The Union Budget for the year 2011, especially in housing sector, the focus is clearly on the affordable and rural segment. In order to enable easier availability of housing loans for the affordable segment, the Government has proposed to create Mortgage Risk Guarantee Fund under Rajiv Awas Yojana scheme which provides guarantee for the loan taken by the Economically Weaker Section (EWS) and Lower Income Group (LIG). For rural housing, allocation of approximately INR 3,000 crores has been made to enable targeted groups in the rural areas to avail housing finance.
The Union Budget has taken cognizance of the growth potential in the residential sector especially in the priority sector and has announced a laudable interest subvention. The budget has redefined the priority housing sector to include property up to Rs. 25 lakhs in urban areas and Rs. 15 lakhs in rural areas granting such properties. This is expected to increase the development momentum in such locations. This will have a positive impact in the smaller towns as well as the distant suburbs of the major metros, and may possibly prompt some of the larger developers and funds to enter these segments. Furthermore, the Budget has also indicated an investment linked deduction to businesses which develop affordable housing under a notified scheme.
Urban India Relying Less on Bank Finance for Housing Needs
Only 25% of urban Indians have used bank finance to invest in a house, government data released on Monday showed. Instead, over 61% of the cost of houses built by families across urban India was financed by themselves. This means India is quite removed from the build-up of sub-prime lending bubble as of now. The figures from the National Sample Survey Organization’s report on Housing Conditions and Amenities in India for the 2008-09 are startling. They confirm the anecdotal evidence of the boom in construction of residential properties in Indian towns unaffected by the changes in the rates of interest for housing loans from banks and housing finance companies.
Developers Worried Over Higher Construction Costs and Low Margins
While higher land prices and raw material costs could put profitability of companies under pressure, a steep rise in borrowing costs is likely to hurt demand. The BSE Realty index fell 11 per cent over the last month and eight per cent over the week as real estate companies reported margin pressures in the September quarter. To add to the problems, the Reserve Bank of India (RBI) toughened stance on rising asset prices. Also, doubts are being expressed about a pick-up in volume due to high prices. “A drop in volumes due to high prices could lead to working capital issues for some players”, said an analyst. The RBI’s measures – lowering the loan to value ratio and higher provisioning for luxury home and teaser loans –are likely to have a minor impact, say analysts. The sector also faces spiraling costs, which have dented the profitability of India’s largest listed players.
Mumbai 4th Most Expensive Office Space Rental Market in World
Mumbai, India’s business capital, has been ranked as the fourth most expensive market in terms of office space rentals in the world by global real estate consultant CB Richard Ellis. New Delhi is placed at the 11th spot in the list, which is topped by London (West End), according to CBRE’s semi-annual Global Office Rents survey.
Diwali is one of the most widely and richly celebrated Hindu festival in India. Now world wide it is celebrated by Indians and or Hindus for its emotional link to the tradition and culture. Diwali as it is called in Western and Northern parts of India; In southern India it named as ‘Deepawali’ is also known as the ‘Festival Of Lights‘ and in Kannada is the “Lore Of Lights”. It marks the beginning of a new year in the traditional Hindu calendar. Most of the people, consider this to be the most auspicious time of the year to lay foundations for any new venture.
Right from the times of yore there had been certain myths about this festival
Lord Rama and Sita
The most widely believed and told story is the one, where Devi Sita, the wife of Prince Lord Rama was kidnapped by the evil demon king Ravana, when they along with Ram’s brother Laxman were residing in the jungle as part of an exile. After Lord Rama defeated and killed Ravana and came back to his home back in Ayodhya, he was welcomed to the city with beautifully lit houses with candles and clay lamps. This day since then has been celebrated as “Deepawali” meaning a string of clay lamps.
King Bali and Vamana Avatar
There is another story that involves King Bali and Vamana Avtar (Dwarf). History has it that King Bali was a generous ruler, but his immense success led a few gods to plead to Lord Vishnu to test the worth of the king. Lord Vishnu then turned into a dwarf and went to King Bali’s court to test him. As Vamana, Lord Vishnu asked Bali, the ruler of Earth, Skies and Underworld that if he could cover the three in three strides. Bali, thought a dwarf could not really do that. But, then Vishnu changed to his grand form and covered the stretch, leaving King Bali to take resort in underworld. Many Hindus celebrate the day to remember the generous king.
MARG Messages For Diwali
Give and forgive – friendliness everywhere.
Rise & Shine – getting up early during dark nights gives health, discipline and efficiency.
Unite and unity – Deepawali is a great uniting force “O children of God unite, and love all.
Prosper and progress – business people open new account books, for some this is the start of the financial year.
Illuminate your inner self – wake up from the slumber of ignorance.
Few others beliefs about this traditional festival which you would have come across can be shared among the readers of this blog.
Any one who is zealous about Indian music, they should be familiar about the religion of Hindu, hallucination and philosophy as it is hypothetical that Indian music instigated from the creed of Hinduism. Indian music is one of the traditional and trendy forms of music in any custom in the world. Conceived from the Vedas, Indian classical music has been considered as the most genius form of Indian music. Indian music is pervasive globally for its fundamental nature. A perfect blend of vocal, music, instrumental music and dance, Indian music has ability to show musical excellence. Music in India has diversity; therefore culture, history and innovations come together for making songs impressing. Raga and Tal have been considered as two pillars of Indian music.
In realism, Indian music is classified into three types as below:
Classical Music
Classical music is a whole music structures with 12 tones and 7 basic swaras such as Sa, Re, Ga, Ma, Pa, Dha, Ni, Sa. And the music has two basic forms including:
1. Hindustani classical music
2. Carnatic music
Devotional Music
Songs like Kirtans and Bhajans devoted to God come under devotional music. Kirtans derived from the Vedic traditions; while Bhajans express devotion to God. If you want to know about music, musicians or music concerts, you can browse www.in.com as the portal offers all latest updates in the music industry from the comfort of your home.
Other Musical Genres
Folk music, Regional music, Tribal music etc. come under the other musical genres. The regional music is performed across the different states of India in different languages. They are played with different types of musical instruments.
The holy month of Ramadan is coming to a close and all Muslim brethren world over are feasting, celebrating and sharing the joy with their family and friends.
The Clay Ganeshas are being decorated, the sugarcanes ordered and the laddoos prepared, as Ganesh Chathurthi preparations are also on in full swing.
Looking around, we are proud of this nation that we call India, as we see Hindus wishing Eid Mubarak, Muslims wishing Hindu friends for Ganesh Chathurthi and the entire nation celebrating both the festivals with equal pomp and show.
It is a great time for friendship across religions, sharing, joy and rejoicing. We wish all our readers a Blessed Eid and a happy Ganesh Chathurthi.
