Category : Buying property

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Real estate market trend 2018

Dec 1,2017 / By / No Comment

Author –Mr.Vineet Goyal, Joint Managing Director,Kohinoor Group Pune

Indian real estate has seen a historical trend in 2017, which started with demonetization and then picked up with RERA (Real Estate Regulation Authority) and then GST (Goods and services tax) was the next step. The sector saw renaissance with absolute transparency, ease of transaction and confidence of buyers in the realty sector. What 2017 has given to real estate will not only have long-lasting effect in this sector but in the Indian economy as well. The year ahead will have many positive changes.

Increase in (FDI)Foreign Direct Investment

India has become one of the fastest growing investment destination for foreign investors , one of the reasons is the increase in the real estate and infrastructure investment. According to the World Bank, private investments in India are expected to grow by 8.8% in 2018-19.Indian real estate will see further increase in the global capital flow.

Due to the transparency brought in by RERA , NRIs will find Indian Real Estate market reliable and hence next year will see an increase in NRI homebuyers.

Demographic dividend will benefit real estate

Indian real estate will reap the dividends of its demographic potential. While more and more young men and women will join the workforce even aging workforce population will generate housing business. This will increase the overall demand for the residential and commercial spaces.

Real estate will contribute to the Sustainable Development Goals (SDGs)

The government has launched several ambitious programmes to implement SDG agenda. One such programme is Housing for all by 2022 which is providing direct financial assistance to the poor households. Affordable housing segment will see an upsurge in 2018 and the developers will consciously contribute towards the mission of Housing for all by 2022.Residential projects launches will be more focused on the affordable housing segment.

Smart City initiative

Real estate will play a vital role in Government’s Smart City initiative by developing the social and economic infrastructure of any smart city.The requirement for commercial space will go up due to improved infrastructure and connectivity. The development of smart cities will also push the demand from other asset classes such as serviced hostels, hotels and shopping malls. New job opportunities will be created which will push up the economic growth of the city.

Space Management

Fast growing cities will attract more and more people due to which cost of urban real estate per square metre will increase. With the increase in the competition for the space, the developers will become more innovative in terms of designing and building abodes .Apartments will be smaller but will be space efficient.

Digital presence will be more

Technology is influencing the buying behaviour and it is very evident in the home buying process. Homebuyers and home sellers will be using online platform more. Real estate firm will partner with major search engines and portals for the mutual benefit.

Consolidation in the realty sector will gain momentum

With the implementation of triple reform Demonetization, RERA and GST ,the real estate market has become transparent and the home buyer’s confidence has increased. The realty sector which is crowded now will become leaner and meaner. Smaller players will be bought by the bigger better organised players. Smaller players will not be able to comply with the rules of RERA and hence they will merge with the established players.

High energy prices, climate change and government regulation are already pushing “Sustainability” up the real estate agenda, but by 2018, their impact will be far greater. The real estate community will take a greater role in driving the financial ecosystem.

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BDA to give residential projects another shot

Nov 30,2017 / By / No Comment

The Bengaluru Development Authority (BDA) has taken a turnaround from its earlier standpoint that it would not take up any new residential projects till all its current flats get homebuyers. Recently, BDA has gone ahead with floating proposals for two mega residential projects worth Rs 759 crore. The projects will come up at Konadasapura village in Bidarahalli Hobli in Bengaluru

The project will have more of 3BHK options as most buyers are seen to prefer this over 2BHK or 1BHK flats in its previous projects. The upcoming project will have 1,344 flats (3-BHK – carpet area of 1,150 square feet), 672 (2-BHK carpet area of 672 square feet) and 448 (1-BHK carpet area of 450 square feet). They are going to construct a total of 22 blocks, each of 14 floors.

A senior official of the BDA said, “We believe it to get a good response as it is located in the suburbs. This residential project is a part of many other property development projects, comprising of commercial complexes, amusement parks, and others.”

He further added that the BDA decided to take up the project to achieve revenue as it is facing a serious financial crunch. The BDA is anticipating on accepting business models that private builders use. The official said this is the first big residential project that the BDA is taking up after the Karnataka Real Estate Regulation Act (RERA) came into effect.

The BDA is trying hard to sell the flats that are already completed. The agency had to announce schemes like ‘across-the-table’ sale of flats for applicants because of the poor response from the public. The official said that after the initiative, 500-odd flats were sold, but a majority of the 2-BHK flats left unsold.

Last year, the BDA had marketed 3,100 flats for sale but received only 800-odd applications. The homebuyers had shown more interest in 3-BHK flats. Another BDA official said, “Our earlier experience tells us, there is more demand for 3-BHK flats so we have decided to build more of them. The project will also address various other issues like parking. In one of the projects, parking lots will be made available for more than 1,500 cars. We are hoping that people working in the IT sector may be interested in the project location is close to Whitefield.”

Peripheral roads will be constructed around the housing project borderline of 24-m width. Facility for solid waste management and other facilities has been made.

 

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Buying property Real Estate Tips

Guidelines to distinguish between a good floor plan and a bad floor plan

Nov 29,2017 / By / No Comment

There are many ways to judge while buying a property when it is mainly for the end-use purpose. One of such things is the floor plan. There are various things and components that contribute to making a good floor plan.
Here are few guidelines to distinguish between a good floor plan and a bad floor plan and how you can classify these:

View
For a pleasing view of the home, keep the kitchenette away from the entrance. The visitors should have a vision of the living room interiors and there should not be any obstruction in the inside view.

Common area
Space used by huge cupboards, big doorways are a waste and are of little use in average-sized apartments. Rather, go for built-in furniture such as convertible sofas, shelves, desks or tables that can also be used as iron table etc.

Room size
Choose a rectangular room over a square one. A good floor plan is the one that has a room of at least 12 ft long and 10 feet in width.

This means that in India the typical size of the bed is about 7-9 ft in length. The extra 5 ft space should be left for free movement in the room as well as placement of other things.

If you are thinking of a master bedroom, space should be at least 7-10 ft along with a master bathroom and a walk-in closet.

Loading
Homebuyers should make sure that the loading area should not be more than 30 percent and less than 25 percent as the common area spaces get compact.

The variance between carpet area and the super area is known as loading and is generally 30 percent of the total floor plan area.

Furniture
Any furniture in the residential space is kept at least 3 feet away from the wall. Make sure that there is enough space for placing furniture at different angles to avoid overcrowding.

Kitchen
A good floor plan provides an open kitchen as it offers easy access to other parts of the house and makes the common area appear large.

Make sure the kitchen and dining area are side by side as these are the most used areas of the home and should have a suitable access.

Bathrooms
This factor totally depends on the homebuyers’ necessities. Generally, a 1BHK has 1 attached bathroom while a 2BHK flat might have two, one attached to the room and the other one with the hall.

For a 3BHK flat, the third bathroom can be replaced as a storeroom, if you have a small family. It is suggested to keep the common area bathroom functional for guests.

Balconies
The area used for building the balconies is not calculated in the Floor Space Index (FSI). However, real estate developers add this in the carpet area to manage the loading.

Therefore, go for a larger balcony rather than several small balconies to make sure healthy ventilation.

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Centre to construct 50 lakh homes in rural areas under Pradhan Mantri Awas Yojana Gramin

Nov 24,2017 / By / No Comment

Recently, the government said that more than 50 lakh homes will be built in rural areas across the country for the poor by March 31 under a central scheme bringing social transformation in villages.

Under the Pradhan Mantri Awas Yojana – Gramin PMAY (G) a target to construct one crore new houses by March 31, 2019, was set. Of these, 51 lakh houses had to be completed by 31st March 2018, the rural development ministry said in an official statement.

The rural development ministry said in an official statement that under the Pradhan Mantri Awas Yojana (Gramin) a target to build one crore new houses by March 31, 2019, was set. Out of which, 51 lakh houses had to be completed by 31st March 2018.

After the launch in 2016, it took some time to complete the process of beneficiary registration, geo-tagging, account verification etc. Adding to it, the ministry said that it used Socio Economic Census of 2011 for selection of beneficiaries.

The homeless and those living in one kuccha room or two kuccha room with kuccha roof are the beneficiaries of this pro-poor PMAY scheme.

The ministry said that the homes are planned by the best of institutions after studying the current local design configurations and are constructed by beneficiaries as per their need. The expense for construction of the houses is directly transferred into the accounts of beneficiaries.

The poor are getting safe homes and can live with self-esteem with facilities like toilet, drinking water facility, electricity connection, LPG connection etc

To have transparency and corruption check, the Centre has set up an online policy where any person can see the building of homes with geo-tagged photographs and complete details of beneficiaries and expenses made to them.

The ministry has also decided to assign a study on social transformation to understand the impact of the housing programme.

Besides this, the National Institute of Public Finance & Policy will also study the governance reforms under PMAY (G) and the influence of higher demand for steel and cement on growth.

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Buying property Real Estate Real Estate News Smart Residential Living

Why property buyers are looking for ready-to-move-in properties

Nov 22,2017 / By / No Comment

Home buyers look for a safe and secure place which provides all types of amenities, facilities, and suitable environment. Ready-to-move properties create a new image and a symbol of the new beginning of life.

In the frantic life, everyone wants a place where one can rest and spend quality time. To provide such ease and coziness many of prominent real estate developers are providing ready-to-move-in apartments.

Nowadays, the home buyers are very smart and they invest in projects that are safe and productive. Before making the final call, they make detailed checks on the realty firms, they properly inspect the developer’s track record, past projects and opt for ready to move in flats.

It is found that a good number of home buyers are interested in buying ready-to-move-in property when compared to under construction property, as under construction property requires waiting time, which can take a couple of months and sometimes even years to get possession. There are many other reasons which can cause the delay of the project, due to which home buyers prefer ready to move property.

Advantages of buying ready-to-move-in property:
Instant possession: Buyers do not have to wait to occupy the property. All buyers have to do is make the payment, sign the required papers and move in.

Tax Benefits: Most home buyers avail of home loans to purchase a property. For a ready to move in property, the tax benefits are plenty from a home loan payment. A home buyer is allowed to claim a deduction from their income of up to Rs. 1.5 lac on the principal under Section 80C of the Income Tax Act and an additional deduction of up to Rs. 2 lac on the interest component of the home loan, under Section 24B.

Verify legal status: It is easy to check if the developer has obtained all the necessary papers such as Occupancy Certificate, Completion Certificate etc. Since the project s already completed. You should also get lawyer to cross-check the Land title to save yourself from any future difficulties

You buy what you see: Home buyers pay for what they see. The buyer gets a fair knowledge about the project, locality, and other facilities as there are people already living in the apartment society.
No service tax: You need not have to pay service tax if you buying or investing in a ready to move in property.

Instant relief from Rent: Denizens who are shelling out high rent or traveling very far for their work incline to buy the ready to move apartment because they want speedy relief from the high rent they are paying or travel cost and one can get it in ready to move properties.

Neighborhood: This is one biggest advantage of ready to move properties. You can see who your neighbors are, what community they belong to and if you would like to be with them or not.

Infrastructure: The decision of purchasing a home also depends on the infrastructure. You should consider whether the location is well connected and has necessary infrastructure such as roads, transport facilities and educational institutes etc. nearby.

Buying a property is always a big financial decision. So, discover your options and do your assessment well beforehand and make your buying decision only when you are financially stable and confident enough about it.

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