realestate2022

Moving Up? Should You Keep Your Old House or Sell It? More people today are buying up and keeping - or at least contemplating keeping - their old homes. In fact, 65% of investors are renting their properties instead of flipping? Does this make sense for you? Here are some things to consider: What are rents going for in your neighborhood?  Your real estate agent will be happy to give you an estimate, or for a rough valuation, do a web search. This should be your first step because the agent can help you determine what kind of move-up properties are available and what the new mortgage payment would be. Comparing this with the offsetting rental income from the old house will help you decide if it’s worth it. Does your income qualify you to carry both mortgages?  Your lender will likely expect two years of history managing rental properties in order to allow you to use the rental income you would gain from your old home as part of your calculations. If your debt to income ratio is...

Wait For The Real Estate Regulator Bill (RERA) Or Buy Now? Across the country, aspiring property buyers are waiting for RERA – or the Real Estate Regulation Act – to be implemented by the States. Time and again, it has been stated that the consumer must consider the reputation of the builder prior to taking a decision to buy a property/asset which is likely to remain for generations. On implementation of RERA, only builders with sound reputations will remain in the fray – this probably its most important function in protecting consumer rights and interests. Once RERA becomes a enforceable law, it will change the ways in which residential housing projects are planned, offered, sold and possessed across India. Property buyers will no longer need to worry about unfair contracts, delayed possessions, non-notified alterations in building plans and other risks. The aim of RERA is to make real estate purchase simpler by bringing in better accountability and transparency. In doing so, it w...

5 Pro-consumer Market Trends Redefining India’s Residential Property Sector In India’s highly dynamic market environment, change and innovation have become essential for the survival of any business. The housing sector, which was in the previous years defined by a remarkable lack of change, has been no exception. The winds of change are causing aspects of this industry that previously seemed ‘cast in concrete’ to give way. Let us examine five factors that stand out in this respect: 1)    Increasing focus on affordable ticket sizes Across most Indian cities, the financial ‘sweet spot’ for homebuyers is seen to be in the range of INR 50-70 lakh. In hyper-expensive Mumbai, ticket sizes of around INR 1 crore are popular with buyers because of the higher wealth creation and therefore purchasing power there. However, as of 3Q16, there has been a rise in apartments priced under INR 1 crore in Mumbai, as well. The proportion of increase in units launched in Mumbai in the under INR 1 c...

Mumbai gets new TDR policy : Ratio to width of Road Government of Maharashtra have notified new Transfer of Development Rights (TDR) policy for Mumbai wide circular TPS-1813/3067/CR-122/MCORP/12/UD-13 dated 16/11/2016. The high lights of the policy, simplified for our readers, are: - Cases eligible for TDR : (i) Reservations for public Purposes, new roads, road widening etc. (ii) Land under any deemed reservations. (iii) Land under any new road or road widening (iv) Development or construction of the amenity on the reserved land. (v) Heritage Structures. (vi) Slum Housing (vii) As may be notified by the government. - Cases not eligible for TDR (i) For land acquisition where compensation already paid. (ii) Award of Land. (iii) Layout already sanctioned with DP roads. (iv) TDR not permission for width of the road. (v) FSi relaxation already granted to owner (vi) Where lawful possession including by mutual agreement or contract has been taken. (vii) Required compulsory open spaces (viii) ...

Coming up next: KYC for Property Owners Know Your Client (KYC) is usual norm for all bank account holder, Dmat Account holders and all credit or debit cards in the country. Any defunct account needs to be deleted with one year of last transactions. Any bank locker which is not opened during any financial year are been sealed by banker. On the same norm, Benami Property Transactions is the next big agenda of the government. To catch black money which is been converted into real estate property, government is all set to bring in rules and regulations to curb the black money transactions in property transactions. KYC will give identification to property owners. All owners of the properties will be requiring to identify themselves. Benami Properties will be identified and confiscated by the government if not identified and renewed periodically. Source : The Accommodation Times

A checklist for buying property The most important advantage of a ready flat is, of course, that the buyer can move in immediately, end the rental outgo and pay the loan instalments instead In the current market scenario, apartments that are ready for possession are seeing the highest demand from buyers. This trend is based on two thought processes. One, the sooner one can move into a purchased property, the sooner the monthly rental outgo stops. Two, there is decidedly low confidence for under-construction projects at the moment because many developers have inordinately delayed their projects. Though the residential market has seen quite a bit of revival, buyers are still wary of investing in projects that will be under construction for anything longer than 4-6 months before the handover of completed flats. The highest demand currently exists for ready-possession, 1- and 2-bedroom-hall-kitchen (BHK) flats. For and against ready houses The most important advantage of a ready flat is, o...

Bandra-Kurla Complex, Mumbai: Focus is on affordable luxury Reclaimed from marshland and reserved for planned commercial development, Bandra Kurla Complex (BKC) was initially created by Mumbai Metropolitan Region Development Authority (MMRDA) as an alternate CBD to Mumbai. Its express purpose was to halt the further growth of offices and commercial activities in South Mumbai. Commercial rentals at BKC are now the highest in the city; companies that want larger spaces are turning to BKC. Of late, this micro-location has also been attracting the highest grade of residential property developments, and current under-construction supply is very limited. Residential values in BKC range between Rs 40,000-55,000/sq ft and in the immediate neighbourhood of Bandra East, they range from Rs 25,000-35,000/sq ft. Some of the projects that have been garnering interest from homebuyers include Kanakia Paris, Serendipity, Sunteck Signature Island, Sunteck Signia Isles and Shree Naman Residences. Develop...

Home buyer is finally king:  How Real Estate Act protects you The notified Real Estate Act curbs most malpractices that has been plaguing the sector for decades Real estate companies may find it hard to claim relief under S4A The Real Estate (Regulation and Development) Act, which protects the interest of home buyers has finally started seeing light of the day though slowly. Keeping up with the deadline to operationalise it from November 1, the Central government has notified it for the five Union Territories - Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep and Chandigarh. None of the states except Gujarat has met the deadline. Even though your state may not have implemented the Act; it will be similar to the one notified for the union territories and looking at the finer points covered can give you a sense of things to come. The rules apply to all on-going projects that have not received completion certificate. Here’s how the Act protect buyers’ ...