Home prices set to rise slightly: Crisil
Residential projects are set to become slightly more expensive. Capital values in the residential real estate space will increase marginally by 2-3% in 2010, said a report by research and consultancy firm Crisil Ltd.
The study, titled “City Real(i)ty” that covers 10 Indian cities, said Mumbai witnessed the steepest rise in capital values, while Chandigarh saw maximum fall in mid-2009. The study says, “The average residential capital values, which declined by 18-20% in March 2009 from the highs witnessed in the first half of 2008, remained more or less stable between March and November 2009.”
It adds, “On the contrary, Mumbai witnessed a spurt (in prices). In 2010, we expect capital values to witness a modest increase.” Sudhir Nair, head (research), Crisil, says, “Mumbai’s demand for residential space is end-user-driven. Also, rates in established markets of Mumbai never came down drastically.”
Within Delhi-National Capital Region (NCR), Greater Noida witnessed a fall of 10% till March 2009, says the study. On the Delhi-NCR market, Nair says, “It has not seen a steep rise because the region has seen huge supply in the residential space. Till the time there is enough supply, prices will rise marginally.” Delhi-NCR saw an average increase of 4% in residential prices between March 2009 and November 2009, the study says.
— Devesh Chandra Srivastava
LIC Cards launches card protection plan
Life Insurance Corp. of India Cards Services Ltd, a subsidiary of Life Insurance Corp. of India (LIC), along with CPP Assistance Services Pvt. Ltd (CPP), has launched a card protection plan for its customers. LIC Cards has been issuing credit cards to LIC policyholders across India. The plan would cover credit and debit cards from other banks as well.
Customers can register their non-financial cards, such as those issued by retail stores and loyalty and membership cards. They can even store details of important documents, such as passport, permanent account number and driving licence. The customer will be able to retrieve these details in case the documents get lost or stolen.
Gagan Maini, CEO, CPP, says: “Currently, CPP offers two membership options. The premium membership fee for a single person is Rs1,295, while a joint membership is for Rs1,945. The classic membership fee for a single person is Rs995, while Rs1,495 for a joint membership.”
The plan gives emergency assistance while the customer is travelling in India and abroad. So, if the customer’s credit card gets lost or stolen, the plan will facilitate the payment of, say, a hotel bill through its authorized dealer. The plan also gives replacement for travel tickets and even emergency cash advance. Customers need to repay within 28 days, after which they will be charged an interest on the balance.
Transactions made seven days before the loss of card is reported are covered. However, the card loss needs to be reported within 24 hours of the loss. Along with premium and classic membership, customers can also protect another member of their family by opting for a joint membership on any of these plans.
— Bindisha Sarang