Tag Archives: buying properties in bengaluru

Buying property Real Estate Smart Residential Living

Reasons to invest in Kharadi

Jul 11,2018 / By / No Comment

kharadiKharadi is Maharashtra is the recent favorite among the home buyers. This bustling residential area houses some of the best residential spaces across Maharashtra. The residential apartments in Kharadi are available at an affordable price, making the market even more attractive.

Interestingly, there has been an increase in the overall property prices in the past three years. Approximately 170 projects have been launched in the region. However, water supply has been an issue in the area for a while, the civic authority is promising to address the issue in the coming days.

A business hub: Kharadi is home to some of the biggest IT parks namely World Trade Center, MIDC Knowledge Park, Eon IT Park and Zensar Knowledge Park. The locality is also an SEZ and an EON Free Zone. Besides, there are many other multinational corporates here.

Presence of commercial spaces in the neighborhood makes Kharadi a perfect investment destination and home buying choice for home seekers.

Well-developed social infrastructure: Educational institutions such as International School, Shankarrao College of Pharmacy, Nirmala Convent and URSAL College are settled in the locality. Moreover, there are a number of reputed hospitals like Rakshak Hospital, Prathmesh Hospital, New Municipal Hospital and Aditya Hospital along with popular bank and restaurants.

Connectivity: Kharadi is well linked to other parts of the city through major roads including Kharadi Road, Kharadi South Main Road, and Magarpatta Road. There is also an accessibility of a healthy public transportation system. The state highway MH SH 27 is linked to the locality, which further boosts the connectivity.

Residential Real Estate: There is an availability of a variety of residential options which includes affordable as well as luxury apartments. Austin Engineers Regalia, Nyati Elysia, Kumar Urban KUL Nation and Rama Erande Group Swami Raj are some of the key projects in Kharadi. Panchshil Towers, Marvel Realtors Aquanas, and Marvel Realtors Cerise are some luxury projects in Kharadi offering some of the premium amenities.

Most of the residential properties in Kharadi offer scenic views of the serene surroundings. There is also plenty of greenery across the locality.

Challenges: Many housing societies in Kharadi are facing water shortages for quite a long time and are completely dependent on private water tankers. According to the residents, there are a large number of illegal water connections had been channeled for commercial purposes — roadside eateries being one of the receivers. As per the estimate, Kharadi homebuyers paid Rs 3 crore as property tax to the PMC. At the same time, the water-deprived housing societies have to shell out around Rs 4.7 crore for private water tankers.

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Buying property Real Estate Smart Residential Living

Bangalore Real Estate Market – An Overview

Jun 29,2018 / By / No Comment

CF article picPost the implementation of RERA, GST, the Bangalore Real Estate market has now recovered from the steadiness or Dip in the sector & is now heading strongly to cater the supply & demand effectively. The residential Real Estate market is number two after the MMR (Mumbai Metropolitan Region) with regard to absorption for Q1 2018 and overall supply.

Bangalore’s housing market has witnessed good growth arising from positive customer sentiments, heightened commercial activities and upgrades to infrastructure along with higher job opportunities. Bangalore is a market driven majorly by end-users according to experts.
There is increasing demand from the flourishing IT and ITeS sector and also via the start-up scene in the city which is thriving. Top-class healthcare and educational facilities available in the city along with continual upgrades in terms of physical infrastructure are also one of the major contributors to the raise in Bangalore real estate.

Some of the Newly Launched Projects in Bangalore are

ATZ Areva, V Venture Abode, Aswani Vamani, Sowparnika Pranathi, Arvind Oasis, Purvi Khosala, The Infiniti

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Buying property Real Estate Smart Residential Living

All you need to know about Leasehold Property

Apr 23,2018 / By / No Comment

Leasehold propertyMost 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.
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Buying property Real Estate Smart Residential Living

Walk-to-work concept is gaining momentum in Indian Real Estate

Dec 6,2017 / By / No Comment

The concept of new urbanism and walk-to-work is gaining momentum in major cities. The concept of new urbanism inspires developments such as housing, workplace, and shopping in the vicinity of each other, and walkable streets and blocks and reachable public spaces play a vital part in such developments.

According to Colliers Research, about 90 million sq ft of office space under the different stage of construction across India is likely to complete in the next three years, and to be precise IT-ITeS districts of the cities will promote such walk-to-work concepts in Indian cities.

Bengaluru residential developers have already started trying out the concept of walk-to-work with projects near Whitefield and Hebbal. Integrated developments with schools, colleges, malls and public spaces within 500 mts to 1 km range will further counterpart such walk-to-work growths.

Tier 1 developers are concentrating on integrated developments. Some of the most popular samples of the integrated township are Prestige Shantiniketan and Brigade Metropolis in Whitefield, World Trade Center in Yeswanthpur. More developers are going to join the league.

The Magarpatta city in Pune is also one such successful example of a viable development model integrated with the commercial zone, housing developments, institutions, healthcare facilities and entertaining spaces with best in class infrastructure.

At the same time, Transit Oriented Development (TOD) trends should create a balanced land-use blend with residential developments along the transit corridor that help in succeeding controlled developments within the cities.

With a focus on the creation of mixed-use development in the effect zone of transit stations that are within the walking distance of (500-800 m), TOD is possible to lessen the average travel time and expenditures on transportation.

TOD should also include a facility for public spaces, systematized parking and support foot-travelers, bicyclists and non-motorized transport (NMT) users in cities.

Recently, India has observed a notable economic growth, Indian cities are emerging at a rate faster than other cities in the world. According to the Ministry of Urban Development (MoUD), the urban population in the country, which is approximately 377 million, is expected to grow up to 600 million by 2030.

This rapid development coupled with growing residential and commercial developments has led to many critical significances such as road traffic issues, increased pollution, public safety, and flooding. This, in turn, is weakening the livability quotient in the fast urbanizing metro cities.

While India’s collective annual infrastructure investment amounts to 35% of GDP, the government evaluates that it needs USD 1.5 trillion in infrastructure investment in another ten years. Even this huge amount will possibly only help bridge the infrastructure shortfall rather than create room for future infrastructural development.

As per the study was done by Colliers Research, the real estate developers should also focus on mixed-use developments at city fringes or beyond the city limits to house the overflowing population of the urban region to stabilize population explosion in main cities.

This planning method will not just ease the burden of urban infrastructure but also drive affordable housing as it remains as a distant dream owing to the high land cost in overbuilt areas in the city.

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