Think Once Should Buy or Lease a House is Better In India?

Buying or leasing a home depends on various factors. As real estate prices rise and fall in India, it becomes difficult for home buyers to decide whether to buy or rent a property. It is necessary to do a thorough research of the city's property trends and decide whether to buy or rent a property. The decision also depends on the financial status of the person.

A wrong decision will lead to huge debt or illiterate assets. Many factors will help you decide whether to buy or rent a house in India:

High property prices: Property rates are skyrocketing in cities like Mumbai, Delhi, Chennai, Ahmedabad. So it becomes difficult for buyers to buy a house. Renting a house is a wise decision. Due to the rise in property prices, Mumbai is witnessing high demand for rental properties. The rental rate in Ahmedabad is quite stable, so renting is better than buying a property.

Low or stable property prices: Cities like Pune and Hyderabad have stable property prices, so buying a house in these cities is convenient. These are neutral cities for property investment. You can buy or rent property as per your convenience. Although Bangalore is a metropolitan city, properties prices are significantly lower than other Tier I cities. Therefore it is advisable to invest in property. In fact rental rates in Bangalore are very high compared to property prices. Even Hyderabad has cheap property prices and remains an ideal property to purchase destination.

Financial condition: Buying or leasing a property also depends on the financial condition of a person. If a person is financially strong, he can buy property even if the prices are high. Investors in cities like Chennai, Delhi, Gurgaon, Faridabad, Pune can take decisions based on their financial condition.

Duration of your stay: One of the factors to consider when buying or renting a property is how long you are going to stay in that place. If you are transferred to a particular place for a job or educational purpose then it is advisable to plan and decide the duration of your stay. If you are living for a short period of time then you rent a property instead of buying and paying a home loan. If you are looking for a long term plan then you can buy property.

Inactivity: Since large amounts of capital are invested, disposing of the house is difficult. Invest in an area that has strong infrastructure facilities such as connectivity, schools, parks, etc. Rather, it is better to rent a house, being stuck with an illegal property that is not easy to dispose of. Therefore it can be concluded that, if property prices are high, it makes sense to rent instead of buying property. Buying or renting a property depends on the person's choice and the above factors.

How Real Estate Affected by COVID-19

COVID-19 affects real estate in the market 

The corona virus scare is infecting people worldwide and affecting the real estate market, as it is spreading rapidly at lightning speed. According to the economist the rate of the economy will decrease as most people have reduced or reduced their income to overcome the current global disease.

Due to the global disease affecting the world, many people are trying to keep away the social disturbances and save their belongings and savings which can come to the rescue in the event of being affected. As per the security measures, the government has implemented mandatory lock-downs, which has led to a slowdown in the economy and a huge gap in the exchange of funds.

Impact on Real Estate: The current situation will affect the economy as it will have serious long-term consequences that can last for months, years or decades and have targeted the market and economy. Currently the real estate is still stalled due to the lockdown as sales and marketing efforts have been halted, with no interaction between buyer and seller. Both customers are thinking twice before trying to exchange money. Even if a buyer does not decide to buy the property or a seller is not selling his property or the investor decides not to invest the money of the property thinking what will happen next in the market, it will hurt the economy. And real estate will decline. As people fear what will happen next due to global illness, there will be less demand from buyers, this will freeze finances and this will have a huge impact in the real estate industry. Construction of projects has been delayed due to travel restrictions. Precautionary measures have also led to a decrease in construction activities.

Real estate mainly relies on project listings, as listings bring in sellers and buyers, it will make money, as long as listings occur, there will be buyers who can put themselves at risk for investment. Since no new inventory is being created on new projects due to the lockdown, there is less advertising on the assets being exposed in the market. Due to the impact of Corona, the global economy has declined and has already impacted the market and businesses in the country which have affected the decline in property prices. The demand for housing is going to be affected as people are trying to save their cash due to salary cuts and may face it if the situation deteriorates, as hiring in the area has been completely halted.

Predictions

According to the survey published by Economic Times, India Bar, on 2 April 2020, there is a huge impact on Indian real estate as it stands still due to the nationwide lock down. Housing sales have been reduced by 25 to 35% and office locations by 13 to 30%. In 2019 residential sales in the top 7 cities (Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Pune and Hyderabad) are about 2.61 lakh units, which can fall from 1.70 lakh to 1.96 lakh units. Similarly, new launches can see a 25 to 30% drop according to ANAROCK Property Consultant. About 4.66 lakh units in the top 7 cities were earlier scheduled for completion in 2020, there may be a risk of delay. The nationwide lockdown has completely halted construction activity, project delays and may last several months until the epidemic arrives and this will cause demand to fall in supply.

Talking about non-residential areas, corporate businessmen are delaying their leasing decisions as many multinationals and businesses are testing the Work from Home option, which, if proven successful, will allow it to be leased in the future.

One positive thing to note is that this is the best time for investors who want to invest in real estate during lock down as it will be a passive income with low investment and high returns, attractive prices for them, Affects sellers financially. Sell ​​your property, good financing options as home loan rates are reduced and use your time in search of better properties.

To conclude how long the corona virus will last, no one knows, if it goes away in two months things may not fully recover or return to normalcy. The spread of the corona virus depends on the weather and how long it lasts, the flu season and it does not like the warm climate that disappears. As it has become a major epidemic and is spreading soon. In the end how long the corona virus will affect the market or economy depends on us and how we are ready to fight against it.

Boost Ballabhgarh's real estate market by Violet Line of Delhi Metro

Violet line metro of Delhi has been established for the development of Ballabgarh's growing industrial center in Faridabad. The 3.2 km elevated corridor will have two stations and is expected to meet the extended deadline by June 2018. Earlier the launch was planned in December 2017.

The corridor will extend from the 13.8 km Badarpur-Escorts Mujesar section which was opened to the public in September 2015. The other end of the line extends to the ITO in Delhi and there are plans to connect it to the Kashmiri Gate on the Red Line.

Travelers heading to Ballabhgarh will benefit greatly from the development as the destination is a noticeable business center with many educational institutions and industries. This will also increase employment opportunities.

Recently Ballabgarh was renamed as Balramgarh. Chief Minister of Haryana, Manohar Lal Khattar had publicized several developmental projects to declare the area as a development area.

The cost of the metro project from YMCA Chowk to Ballabhgarh is Rs 580 crore, with around Rs 95 crore provided by the central government.

The YMCA Chowk-Ballabhgarh metro project is one of the Rs 1,090 crore two-line expansion projects approved by the Public Investment Board (PIB) of the Ministry of Finance. The second is an underground corridor from Najafgarh to Dhansa border. The metro train at Badarpur-Faridabad is powered by solar energy which is a major feature of the project.

The project began in 2015, but was delayed due to the construction of columns for the crossover track near the main Ballabhgarh station, as well as a legal dispute over the land required to remove or move water and sewer pipelines.

Infrastructure connectivity in Ballabhgarh:-

Ballabgarh is connected to the emerging NCR hub of Sohna near Gurgaon via the 35-km-long Ballabgarh-Sohna (BS) road. The nearest railway stations are Ballabgarh railway station and Faridabad NW TN railway station.

There are extensive rural healthcare projects in the area (rural area practice area of ​​AIIMS) or reputed educational institutes like Civil Hospital and Cement Research Institute of India. In addition, the YMCA University of Science and Technology is less than five kilometers from the locality. Reputed companies like IBM and Cognizant also have their offices.

Healthcare centers, elementary schools, and retail shops are available in the surrounding areas. The government had announced Rs 10crore for the reconstruction of the dilapidated bypass of Faridabad and restoration of tubewells in the area.

Ballabhgarh  Real Estate status:-

Ballabhgarh, located on National Highway-2, about 30 km from Delhi, is a commercial hub and residential development is not as noticeable in the neighboring areas of Sector 56, Sector 76 to Sector 88 in Faridabad.

These neighborhoods are active residential colonies with abundant availability of affordable homes. There are many such upcoming residential properties in the surrounding area started by local developers. The average capital value of residential properties in Ballabgarh is Rs 2,800 per sq ft. The price of a 2BHK apartment is less than Rs 20 lakh for an average size of 850 sqft.

Real estate is changing the face of unnatural intelligence as technology changes. It is anticipated that artificial intelligence will be able to fully handle the market. It first managed to become a monologue platform, but due to advances in technology, it has now interacted with an online program. Due to this advancement in technology, it is predicted that the overall business board is a real estate or continues to prosper. SuGanta Realty Services llp offers you a range of apartments, villas, flats, farmhouses, plots, Offices, Spaces, Shops, Builder floors etc on affordable price and amenities.

 

NDMC: Linked to more than 400 properties of property tax evaders

NDMC has attached more than 400 properties from property tax thieves with effect from 1 April 2019. It attached 125 properties in 12 days which included Rs 1090.55 lakhs. It has opened its property tax offices on all Saturdays except gazetted holidays.

New Delhi Municipal Corporation (NDMC) has attached more than 400 properties to property tax evaders from 27 April to 1 April 2019. The NDMC said these assets comprise a total of Rs 2775.42 lakh.

However, out of 416, 82 properties have been de-attached, as NDMC realized Rs 367.60 lakh from these assets.

According to the civic body,

The North Delhi Municipal Corporation attached 125 properties in 12 days, including an amount of Rs 1090.55 lakh, while 28 properties were issued an amount of Rs 262.04 lakh.

In April 2018, the North Delhi Municipal Corporation attached 648 bank accounts and 670 properties for non-payment of property tax from 1 April to 31 October 2018.

For NMCD, property tax is an important source of funds. It is the responsibility of the owner / owner of the property to self-assess the property tax of his property and submit it to the Municipal Corporation within the due date. But many property owners / occupiers are not doing this, so NDMC has to keep their property or bank account in one place. As per the rules, a property tax defaulter has to pay penalty and interest along with the due tax.

Number of times you have an exhaustive experience in the field of real estate that helps us to completely understand the market. The range of services that we provide has rapidly evolved over time to benefit all sorts of clients. Suganta Realty Services llp is the platform that brings agents and private sellers at one place that makes the site must-see portal for the person who wishes to buy, sell or rent real estate in India.

Our team of experts offers a route to sellers to use all the options to reach to the maximum number of buyers. On the other hand, we give entire information about the property to the buyers and thus, allow them to make a good decision.

National Green Tribunal (NGT)

The National Green Tribunal (NGT) has imposed an interim fine of Rs 22.5 crore on 6-builders in Haryana's Sonipat area for breaking environmental laws. According to the NGT, the violations are serious in nature and compensation should be a precautionary measure.

Head of bench NGT Chairperson Justice Adarsh ​​Kumar Goel also formed a joint committee comprising representatives from the Central Pollution Control Board, Ministryof Environment and Forests and IIT-Delhi to suggest the actual compensation received from them. 

NGT imposed environmental compensation of Rs 10 crore on TDI Infrastructure Ltd for Kingsburry Apartments, Rs 2.5 crore on TDI Infrastructure Ltd for My Floor Project in Sector-60, Tuscan City, CMD Built-Tech Private Limited. Ltd. , Parker Estate Development Pvt. Ltd., and Narang Constructions & Financiers Pvt. Ltd.

According to the NGT, during an inspection, it was found that the duration of the violations was more than 2 years, the turnover of the projects is in hundreds of crores, and the deficiencies are in the knowledge of the project defenders who are regularly in business.

Now bench further discussed, "Although the environment is invaluable, the amount of money the environment should have is sufficient to restore the environment and there should be a preventive aspect to it so that such violations are not profitable. No attitude of any kind can be shown. Even nor can such cases be unnecessarily increased”.

The NGT ordered the Haryana Chief Secretary to investigate the matter, citing vigilance to determine willful and collective violations of the law. The NGT further said that the Chief Secretary can also manage corrective action for speedy implementation of environmental laws in concern of the health of the citizens.

The Green Tribunal also said that the amount can be recovered by the State Pollution Control Board and used on the recovery of the environment. The interim compensation will be done in the light of the report of the Joint Committee, including the hearing of the affected parties, with due process to be followed by the final determination of compensation by the State Pollution Control Board.

We have an exhaustive experience in the field of real estate that helps us to completely understand the market. The range of services that we provide has rapidly evolved over time to benefit all sorts of clients. SuGanta Realty Services llp is the platform that brings agents and private sellers at one place that makes the site must-see portal for the person who wishes to buy, sell or rent real estate in India.