Tuesday, October 25, 2016

Finding out the best home for yourself

Ask the baby boomers in India, they would ‘tch-tch’ your decision of staying in a rented place. It’s always has been to buy your own place, and pay EMI instead of rent.

But this is no longer the truth for the Indian real estate market. Market studies have revealed that renting a house in Hyderabad, Ahmedabad and/or Kolkata is much cheaper and cost effective. Additionally, majority of demand for homes in India is from the middle class segment, whilst the developers are constructing the premium flats and apartments. To give you facts, currently, more than 69% of the unsold homes in Mumbai cost over Rs. 1 crore or more. This means unsold inventories and eventually crash of the real estate market in India. With buying safely out of option, here are few things that you can keep in mind when making the move to a new city and a new state:

  • Getting a job: Before feverishly searching the online portals for accommodation, it is very important to get a steady job. The city is new, therefore, commute would always be a problem. For example, most people in Bangalore, like staying near to their work places mainly for the convenience of traveling. Therefore, before looking for a flat for rent in Bangalore, figure out the areas nearby your job location and then move in. 

  • Looking for healthcare related services nearby: Most probably, you have moved in to a complete new state which has different weather from your home town. Additionally, you would be staying alone or in PG with strangers. The best thing to do is figure out nearby healthcare centres, hospitals, and clinics. For example, if you are looking for a home in Faridabad in the Delhi NCR region, make sure health facilities such as leading Hepatologist in Faridabad or General physician are nearby. And while you are at it, the house should be located at comfortable walking distance from the supermarket, the bazar, ATMs, clinics, etc. 

  • Getting to know your own place: You have moved in a complete new city. Take some time to know the place. Don’t select the first flat that you see. The best way to understand whether the flat that you have chosen does not have any disturbing elements (like a noisy neighbor, bad neighborhood, etc.) is to visit the place at least twice (once in the broad daylight and another in the night) before taking the final call. 

  • Strong bond with the owners of the flat: Once you have understood and done all of the above criteria, be sure to maintain a good rapport with the landlord. Under no circumstances should there be trust issues. They should be sure of handing over their property to you, and you should be able to take care of the place like your own. Ensure to ask your landlord about any additional costs that might be incurred before moving.

  • Keep additional money: Lastly, keep some additional cash in hand. This is important as it is not only a new place, but you might need some last minute supplies.

Once you have followed this check list, you are ready to move in.

Finding homes can prove to be a taxing affair, especially if it’s the first time or to a city in which the majority of the population speaks a different language. Take the help of friends and colleagues who stay there and have some patience.

This is a guest post by Alvira Rehan

Monday, October 17, 2016

5 Factors You Must Consider before Buying Plots

Whether looking to buy plots for your dream house in popular cities such as Mumbai, Delhi, Chennai, or Hyderabad, or simply making an investment in one, it is important to consider the following factors before making any rushed purchase:

1. Checking, verifying licenses and certificates

Tiresome as it may sound; getting some specific licenses checked and verified by a consultant is of prime importance before buying a plot. These include:

  1. Title deed: This is a legal document that shows you have the right to the ownership of the plot. Before buying, confirm that the deed from the seller (or re-seller) has full right to the ownership of the property, and that it meets all necessary approvals from the authority.
  2. Encumbrance certificate: It is a proof that the property is free from all/any monetary and legal liabilities. It also shows that the property can be sold as free title and that there isn’t any problem associated with the ownership. Ensure that this certificate says the land is free from the earlier-mentioned dues or liabilities.
  3. Release certificate: This is important especially when dealing with resale lands. This certificate, which you get from the bank you have pledged a loan from, shows that the land you are about to buy is clear from all impending loans. It shows that any loans on the land in question have been repaid.
  4. Property tax receipts: Any bills from the owner that haven’t been paid for, for a land on resale are shown on these receipts. Ask for tax receipts from the owner to ensure there isn’t payment pending from the original owner.
  5. Approvals: Make sure that the land-use is permitted as per the city plan. You can get this from the local pubic-body office in your city. Additionally, ensure that the plot layout has been approved by the local body and the development corporation.

2. The wrong impression of renting the property

You may buy a particular land thinking you will cover the EMIs through renting the land. It may be a miscalculated or erroneous approach, as experts say rental benefit on residential properties is a meager 2-3%. Secondly, it may require a much longer duration than expected to rent out your property.

3. The right buying cost

When asking a broker about the plot, ensure that he or she tells you the final cost of the plot and not just the basic one, as such is the case many a time. They may keep you in the dark with respect to extra costs such as, but not limited to: Service tax, preferential location fees, development fees, etc.

4. Look out for available plans

You may be eligible for a guaranteed rental scheme that lets the developer pay you rent during construction of the plot, for a fixed period. Then there is another scheme that lets the developer pay you after the possession. In such cases (and schemes), the properties are generally located outside the city limits.

The fact of the matter is that you need to be aware of all the available schemes or plans before making the payment for your plot. While some may benefit you, some may also result in loss such as subvention schemes where the price is generally 10% higher of normal.

5. Constructing costs

When choosing to make your house, consider these for the construction costs:
  • Home designing plan of the architect
  • Contractor’s fee
  • Labor cost
  • Interior fittings such as tiles, bathroom fittings, etc.
  • Building material costs
It’s wise to pay more towards the initial cost for building your house than to spend extra money at the time of reparation or maintenance.

Whether you plan to buy plots in Hyderabad or an apartment in Mumbai, you must consider these factors to make a wise decision.

This is a guest post by Dinesh Dawde

Monday, October 10, 2016

Ultra Luxurious Houses That Are owned By Big Pocket Celebrities in India

India is rapidly as well as continually growing country with rising economy as well as Big Pocket celebrities who are not just investing in their business for generating more and more revenue but are fully dipped into a luxurious lifestyle. They are investing a huge amount of their earnings in luxury. Not  just them, with the changing lifestyle, many people are looking for luxurious properties in Mumbai. Here is the list of some big pocket guys owning dream mansions in one or the other urban cities of the country. This is how the house of your favorite celebrity or a popular Industrialist looks like:

  • House Name: Antilia

It is the most expensive home not just in India but in the world. The Owner of this ultra-luxurious dream house is none other than the filthy rich Mukesh Ambani. Antilia is spread over an area of 4 lacs Sq Ft. having 27 floors. The building contains amenities which only a few people can dream of. 6 floors in the building is just reserved for parking and 3 for the helipad. If a building has a separate 3 - helipad, then you can imagine the type of world-class amenities it stores.
Owner: Mukesh Ambani

City: Mumbai

  • House Name: Abode
Anil Ambani, following his brother’s footsteps hold 2nd position when it comes to the luxurious houses in India. Currently under construction, he has named his sweet home as Abode worth Rs 5000 Crore, subject to rise based on needs and amenities he wants to fix in his Abode.

Owner: Anil Ambani

City: Mumbai

  • House Name: Mannat
The second richest actor in the world and the King of Bollywood “ Mr Khan” owns one of the most expensive houses in India having an approximate worth of Rs 125 to 150 Crores. All his fans gather in Bandra, Mumbai, outside his residence with a hope to wave him “Hi !!”
Owner: Shahrukh Khan

City: Mumbai

  • House Name: Ratan Tata’s Bungalow

Ratan Tata is the name almost everyone is familiar with. A Very well known and reputed industrialist owns a home worth Rs 125 to 150 Cr comprising the area of 15000 Sq Ft. with 3 storey building and an infinity pool at the top for a view that is breathtaking, something which a common people like us can’t even dare to imagine in our house.

Owner: Ratan Tata

City: Mumbai

  • House Name: Naveen Jindal Mansion

Industrialist turned politician, Naveen Jindal is another filthy rich guy who owns an ultra- luxurious high-cost bungalow in Leafy Lutyens, Delhi. His property is also valued to be Rs 125 to 150 Cr.

Owner : Naveen Jindal

City :  Mumbai

Apart from this, there is a huge list of other filthy rich celebs in India who owns a house which feels like a resort. If even you are one of them and looking to own such kind of a house, QuikrHomes can help you in your search for the most magnificent and lavish house in Mumbai.

This is a guest post by Prakshi Agarwal.