No Comments

A rise in the price of real estate will reap the benefit for Mumbai

The bustling of the busy street, the rushes in local trains and the amicable beauty of the Juhu beach remind of the splendid aura of Mumbai city. Regarded as one of the most populated cities in India, Mumbaikars will soon be having a massive expense while trying to purchase an abode in the suburbs of Mumbai. It is like a dream for several Indians to reside in Mumbai, but very soon the dream of purchasing a residential property will become expensive. This will be followed by the increase in stamp duties which are paid while purchasing the house and the end cost will as well rise.

The stamp duties have already hiked by one percent. On November 27, 2018, the Mumbai Municipal Corporation has extended the amendment bill for raising the stamp duty which got approved by the Maharashtra Legislative Assembly. With this hike in the stamp duty prices, the buyers will now have to pay higher stamp duty fees, and even the price of the house will therefore increase.

With the increase in the stamp duty fees as per the amendment bill by Mumbai Municipal Corporation, the real estate market in Mumbai will see an increase of the price in the property by 6% to 7% than earlier. This additional stamp duty will as well be used for the development of bus service, monorail, and the metro service.

It is estimated that a rise in the price of the stamp duty will affect the real estate companies in Mumbai. This is because stamp duty is mandatory while renting a property, purchasing a house, making property contracts and mortgage documents.

This is when buyers should check out several real estate website and know about the best property sites in India. This will somewhat ease the peril of paying extra for purchasing property in Mumbai.  The additional charge for the stamp duties was levied to lessen the complications which the city is facing with the ever-increasing population. The roads here are often congested with traffic, making it perilous for office going individual, students, and others. Thus Maharashtra government is introducing projects such as Monorail, Eastern Freeway, Metro service, and Bandra-Worli Sealink. The money collected from the additional stamp duty will be leveraged to benefit the development of these projects.

Thus, paying some additional income for purchasing a residential abode will ultimately help the residents who are tired of the growing traffic problems that affect the pace of the city. So it can, however, be regarded as a boon in disguise as the revenue earned from the additional stamp duty will ultimately benefit the government who can take up the speedy measure for their development projects.

No Comments

A shift in paradigm for the realty firm in India

The real estate sector in India is one of the most promising industries where investors from various age groups take active participation. But there has been a tectonic shift for the property investment in India as new regulatory norms, NBFC crisis, and taxation regimes are becoming the game changers. This has called for re-calibration of invest policies after the real estate market has seen a boom from 2011-2016.  During this phase, the real estate sector received an annual return of 6.2% from the stock market and 3.6% from gold. This was a lucrative opportunity for the hot money owners who saw a promising future in investing in purchasing property in India. The developers even used this opportunity to receive customer advanced by selling projects at pre-launched stages and using the customer money for approving the project.  New developers started entering in this market; farmers sold their agricultural lands and investors had received an unusual return.

But everything went topsy-turvy with the onset of the macro environment that has made several developers go bankrupt.  With the introduction of RERA and demonetization, and the recent NBFC crisis have led to further liquidity squeezing for the realty developers. As such the residential real estate projects are going through a bad phase as funding will inevitably increase shortly. So going forward individuals can expect the following shift in the pattern for the rapidly developing real estate market.

Preference is given to the commercial sector than residential projects:

After the levying of new taxation scheme, it is expected that developers will keep a distance from residential projects which will limit their price appreciation. They will eventually venture for commercial projects where the rental yields would support the return on investment. It is seen that realty developers earn 2-3% revenue from residential projects while from the commercial project they get nearly 9-10%. Unlike the yields from commercial sector droops, developers will remain inclined towards commercial projects.

Residential property investment should be done only by end users:

Those are looking for purchasing the property from online property sites in India, should hold on their decision if they don’t plan on staying there for a long-term tenure. This is because the end users who are just looking at a house like an asset has to bear enormous cost of purchasing and maintaining it. As such there will be no return value as these residential projects will now be kept under check.

Renting the house is a primary option:

Individuals who are away from home for a long span should consider renting their apartments. This is because the revenue earned from rent will reduce the subsequent amount of maintenance charges.

Customisation of the product by developers:

With the ongoing trend in the real estate market, developers should pay more heed to the end user’s preferences in terms of social infrastructure, price, construction quality, location, and unit size.  Residential projects which come under affordable range and are located at a strategic point will become more in demand. The real estate consultants in India should, therefore, advise individuals who search for property buying sites, to look for houses that are preferable for long-term living.

No Comments

Real Estate Industry Steps Up to Provide Support to Jewar Farmers

Recently, the long-standing opaque real estate industry in India has undergone a makeover and development has been fast and steady in the backdrop of several economic reforms since 2016. Though the pace of growth was initially slow due to the reorganization of the industry through implementation of demonetization, GST and RERA, greater transparency brought in by these measures have led to a surge in confidence among stakeholders, buyers and investors in both national and international markets (NRI buyers). In case you are interested in investing in real estate in India, you can choose property online through various real estate websites.

In addition to the residential and commercial sector, the government is also pushing for increased infrastructure development that is providing further impetus to Indian realty. However, amidst this commercial growth, the industry and the government are also taking initiatives to provide support to those who are affected in this process in order to ensure a more equitable and sustainable growth. Those who are dependent on the land for their livelihood lose their source of income and residents in that area are displaced. In this backdrop, the onus taken by the real estate industry to provide economic rehabilitation such as by providing the farmers and agricultural labourers employment and housing facilities to ensure inclusive growth.

A recent example of this is the commitment by the Confederate of Real Estate Developers Association of India (CREDAI) to provide support to 2,200 farmers in Jewar who will be displaced during the construction of the ambitious Jewar international airport. Kopinfra have jumped at the opportunity and promised to provide jobs to family members of the farmers in their companies according to their qualifications and also provide further skill enhancement programs.

Such good initiatives are a welcome step, as itwill encourage and motivate the industry to adopt more proactive strategies to augment their corporate social responsibility framework and promote overall sustainable development. Going a step further, the real estate companies have also extended a helping hand by putting a plan in place to acquire land from the Yamuna Expressway Industrial Development Authority (YEIDA) at reasonable rates to create a township for the farmers with hospitals, schools and numerous other facilities. This will also go a long way in improving the availability of essential amenities to financially weaker sections. Also, CREDAI has announced in a special scheme aimed at farmers that it will provide 20% discount in the housing projects of its members. This initiative to provide housing to the farmers is a motivating move and sets a precedent for stakeholders to focus on promoting holistic growth.

In addition to standalone measures, the industry is also providing support to the district administration to promote holistic development. The authorities have provided special identification cards to the displaced farmers that they can use for availing incentives and facilities provided to them by the government. In this way the overall measure will be very transparent. They will also get concessions and preference by showing these cards. In addition, these cards will enable the farmers to get benefits in terms of medical facilities in government as well as private hospitals vastly bridging the void in their access to these services.

All in all, the priority of the real industry at this juncture is to put a plan of action in place to ensure that they can bring about change in all facets of an ecosystem is progressive and all-encompassing. Since the industry has begun to gather steam, it will be important to ensure a perfect harmony between revenue and social development as a whole.

 

No Comments

A new home v/s a resale home. What do you prefer?

Buying home includes very critical decisions to be made as it is a big decision which will require you to shell out most of your savings and a loan commitment which will go on for years. Besides a lot of emotions are attached to it as it will be the place where you will build numerous memories. The first question that arises to your mind when you go out to buy a property is whether you should buy a new property or you should by an existing property in resale. There are both pros and cons for both. Let us detail the advantages and disadvantages of buying a new property or a resale property which will aid you in making your decision.

1)    Investing in a new Property.

a)    Advantages

i)    When you buy a new property you have a greater flexibility with regards to the home loan amount and tenure. The new property can get a home loan to the tenure of 20-30 years thereby the EMI is greatly reduced

ii)    The new property will obviously hold all the latest features and -amenities giving you a very fresh feel.

iii)    The documentation of the new property is considerably easier and hassle-free.

iv)    The new property will have a better resale value in the future.

v)    The new property has vast options available, and you can choose the floor, direction, vaastu-friendly location, etc. according to your preference.

vi)    A number of real estate portals in India give a huge variety of projects to choose from online enabling you to compare and expedite your decision.

b)    Disadvantages

i)    The biggest drawback of investing in a new property is that it is comparatively expensive as compared to the resale property.

ii)    You have to wait for a long time to move in as the property is still under construction’

2)    Investing in a resale property

a)    Advantages.

i)    Investing in a resale India property online during the recession period gives you the power to negotiate. You can get the benefit to some extent in the rates as the market is very slack

ii)    The India real estate property for resale are in ready to move in condition and hence the wait period is zero. People who are looking for immediate move-in, the resale property is best for them.

iii)    If you are considering buying a property in the prime location or in a posh area, then going for a resale property is only better as going for a new property might not be affordable.

b)    Disadvantages

i)    The property for resale might be very old and might not have the latest amenities and luxuries.

ii)    The home loan rate previously was as high as 10%. Now the said rates have come down to 8.85%. Therefore, if the property id bought with a higher rate of interest in the past then its cost is going to be high.

The aforesaid mentioned pros and cons would help you in your decision while investing in a property in India.

No Comments

Why should a Seller or Buyer Pick You as the Realtor?

Why should a Seller or Buyer Pick You as the Realtor?

August 16, 2018 admin Tips and Trends

If you want to establish yourself as a realtor, you need to consider your strengths. This determines the reason why your customers will be willing to work with you. The homeowners and sellers look out for the best deals in the property dealing sites. As a realtor, you need to connect them and ensure that they get the best returns of their money. You should be able to develop the trust and confidence among your customers. Here is a brief guide that can help you in establishing yourself as a realtor.

Focus on your abilities

When you come across a potential customer, you need to showcase your skills to the person. You should have good negotiation skills. You can convey your background to the customer and make sure that he finds confidence in you. In case you are having a sales background, it might become easy to impress the customers. Besides, customers expect the realtors to have an easy temperament and a cool head. It is necessary for you to build an impressive profile for yourself, using your past experiences.

 Stay updated

The real estate industry in India is changing, and it is important for you to stay updated with the latest developments in the industry. The client expects the realtor to be well-acquainted to all the norms and policies in the industry. When you are aware of all these aspects, you can help the person regarding the transactions. Therefore, you should be knowing all the legal processes and other aspects related to the industry.You should be well-versed about the process of dealing with residential property in India.

Get the property cleaned

When a client visits a property, make sure to get it cleaned at the outset. They would not like to see cobwebs and dirt in the property. This enhances your brand image to a great extent. The customers get a positive impression about your brand. Besides, you should give the necessary attention to the client.

Follow up with the client after the visit is over and get a feedback. These guidelines will help you to strike a successful deal as a realtor.

No Comments

Chennai’s Neighborhood Sees Demand for the Ready to Move in Homes

With the budget around the corner, Ready-to-occupy apartments in Chennai is gaining momentum. The most obvious advantage of Ready-to-occupy apartments is that you can move into it when you need. You will find many luxury real estate properties in Chennai that offer Ready-to-occupy apartments, taking in need the home solution for the new generation that composes of the nuclear family. Further, moving into this apartment is a well-informed decision to make, as you get what you see.

Suburbs are accumulating fame in Chennai

Suburbs to central Chennai like Perambur, Madhavaram, Ayanavaram, and Kodungaiyur has witnessed a steady increase in the number of good residential and commercial infrastructure. Moreover, the second phase of the metro rail project and completion of the Outer Ring Road has additionally enhanced the openness to city edges.

The infrastructure and connectivity improvement in Chennai has the caught the eyes of Real estate and they are fraying in the market. Largely living in Suburbia is providing a possibility of full-fledged satisfaction at an appealing cost.

Trending neighborhoods in Chennai

Chennai with its flourishing economy, rich culture, growing educational sector, set up of MNC’s and with the investment pouring from different sectors, it is becoming a preferred destination for the homebuyers and the investors. Chennai is one of the prominent destinations that is lurking NRI propertiesinvestors. Real estate developers are more concentric for providing Ready-to –occupy apartments taking in need the demand. These are attractive not only for the Indian buyers but also for NRI’s who want to buy property in India.

Let us have a view on few inclining Chennai Suburbs that offers a choice of premium living and preferred lifestyle which add-on to your social and professional circles.

1.    Padi

Presently Padi is an industrial hub with appropriate infra and good living condition. Lucas TVS, Britannia Industries, Sundaram Fasteners,Wheels India, Sundaram Clayton and Brakes India are some of the popular industries in this area. These industries offer major employment to people living in Padi and nearby areas. Few BPO companies are also operating from this area. This Chennai suburb is gradually transforming to viable zone.

 

2.    Ambattur

Ambattur is a standout among the well-known residential suburb in Chennai. It is the biggest small-scale industrial estate in South Asia, hence, becoming lucrative for the homebuyers and the real estate developers. Companies like Britannia, TI Cycles of India, Dunlop, and TVs have their plants in Ambattur

 

3.    Mogappair

The recent influx of the IT offices in and around Mogappair have catapulted it into the fast-developing residential area. It is becoming an ideal place for buying or investing in a home du its proximity to reputed schools, colleges, hospitals and offices.

 

4.    Korattur

The expansion and development of Chennai city have transformed this small calm suburb to strategic business location and township for the home seekers. Presence of many Banks, ATMs, restaurants, shop and departmental store attracted popular builders like Alliance Infrastructure Projects Pvt. Ltd., Casagrand Builder Pvt Ltd, and Magishaa Construction that has developed the residential township in the area.

 

These are the suburbs in Chennai that have gained an advantage in terms of residential availability, affordability with good amenities and return on investment. So no compelling reason to worry your opportunity and venture better to explore some good advanced and visually attractive property dealing sites that gives the full-fledged information considering one’s need.

Ready-to-occupy has really brought big cheers for the homebuyers in Chennai.