2019 Festive Offers & Deals on Housing in NCR

Sep 26,2019 / By Prahalad Singh / No Comment

The festive season is deemed to be a favorable time for many of the Indian homebuyers, which developers and builders look to benefit on. It is the time of the year when people want to make new investments and purchases. To catch the sentiment, property developers come up with attractive offers & discounts. These offers & discounts during festive seasons are unique, competitive so that it could suit the target market. From a homebuyer’s viewpoint, this is one of the best periods to look out for their ideal homes, as most of the developers would be competing for their attention through these offers & discounts. Even property experts say that the festive season is the best time to invest in property.

Like every festive season, this time too, the real estate developers of NCR are showering offers and discounts like no EMI until possession, cash discount, free registration and stamp duty, GST waivers, free modular kitchen, free car-parking, iPhones to cars, club membership, registration & stamp duty among others to attract homebuyers back to the market.

Now, if you are planning to buy your dream home or want to invest in property in the national capital region (NCR), we list for you some offers & discounts that you must like to grab this festive season. Let’s check out some of the offers:

Delhi-NCR

Builder’s Name	Offers & Discounts
Gaur Group	Free Registration of Property, Semi-modular Kitchen, Air-conditioning, LED TV, Gold Coin, Refrigerator, Air-purifier, Washing Machine, Armani Wrist Watch among others.
Saya Group	Possession-linked payment plans – 30:20:50
Mahagun Group	GST waiver, Free car parking, Modular kitchen, club membership, etc.
Gulshan Homz	Free covered car parking, Power backup, Club membership, and lease rent.
Bhutani Infra	iPhone, iPad, and LED TV
Urbania Spaces	Dinnerware and Samsung tabs on every booking of 100 sq ft and 200 sq ft at its commercial project.
SG Estates	Monthly rental till possession, Free club membership, LED TV, etc
Spectrum Metro	Assured gifts up to Rs 1 lakh on every purchase and a chance to win Mercedes Benz

What builders do normally to clear their inventories?

Instead of reducing the per square feet (PSF) rate, normally, builders give discounts & offers and freebies to potential buyers. And to attract home buyers, normally builders experiment with the all-inclusive price.

Are these offers and discounts trustworthy?

Sometimes Yes, Sometimes No!! It all depends on the buyer’s bargaining ability. There are a few points which homebuyers should keep in their mind while buying properties during festive season:

Do not hurry for freebies. Give priorities to your requirements.
Don’t fall for the misconception of festive sales. Properties in a specific market are already available at a reduced price. If the builder is promoting the deal as ‘limited offer’, be aware that after the festival season, the benefits would remain almost the same or will be turned into some other offer.
Make out whether you are really saving big with that deal. The overall cost of the freebie and gift is included in the cost of the home. It is the buyers who need to choose which deal or offer suits them the most.
Make sure that the cost of freebies has not been added to the basic cost of the unit and that there are no hidden charges which the builder will ask for later.
If the offers & discounts are appropriate for all units or only select units? Sometimes, non-premium or non-Vastu compliant units are sold at huge discounts.
Figure out the price of the units over the last few months. Sometimes seen value to actual value might differ effectively.

What are homebuyers exactly looking for this festive season?

Homebuyers want a little extra to make a fresh deal this season. They are looking for affordability with modernity. From amenities that match their modern lifestyles including modular kitchens, luxury bathroom fittings, etc. Buyers are more clever than before, and are willing to take 80-85% loan but won’t negotiate with amenities. Good location with entree to lifestyle options like clubs, gym, parking, and markets is important to deal with. This is special from the normal discounts, fee waivers and rent guarantees by builders for festive sale gifts.

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Is Property Valuation an Important Component of a Real estate Transaction?

Sep 12,2019 / By Prahalad Singh / No Comment

We know that a house is the most important thing for everyone and one will never compromise with it. So if you are buying a house or want to sell your house then in both cases doing the property valuation process is never a loss process.

A question is always asked: why would you waste your hard-earned money getting a property valuation? There is no requirement for it and may not be legally required.

If you are thinking that property valuation involves huge expenditure, then you are wrong. It is an investment. By doing this, we find out the actual value of a property which is beneficial for you from various aspects. Whether you want to sell or buy the property or want to keep it on rent. The value of your investment property should be known to you.

So to know the valuation of your property, take the help of a property surveyor to find out the fair value of your property.

There are various reasons why a property is being valued. Some of them are using it for taxation purposes, buying or selling of property, wealth tax, bank guarantees, home loans, to mortgage a property, property transfer, will and testament, acquisition by the authorities, auction, stamp duty, rent and depreciation, capital tax calculation, divisions of property, etc.

Advantages of Property Valuation

Buying or selling of property:

Property valuation is important when buying or selling the property. Even if anyone wishes to rent out his property, valuation of property becomes important. The rent of a property is usually 8-10% of the estimated price of the property.

For transfer of property:

In case a person wants to transfer his property, he/she will need to estimate the value of the property. On the basis of the value of the property, the stamp duty is calculated.

To mortgage a property:

If a buyer wishes to avail loan against the security of property, the valuation of property becomes important. It is also done in case of a loan for construction of a building is required.

Acquisition by the authorities:

The valuation of a property becomes important when an individual or an organization declares itself bankrupt and a compulsory acquisition or auctioning off the property is done.

For taxation purpose:

Property valuation becomes important when someone calculating the tax on property. Tax includes municipal tax, rent tax, wealth tax, property tax, vacant land tax, etc.

How does property valuation help?

It helps us to know the fair value of the land or building. At the same time, you came to know the improvements that can help you to increase your property value. In return, you will get a certificate, proving the fair value of your property admissible in a court of law.

How much do I have to pay for the property valuation?

There is no standard pricing fixed for property valuation. It depends on the location, kind of property, size as well as the kind of certificate/documents you require, the pricing may vary.

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Why police verification of tenant is important & how it’s done?

Sep 11,2019 / By Prahalad Singh / No Comment

Why police verification is so important?

Renting out a property sounds a profitable choice for many of us. The high demand for rental homes from the migrating population in cities makes it an attractive journey for homeowners. However, the landlord must be careful while choosing tenants. Since the benefits of your investments depend solely on the kind of tenant you have chosen for your rental property. Police verification of your tenants is an essential component of this safeguarding process which must be properly followed for your own security. In case you are renting out your property without going through this safeguarding process, it is possible that trouble may strike you in the future.

The law makes it compulsory for landlords to fulfill police verification of their tenants. Under Section-188 of the Indian Penal Code (IPC) which concerns the violation of order rightfully declared by a public servant, a convict may be “punished with simple imprisonment for a term which may extend to one month or a monetary penalty of Rs 200”.

Since the monetary penalty is insignificant, proper attention is not taken usually to follow the laws. By the look of it, the tenant seems fine to the landlord and the difficulty to follow the method could well step aside. Does a landlord think that what harm could the tenant cause him or the system? Even if everything is fine, a landlord could still be accused or charged.

It is often seen that the landlord ignore the importance of tenant verification and rent out their property without performing legal due diligence. This is not only risky for the property but at the same time well-being as a landlord. If your tenant is involved in any criminal act, You can be held responsible for this negligence.

To make sure that you are renting out your property to an honest tenant, it is necessary to follow up these simple steps:

Police Verification:

You can get Police Verification Form online for tenant verification. Every landlord should download this form and give it to the tenants for verification before handing over the house or flat keys. The tenant should fill his original name with father name, permanent address, and other essential information in the given form. It verifies a tenant and makes it easy for the landlord to involve the police in case of a dispute.

Background Check:

A background check is a first and most important step in tenant verification. If your tenant has a history of averting rent or destroying rented property, in this situation, you may be able to find out through a background check.

Contact Your Tenant’s Previous Landlord:

If the tenant has lived in the same locality/city, then you can do a check with his previous landlords. You can also ask for the previous employer’s contact number and address. You can ask all relevant questions to make sure the person is reliable for you to rent out your property.

Ask for the personal references:

The landlord can also ask for 1-2 personal references whom the landlord can call and ask about the person and verify his details. Family and friends are a good source to verify the tenant. If the person has no unlawful records he won’t hesitate to share a few references but it is not always necessary that you will get all the information as some tenants may not be comfortable sharing their parent’s contact numbers. In this situation, it is better to ask for friends’ numbers or colleague’s details just to keep them as a record.

How does police Verification help?

Police verification can help in below-mentioned ways:

Unlawful practices on-premises:

It is often seen that college students, bachelor, and even young working professionals live alone or want privacy. They enjoy parties, consume drugs, drinking on their premises. Some live-in with partners. When police verification is completed, tenants do not resort to such activities in the premises as the fear of getting arrested.

It helps in tracking crime:

It is very easy to track the absconding culprit and those who connive a heinous crime in the rented apartment/flat. Once the tenant submitted his identity proof, the fear of a police trial ensures that there are very few chances of committing a crime.

It helps in tracking terror activities:

Many terrorists rent places to stay in the city from where they carry out plans of attacks in the city. A police verification can easily find out these monsters with fake identities.

It helps in tracking foreigners identification:

Many foreigners overstay after the expiry of the contracts and disappear into the smaller cities. With the help of police verification, these unauthorized citizens can easily find out in case they rent out a place to stay.

It helps a landlord if he lives abroad or out of town:

It is often seen that landlords rent out the property and stays out of the town or country. If he has done the police verification, he is relieved that his property is let out to a decent person with a good background.

It creates fear of law for the tenants:

After police verification, tenants always fear of police action and being hauled up and put behind the bars. If a tenant has submitted his official details, he fears that police can reach the workplace and he will lose his jobs and he will not get another place to stay.

It helps in better maintenance and safety of the premises:

Tenants take good care of the rented property and pay rent on time when there is a police verification completed. He does not mess around with the structure and does not cause any damage to it. He is aware that his documentation lies with the police and his record gets blackened if the landlord registers any complaints with the police.

The FAQ on Police Verification:

How do I get police verification for tenants?

To perform that, you can visit the nearby police station in your area and ask for tenant verification forms. The correctly filled documents that would have all the details of you and your tenants should be submitted with the police. You could download the form, on the website of police stations.

What is a tenant verification form?

The tenant verification form is a document utilized by a landlord when verifying the past rental information of an aspirant for tenancy. The landlord must send the form to the applicant’s current or past landlord in order to get all the details linked to the tenancy of the individual.

Is police verification of tenants mandatory?

Police verification of your tenants is an essential part of this screening process which must be properly understood for your own safety. The law declares it necessary for landlords to perform police verification of their tenants. Any negligence in this concern may invite a jail term or a monetary penalty.

What is a rental verification form?

A rental verification form is a permission form that a tenant applicant will sign to give permission to the landlord to do a background check. This also involves the ability to call the current employer, previous landlord, and current landlord.

What is the method for an online tenant police verification?

There are several methods to be followed:
Download the Tenant Police Verification Form online first.
Complete the form with both tenant and landlord details.
Affix the current photo of your tenant.
Sign at the bottom of the form confirming that the information stated in the form is true and you are agreeing to it.
Submit the filled form to your nearest police station.
Collect your acknowledgment receipt and keep it as a reference.

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Key Information About Home Insurance

Sep 4,2019 / By Prahalad Singh / No Comment

What is Home Insurance or Home Loan Insurance

Home Insurance, also known as Home Loan Protection Plan (HLPP) is a plan given by almost every financial institution in which the lender will square off the outstanding or balance home loan amount of the borrower with the lender or bank, if there is a condition of sudden incidents that may include death of the borrower. In simple terms, it is known as an insurance plan under which the insurance company squares off the balance amount of home loan with banks, NDFCs or Housing Finance Companies, in the case of the death of loan borrowers. The Home Loan Insurance term is normally the same as the Home Loan term. By taking the Home Loan Insurance the borrower is reassured that even after his/her death, his/her family members will not be forced to repay the home loan or vacate the premises because of the non-payment of the home loan amount.

What are the benefits of Home Loan Insurance?

Home loan insurance gives lump sum amount compensation which can be further utilized to repay the outstanding home loan.
Under Section 80C & 80D, the borrower receives the tax benefit from the home loan.
By paying an extra premium, medical conditions like disability and critical diseases can also be covered in the home loan insurance plan.
Under a joint home loan insurance, single home loan insurance can cover all the borrowers.
The borrower has the flexibility to reimburse the premium which is single/whole payment premium or insurance amount can be settled in the total loan amount and can be paid on a yearly basis.
Borrowers have the choice of switching insurance premium into the amount that can be added to the home loan EMIs.

Is Home Insurance Mandatory For Home Loans?

Home loan borrowers are often misled by their bankers or moneylender and are communicated into buying home loan insurance policy. Some of the finance companies name these products or policies as mandatory and often push their buyers or customers to pay extra for the premium. However, It is not mandatory to buy home loan protection plans. Neither the law nor the regulatory authorities such as the Reserve Bank Of India (RBI) or Insurance Regulatory and Development Authority of India (IRDAI) have made it compulsory under the home loan protection plan with a loan. Buying an insurance policy is the one and only responsibility of the buyer and borrowers cannot be forced to buy such plans. It only gives extra safety to your property but it is not compulsory.

How Does Home Loan Insurance Work?

Home loan insurance is a plan or policy that covers a borrower’s outstanding loan liability to protect the risk of loss in case he/she dies during the loan repayment term. These policies give a covering that reduces every year, as the loan amount reduces. In the case of the death of the borrower during the loan regime, the insurance company will clear up the outstanding loan with the lender bank. A home loan insurance policy could end up on the full repayment of the loan, or after the death of the borrower.

What One Should Need To Know About Home Insurance?

You must know that what is protected under the home loan insurance policy.
Like any other insurance policy, a premium will have to be paid on the insurance you have taken.
Home Loan Insurance Policy does not include suicide or death under natural death.
The insurance premium broadly depends on four conditions:
Age: The age is basically considered as the older you are, the higher your premium for the loan.
Amount: If you are availing Rs.50 lakh as a home loan, the premium will be higher.
Tenure: If you are taking the home loan for a period of 20 years, you have to pay the higher premium.
Borrower’s health record: The borrower, who is availing the home loan insurance should be medically fit. The better your health, the lower your premium.

What Is The Home Insurance Policy Eligibility?

Home loan insurance eligibility differs according to service providers. The minimum age is 18 years while the maximum age of the borrower while getting the home loan insurance is normally 50-60 years.

What Is The Process To Claim Your Home Insurance?

The insurance plan is held in the name of the borrower of the home loan. In the case of the death of the borrower, the family members of the beneficiary required to file and receive the claim amount. Once the claim is approved, the amount is directly paid to the lender or to a family member of the beneficiary. In the case of all term insurance policies, if the borrower is existing beyond the term of the policy, he does not recover the premium paid.

What Is Covered In A Basic Home Insurance Policy?

Only personal property is covered under a basic home loan insurance policy.

What Are Good Homeowners Insurance Policy?

Before availing home loan insurance policy, you must contact at least three banks or housing loan finance companies to compare coverage.

Your mortgage lender can, and perhaps will need you to have homeowners insurance. You are not appropriate to buy from a particular insurance company or bank. Rather than, compare coverage, price and customer reviews. Be sure that you are getting the right type of insurance plan and the right amount of coverage.

How Does Home Insurance Help Homeowners?

A basic homeowner’s insurance policies cover the cost of repair or reconstruction due to damage affected by disasters like fire, windstorms, hail, lightning, theft, or vandalism.

What Will Be The Premium For Home Insurance?

Premiums of Home Loan Insurance depend on three main categories that include the age of the borrower, loan tenure, loan amount and health record of the borrower.

Does home insurance get tax benefits?

Yes, if in case the premium is paid by the borrower himself/herself, then he/she is eligible for tax deduction under Sec 80C and Sec 10(10D). Under Sec 80C of the Income Tax Act, the maximum amount that can be claimed is up to Rs. 1.5 lakhs.

Smart Residential Living Tips

Celebrating Ganesh Chaturthi in your Housing Society

Aug 30,2019 / By Prahalad Singh / No Comment

Ganesha Chaturthi is known as ‘Vinayak Chaturthi‘ or ‘Lord Vinayaka’ or ‘Vinayaka Chavithi‘, the great Ganesha festival, celebrated by Hindus around the world as the birthday of Lord Ganesha.

Ganesh Chaturthi is less than a week away and preparations are in full force all over Maharashtra, West Bengal, and South India. The festival creates an atmosphere of fun and colors all around. Ganesh Chaturthi is celebrated to remember the birth of Lord Ganesha. Lord Ganesha who is considered to be superior to all Gods. It is also popularly worshipped as the God of wisdom, successfulness and good fortune, and usually prayed at the opening of any new business or at the start of travel.

Ganesh Chaturthi is best celebrated when you have lots of people around and not only your close circle of friends and family. The best possible way to ensure that would be by celebrating it in your housing society.

Collecting money: To begin with, start collecting some amount from each and every family and buy a beautiful Ganesh idol. Be sure that the idol that you are going to install is eco-friendly so as to keep pollution clear during idol immersion.
On the day of the puja install the idol during the Shubh, Labh or Amrit Choghadiya. If you intend to bring Ganpati Ji one day before that is on the 1st of September 2019. Ganesh Chaturthi date start- 04:56, Chaturthi date ends- 01:53 (3rd September 2019).
Daily prayers and Pooja of Lord Ganesha are important parts of this festival. Ganesh Chaturthi is celebrated over a period of 10 days and hence after the Ganesh idol is installed (or what we know as ‘Sthapana’ in your housing society) make sure that there is a daily prayer on a specific time every day till the last day.
Rangoli is an important part of this festival and this is done in the doorways. So this year instead of just decorating your own doorway do make a Rangoli near the doorway of your housing society.
Feasts can be arranged for all the 10 days and groups of people from within the housing society can join hands to dish out mouth-watering delicacies for each of the 10days.
Lastly, on the day of the immersion, there can be some cultural activities. People also use Gulal (Colour) to add some extra fun to this day. In case Gulal is being used then make sure to use herbal products which won’t be bad for the skin. Idol immersion causes pollution hence do try to immerse the idol only in a large drum of water instead of lakes and rivers.

Subh Muhurta for Ganesh Puja

It should be started from 2 September 11:05 to 13:36 noon. The idol must be set just opposite the entrance. Also, make decent lighting arrangements. Once lighting has done arrange a ‘Pujari’ to perform the puja on time before moving on with the other celebrations revolving the festival.

If you intend to bring Ganpati Ji one day before that is on the 1st of September 2019. Ganesh Chaturthi date start- 04:56, Chaturthi date ends- 01:53 (3rd September 2019).

How to celebrate the Ganapati Festival at your Home?

Those who are celebrating Ganesh Chaturthi at apartment, it is very much necessary to find a suitable space to establish idol of lord Ganesha and for that northeast corner of the home is most appropriate as it brings happiness so keep it clean and peaceful. Clean the home and to purify it sprinkle water in all corners and rooms of the home a day before the festival begins especially to the area where you going to place the idol.

List out materials and things needed for the same. Select the theme that can be held in your home. If you have some themes in your mind like Lotus Theme, Fruits theme, Curtain theme. Do a sketch and see how the theme can be made like it is.

Organize Localized Immersion Spots:

As an alternative of having groups of people from the housing society immersing idols all over the city, the housing society management should organize a local area where the residents can gather in mass, celebrate and complete the festivities. The management can arrange a small water tank built within the compound to be used for this purpose.

Prepare Homemade Sweets:

Sweets are the main part of this festival. You can take some initiative and encourage all families to make sweets at home. You can do this during the society meetings. This will not only benefit them save on money and resources but also ensures less wastage. Such sweets are healthier and also bring the housing society residents closer during the festival. You can also distribute the homemade sweets to your dear and near one.

Top 5 Tips for decorating home, mandap and it’s surrounding areas:

Lights can add a magical effect to your Ganpati decoration. Use LED lights, rice lights or string lights that are easily available in the market or electronic shops before the arrival of the festival.
You can also light up the room or the mandap where Lord Ganesha will be kept by using Diya, Candles, and lights.
Decorate the walls of pooja place or mandap particularly behind the idol with garlands, crowns, colorful ornamentation, and balloons. You can also use paper made garlands or hang bright color curtains, dupattas or sarees to liven up the place.
No Poojas are performed without Flowers and Fruits. However, you can also decorate the mandap with the placement, colors, and size of flowers or fruit. These items play an important role in attempting beauty to your decoration.
Most Indian festival decoration ideas cover the making of rangoli at the doorway of the home or pooja room or in front of the holy place of Lord Vinayaka where it is established! You can design a rangoli, by using flowers or colors.

Enjoy safe Ganesh Chaturthi without harming the environment?

Traditionally, clay was used to make Ganesh idols across India. However, throughout the years, plaster of Paris (POP), which is having little weight and cheaper in cost, has become the preferred material to shape these idols. POP holds chemicals such as gypsum, sulfur, phosphorus, and magnesium. The immersion of idols made from non-biodegradable or toxic materials has the following effect:

With the immersion of these idols in the sea, rivers, ponds, lakes, and streams, it releases harmful components The chemicals in these idols dissolve easily in the water and its toxic waste kills plants and animal’s life. POP (Plaster of Paris) dissolves slowly but gradually releasing its toxic components. As a result, the water encounters a rise in acidity as well as to detect heavy metal.

Go Eco-friendly

This Ganesha Chaturthi season lets go green. Opt for Eco-friendly Ganesha Idols. Many options are available in the market. One of the best ones is to use mud-based Ganesha and decorate him as you want. At the end of the festival, it is a very refreshing and proud feeling with no-fault of polluting our water bodies. Use that mud later for your Home Garden for planting trees and plants.

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