AYUNI direct Realty is a Gurgaon based Real Estate consulting company (RERA Reg. No. H-RERA NO. 70 OF 2017) shaped in 2006, with the purpose of providing the best experience in buying/selling property in India. Our expert team of financial advisers & Property Experts will assist you to make the right decisions by combining all kinds of information and market knowledge that comes from experience. we have a wide range of Residential and Commercial property in Gurgaon and other parts of India like Delhi NCR, Goa, Bangalore, Kolkata Mumbai, Pune, etc
We continuously differentiate ourselves through transparency, quality services, code of ethics and ability to understand the requirement of customers. Ayuni direct Realty understands the need/requirement of the client and then delivers the best possible solutions accordingly, so that clients can make the best decision.
We are one of the pioneer channel partners of the real estate industry specializing in Gurgaon location. In real estate, positive leadership qualities must be embodied because here we are more into fulfilling someone’s dream rather than making a transaction. So we have to take care of every penny our client spends. Through our uncompromised services, we want our client to become our brand ambassador.
We provide an in-depth analysis of residential, commercial and retail markets across Gurgaon Delhi NCR through our real estate research solution. Our research is based on primary sources. Make informed decisions with our distinct and comprehensive views and opinion. Our experts are here to guide you in every step. We do whole research of projects which include Construction.
Real estate is always a great investment option. There is a famous Quote “property owners grow rich in their sleep without working, risking or economising” You may even use it as a part of your overall strategy to begin building wealth. Best investment opportunities are the ones that give you high returns.
In India, With the introduction of new policies by the government, easing up of home loan regulation and the availability of affordable homes, real estate investments have become accessible to almost everyone.
Want to buy your first home? Get These Things Check Beforehand
Are you a first-time home buyer? Then you must be in a state of confusion with regards to lots of things like Developers Background,Developers Background, Land Record,Flat’s Carpet Area,Location and Neighbourhood,Check Accessibility,Check Accessibility,Hidden and Additional Charges,Check Payment Plan,Associated Banks You have to check , and many other things. However, in order to avoid last-minute hassles or any future consequences, rechecking all the above things is quite important. So, here’s a checklist which first-time homebuyers must follow to avoid any kind of discomfort and insecurity:
Check Developers/Project Background
It’s easy today for a developer to enter into insolvency, but it’s not easy for a first-time homebuyer to put their hard-earn money into the stressed project. So, it’s better to check the background of the developer beforehand. To do this, one can easily check all the details of the developer of the RERA website. In order to enhance transparency in the Indian real estate sector, the government has made it mandatory for all the developers to enter their information on the RERA portals.
Land Record:
The land on which your Building/flat is built is very crucial. You must research about the soil quality and topography of the land on which the house is constructed. The plot should also be clear of all dues and be registered. Before buying a house, the title deed must be verified and checked in detail. The deed gives all details on the rights, ownership and obligations towards the property.
Flat’s Carpet Area:
Usually, a property’s area or the super built-up area that is listed is the entire area including shafts, elevator space, stairs, thickness of walls and others. However, carpet area is the actual area within the walls of the flat. This are can be 30 per cent lesser than the built-up area or the area used to calculate the price of the property. In some cases, when a floor is shared between two owners, the price of the common spaces are
Location and Neighbourhood
After checking all the major property related documents and background, it’s time to check the locality and neighbourhood of the project. Always pay a visit to the site location where the project is being developed. Check infrastructural developments like roads, electricity, and water supply, banks and ATMs, grocery stores, local markets, etc. Also, check the property prices in the neighbourhood areas like the cost of the same size and configuration housing unit. This will help you in understanding that if the developer is charging more from you on similar properties.
Check Accessibility
Whether you are single working professional or have a family, it’s important to check that the project's accessibility from major areas, hospitals, entertainment centers, office spaces and above all public transportation systems like buses, metro, railway, airport, etc. The project should not be located on a deserted place where even the basic amenities are quite far.
Hidden and Additional Charges:
Ensure that all the clauses of the documents are read in detail and penalty clauses be understood. The builder is required to pay you a monthly penalty in case you do not receive the flat’s possession within the grace period. Additional expenses such as GST, stamp duty, home loan processing fee, registration charges and all other charges should also be kept in mind.
Check Payment Plan
For a first-time home buyer, it is very important to carefully select a proper payment plan which does not cost them financially. Today, in order to woo customers, developer’s offers attractive payment plans like construction linked, down payment, flexi payment offers, and possession linked plan. But, avoid falling into these traps and research carefully before you opt in any plan.
Associated Banks
In case you are opting for a home loan, do check whether any bank is associated with the property or not. These days due to strict regulations and norms, many banks avoid giving loans to beleaguered developers. So, don’t fall into traps of such developers.
Buying a house is one of the biggest steps in your life, however you must remember each of these points before you seal the deal.
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After lots of searching, comparing and negotiating you came to a conclusion and finalized your deal. The first step after the deal is to find an answer to the question - what documents are required to buy property in India ?.
Probably most of the buyers don’t get the right documents. Even more not having complete documents property owners or buyers leads to a struggle at the time of selling property. In fact, most of the buyers and Property owners are not aware of each documentation. It plays an important role in the purchasing process, as original or not and sometimes the requirement of documents varies from case to case in each state
There is a list that might be considered as a checklist of documents required to buy a property.
This is the main legal document required which admits the ownership of any property. Below all it refers to the transfer of ownership in favour of Property buyer from Property seller/Owner . For the reason that it’s called legal proof for ownership of property.
Khata is an account registration as a record in the local municipal office to confirm construction of property , finally as approved plan.
There is two kind of Khata as below
Certificate– It is a mandatory document for registration of new property after paying all taxes. Therefore Khata certificate will need to be present as the name mentioned as owner of the property only. Hence not for any member of the family.
Extracts– This is another document, refers as detail of property as registered format contains name, size, purpose of property (residential/commercial), assessment land.
These documents buyers need to have , with a set of date when possession would have been handed over from the developer. Therefore the original copy of this document needs to be in front of the bank while applying for a loan.
The owner has legal bound to pay tax on property. Similarly that’s why owners make sure that none of the tax pending should be with concerned property before purchasing it . Also tax receipts are also considered as legal ownership of property.
The documents required if anyone is buying new property so ask for the original receipt and if the property on resale asks for a copy of the receipt.
Certainly local authorities ask developers to make sure that property is finally ready to handover as a result of the sanctioned plan.
This document shows that there is no pending mortgage or legal due with property . It is one of the key documents which is mandatory for loan approval for the property also . Form 15 needs to have when property is in encumbrance and even that Form 16 needs to have when no encumbrance with property.
Finally , this document admits construction of the project is according to approved plan and needs to come in front of the bank when applying for home loan.
Other Documents Required To :
Building plan sanctioned by statutory authority
Most noteworthy , NOC from electricity /pollution department board
Note : if You have any Quiry regarding Docomentation call- +919811471907 Free assistance.
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The total length of the corridor shall be about 28.80 km, consisting of 27 elevated stations with six interchange stations involving a cost of Rs 6,821.13 crore, an official statement read more ........
CHANDIGARH: To provide metro rail connectivity to the residents of old Gurugram, the Haryana government on Thursday accorded approval for a final detailed project report (DPR) of metro rail connection from HUDA City Centre to various important locations in the industrial city.
The total length of the corridor shall be about 28.80 km, consisting of 27 elevated stations with six interchange stations involving a cost of Rs 6,821.13 crore, an official statement said after a cabinet meeting was chaired by Chief Minister Manohar Lal Khattar in Chandigarh.
"This link would start at HUDA City Centre (Gurugram) and move towards Sector 45, Cyber Park, District Shopping Centre, Sector 47, Subhash Chowk, Sector 48, Sector 72A, Hero Honda Chowk, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai village, Sector 9, Sector 7, Sector 4, Sector 5, Ashok Vihar, Sector 3, Bajghera Road, Palam Vihar Extension....and finally merge in existing metro network of Rapid Metrorail Gurugram, at Moulsar Avenue station near Cyber City," the statement said.
This Mass Rapid Transit System (MRTS) project will connect maximum parts of Gurugram city. It will interchange with MRTS corridor at Subhash Chowk, with a bus stand at Sector 10, with a railway station at Sector 5 and with the Rapid Metro at Moulsar Avenue station.
The MRTS corridor at Subhash Chowk will interchange with the yellow line at HUDA City Centre and provide direct connectivity to a large part of Gurugram with Delhi.
It will also interchange with Regional Rapid Transit System stations at Hero Honda Chowk and Sector 22 and provide connectivity up to Sarai Kale Khan, New Delhi on one side and on Shahjahanpur, Neemrana and Behror (SNB), Rajasthan on the other side.
These linkages will enhance the efficiency of the transportation system in the National Capital Region (NCR), it said.
In another cabinet decision, the state government has decided to give honorarium to the retirees of the government aided schools, who retired between July, 28, 1988 to May 10, 1998 through the scheme to be called Pt. Deen Dayal Upadhyaya honorarium scheme.
As per the decision, a retired principal will get an honorarium of Rs 20,000 per month, headmaster will get Rs 18,000 per month, and lecturer will get an honorarium of Rs 16,000 per month while masters including of Hindi, Punjabi, Sanskrit and Urdu will get Rs 14,000 per month.
Junior basic teachers, drawing teachers/physical training instructors, cutting and tailoring teachers will get an honorarium of Rs. 12,000 per month.
According to the zero period policy, announced last December, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck.
NOIDA: The Noida Authority on Tuesday extended the deadline for over a dozen builders to complete the pending projects here by December 31, 2021 under its 'zero period' policy, an official statement said. These builders had earlier assured delivery of homes by the end of June 2021.
The decision was approved during the 199th Board Meeting of the Noida Authority in the wake of COVID-19 situation.
According to the zero period policy, announced last December, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck.
However, the policy was applicable to those builders who were expected to provide homes by June 2021. The state government had expected one lakh new housing units to be constructed by that time.
"...the developers who have given written assurance to complete their pending projects by December 31, 2021, have been given an extension till December 31, 2021 from June 30, 2021 as part of the zero period policy. 16 (land) allottees have been issued letters for giving written assurance regarding completing the incomplete projects by December 31, 2021," an official press note stated.
The board also approved the annual budget of the authority, which has set a target of Rs 5,037 crore in revenue and Rs 4,640 crore budgted for expenditure for the current fiscal 2020-21.
The expenditures include expenses on land acquisition, development works, repair and maintenance of health and urban infrastructure, village development, miscellaneous expenses, among others, the statement said.
In the budget, the funds have been enhanced from Rs 600 crore to Rs 1,000 crore for land acquisition, and from Rs 106 crore to Rs 125 crore for village development, it added.
The board meeting was chaired by Alok Tandon, commissioner of infrastructure and industrial development, and chairman of three different authorities of Gautam Buddh Nagar.
Noida Authority CEO Ritu Maheshwari, Greater Noida Authority CEO Narendra Bhooshon and Yamuna Expressway Authority CEO Arun Vir Singh, among others, attended the meeting.
Altogether 37 agendas were put forth during the meeting besides 15 proposals for board's approval, it said. The 198th board meeting was held in April.
Rajender Sharda, who heads the GK-I M-Block market traders’ association, said that those who have already paid conversion charges should get a refund or the amount should be adjusted in floor area ratio.
NEW DELHI: In a major decision that would benefit large number of shops in local shopping centres (LSC) in areas such as Greater Kailash, Defence Colony, South Extension etc, the Delhi Development Authority (DDA) in its meeting on Thursday provided exemption from conversion charges to shops that were originally auctioned as purely commercial properties.
“DDA wanted to bring an amendment earlier in which shops using upper floors for commercial use had to pay conversion charges. However, when the proposal was put in the public domain, many people objected to it, saying the plots on which these shops are built were already commercial and upper floors were only used for residential purposes temporarily,” a senior DDA official said. “These plots were originally sold as commercial plots at a premium and the lease deed mentions that. Such shops wouldn’t have to pay conversion charges,” he said.
“There is, however, another category of shops, such as those in Sarojini Nagar and Khan Market, where upper floor was originally approved as residential. These shops will have to pay conversion charges,” he said.
“Shops in LSCs in Defence Colony and South Extension were sold as commercial plots at premium rates, and residential activity was allowed for a limited duration. Those who had paid premium commercial rates shouldn’t be made to pay conversion charge,” said Rajinder Malik, president of Defence Colony market association.
Rajender Sharda, who heads the GK-I M-Block market traders’ association, said that those who have already paid conversion charges should get a refund or the amount should be adjusted in floor area ratio.
Another important decision taken in the meeting, which was chaired by Delhi LG Anil Baijal, was the exemption from some statutory clearances for household industries. Household industrial units with maximum nine workers and 11 KW power operating in residential areas and new industrial units of the similar type would not need to take mandatory statutory clearances from labour and Industries departments and Delhi Pollution Control Committee (DPCC), with the condition that no polluting industrial units will be permitted as household industry.
The officers have been asked to complete the survey of the 242 shortlisted villages of populated areas by October 2, this year.
Haryana government has directed the officers to conduct a drone-survey of populated areas and the revenue estates so that people can get an online record of the ownership rights of their property.
The officers have been asked to complete the survey of the 242 shortlisted villages of populated areas by October 2, this year.
On the occassio of Gandhi Jayanti, Prime Minister Narendra Modi would be declaring one village in every district of the country as Lal Dora-free and will distribute deeds as well. However, Haryana aims to ensure that 11 villages from each district, which means in all 242 villages, are Lal Dora-free by October 2.
Deputy chief minister Dushyant Chautala, who also holds the portfolio of department of revenue and disaster management, confirmed this while presiding over the review meeting of the officers related to 'Haryana Large Scale Mapping and Ownership Project' (HaLSMP) at Chandigarh on Tuesday.
On the progress of drone survey, the deputy CM was apprised that in addition to the said 242 villages, drone survey has been completed in eight other villages and the remaining works are being done at a fast pace. In addition, data-processing has also been completed in 214 villages.
It was also informed that maps of 123 villages have been handed over to the district administration. On being informed that due to rough weather some drones started malfunctioning, the deputy CM instructed the officers concerned that the additional drones be sought and the work should be completed at the earliest.
Dushyant instructed the officers of the Survey of India (SOI) that along with the populated areas, revenue estates should also be surveyed so that ownership rights of every inch of land are verified. This will benefit the people of the state as they will be able to access digital records of their land at any time and will also save time and resources. He said that as per the agreement signed between the Survey of India (SOI) with the Haryana government, drone survey will secure the limits of villages, city and revenue estates, while ensuring there is no encroachment of any kind. He said that this will bring about transparency in the system.
Posted on August 31, 2020 by aakash in Buyers Guide, Gurgaon Property Insights, Investment, Location, Market Updates, News, Real Estate, Sales
Investing in something is a big deal. The investor needs to have a thorough knowledge on the sectors in which he is ready to invest. The choice to put resources in real estate or stocks is an individual decision that relies upon your investing limit, objectives, and investment risks. Real estate and the stock Market have different opportunities and risks. Real Estate requires examination, cash and time. In any case, it gives an easy revenue stream and the potential for significant appreciation. Stocks are liable to advertise, financial, and inflationary dangers, however don’t need a major money infusion, and they by and large can be effectively purchased and sold.
In case you’re planning to invest in Real Estate Gurgaon, you will need to spare and put down a considerable measure of cash. While investing in real estate you gain physical land or property. Real Estate Investors bring in cash by gathering rents (which can give a consistent pay stream) and through gratefulness, as the property’s estimation goes up. Additionally, since Real Estate can be utilized, it’s conceivable to grow your property regardless of whether you can’t stand to pay money altogether.
Real Estate Gurgaon is engaging on the grounds that it is a substantial resource that can be controlled, with the additional advantage of expansion for some real estate investors. Investors who purchase property own something concrete for which they can be responsible. Purchasing property requires more beginning capital than putting resources into stocks, common assets, or even land venture trusts.
Nonetheless, when buying property, speculators have more influence over their cash, empowering them to purchase a more important venture vehicle. Real Estate Gurgaon that produces month to month rental pay can increment with expansion even in a lease controlled territory, which offers an extra favorable position. Another thought is charges arising due to selling the venture.
Coronavirus that started in Wuhan, China has infected more than 400,000 people across the globe and claimed more than 20,000 lives so far. The World Health Organization (WHO) was quick to declare it a global pandemic and instructed countries to take effective measures to tackle the situation, social distancing being the most important one.
While COVID-19 has collapsed even the healthcare systems of the most powerful countries, it has equally affected the global economy. In India, PM Modi has declared a 21-day lockdown that is going to severely impact many businesses. In the midst of this virus outbreak, the Indian Real Estate Industry also cannot be spared from the downfall. So, let us see how Coronavirus affects the Indian Property Market.
Construction Material Imports from China will be Affected
India has been a heavy importer of construction material and electronic equipment from China. Though we are the second largest producer of steel, our production capacity is still not enough to fuel the high demand across the country. This is why we were dependent on the Chinese Imports for our steel and other construction needs. And now, with the COVID-19 situation, these imports will be largely impacted. The prices of construction material like steel, heavy equipment, fibre elements, electronic equipment, etc. is going to shoot up which will directly affect the profits of the developers.
Festive Season will not be the Same, This Year
Navratri, Gudi Padwa and Akshay Tritiya are almost here. NDuring this period, a number of real estate consultancies and even the developers would have started rolling out their festive season offers. Although a lot of offers can still be availed, the overall demand is low because investors are losing confidence in the market amid the COVID-19 outbreak. Most of the homebuyers and investors are from the salaried class. They are not sure about the future of their jobs and hence the demand is skewed.
New Project Launches will See a Fall
Since the developers are not sure about the liquidity of their current projects, they are likely to hold back on the new launches. The market would see a fall of 15 to 20 percent in the number of new launch projects. Developers who have already made a soft-launch of their projects are already incurring loss as they have spent a substantial amount on the marketing front.
Impact of Coronavirus on Commercial Real Estate
Commercial real estate that comprises office spaces, retail spaces and the hospitality sector will also be largely impacted. It can mainly be attributed to the skewed imports from China. However, with the prices going down, there would be a segment of investors who are likely to put their money in it and take the risk for a higher profit down the line.
Bottom Line
In case of any virus outbreak, every industry takes initial hit but previous records show that the market has recovered in a better way and the same can be expected with Coronavirus as well. We suggest the buyers and investors not to panic and hope for the best. The situation will surely improve with time.
Gurgaon is a city of millennials and millennials are the driving factors for investors to invest in any property. The city of Gurgaon offers a wide variety of property in Gurgaon with lot of scope for getting returns and this is also an added reason why investors seek for this city. The city is huge and is full of opportunities. Investors must have thorough knowledge of the localities so that they could fetch the best returns from the investments they have made. Here are some localities of Gurgaon that are considered to be the best to make an investment in Gurgaon Real Estate.
Sohna Road is located in the South of Gurgaon and is the fastest progressing locality. The number of inhabitants in the area has been quickly developing lately, from its vicinity to different organization workplaces close to Sohna Road. Occupants could reach out for the necessary accesses, such as hospitals and schools. Sohna Road has developed as an exceptionally advantageous neighborhood offering the simple everyday environments and openings for work opportunities. Many Shopping malls are available within the locality. The people living in this locality makes Sohna Road a perfect place to live. Properties in Sohna Road are made accordingly to the inhibits. Commercial property in Gurgaon too have great opportunity to bloom in the area of Sohna Road
One of the most looked for after residing purposes in Delhi-Gurgaon is Dwarka Expressway. Dwarka Expressway covers territories like New Palam Vihar, Bijwasan and Kherki Daula. The development of underpasses and flyovers alongside new lodging ventures have been approved by the government. Dwarka Expressway, otherwise called Northern Peripheral Expressway, is a notable and favored area because of its nearness with Delhi. Because of the improved network and accessibility of good foundation, the region around the expressway is offering a steady advancement in Real Estate Gurgaon.
Golf Course Extension Road is full of life anytime of the day. The chirpiness of this locality makes Golf Course Extension Road a perfect place to set up Real Estate projects. This locality has nearness to the worldwide air terminal, metro network and private undertakings are on the whole making this region a speculator’s fantasy area to possess a house here. Encircled by top notch educational institutes, cafés, bistros, shopping malls, markets and health canters this region is the first choice to make profitable investments by the investors.
SBI Offers Up to Two years Repayment Relief for Home & Retail Loans
The moratorium period can be extended by a maximum of 2 years, India’s largest lender said Monday, setting the tone for other banks, specially PSU players.
State Bank of India will provide relief to home and retail loan borrowers impacted by Covid-19 in the form of either a moratorium of up to 24 months or by rescheduling instalments and extending the tenure by a period equivalent to the moratorium granted.
The moratorium period can be extended by a maximum of 2 years, India’s largest lender said Monday, setting the tone for other banks, specially PSU players.
In line with RBI’s one-time relief, the scheme is available to borrowers who had availed of a home loan before March 1, 2020 and were regular in repayments until the Covid-19 lockdown.
But the borrowers will have to demonstrate that their income has been hit because of the pandemic.
“For the purpose of restructuring, the bank will depend entirely on the customer’s assessment of when they expect their income to be normalised or to get employed,” said SBI managing director C S Setty said while announcing the scheme.
The country’s largest lender has been the first to roll out a protocol for restructuring loans of retail borrowers who were affected by Covid-19. Other lenders including HDFC and ICICI Bank are expected to follow suit before the end of the month.
To facilitate borrowers to understand their eligibility for restructuring, SBI has launched an online portal to enable borrowers check their eligibility for all retail loans. This includes home, education, auto, and other personal loans.
The restructuring will give breathing space for a borrower until their income is normalised or they get re-employed. Also, they will not be classified as defaulters or non-performing assets. The downside is that the bank will charge 35 basis points extra as interest since the RBI needs them to set aside additional provisions for these loans. This means that despite initial relief over the tenure of the loan, the borrower will end up paying more than on a regular loan without
“We have put in place a scheme for restructuring and it is available to borrowers through our internal portal. We have also intimated borrowers but don’t expect much of traction for restructuring given the inquiries,” said Rajkiran Rai, MD & CEO, Union Bank of India.
HDFC Bank has put in place a facility to submit online applications. The bank has said that it will report the loan to the credit bureau as ‘restructured’ and as per norms, all loans availed will be classified as restructured even if only one loan is being restructured.
“The dues for the moratorium period can be capitalised. Or else it will be very strenuous for the borrower to repay. Capitalising the dues will reduce the pressure on the borrower and we are also working on this by elongating the term of the loan,” said Siddhartha Mohanty, MD & CEO, LIC Housing Finance. He added that even if the loan term is extended, typically home loan borrowers end up pre-paying their loans by seven to ten years.
Borrowers who access SBI’s portal for restructuring will still have to visit the branch as a ‘wet signature’ is required for the loan document to be reworked. The portal will however take care of all the queries of the borrower. “It is not an end-to-end process but it will reduce the need for customers to visit branches especially during this time of Covid,” said Setty.
"Location, location, location" is a common mantra in real estate. And it's good advice—except for one thing: Most people have no idea what it really means.
A good location can signify different things to different people, of course, but there are also objective factors that determine a home's value. Depending on your personal needs and preferences, you may not be able to buy a home with all of these factors. And that's OK. After all, a home is much more than just an investment. However, the next time you're shopping for a new property, keep the following factors in mind.
Maintenance issues continue to plague many high-rise societies. Poor building construction quality and faulty fittings are across many such societies in India. Buyers need to perform pre-possession due diligence before buying.
A high-rise society offers a bundle of amenities within its premises to residents. Be it security, lifts, uninterrupted water and electricity supply or other facilities such as a park or a gym to give a sense of comfort to residents.
For residents to continue enjoying these services, maintenance plays a vital role. Without efficient maintenance, it becomes difficult to sustain services for which one buys a house in a housing complex.
Across India, maintenance agencies are hired to take care of the upkeep of a housing society. A facility manager oversees and ensures that everything is working fine and services are not hampered.
However, the quality of maintenance often remains a key issue of dispute between the builder and buyers. In case a society fails to upkeep the maintenance what exactly can residents do?
Joseph Reddi, senior vice president (Operations), Knight Frank India, suggests, “Pre-possession inspection is very important. First time the developer checks it and then when it is ready for handover everything related to construction related defects, fire fittings and other installations need to be checked. Snags like small holes or cracks are bound to be there, but fundamentals related to construction quality cannot be ignored”.
“If the construction quality is not good or there is a design defect then even the facility management can’t do much. Because of that, there are tussles between the agency and residents. So, buyers should do due diligence before possession,” explained Reddi.
Completion Certificate and Occupancy Certificate are two important approvals that a society has to take before possession is offered to residents. However, residents of several housing societies complain of faults in the fire equipment, lifts, common area facilities and other issues.
Abhilash Pillai, partner, Cyril Amarchand Mangaldas says, “Regulators are supposed to inspect the buildings and ensure it is fit for occupation before giving a completion or occupancy certificate. These certificates have a disclaimer that under law we do not have any liability towards this building. Hence, even regulators are not enforcing this properly. Consumers are forced to take possession as and when they are offered.
The RERA legislation talks about five years structural defect warranty but this still needs to be tested and evolved by the courts. Buyers should inspect the building before taking possession and ask the builder to correct any defect they find. Those who have taken defected possession can go to consumer courts and seek redressal of their issues”.
A south-India based company conducts home inspection during the buying process and prepares a report for buyers before the house is occupied or possession is accepted.
Sudhindra Naib, CEO, HomeInspeKtor, explains, “We prepare a 360-degree inspection report of the house and check flooring, blemishes, electrical and plumbing fittings etc. To determine the house quality, we have thermal cameras to check the moisture within the wall which cannot be seen with naked eyes. The house inspection report contains photos, issues and a to-do list which a buyer can take to the developer and ask him to fix it. Several developers in Bengaluru have welcomed this report and are ready to rectify the defects after seeing the report.”
A faulty inspection by regulators at the time of giving approvals lead to bigger problems at later stages. A faulty construction creates problems for residents who ultimately end up in legal forums to get these addressed. This is a common problem across many cities in the country. Buyers’ awareness is vital to inspect a building they are going to inhabit and get the same inspected before accepting possession. One can do it themselves or if possible, hire an expert to check the quality of the building.
NEW DELHI: The Delhi Development Authority (DDA) has received as many as 9,714 applications and payments from 2,955 applicants until Friday for Housing Scheme - 2021 offering 1,350 flats, a senior official told IANS.
The official said that a total of 49,416 applicants have registered under the scheme.
"The response to the scheme is great. We have received almost double the number of applications in each category of flats. This response is an indication that all the flats being offered will be sold," official said.
Under its new housing scheme, the DDA is offering flats in Dwarka, Jasola, Manglapuri, Rohini and Vasant Kunj.
As per the information, a total of 254 HIG (Higher Income Group) are on offer out of which majority are located in Jasola.
Pocket 9B flats in HIG category are available in the price range of Rs 1.97 crore to Rs 2.14 crore while 13 flats are on sale in Vasant Kunj in the price range of Rs 1.43 crore to Rs 1.72 crore.
As many as 352 MIG (Middle Income Group) flats located in Dwarka Sector 19-B, 348 in Dwarka Sector 16, and four in Vasant Kunj are on sale under the scheme while as many as 276 EWS flats in Dwarka's Manglapuri area are being offered.
"Of the 2,955 applicants who have paid up the booking amount, 659 have paid the amount for the EWS category, 444 for the LIG category and 1,852 for the MIG and HIG category. Most flats are likely to be completed by March 31, 2021, except flats in Dwarka, Sector 16B which are likely to be completed by September 30, 2021," official added.
NEW DELHI: The dynamics of the real estate sector and its stakeholders witnessed a significant impact due to the covid-19 pandemic; however, the industry experts expects that the upcoming Union Budget 2021 would pave the way for opportunity and recovery. Both the developers and buyers hope that the Budget 2021 will introduce reforms like tax sops and correction in prices which will further benefit and stabilise the industry. Following are the various measure industry expects:
Circle rates
For the real estate sector the 20% deviation from the circle rates announced by the finance minister last year until June 2021 for homes costing upto Rs 2 crore, should not be time bound and needs to be extended for all real estate asset classes. The same will allow developers to offload the massive build-up of unsold inventory costing more than Rs 2 crore, says Kaushal Agarwal, chairman, Guardians Real Estate Advisory
Stamp duty for land purchase in affordable housing should be reduced or removed for next few years to promote the launch of such homes" says Pradeep Aggarwal, founder & chairman, Signature Global Group.
GST
The industry has been requesting for a GST removal on under construction homes to bring it on parity with ready homes which have no GST levy, says Amit Goyal, CEO, India Sotheby’s International Realty. Ashok Mohanani, president, NAREDCO Maharashtra on the other hand look forward to re-introduction of GST with input tax credit on under-construction properties which will generate the demand among homebuyers.
The government may accede to industry’s demand of allowing set off of GST paid on input materials during the construction phase against rent and other income from property upon completion. The lack of input credit is currently seen as a dual tax levy on asset owning commercial real estate developers that rely on leasing or rentals," adds Vivek Chandy, joint managing partner, J Sagar Associates.
Since the implementation of GST on transfer of development rights (TDR) is being interpreted for application of GST on transfer of right to develop the land. Due to this amendments, most of the projects either residential or commercial has reduced significantly. During this budget if there is a relaxation on GST for joint development transaction on T.D.R, it will be a huge benchmark for developers to take up projects for development," says Bijay Agarwal, MD, Salarpuria Sattva.
Income tax
"On the aspect of housing demand, Section 80 C tax deduction on home loan principal repayment does not provide for a focused benefit on housing. A separate annual deduction of INR 150,000 will provide the much-needed fillip to opt for house purchase," says Shishir Baijal, chairman and MD, Knight Frank India. To boost demand and provide relief to home buyers, we expect tax rebates for them such as a revision of the cap of Rs. 2 lakhs to a substantially higher number on housing loans under section 24(b) of the Income Tax Act. This would result in increased savings and provide a boost in clearing premium stocks. There is also a need for revising the affordable housing cap of Rs. 45 lakhs to a higher number considering the prices of land and construction in metro cities, says Ravindra Pai, MD, Century Real Estate.
Rent
The period of exemption from levy of tax on notional rent, on unsold inventories, needs to be extended to 3-5 years from two after receiving the occupation certificate.
CLSS
"To support the home buyers, we expect the Government to extend Credit Linked Subsidy Scheme (CLSS) of PMAY for middle income group, as well. The sector also demands to extend both, 100 percent tax deduction under section 80 IBA and the additional tax deduction of up to Rs 1.5 lakh for interest payments on housing loans taken for the affordable housing scheme, at least by a year till the market stabilizes," says Murali Malayappan, chairman and MD, Shriram Properties.
"The deadline for the credit linked subsidy scheme (CLSS) should be extended by two years up to 31st March 2023. Additionally, given the relatively higher house prices in major cities, the upfront amount of the CLSS subsidy should be increased to INR 3.5 lakhs (from the current level of Rs 2.3-2.67 lakhs depending on the income category) with corresponding enhancement in income criteria which shall make the subsidy amount more significant in comparison to the house value," says Baijal.
REIT
The budget should also promote greater uptake of new efficiency measures, such as the use of contract saving schemes or Real Estate Investment Trusts (REITs), which will increase the viability of housing schemes across the nation and unlock new investment opportunities, says Nimish Gupta, managing director (South Asia), RICS. For REIT, the government should reduce the timelines of investment from three years to one year for long-term capital gains taxation; thereby ensuring larger retail investor participation and easing a long-term funding challenge for such projects," says Baijal.
Stress fund
The government may also make provisions for direct infusion of funds in the sector through existing channels like SWAMIH funds. Also another fund as SWAMIH funds-II should be launched which should be state centric and where in state institutions can contribute 50% of capital. This should have the regional offices in respective states to fund only to projects in Tier 2 & 3 cities which are untouched till date, under current fund," says Pradeep Misra, CMD, REPL.
We urge the government to offer a special package with a mid to long term horizon for the real estate sector to recover and embark on a sustainable growth path. This package should consider not only affordable and mid segment housing, but also other asset classes such as commercial offices, SEZs, IT parks, industrial parks, warehousing & logistics parks, and organised retail developments, amongst others because the sector is an ecosystem that thrives on cohesivity. Sankey Prasad, chairman & MD at Colliers International India
Affordable housing
Technology import (like aluminum shuttering used in AFW) for construction of affordable housing from other countries should be free from custom duty. Also, GST on material and services used in affordable housing should be reduced to 50% or brought to single digit, says Pradeep Aggarwal.
Building material cost
A reduction in the GST on building materials from the current 18% to 5% will be a game-changer, says Ashish R Puravankara, managing director, Puravankara.
Cement which is a vital raw material for infrastructure and real-estate currently attracts GST of 28% which is the rate at which luxury items are taxed. A reduction in GST for cement would be a welcome announcement for the sector, says Pavitra Shankar, executive director, Brigade Enterprises.
Tiles industry
The current GST rate of 18% is way more than the desired 12% - a request which the government can consider. The government should also consider including Natural Gas under the tax regime, which at this point, is not considered for inclusion. Natural gas is approximately 18–20% of the total cost and is one of the cleanest sources of fuels, says Himanshu Jindal, CFO, Orientbell Tiles.
Here is what real estate gained in Union Budget 2021 presented by Finance Minister Nirmala Sitharaman on February 1.
(a). Title Deed: Check whether the builder has a right over the property. While buying a plot, see the title deed of the land to confirm if the builder has the full right to it. You can also take help from a lawyer to get the deed examined. Divakar Vijayasarathy, Co-founder, MeetUrPro.com, says, "A mere NOC (no-objection certificate) from the panchayat or the local body does not constitute approval by the authority."
(b). Release Certificate : If you are buying a property in resale, remember that it may have been pledged to get a bank loan. In such a case, you will have to get a release certificate from the bank, which will prove that the loan on the land has been repaid. Check Encumbrance Certificate: It is also important to verify that the land is free from all legal dues.
(c). Verify land use : Verify the land-use zone as per the city master plan for the plot. You can get the plan from the local body office in your respective city.
(d). Approvals by Local Body : Make sure that the entire layout has been approved by the development corporation and the local body of the city.
(e). Property Tax Receipts: If you are buying a property in resale, ask for previous property tax receipts from the seller along with other bills. This way you can ensure there are no pending bills.
LIST OF BANKS FINANCING THE PROJECT: With real estate companies sitting on unsold inventory and not having enough cash to complete their projects, banks have become very financing them. There are many builders which do not get bank loans at all. So, once you finalise the property and confirm that all approvals are in place, find out banks which are ready to fund the project and go with the one offering you loan at the lowest rate.
CALCULATE THE TOTAL COST: Do not go by what the broker tells you. Many times brokers just mention the basic cost and not other factors such as internal/external development fees, preferential location charges, parking/club/statutory charges, and service tax, which escalate the total cost. Ask for the final cost of the property.
VERIFY THE BUILDER: The piece of land in question may be under litigation. Hence, it is recommended that you do an extensive verification of the builder. You could verify its past or current projects or even post queries on the various online real estate forums.
BUY VS RENT: Many people buy a property thinking they will use rent to pay EMIs. Experts say it is a wrong approach. Surabhi says, "Do not over-leverage in hope that rental income will pay for the EMI. The rental yield on residential properties is generally only 2-3 per cent." Moreover, the property may remain vacant for months before you can find a tenant.
THE RIGHT PLAN: There are various payment options available in the market such as down-payment plan, flexi-payment plan, construction-linked plan and possession-linked plan. Experts say one must choose carefully, as generally there is a cost for every convenience. For example, in subvention schemes, the price is at least 10 per cent higher than what is charged under regular schemes. Customers must also understand that any late payment or default on the part of the builder in such schemes will impact their credit history. Then, there are guaranteed rental schemes under which the developer either pays you rent for a fixed period during construction or for a certain period after possession. In the first scheme, the buyer gets regular payments from the developer during the construction of the house, which helps him offset a part of EMI or rent costs. In the latter scheme, generally for properties which are outside city limits, the developer offers rental income after possession. But the fine print is that there is no guarantee.
SIZE OF THE APARTMENT: Builders generally mention super built-up area in brochures. This includes common areas such as staircase, lobby, etc. The carpet area of the flat could actually be 30 per cent less than the super built-up area. For example, a two-BHK 1,000 square feet flat could actually be just 700-750 square feet. It is advisable to always go by the carpet area, the area enclosed within walls. Divakar says, " If you are looking to buy a plot for living at a later stage, it is advisable to first understand your requirement. Ensure that you check how much land (built-up area) you will need to build your dream home. Topography and soil are the other vital factors."
CHECK THE INFRASTRUCTURE PLANS: Metro connectivity or any other big infrastructure development in future linked to the location of the property you intend to purchase can boost the return on investment tremendously. Also, ensure that the property is not close to any polluting industry.
CHECK THE SITE: The layout in the brochure could be different from the reality. So, do a thorough site visit before booking the property. Interact with people in the neighbourhood as they may know about any illegal occupation or other legal disputes related to the property.
REGISTER YOUR PLOT: After selecting the property, you have to register it with the authority concerned for you to become its lawful owner. Surabhi says, "Through registration of sale deed, a person is able to acquire the rights of the property from the date of the execution of the deed."Last, but not the least, do some research about the developer's record in terms of total square feet developed, market feedback and project delays. Also, check the quality of its previous projects. Divakar says, "Be sure to search for any contingencies which may hinder the development of the property. For this, you can probably refer to or participate in various online real estate forums.
Few Reasons Why You Need A Real Estate Agent
Your search for selling, renting or buying a property might feel exciting in starting but can
really turn into a nightmare if the things don’t go the way you’ve planned. Your unplanned
hunt can ruthlessly sap you of your time, energy or money leaving you discouraged. During
this challenging time, you may realize how difficult it can be to sell, rent or buy a property
and pray for some miracle to happen.
You need not undergo any nonessential pain or wait for any miracle, instead contact a right
person to help you out: A Real Estate Agent! When it is about selling, renting or buying some
property, a real estate agent can benefit you in many ways, saving you both, time and
money. Whether you are a buyer, seller or renter, wouldn’t it be beneficial to make a real
estate agent a part of your hunt? Know what an agent can do for you.
Can Avail You Desiring Options in sufficient time
A good real estate agent is skillful and carries adequate knowledge of the real estate market.
They can guide you about housing prices, council fees, demographics, schools, public
transportation and parks. There are also well-researched agents who can help you better
than other average agents, providing you different options in sufficient time. Choose an
agent as per your convenience as average agents can also do well.
Can Help You Frame The Right Pricing Decision
A real estate agent won’t dominate your decisions of setting up prices, but they will make
their suggestions as per the hidden prices, facts and figures so that you can come up with a
reasonable price. They will inform you about the current market demands and supplies,
regional status and history. With this knowledge, you’ll find yourself confident enough to sell
or buy a property at a great price and earn profit.
Can Efficiently Promote Or Market
A real estate agent advises you on how you can rent, sell or buy a property in a short span
of time. They also suggest adopting advertising and marketing to help you meet your
desiring results. Marketing plans can involve marketing through numerous channels. You are
advised to have a look at the marketing strategies which each individual agent can follow
differently. A good real estate agent uses marketing strategies in effective ways.
Answers Customer-Queries Before And After The Deal
If you get any query before, at or after signing the contract, the real estate agent will be
ready to answer you. Answering to customer-queries is an important part of their job, which
they can’t afford to overlook. So, they try their best to satiate your curious or perplexed mind
as well as possible, as they know the value of customer satisfaction.
Carefully Deals With The Paperwork
Selling & Buying of Property goes through the legal formalities of paperwork and registration.
It’s a job of a real estate agent to carefully go through the documents and handle the
administrative responsibilities of a sale. While going through your documents they make sure
that they don’t fail to notice any important detail. This saves you time, and also from the
troublesome paperwork.
Conclusion
While leaving your workplace after a hectic day, you suddenly remind yourself that you have
to find a seller or buyer for some property. Now arises a conflict as one voice in your mind
says, “You’ve got very tired today, why not do it tomorrow?” and the other voice says, “No
chance, you know it’s urgent”. You know what a real estate agent can end this conflict. You
simply need to contact them.
The Lt. Governor of the National Capital Territory of Delhi notified the relaxation in the minimum rates (circle rates) for valuation of lands and immovable properties in Delhi on Friday.
NEW DELHI: The Delhi government has notified the 20 per cent reduced circle rates for land and immovable properties to boost transactions in real estate.
Recently, Mumbai had cut stamp duty rates which led to a massive increase in people buying and selling properties.
The Lt. Governor of the National Capital Territory of Delhi notified the relaxation in the minimum rates (circle rates) for valuation of lands and immovable properties in Delhi on Friday.
As per the notification, the new rates will come into force without previous publication. The above rates will be taken into consideration for registration of instruments relating to lands and immovable properties in Delhi by all the Registering Authorities under the provisions of the Indian Stamp Act, 1899 (2 of 1899) and the Indian Registration Act, 1908 (XVI of 1908) as in force in Delhi at the time of registration of instruments.
These revised rates shall come into force with immediate effect till September 30.
The circles rates has been reduced for residential, commercial, industrial and other properties in Delhi by 20% for the next six months.
A reduction of 20% in the circle rate would have an impact close to reduction by 1% in the stamp duty or registration charges.
The revised rates will be applicable till September 30 this year. The reduction in circle rates will help people in substantially cheaper property transactions and revive the real estate sector that has witnessed slump due to the unprecedented Covid-19 pandemic.
Commercial office assets accounted for over 55% of total Indian real estate inflows between 2018 and 2020, showing the higher appetite of investors.
NEW DELHI: Institutional investments in Indian realestate will grow by 14.6% to Rs 396 billion from Rs 346 billion in 2020, according to a recent report by Colliers International India . Institutional investments in 2020 had witnessed a drop of 23% from 2019.
"The investment climate in India is very buoyant with global investors’ interest in real assets getting stronger. With global interest rates at historic lows and positive net yields in India, the country has emerged among the preferred destinations for investments in real estate," said Piyush Gupta, managing director, Capital Markets & Investment Services (India) of the company.
Commercial office assets accounted for over 55% of total Indian real estate inflows between 2018 and 2020, showing the higher appetite of investors. Between 2018 and 2020, an average annual supply of over 35 million sq ft entered the top six Indian cities ie. Benguluru , Chennai, Delhi NCR, Hyderabad, Mumbai and Pune, with the majority being snapped up by institutional investors.
Even though a similar level of supply is set to enter the market, some investment firms are increasingly looking towards developing their own greenfield office assets. Investors remain bullish on the long-term prospects even as they target an internal rate of return (IRR) of about 17-18%.
"Whilst 2021 may be a year of consolidation and portfolio optimization for occupiers of commercial offices, they will return to growth as confidence in economy increases vis-à-vis the roll-out of COVID-10 vaccines," said Siddhart Goel, senior director & head (Research) of the company.
Before you buy a property, you must check all property documents to make sure that you buy a genuine property. The documents that need to be checked are different for under construction and ready to move properties. Here is a list of all property documents to check before buying a flat or plot.
Under Construction Property
1. Land Records
When you want to book a new property, ensure that the builder owns the land where he is proposing the project. Land Records give details about ownership, rights, obligations and mortgages of the property. You can check land records with the Survey Nos. Nowadays, land records for most states are made available online. For more details, check out Land Records Guide.
2. Land Use Certificate
Before developing any property, a builder needs a Land Use Certificate or Change of Land Use (CLU) certificate from the urban authority. Residential projects cannot be built in a commercial or industrial zone or on agricultural land. You can ask the builder to produce a copy of the Land Use or CLU Certificate.
3. Layout Approvals
Many builders sell properties under soft launch without getting layout and building approvals. They will tell you that rates will go up significantly once all approvals are received. But never fall into this trap as approvals may not come anytime soon and you can get stuck for a long time. You should never invest in a project which has not received approvals. If any builder avoids showing you the copy of approved layout, you should refrain from investing in such project.
4. Master Plan
Builders and property consultants will often show you upcoming infrastructure projects like Airport, Metro, Expressway, SEZ etc. on the brochure. Again a word of caution here. A news item should never be the basis of such claims. You can cross check these with the approved Master Plan of the city. In the Master Plan, you can also check whether the project falls into a residential zone or not. Check out Master Plans of Indian Cities.
5. No Objection Certificates & Clearances
The builder needs to obtain clearances from Electricity, Water, Fire and Safety authorities and environment clearance etc. Make sure that the builder has received all clearances.
6. Certificate of Commencement
A Certificate of Commencement, given by the Town Planning Department, is mandatory to commence any construction of a property. This certificate is given only once all other approvals and clearances are obtained by the builder.
7. Allotment Letter
Once you give the booking amount, the builder will sign an allotment letter with you. It will mention payment plans and other important agreement clauses. Before you handover a booking amount cheque, make sure that payment plan and other clauses are clear to you. You should ensure that there is a penalty clause for any delay in possession.
8. Builder-Buyer Agreement
Once you pay 20-30% of the basic cost of property, the developer will signBuilder-Buyer Agreement with you. This will be a detailed agreement that will have a layout plan, detailed specifications & features of the property. It will mention the possession time & penalty amount in case of delay. Make sure that you go through the agreement completely before you sign on it. After Construction
9. Completion Certificate
Completion certificate is issued by Municipal Corporation once the project is completed as per the approved layout plan.
10. Occupancy Certificate
Occupation Certificate is also issued by Municipal Corporation after ensuring that basic amenities like Electricity Connection, Water Supply, Sewage Connection etc. are provided as per the approved plan. Before you are handed over possession, make sure that the builder has received a Completion Certificate and Occupancy Certificate.
At the time of Possession
11. Sale Deed Registration
Once the project is complete in all respects and has received Completion and Occupancy Certificates, the Builder will transfer the property in your name by executing a Sale Deed that will be registered at the Registrar’s office. Sale Deed is the main ownership document and you should keep it safely. In case you have taken a home loan, the original copy of the Sale Deed will be handed over to the Bank till the time you retire your complete loan.
12. Possession Certificate
Once, a Sale Deed is registered in your name, the builder will give you a possession certificate after handing over physical possession of the property.
SBI reduces home loan rates to 6.70%
The bank said the home loan interest rates will start from 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh-Rs 5 crore.
MUMBAI: The country's largest lender State Bank of India on Monday said it has reduced interest rates on home loans by up to 10 basis points (bps) and is offering loans starting from 6.70 per cent rate. The new rates are based on loan amount and CIBIL score of the borrower, and are available till March 31, 2021, according to a statement.
The bank said the home loan interest rates will start from 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh-Rs 5 crore.
The bank's Deputy Managing Director (Retail Business) Saloni Narayan said, "We want to take advantage of the festive season, especially Holi. This being the last month of the year, we are looking at a good number."
The lender is also giving a 100 per cent waiver on processing fees.
Customers can also apply for home loans using Yono app to get an additional interest concession of 5 bps, the bank said.
It is also offering a special 5 bps concession to woman borrowers on the eve of International Women's Day.
Narayan said the bank does not see much challenge in terms of repayments in the home loan segment.
"We are mindful of whatever stresses are there and we are reaching out to the customers.
"We are taking several steps within and outside the bank and also giving options to borrowers on how they can repay the loans. We are monitoring closely and, as of now, I don't see much of a challenge," she said.
The lender's gross non-performing assets in the home loan segment is 0.67-0.68 per cent, its Chairman Dinesh Khara had said last month.
Things to keep in mind while taking a home loan
With the prices of houses skyrocketing, it's common to seek home loan from banks and financial institutions. Due to the falling interest rates, home loans are now available cheaper. The process of online applications has made approvals and disbursals fast. However, you get an approval for a home loan only after banks go through your credit history and check your borrowing potential.
If you are planning to take a home loan, here are a few things you must keep in mind:
Before you lay your hands on a property, make sure the builder is reputed and all papers of the property are in place. With RERA implemented across regions, you can check the builder's profile online on the RERA website. Banks often refuse to give loans if the builder is not in its approval list.
Down Payments
You must have a budget chalked out before you start looking for a house. Calculate the down payment you would have to pay. It is usually about 20% of the value of the property. You can choose to pay more from your pocket if you can afford.
You must save up for the down payment. In case, there is a deficit, you have take soft loan from your employer, family and friends. Try to minimise the borrowing amount to reduce the interest outgo.
Once you have taken a loan, the outstanding balance liability falls on your family's shoulders in your absence. You can avoid this financial burden on your family by buying a mortgage redemption insurance cover while taking home loan. It is a decreasing term plan where the cover amount decreases as you repay the loan.
Check your eligibility criteria
Home loan lenders have a list of eligibility criterion and only if you happen to meet those, you are considered a potential borrower. Banks typically look at your credit history to understand your repayment habits and prefer a credit score of 750 for lending out. Your age, income, occupation, collateral security, margin requirements, etc are also important factors when it comes to determining the interest on the loan.
Check the fees and charges associated with the loan
Home loans come with associated fees and charges. Processing fee is the most common fee payable at the time of application. Check if the fee is reasonable when you choose a lender.
Check the interest rate
The interest rate on loans is a determining factor in deciding where to take your loan from. Lower the rate, lower would be the EMI outgo. Home loans are offered at fixed interest rates and floating interest rates. While fixed interest rates remain the same through the loan duration, floating rates change with bank's changing lending practices. Weigh your options before you zero in on a loan.
Check your affordability of paying EMIs
Customers often take up a lot of burden when it comes to paying EMI thinking that it would get easier with time, as their income would increase eventually. Consider the possibilities of not getting a raise soon or other unforeseen circumstances. You should look at a loan to income ratio of 20% to 30%. You can make changes in the tenure to reduce or increase the EMI amount depending on your affordability.
Buy an insurance plan to cover the loan amount
Once you have taken a loan, the outstanding balance liability falls on your family's shoulders in your absence. You can avoid this financial burden on your family by buying a mortgage redemption insurance cover while taking home loan. It is a decreasing term plan where the cover amount decreases as you repay the loan.
Shop around
There are hundreds of banks and financial institutions which offer home loans at attractive interest rates. Before buying a home loan, go online and compare the interest rates and charge structure of all available home loans. Comparing would let you choose a loan which not only has the most reasonable interest rate but also limited fees and charges.
The chief minister also said that it proposes to extent the online building plan approval management system for multi-family dwellings, commercial buildings and industrial buildings in a phased manner.
PORVORIM: In a move that is likely to breathe life into the real estate sector, chief minister Pramod Sawant on Wednesday announced that the infrastructure tax levied on the construction sector would be reduced by 30% for a period of six months from April 1.
“The issue of incidence of double-taxation in stamp duty and registration fees will be streamlined to avoid financial hardships to the housing construction sector,” said Sawant. Sawant also promised to bring in “major reforms” in the functioning of planning and development authorities.
The chief minister also said that it proposes to extent the online building plan approval management system for multi-family dwellings, commercial buildings and industrial buildings in a phased manner.
“We are happy that our representations to the government are met with a positive response. The steps underlined by the chief minister in the budget speech will certainly boost the morale of our sector,” said Credai president Nilesh Salkar.
Sawant also said that notary architects and notary engineers will be empanelled to undertake third party certification of low risk projects. “This certification by professionals will be considered valid by TCP for issuing of technical clearance and completion orders.
The TCP department will also introduce rules and strategies to implement transferable development rights provisions for acquiring much-needed land fees, public projects and to conserve heritage structures, said Sawant.
One of the best property advisors with transparency which is not seen in today's world.
I had bought and sold properties through Ayuni. I recommend Ayuni for fair deals and are totally reliable.
MUKESH MAURYA
We came across a very hardworking team at Ayuni and have recommended them to our friends- they spent a lot of time with us and was always available to answer our queries. Kept us up to date on everything that was being done with our property and what we needed to do after the purchase was made.
Owner Of Apartment ...TATA PRIMANTI
Swapan Das
Team Ayuni, so ably headed by Sh Rajeev is a highly respected name in Gurgaon Reality space. Courtesy, Honesty, and Effectiveness are the hallmarks of their client dealings. Even in the current market scenario you can safely place your Real estate woes with them and TRUST them to find Total solutions. With all sincerity. Here's wishing them all the best.
SPS Jolly
