Jodhpur Property Market

Jodhpur, which is the second largest city of Rajasthan and a major tourist attraction, is making rapid strides in real estate market. The city has great cultural and historical significance and has many famous forts, palaces and temples which have made significant prominence in the glory of ancient history. Earlier, there were more traditional houses in the city which lacked basic amenities but now with the increase in number of service class people, the demand for sophisticated houses with all basic and modern facilities have increased.

After understanding the demand of people, many builders have come up with new projects contributing to the growth of infrastructure in the city. Also, two PSU giants i.e. Indian oil and Bharat Petroleum have set up their base in the city. Besides that, SEZ set up by Rajasthan state industrial development & Industrial Corporation ltd has resulted in overall development of the city. The state government is also making efforts to establish industries and boasting tourism in this beautiful city of Rajasthan.

Many new projects are lined up in the for Jodhpur property market like Delhi-based builder, Parsvnath Developers is expected to come up with Mega Township in Jodhpur, which will spread over 110 acres areas and will be named as Parsvnath City. This mega township will consist of Royale Villas in sizes like 200, 250 and 300 sq yard of area and this project is expected to complete within coming two years. Apart from that, BHDPL (Baheti Housing & Development Private Limited), a local builder has come up with an eighteen acres housing colony on Pal-Sangaria by pass road named as Chanakya Puram. According to BHDL, this colony has well laid roads, water and power facilities, green spaces and all basic amenities.

According to Mr. Shayam Baheti, Chairman of BHDPL, the company was able to sold plots of Chanakya Puram housing colony within a week of its launch and encouraged by its success, the company is planning to launch a new colony Nivas with more facilities. Other than that, the company has residential cum commercial scheme in pipeline at Sardapura area. Many more major builders like Ansal API, Ashiana, Stadia infrastructure, Parsvnath etc are looking forward to come up with their projects in the city. According to local property consultant, Mr. Karan Bhatia, even in low profile areas, the residential property in Jodhpur is witnessing 100% appreciation and in posh areas the appreciation on an average is 200%. Few more projects that are lined up are as follow:

Stadia landmark Global Township by Stadia Infrastructure
Ashiana Amarbagh by Ashiana builders, which is a 6.25 lakh sq feet luxurious residential colony on main Pali road a posh location of Jodhpur
Sushant lok and Sushant city by Ansal API targeting higher income group people near NH-65
Roop Rajat Township by Karni builders; local builder at phase I,II,III of Bhandu market
Satra Galleria by Satra Properties India Ltd, which will be one of the largest retail and entertainment complexes in Jodhpur and will be located at Nayi Sadak Road Jodhpur
Palace hotel in Jodhpur by Ansals

Non-recourse Mortgage States And Anti-deficiency Statutes And How It Affects You As A Property Owner

If your property is located in a non-recourse mortgage state, and if you default on the mortgage, the lender may not sue you for the deficiency if the foreclosure does not generate enough proceeds to repay the loan.

Non-Recourse States include:

Alaska, Arizona, California, Connecticut,

Idaho, Minnesota, North Carolina,

North Dakota, Texas, Utah, Washington

However, each non-recourse state has its own anti-deficiency laws that prohibit lenders from seeking deficiency judgments. In some states, the statues only apply to certain loan types. For instance, in California, the laws only protect the borrowers with the "purchase money" loans. This means that the loan must be used to purchase the property. Therefore, mortgage refinances does not meet the requirement.

Most states' anti-deficiency statutes also protects only homeowners, which generally mean the properties were occupied as primary residence at least six months prior to foreclosure proceedings. Better news for Investors or second home owners - some lenders don't pursue judgments all together in non-recourse states. It does not worth the resources (attorneys, staff, offices, etc) for lenders to take few investors and second home owners to the court.

Foreclosure or a trustee sale, as compare to short sale, may also reduce your chance of being sued in non-recourse states. This is especially true in "One Action States" (or "Single Action States") which will be discussed in more details later.

In summary, you are best protected when your property:

- was located in one of the non-recourse states
- was a primary residence
- loan was the original purchase loan (not refinanced)
- was foreclosed (trustee sale)

The best advice we can give now is to seek professional legal help that is specific to your state and your situation; And always negotiate away deficiency judgment with your lender before proceeding.