Chandigarh Retail Gearing up for Better Days

Retail is the bombilation word for any existent estate section to grow. Chandigarh is a lawsuit in point for this adage. The city's recent retail development have given it a new facelift. New retail spaces have got spruced up the metropolis and they are opening new avenues for planetary retail merchants to run their stalls here.

Chandigarh is a retail pudding stone of sorts. It have new promenades like Parsvnath's Promenade Matrix, old retail and multiplex spaces like Fun Democracy and traditional marketplaces like Sector 17 and 24. All these places are the hub for trade names of all segments. Traditionally, all the sectors in Chandigarh have got their individual commercial marketplaces as such. Some of these marketplaces are very famous, like Sector 17 marketplace is known to be an elite marketplace while Sector 22 marketplace is known for its resourcefulness.

Apart from this nearby countries are witnessing very impressive development in footing of retail spaces. Parsvnath have built Promenade Matrix near sector 74. This promenade will host 4 star hotels besides all the retail spaces. This centrally actinium space will host some of the top planetary brands. Besides this, Ansals have got also announced their programs to construct an Ansal Plaza in the city. This place will typically have got a multiplex, retail mercantile establishments and nutrient courts.

Emaar MGF is coming up with Emaar Central Plaza near the Mohali Hills. This development will span over 5,50,000 sq. foot and will have got stores of the size of 999 sq foot to 1,526 sq ft.

Besides this, Chandigarh-based existent estate developers are also trying to take advantage of this boom. Shalimar Estates is developing Quarkcity township in form Mohali's Sector 62.

Actually Chandigarh's strategical location is the ground for this boom. The metropolis is the working capital of two states, it was always been the hub of of import offices, classy military officer settlements and hip markets. All this new development is just adding shininess to the already established existent estate segment.

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IT Parks of Mumbai

Efficient and low-cost telecommunication substructure and ample skilled work force are the cardinal positives for Mumbai to be an ideal IT finish of India. Setting up of new IT/ITES Rosa Parks additional encouragements the place values in Mumbai.

When it come ups to place tendencies in India, Mumbai takes from the front. The existent estate values in Mumbai also act upon investings in the commercial sector, particularly IT/ITES.

Nevertheless, the residential existent estate too have derived benefit from the growing of IT industry in Mumbai. Many large existent estate developers are coming up with townships to provide to the soaring demand driven by the IT people serving in the city.

Office space scenario

Hiranandani Constructions have got built immense commercial places that let companies to lease out business office space anything from 2,500 to 6.25 hundred thousand sq. ft. The Hiranandani venue at Powai have been a large hit with a battalion of IT companies including Wipro Spectramind and Mentorix, e-learning outfit, flocking the locale.

Furthermore, the pet undertaking of Kelvin Raheja Corporation, 'Mindspace', have set two ordinary metropolis suburbs, Goregaon and Malad on the IT map. Constructed with an investing of Rs 300 crore, Mindspace is rapidly becoming one of the prima commercial hubs in the city. Thirty percentage of the undertaking is reserved for residential flats. There are shopping promenades within the campus that function the occupants of Mindspace and those in surrounding areas.

Mindspace along with the Andheri-Kurla belt and Hiranandani-Powai apparently accounts for more than than 70 percentage of the commercial place demand IT and ITeS demand in the region.

The new IT/ITES Park at 30 hundred thousand sq foot owed to come up up in Chembur is anticipated as being the Mumbai's greatest IT and IT-enabled services (ITES) centric Particular Economic Zone (SEZ). It is expected to additional rise the place values of commercial existent estate in Mumbai, which is already experiencing an unprecedented demand.

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Major Commercial Property Deals in Mumbai

Indisputably, it is the IT and ITeS industry that thrusts the commercial places in metropolitan metropolises of Mumbai, Delhi, Bangalore and Chennai. As corroborated by assorted industry studies and researches, more than than 80 per cent of the Class Type A business office space in Republic Of India is absorbed by IT companies, that are currently 7,000 in number.

However, the scene is changing fast. With North American Indian economic system clocking growing rates as high as 9 per cent year-on-year, the sectors of banking, finance and investing have got also started showing strength.

The impact is seeable on the fiscal working capital of India-Mumbai. In the past 6-months most of the major commercial place trades in Mumbai are undertaken by the aforesaid industries, and the size and nature of trades is just amazing.

Finance major ABN Amro renewed the rental for its 12,000 sq. foot business office space at Sakhar Bhawan located at the Central Business territory of Mumbai Nariman Point, at a lurching lease charge per unit of Rs 500 per sq. ft. The company was paying Rs 180 per sq foot for the last 3-years, for the same business office space! A tramp by more than than 150 per cent in such as a short span.

Furthermore, Fidelity Investments also leased 1,850 sq. foot of space at Nariman Point's Maker Chambers, at Rs 450 per sq. ft. Definitely, these rental values are one of the peak in the world, and as per the recent research studies manner ahead of Manhattan where upper limit rental value were recorded at Rs 390 per sq. ft.

Well, it is not that lone the CBD country of Mumbai is simmering like boiled water. Commercial places at Parel, Lower Berth Parel and Bandra Kurla Complex (BKC) are also steaming up with soaring prices. Take for instance, the Lewis Henry Morgan Francis Edgar Stanley deal. The investing major leased a immense business office space of 12,500 sq. foot at Peninsula Corporate Park at the charge per unit of Rs 400 per sq. ft.

The rates however are comparatively low at Lower Berth Parel, and KPMG was intelligent adequate to corner 30,000 sq. foot of business office space at the charge per unit of Rs 275 psft, beginnings informed.

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Lehman, Accredited, HSBC Shut Offices; Crisis Spreads (Update3)

The rise cost of recognition took its toll on Lehman Brothers Holdings Inc., Accredited Home Lenders Retention Co. and HSBC Holdings Plc as the subprime mortgage radioactive dust spreadings through the economy.

Lehman, the greatest investment banker of U.S. chemical bonds backed by mortgages, became the first house on Wall Street to close its subprime-lending unit and said 1,200 employees will lose their jobs. Accredited, reeling from its canceled purchase by Lone Star Funds this month, stopped making place loans. London-based HSBC, Europe's biggest depository financial institution by marketplace value, closed a U.S. mortgage business office after failing to finance new loans.

Mortgage loaners today announced programs to open fire 3,700 people as the slack that began in subprime mortgage chemical bonds attains beyond mortgages to companies seeking money in the corporate debt markets. The deficit of recognition prompted the Federal Soldier Modesty last hebdomad to cut the price reduction charge per unit that it bear downs Banks to lend. The Federal may cut its nightlong charge per unit to carry loaners to widen more than credit, said Toilet Lonski, main economic expert at Moody's Investors Service.

``The subprime state of affairs goes on to deteriorate and the likeliness of a Federal Soldier Modesty charge per unit cut is increasing,'' said Lonski, who is based in New York. The Federal may necessitate to cut ``in the event that the fiscal marketplaces stay dysfunctional.''

H&R Block Inc. said today that its Block Financial unit of measurement drew down on depository financial institution lines and two European mortgage-securities funds had their recognition evaluations slashed to debris from AAA by Standard & Poor's because debt marketplace disturbance curbed entree to short-term financing.

Applications Decline

Home loan applications drop 5.5 percentage last week, the greatest diminution in almost three months, according to information from the Mortgage Bankers Association today. The association's index of applications to purchase a place or refinance debt retreated to 641.1, from 678.7 the former week. Subprime loans are made to people with mediocre or limited credit.

The tone of voice in the mortgage marketplace is ``exceptionally cautious,'' Lonski said. ``You're looking at what will be in all likeliness the worst lawsuit of place terms deflation since the 1930s.''

Subprime loaner Delta Financial Corp. today said it will fold business offices in Florida, Lone-Star State and California, cutting its work force by 20 percent, or 300 jobs. Quality Home Loans filed for bankruptcy, the 15th loaner since December to seek protection. More than 90 have got halted trading operations or sought a buyer.

No Bottom

``I don't believe we are going to see the underside for at least another six months,'' said Prince Edward Resendez, the former Head Executive Military Officer of Resmae Mortgage Corp. Resendez sold Resmae to Bastion Investing Group in March at a bankruptcy auction. ``The loaners that are struggling out there are not going to survive. As soon as their liquidness runs out they are going to travel under as well.''

Accredited said in a statement today it will close more than than one-half of its mortgage trading operations and fire about 1,600 people.

Accredited shares drop 45 cents, or 6.9 percent, to $6.10 in composite trading on the New House Of York Stock Exchange. They have got fallen 78 percentage this year. H&R Block shares drop 35 cents, or 1.8 percent, to $19.44. The stock have tumbled 16 percentage in 2007.

Lehman, based in New York, will close its BNC Mortgage LLC unit of measurement and cut about 4.2 percentage of its work force of more than than 28,000. The shutting will cut down its net income by $52 million, Lehman said in a statement. Lehman shares, down 25 percentage this year, rose $1, or 1.7 percent, to $58.54.

HSBC bes after to fold its Carmel, Indiana, business office by the end of the 2nd one-fourth of adjacent year, eliminating 600 jobs, spokesman Michael Lee Trevino said. HSBC's commissariat for bad loans climbed 63 percentage to almost $6.4 billion in the first one-half of 2007, HBSC said in July.

H&R Block Draws

Sunflower State City, Missouri-based H&R Block said Block Financial drew down $200 million on Aug. Sixteen and then repaid that loan when it borrowed $850 million four years later.

``The recognition marketplaces have got go increasingly constrained and unstable,'' H&R Block Head Financial Military Officer William Trubeck said in a statement. ``We have got got decided to replace this more than stable beginning of finances to back up our short-term needs.''

More than 20 companies have been close out of the marketplace for asset-backed commercial paper, or short-term debt maturing in 270 years or less, as investors balked at purchasing mortgage-backed debt. HBOS Plc, the U.K.'s biggest mortgage lender, will refund about $35 billion of commercial paper from its Grampian Support LLC unit.

London-based Solent Capital Partners LLP's $4.5 billion Mainsail two Ltd. monetary fund and Geneva-based Avendis Group's $5 billion Golden Key Ltd. unit of measurement were forced to sell assets after they couldn't happen purchasers for their short-term debt, causing ``an eroding of capital,'' S&P said.

Golden Key's commercial paper evaluation was cut to B, one measure below investing grade, from the peak degree of A-1+. Ratings on parts of Mainsail two drop by 16 stairway to CCC+ from the peak grade, and its commercial paper evaluation dropped three stairway to A- 3, the last short-term investment class ranking.

To reach the newsmen on this story: Caroline Salas in New House Of York at
; Steven Church in Wilmington, Delaware, at .

Mortgage woes lead to more foreclosures

By Pam Dawkins
staff WRITER

Connecticut's foreclosure filings declined between June and July, but the figure is still up for the twelvemonth so far and is approximately 100 percentage higher than the July 2006 filings.

Nationally, the figure of foreclosure filings last calendar month jumped 93 percentage from July 2006 and rose 9 percentage from June, the up-to-the-minute mark householders are having problem devising payments and determination purchasers during the national lodging downturn.

There were 179,599 foreclosure filings nationally reported during July, up from 92,845 during the same time period a twelvemonth ago, Irvine, Calif.-based RealtyTrac Inc. said Tuesday. There were 164,644 foreclosure filings reported in June.

According to RealtyTrac, there were 2,118 foreclosure filings in Nutmeg State in July, down from 2,386 in June but more than than dual the 1,038 in July 2006. In July 2005, there were 563 foreclosure filings.

In July 2007, New Haven County had the peak figure of filings, at 706, followed by Capital Of Nutmeg State County at 450 and Fairfield County at 403.

While New Haven County edged up between June and July, Fairfield and Capital Of Connecticut counties reported fewer foreclosures.

"It's calm up on a year-over-year basis," said RealtyTrac spokesman Daren Blomquist of Connecticut's foreclosure rate.

Harbor Mortgage Hosts Telephone Seminar for Seniors May 24 - Reverse Mortgages Made Understandable

Published on: May 8th, 2007 12:01am by:

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Braintree, MA (OPENPRESS) May 8, 2007 -- Senior homeowners and their families are invited to stay at home, pick up the phone, and dial in to hear a free Educational Telephone Seminar on Reverse Mortgages and Retirement Planning on Thursday May 24 from 11 AM to 12 Noon.

Moderated by Greg Porell, the Editor of the South Shore Senior News and the Neponset Valley Senior News, this telephone seminar will provide objective information about the unique government backed programs that allow seniors (age 62+) to access the equity in their homes. Now seniors and their families can learn about an important financial option without leaving their home, just by listening.

Listen and Learn
Businesses have used telephone seminars for years. IT’S SIMPLE! Participants don’t need to say a word; they just dial in to a specially designated 800 number from the comfort and privacy of their home or office on May 24 at 11 AM and hear:
• How to access the equity in their home.
• Implications for retirement planning.
• Answers to THEIR questions (submit with RSVP).

Seminar speakers will include: Attorney Francis X. Small, Elder Law Attorney, Heaney & Small, LLP, Milford, MA; and George Downey, founder of Harbor Mortgage Solutions, Braintree, MA and former Chairman of the Massachusetts Mortgage Association.

Advance reservations are required. Call 1-800-597-5133 to RSVP and find out how to dial into this informative seminar on May 24th.

Those who dial in to the Reverse Mortgage seminar will learn how a reverse mortgage can help homeowners over the age of 62 cash in on the investment they made in their home without having to sell, move, or take out a home equity loan. Reverse mortgages can help provide a steady source of tax-free income enabling seniors to have the extra cash needed to pay off their bills and stay in their own home.

A recent study conducted by the National Council on Aging found that impaired, older Americans are struggling to live at home at a time when they own more than $2 trillion in untapped housing wealth. Senior homeowners throughout Massachusetts are struggling to make ends meet, yet most are unsure of how to proceed to unlock the equity in their homes.

A reverse mortgage, essentially the opposite of a traditional or “forward” mortgage, can enable seniors to tap into accumulated equity without having to face ongoing payments. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower, enabling borrowers to use the tax free cash they receive in any way that they wish.

There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits. The property must be the primary residence of the borrower and properly insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called.

Unlike a traditional mortgage where the balance starts high and the borrower’s monthly payments systematically reduce the loan balance, the balance of a reverse mortgage loan starts low and continues to increase as more cash is drawn and the deferred interest charges are added to the balance. Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell, or refinance, the property to pay off the loan.

Once the province of a few small banks and private lenders, the great majority of reverse mortgages today are provided through government-sponsored programs, namely the HUD/FHA Home Equity Conversion Mortgage (HECM) and the Fannie Mae Home Keeper (HK) programs.

Telephone Seminar Sponsor - Harbor Mortgage Solutions
The Senior Homeowner Division of Harbor Mortgage Solutions is dedicated to providing customized service, obtaining the best possible solution for each individual client every time.

An equal opportunity lender licensed in Massachusetts (license #MC0041) and Rhode Island (license #20041821LB), Harbor Mortgage Solutions is a member of the Massachusetts Mortgage Association, the National Association of Mortgage Brokers, and the National Reverse Mortgage Lenders Association, strictly subscribing to their rigid code of ethics. Harbor Mortgage Solutions is also an Educational Subscriber of the Massachusetts Chapter of the National Academy of Elder Law Attorneys.

For additional information on services offered by Harbor Mortgage Solutions please call 781-843-5553 or 800-599-8700, or visit www.HarborMortgage.com.

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