Tuesday, May 24, 2016

Revival of the residential real estate market this year

From the past few years, India’s residential real estate market has experienced a slowdown. Thanks to the macroeconomic indicator and measures taken by the Indian government to bring transparency, this sector is all set to rebound.

It is believed that apartments in Whitefield (Bengaluru), apartments in OMR (Chennai), and apartments in Kondwa (Pune) are great for investment, at the moment.

Ashwinder Raj Singh, the CEO, residential services, JLL India, said,“India’s residential property market has been going through turbulent times for past few years. However, things are looking up now with changes in the economy and various initiatives announced by the government.”

Factors like low demand, high inventory levels, and limited fund flow has dwindled sales in the sector, affecting the new establishments.

As per a recent report by JLL, the novel residential venture launches witnessed a reduction by 6 percent in the first quarter of 2016 over the last quarter of 2015.

Overall sales of residential properties declined in the financial year 2015-16 compared to 2014-15. As per recent reports, 1,58,211 units were sold in the financial year 2015-16 as opposed to 1,61,875 units sold in the financial year 2014-15, which is a decline of 2.2 percent.

A ray of optimism was seen in the otherwise hopeless situation with the rise of sales in the first quarter of 2016.

Specialists believe that the implementation of the Real Estate Act will give a positive drive to the feeble sector by reviving the spirits of the buyers through manifold initiatives.
One of the best initiatives taken is that the aggrieved party has the right to claim the amount at the prescribed rate along with the interest if the possession is not given.

Shveta Jain, the managing director, residential services, Cushman & Wakefield said, “The Real Estate Regulation and Development Act 2016 will encourage investments from foreign and domestic financial institutions and protecting the interest of the home buyers. Mandatory disclosure of projects, including details of the promoter, project, land status, clearances, approvals, etc. would increase the credibility of developers and would protect consumer rights as well.”

Ashwinder Raj Singh of JLL states 5 points for the road ahead for the realty sector:

  • The expectation of good monsoon, recovery in the economy, decreased inflation, and the fact that the rates of residential properties are on a hike again has brought a shift in the trend. Also, the combination of an improved regulatory environment of the realty sector and progressive Government schemes like AMRUT, Housing for all by 2022 and Smart Cities are starting to create a positive influence. Moreover, factoring in banks’ passing on of interest rate cut advantages to the end user; the residential department is on the path of regrowth. 

  • At the end of the financial year 2015-16, the rates were stagnant or at a modest rise. While Lucknow witnessed a hike of 16.1% in the prices in third quarter 2015, NCR witnessed a price ascent of 5% during the second quarter of 2015. Moving forward, rates are expected to rise moderately.

  • The establishment of the Real Estate Regulatory Authority to ensure timely delivery of the real estate projects and bring more transparency in the dealings with builders has build trust in the market, motivating the buyers to invest again. A credible start has been indicated by the affordable housing segment, with this division seeing heightened traction on the outskirts of the leading cities. Of the entire sales, more than half the properties were marked below Rs. 5000/sq ft in the financial year 2015-16.

  • International factors have an effect, but India’s present low-interest rates and low inflation rates along with moving economy will encourage development in the residential realty sector in the mid-to-long term.

  • The encouragement that the latest Union Budget is providing to both, the demand as well as supply side has improved the funding for the real estate industry. It has also helped in clearing problems on REITs. More impressive signs of recovery should be evident during the last quarter of the year 2016 or by the first quarter of 2017.

This is a guest post by Deepak Yewle

Tuesday, May 10, 2016

Stamp Duty Refund Process

So things haven’t been as perfect as you would have expected with your registration procedure and to make things worse you have already paid stamp duty to the state. Since you are right now on this page, I will make a wild guess and deduce that you wish to have your stamp duty refunded. Good for you, however, there’s a slight problem, the first thing you need to realize is that your money has already been received by the state government and the second thing is that to get it back from them wouldn’t be any less of a mean feat. So how can you go about it?


The whole of the stamp duty refund procedure could be described into two general steps:

  1. Step 1: Filing a stamp duty refund application.
  2. Step 2: Dedicated follow up.

  • Step 1. Stamp duty refund application (Maharashtra)

To file a stamp duty refund application you have to complete an online procedure and an offline procedure.

Online procedure: To complete the online procedure you could go to state government’s Department of Registration and Stamps website. Complete the form and download or print a copy of completed form.

Offline procedure: To complete the offline procedure for stamp duty refund you will need to download various forms from IGR Maharashtra’s official website like;
  • Application form
  • Jabab
  • Checklist
  • Receipt for the Value of stamps (Two Copies)
  • Affidavit
  • Pratidnyapatra

Besides the aforementioned list you will further need some other documents, they are as following:
  • Photocopy of I.D. (Preferably Pan Card)
  • Original Gras Challan/Simple receipt Challan or ESBTR certificate
  • A draft of the Agreement which you couldn’t register or Cancelled Agreement
  • A cancelled cheque of the account where you wish to receive the refunded stamp duty and registration fee amount

Attach all the downloaded forms and rest of the documents together. Create two more photocopies of all the completed forms and attached documents. One photocopy will be attached with the file you are about to submit, the other photocopy will be served as your acknowledgement.

  • Step 2: Dedicated follow up.

Filing of the stamp duty application is just the beginning and you will need to maintain consistent and dedicated follow-up of the concerned government office. Make sure that no additional requirements are asked of you by the concerned office. Usually there is a deduction of Rs. 1000/- (max) only out of your stamp duty and registration fees and the rest is refunded to you. Sometimes the application is rejected.

Those of you who intend to file stamp duty refund application personally, you could check if you are eligible for refund from here: Are you eligible for stamp duty refund?

I hope that you have been informed about the basics properly and sincerely wish that you do get your Stamp duty & Registration fees amount back.

Was this article useful to you? If you have any queries regarding stamp duty refund procedure, please feel free to contact Sarvesh R by posting comments here.

Monday, May 2, 2016

5 Top Affordable Rental Locations in Bangalore for Working Professionals

Bangalore has a number of IT and business parks where thousands of working professionals earn their livelihoods. But with the traffic situation in the city escalating to new heights every passing day, it doesn’t make neither financial nor logical sense to move to areas that aren’t close to your workplace.

However, there’s one more concern you need to address- the cost of living. Not every rental property close to these IT hubs come cheap, courtesy of the rising price of rental houses in Bangalore.

 (Picture Source – Pixabay)

Besides, not everybody can afford to buy a luxury apartment or live in a villa in this expensive city. So here are the top 5 affordable locations in Bangalore, you and every other working professional should know about.
  • Whitefield
If you’re particularly in the IT industry, living anywhere in the Whitefield vicinity is the best decision you can make. For starters, you can find houses for rent at as little a budget as Rs. 7000 per month, which come semi-furnished with modular kitchen, geysers and the like. Another important aspect about Whitefield is that it’s a little far away from the fast-paced life of the city and sees relatively less traffic. Basically moving to Whitefield can save you a lot of money and time, which you’d otherwise spend on commute.
  • Marathahalli
With plenty of tech parks and other employment hubs in its vicinity, Marathahalli is yet another locality that sees a vast majority of working professionals looking for an abode. You will get houses or flats for rental as little as Rs. 6000 per month, depending on the choice of area. Places like Prestige Tech Park, Ecospace, and Divyasree Technopolis are just a few of the well-known IT hubs in and around the area.
  • KR Puram
With easy connection to ITPL and Marathahalli, KR Puram is slowly becoming the most sought-after locality in Bangalore. Besides, this area isn’t too far away from the city either. Located along the fringe of National Highway 44 (Bangalore to Hyderabad), this locality also offers you some respite if you’re looking to go for a long drive on a lazy weekend. Rents around here start from Rs. 6,000 per month for a 1 BHK and can go up to Rs. 20,000 per month based on your choices.
  • Horamavu
Located along the Outer Ring Road stretch that connects Marathahalli and the Old Madras Road region to Bengaluru International Airport and Tumkur Road among others, Horamavu happens to be the least chaotic locality to live in. Close to Manyata Tech Park, which is at a distance of about 5 km from here, Horamavu offers a great place to relax and enjoy. Rent around the area start from Rs. 7000 per month for 1 BHK and can go as high as Rs. 30,000 per month depending on a house of your choice. It is close to several leisure places like Kammanahalli, an area that happens to be the most attractive proposition around here.
  • Kaggadasapura
If you’d looked around Kaggadasapura over a decade ago, you’d either have seen acres of empty barren lands or under-construction apartment projects. But now this area is a major hub for working professionals. It is strategically located close to Bagmane Tech Park, which happens to be one of the most beautiful workplaces in the city with its own lake. It is also close to key parts of the city like Indiranagar and Domlur. You can find houses for rent around here starting from Rs. 6500 per month. In case you’re looking to lease flatsor apartments instead of renting, you can also find several interesting options to choose from.

Overall, these 5 prime localities are teeming with budget-friendly houses that you can choose from to improve your experience of staying in Bangalore.

This is a blog post by Chandni Lal

Thursday, April 28, 2016

DLF Launches Mall of India in Noida

DLF officially launches Mall of India in Noida, Part of Delhi NCR region on 27 April 2016. The shopping mall is located in upscale Sector 18 market of Noida. The mall comes up with a retail area of 2 million square feet. The Mall has 18 anchor stores.

The shopping mall will be easily accessible from South Delhi, Lutyen’s Delhi, Greater Noida, Ghaziabad, and Faridabad. The mall offers 7 levels of excitement with enough parking space offering 3 levels of basement parking. The mall is expected to generate footfall of 3 million shoppers per month.

There are 330+ brands and 82+ kiosks brands. 40% area is dedicated to Food and Beverages segment with about 1000 seating capacity in the food court. There is also 7 start DT cinema experience for visitors with a capacity of 2000 viewers.



Find below the complete details of DLF Mall of India:

Tuesday, April 26, 2016

Vastu Tips for Home Buyers

Are you planning to buy a flat or an apartment?

 

Great! Now that we are in the year 2016 buying an independent house is out of the question. It is better to think of buying a flat or an apartment. There are many Advantages of Apartment Living.

But before you buy your brand new apartment or flat you need to analyze a few factors.

Vastu Shastra or the science of architecture is something that you need to examine for your new home.

Some people either deliberately or not so deliberately tend to ignore the Vaastu factors when buying a new home.

Often this creates a lot of problems in the new homes, and it never dawns that certain unresolved elements are welcoming negative energy.

So, what we are going to do here is provide you with Vastu tips for your new home:

 

Directions:


The northeast direction is considered to be one of the sacred directions from mythological perspective and scientifically.

Let us ignore the mythological facts and focus on what are the scientific aspects:

In India, the Northeast direction is the farthest one from the sun. This means the Southwest is closer to the sun and if you keep this area of your home open you are welcoming the sun's UV radiations.

 

UV rays are they good? Of course not!


You do not want to fill your home with these dangerous UV rays.

So, if you have been keeping your home's Southwest door open, close it now and let us think of Northeast.

Vastu comes from the word Vas which means Space and Time.

These are the two most important components of life science that you should not ignore.

As far as Indians are concerned Vastu Shastra is the science of architecture, a legacy, handed across generations.

It is something that we need to nurture and preserve in its best form to lead a happy life in our living spaces.

 

Health, peace and prosperity are the three things that we all want in our homes.


Vastu Shastra is a science that takes into consideration the Solar Energy and Magnetic power of the Earth.

Vaastu also follows the Cosmic Law of Nature. The sun's rays have a significant effect on our body.

We are not aware of these. But staying exposed to the sun's dangerous rays for a longer time can cause severe mental problems.

Have you ever heard elders or someone tell you that you need to sleep with your head facing the South or West?


Why?

Because we know that our head is the North of our body and the feet is the South of our body.

We are aware of the fact that like poles attract and unlike poles repel.

 

So, what happens now?

Consider your body as a magnet.

When you sleep with your head facing the North and feet towards the South, you know what will happen.

The blood circulation increases when all you need is little circulation while sleeping.

So keep your head towards the South or West while sleeping.

Now you realize why Vastu is an important factor that needs to be taken into consideration when buying flats or apartments.

When choosing a builder or an architect, check whether they incorporate all the Vastu Shastra components while building the flats and apartments.

We want you to experience an immense flow of positive energy in your homes and so we recommend you cross check whether your builders consider Vastu Shastra in building dream homes.

As per Vaastu, if not possible to leave all the four directions of your flat or apartment or villa open, you need to at least let the North and East directions of your home open.

There is a lack of space everywhere, so many buildings are being constructed side by side, so obviously it is not possible to leave all your doors open.

But at least, one of them you can keep open to ensure the flow of positive energy in your homes.

We never said that you cannot choose homes that face the South or West direction because there are many people around the world living in such apartments and are leading a happy and contented life.

 

So what according to Vastu are these directions doing?

 

  • West: Brings in materialistic comfort
  • East: Brings in the most important factors mental peace and physical comfort
  • North: Ensures prosperity
  • South: Redemption, Salvation, and relieves you of all the earthly woes.

So if you are eyeing for material wealth then don't think more, a flat facing the West will be the best choice.

But, life is more than materialistic richness.

 

Some Astrology:


Indians especially since we belong to the land of the great Dwarakapuri and having been introduced to the Vedas and ancient sages and rishis, we have belief in Astrology.

 

Vastu has some relation with Astrology too.


For people who belong to the star sign Pisces, East Facing houses are suggested.

If you belong to Libra, Aquarius or Taurus, West Facing houses are the best.

For people belonging to Aries, Sagittarius or Leo, North Facing houses are recommended.

Gemini, Virgo and Capricorn go for South facing houses.

 

Vastu Shastra for Kitchen:


This is where health begins. Ensure that the flat or apartment that you're buying does not face the North East. It would be great if it is in the South West direction.

 

Vastu Shastra for Toilets and bathroom:


In India, the direction of the wind is from Northeast to Southwest, so if your toilets or bathrooms are facing the North East, the air will enter your rooms from the toilet, and it will contaminate the other rooms.

Bathrooms and toilets are best facing the Southwest direction.

 

Vastu Shastra for Bedrooms:


Best recommended that you keep your bedrooms facing the Southwest direction so that you can enjoy a sound sleep after a tiresome day at work.

These are some of the simple tweaks and tips that you can follow when buying a new house or you can think of introducing these points in your home.

Are you buying your first home or apartment? Or do you own a home? Are you leading a happy life? Did you get the Vaastu examined before moving into your new apartment? Share your thoughts and comments on Vastu with us.


This is a guest post by Vipin Nayar

Friday, April 22, 2016

Buying your Dream Home in Kolkata

Buying a home is every individual’s dream. The feeling of owning a property is priceless, unmatched compared to other types of investments such as stocks or gold. Therefore, there has been a steady rise in demand for good properties in the real estate market, especially in certain fast-developing cities like Kolkata. Real Estate in Kolkata, India for instance has been booming, with buyers spoilt for choice with the increased number of luxury flats, 2 BHK flats, 3 BHK flats, duplexes and compact studio apartments on the list of real estate offerings.

Before you start looking for your dream home, here are a few things you must know.

  • Your requirement
First and foremost, decide on the size of apartment you require. Whether you need a studio apartment, a 2 BHK flat, a 3 BHK flat or an apartment with more space. This decision will obviously depend on the size of your family, if you live on your own or have children, your lifestyle and how much time you spend at home on an average. There may also be several other considerations like whether you need a gymnasium or a community hall in the complex, and in such a case, buying luxury flats in Kolkata that come with various amenities, would be a wiser option.

  • Your budget
The next very important consideration is the budget. Know your budget and choose properties accordingly. When budgeting, consider all additional expenses such as property registration costs, legal expenses, stamp duty and taxes. If you are opting for a bank loan, it is important to consider the down payment amount. Most banks require a 20% of the total property value as down payment, in addition to loan processing fees and charges. Arrange the funds in advance so that the entire process of buying a property becomes faster and simpler.

  • Car parking
These days, buying a car park along with your apartment is almost imperative. Check if you need a covered car parking facility or an open car park. It goes without saying that a covered car park often costs a little more than an open car park. Once decided, it is important to include this in your budget too.

  • Preferred location
When deciding on buying your dream home, another important thing to consider is its location. Make sure the property is located close to your workplace and the school, if you have a family with children. What’s more, opting for a property in an area that is well-connected with public transport and has amenities like market, hospital, library etc. is sure to fetch you good returns in case you decide to sell your flat in the future. Neighborhood is also a very important factor. Residential complexes in Kolkata with both budget and luxury flats offer a two-fold benefit - the convenience and amenities of city living and the comfort of a tranquil locale.

  • Resale or brand new?
While location is of great importance, another thing to consider while investing in real estate is the age of the property. First decide, if you would like to buy a resale property or a brand new place. Old properties sometimes can be bought at a much lower rate and can be refurbished in the future to restore the past glory. Then again, new buildings offer modern amenities like club house, community halls, kids’ play area and much more.

  • Know the developer
Do your research and opt for a property that is being developed by a reputed builder. Renowned real estate groups not only use good quality materials, but also guarantee timely possession, easy transparent transaction and even compensate the buyers in case of delayed construction. This gives the home buyer complete peace of mind.

Once this initial filtering has been done, the process of settling for that one perfect property to fit all your needs will become much simpler and quicker.

Summary: Buying your dream home is never easy. To make sure you choose a property that perfectly fits all your needs, we have listed out a few pointers. Follow these and make the right choice.

Author Bio: One of the leading players in the real estate market, Ideal Group takes pride in its rich portfolio of world-class ongoing and upcoming residential projects in Kolkata. The Group has truly embodied their tagline "Pillars of Trust" and won the trust of countless customers.

Monday, April 18, 2016

Real estate Regulatory bill and the path forward

The real estate market in India has witnessed a hulking transformation in regards to development in the recent times. Many policies and schemes have been introduced by the Indian government to improve the condition of the real estate sector. The latest development is undoubtedly the implementation of RERA in each state. This has led the market experts to maintain optimism that the real estate market's reputation will enhance.

One of the industry experts, Mr.Surendra Hiranandani believes that the year 2016 will see the buyer influencing the industry dynamics. He says “The real estate sector has witnessed a mixed bag of trends in FY 2015. Tough lending norms from banks and financial institutions, project delays, and cost escalations have proven a dampener. However, Easing of FDI norms, housing for all, steps towards setting up of a regulatory body, focus on smart cities development, softening of interest rates, considerable progress towards implementing REIT have certainly helped in building positive sentiments in the real estate industry”. He further added, "Given the recent policy changes, FY 2016 would primarily be a buyer-driven market, with buyer strongly influencing the industry dynamics. Builders with strong track record in terms of not only delivery but also maintaining excellence in quality and design will have an edge with the discerning buyer.

To build on the positive developments in real estate industry, what would be critical is industry friendly policies such as single window clearance, easy project finance options for developers and passing of RBI rate cut benefits by banks to home buyers."  

Another industry guru claims that RERA will be instrumental in revolutionizing the way the properties are built, sold, and bought. The prime objective of this bill is to establish a regulatory body, which safeguards the interests of consumers. This regulatory body will be responsible for addressing the disputes of the buyer to maintain the reputation of the industry.

The primary benefit that the bill offers to the buyer is that it mandates the registration process for any real estate project with RERA. It is essential for all the agents, who are willing to sell any property, to register themselves with this authority. It also requires the revelation of all the details related to the registered deals like the land status, layout plan, details of varied approvals, and promoters. The bill aims to reinforce the pact between the builders and buyers and act as an accelerated court to resolve altercations. The bill also restricts the developer from changing the plan without the consent of at least two-third of the buyers.

The bill is introduced to keep a watch on the builders and sellers. It gives an arduous responsibility to the builder of registering and disclosing information on a regular basis through a portal, which is maintained by RERA.

The bill also mandates the registration of brokers with the State regulatory authority, which was a much-needed step taken by the government. This will give the real estate brokerage sector more transparency. Also, working in an organized manner will make this sector all the more profitable.

Growth in the real estate sector has a lot to do with the broker’s skills and his/her ability to cater to the needs of the customer. Training will play an important role in the industry to acquire accomplished brokers as opposed to amateurs.

These are some of the challenges of the real estate bill 2016. Apart from these, there are other shortcomings of the bill that need to be covered by the future amendments. For instance, the bill is restricted to only buying and selling of properties and does not consider the problems the builders face when it comes to approval bottlenecks. Also, the need to keep 70% of the collection in an escrow account is likely to create problems for the builders with limited resources. Though this is a good move, there are chances of an unwanted price hike that would ultimately affect the end buyer.

This is a guest post by Deepak Yewle

Tuesday, April 5, 2016

Looking to invest in real estate? Here are a few guidelines you must follow

Investing in the realty sector can be a good decision if done wisely. Most people channel all their savings and take out loans to purchase a property hoping that it will give them a good return on investment. Hence, this has to be done cautiously to make sure that the money invested bears fruit.

  • Set a budget:
Budget is the most important thing you should take into consideration before buying a property. Set a budget and make sure your finances are in order. For many, Paying EMI is not an easy option. Paying EMI empties out their pocket by the end of the month. It would be wise to ensure that the EMI does not exceed 40% of your monthly income. Make sure that you don’t overestimate your financial capabilities.

  • Research:
Once your finances are in order, the next important thing for you to do is research. You should work with the localities which match your requirement. Some of the criteria which one should consider while looking for a property are:
  1. Locality
  2. Accessibility and connectivity
  3. Presence of social and physical infrastructure
  4. Proposed infrastructure developments
  5. Safety and security
  6. Livability
It is always advisable not to invest in localities which lack basic amenities such as road, water supply and drainage system. Never get carried away with the promises of upcoming infrastructural developments and do not invest your money on those promises. Infrastructure takes time to be built and a few even fail to take off.

For guidance, you can visit IndiaProperty.com as this site provides expert analysis of localities through the micro market research reports and the locality pages.

  • Check the builder’s credibility:
The real estate market is vast and the industry has both reliable and unreliable builders. Do not blindly invest your hard earned money after seeing a too good to be true offer from a small time builder. Make sure you check on the trustworthiness of the builder by visiting their previous projects. This will give you a clear idea about the credibility of the builder and then you can decide whether to invest your money or not.

  • Verify legal documents:
For any property related transactions, title deeds play a crucial role. Check whether the seller has a strong title deed, if not, do not purchase the property. Here are some legal aspects to keep in mind while purchasing a property:
  1. The title deed is an important document without which you will have legal troubles in the future.
  2. Make sure you get the original title deed verified by an attorney before buying the property.
  3. Before acquiring the property, confirm that all the clearances for the property are in place.
  4. If you are planning to buy an under-construction property, do not forget to get the allotment letter and the development agreement from the builder.
  5. The allotment letter has details about the project such as the price of the property, floor plan, delivery date and liability details if there is any delay in delivering the project, whereas the development agreement has the details of the terms and conditions under which the landowner has allowed the builder to use his property.
  6. Make sure that the taxes related to the property are cleared before you buy the asset.
  7. Never hesitate to get an expert’s help if you have doubts.

This is a guest post by Amy Anstey Seelan J

Monday, March 28, 2016

An insight on renting homes in Chennai

Chennai’s harbor development in the 18th century made it a hub for trade between Europe and India. This metropolitan city was the first one to have a widespread WI-Fi facility and conditional access system for cable television. Apart from these, there are many concepts and implementations that have first been made in Chennai.

The city has also developed as a center of real estate, all thanks to the programs launched by the Government to improve the city’s infrastructural projects. This article provides insights into the rental market of this crowded city.


In Chennai, the capital of Tamil Nadu state, there is a huge demand for 1 BHK flats. People prefer renting flats in areas like Sholinganallur, Old Mahabalipuram road, Adyar, Porur, Kelambakam, Velachery, and Medavakam. Being an old city, there are a number of options to choose from. The average price for renting a 1 BHK flat in this city is Rs. 7500.

Areas like Porur and Adyar offer high-end properties too. In porur, you can rent a luxury segment property in about Rs. 13500 and in Adyar about Rs. 16000 with median values lying at Rs. 12,000 and Rs. 15,000 respectively. You can also find budget accommodations in areas like Kelambakkam and Medavakkam where the average rates are around Rs. 6,500.

Apart from basic 1 BHK homes, you can also find 2 BHK luxury homes in Chennai. People who are planning to settle in the city can opt for 2 BHK flats. It is advisable to look for a two room home in areas like the Old Mahabalipuram road, Thoraipakkam, Sholinganallur, Velachery, and Perugundi. These areas may offer homes that are priced slightly above the average rate of Rs. 12000. Also, there is a lot of price variation seen in areas like Sholinganallur, Velachery, Perugundi and Chromepet. For affordable properties, you can go for areas like Chromepet, Medavakkam and Pallikarana.

People who are looking for 3 BHK luxury homes in Chennai should check out areas like Old Mahabalipuram road, Pudupakkam, Thoraipakkam, and Velachery. The best part is that most of the high localities have their price trends in line. The average price for a 3 BHK flat is Rs. 18000. Homes can be rented in areas like Pudupakkam, Pallikaranai, and Medavakkam at a slightly lower price. You will also find a number of options in the Thoraipakkam, Velachery, and Sholinganallur areas, but with a price range variation.

The rental market of Chennai has seen a lot of fluctuations in the recent years. If you inquire about the property rates in Chennai from any renter, you will surely get a high quotation. But that is the sad truth that the city offers properties at a high price.

Buying or renting properties in Chennai is surely expensive. And even if you are planning to rent luxury homes in Chennai, then you surely know they don’t come cheap. Renting homes in the neighborhood of the city center too is very expensive. Affordable houses to buy or rent are difficult to find in this city.

This is a guest post by Deepak Yewle

Monday, March 21, 2016

Four Financial Issues to Resolve Before You Settle Down

When the time comes to finally settling down, we often get so caught up in all the emotional and operational aspects that we forget to take the practical course of considering the financial aspects, before embarking upon this new phase in our lives.

It thus comes as no surprise that financial incompatibility can often cause situations of conflict in a marriage. This includes factors like budgeting, current debts, and current and proposed investments.

Here are a number of crucial financial issues that one needs to delve into, before settling down –






Review current debts –If you have a loan on a car or an education loan, or a credit card bill, you ought to put a number to the debt in terms of the value of your liabilities. It is also important to factor in how long it is going to take to pay back the amount, given the new expenses that are bound to crop in post-marriage. You should also review your partner’s financial liabilities and make a joint decision on whether to individually clear all debts, or pool in resources. This way, budgeting becomes much easier and the fact that there are debts to pay comes as no surprise or a cause for concern later in the marriage – full disclosure is mandatory.

List out assets and ongoing investments –Once you have identified the financial liabilities in terms of current debt, it’s important to look into current assets, investments and income, so as to be able to set a financial plan in place. While most of your investments till now were defined by your individual goals, marriage entails deciding what goals remain individual to a person and which goals, two individuals can combine and work towards achieving together. Make a list of your current and ongoing investments, approximate returns, stock investments and current assets like jewellery and real estate. Once you do this, you can decide the financial responsibility to be borne for each investment, post marriage.

Also, if need be, you might want to make future investments in your spouse’s name, or change the nominee in current investments, and while listing assets. These are aspects that need to be taken into account before settling down so that there are no conflicts or misunderstandings later on.

Financial planning and budgeting – A critical factor you need to take into consideration when getting married, is that your attitude towards money and those of your future spouse, might be different. You should thus have a discussion with your partner, about their spending habits, goals, and future expectations vis à vis those of your own. What you might consider a frivolous expense, might be a priority spending area, in the eyes of your future spouse.

You should also factor in financial responsibilities like monthly maintenance bills or looking after parents, and future plans like buying a house or having children. At this point, you ought to have your individual as well as joint priorities set, so that you can put a number to your short and long term finances.

An additional area of conflict could be actually spending on the wedding, which you should factor in into the financial-planning process as well.

Defining financial responsibility and demarcation of money – Often, conflicts arise depending on who manages the money, or who’s paying the bills. It thus becomes important to plan whether one or both the individuals have access to the funds, whether there are joint accounts or individual accounts or both, and each person’s role in making investments, bill payments and household expenses.


This is a guest post by Paisa Bazaar

Monday, March 14, 2016

Why Uttar Pradesh Government’s focus on roads development and improvement is the step in right direction for realty sector?

Roads are the lifeline of a major growing economy. Not only roads bring people closer by improved connectivity, they also boost trade and commerce. India has second largest road network in the world. National highways in India cover a distance of 79243 kilometers. State highways cover a distance of about 131899 kilometers. And district roads cover a large distance of 467763 kilometers.

Among all the states in India, Uttar Pradesh has the largest road network. There are 42 national highways that pass through the state of Uttar Pradesh. Additionally, 83 state highways complement 42 national highways in connecting the densely populated state of Uttar Pradesh. Following are the list of national highways that pass through the state:
  • National Highway 2 (NH-2): 752 out of 1465 KM passing through Uttar Pradesh
  • NH-3: 26 out of 1161 KM pass through Uttar Pradesh
  • NH-7: 128 out of 2369 KM
  • NH-11: 51 out of 582 KM
  • NH-19: 120 out of 240 KM
  • NH-24: 431 out of 438 KM
  • NH-24B: 185 out of 185 KM
  • NH-25: 270 out of 352 KM
  • NH-26: 128 out of 396 KM
  • NH-27: 43 out of 93 KM
  • NH-28: 311 out of 570 KM
  • NH-28C: 140 out of 140 KM
  • NH-29: 306 out of 306 KM
  • NH-56: 285 out of 285 KM
  • NH-58: 165 out of 538 KM
  • NH-73: 60 out of 188 KM
  • NH-74: 147 out of 300 KM
  • NH-75: 110 out of 1175 KM
  • NH-76: 587 out of 1127 KM
  • NH-86: 180 out of 559 KM
  • NH-91: 405 out of 405 KM
  • NH-91A: 126 out of 126 KM
  • NH-92: 75 out of 171 KM
  • NH-93: 220 out of 220 KM
  • NH-96: 160 out of 160 KM
  • NH-97: 45 out of 45 KM
  • NH-119: 125 out of 260 KM
  • NH-231: 169 out of 169 KM
  • NH-232: 305 out of 305 KM
  • NH-232A: 68 out of 68 KM
  • NH-233: 292 out of 292 KM
  • NH-235: 66 out of 66 KM
  • NH-330A: 227 out of 227 KM
  • NH-730: 519 out of 519 KM
  • NH-730A: 110 out of 110 KM
  • NH-931: 114 out of 114 KM
  • NH-931A: 60 out of 60 KM
  • NH-NE2: 90 out of 134 KM

Uttar Pradesh Core Road Network Development Program (UPCRNDP)

Additionally, state government under Chief Minister Akhilesh Yadav has focused on developing and improving state highways. Uttar Pradesh Core Road Network Development Program (UPCRNDP) has been established under which new state highways will be built and old ones will be improved. In early 2015, World Bank assured a grant of Rupees 3500 Crores for the project. For the project, a total of 24095 KM of road network has been identified including state highways and national highways passing through the state. The money raised will be used for widening of 1000 KM of state highways, building 419 KM of new roads, raising the formation level, pavement rehabilitation/strengthening. The work is expected to be completed within the timeline of year 2017.

Agra-Lucknow 6 lane expressway received allocation of Rupees 3280 crore in UP Government’s 2014 budget. This expressway is expected to be completed by end of 2016. Meanwhile, work on Lucknow-Ballia Purvanchal expressway is expected to begin in near future. The Uttar Pradesh’s Government budget 2016-17 has provision of Rupees 28600 crore for roads and highways projects.


What does it mean for real estate sector?

  • Impact on affordable housing
Road network is an essential part in the development of any city, state, or country. Therefore, focus of Uttar Pradesh Government to improve road network in the state is commendable. This will not only lead to improved connectivity but also enhanced economic activity. New jobs will be created and people will be able to commute from faraway places to cities for their employment.

Building and improving the road network will go a long way in eliminating the housing shortage in the state. Affordable housing can come up in areas where land is cheap and because of greater connectivity people will actually inhabit those places. Therefore, Uttar Pradesh Government’s UPCRNDP initiative will boost demand for affordable housing.

Steps taken in Budget 2016 and UPCRNDP Project will complement each other and housing shortage can be overcome in coming years.
  • Impact on commercial real estate development
Improved connectivity will boost development of commercial real estate across the state. Office spaces, malls, as well as institutional real estate such as hospitals, schools, and universities can be developed on back of enhanced road network. Private investment in this space will pick up and this will further strengthen the eco-system of the state of Uttar Pradesh.

Data Source: World Bank

Monday, March 7, 2016

Why You Don’t Need to Leave Your Home to Find a New One

House hunting isn’t for the faint of heart.


No matter how structured your city is or well paying your job might be, you might still be short of a decent place to live in. A house hunt takes seemingly countless hours of neighborhood tours and location drive-by to finalize that decision on ideal property. If your weekdays are packed, chances are that you would also have to compromise on your weekends to go property hunting with your broker.

As if putting up with your broker isn’t enough, these incessant trips to different localities will also leave you physically and financially drained. Opting for an online realty search, you get to check out countless listings, be it rental or lease apartments, without even having to step out of your home.

Image: Pixabay


Here’s how taking your house hunt online can take a load off your shoulders.


  • Saves Time and Energy 

Visiting each flat for rent personally would take up a lot of your time and energy. Additionally, you’d have to cough up parking and fuel charges if you plan on taking your own vehicle to new localities. Getting stuck in traffic for hours can also leave you frustrated.

When you search for properties online, you save yourself from all these unnecessary hassles. You can simply surf through numerous sites that give you a virtual tour of the property. You can make a list of a couple of properties that you want to check out personally, and pre-book a visit before you zero in on a particular piece of property.

  • Eases The Documentation Process

Unlike conventional processes where the broker would be in charge of the situation while you were in the dark, you would take the lead here. You’d be aware of the proper pricing and wouldn’t be taken advantage of. Some of the real estate sites even help you understand the documentation process.

  • No Brokerage Fee

When you opt to search for flats without brokers online, you directly interact with the owner and avoid having to go through any intermediate. This helps you in getting to know the owner and learning more about the property first-hand. You also free yourself from paying a brokerage fee and all that unnecessary running around.

  • Refines Your Search

One of the best parts of searching for a property online is not having to go through hundreds of random properties to get what you want. Filtering your search according to the locality, specification, amenities, or the budget you are going for will help you streamline your search.

You can get your hands on the best deals when you compare different properties and their rates online. Doing your homework on the current real estate scenario across different neighbourhoods also helps you build confidence in your ultimate decision.  

  • 24/7 Availability

Round-the-clock realty portals let you access different properties throughout the day. With just a PC and phone at hand, you can check out properties online without the even needing to get out of bed. You can get all the contacts and listings you need within the comforts of your home.

This means that you don’t have to compromise on your leisure time. Using this method, you can shortlist a few prospects before you shift into a new home in a different city.

You can now find the home of your dreams without giving up on daily activity. Comment below to let us know how online realty portals have helped you find the right place, and/or if you have a better suggestion!


This is a guest post by Sudarshan Purohit

Friday, March 4, 2016

Budget 2016 – What’s in it for real estate sector and what State of Uttar Pradesh stands to gain from it?



Highlights of budget 2016

Budget 2016, as described by real estate industry experts is a game changer for the overall housing sector in the country. The budget proposes following incentives for the growth of the realty sector in the country:
  1. For houses up to the area of 30 square meters in 4 major metro cities and the houses up to the area of 60 square meters, the budget 2016 provides 100% deduction for profits to a company. These houses have to be approved during the period June 2016 to March 2019 and completed within the period of 3 years. For example, if a real estate developer starts a housing project in Meerut (Uttar Pradesh) for developing houses up to 60 square meters and the project is approved during the period June 2016 to MARCH 2019, then, in that case, the developer will get 100% deductions for profits provided the developer completes the project within 3 years of approval.
  2. Affordable housing has got major boost and service tax has been exempted on the development of affordable house up to the area of 60 square meters. This applies to any central or state scheme.
  3. For first time home buyers, a deduction for additional interest of Rupees 50000 per year for mortgage loans up to Rupees 3500000. The cost of house shall not cross Rupees 5000000. This will provide boost to housing demand particularly in tier-2 and tier-3 cities.
  4. HRA deduction of rent paid under section 80GG for the salaried class has been increased from current Rupees 24000 to Rupees 60000 per month.
  5. Exemption from excise duty on Ready mix concrete that is manufactured at the construction site for the use in construction.
  6. Real estate investment trusts (REITs) can now be a reality. Finance minister has removed the Dividend Distribution Tax (DDT), thereby, clearing the way for successful listing of REITs across India.

 

Housing shortage across India

The budget has cleared many obstacles in the way of affordable housing across India. There is overall shortage of about 20 million houses across urban India. And 187.80 Lacs or 18.78 millions of that shortage belong to economic weaker section or low income groups. Of these 18.78 million shortages of houses, about 3 million of shortage lies in Uttar Pradesh, followed by Maharashtra at 1.9 million, west Bengal 1.3 million, Tamil Nadu 1.2 million, Bihar 1.2 million, Rajasthan 1.1 million, Karnataka 1 million, and rest across other states of the country.


Prime opportunity for the state of Uttar Pradesh

Uttar Pradesh is the largest state in India and there is now prime opportunity for the state to close this housing shortage. The state government has taken many measures in order to eliminate the housing shortage for Economic weaker section and low income groups. Mr. Akhilesh Yadav led state government recently announced Samajwadi Awas Yojna under which efforts are being made to construct 3 Lacs houses by the year 2016. Under this scheme, houses will cost in the range of Rupees 15 Lacs to 30 Lacs. The prices of houses will not exceed 3000 rupees/square feet in cities in national capital region such as Noida, Ghaziabad, and Greater Noida. And in metros, the prices will be capped at 2800 rupees / square feet and in other cities across the state, the prices will 2500 rupees/square feet.


  • How it is being implemented by Uttar Pradesh Government?
The Uttar Pradesh state government has announced variety of measures to implement the scheme.
  • Development of infrastructure
  • Land use conversion to be free of cost
  • Concessions to be given on stamp duty charges
  • Single window clearance system

  • How budget 2016 can be of great help to implement housing schemes in Uttar Pradesh?
To eliminate the 3 million housing shortage across the state, houses need to be built at a rapid pace. And this needs to be taken up by both public sector as well as private sector. While public sector in Uttar Pradesh has announced Samajwadi Awas Yojna in the past, the private sector now needs to step in and construct affordable housing. The budget 2016 provides many incentives for private sector to come in and develop these houses. Tax exemption on profits, exemption from excise duty on ready mix concrete, exemption of service tax are some of the measures that now incentivizes the private sector companies to develop affordable housing in the state of Uttar Pradesh. At the same time, state government can provide physical as well as social infrastructure to make these houses viable and livable.

We hope, with this budget, the state governments across the country will focus on development of affordable housing and Uttar Pradesh can take the lead and be a model state in eliminating the housing shortage across the country.

Wednesday, February 24, 2016

Current state of real estate sector in India and why investment in real estate in Uttar Pradesh can prove to be fruitful for investors

By: Sachin Gupta | Twitter

Current state of Real estate in India

Real estate sector in India is going through a rough phase. Demand is weak because of variety of reasons such as high interest rates, delivery issues, lack of connectivity, lack of social infrastructure, and high home prices. While on one hand, in urban areas alone across India, there is a shortage of about 20 million homes. Most of this housing shortage (about 95%) falls in the affordable housing category. However, on another hand, there are about 12 million homes that are ready but are not occupied due to lack of connectivity and lack of social infrastructure such as schools, colleges, hospitals. In tier 1 and tier 2 cities, project delays have also contributed to the slowdown in the sector. Home buyers are not willing to put their hard earned money in under construction projects because of uncertainties involved as far as completion of project is concerned. This has created a vicious cycle wherein buyers are sitting on the fence and developers are holding on to the prices, thereby, there is no liquidity in the sector.

Project delays and significance of real estate bill

As per Assocham study dated October 2015, over 75% of total 3540 projects across India have remained non starter. This means about 2300 projects have failed to get going. And about 1000 projects have registered significant delays of approximately 33 months. The total value of these projects across all Indian states is over Rupees 14 Lakh crores. Therefore, Government would do well to pass the real estate regulatory bill in the current budget session. The bill will give much needed confidence to the home buyers and safeguard their interests. This in turn, will build the momentum for steady demand and cash in hands of the developers to complete realty projects.

States that are going to benefit

Once consumer confidence picks up in the sector on the back of real estate bill and falling interest rates, the demand momentum will benefit many states across India. Of the total value of Rupees 14 lakh crores in outstanding investments attracted by real estate sector across India, Maharashtra accounts for 21%, Uttar Pradesh accounts for 14%, Gujarat accounts for 13%, Karnataka accounts for 12%, and Haryana accounts for 8%, and remaining 32% by all other states.

Of all the states, Uttar Pradesh is better placed to reap the benefits of demand momentum because of following reasons:


  • Outstanding Investment potential
As highlighted above, Uttar Pradesh accounts for 14% of total outstanding investments attracted by realty sector. Which means about 1.96 Lakh crore (14% of Rupees 14 Lakh Crore). Passing of real estate bill, falling interest rates, improved GDP growth, and focus on urbanization will actually help the state of Uttar Pradesh in making this outstanding investment a reality.

  • Affordable housing
Cities such as Ghaziabad, Noida, Greater Noida, and Meerut in Uttar Pradesh are part of the expanded NCR (National Capital Region). While metros across India have seen surge in property prices and therefore making them out of reach of a common man. These cities in Uttar Pradesh offer plenty of affordable housing options. Greater Noida West (earlier known as Noida Extension) is one such example, where 1.6 Lakh housing units are under various stages of construction and houses in this micro market are priced in affordable range of about 3000-3200 Rs/Sq.Ft. New micro markets in Ghaziabad such as Raj Nagar extension, crossing republic, New Indirapuram also fall in the affordable housing category.

  • Improved infrastructure
The infrastructure in these cities of Uttar Pradesh has really come of age. Connectivity to national capital by road, or by rail is excellent. Metro Rail is already connected to Noida, Ghaziabad. Moreover, plans to expand Metro rail to Greater Noida and Meerut have been finalized. Recently, central government passed the development of 150 kilometers (93 mi) controlled-access expressway, connecting Delhi with Meerut via Dasna in Ghaziabad in India. This will further boost the realty sector in the state of Uttar Pradesh. Therefore, it provides ample opportunities for end-users and investors alike to invest in the growth story of realty sector in Uttar Pradesh.

In addition to physical infrastructure, social infrastructure in these cities of Uttar Pradesh has also leapfrogged. Schools, universities, hospitals, recreational centers have mushroomed in these parts of Uttar Pradesh.

Therefore, combining all these factors and the focus on urbanization, one can reap great dividends by investing in real estate sector in the state of Uttar Pradesh.


Data Source: Assocham, National Housing Bank

Monday, February 22, 2016

10 reasonably-priced property markets of India

With real estate prices shooting up, people are wondering which places have affordable properties. Check out some affordable property markets in India.

The metropolitan cities of India are considered to be the center of the country’s economy and cosmopolitan culture. They draw the most demand for providing better opportunities, infrastructure, and standard of living. Due to rapid urbanization, these cities are facing the challenges of high property prices, pollution, and traffic issues. Infrastructural developments support towns and cities with emerging or growing sub-markets. Here are some cities that offer real estate at a lower budget.

  • Hyderabad, Telangana

After the slump due to the global recession, Hyderabad’s real estate market is all ready for an upswing. Due to a thriving economy and dynamic workforce, along with redevelopment of plots in Shankarpally, the city is turning out to be a buyer’s market. People are witnessing a growing demand for residential, commercial, and retail plots in Hyderabad. Compared to other cities, Hyderabad is relatively affordable. Also, due to political uncertainty, land prices in Hyderabad have remained stable.

  • Pune, Maharashtra

Today, a blend of Pune’s manufacturing and service sectors make it a perfect economic powerhouse. Many players are entering this city with excellent expensive projects. New entries can also be seen making their way with affordable housing segment. This is where the major demand lies because the budget is far more attractive to investors.

  • Navi Mumbai

Real estate market in this area and other surrounding areas have shown impressive growth because of the planned approach taken during development. While property prices have become increasingly unaffordable in Mumbai, Navi Mumbai still provides multiple options.

  • Jaipur, Rajasthan

Jaipur is a fast-developing city that has progressed tremendously on residential and retail fronts. It is one of the most important real estate destination of North India. Due to its tourist attraction, the government too is taking a keen interest in developing infrastructure in this region.

  • Surat, Gujarat

Known as the diamond capital of the world, Surat is a famous city in Gujarat. It also gained recognition for being the cleanest town in India. Improving infrastructure helped modernize the city. The excellent road network comprises of well-constructed flyovers and wide roads.

  • Ghaziabad, NCR

Ghaziabad is slowly rising as an emerging residential neighborhood of NCR, which has a high supply of residential properties in the budget of 30-50 lakh. The city boasts of a large supply of ready-to-move-in properties by reputed developers. Residential corridors are widely attracting a large number of investors and end-users due to the relatively available housing units at affordable price.

  • Nagpur, Maharashtra

Though Nagpur has varied climatic conditions, it is a fast-growing city. Set to be the next IT hub of Maharashtra, real estate investors are carefully monitoring its success. Right now it is a great deal of real estate development, so, investors can dare to invest here.

  • Kochi, Kerala

This place has a modern and metropolitan lifestyle. It is known to be a smart city and townships in kochi have significantly increased demand for real estate. Today, the residential market of Kochi is dominated by affordable housing segment.

  • Coimbatore, Tamil Nadu

This city has gained momentum as a preferred destination for IT/ITes. With a proactive government in power, Coimbatore's property market has seen an upward push in demand for residential units in the core areas of the city such as R S Puram, Avinashi Road, and Race Course, which are considered posh areas.

  • Ahmedabad, Gujarat

Ahmedabad city is a prime example of fast-paced development with huge investments pouring into the state and advanced infrastructural development in the form of bullet trains.

These property markets are said to have a lot of potential when it comes to affordable housing. Based on one’s preference and budget, you can purchase a home or commercial property in any of these cities.

This is a guest post by Deepak D.Yewle

Monday, February 15, 2016

Gurgaon Master Plan 2031

Master plan 2031 for the city of Gurgaon has been conceived keeping in mind the projected population. Till 2012, Gurgaon Manesar urban complex had been developed to accommodate a population of 22 Lacs. However, by 2031, the city’s population will rise to 42.50 Lacs. Therefore, an additional area of 22957 hectares has been added in the form of urban area to accommodate an additional population of 20 Lacs by 2031. According to 2031 master plan, total land use in Gurgaon Manesar urban complex will be 32842 hectares.

  • 16010 hectares of total land use has been reserved for residential purposes in master plan 2031, out of which an area of 8000 hectares has already been developed.
  • 1616 hectares has been reserved for commercial purposes in master plan 2031, out of which HUDA has developed 480 hectares of land.
  • 4613 hectares of total land use has been reserved for industrial use in 2031 master plan, out of which an area of 1246 hectares has already been developed.
  • 4420 hectares of land use has been reserved for transport and communication.
  • 626 hectares of land use has been reserved for public utilities.
  • 2035 hectares of land use has been reserved for public and semi public use, out of which an area of 135 hectares has already been developed.
  • 2775 hectares of land use has been reserved for open spaces.
  • And special zone (114 hectares) and defense land (633 hectares) will take the remaining part of total land use.

Below you can find the high resolution Gurgaon Manesar Urban Complex Plan for 2031.




Source: Haryana Government - Town and Country Planning

Monday, February 8, 2016

Pradhan Mantri Awas Yojana – Housing for All by 2022

Since the new central government under the leadership of Prime Minster Narendra Modi took charge of governing the country, various initiatives have been announced. Some of the initiatives are ‘Make in India’, Digital India, Skill India, Start-up India, smart cities, Housing for all, etc. Work has started on all these initiatives and deadlines have been set for each program.

Housing for all by 2022 is an initiative under which every household will have pucca house with 24x7 electricity supply, water connection, and toilet facilities. The mission started from 17th June 2015 and will be under implementation in 3 phases till 31st March 2022. The 3 phases are:
  1. Phase 1 – Beginning from April 2015 to March 2017. Phase 1 will cover 100 cities states/UTs as per their willingness.
  2. Phase 2 – Beginning from April 2017 to March 2019. This phase will cover another 200 cities.
  3. Phase 3 – Beginning from April 2019 to March 2022. This phase will cover another 200 cities.

In all 500 Class I cities would be covered under this ‘Housing for all’ mission. Each house will have a carpet area of about 30 square meters. However, states/UTs will have the flexibility to determine the size of the house and basic amenities.

The mission will be implemented using following 4 methodologies:
  1. In Situ slum redevelopment
  2. Affordable housing through credit linked subsidy
  3. Affordable housing in partnership with public sector or private sector
  4. Subsidy for beneficiary led individual house construction

Find below the detailed ‘Housing for all by 2022’ report:




Source: National Housing Bank

Monday, February 1, 2016

Things to consider while buying a Property

So, finally decided to make a big move or still contemplating whether to take a step forward or not? There are so many things you think about when you want to make the big move of buying your own house. Be it buying a 2-bedroom, duplex, penthouse or a bungalow, its always a big decision.

Every buyer goes through series of questions and to find answers, they have to look at multiple websites, blogs and do a lot of research. There is never a single document which talks about all the facets of buying a property. So today, I’m going to try put all the steps required based on my experiences.

I have been lucky enough to have a chance to experience buying multiple properties, as an investment as well as buying a house to stay in. So, to help save the frustration first time buyers go through, I’m going to try to jot down all the points a buyer might think of before making the big decision. 



Before any other questions arise, the most important thing to remember is the reason to buy a property. What are the motivation factors to buy a property?
  • House to stay in
  • Investment
  • Probably both
Let’s try drilling down for all of those options.

If you are buying as an investment,
  • How much are you willing to invest
  • Are you taking any loans?
  • what kind of returns are you expecting?
  • how long can you stay invested to get your returns?
  • can you afford to book a loss?
  • What’s your primary investment goal? Capital appreciation or rental yield? If both of them which one is more important 
Buying a house to stay in,
  • How long do you plan to stay there?
  • How is your job, source of income, do you see a steady cash flow for at least few years?
  • Changes that might happen in future (marriage, have kids, dependent parents moving in with you, in an unfortunate case death of loved one, divorce)
Both (first investment and then some day you plan to stay there or vice versa),
  • In addition to above points
  • Where are you staying right now, with parents, siblings, in a rental home, in company paid accommodation as you are in a transferable job?
  • Define your tentative time line for each activity
Ok, so now you have already decided why to buy and have already answered the above questions, next question will be as to what kind of property – under construction or second sale.

Each have their own pros and cons and everyone person has to weight what is more important for them. An under construction property will be a brand new house and you can get the interiors done as you like without having to demolish anything. But that mean after you pay your initial amount, there can be a long wait. You will start paying your EMI much in advance to actually staying in the house. Some people are ok to do so if they already have a house to stay in or live with your parents or siblings. But if you are renting out your current place, then it can get very expensive as you will be paying rent as well as EMI.

On the flip side, a second sale house might be difficult to find as you will want to find a house which is done to your liking. Its not impossible but it does take a lot of time and effort. When I bought my house, I couldn’t afford paying a rent and EMI, so I decided to buy a second sale property. It did take me 5-6 months to find a house but when I did, it was perfect. I could move in immediately once the paperwork was done.

Be it a first time buyer or a savvy buyer, every buyer has to go through different stages in their buyer’s journey.  Let’s dive a little deeper to understand what to expect at every stage.

Initial iterative stage:

  • At this stage you are really not sure what kind of property you really want and how much money would you need for it
  • You spend at least 60-70 % of the property hunting time in this stage.
    • Money Matters: You don’t have an exact idea how much this property is going to cost and can you manage that money? Note: You will need at least 20-25 % of the property value in cash
    • Selecting a Size/Type/Design: Deciding between 2 bedroom or 3 bedrooms, penthouse or duplex
    • Selecting a Locality:Ask these questions to yourself. How well do you know the locality? How know it well? Is it convenient?Proximity to your lifestyle needs (night life, malls, nature parks, medical facilities, grocery stores)
    • Selecting a Project: Are you fascinated by a particular condo or a complex? Have you got a particular size you are looking for,what are the amenities required?
    • Selecting a Unit: what view are you comfortable with? Garden, swimming pool, parking lots, another building,etc., any religious spiritual things involved.Does it need to be east / north facing, fengshui, vastu shastra, condition of the unit. Amount of repair work
You will go through this stage multiple times until you have found the right property. This iterative stage stops only when you have identified the property. But remember to use a top down approach – identify budget, then size type, the locality, the project and finally unit.

After this comes the closing stage.

  • You have identified the property, more or less comfortable with money matter and actively reaching final agreement with the seller
  • Before you start negotiating, make sure you have done a thorough research on the market price. Also, check what price the other units were sold at. This will help you get a fair understanding of what the seller might be expecting.
  • If the house you are buying is for investment, then also find out the rent the house would fetch. Check if the rent can pay off the EMI or you need to top up.
  • With this, also make sure you find out the maintenance fees and sinking fund if any.

 

Lastly, with all the above done, doing the paper work:

  • Token amount
  • Black/White part of the deal
  • Registration
  • Final settlement
  • Possession
This can be a little tricky as there is a lot of paperwork to do, lot of legal matters to take care of. It is advisable to get professional help if you are buying a property for the first time. Without prior knowledge of real estate, buyers get bogged down and don’t really know if they are doing the right thing. So to be stress free and to make sure that all the paper work is correct before moving into the new house, get yourself a property advisor who will not only help you find property, negotiate but also help with get the right paper work done for your dream house.

Depending on where and how you are buying, these points might defer. But the overall stages will remain the same in every buyer’s life.Hope this article help you make the right choices and happy shopping!


This is a blog post by Karishma Patel

Wednesday, January 27, 2016

Digital India by promoting Digital Health

My objective to do this post is to seek your opinion whether you would like to use Medzap or not. If your answer is yes, I seek your feedback on what more you would like to see in the product so as to use it every day. If your answer is no, I seek your feedback on how to make this product useful.

Let me start the post with the story on how we started MedZap

In August last year I was in the last month of my notice period from my employer, that is when I along with my co-founder started to deliberate on new ideas. We didn’t have any idea to work on but our vision was clear that we want to build something which will solve a real life problem.

Thinking of real life problems, I started to write down my routine mundane activities from last few months with the objective to find a real problem which I faced. Buying medicines was one of my regular activities (My wife was not really keeping well after we became parents). But was there a problem which I faced while doing this activity?

Yes there was. 2 out of 3 times I forgot to carry the prescription and thus had to go home to get the prescription. Also I used to forget the prescription at the chemists shop while collecting my medicines. Thus we decided to build Medzap to solve this problem.

We set out to discover what can be other use cases where people would like their health records to be available on their mobile. We discussed with people from India as well as other countries. Some friends from countries like France, Spain who travels frequently said they need a portable way to carry their doctor prescriptions so that they can refer them while travelling and don’t get into the hassle of managing paper records. Thus we were convinced about the idea of Medzap where the problem we are solving is “mobility and longevity of paper based medical records.”

Medzap is a simple application where user takes a picture of his/her medical records, adds doctor’s name & relevant keywords and saves the records. The record is then saved on the cloud and can be accessed anywhere anytime even if the user changes their mobile phone.

 

How it works:


Through Medzap we want to take forward the mission of “Digital India” by promoting “Digital Health“.




The data collected will help the doctors take informed decision based on the medical history of the patients. This data will also be used find the effectiveness of medicines. We have introduced doctor rating system also which will enable to get credible data on the doctors in your neighborhood.

We also ask the user to create his/her medical profile which include details like allergies, surgeries, life style, eating habits, job type, etc. This helps us analyze the common medical problems related to certain life styles, job types, etc.

In India, we take second opinions on our medical conditions. We have made this easier by integrating the app with the common messaging services like WhatsApp, Facebook messenger and also the social networking & emailing websites.

The app is free for users and we plan to keep it this way. From the economic perspective, the app also has an expense tracker build into it, which helps the patients to track the money spent on each doctor/pharmacy/lab visit.

I always give this example of the most common use case in India: the use of antibiotics for any medical condition. If you are changing doctor and the new doctor gives you the same antibiotics as the earlier doctor then you are not going to improve. So carrying the earlier medical records is very important when you are changing doctors. And we make this easier by providing the medical records on your phone.

In terms of competition there are similar apps but even Google drive and Dropbox are also our competitors. However Medzap has been built around a much focused use case of storing files on cloud. The app also interacts with the user to check about the user’s well being and rate their experience at the respective hospital.

This is a guest post by Amit Kumar. You can download our Android app here - Download Medzap. We welcome your feedback; please share it with us at setup@medzap.co

Wednesday, January 20, 2016

THE REAL ESTATE SECTOR IS SEEKING TO TIE UP WITH ONLINE REAL ESTATE STARTUPS

When the world is moving to the web, then how can the housing sector stay behind? The venture of new real estate startups is heading towards the online business, as it is one platform that can reach to millions of potential customers. The segment is seeking a consolidation that will lead to monetization. It is hoping to assure powerful business entities with the latest being the merger of CommonFloor with Quikr's realty vertical.


  • The growth of online real estate startups

Online real estate collaborations include PropTiger's purchase of Makaan-.com and Square Yards' acquisition of three companies in the past year. It is also reported that Housing.com is in talks with Snapdeal and News Corp for a stake sale. Apparently, over the past two years, the segment has attracted over $250 million, or Rs 1,600 crore in investments. This occurred during a period when realty sales were the slowest in India. The investments were made by Helion Ventures, Nexus Venture Partners, Accel India, Horizen Ventures, SoftBank Group, Qualcomm Ventures and Nirvana Ventures. It is believed that more mergers are currently happening as they are driven by the synergistic value created by the two companies for achieving goals faster. The mergers will be more for acquiring products.

  • The benefits of resorting to online business

Every business aims at offering value to their customers but also seek to gain maximum profits. However, profitability depends on the stage at which these companies are now. India is still at an early stage. A saturated market with too many competitors also reduces margins. At times, part of the amalgamation is taking place because of a founder's inability to take the business to the next level or sustain it in challenging market conditions.

Today, online real estate value chain has its base in transactions. Organizations are looking to control the advisory transaction space. Study reports reveal that more mergers and acquisitions are bound to happen in the area of search and discovery. This happens to be an area that has under-performed despite high levels of investment. The emergence of more mature business models is profitable and sustainable this year.

  • What is the future of such consolidations

The prevailing sluggish real estate market is expected to launch more opportunities for acquisition of entities that are grappling to move ahead. There is an enormous scope for consolidation, given that there is very limited capital available. Apart from that, there are plenty of opportunities available now. As the burn rate is quite low, some firms have been introducing multiple options, including fundraising and acquisition for future growth. General investors drive most of the acquisition after second and third rounds of funding, which are strategically running the companies. According to industry officials, consolidation will be quicker than the rate at which these companies entered the market.

So as we see, today, investors are enthusiastic and confident of fundraising by these startups. Now, companies themselves are looking for stronger partners to achieve growth. It can be concluded that with new acquisition proposals, online construction developers are on their way to creating a revolution in the real estate space.


This is a guest post by Deepak Yewale. The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of NirrtiGo and NirrtiGo does not assume any responsibility or liability for the same.