Builders Priority to Clean Ready-to-Occupancy Inventory During COVID-19 Outbreak

Real estate sales in India were improving in the first quarter of 2020, until the social distancing advisory was implemented by the government, with the outbreak of the COVID-19 virus continuing, reducing site visits. Subsequent lockdown forced house buyers to postpone the decision to buy their home until the government and the market had more clarity than stability.

The economic relief measures announced by the government are extremely positive for the real estate sector on a large scale. This measure will compensate for the short-term impact of the crisis and increase liquidity, thereby easing credit flow and reducing the pressure of delivery deadlines. This will allow real estate developers to reorganize their business strategies and focus on high priority operations without additional financial burden. It will also ease home buyers' concerns and accelerate the completion of delayed projects. This step highlights the magnitude of the realty sector in India. Being the second largest employer in India, it is mandatory to protect the welfare and interests of all stakeholders.

Currently, the priority of most builders is to sell ready-to-occupant inventory. Now that the government has relaxed the lockout, the market may pick up momentum again, with more buyers entering the market. Although sales will be comparatively slow, it is unlikely to affect real estate prices overall, which has also maintained flexibility during demonetization and other reformist changes previously announced by the government .

In these challenging times, as people have realized the importance of owning a house, the demand for residential properties may increase in metro cities.

Better demand for property is likely to have a positive impact on property prices.

The place for price appreciation in real estate as the city offers quality housing options at affordable rates. Although the lockdown caused a short period of delay in construction activities, a reduction in prices is unlikely.

Which is a better option for investment? Luxury flats or villas..!!

With the increased economic status, everyone wants to lead a luxurious lifestyle, and a well-designed comfortable home is essential for this. As the real estate market is growing immensely, today's buyers get a lot of options to choose from. And, among so many options, they feel confused about buying a flat or villa. Well, we all wish for a grand villa in a great location in the city. But more often, sky rocketing prices of independent homes in home buyers to look for more cost-effective options i.e. luxurious flats. Yet another group of people, especially young couples and retirees, consider luxury residential apartments as more convenient and safer accommodation. There are pros and cons to either option. So, analyze the major factors that should be considered in this regard.

1) Facilities that come along

An apartment property comes with many additional features, such as parking space, power back-up, security guards, and fire protection mechanisms. On the other hand, to enjoy all these facilities in an independent villa, you will have to spend an additional amount. While living in an apartment, all these facilities come at a low maintenance fee. Thus, many people prefer to buy a luxury flat instead of an independent villa.

2) Maintenance costs                        

Repair and maintenance is a never ending process that begins the moment you live in your new home. The cost of maintaining an independent house can be much higher than that of a flat. When you buy a flat, most maintenance is taken care of by the apartment welfare association. Thus, you do not have to try for repair and maintenance. The couple advances a large number of home buyers to take a luxury flat above a grand villa.

 

3) Mortgage

Although millennial are not afraid to be themselves for years, taking a large loan can have many adverse effects. Remember the money you are paying because the interest on your loan can be used in many ways. Therefore, avoid taking unnecessary amount of home loan. In this regard, we suggest that you opt for a more affordable option, i.e., luxury flats rather than buying a grand villa.

4) Location

When deciding between a villa and a flat, location is an important factor. Generally, villas are built in a suburban location. On the other hand, apartments are usually located in a central location. If you are living a comfortable life with all the amenities in the surrounding area, make sure that you purchase a property which is located in the central business district.

5) Freedom of adaptation

If you are someone whose choice continues to evolve over time, it is better to buy a villa instead of a flat. Independent homes provide freedom of modification with interiors and exteriors. You can easily customize it according to your taste, vision or style trends. But when it comes to apartments, exercising that degree of freedom becomes a bit more challenging. It is difficult to renovate or expand an apartment whereas, with a villa, it is quite straightforward. But changing the interiors of an apartment is in your hands. In addition, most interior designers have a plan ready for the interiors of a luxury flat, which means remodeling for any major interior design, so you don't have to wait for months.

6) In context of investment

Currently, any real estate property can be great for investment. Villas and flats both provide healthy options for passive and active income generation. But flats offer a better option to rent or lease for a longer period due to their high demand. Conversely, renting a villa is difficult because it is difficult to maintain. Also, for renters, it is difficult to afford the additional amount spent on security.

When it comes to reselling, flats can be sold more quickly. Conversely, to sell a villa, you may have to wait for years.

Both apartments and villas have their fair share of advantages and disadvantages. But if you prefer a classy lifestyle in an entire social setting, then flats is a better option. Additional amenities that come with a flat are one of the major reasons for preferring it over a villa. Also, it requires low maintenance costs. Also, from an investment point of view, it is a better option as it can be rented and sold easily.

Surprising truth about villas you may not have known before...!

Villas were originally houses that belonged to the upper echelons of Rome. In ancient times, they belonged to the kings and nobles of Rome. These houses were designed to provide all the creature comforts to the inhabitants. After the fall of the Roman Republic, the royal villa was reused as a monastery. During the middle Ages, villas were large country houses, consisting of vast farms all around. Over time, villas became the first choice worldwide and their designs evolved greatly. In modern practice, villas can be referred to different types of homes, but the basic concept is still the same, namely, well-designed independent houses with open spaces at all locations. Unlike their traditional counterparts, modern villas do away with intricate designs, high ceilings and broad columns, but luxury is still the major focus.

Whereas a few years ago, most house buyers preferred to buy flats due to low capital investment and high security, today people's choice has changed. Now, they prefer to buy villas as they are a good option for exclusive, spacious and long term investment. But many people still feel doubtful about buying a villa because they take into account many misconceptions. In this blog, we have discussed some great truths about villas.

1. Reasonable

While we often think that a villa is a highly expensive option, it is not. You can buy an affordable villa in a suburban location and it will cost you approximately the same amount that would be required to buy a 3BHK apartment in the city center. The best thing is that the former option is much better because it will become the property of your family. But ownership of an apartment only lasts for 60 to 100 years.

2. More amenities than apartments

Many of us think that staying in a villa is not a good option because unlike apartments, one does not get all the community services like clubhouse, swimming pool, yoga center and gym. But if you like all these benefits, you can buy a villa in an integrated township project or gated community. The best thing is that it will cost less than an independent standalone villa.

3. You can enjoy living a community

While many feel that apartments provide an opportunity to socialize more, the fact is that as many people are living in the same building, people feel claustrophobic and tend to live more isolated. Conversely, by staying in a villa, you get to socialize with limited families, but they are of a similar class. Therefore, there is more scope for a healthy relationship.

4. Enjoy the lifestyle of your dreams

When you buy a villa, you get space for everything from terraced gardens to your king-size bedroom, gym. It comes with the freedom to design and redesign your space as you wish. In addition, you can upgrade it according to the needs of the developed family. Also, you don't need to get society's permission for petty things like petting an animal and parking your friend's car.

5. Complete Privacy

Staying in the villa comes with complete privacy. You don't have to worry about the neighbor listening to all your family conversations from next door. Also, when you are in a destructive mood, you do not need to confront a troubled person. And, in addition to all this, you can give wings to your hobbies such as playing music and dancing without fear of disturbing your neighbors.

Luxury villas are a great way to ensure that you have the space to live the life of your choice. A luxury holiday villa is a great way to enjoy private life while escaping the bustle of the city. At the same time, it provides an opportunity to socialize with your limited neighbors. When you live in a villa, it appears that there is endless variety of things.

How You Know About House Is Perfect Or Not For Your Spouse

Buying a new home is always exciting; however, it can also be scary if you don't dig all the necessary information before putting that deposit down. Therefore, keeping in mind some points below, buy a new house that will guide you what you should try to get a newly built apartment in every city of India, if you are hunting it with your spouse.

1. Know Your Primary: You have to find all the important things that you want in your house. For this, you can make a list of all the items that are really important to you and others that are not necessary. Once you know your priorities, you'll be able to do a search and you don't have to wander from columns to posts. Place your preferences in a paper like location of your home such as 3 BHK, 4 BHK, etc., where you want to live, budget and so on.

2. Sharing Ownership: Talk to your partner about how you will share ownership of the property. There are two types of options that you can consider:

a. Joint tenant: You both have equal rights to share the entire property.

b. Tenants in common: You both own a part of the property.

Therefore, you need to interact with each other and after mutual understanding, choose the best option that suits you.

3. Check Credit: Whether you are buying a car or a home, the bank first checks the credit score. Therefore, you should check the credit score of both so that you can take important decisions to obtain mortgage approval. Today, there are many ways to know the credit score, here you just need to enter a little information about yourself and the platforms display the CIBIL score. After knowing the credit score, reach the bank for a home loan and get the house of your dreams.

4. Find the right cost: Before starting your search, find out the expenses you can face to buy your dream home. In addition to the initial cost, find out what other types of expenses you may have when acquiring that home.

5. Watch for financial help: Look for financial options so that you do not face any issues while buying your dream home. Find out if you are qualified enough to get a bank loan and if yes, you can start looking for your ideal home.

6. Joint Mortgage: When you apply for a joint mortgage, both credit reports will also be linked. In this way, the lender will be able to view your credit history and allow you to take a mortgage.

7. Make an exit plan: Most people buy only one house with their partner without thinking so that this partnership does not last long. If one of them dies, an exit plan can save your valuable time and save you from troubles.

Owning a house is always exciting and people try a lot to get a dream home. If you are buying a house with your partner then there are some special things that you have to keep in your mind. The above points will help you understand what steps should be taken and what you should not do. There is no need that a partner is your spouse, it can be brother, father, mother or someone else. Therefore, check all the above points and decide wisely.

You should consider carefully before renting a new flat with your children...

Renting is an excellent solution to live a peaceful and comfortable life without spending large amounts of capital. Although moving to a new home can be exciting, you need to make your choice more carefully to avoid many problems in the future. If you have children, your rental decision should include many important factors so that your younger people can live their lives to the fullest. While searching for an apartment for you and your children, you may come across a landlord or two who will inform you of the ban on children. There may be some restrictions for their safety, but others often pressurize them to avoid sports and socializing. Well, you need to avoid such foolish landlords who will act like a monopolistic dictator for your children. In this writing, we have shared some important factors that have to be considered before renting a flat with your children.

1- Set your budget

This is the most important consideration that you should do before searching for a rented house. Ideally, your house rent should not exceed 10% of your monthly income. But this should not be the only consideration when choosing a budget for your rented flat. Rather, you should calculate the total expenses including utility services, insurance fees and taxes before allocating a fair share of the money to be deposited at home.

2. Search the right way

Finding online flats for your children can be difficult because you, not every owner or agent, openly states the level of child friendliness on websites. But still, the real estate portal is a good place to start your property search. Many reputed real estate portals offer classified options for child-friendly independent apartments for rent in any area of any city. Advertisements on these websites usually provide contact details of the agent or owner. You can contact the person concerned to book a home inspection schedule. 

3. Check the features

Living with their children follows a long list of needs. Thus, you need to set your priorities and write them on a piece of paper. You may need a home that is close to school or workplace and has child-friendly policies. Ensure that the apartment has all the basic facilities like water and electricity. Also, find out society's provision for safety so that your children are safe at home, even if you are out for work.

4. Rental Agreement

Most of us sign an agreement before reading it well. But this should be avoided in the case of a lease agreement as the success of your kidney period depends on it. In addition, the rental agreement will serve as a valid proof at the time of any dispute with the landlord  or other tenants. The agreement will provide information about the start and end date of the rental agreement. In addition, it will provide information about rental prices in society, rules to follow, and the reasons why your landlord may terminate your lease contract.

Do not let your eagerness to find a rented flat for your children result in poor judgment. There is nothing worse than finding a flat that would be unsafe and inappropriate for your younger people. Therefore, after checking the facilities required for the good of your family, make this decision carefully. And, make sure you get a property that comes with child friendly policies.

Plan to fight corona virus? Pay attention for house you live in

The rapid introduction of corona viruses has endangered the entire human community throughout the world. Although corona virus was first developed during 1937, a recent version of corona virus that originated from Wuhan, China is responsible for an acute respiratory syndrome that is highly fatal. Among humans, corona virus infection occurs mostly during the winter and early springs as the virus finds a precise environment to live and thrive.

The World Health Organization and many research institutes around the world are looking for an action plan to control the spread of the deadly virus. Currently, preventive measures basically focus on avoiding human-to-human transmission. In addition, there is a need to focus on the environment - water, soil, air and man-made surfaces.

Dark and dirty environments serve as a repository of pathogens. If people live in a contaminated environment, they can become infected with the virus. Therefore, to deal with virus outbreaks, it is important to live in a green building. Some of the reasons supporting this idea are:

1) Airlessness and vapor barrier in building walls

Viruses mostly live as living cells in an organism's body. But when they are not inside a host, it is present in the environment as small particles. There is scientific evidence that most pathogens live in dark, cold, dirty environments. Generally, viruses prefer low temperatures, about 4 ℃, and low humidity. Therefore, to prevent them, it is better to stay in the green building. Aeration and vapor barrier in building walls retain moisture and moisture from outside.

2) Low solar heat gain coefficient

Green buildings include a low solar heat gain coefficient that is the amount of solar radiation that enters through the glass and is released as heat inside a building. A low solar heat coefficient ensures that the environment has a moderate temperature that eliminates the growth of pathogens.

3) Open, natural environment

Most infectious diseases, including severe infectious respiratory syndrome that are caused by corona virus, are due to human-to-human contamination. Thus, it is better to live in less crowded areas. Green buildings are usually constructed in open, large spaces, probably in a suburban location, which is very good for the prevention of the disease.

4) Antimicrobial floors and walls

Green buildings have anti-microbial floors and walls that can inhibit microorganisms. There are no seams, welds, or grout lines on these surfaces where fungi and bacteria can potentially irritate and grow. Thus, green buildings promote clean and hygienic conditions.

There are many real estate developers in India who are developing green buildings. By staying in these houses, you can avoid infectious diseases to some extent. These include airtight walls and floors that can improve air quality by eliminating the entry and growth of microbes. And, there are many other benefits of living in green buildings including energy conservation and rainwater harvesting. Also, the building materials in these buildings never harm our environment or harm people in it.

Hidden facts about Real Estate (Regulation and Development) Act – RERA

The Real Estate (Regulation and Development) Act is fully implemented. The major implications of RERA are summarized below, for the understanding of a person who is not part of the real-estate sector.

Any project up to 500 square meters, and more than 8 units (flats / apartments / personal properties) that are under construction, will have to be registered under RERA.

This means that most, if not all, of the ongoing projects will be officially looked into under RERA.

Every project detail has to be registered. This includes project layout, planning, government approval, land title status, subcontractor of the project and completion schedule with RERA. It has to be presented to the consumer. Each phase of a project will be considered a stand-alone project and will require related permission.

In this way, RERA will be updated with all real estate activity which will help increase transparency and streamline the sector.

Under Section 9 of the Act, all agents and brokers have to register with RERA within three months of the implementation of the Act.

As a result, house buyers will only deal with agents and brokers who are qualified, verified and authorized.

The sale of any project will be on the basis of its original carpet area and not on the super built-up area.

Buyers will get a clear understanding and will be able to make an informed decision when purchasing a property.

Once a particular project is registered and sold, no further changes can be made without the buyer's consent.

This will eliminate the cost of fluctuations after the sale is completed. In addition, it will ensure that projects are delivered on time.

The developers will be liable to pay interest on the amount paid by the buyer if the project takes longer to complete than promised.

This law will ensure that projects are completed and delivered without any delay.

Separate accounts have to be maintained for different projects of the same developer. 70% of the client's money will be used to build related projects.

This will help in regulating the transaction. The customer's money will be used fairly and appropriately for the development of their homes. It will also assist in timely delivery of projects.

In case of any damage, the customer can contact the developer in writing within 5 years of being taken possession.

This will ensure the safety of the customer even after they are assigned to the project.

Under this Act, the Real Estate Appellate Tribunal is constituted. These tribunals will decide on disputes between buyers and developers within a time limit of 60 days.

This will speed up the resolution process.

For the developer who fails to follow the law, the maximum is 3 years without jail / fine.

Therefore, the law will have to be strictly followed for everyone in the industry, making it customer-friendly.

BUY/RENT/SELL property online is safe?

The Internet has become a basic necessity of everyone's life, the trend of buying property online for the last few years. Today, there are number of portals where one can advertise, buy, sell or rent a property. Major real estate developers are taking steps to strengthen their online presence where shoppers can check prices and designs. In the current scenario where many reputed real estate businesses are trying to rent or sell their properties online, and with great offers. In that case the buyer gets a lot of benefits.

Advantages of buying / renting / selling property online:-

Booking amount is cheap: In offline scenario the booking amount is at least 5% of the value of the property and if you buy the property online then advance booking payment is very nominal 10,000 to 20,000 which is less than offline booking amount. Book a property online. If the buyer is sure to buy the property 100% then he will lose the booking amount.

Convenient for the buyer: Buying property online has become easy and convenient where the buyer can make a booking from the comfort of their home. Contacting several agents to obtain information about the property, which is tedious work, is also terminated.

Choosing a property online has the option of taking a visual tour: Many property portals or websites offer a visual tour to the potential buyer where you can actually see every nook and corner of the property / house. They also provide 24-hour customer service support for property or booking related questions. This helps in saving the customer's money, time and effort. Otherwise he would have to visit the property individually for each short query.

Research: The buyer can compare properties online, checking the correct property rates using a website or portal tool. The buyer can also read the project description and locality details, reviewing the builder which will help them finalize the property and make decisions.

Risk in buying / renting / selling property online:-

Some property developers provide fake information and pictures about the property and simply submit it to the online portal to drive traffic and silly people.

In that case verified property builders come into play. Make sure that you do the proper research and invest or buy property that is verified and certified.