Is it worth investing around Pune’s new Airport?

May 16,2018 / By Priyanka / No Comment

Universally airports make substantial infrastructural developments around themselves which lead to economic growth and increase in real estate demand.

The existing Pune airport has seen significant changes in last 12 months and the air traffic is on an upward trend due to IT, automobile and manufacturing industries.

Pune being the educational hub, many foreign and local students come to Pune for education. Therefore, a new airport is already a hot topic for the real estate industry and Purandar captivated everyone’s attention already.

Work on the proposed Pune International Airport will start, as the Centre gave a green signal for the project on April 30. The final decision came after a meeting between the officials of the Maharashtra Airport Development Company Limited (MADC) officials and a directing committee appointed by the Central government. On May 8, the Ministry of Civil Aviation also gave the project a site clearance.

Purandar airport to be named as Chhatrapati Sambhaji Raje International Airport and the project will be developed at an approximate cost of Rs 14,000 crore.

The new airport will be spread over 2,400 hectares of land out of which 1,300 hectares belong to the government. This project will cover seven taluka villages in Purandare tehsil – Pargaon Memane, Rajewadi, Waghapur, Ambodi, Pisarve, Rajodi, Jejuri.
It is situated 45 kilometers from the city center, the upcoming airport will run both international and domestic operations. The airport will be developed on a public-private partnership (PPP) model.

The airport will have two parallel airstrips or runway covering a length of four kilometers. It will be connected via six different routes, including National Highway – 4 and National Highway – 17. There are talks going on to provide a Metro link from Bhosari to Purandar airport.

Investment opportunities:
With the new airport coming up, the demand for residential and commercial properties is going to be higher in Purandar and adjoining localities near the airport like Bibvewadi, Saswad, Dhanori and Bhosle Nagar will see an upward trend in housing demand.

Proposed metro connectivity will be an added advantage to the infrastructural development which is likely to increase new employment opportunities and real estate development in Pune.

According to real estate expert, long-term investment in these areas seems to give a potentially high return for investors who are planning invest here.

Ample land parcel in the area surrounding the airport has already lured many developers and investors. Social infrastructure is set to improve and thus in the initial stage, the neighborhood is a perfect place to park your money for higher returns in the coming days. The locality will qualify as a location where buyers can secure a good rental income or a perfect second home destination.

Buying property Real Estate Smart Residential Living

All you need to know about Leasehold Property

Apr 23,2018 / By Priyanka / No Comment

Most people know the difference between owning and renting a home, but there is a third category many aren’t aware of called a leasehold property. Now the question is what a leasehold property is and what are the consequences of buying a house on leasehold land? We explain

Leasehold states to a property tenure, where one party buys the right to occupy the property for a given period of time (30 to 99 years). The primary owner of the leasehold land is usually the government or local development authorities. They give the land to builders, to develop projects on a leasehold basis. Homebuyers buying a residential apartment, in a leasehold land will own it only for the leasehold period of time.

Projects built on leasehold plots
Most projects in large metro cities like Delhi-NCR and Mumbai are constructed on leasehold plots that are bought by the builder or developer. This procedure is followed, mainly due to the scarcity of land in and around these metro cities.

So if you are buying a property in a project that is built on leasehold land, you would remain its owner only for 99 years, or for any other lease period and the authority/government will remain the primary owner.

Once the construction of a project is finished, the developer will transfer the lease in the name of the society formed. It is developers/builders duty to build the project and hand it over to the residents’ welfare association (RWA). Until the RWA is formed, the developer maintains the project.

Risks for home buyers
The major disadvantage for a home buyer is the vagueness that arises after the lease period on the land ends and the renewal of the occupancy contract. The renewal of the occupancy usually comes up when the lease tenure on the land is for a shorter period (30-33 years), which is common mainly in Mumbai. Along with the contract renewal cost, buyers will also have to bear other costs, such as property tax, etc.

Another issue that projects built on plots with shorter lease periods are of not receiving funds for construction. So, chances are there that projects can get delayed or even non-completion of projects is also possible. In addition to it, renovation of such projects becomes challenging, since the approval of all the involved authorities is required, to carry out any renovation or construction work.

While applying for a home loan for a property built on leasehold land, the home loan tenure cannot be higher than the balance period of the lease. In cases, when the lease period for the land is less or is nearing completion, lenders would be reluctant to risk the possibility of the lease not being renewed and therefore, may not grant a home loan.

Advantage for home buyers
The benefit of buying a property in a project that is built on leasehold land is that it will be considerably cheaper than buying one that was built on a freehold plot.

In metro cities, developers usually pay the less FAR cost to lease a plot in a good location. This financial benefit trickles down to home buyers, as well.

Such leasehold plots, for residential projects, are commonly part of a larger development. This means that the surrounding areas usually have good infrastructure and connectivity.

What can home buyers of leasehold properties do?

Register the property in your name.
Get a transfer memorandum – a permission granted by the development authority to the owner (seller) of the property, permitting him/her to transfer the rights to the homebuyer
Always buy or invest in a project built on land that has a long leasehold period.

Buying property Smart Residential Living

Is it a right choice to buy a property this Akshaya Tritiya?

Apr 18,2018 / By Priyanka / No Comment

We all know that Akshaya Tritiya is an auspicious occasion for buying gold and making such other investments. This day is considered auspicious for both donations and investment, Akshaya Tritiya is one of the three most religiously significant days in the Hindu calendar.

Homebuyers, looking for property, can make a purchase on this day and those, who have already bought a property, can do the Griha Pravesh ceremony on this day.

Reasons to buy a home during Akshaya Tritiya

Free goodies: Some developers are offering discounts on the base price. Some builders are offering freebies such as modular kitchen, electrical appliances, woodwork furnishing, gold coin, vehicle, etc., depending on the ticket size. Homebuyers can select these freebies to bring down the total cost of buying a property.

Lower interest rates: With low-interest rates given by the financial institutions, developers turn up with new schemes in housing projects making it an open wide road for homebuyers with low interest and more alternatives in housing plans.

Less risk-ratio: The property prices in most of the places in India have gone down for certain reasons rather growing. This reason makes it promising for home buyers who are a few steps away from having a property to buy one this year.

It also makes the properties affordable compared to the prices a few years back. The real estate market is now steady with reasonable property prices, so this is the right time to buy a property of your own.

Cities you can invest in this Akshaya Tritiya
Buyers should consider options, based on their investment, expected returns and risk capacity. Big cities and metropolitan regions involve large investment and the returns are comparatively lesser, in comparison to emerging cities, where the investment amount required is low, and the returns are quite higher.

The most attractive cities for investment in property are Pune, NCR, Vadodara, Jaipur, outskirts of Mumbai and all the developing localities where infrastructural development is making a big impact.

Above mention, cities are also attractive because of the rapid acceptance of commercial real estate in these markets. This gives clear signs for setting up of demand for the residential real estate, which normally lags the commercial segment by around one to two years.

Buying property Real Estate Real Estate News Smart Residential Living

NRIs reshaping the Indian Luxury Real Estate Market

Apr 10,2018 / By Priyanka / No Comment

There is an interesting trend that has been noticed in Indian real estate market. In a market riddled by lack of demand from buyers, developers are seen launching luxury residential projects.

Resultantly, there has been an unexpected emergence of interest in the luxury residential segment which has come from non-resident Indian clienteles and buyers with deep pockets.

A lot of Realtors have joined the trend in Pune and Mumbai as well. Following the implementation of the real estate Act, the market in all parts of the country was stirred up for better or for worse.

While the transparency and authenticity in real estate investments became apparent, the risk of seeing the project ever reach completion with respect to compliance has a lot of residential home investors backing out. To make-up for the miserable loss, developers are looking to make the most of this micro-market.

The demographic for luxury projects is limited. However, this is the segment that has kept non-corporate realtors out of the red in recent times. A remarkable fact about the NRI customer base is that even a risk-prone project does not disappoint them. As long as a luxury project is made debt-free, NRIs do not hesitate from paying extra to purchase the same.

Most of these luxury houses have a specific net worth that runs into hundreds of crores because each home comes with a price-tag of Rs 6-8 crore. In spite of the dearth, real estate big shot have done a booming business in Mumbai and Gurgaon.

This shows that in spite of the storms that were thrown its way, real estate industry is capable of sustaining through micro-marketing. The niche of investors may be thin, but it is not absent. According to real estate analytics, a list of real-estate developers have managed to snag end-user consumers enthusiastic about luxury housing projects.

Mumbai saw Lodha Group and Radius Developers making a profitable business. The Lodha Groups have launched about four new luxurious, high-end projects at Walkeshwar, Lower Parel, and are now concentrating on Pune. Radius Developers has two upcoming projects where each luxury home may get them approximately Rs 13 crore.

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Commonfloor hosts an online home festival

Mar 26,2018 / By Priyanka / No Comment

Are you still thinking to buy your dream home but do not know where to starts from or you just want to skip the lengthy process of house hunting. Good News for all the prospective home buyers!! As Commonfloor brings you virtual shopping festival which is happening till 6th April.

Top builders such as Brigade Group, Purvankara, G-CORP, CASAGRAND, Sobha, L&T Realty, CYBERCITY, PHOENIX to name a few are showcasing their properties as part of this festival. More than 50 projects across cities like Bengaluru, Mumbai, NCR, Pune, Hyderabad, and Chennai are available virtually.

Virtual 3D experience will help you browse through the virtual expo. You can visit these virtual stalls, browse through projects brochures and chat to the builder regarding the projects at the same time

COHF partnered with HDFC for home loans to help the potential buyer to complete the whole buying process in the same place.

To transform online shoppers into buyers, COHF is offering gold coins for first 15 home buyers, also builders are throwing offers like flat Rs.200 per square foot discounts, no pre-EMI till possession and free modular kitchen upon booking.

So what you are waiting for? Your dream home in just one click away.

For more details visit www.cohf.in and let your family and friends know about it too!

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Category : Buying property

Is it worth investing around Pune’s new Airport?

All you need to know about Leasehold Property

Is it a right choice to buy a property this Akshaya Tritiya?

NRIs reshaping the Indian Luxury Real Estate Market

Commonfloor hosts an online home festival