Mortgage in old age
The reverse mortgage scheme faces several hitches. For one, most property in the country is ancestral and governed by inheritance laws. This can cause legal hurdles for banks to take possession of it after the demise of the borrower, writes S.C. Dhall
Despite an aggressive advertisement campaign — through hoardings, newspapers and TV commercials — by banks across the country to promote reverse mortgage loans for senior citizens, these have not really picked up, primarily due to a lack of enthusiasm among legal heirs of aged property owners.

Return of the native
Home developers are wooing NRIs seeking to relocate in India
Higher rate of returns in real estate investments, projects that comply with international standards and greater affordability apart from emotional reasons like owning a piece of the homeland are driving the NRI segment growth in the realty sector in Bangalore. "Ma, is Chennai like New Jersey?" asks a cute toddler in a catchy overseas promotional advertisement campaign launched by a leading real estate brand in India.

REAL TALK
Retirement Benefit
Elaborating on their expansion plans in the region, R.K. Mittal, chairman and managing director, CHD Developers, tells Ruchika M. Khanna that several retirement townships for senior citizens are in the pipeline too.
                                                                                               R.K. Mittal

Tax tips
Deduction dilemma
Q. I bought a residential house in the name of my parents who are the joint owners thereof. The house was bought partly from the savings of my father as well as a bank loan in which I have been shown as a co-borrower along with my parents. Can I claim tax benefit on the interest paid?

GROUND REALTY
Wooden Expression
Wooden floorings have been around for the past 150 years but with many upswings and downslides. However, these have never been written off. People tend to like products with a natural look. Since 2000, there has been a consistent rise in the use of wooden flooring in bedrooms and living rooms. Keeping in view the present trend, almost all builders are now using wooden flooring in the bedrooms for its elegant and warm look. Architects and engineers count it under luxury segment of specifications. Living rooms too if provided with wooden floors, look stylish.

JMD group announces Ludhiana project
A leading property developer of the country has formally announced its master project, the JMD Regent Square, in Ludhiana. Located on Sherpur Chowk, it claims to be the first corporate park in Ludhiana with substantial office space. It will have state-of-the-art architecture and will be spread over 2.1 acres. The project seamlessly integrates the commercial and retail components in an aesthetic world-class ambience and is expected to be completed by September, 2009.

CONCRETE ACTION
TN to construct 22,000 houses
The Tamil Nadu government proposes to construct 22,000 houses across the state at an investment of Rs 2,000 crore, state minister for revenue and housing I. Periasami has said. "Of the 22,000 houses to be built by the Tamil Nadu Housing board, 5,000 houses will be constructed by the end of this year", he said. About 1,000-2,000 houses would be constructed in areas like Foreshore Estate and Valasaravakkam, he said.