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Tuesday, March 3, 2015

Hits and Misses of Budget 2015 for Real Estate Sector in India

Leading up to 28th February 2015, Budged 2015 was the most talked about event among business circles. Real estate developers, housing finance companies, banks, consultants were banking on reforms to boost the real estate sector. Did the sector get its due? Or there still is uncertainty looming large? We find out:


  • Allocation of Rupees 14000 Crores (2015-16) for National Housing Mission:

Prime Minister Narendra Modi has spoken about housing for all by 2022. As per the recent figures, there is need to build about 2 crores houses in urban areas and 4 crores houses in rural areas. National Housing Mission will be prepared by ministries of rural and urban development. This mission will subsume existing housing schemes. 60 Lacs houses will be built yearly for next seven years in rural areas.



  • Tax benefits for Real Estate Investment Trusts (REITs):

Mr. Jaitley in his budget 2015 speech rationalized capital gains tax regime for the sponsors of newly-created business structure REITs. At the same time, the Budget also proposed that the rental income arising from real estate assets directly held by the REIT would be allowed to pass through and to be taxed in the hands of the unit holders of the REIT.

"I therefore propose to rationalize the capital gains regime for the sponsors exiting at the time of listing of the units of REITs and INViTs, subject to payment of Securities Transaction Tax (STT). The rental income of REITs from their own assets will have pass through facility," Mr. Jaitley said.


  • No incentives to affordable housing sector:

The real estate industry was expecting that government would grant infrastructure status to affordable housing sector; however, budget 2015 disappointed them on this count. With infrastructure status, the cost of borrowing would have decreased for developers as well as home seekers.


  • Hike in service tax:

The service tax has been hiked from 12.36% to 14%. In other words, the cost of home will now go up. With this hike, the property value will rise by 0.41% of the old property value (when service tax was 12.36%).


  • Introduction of Benami Transaction Bill:

Mr. Jaitley announced the introduction of Benami Transaction Bill in his speech. The whole idea behind this bill is to curb black money in the property market. Prohibition of acceptance of an amount of more than Rs 20,000 in cash for any property deals is also part of the bill. However, will this bill have any impact on the realty market? Some feel, while the intent of government is good, but this may result in investors exiting the market.


  • Fiscal Prudence (Which means EMI may start to come down soon):

While the budget 2015 was a dampener for most real estate stakeholders, however, they all looked at the surface and did not scratch it. Most important factor has been missed by all Pundits looking at the real estate sector. Mr. Jaitley’s focus on fiscal consolidation will go down well with RBI. What it means? Well, the interest rates may start to come down soon. A reduction in interest rate will be good news for home loan consumers and those planning to take a loan to buy houses and cars. Sector revival is expected once interest rates begin to come down.

Saturday, February 28, 2015

Tax Exemptions for NRIs, PIOs, and the process of availing these benefits

India is among the top beneficiary of remittances from Indian Diaspora across the world. In 2013, India topped the list with Indians across the world sending money into India stood at 71 billion US $.



This investment from Non Resident Indians, Person of Indian origins is an important cog in the growth and development of the country. Not just India, economies and administration around the world appreciate investments from overseas as an invaluable and sustainable feature of their economies. India is no exception and successive governments at the center have reached out to this huge audience by offering slew of measures ranging from tax benefits to relaxed visa facilities.

The Indian central government is continuously reaching out to Non Resident Indians (NRI), Person of Indian Origin (PIO), and Overseas Corporate Bodies (OCB) by offering several incentives and exemptions such as relaxations on income tax, wealth tax, gift tax, etc. At the same time, sops are also offered to NRI, PIO to invest in real estate sector and housing. Furthermore, recognizing that NRIs and PIOs pay taxes in two countries, the Government signed the Double Taxation Avoidance Agreement (DTAA) with several countries to lessen the tax burden. Incorporation of the Authority for Advance Ruling has also eased the process for tax payers by avoiding disputes with regards to assessment of Income Tax liability in case of Non-Residents and also specified categories of residents.

At the same time, one must also note that different state governments in India levy additional taxes but also offer exemptions offered by central government. How can an NRI, PIO avail these tax benefits?

Find below the detailed document.

Monday, February 23, 2015

What are the various State wise rooftop rainwater harvesting legislation in various Indian states?

Monsoon in India is one of the oldest weather observations which happen from June to September every year. It is a major weather phenomenon because of its influence on the lives of people and their well being.

Average rainfall across various Indian states is as follows:

Sl. No. State Meteorological Divisions Average annual rainfall (mm) Average annual rainfall (ft)
1 Andaman and Nicobar Islands Andaman and Nicobar Islands 2967 9.73
2 Arunachal Pradesh Arunachal Pradesh 2782 9.13
3 Assam Assam and Meghalaya 2818 9.25
4 Meghalaya Assam and Meghalaya 2818 9.25
5 Nagaland Nagaland, Manipur, Mizoram and Tripura 1881 6.17
6 Manipur Nagaland, Manipur, Mizoram and Tripura 1881 6.17
7 Mizoram Nagaland, Manipur, Mizoram and Tripura 1881 6.17
8 Tripura Nagaland, Manipur, Mizoram and Tripura 1881 6.17
9 West Bengal Sub-Himalayan West Bengal and Sikkim 2739 8.99
10 West Bengal Gangetic West Bengal 1439 4.72
11 Sikkim Sub-Himalayan West Bengal and Sikkim 2739 8.99
12 Orissa Orissa 1489 4.89
13 Bihar Bihar Plateau 1326 4.35
14 Bihar Bihar Plains 1186 3.89
15 Uttar Pradesh Uttar Pradesh 1025 3.36
16 Uttar Pradesh Plain of West Uttar Pradesh 896 2.94
17 Uttar Pradesh Hills of West Uttar Pradesh 1667 5.47
18 Haryana Haryana, Chandigarh and Delhi 617 2.02
19 Delhi Haryana, Chandigarh and Delhi 617 2.02
20 Chandigarh Haryana, Chandigarh and Delhi 617 2.02
21 Punjab Punjab 649 2.13
22 Himachal Pradesh Himachal Pradesh 1251 4.10
23 Jammu and Kashmir Jammu and Kashmir 1011 3.32
24 Rajasthan West Rajasthan 313 1.03
25 Rajasthan East Rajasthan 675 2.21
26 Madhya Pradesh Madhya Pradesh 1017 3.34
27 Madhya Pradesh East Madhya Pradesh 1338 4.39
28 Gujarat Gujarat region 1107 3.63
29 Gujarat Saurashtra and Kachchh 578 1.90
30 Goa Konkan and Goa 3005 9.86
31 Maharashtra Konkan and Goa 3005 9.86
32 Maharashtra Madhya Maharashtra 901 2.96
33 Maharashtra Marathwada 882 2.89
34 Maharashtra Vidarbha 1034 3.39
35 Andhra Pradesh Coastal Andhra Pradesh 1094 3.59
36 Andhra Pradesh Telengana 961 3.15
37 Andhra Pradesh Rayalaseema 680 2.23
38 Tamil Nadu Tamil Nadu and Pondicherry 998 3.27
39 Pondicherry Tamil Nadu and Pondicherry 998 3.27
40 Karnataka Coastal Karnataka 3456 11.34
41 Karnataka North Interior Karnataka 731 2.40
42 Karnataka South Interior Karnataka 1126 3.69
43 Kerala Kerala 3055 10.02
44 Lakshadweep Lakshadweep 1515 4.97

As we all know, rain is the primary source of water while rivers, lakes and ground water are the secondary sources. Our daily consumption of water is fulfilled by secondary sources of water. However, these secondary sources of water are replenished by primary source of water (rainfall). Therefore, it becomes imperative for all of us to harvest this rain water in order to refill rivers, lakes, ground water.

Advantages of Water harvesting

  1. Provides drinking and irrigation water.
  2. Increases groundwater recharge.
  3. Reduces storm water discharge, urban floods and overloading of sewage treatment plants.
  4. Reduces seawater ingress in coastal areas.



An example,

Let’s take the case of Delhi; the average annual rainfall is 617 mm or 2.02 Ft. In a given area of 1 Ft by 1 Ft, the rain water that can be harvested every year will be 2.02 Cubic Feet or 57.21 liters. In other words, every household can harvest 57.21 liters of water in an area of 1 ft by 1 ft. If you have a roof of 50 ft by 20 ft, the water harvested would be 57206.4 liters.



Now, is this water harvested properly? Households, residential complexes, commercial complexes can harvest rain water by capturing runoffs from rooftops. The water thus captured can either be stored in a community water tank or allowed to go to the ground via a pipe which helps in refilling or increasing the ground water levels of a given region, thus, reducing the scarcity of water.

ACTION TAKEN BY VARIOUS STATEs / UTs / MUNICIPAL CORPORATIONS TO MAKE RAIN WATER HARVESTING (RWH)/ROOF TOP RAIN WATER HARVESTING (RWH) MANDATORY



Friday, February 20, 2015

4 modes to pay Stamp Duty and registration fee for your property transactions

There are four modes to pay Non-Judicial Stamp Duty and registration fee for your property transactions. You will have to select the mode of payment on the basis of the amount of stamp duty you are required to pay. The modes of payment are as follows:
  1. Franking
  2. GRAS
  3. ESBTR
  4. Stamp Paper

Out of the aforementioned stamp duty modes, franking is useful only when your stamp duty amount is less than Rs. 4,999 (Four Thousand Nine Hundred and Ninety Nine Rupees). If your stamp duty amount is more than that then you look towards other modes.


Franking

Franking is simply a government stamp which is printed on a Paper. You could pay a maximum amount of Rs. 4,999 (Four Thousand Nine Hundred and Ninety Nine Rupees) by franking,

you are required to deposit the stamp duty amount with the bank where franking service is available and get the page of your Agreement/Deed or other pertinent document franked. Please remember that signed documents are not accepted for franking.

GRAS (Government Receipt Accounting System)

To pay through GRAS, your stamp duty amount should be more than Rs. 5,000/- (Five Thousand Rupees). This service is available in selective branches of few banks. Stamp duty amount less than Rs. 50,000/- (Fifty Thousand Rupees) could be paid in cash while more than that amount has to be paid through NEFT or RTGS.

You are required to fill your personal identification and property details on GRAS website and take a print of the filled form. This form is known as challan. Further you are required to submit the challan with the relevant bank authorities and they will do the needful.

There is also a provision to complete the whole process online, if you are well versed with net banking. If you wish to complete your payment online then please select "e-payment" as your payment mode and continue towards payment.

List of Banks where GRAS service is available:

  • Andhra Bank
  • Bank of India
  • Bank of Maharashtra
  • IDBI Bank
  • Punjab National Bank
  • State Bank of India
  • State Bank of Hyderabad


ESBTR (Electronic - Secured Bank & Treasury Receipt)

To pay through ESBTR, your stamp duty amount should be more than Rs. 5,000/- (Five Thousand Rupees). This service is available in selective branches of few banks. Stamp duty amount less than Rs. 50,000/- (Fifty Thousand Rupees) could be paid in cash while more than that amount has to be paid through NEFT or RTGS.

You are required to fill your personal identification and property details on the site of selected banks which provide the services. Take the print out of the filled form and submit it to the selected bank branch, the bank authorities will do the needful.

List of Bank links where ESBTR service is available:

  • Bank of Maharashtra
  • IDBI Bank
  • Punjab National Bank


Stamp Paper

Once the most convenient way of paying stamp duty has now been reduced to being a cumbersome process. The new government formalities require that the stamp vendor record every detail about stamp purchaser and the transaction, the details are then mentioned at the back of your stamp paper.

The buying process being time consuming may invoke choicest of curses, however do keep in mind, that it is an attempt by the government to introduce some transparency in the buy/sale process of stamp Papers.

Now a days, some sub registrar offices insist on stamp duty payments by other means, hence make sure to confirm with the registrar's office first before investing in Stamp Papers.

Conclusion: These are the methods of Stamp Duty and Registration Fee Payment. Choose wisely and ensure that you have understood the various modes and processes completely before trying the same. In case you have any doubts and queries regarding the procedures, kindly mail us at nirrtigo@nirrtigo.com and we will do our best to address them. Thank you for reading.

This is a guest post by Sarvesh from Legal Counter

Tuesday, February 17, 2015

Buy luxurious homes in South India for maximum financial benefits and good ROI

Even though the prices of real estate are shooting up, still people are looking at it as an opportunity to invest. There is an increase in the demand for luxurious homes and residential properties in southern Indian cities such as Bangalore, Hyderabad, and Chennai. Potential buyers and investors are rushing to grab great deals as a part of their investment and secure their future. Read further to know why buying luxurious homes in these regions of India is the right decision for you.


  • Changes in the southern environment

When talking about the environment, it does not just mean the surroundings. The improvement in the economic, geographic, demographic, and psycho-graphic attributes of the target audience in these southern cities make it a perfect place to invest. Earlier, the market in South was price sensitive, and buyers usually focused on affordability. But, now with the boom in technology and decrease in unemployment, the doors to investing in the South have opened. In fact, successful multinational corporations and organizations in India see these cities as prime locations to set up their back offices, branches, manufacturing units and plants. So, there has been a vast improvement in the employment opportunities and the economy. The citizens of India and NRIs abroad are now considering buying luxurious homes and villas in Bangalore, Hyderabad, and Chennai.



The residential market in Chennai has proved to be the steadiest. It was resilient even after the global economic downturn, which was the toughest period for the country’s property market. Luxury apartments in Chennai areas such as ORR, Vadapalani, Ashok Nagar, and Alandur along with the metro rail link road are in demand. South Chennai is one such space in India that is filled with luxurious homes. The real estate market forecasts that potential investors can seek a significant return on investments from this hotspot. The proximity to the Chennai International Airport and development of infrastructure has led to a rise in the demand for real estate in this city, thanks to the Tamil Nadu State Government. A string of township projects by a renowned developer such as House of Hiranandani and others are now being eyed by potential buyers.




Another spot in India that you cannot miss out on is the city of gardens: Bangalore. Due to the advanced technology, locales, and available resources, the city has been attracting many global companies. Due to this, beautiful villas and luxurious homes have been sought by investors in Bangalore, India. So, if you are looking for safe investment opportunities, then Bangalore should be an ideal place for you. The developments in North Bangalore, central business districts, sub-markets in the outer ring road, and Whitefield have doubled in terms of capital value over the last few years. Market reports predict that it will increase even further, and investors should not delay the process of buying their dream homes.


    • Hyderabad

Properties in Hyderabad offer value for money, and you won’t be committing a blunder by purchasing luxurious homes in this city of India. These days, the sociopolitical and economic scenario is favorable to the real estate sector in Hyderabad. There are multiple projects with beautiful interiors that are being constructed by one of the best developers in the country: House of Hiranandani. In India, Vijayawada is one such hot spot located in Hyderabad that has residential properties and luxurious homes in its vicinity. Speculations reveal that the prices will shoot up in the next few years, and so investors are advised to purchase homes in these areas now.

This is a Guest Post by Deepak Yewale on behalf of House of Hiranandani who has been known to build luxurious homes and villas in India. Their current projects, in the cities mentioned above, reflect a plush lifestyle and act as an excellent platform for investment. So, if you are getting ready for house hunting, you may like to consider House of Hiranandani.


Thursday, February 12, 2015

Top 5 Reasons That Makes Bangalore an Ultimate Expat-Friendly Destination

Asia’s Quality of Life Index for the year 2015 is out that ranks different cities in the continent on the basis of factors like Purchasing Power Index, Safety Index, Property Price to Income Ratio and Pollution Index, to list a few. The surprising data reflects one of the most high-profile and cosmopolitan cities of India, Bangalore bagging a respectable position in top 15.

Industrialization and flourishing economy are also two most important factors that have placed the city at such a top rank and ahead of fierce competitors like Delhi, Kolkata and Mumbai. Bangalore has gained much popularity among the expat population and thereby the migration rate with respect to the city increases by every quarter of a given area. There must be something really special about Bangalore that not only makes it stand apart but also a favorite among the expatriates as well.



Here are some of the shining reasons that may compel the people who haven’t tried Bangalore, to actually go and experience the city:


  • Mecca of Industries & Business Hubs

Entrepreneurs believe Bangalore lures them with its unique features, such as a unique culture of mentorship and networking that permeates the city. This very revolution has not only upgraded the brand value of the city but has also created the much-needed ripples in the employment market here. Businessmen are taking interest in the economy and business hubs here. New companies and startups are being established here, which in turn generates employment and accounts for a better standard of living here. Moreover, the city experiences a very high density of investment into different industries like Aviation, IT and manufacturing, which has boosted the quotient of the city to a next level.

  • The Colorful Housing Market

The city is the major IT and manufacturer’s hub; therefore, the city attracts workforce from all over India as well as abroad thus leading to massive housing needs. The realtors understand the fact and realize the worth of the expatriate population relocating to the city. The real estate segment of Bangalore catering to the mid-income group has huge number of construction projects owing to the presence of mid-level IT workforce in the city. However, as the city also pulls in a group of larger global corporations thus the need for the HIG housing is also on the rise significantly. The wide range of property options in Whitefield exemplifies luxury as well as affordability in a nutshell.

  • Booming Infrastructure 

Bangalore is a metropolis and has almost everything within, which place it ahead of all the strong counterparts, such as Mumbai or Delhi. The city has wide smooth roads, better commercial areas, well-laid institutional areas and much more. An expat with family can have an easy life here as accessibility to the entities of comfort is easier and manageable as well. Apart from this, the real estate market here in Bangalore is also steadily making Bangalore a beautiful place to watch out for. There is now a hopeful horizon for metro rail, better infrastructure projects and much more to come.

  • The Lifestyle

There is no doubt about the fact that Bangalore has a lifestyle to rave about. Owing to a large expatriate population, Bangalore’s populace is more than 50% young and dynamic. This is one of the most important factors that make the lifestyle here, kaleidoscopic and funky at the same time. The market areas and the commercial zones are plush and quiet down to earth at the same time. There are market areas that will be swanky and in some parts there will be bazaars that are crowded and flocked with sale and cheap products. Bangalore is now defined by cleanliness, affordability and a populace that mimics the western culture followed within a boundary, in a safe way.

  • The Intangible Aspects

The intangible aspects here refer to the facts that caught the minds of people all over the country and even abroad. The hip crowd, moderate climate and an amazing lifestyle are some of the factors that accounts for a better life for both natives and newbies in the city. People who face health issues owing to climatic conditions can live at ease, modernity blended with the right education and a manageable cost of living are some of the sweet facts that has not only surged the brand quotient of the city but has also contributed towards foreign interests in both business and lifestyle improvement arenas.

Go Bangalore!

Bangalore is a city that gives a totally different perspective for the life. Be it the bus stops, airports, the Indian Institute of Management or the markets; everything about this city is just amazing and extremely expat friendly. Once into this city, an individual will never fall short of places that will ooze out the rich south Indian culture or modern lifestyle to the maximum.



This is a guest post by Vineeta Tiwari who is a keen writer on Global Economy and Realty market. She has written articles on Global realty market and ongoing trends and tips for investors. An ardent reader, she is happy to pen down research based write-ups for global audience. Currently, she is professionally associated with popular realty portal, 99acres.com

Tuesday, February 10, 2015

5 Home Projects That Are Best Left To Professionals

If you’re remodeling your house, there must be a number of things you want to change about it. And if you want your house to be a particular way, you might think that it’s always better to make these changes yourself. But remember, you are still an amateur and some things are better left to the professionals.

Professionals are called so for a reason.  They survey your house, understand your requirements, negotiate the price, and most importantly they get the work done according to your tastes and preferences. They make even the toughest work look effortless. Needless to say, for the following home improvement activities, hire a professional.


  • Plumbing

Plumbers have a lot of experience up their sleeve and they usually carry out their work flawlessly. But mind, if you ever get so adventurous and try plumbing by yourself, there is a definite chance that you might end up flooding your house. Remember plumbing is no child’s play. One wrong move and it can bring down your house, literally!




  • Electrical Work

Flipping a fuse switch and checking for faulty wiring is hardly the same thing. Electrical work is pretty serious business and there are more things that can go wrong than right, if you don’t know what you are doing. You obviously don’t want to electrocute yourself or your family members, right? That’s exactly what could happen. This work requires precision and most of all, a license.


  • Tree Removal

This is no joke. You might think that you are well-equipped to uproot a few trees, but this clearly is not your stage to rock. Even hardened pros can go wrong with this process. Tree cutting and removal is a dangerous task and professionals have a lot of training that they have racked up for majority of their life. So it’s better to stay away from this as it also requires dangling from extreme heights with dangerous tools.




  • Water Proofing Your House

Seen many water proofing home videos on YouTube or random DIY sites in your time? Think you got what it takes to go about waterproofing your house single hand? You really won’t be able to pull it off. This is another area where you should stay away from, as this process is both time consuming and confusing.


  • Flooring

How hard can laying some tiles or spreading carpet across your living room be? Pretty easy right? Wrong! You will need precision equipment to cut through the tiles or the carpets to the exact length as required. Also these things take a lot of hard work so it wouldn't help if you fizzle out while doing it.



It only takes a fair amount of cash to get this work done. As enthusiastic as you are, hiring a professional will save you so much trouble, tension, and time.


Yogendra is a content strategist at commonfloor.com. He is knowledgeable and familiar with the Indian real estate market. He blogs on Indian real estate properties, news, price trends, home decor, home loans, etc.

Friday, February 6, 2015

How can Real estate developers in India develop a Project With A Foreign Company??

Budget 2014 brought in a lieu of measures for real estate sector in India. Among the many measures announced in budget 2014, the one which can have meaningful impact on realty sector in India was ‘Relaxation in Foreign Direct Investment (FDI) norms for real estate sector ’.

The area requirements for Construction-development projects were reduced to built-up area of 20,000 sq. mts now from 50000 sq. mts earlier. At the same time, Minimum capitalization for wholly owned subsidiaries were reduced to US$ 5 million now from US$ 10 million earlier.

Now, with these relaxations, it gives large as well as small scale developer an opportunity to develop realty projects jointly with foreign companies. The level of partnership between an Indian developer and the foreign company can be financial, technical, or both.

Indian real estate developers in partnership with foreign companies can undertake the development of township, group housing complexes, office space premises, retail buildings, roads & bridges. The FDI in the sector is permitted through the automatic route, i.e. without requiring the additional approval of the Foreign Investment Promotion Board.

A foreign company may choose from following formats:

  1. Wholly owned subsidiary
  2. Branch office
  3. Project office
  4. Liaison office
  5. Joint venture


The typical models followed in real estate sector are:

  1. Private equity capital
  2. Joint venture company
  3. Joint development agreement


Find below the detailed guidelines for developing a real estate project with a foreign company:



Tuesday, February 3, 2015

How to Obtain a water connection in India??

Having analyzed the construction stages and construction cost estimate in our previous articles, we now focus our attention to finer details. What is the single most important item that you will need from authorities? Well, it is a functional water connection. You need water supply for construction work as well as for consumption when you move into the house.

Obtaining Municipality water connection at the very beginning of construction work helps in cutting down the expenses you may incur on supply of water from private players.

Whether you are looking to get water connection for your house or commercial space or for a group housing society (by builders), the procedure to apply for water connection remains same. Obtaining valid water connection in a sense also reconfirms that your property documents are in order. Home seekers looking to buy an apartment in a builder project shall also verify with the builder if he has obtained necessary approvals along with valid water connection.

Local bodies sanction water connection certificate after carrying out proper due-diligence.

Here is a detailed procedure of procuring a water connection in India:

Friday, January 30, 2015

Which are the governing and regulatory bodies for Housing Finance sector in India?

Continuing with our focus on housing finance sector in India, in this article, we will discuss the role and importance of regulatory bodies governing the housing finance sector in India. Given the pace at which housing finance sector has grown over the years, it becomes imperative that established and emerging housing finance players abide by the rules.

In order to ensure smooth functioning of the housing sector, these regulatory bodies lay down the general principles of lending to customers. While Reserve Bank of India (RBI) is responsible for monetary policy of the country, the National Housing Bank (NHB) oversees housing finance companies. NHB also supports and promotes housing finance institutions.

In addition to these 2 institutions, there are committees/institutions set-up by states and central governments which also have a say in regulation of the housing finance sector. Additionally, Banks and Housing finance companies are also regulated by the Securities & Exchange Board of India (SEBI).

Find below the detailed list of regulators governing the housing finance sector in India:

Tuesday, January 27, 2015

Looking to construct your own house on a given piece of land? Pay attention to stages of construction and the cost part of it.

Planning to build your home on a piece of plot? What are the things that one needs to keep in mind before embarking on a year long journey of construction and dealing with multiple contractors, suppliers, etc? Surely, as an owner of the plot, you would have got multiple offers from architectural firms, contractors about the cost estimate. However, before even talking to these firms, one need to do his/her cost estimation.

Constructing one’s house is not easy because of the nature of the work. One needs to work/deal with professional firms such as architects, contractors and at the same time deal with labor. Therefore, you not only need to plan the stages of construction but also the costing part of it. Doing the cost analysis helps you in analyzing what you need to build and what you can postpone for future dates. For example, if your budget is limited, then in all likelihood, you may not go for modular kitchens, lavish bath fittings, etc.

Here we present the quick ‘to do’ list for you to arrive at a guesstimate of cost that you may incur during the construction of your dream house. This will help you in planning your construction stages as well as cost part of it.

Friday, January 23, 2015

List of Housing Finance Institutions of India

Owning a House is a dream for every household in the country. The new government has also set an ambitious target of ‘Housing for all’ by 2022, a challenging yet achievable task. To fulfill this objective, providing housing finance at affordable rates is paramount. Therefore housing finance companies will play an extremely important role in this noble endeavor.

Who are the major players in this area currently? Can the list be expanded given the enormity of task? Things will unfold as we move along.

There are 2 kinds of housing finance companies, one, which accepts public deposits, and the second kind do not accept public deposits. Housing finance companies are regulated and supervised by National Housing Bank. Housing finance companies offer loans for purchase of commercial and residential properties. Find below the detailed list of Housing finance companies in India:



Monday, January 19, 2015

Social Media-The Most Effective Marketing Tool For Real Estate Agents

Real estate is a business which depends greatly on personal contacts. But in order to succeed in the industry as a real estate agent, one needs to have a good presence on social networking sites like Facebook, Twitter, LinkedIn and Stumble Upon. Here are some points which you need to follow to find out why social sites are important for real estate agents:-

  • Realtor with a good presence on social media make a great number of connections 

As a real estate agent, you need to post the listings of your services on social media. If you are new to this profession, post about your services in the neighborhood, explain about the plus points of your services and how people can avail it. What are your prices? How do you charge your clients? What are the new offers that you intend to launch in coming weeks or months? Be as transparent as possible.

  • Promote social events which take place in your locality

Post social events that are taking place in the immediate neighborhood on social networking sites. This will make people living in other areas familiar about your upcoming seminars, info sessions, and networking opportunities.

  • Pictures and videos speak a hundred words

You can also share pictures and videos which tell stories. This is because most people, who use social networking sites prefer to go through stories that involve photo, video and audio content instead of text alone. There is no need to spend a huge sum on that either. Use your Smartphone in order to take pictures and short videos of clients and all the exciting things happening in your target areas. You can easily upload it to any other social networking site. At the same time, try to make sure that the posts, which you share on Facebook or Twitter, are not too generic or too promotional.

In case, you find something interesting about the realty sector in India such as useful data, price trends, government notifications, etc., then don’t hesitate to share it on these sites. It will help in building your brand within your locality. Your priority should be on creating posts which show your company’s verticals in an interesting manner. Keep a track of the people who are following your online social pages and find out how they are engaging with your page.

  • Pay special attention to increasing number of likes on social media pages

One of the key factors behind the success of your company’s website on social media is by delighting your clients on a regular basis. Create contests and encourage your clients to join a conversation for a chance to win gift cards. Delighted clients will share their experience with people who are close to them.

  • Judicious use of Facebook

Compared to other social networking sites, Facebook is one of the most suitable places for promoting Real estate services. Make sure that most of the content is dedicated to property news, trends, and anything that is of immense importance to your clients.  While the remaining content or posts can be about the services you are offering to them.

Guest Post by: Sheela Joby is a freelance writer with an experience of 10 yrs. Apart from writing, she is into photography, traveling, music etc.

Thursday, January 15, 2015

Why Is Real Estate Industry Said To Be a King of Investment??

Stocks, bonds, mutual funds, investments, and real estate - though the list seems to be endless and making a choice is still considered to be a Herculean task. Especially for a family with two children in school, with a career that has just started and it can be extremely crucial decision for them. Given below are some of the reasons as to why real estate industry is believed to be the king of investment.



  • Inflation Hedging: 

The relationship between real estate and GDP has grown on the basis of the ability of real estate asset class to foster with inflation hedging. In simple terms when the economies grow and expand, the demand for the real estate industry consequently increases along with the increase in rentals and that translates into higher capital land prices.

  • Retirement Income: 

The pressure on the current income that has to be spent on varied channels is high. Between the school fees, fuels, and marriage funds, almost each and every one’s saving account will continue to get thinner and thinner with time. Therefore, investment in real estate can be extremely useful for people in their retirement days.

  • The Positive Cash Flow: 

It is the real estate industry that generally gives you huge investment options wherein you could receive a guaranteed and tangible income throughout the year. This is what exactly a positive cash flow is.

  • Scope of appreciation: 

The real estate industry is generally considered to be one of the safest options in long term no matter what. Industry Experts in the realm of real estate industry agree that in a period of ten years the real estate industry has seen the highest scale of appreciation in comparison with any other class of investment.

  • The Tax Benefits: 

Real estate sector is one of the major contributors to the country’s GDP. And since the government wants to promote affordable housing and housing for all, the investments in the real estate is bound to give you tangible tax benefits of as much as INR 1, 00,000 in the upcoming year.

  • Leverage: 

Leverage here in simple terms or in terms of the real estate industry would mean the ability to use the borrowed capital in order to ensure a potential return on investment. Real estate industry is the only possibility among various investment classes that allow for leverage. For example by paying a minimum of 20% of the cost of property, you as the owner could control the income from the property. The remaining 80% can be availed from the bank in form of home loan.

  • Diversification in the investment portfolios: 

Having a diverse investment portfolio would only help you in diminishing the risks and increase the returns on investment. Assets which are not co – related to each other in the same portfolio would decrease risks.


This is a guest post by Ava Jacob who is working for a real estate project named bren imperia bangalore. The developer has more than 7 years of experience in large-scale real estate development involving construction of luxury apartments.

Monday, January 12, 2015

What is the impact of Interest (Repo) rates on Housing & Housing Prices Appreciation in various cities in India? Is there any direct relationship?

Ok, everyone including the real estate developers, builders’ apex bodies such as CREDAI, brokerage houses, and other related industries are shouting from the roof tops for interest rate cuts to revive the demand in realty sector. Every time there is a review of monetary policy by RBI, numerous articles in leading newspapers are published on how the rate cuts can boost demand and bring back fence sitting customers in investing in real estate in India. However, RBI has resisted such calls and instead has focused on bringing down the inflation. Now that, inflation has come down, can we expect rate cuts? Mr. Raghuram Rajan knows it best. Let’s leave it to him and his team at RBI.

But, let’s explore, is there any merit in the builder’s argument for reducing the interest rates? Will rate cuts boost demand?

For that, we need to examine the housing price appreciation in various cities across India and the impact of repo rates on housing price appreciation.

Let’s go one by one.


  • Appreciation in Housing prices across India

As can be seen from below graph, the pace of housing price appreciation has slowed down since 2010. What does it suggest? Well, it suggests, that demand has been falling gradually since 2010. End-users or investors are postponing their decision to invest in real estate. Assuming influx of new housing supply to be constant from 2010 to 2014.




  • Increase in repo rates

Repo rates have increased from 5% in March 2010 to 8% now. Repo rates are rates at which RBI (central bank) lends money to banks or housing finance companies.




  • Impact of increase in repo rates on housing price appreciation

This graph tells the whole story. As the repo rates started moving up from 2010 to 2014, the housing price appreciation started to come down. In 2010, most cities witnessed substantial appreciation in housing prices with Bangalore, Ahmadabad, Kolkata, Mumbai, and Chennai appreciated upwards of 30%. Whereas in 2014, the highest price appreciation was witnessed in Pune at mere 3.88%.




  • Conclusion

While rate cuts will certainly bring back customers to market and we may see improved activity in real estate investment. However, just like demand waned gradually from 2010 to 2014, similarly, demand will pick up gradually and we may see the full potential somewhere in 2017.

Friday, January 9, 2015

The fibre optic cable makes its way to Chennai

The fiber optic cable technology has made the improbable possible in the field of communication. Fiber optic cables will now provide access to a host of other essential services to all sections of the society by bringing costs down and making it more affordable. This technology works on fiber optic cables and optical electronic devices, which analyse data and allow seamless transmission. In terms of quality, this shift from conventional copper wire cables to optical fiber is a paradigm shift.


  • What is an optical fiber?

Optical fibers are thin, flexible strands of extruded glass or plastic, which are slightly thicker than human hair. They are used to transmit huge volumes of data from one point to another by utilizing the properties of light. They are essentially pipes that transmit light between both ends. The world is moving towards optical fiber communication for various reasons as they make it possible to transmit larger volumes of data across longer distances than conventional metal wires. They also ensure significantly less data loss and are immune to electromagnetic forces, which is a blessing for communication technology and mankind.


  • What are the benefits?

Fiber optics can make lives easier for the entire nation. In India, the introduction of optical fiber will make high-speed Internet access a reality. These cables can be safely placed next to the high voltage power transmission lines as they do not conduct electricity. They are also less likely to be stolen. Theft has been an issue across the country because copper wires used to provide the Internet access to homes and offices have a high resale value, making them an easy target for thieves. Optical fibers are also safer to use in areas prone to lightning strikes as they are poor conductors of electricity. They will essentially protect your computers and other electronic devices such as routers from damage.



  • Who is bringing FTTH to India?

The House of Hiranandani is among the first developers in the country to offer the optical fiber technology through their development projects. With advancements in technology, portable devices such as smart phones and laptops and a genuine demand for better Internet services, the developers have taken matters into their hands. They ensure that each home in various housing projects across the country has access to high-speed Internet. The beneficiaries of this service, the homeowners will have access to VoIP (Voice over IP) calling, IPTV (Internet Protocol Television) and streaming audio and video at blazing speeds. This optical fiber communication technology has been tested at OMR, a residential development in Chennai, by the House of Hiranandani. It is in the process of being scaled to projects in other parts of the country.

Fiber optic cable technology is paving the path towards a better future. Yes, there are other ways to provide homes with the Internet access, but these are not always cost-effective and as reliable as optical fibers. The technology will help the country surge forward.

This is a guest post by Deepak Yewale. To submit guest posts, write to us at nirrtigo@nirrtigo.com

Tuesday, January 6, 2015

Master Plan 2021 Delhi - What are the opportunities and where shall I Invest in new zones?

The mushrooming of satellite towns such as Gurgaon, Faridabad, Noida, and Ghaziabad around Delhi in 80s and 90s virtually put a stop on new development in Delhi, the capital city of India. However, in 2003, the Ministry of urban development issued guidelines and activated the bureaucracy and think tank for the streamlining and preparation of master plan 2021 Delhi. Among many guidelines, it focused on emerging need to explore alternate methods of land assembly, private sector participation, and flexible land use and development norms. DDA Land pool policy is the result of these guidelines issued in 2021.

The final master plan 2021 was accorded after much deliberation for 4-5 years. Therefore, as an investor or end-user, one would like to know where in Delhi can I invest or can I buy for my own residential use? One would also be tempted to ask why I should invest in Delhi when there are ample opportunities to invest in satellite towns. Will the opportunity presented by master plan 2021 Delhi be a sustainable opportunity? Is it the right time to invest now or wait? These are some of the questions, a common end-user or investor will have, and therefore, we try to answer them in here:

Find below the detailed document titled ‘Opportunities under Delhi Master Plan (MPD 2021) ‘in order to make an informed decision about investment in Delhi. The document elaborates on what is the scope of opportunity, where can you invest, why should you invest and how much should you invest.

The document also includes the maps and plans of different notified zones. Go through the pros and cons of each zone before making an investment.


Thursday, January 1, 2015

Wishing all stakeholders of real estate sector a positive and Happy New Year

2014 was sluggish to say the least for realty sector. One prominent developer described year 2014 as worst for realty industry in decades. Home sales were muted in some pockets and virtually dead in some markets.

Property developers and other stakeholders were hoping for a turnaround post election 2014 in the realty sector which has been reeling for some years now. But that did not happen and in fact housing sales were low even during the festive period between Octobers - December 2014.

What were the challenges faced by real estate developers?

  1. Unsold housing stock of 7.6 Lacs housing units across India till June 2014
  2. Protest and legal recourse by buyers in cases of delayed projects
  3. High interest rates
  4. Realty sector in 2014 also witnessed adverse court judgments and regulatory orders against some developers including DLF


Positive steps were taken in Budget 2014 that will have positive impact in coming years

  1. Relaxation in FDI Norms
  2. Nod ahead for setting up of Real Estate Investment Trusts RETTs
  3. Announcement of 100 smart cities
  4. Focus and budget allocation for affordable housing


Other than the budget 2014, there were some positives as well:

  1. Improvement in office space leasing activity in second half of year
  2. Private equity (PE) investment in the realty jumped more than two-fold to Rs 8,900 crore in January-September period and the figure is likely to cross Rs 12,000 crore by year-end.
  3. Probably Real estate regulatory bill will be passed in 2015
  4. Possibility of Single window clearance system for realty projects in 2015


Therefore, the steps have been taken, however, to turn around a big wheel; it will take time when results actually show up on ground.

There is also a possibility of interest rate cuts in first half of 2015 and that shall also encourage home buyers to enter the market and book their home.

So, all in all, 2015 appears to be more promising.


























Sunday, December 28, 2014

The process of an ‘NRI buying a piece of real estate in India’. Do's and Don’ts

In our earlier articles about Non Resident Indians (NRI) and Person of Indian Origins (PIO) with regards to their investment in India, we covered, range of topics such as:

  1. Guidelines that an NRI or PIO must adhere to for selling, purchasing, and financing a property in India
  2. Taxation aspects for an NRI, PIO, or a Foreigner for buying an immovable Property in India
  3. Opening of NRE-NRO-FCNR-bank accounts in India to buy, sell, rent out immovable property?
  4. Reasons why NRIs prefer investment in Indian Real Estate
  5. Impact of falling Rupee on investment in real estate sector in India by Non Resident Indians


Having covered the above topics in details, we now move on to the process of an ‘NRI buying a piece of real estate in India’. If the process described below is followed diligently by an NRI investor, then investing in Indian real estate can prove to be rather rewarding.


  • Research
First thing first, before you embark on your journey to real estate investment in India, carry out comprehensive online research. How is the builders’ reputation in the market? Locality price indices, city master plan, infrastructure project announcements are some of the things that one should note down. Compare builders’ pros and cons, compare locality pros and cons, and assess the city master plan by visiting the urban development authorities websites. A number of online forums to discuss real estate projects are also available. Visit these independent forums and gauge what others are saying, ask questions if possible. 

  • Depute someone or visit the site yourself
“Pictures tell the story” is a proverb which maybe applicable to other sectors but not to real estate sector in India.  Many newly launched websites focus on ‘Real Photos’, but ask yourself, can they tell you the actual story? Can they show you the approach road towards the project? Can they highlight slums in the nearby areas? Can they highlight the construction quality? The answer is big NO. Therefore, when it comes to buying or renting real estate in India, visit the site yourself. With NRIs living in far away countries, it becomes difficult for them to visit the project site location. Instead, ask one of your friends or relatives to do this on your behalf. The bottom-line is ‘One should never rely on pictures shown in glossy brochures or websites’.

  • Check the bank approvals
Now, that you have zeroed on 2-3 projects after having done the online research and visiting the project site, the next step is to check the bank approvals. Which are the banks that have approved the project for home loan sanctioning? Kindly note, a bank or housing finance company invests about 70-80% of money in the project in form of home loans sanctioned to buyers. Therefore, they will definitely carry out proper due-diligence including the project approvals, clearances, title certificates, etc. Ask the builder about banks which have approved the project for home loan. Talk to these banks. Go ahead with project that has a minimum of 3 banks approving it for home loan.

  • Project approvals
Even though, you have got assurances from banks about project approvals, it doesn't mean that you turn a blind eye to check the approvals yourself. Ask the builder to show you the necessary approvals such as license number issued by Town Planning Department, approved drawings, NOC from various departments. This is to double check that everything is fine with the project and you won’t end up in a soup.

  • Ask questions
Be an extrovert buyer; ask questions to builders, banks, brokers. There is never a silly question. You would be investing a size-able amount of your money, therefore, be proactive.

  • Builder buyer agreement
In recent times, some of the major developers have landed in trouble with authorities and CCI for sticking to one-sided builder buyer agreement. Read the document carefully, and clarify things before you sign the agreement.

  • Hire a lawyer
Despite all the research, one can never be 100% sure. For this, the NRI investor can as well hire a lawyer to do the title verification. The lawyer will ensure that the builder has the ownership title to the land on which he is developing the project.

  • Never pay in cash
Whether one books property online or directly at the builder’s office, never pay in cash. Pay by cheque or via the formal routes such as online transfer. Keep receipt of every payment you make to the developer.

Happy investing :)
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Thursday, December 25, 2014

Merry Christmas 2014

NirrtiGo wishes you Merry Christmas





On this joyous day, and throughout the coming year, may your business initiatives be filled with good luck and prosperity.


Warm wishes to home seekers, landlords, Realtor, and property developers.