hanks. Quincy Jones. Kristen Stewart. Warren Beatty. Quentin Tarantino. George Lucas. Steven Spielberg. Kirk Douglas. Amy Adams. Richard Gere.

These and other famous folks came to the film academy's Governors Awards Saturday to honor filmmakers whose names may not be as well known, but whose contributions to the industry have affected movie-lovers everywhere.

Documentarian D.A. Pennebaker helped make the medium mainstream with his direct-cinema approach. George Stevens, Jr., founded the American Film Institute and established the Kennedy Center Honors. Hal Needham developed new ways of performing and directing death-defying movie stunts. DreamWorks Animation chief Jeffrey Katzenberg raised hundreds of millions of dollars for charity.

Octogenarians Pennebaker, Stevens and Needham received honorary Oscars for their distinguished careers and Katzenberg was recognized with the Jean Hersholt Humanitarian Award at the Academy of Motion Picture Arts and Sciences' Governors Awards ceremony, held at the Ray Dolby Ballroom at Hollywood and Highland Center.

The film academy has long awarded honorary Oscars, but established a new tradition four years ago of presenting those statuettes at a private dinner party where there are no time limits on speeches. Portions of the untelevised event may be included in the Feb. 24 Academy Awards telecast.

Stars mingled in the ballroom and dined on filet mignon and banana cream pie before academy president Hawk Koch urged them to "finish the deals, make the deals" so the program could begin.

Each honoree was introduced by a pair of stars and a short film of their work.

Michael Moore and Sen. Al Franken introduced Pennebaker. Moore called him an inspiration and the inventor of the modern documentary. Pennebaker ditched the tripod and carried his camera on his shoulder, and "all filmmaking changed," Moore said, "nonfiction and fiction."

The 87-year-old Pennebaker seemed to thank every colleague from his six-decade career during a nearly 20-minute speech that prompted his family to signal him to finish and inspired a joke from Will Smith later in the evening.

"Before I get started, D.A. Pennebaker has a couple more people he wanted to thank," Smith cracked.

Sidney Poitier and Annette Bening introduced Stevens, speaking of his commitment to honoring, preserving and furthering the art of film. In accepting his Oscar, Stevens thanked his late father for encouraging him to consider film a timeless art and "for opening the door for me to a creative life."

Needham "pushed the boundaries of what could be done in action," Tarantino said as he introduced the stuntman and director, adding, "I've ripped off many shots from you."

Al Ruddy, Oscar-winning producer of "The Godfather," described Needham as "one of the good guys" and "a gift to any producer." Ruddy told a story about making 1982's "Megaforce," which Needham directed. The stuntman helped design a rocket for the film's action sequences, and when brought it to the Goldwyn lot to demonstrate it, he accidentally launched it into a new soundstage and burnt the whole thing down. Later, while filming another stunt, Needham crashed a motorcycle and got a concussion, but he was back on set shooting the next morning.

The 81-year-old Needham called himself "the luckiest man alive": He grew up a sharecropper's son with eight years' education and went on to work with Billy Wilder, Jimmy Stewart and John Wayne. Now he's getting an Academy Award.

"My mom's looking down on tonight with a big smile on her face," he said, choking up and dabbing at his eyes with a handkerchief.

He closed by thanking "the entire Hollywood community for allowing me to be a part of it."

Tom Hanks and Will Smith introduced Katzenberg by joking about his persistent calls for charitable donations. The DreamWorks executive has raised more than $230 million as chairman of the Motion Picture and Television Fund foundation.

"Jeffrey has no problem asking for way too much money," Smith said.

"Mostly, all I did was pick up the phone and ask you," Katzenberg said as he accepted his award. "It's you who did it. You who gave of your time, your talent, your money, your hearts. Because that's what you do. That is what Hollywood does."

___

AP Entertainment Writer Sandy Cohen is on Twitter: www.twitter.com/APSandy .

___

Online:

www.oscars.org

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2012-12-02-Oscars-Governors%20Awards/id-70de162aad654464923f69bbd260a7f8

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Umprain Review IRA Loan for Construction Real Estate

When purchasing property in a self directed IRA getting the right loan is key to making your IRA more profitable. If you have a self directed IRA you can use it to purchase real estate in any form: residential commercial and even raw land. Another option is purchasing raw land and building new construction through the self-directed IRA.If you are serious about retirement planning it is worthwhile to consider where there is maximum profit potential. While most custodians traditionally preferred that their investors put their money in stocks mutual funds and bonds many custodians today allow investments in real estate and other non-conventional alternative investments.The real estate market is currently in a prime position to offer great returns on your investment. Low property prices are the main reason for investors making a beeline for real estate deals. You can purchase land buildings and other real estate very inexpensively and rent it out with the rent adding significantly to the IRA balance.You can purchase raw land or distressed properties through the use of an IRA loan. The IRA loan enables people to leverage their self directed IRA to buy real estate even if the IRA is not cash rich. An IRA loan also satisfies IRS rules regarding liability. According to the IRS you cannot offer any IRA assets as collateral to obtain a loan except the real estate that is purchased. However there is no rule preventing you from taking out a loan against the property when you buy through a self-directed IRA. This type of loan also commonly referred as non recourse financing helps individuals finance their real estate projects without assuming personal liability for repayment of the debt.Getting a Loan for Construction Real EstateBefore you set about applying for an IRA loan you need to have an IRA with at least 20-40% of the total land and construction costs of the real estate. Some lenders may insist that the amount be higher in order to ensure that you are able to repay the loan.Before approaching the lender you have to know exactly how much the construction will cost. If you are planning to build from scratch you need to purchase raw land. Next you will need to consider the cost of actual construction. You will also need to factor in additional costs such as interest payments for the non recourse financing commissioning an architect to design the house and so on.While IRA investments do not mandate ordinary income tax on the profits you may want to discuss UBIT with an accountant or tax adviser.Loans for All Types of ConstructionAn IRA loan for construction is available for residential as well as commercial property. While IRS rules dictate that you cannot buy residential property for personal use you can rent it out and add the proceeds to the IRA. The same holds true for commercial property.You should choose the right lender if you want the best IRA loan terms and rates. Most lenders are willing to offer up to 60% cost basis on a new construction property once it is completed. The borrower finances the rest through their IRA savings. If careful planning is put in place prior to the purchase a properly executed real estate deal can greatly increase the balance of a self-directed IRA.

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Mexico's Pena Nieto takes power vowing to end violence

MEXICO CITY (Reuters) - Enrique Pena Nieto took over as Mexico's president on Saturday, promising to end years of violence and sluggish economic growth, and giving the party that shaped modern Mexico a shot at redemption after 12 years out of office.

The 46-year-old Pena Nieto said the people had been let down since his centrist Institutional Revolutionary Party, or PRI, fell from power in 2000, and pledged a raft of changes to boost growth, create jobs and fight poverty.

"The state has lost ground in important areas. Lawlessness and violence have robbed various parts of the country of peace and freedom," Pena Nieto said in his inaugural speech at a ceremonial palace in the old center of Mexico City. "My government's first aim will be to bring peace to Mexico."

Pena Nieto takes command of a country that was convulsed by the deaths of more than 60,000 people in violence between drug gangs and security forces during the six-year term of his conservative predecessor, Felipe Calderon.

Pena Nieto says he is committed to fighting organized crime, but has also stressed his main goal is to reduce the violence.

He paid tribute to Mexico's armed forces early in his speech and then saluted them on the capital's Field of Mars parade ground.

The torrent of gangland killings in Mexico has worried investors and tourists alike, and voters in the holiday resort of Cancun said they expected Pena Nieto to calm things down.

"I hope security improves, that there are no more decapitated bodies, that the drug gangs don't continue shooting in the streets," said Carlos Madrid, a tourism worker in the eastern city. "It's no good for families, no good for business, no good for the population, it's no good for anyone."

PROTESTS

Calderon's National Action Party, or PAN, took power in 2000 pledging to reinvigorate Mexico, but it never had a majority in Congress and struggled to push through legislation it wanted to create jobs in Latin America's second-biggest economy.

Memories of the PRI's unbroken 71-year rule are still vivid in Mexico, and the party was a byword for corruption, cronyism and vote-rigging by the time it left office.

"It's like the Communist Party of the Soviet Union making a comeback," said Lorenzo Meyer, a left-leaning political scientist and historian at the National Autonomous University of Mexico. "The PRI should be dead. Its time had passed."

Demonstrators sought to take the shine off Pena Nieto's swearing-in ceremony, and several thousand protesters, mainly from leftist groups that supported Pena Nieto's main rival and oppose his reform plans, massed earlier outside Congress.

Police fired tear gas to disperse protesters, who rattled metal barriers in a bid to disrupt the upcoming ceremony. Elsewhere, small groups of protesters threw Molotov cocktails.

"They have imposed an illegitimate president. There's lots of us here, this struggle is just beginning," said a 16-year-old student who identified herself as Frida, her eyes stinging from the gas and wearing a T-shirt emblazoned with the image of a guerrilla leader.

Married to a popular actress, Pena Nieto, the telegenic former state of Mexico governor, won the July 1 election with about 38 percent of the vote, more than 6 points ahead of leftist Andres Manuel Lopez Obrador, who refused to accept the result.

Lopez Obrador also rejected the outcome of his narrow election loss in 2006 to Calderon, and the protests on Saturday were slight by comparison with the demonstrations then.

TWO-SPEED COUNTRY

Having helped shepherd a labor reform through Congress since his election victory, Pena Nieto now wants to pass legislation to strengthen Mexico's tax base and allow more private investment in lumbering state oil giant Pemex.

"Mexico has not achieved the advances the people demand and deserve," Pena Nieto said. "We are a country growing at two speeds. There's a Mexico of progress and development. But there's another one too that's been left behind in poverty."

If he is successful, the reforms could help spur stronger growth and create jobs, blunting the allure of organized crime.

Annual economic growth averaged less than 2 percent under the PAN over the past 12 years, far behind many other Latin American countries. That record and the drug war violence opened the door for a PRI comeback under Pena Nieto.

Still, inflation has been kept in check, debt levels are low and growth picked up toward the end of Calderon's term, with the economy outperforming Brazil's in the past two years.

Pena Nieto's inner circle features several ambitious young economists and financial experts eager to prove the PRI can do a better job of managing the economy.

For much of the PRI's rule, Mexico enjoyed stronger growth than the PAN mustered, but memories linger of default on the country's debts in 1982 and a financial crash in 1994 and 1995.

"It's very hard to believe in the PRI. They bankrupted Mexico," said construction worker Jose Luis Mendoza.

Supporting a family of four on 1,300 pesos ($100) a week, Mendoza, 29, said he was worse off now than when Calderon took office, and doubted his life would improve under the PRI. "The cost of everything has gone up - but my wage hasn't," he said.

Pena Nieto has pledged to put more money in Mexicans' pockets and shake up competition in a country where large swaths of the economy are concentrated in the hands of a few, like telecom billionaire Carlos Slim, the world's richest man.

But Pena Nieto has been vague so far about how he plans to create a more level playing field, and pollster Jorge Buendia said it would be foolish to expect radical change.

"Pena Nieto's not a reformist guy. He never has been," Buendia said. "He's an establishment guy and I don't think he's going to rock the establishment that much."

(Additional reporting by David Alire Garcia, Isela Serrano, Alexandra Alper, Miguel Gutierrez, Simon Gardner, Gabriel Stargardter and Noe Torres; Editing by Kieran Murray, Simon Gardner and Peter Cooney)

Source: http://news.yahoo.com/mexicos-pena-nieto-takes-power-begins-era-old-143340170.html

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