Real estate will continue to be the preferred investment class worldwide. Smart real estate investing can change our lives by giving us enough money to make our dreams come true. Today, most of us have an investment portfolio that consists of a variety of investments, be it stocks, bonds, gold, etc. However, most of the people have still undervalued or ignored real estate investment. With the huge economic boom in most cities in India, the average income has increased, giving us additional capital to invest in the future, and real estate may be the ideal investment opportunity for you.
The price of real estate depends on various factors such as location, demand and supply, interest rates, future development plans, etc. Some investors buy properties for the purpose of selling them later, when supply is low to take advantage of price increase.
What is the appreciation rate?
In real estate, appreciation refers to the value of your property, or how much the value increases over time. You get several benefits when real estate grows and increases in value. First, you can get more by selling your property. As long as the demand is high in your market, you can get a higher selling price and therefore earn more profit.
5 Reasons for property price appreciation!
Demand & Supply:-
When the demand for housing in a given area increases. Property prices rise unless the number of housing projects built to meet the demand does not recover quickly enough. Home buyers who buy houses for their own use are willing to pay extra if the locality is attractive and desirable for living. The ideal moment for home buyers to buy a property in areas with great upward potential, is a period when investor activity has not yet begun.
Features of property:–
The property’s facilities and improvements also affect its value. For example, remodeling a home, installation of wooden cabinet can increase its value. Decorating a basement, adding another bathroom, or replacing carpet with tiles are other examples of improvements that add value. In addition, the availability of parking spaces has a major impact on the value of the property. Parking spaces can create a price difference of 10% to 15%, especially in metropolitan areas where parking in residential areas can be a problem.
Owners who continue to improve their property may receive a higher rate than current market prices. This can be a basement garage, a kitchen lawn, or a small garden terrace. In addition to this, the property’s architectural design, maintenance and interior also play a crucial role in property price appreciation.
Location:-
The location of the property is a major influencing factor. As the area around your property grows, new businesses emerge and new jobs open up, local housing prices tend to rise. If society struggles, or companies shut down then lower values are usually achieved.
Local development:-
For property price appreciation, it is important that the social infrastructure and the local area support growth. Property in a gated community with an active Residents Welfare Association (RWA) will be preferred over independent property located in a common area. Likewise, green cover, security surveillance, and facilities in the immediate vicinity can also add value to the property.
Infrastructure Development:-
Infrastructure development plays a pivoted role in property price appreciation. Any type of development like trans-infra projects will boost the value. They are expected to drive population growth and ultimately increase demand. Investors who identify the right time to enter the market can get the most out of their real estate investment.
Impact of Government Policies:-
One of the important policies that have a direct impact on the growth in property values is interest rates on loans. The lower rate of interest attracts more buyers to the market, creating greater demand and great property price appreciation. Similarly, lowering stamp duties, GST rates, circle rates, income tax exemptions, etc. directly affects demand. In addition, the introduction of the Real Estate (Regulation and Development) Act 2016 (RERA) has created great trust among home buyers. This may not directly affect property prices, but streamlines the process of buying homes. Also home buyers can challenge offenses conducted by a builder. Such as property rights, delays or changes to the master plan without your consent, etc. This transparency helps with integrated development of the real estate industry.
Tips to improve property price appreciation!
In general, the national average property price appreciation rate for real estate is between 3% and 5%. However, this can vary greatly and really depends on the unique factors of your long-term ownership. Fortunately, if your real estate investment does not appreciate as you would like to see, there are several ways to increase the value of your property.
Improve efficiency of property: If you can reduce the amount of energy needed to run a property, you should gradually increase its value. This could mean replacing appliances with EnergyStar, installing solar panels,planting trees around the house.
Increasing property square footage: Increasing living space to a property increases its value. You can build an ADU or guest house at the back of the house, or add a basement.
Make smart improvements: Improving your property can add value, but be sure to make the right choices. Not all upgrades increase the value, some can degrade the existing value as well.
The demand for duplex house for sale in Bangalore has increased at a fast pace. The outbreak of the pandemic has made the average Indian citizen realize the value of owning a home, especially in major cities like Bangalore. People are increasingly choosing larger homes, like a duplex or 3 BHK apartment, to accommodate a specialized workspace within the living space. As work from home is becoming the new norm, people want a home that has dedicated space that can be used as a workspace without any hassle. As a result more and more home buyers, especially working professionals, intend to shift their decision to Duplex home.
Apart from apartments, Bangalore is also experiencing an increased interest of buyers in independent houses for investment purposes. As people turn towards more open spaces, especially due to the inability to go out at will, the demand for independent houses has also increased in the city. With the change in priorities, the trend towards duplex houses is likely to continue for a long time and for a significant portion of sales in Bangalore. Duplexes can be attractive because they cost more than a single-family home.
So, if you are looking for a duplex house for sale in Bangalore, read this article. We have discussed some tips, pros, and cons of buying a duplex home/apartment in Bangalore.
What is a Duplex House?
The duplex is a structure consisting of two separate family units. The two units share a common central wall but have separate entrance doors. Typically, a duplex home in Bangalore has a kitchen, a dining room, and two apartment blocks located side by side or on two floors with separate entrances. Although there are two floors, they are sold together and owned by the same person. A duplex house for sale in Bangalore usually has a kitchen, living room, and bedrooms on the lower floor, and a master bedroom on the upper floor.
The owner of a duplex house can rent out both or a single unit as well. It is mainly connected by an internal staircase. They are good investment opportunities and offer several advantages over apartments or villas. They provide a life experience similar to what you find in a home.
Different type of duplex home in Bangalore-
A duplex house can consist of apartment blocks designed side by side or on two floors. They are usually of 3 types and available in the following categories:
Standard duplex:– This is a two-story house, where the first floor is connected to the second floor by a staircase. On the ground floor there is a living room and a kitchen, and on the upper floors there are bedrooms and children rooms.
Low rise duplex:- This type has large balconies and a ceiling on the second floor. It is usually built in a smaller area compared to other types of duplex houses.
Low or Ground duplex:- These are houses built on the ground floors of the apartments, where the lower floors have a garden and contain bedrooms. The upper floor consists of a living room and a kitchen. This type of house is ideal for homeowners who prefer gardens.
Some best localities to buy a duplex home in Bangalore!
Bangalore has always been an attractive destination for both home buyers and developers. With lucrative options and bespoke budgets, the city is also one of the most popular cities for duplex homes. Some of the best localities to buy a duplex house in Bangalore are:
Tips before you consider a Duplex house for sale in Bangalore-
Cost of the House- Generally Duplexes cost more than single-family homes. Hence, you not only have to pay a higher percentage for the down payment, but the overall cost itself will be higher. So ensure you have enough capital to pay for this extra cost. So if you are planning to buy or rent a duplex house with many rooms, it will be very expensive.
Size or Layout- The number of bedrooms on each floor completely depends on the size of the house. If you buy a larger duplex, you get more rooms, and if you buy a smaller one, you get relatively fewer rooms. You can plan your duplex layout based on the number of rooms you need. Typically, a small two-story home has a living room, hall, and kitchen on the first floor and a bedroom on the second floor. The best thing is that you can customize the duplex to suit your needs and requirements.
Privacy- When you buy a duplex house and live on the same side (either down or up). Your tenants can come to you at any time with questions or concerns about your rental property. You can hear them through walls and they can potentially hear you. In simple words, a duplex house in Bangalore has less privacy.
Privacy/Confidentiality:- Everyone wants to live in a big house and more space and who doesn’t like a big space. A duplex house promises total comfort for its residents. The house plan has advanced features and large spaces that can include outdoor gardens.
Rental income opportunity:- One of the houses in the duplex can be rented out easily. This is especially beneficial if you have purchased a property on credit or loan. Since the rent you receive can be used to pay off the loan. The duplex house has a good resale value and appreciates faster, since the two units are well equipped with separate rooms and entrances.
Suitable for two families:- Duplex is a good option if you want to stay with your family, such as your grandparents. You can let your family or friends stay with you in one of the two units. Sometimes duplex house for sale in Bangalore are much more affordable compared to a single-family luxury home having same bedrooms and carpet area.
Share facilities easily:- You probably do not have access to facilities that are common in residential complexes, such as a tennis court or swimming pool. However living in a duplex means you only have to share the amenities and common space with some peoples, and not a whole group of people.
Office or work space:- With the trend of work from home, more and more home buyers are looking for a house which can provide them an additional space. For those buyers, duplex is a perfect option to consider. In a duplex house you have enough rooms which can used for your work or office space.
Disadvantages of buying a duplex home-
Maintenance responsibility:- As the owner of 2 floors the owner has to check the maintenance and repair work. If duplexes are not managed professionally, they may not guarantee you enjoyment and comfort.
Problem with tenants:- The relationship between landlord and tenant is delicate. If you share a property with another family, perhaps tenants, this can affect your privacy, which in some cases can cause controversy. This applies to any rental, be it a duplex or an apartment, it can be difficult to have an uninteresting neighbor. Understanding this will help you set expectations and hopefully help you avoid negative situations.
Sharing can be an issue:- In case of duplex house for sale in Bangalore, you are likely to share your yard and other amenities with your neighbor. This can be a problem if your neighbor uses too much of these areas or does not respect your space. So, it is best to consider all of these aspects when renting a duplex.
Conclusion-
Duplex houses are more common in areas where there is a significant area of land. Most Indian cities have made room for skyscrapers due to the limited availability of land. Southern cities, especially parts of Bangalore, Hyderabad, and Kerala have duplex houses. These houses are suitable for roommates and families living in the same house who need a home-like environment. Duplex home in Bangalore also sometimes more affordable than single-family homes. So, they can be a smart way to live in a good area for less money.
Planning to invest in Yamuna Expressway? In this article we have shared some interesting facts which you should know before investing near Expressway.
Yamuna Expressway has evolved as one of the largest real estate hotspots in the last three years. It is proving to be one of the best choices for home buyers and investors. The six-lane 166 km expressway is the longest motorway in India. It has opened up a pristine area for economic development and expansion of the NCR region. For the past 1-2 years, several integrated warehouses, logistics hubs, and integrated townships have been developed here.
The Expressway has shortened travel time between Agra and New Delhi. It has unfold opportunities for industrial and urban development in the region and laid the foundation for convergence between tourism and other related industries. The Expressway stretches 166 km to Agra from Greater Noida through Aligarh and Mathura. Several projects are under development and approval of two metro routes, i.e, Noida City Center to Sector 62 and Noida City Center to Greater Noida, have led to extensive development in this zone.
With growth opportunities in mind, several leading developers are already taking advantage of the investment opportunity along the expressway. However, developments today may seem a bit slow. The new proposal for infrastructure development, including the metro, will give a new boost to the demand for residential properties.
Top 5 reasons to invest in Yamuna Expressway | Investing in Yamuna Expressway
Properties from reputed developers-
There are several housing projects along the Yamuna Expressway, built by leading developers. Gaurs, Ajnara, Skyline, Supertech, ATS, and Lotus are some of them. On average, you will find properties of different configurations in places like sectors 19, 22, 24, 25, 17A, and 22D on the expressway. Prices of affordable housing units at Yamuna Expressway starts from Rs 10 lakhs and Rs 2.25 crore for luxury projects. In the middle class category, there are several projects ranging from Rs 40 to 80 lakhs too.
Perfect Investment option-
According to a number of real estate experts, the Yamuna Expressway will become a popular place to live in the future. It will flourish once Jewar Airport is completed and metro connectivity is fully developed on this section. Jewar Airport once completed, will further increase the connectivity with Delhi and is perfect reasons to invest in Yamuna Expressway. The new infrastructure will emerge to connect the Jewar airport with Indira Gandhi International Airport. Yamuna Expressway Industrial Development Authority (YEIDA) has also revamped its master plan for 2031 to stimulate further development along the Expressway.
Yamuna Highway is an ideal place for potential real estate investments. It is one of the longest expressways with controlled access in India, directly connecting the metropolitan area of Noida with Agra thus increasing the prospects for neighboring regions. The area is witnessing a significant boom in property values due to the proposed Noida International Jewar airport. Another benefit of investing in Yamuna expressway projects is the highway runs through the main road of Yamuna. Thus it can benefit those traveling from Noida, Gaur Yamuna City, and Greater Noida.
Offers Seamless Connectivity-
The Yamuna Expressway to UP and Haryana areas and is connected to the Agra ring road. This further connects it with other regions of the NCR, such as Gurgaon, Sonipat, Manesar, Rohtak, Ghaziabad, Meerut, and Hapur. It also connects some major cities like Lucknow, Kanpur, and Gwalior shortening distances and travel times. Hence, connectivity is one of the main reasons to invest in Yamuna Expressway.
The Expressway offers a good proximity to basic amenities, such as schools, hotels, hospitals, etc. Future development on Yamuna Expressway includes the construction of an IT park, and a planned railway station. F1-track at Buddha International Circuit is another feature at Yamuna Highway. The UP government has also designated the Expressway as manufacturing hub of electronics. The Noida authorities have also planned a transport hub that will include various modes of transport, including an Inter State Bus Station and a Railway station.
Affordable Housing Hub-
Yamuna Expressway, considered an accessible location, currently filled with projects with a small number of units. However, the market share for 2 BHK units is really high compared to 1 and 3 BHK units. 1 BHK units are much smaller in size and account for about 18% of the market share. The area is dominated by 2 BHK units with 39% availability, followed by 3 BHK units with 33%. About 38% of Yamuna Expressway projects launched in the price range of Rs 3,000 to Rs 3,500 per square foot. About 18% of the projects in the price range of Rs 2,000 to 3,000 per square foot and Rs 3,500 to 4,000 square foot each. So, these are some of the reasons to invest in Yamuna Expressway.
In this article we have explained some of the reasons to invest in sector 93 Noida. So, if you are looking for a property for sale in sector 93 Noida, then read this article. Below we have mentioned some of the reasons which might affect your buying decision.
From connectivity to metro to robust physical and social infrastructure, Noida is currently one of the favorite destinations for home buyers. The area has become a center for residential and commercial development. More people are moving from densely populated cities to this place. As a future investment outlook for sector 93 Noida and Noida Extension, it is the focal point of affordable housing with a large supply. In addition, compared to other popular regions in the NCR, Noida is considered affordable for buying a flat or house. Several multinational companies have taken over commercial space here providing opportunities for both investors and end-users.
Sector 93 has better conditions and availability of significant housing and land. The area is close to some important employment and commercial centers. As a result, the maximum number of working professionals and business people are seeking real estate in sector 93.
The 93 sector is divided into two parts: Sector 93 (A) and 93 (B). Sector 93 (A) is a centrally located luxury residential market. The area offers 2, 3 and 4 BHK luxury apartments at prices varying from Rs 7,000 to 10,000 per. sqft. While Sector 93 (B) is relatively located further away from the expressway.
Reasons to invest in sector 93 Noida | Investing in Noida sector 93
Ideal from Investment viewpoint-
In terms of investment, the properties in Sector 93 Noida are good, as they offer a good rental income. The current rental value is between Rs 14,000 and Rs 21,000 for a 2 BHK apartment. The network of Metro Rail in Noida is expanding at a fast pace which makes it ideal for investment. With the opening of the Aqua metro line, the demand for properties for sale in Noida sector 93 has reached to astronomical heights. However, the area may soon see a price increase of five percent. If the state government considers a project to connect the expressway to Botanical Gardens via a metro line
Well-planned infrastructure-
Sector 93 offers a well-developed infrastructure. This includes the wide roads like Noida-Greater Noida Expressway, that provide excellent connectivity throughout the NCR region. Real estate prices in NCR have risen sharply in recent years. But Noida still offers investment opportunities at an affordable price. As a result, middle-class home buyers are also investing in Noida. Sector 93 has well-planned areas with a vision of good infrastructure development.
Location Advantage–
The sector 93 is located between the southern and southeastern parts of Noida. It is located along the Noida-Greater Noida Expressway, which has spurred growth in properties and opened opportunities for many builders. Some of the well-known and reliable developers like Unitech, Parsvnath, Omaxe, Purvanchal, etc have projects in this area. Proximity to Noida-Greater-Noida Expressway, has dramatically accelerated property development in sector 93 and has opened up opportunities for excellent builders.
Close to commercial hubs-
Another important factor in the decision to buy the flat in Noida sector 93 is easy access to many office buildings and commercial centers. Shopping malls attract the attention of a number of home buyers. Hence, its a key aspect in driving investment in this sector. There are many companies in the immediate vicinity of this sector, such as InfoEdge, Wealth Clinic, Matrix and Sify technologies, and Oracle.
A Growing Locality-
With affordable housing, efficient public transport networks, planned metro accessibility and major infrastructure projects, Noida sector 93 is growing rapidly. The prospects for real estate here are promising. As the region has recently experienced high demand for housing and continues to be a popular area for new housing openings.
Conclusion-
When it comes to getting more appreciation for the money invested, people still believe in real estate. In general, people prefer to invest in real estate because of the higher profitability and minimal risk factor. Those with good savings and enough capital can choose this option for a long-term investment. Above we have explained some of the reasons to invest in sector 93 Noida. So, if you are also looking for a flat for sale in sector 93 Noida, you can visit our portal. We have over 100 properties listings in sector 93 and you can also contact agents.
Further if you have any query then feel free to contact us!
In this article we have discussed 4 simple reasons to invest in Dwarka Expressway. If you are considering investing in Dwarka Expressway real estate but confused whether it is worth it or not, then you will find this article relevant.
Dwarka is one of the most popular residential cities in Delhi that thrives with impeccable social infrastructure, affordability, and excellent connectivity. It is a well-planned city and offers every type of service to its residents. In recent years, the Dwarka real estate market has improved significantly and it is getting better day by day. Those who have invested in Dwarka, will have great benefits in the coming years. This area has developed a lot in recent years. It is still improving and will be even more favorable in upcoming years.
In today’s scenario, investing near the Dwarka Expressway is considered one of the best investment opportunities right now. The area offers several benefits for both investors and buyers. Delhi International Airport is close to the Expressway and also next to the Dwarka Metro. The area also offers connectivity to some important areas in Manesar and Noida.
The demand for properties near Dwarka Expressway is increasing at a fast pace. Also the property prices are expected to rise, according to real estate experts. There are many reasons why it is not only good for people living in Delhi but also for NCR and Haryana. In addition to connecting several roads in Delhi, this highway also connects many small towns in Haryana.
Why is Dwarka Expressway a good investment option in Delhi-NCR? | Reasons to invest in Dwarka Expressway
Growing Connectivity-
Under the new master plan, a well-constructed 100-meter-wide road will be built. The road will connect the area with the metro corridor and the proposed diplomatic enclave. The 18 km expressway runs alongside some special economic zones approaching Kherki Dhaula. This expressway shortens the travel times of passengers coming from West Delhi. It runs in parallel with NH-8 until it merges ahead of IFFCO Chowk.
Higher Appreciation rate-
Dwarka belongs to one of the most elegant and famous areas of Delhi and has good infrastructure as well. Properties in Dwarka, are the most convenient and have proximity to Delhi metro. Apart from metro connectivity it also has good public transport facilities as well. Dwarka also consists of a large number of reputed educational institutions as well. Hence, for investors this can be one of the reasons to invest in Dwarka Expressway.
According to various real estate experts, the demand for property in Dwarka has grown by 6% within a year. The current price trend in Dwarka shows a positive signal for investors or home buyers. However before investing in Dwarka expressway one should have proper real estate knowledge of price trends. Otherwise they won’t be able to make the right profit when buying and selling real estate.
The main motive for constructing the new expressway was to reduce the NH-8’s traffic during peak times. As a significant part of the workforce in Gurgaon’s office centers comes from Delhi. For daily commuters it is one of the best reasons to invest in Dwarka Expressway. The Dwarka Expressway offers easy flow and traffic and helps in ensuring a smooth commuting between the two districts. The Expressway will ease congestion on the Delhi-Gurgaon Expressway and highways that have experienced heavy traffic, mainly due to residents of West Delhi. Approximately 40,000 vehicles will be relocated to the new expressway, which will improve traffic flow on Sohna Road and Golf Course Road.
Less Pollution-
This section is 18 km long and 150 meters wide. Sectors 81-115 have developed throughout its length with sectors dedicated to housing projects, shopping malls and utilities. Dwarka Expressway literally has low pollution levels and feels like a breath of fresh air. With its low population density, the right combination of urban planning, aesthetic and ecological design and additional greenery, it has become a promising investment destination.Conclusion-
Conclusion–
So, these are some reasons to invest in Dwarka Expressway. It is a growing area and it will definitely gives you good return on investment in future. Sometimes it can be challenging to estimate the exact cost of buying a property near Dwarka Expressway. Therefore, before buying a property, one should consult to real estate experts.
Consulting an agent helps you in planning your budget accordingly. Tax implications can be difficult to analyze in a real estate transaction. If you buy a flat in Dwarka Expressway for investment purpose then ensure you are comfortable paying EMI even if there is no rental income from the property. Before buying real estate, you should also analyze the extent of the income from it. In addition, you must also calculate the risks associated with the property.
If you have any query then feel free to contact us!
Planning to invest in Hinjewadi, Pune? But wondering whether it’s worth investing in? When it comes to investing in Hinjewadi, buyers often face a dilemma, as Pune has several thriving localities. So, to make things easier for you we have described the 7 amazing reasons to invest in Hinjewadi.
Hinjewadi is one of the fastest-growing cities and is highly regarded as the state economic center. Generally, it is considered to be a prominent and well-known location for the IT sector throughout India. Today it is one of the most popular real estate centers in the city along with Wakad, Balevadi, Kothrud, Aundh, and Baner.
Due to its continuous development, investing in properties in Hinjewadi can fetch you a good amount of returns. Also, it is considered one of the largest IT centers in Pune and ideal for real estate investments. Apart from high returns, there are several other reasons why the area is suitable for real estate investment. Below we explain the reasons to invest in Hinjewadi or the benefits of investing in Hinjewadi.
Why should you invest in Hinjewadi? | Reasons to invest in Hinjewadi
1- INFRASTRUCTURE dEVELOPMENT | Connectivity
The area offers connectivity to the other localities in Pune and IT institutions situated in Baner and Aundh. Hinjewadi also has proximity to two most popular highways i.e, Mumbai-Pune Expressway and Pune-Bangalore Bypass. The area also offers rich green areas and natural beauty as well as ample opportunities for high return on investment. The area consists of some well known hospitals including Lata Mangeshkar Hospital, Medpoint, Sahyadri Hospital, and Aundh Chest Hospital.
2- Profitable Deal
Real estate considered one of the smartest and reliable investments after gold. However, in the case of real estate, it is crucial to invest in the right place at the right time. Talking about the present scenario of Hinjewadi, it is absolutely an ideal destination for property investment. The area is witnessing high economic and infrastructure development and is one of the reasons to invest in Hinjewadi. It offers a pretty good price appreciation and you can definitely expect a higher return on investment in the future.
3- Education and Commercial Institutions
The presence of educational institutions plays important role in determining the demand of real estate in an area. Hinjewadi also known as an education center because there are many national, international schools and universities around it. Recently, many business schools, law colleges, engineering and art colleges have opened here. As a result, you can see a crowd of students from different parts of India. Some of them settle here with their families as they get permanent jobs after higher education. Ultimately, results in a surge in the demand for housing sector. Some notable educational institutions here include Indira College, Sinhgad College, MIT, and parts of Pune University.
No doubt Hinjewadi is an ideal destination for people looking for passive or rental income source. Rental incomes can be one of the reasons to invest in Hinjewadi. Both commercial and residential real estate segments can fetch you good rental incomes. Many companies looking for office space and working professionals looking for rental apartments for themselves and their families. Hence, both commercial and residential sectors are in great demand.
5- Excellent Growth Potential
Another advantageous aspect of real estate investing in Hinjewadi is that it has a high growth potential. Several business centers want to expand their office in Hinjewadi, ultimately creating more employment opportunities. This will lead to the immigration of potential buyers from different parts of the country. As a result, increasing the demand for real estate in the upcoming year.
6- Prominent Business Parks
There are several business centers located in Hinjewadi with office space and with highly developed infrastructure. Several leading MNC companies have offices here, resulting in an increase in employment, which in turn has led to an increase in demand for residential properties. Some prominent IT parks include Quadron Business Park, Embassy Techzone, and Blueridge. Hinjewadi also well connected with other parts of the city, close to the Pimpri-Pune railway junction and Pune airport.
7- Varied Housing Options
Hinjewadi offers a varied range of housing options to investors as well as end-users. There are apartments, bungalows, townships, villas which are also built for residential purposes only. The price of an apartment in Hinjewadi varies from Rs 4,200 to 6,800 per sqft. There are many residential properties in different segments including luxury and affordable properties for living and investment purposes. So, these are some reasons to invest in Hinjewadi . Further if you have any query or doubt, then feel free to contact us!
Following the publication of the draft in 2019, on Wednesday the Union Cabinet approved the Model Tenancy Act (MTA) model. This will simplify the rental process in India and help the rental economy in the real estate sector. According to the government, the law will help reform the legal framework for rental housing throughout the country, which will contribute and improve the overall economy growth.
What’s the purpose of this law?
According to the 2011 census, more than 1 crore of houses were empty in urban areas. Existing rent control laws had restricted the growth of the rental housing sector. Also homeowners avoid renting their homes due to fear of repossession. One of the possible steps to unlock the vacant house and to remove fear of homeowners is to bring transparency and accountability into the existing system for renting premises. While considering the interest of both homeowner’s and the tenant’s in a balanced manner.
The Model Tenancy Act 2021 seeks to create a sustainable, dynamic, and cost-effective rental housing market. The law will institutionalize rental housing, progressively move it towards the formal market and is aimed at meeting the demand of both owners and tenants. The Act also promotes the opening of houses that have been untenanted for several years.
How does Modern Tenancy Act benefit tenants?
Limit the security deposits:- The tenants have to pay at least one year’s rent as security deposit in cities like Bangalore and Mumbai. However with the new Act homeowners cannot demand for rent for more than two months as security deposit.
Restrict frequent rent hikes:- Throughout the rent agreement or lease period, homeowners cannot increase their rent. The homeowner must give the tenant three months’ prior notice before increasing rent.
Stop’s homeowner’s invasion:- The homeowners entering premises whenever and wherever they want, is a frequent complaint of various tenants. To prevent this from happening, the policy says owners must give 24 hours written notice before visiting. In addition, they can not come after 8 pm and before 7 am. Also, if there is a dispute between a tenant and homeowner of some nature then the homeowner cannot cut water and power supply to tenants.
Responsibility of structural maintenance:- While the policy states that both parties will be responsible for maintaining the leased property. However the responsibility for maintaining the property structure lies on the owner. In case of any repair or replacement work, the owner must give a prior 24 hours notice to the tenant.
How does Modern Tenancy Act help landlords?
Overstaying of tenants:- Now tenants who do not follow or do not comply with the tenancy clause, like staying longer than specified in the lease period. Or late payment of rental payment will be fine heavily. Especially in case of a delay in the stay even after the expiration of the lease. The tenant must compensate the homeowner by paying a double rent for 2 months, which in some cases can increase up to 4 times.
Subletting the home/flat The tenant is not allowed to sublet all or part of the rental property without prior permission from the owner.
Eviction of tenants made easier According to the model tenancy act 2021, homeowners can apply for the right of rental for eviction in the rent court, if tenants have not paid their rent for two consecutive months.
Opinions of real estate experts on the Model Tenancy Act 2021:-
Improves quality of housing.-
Ramesh Nair, former CEO, JLL India said. Housing for everyone cannot succeed without a strong rental housing model. The Model Tenancy Act not only reduces the slums quantity but it also improves the quality of housing. All government efforts have focused exclusively on home ownership.
Build better tenancy market.-
Managing Director of Poddar Housing and Development, Rohit Poddar said. The Act will regulate and promote rental housing and play a critical role in increasing the supply of rental housing. This will become an important requirement in the near future as the population grows. The rental terms are clear to both tenants and homeowners and reduce a number of disputes due to unwritten agreements. So, the decision benefits both tenants and homeowners. The Act will also improve the growth of the rental housing market in India as a whole.
Encourage Investors participation.-
Managing Director and Chairman of Knight Frank India, Shishir Baijal said. GST, REIT, RERA, and now tenancy laws will help transform the real estate sector into a more transparent and consumer-oriented sector. Thus, attract the best investors and institutional developers in the world to wider participation in the country’s real estate sector.
The Act contains provisions that regulate the rights and obligations of both homeowner and tenant. We believe that this law is a step in the right direction and we are pleased that the law has become a fundamental reality during the pandemic time.
Increased trust between tenants and homebuyers.-
Vice-Chairperson and Sr VP of NAREDCO, Manju Yagnik said. The Model Rental Act will undoubtedly be a game changer, resulting in increased trust between homeowners and tenants. This helps to create a suitable rental market without ambiguity. With the formation of a separate leasehold and tenancy law there will be a speedy resolution of disputes. In the short term, this law will lead to an increase in the supply of rental housing. It benefits all those seeking to migrate in search of work to an urban area.
Create new rental housing.-
National President of NAREDCO, Niranhan Hiranandani said. A new law is needed to make life easier for tenants, landlords and investors. The Model Tenancy Act 2021 will help reform the legal framework for rental housing across the country, thus helping in stimulating overall growth. The law will make it easier to remove the blocking of vacant rental homes. This is expected to provide impetus to private sector participation in rental housing as a business model to tackle the huge housing shortage. The law will institutionalize rental housing and gradually push it towards the formal market. This Act ensures the creation of new rental housing for all segments of the population and tackles the challenges that housing seekers face.
In this article we have discussed the 6 incredible benefits of investing in Panvel. If you are considering investing in Panvel real estate but concerned whether it is worth it, please go through the below pointers. The benefits discussed in this article are based on feedback from builders, brokers and clients living in Panvel.
The Panvel residential market has witnessed a significant growth in the past few years. The area offers a wide range of real estate investment opportunities. Properties in Navi Mumbai are really modern and known for luxury living. Of all the locations in Navi Mumbai, Panvel is the hotspot for the real estate boom. It offers a mix of fresh and spectacular scenery, robust infrastructure, connectivity and more! Here are some of the reasons to invest in Panvel real estate.
The 6 amazing Benefits of investing in Panvel
1 Infrastructure-
Panvel is 40 km from Mumbai and falls in the Raigad district. It has proximity to Thane and Navi Mumbai, two well-planned cities with robust infrastructure and attracts a lot of attention due to its proximity to major upcoming infrastructure projects. It is highly regarded for its connectivity as it is the intersection of various highways including Sion-Panvel Expressway, Mumbai-Pune Highway, National Highways 66, 4 and 4B.
The railway department is also executing crucial tasks in Panvel, and Panvel’s CST high-speed rail corridor is seen as an important game changer. As it will significantly reduce travel time and improve the overall transport connectivity of this region. Also the long awaited Navi Mumbai International Airport is very close. The new airport expected to be operational by the end of 2021. It also includes the project NAINA – Navi Mumbai Airport Notified Influence Area, developed by CIDCO. Another project that is attracting more investors to Panvel is a corridor of over 100 km from Alibaug to Virar.
2 Connectivity
One of the main benefits of investing in Panvel is the seamless connectivity to other areas of Mumbai. It is well connected to the major localities nearby, thanks to its amazing rail/road connectivity. The area also connected to the western and eastern highways and also in the center of Konkan, which can easily connect to other countries.
Connectivity of Mumbai Pune Expressway and Sion-Panvel exit further improves the reach to Panvel. As such, these roads provide easy access to all parts of Mumbai, making Panvel a great place to invest in real estate.
Real estate is considered one of the smartest and most reliable investments. However in the case of real estate investing in the right position at the right time is very crucial. Otherwise you won’t get the desired output or profit. In terms of profit there are many benefits of investing in Panvel. When buying a property, the amount of potential major infrastructural and economic improvements in that location should be considered. Nowadays, it is profitable to buy a new home somewhere like Panvel where you can expect a better return on investment in the future.
4 Less Traffic Hustle-
Panvel is a well-structured and well-planned place as a result people can move without any hustle even during peak rush hour. Since two decades, it has witnessed an amazing social and physical infrastructure growth. Although the recent breakthrough came later than Thane, making it an excellent investment destination.
5 Educational Institutes
Panvel has well-known educational institutions as well as many famous schools and colleges. The presence of prestigious schools and colleges are one of the benefits of investing in Panvel. Some of the most prominent educational institutions are Mahatma School of Academic Sciences and Sports, New Horizon Public School, Media Studies and Research and St. Joseph High School.
6 Less Pollution
Low pollution is one of the main reasons to invest in Panvel. It is the perfect place for those who want to live in peace, who want to enjoy landscapes and greenery. It offers accommodation at very reasonable prices compared to Mumbai and has both affordable and luxury homes. Also the level of pollution very low in Panvel compared to other areas thus, making it the most desirable place to invest in a home.
Conclusion-
When buying a property you should consider the amount of potential major infrastructural and economic improvements in that location. One should definitely consider Panvel, as the benefits of investing in Panvel are many. It is already a well planned city and has most of the amenities ideal for a perfect living. There are many banks, gyms, popular restaurants, clubs, amusement parks, shopping malls, etc. It also has some well-known and famous educational institutions. Considering all these factors, Panvel is definitely going to be one of the best areas to invest in real estate.
Looking for the best area to buy flat in Pune 2021? Confused which is the best area to invest in Pune? In this article, we have discussed the top 10 areas or localities which are perfect for buying an apartment in Pune.
Maharashtra has been a pioneer in the effective implementation of RERA, thereby creating positive momentum in the real estate industry and increasing consumer interest. This has been a huge boost in the Pune real estate market supported by new transparency and accountability. The Pune housing market has preserved its momentum, even under difficult economic conditions. According to research, in recent years Pune has become one of the most efficient residential real estate markets.
It has gained a reputation as one of the most popular places to live after retirement. In addition to retirement, this city is desirable for living. So, if you are planning to settle in Pune, this article is for you. We have selected some of the best area to invest in Pune based on feedback from residents, proximity to major social centers, career centers, and proximity to airport and railway stations.
Best area to buy flat in Pune | Best Locality to buy flat in Pune 2021
1. Baner
Baner is located in the northwest of Pune and is a residential and commercial city just off the Mumbai Highway. Its nearby places are Balewadi, Pashan, Mahalunge, Aundh, Sus. Housing demand is primarily driven by professionals working in Baner-based software companies and other nearby employment centers, such as Rajiv Gandhi Infotech Park located in Hinjewadi.
Connectivity- The city has road links via Baner Road, Mumbai Highway (NH-48), and Pashan-Sus Road. It has a good public transport system that connects it with other areas of Pune. Pune Junction Station and Pune International Airport are 12 km and 18 km and can be reached within an hour. In addition, the planned 23.3 km of metro line 3 (Hinjewadi Phase III – Civil Law) would further increase connectivity in the region and improve the overall infrastructure.
Rajiv Gandhi Infotech Park is closely linked with Baner, a large 3-phase employment center in Hinjewadi. Therefore makes it the best area to buy flat in Pune. It has the presence of different IT / ITeS & BPO units together with some biotechnology and car companies. The main companies here are Cognizant, Infosys, Wipro Technologies, Tata Consultancy Services, Capgemini, etc.
Price of flat in Baner – The price of an apartment or flat in Baner starts from Rs 6,000/sq ft and goes up to Rs 9,400 per sq ft.
Viman Nagar got its name because of its connectivity to Pune Airport, which is only half a kilometer from the city. It is also considered as one of the posh localities in Pune, with areas like Mhada Colony and Kargil Vijay Nagar. It is surrounded by Pune Airport to the north, Sanjay Park to the west, Kargil Vijay Nagar to the south, and Tata Nagar to the east.
Connectivity:- The city is well connected to the rest of the localities in Pune through the Pune-Ahmedabad highway. Pune railway station is situated just 8 km from the city. Viman Nagar has close proximity to Pune International Airport. It is just 0.5 km away which makes it best area to invest in Pune. The upcoming Ramwadi metro station on line 2 of the MahaMetro line expected to open in 2023, would further improve the connectivity of this area. Koregaon Park, Kharadi, Tingre Nagar, Mudhva, are some of the nearby employment areas, which are 5 to 10 km from Viman Nagar. Proximity to these areas makes it the best area to buy flat in Pune. Generally, most of the retail markets and office space are situated on main roads like Samrat Ashok Road, Symbiosis Road, and Viman Nagar.
Price of flat in Viman Nagar. The price of an apartment or flat in Viman Nagar starts from Rs 6,700/sq ft and goes up to Rs 10,200 per sq ft.
Hinjewadi is one of the largest IT centers in Pune and also the most popular real estate center in the city today. It offers a number of investment opportunities in premium and middle-class housing projects and therefore best area to invest in Pune. The area offers excellent connectivity to the Baner, Hinjewadi, and Aundh IT parks. As well as the Pune-Bangalore ring road and the Mumbai-Pune highway.
Connectivity:- The government has proposed a metro line between Hinjewadi and Shivajinagar which reduces traffic during peak hours. Hinjewadi is extremely safe as there are CCTV cameras everywhere. It has some well-known educational institutions like Euro Kids and Indira School of Career Studies. The area offers excellent connectivity to Mumbai, Bangalore, and other central Pune areas via the Mumbai-Pune Expressway and Pune-Bangalore bypass. Pune Airport is 25 km away from the Hinjewadi Aundh highway. Thus, makes it the best area to buy flat in Pune. It has some well-known IT parks like Rajiv Gandhi IT Park, Embassy Techzone. Quadron Business Park, and Blueridge that attract IT professionals from all over India.
Price of flat in Hinjewadi. The price of an apartment or flat in Hinjewadi starts from Rs 4,600/sq ft and goes up to Rs 6,800 per sq ft.
Another very notable place for housing is Kharadi. Kharadi is located east of Pune on the banks of the Mula Mutha River. It is located on the ring road that connects the Pune-Solapur National Highway with the Mumbai-Ahmednagar Highway. Public transport is not a problem and there are numerous public buses running in the area. It is a very beautiful place and one of the best area to invest in Pune. You can find all modes of transportation from this part of the city to any major industrial area in the city.
Connectivity:- Kharadi is close to the airport and major residential areas such as Cyber City and Koregaon Parkbut. Also, it has excellent road links that make the city easily accessible to all major parts of Pune. Kharadi is Pune’s upcoming IT hub supported by a fast-growing micro-market across multiple industries, including IT, hospitality, education, and retail. It borders important locations such as Kalyani Nagar, Mundhwa, Viman Nagar, Wagholi, Hadapsar, and Koregaon Park. IT parks like WTC, Zensar, and EON are the main attractions in this region which make it best area to buy flat in Pune. The infrastructure in Kharadi is really good and it has some well-known hospitals as well.
Priceof flat in Kharadi. Affordable housing is available in Kharadi, making it perfect for both home buyers and investors. If you want to sell property in Pune, this area is the best option for you. Also, it is one of the best rental markets in Pune and fetches a good amount of income for you. The price of a flat in Kharadi starts from Rs 5,700/sq ft and goes up to Rs 8,500 per sq ft.
Undri has become a one-stop destination for builders with high-level projects. One of the benefits of this region is its amazing links through city roads and highways. Although Undri has far surpassed our notions in recent years, it still retains its natural beauty. With MIDC in Hadapsar Industrial Zone and Swami Vivekananda Industrial Zone in Handewadi, it has become best area to invest in Pune. Small and large companies have been established ranging from automobiles, electronics, biotechnology, chemistry, pharmaceuticals, textiles, etc.
Connectivity:- Nearby localities include Purandar taluka in the east, Velhe taluka in the west, Pune taluka in the north, and Pimpri-Chinchwad in the south. The Mumbai-Pune ring road is easily accessible from Undri, and the NH-9 is just 7 km away and makes it the best area to buy flat in Pune.
The airport is just 12 km away and the nearest railway station is situated at a distance of 8 km. Undri has some big malls like Seasons Mall and Dorabjee’s Mall. Mumbai-Bangalore Highway, Pune-Saswad Highway, Mumbai-Hyderabad Highway, and NIBM Highway are the main life trails in this region. Pune Junction and Hadapsar railway station can be reached by train and can be reached from Undri in 20 minutes. The proposed Greenfield International Airport in Saswad Purandara will be about 22 km from Undri.
Price of flat in Undri. The price of an apartment or flat in Undri starts from Rs 4,000/sq ft and goes up to Rs 6,100 per sq ft.
Hadapsar is located east of Pune and is one of the best and most developed cities in Pune and the best place to stay for the whole family. Hadapsar, the center of IT in Pune, has undergone a huge transformation. There were once farms in Hadapsar, but now it has undergone radical changes. Corporate companies like TCS, IBM, Accenture, and SAS, to name a few, have offices here. The town of Magarpatta and Fursungi IT Park are famous names in the region. From a housing perspective, there are many entertainment and recreational facilities, and real estate development makes it an ideal place for living.
Connectivity:- Hadapsar connected to major cities such as Nagpur and Mumbai via NH 9 and NH 27. The railway station is only 4.0 km from Hadapsar and the airport is 14 km away. Hadapsar used to be little more than agricultural land. But now it has become the city’s IT center which makes it an ideal or best area to invest in Pune.
Price of flat in Hadapsar. The price of a flat in Hadapsar starts from Rs 5,300/sq ft and goes up to Rs 9,000 per sq ft.
People looking for a new home can easily choose the Balewadi region when they have budget constraints. Balewadi has the most affordable houses in their class and you can easily find a home for both family and solo person.
Connectivity:- Balewadi is a northwestern suburb of Pune, located on the outskirts of the old town. It is famous for the location of the Shiv Chhatrapati sports complex. Balewadi is very close to the Baner, Aundh, and Mumbai-Pune Expressway. Therefore, real estate in Balewadi is highly desirable and is best area to buy flat in Pune.
Price of flat in Balewadi. The price of an apartment or flat in Balewadi starts from Rs 6,000/sq ft and goes up to Rs 8,900 per sq ft.
Kondhwa is one of the oldest southeast colonies of Pune. It is one of the most recently built residential areas and the fastest growing suburb of Pune. Kondhwa has connectivity to Pune Railway Station, Baner Airport, etc.
Connectivity:- NIBM Road, a 3.5 km stretch that connects Kondhwa Road with the Katraj-Hadapsar city road, will become a potential destination for investors. Good transport connectivity, planned surroundings, and the availability of all kinds of necessary infrastructure promote the demand for real estate here. This in turn affected property prices in the area, which took a bullish move and makes it the best area to invest in Pune.
Price of flat in Kondhwa. The price of an apartment or flat in Kondhwa starts from Rs 4,500/sq ft and goes up to Rs 7,100 per sq ft.
Mundhwa is an east area of Pune. It is bounded by the Mula River to the north, Manjri to the east, Ghorpadi to the west, and Hadapsar to the south. This is the ideal place for new buyers looking for cheap or affordable housing options. Located on the outskirts, but at the same time very well connected, which makes it an ideal destination for home buyers.
Connectivity:- Mundhwa considered an affordable investment destination in Pune. It is close to most IT parks and is still located between the Manjiri Green Area in the east and Ghorpadi in the west. Mundhwa has a number of options when it comes to real estate. It is the best area to buy flat in Pune for people living near Manjiri Green Area. The locality has everything from apartments to mansions, villas, and independent houses.
Price of flat in Mundhwa.Property prices in Mundhwa are quite affordable these days. The price of an apartment or flat in Mundhwa starts from Rs 5,100/sq ft and goes up to Rs 7,500 per sq ft.
NIBM Road in Pune has become one of the most suitable places to live in Pune. It is famous not only for homebuyers but also for the rental community. The factors that determine its popularity range from solid infrastructure to competitive housing. Wide connectivity to the popular areas of Hadapsar, Magarpatta, Kondhwa, and Kalyani Nagar as well as many modern conveniences and infrastructure.
Connectivity:- Although NIBM does not have its own IT center, it provides easy access to nearby technology parks. For example, Magarpatta IT Park is 8 km from NIBM along Solapur Road. Some of the global giants in Magarpatta IT Park include HCL Technologies, Capgemini, Mphasis, and New York Mellon. In addition, NIBM also offers unobstructed connectivity to Hadapsar via Vitthal Rao Shivarkar Street and Mumbai Highway. It has many manufacturing companies and IT professionals. Such as Serum Institute of India Pvt.Ltd, Maruti, IB Automation, Kirloskar Pneumatic Company Ltd. Presence of MNC companies makes it an ideal or best area to invest in Pune.
Price of flat in NIBM Road. The price of an apartment or flat in NIBM Road starts from Rs 5,200/sq ft and goes up to Rs 7,700 per sq ft.
In this article, we have described some best area to buy flat in Pune. The price of flats stated in this article is based on research and may differ from the actual one. You should always invest your money considering your budget and requirements. Also, the ongoing pandemic has disrupted or changed the plans of both home buyers and investors. As the ever-increasing prices in these areas show. Property prices here are likely to improve in the future following the execution of several major infrastructure projects.
Looking for the best area to buy flat in Noida? There are various residential sectors in Noida, and often people face a dilemma when choosing the best one. In this article, we have described the 6 best localities that are ideal for living in Noida.
Noida is considered as one of the most affordable areas in NCR for home purchase. The city is experiencing rapid real estate development and offers opportunities for both home buyers and investors. From the metro to world-class physical and social infrastructure, Noida is currently one of the favorite destinations for home buyers.
Affordable housing prices and good connectivity have been key factors in the popular demand of Noida and Greater Noida in recent years. Accessibility and cost-effectiveness in homes supply are also responsible for the popular demand for flats. Getting to Noida has always been a good decision for both investors and home buyers. Here are the 6 best area or localities to buy flat in Noida.
List of top or best area to buy flat in Noida-
1- Noida Sector 137
Sector 137 is a well-planned residential sector in Noida and is one of the most popular localities for various reasons. Here, several residential projects have emerged that offer spacious homes at a reasonable price. Most of the residents here are professionals working in and around Noida. It is adjacent to popular localities like sectors 142, 141, 135, and 136.
Connectivity- Sector 137 is located next to the NGN Expressway providing good connectivity to other areas of Delhi. It is located approx.12 km from the Mahamaya Flyover. It also has connectivity to Aqua Line metro, proximity to the Noida-Greater-Noida Expressway, new facilities with world-class amenities, and excellent infrastructure. Sector 137 is well linked by the FNG Expressway, which connects the city with Faridabad, Noida, and Gurgaon.
Property price- The price of an apartment or flat in Noida sector 137 starts from Rs 3,800/sq ft and goes upto Rs 5,910 per sq ft. The average price is approximately Rs 4,800/sq ft. Check out:- flats for sale in noida sector 137
2- Sector 150
Located at the intersection of Yamuna Expressway and Noida-Greater Noida Expressway.The area is witnessing massive property development and has become one of the best area to buy flat in Noida. Several major real estate brands are launching their projects in the area. Sector 150 is about 9 Km from Pari Chowk.
Due to its strategic location and presence of prominent and reliable developers, sector 150 has become a great real estate investment hotspot. Presence of reliable developers and strategic location makes it an ideal place for real estate investment.
Connectivity- Sector 150 is connected to Noida and then to Delhi via Noida Expressway and Greater Noida via Yamuna Expressway. The nearest metro station from here is Sector 148 which lies on the Aqua Line of Noida Metro. It has proximity to various well-known IT parks like Knowledge Park, Stellar Business Park, Unitech Infospace, and other industrial facilities.
Property Price- The price of an apartment or flat in Noida sector 150 starts from Rs 4,900/sq ft and goes upto Rs 6,920 per sq ft. The average price is approximately Rs 5,900/sq ft. Check out:- flats for sale in noida sector 150
3-Sector 50
Sector 50 is one of Noida’s elegant areas, where some of the most expensive properties are available for investment. Part of this sector has several multi-storey residential projects that offer apartments in different price ranges. Close to the major commercial markets, sector 50 is one of the best choices for tenants working in Noida Electronic City, thanks to the best infrastructure and greenery. So, it is the best area to buy flat in Noida for people working near the electronic city.
Connectivity- The area has connectivity to City Center Metro Station and Logix City Center Shopping Mall. Sector 50 has its metro station on the blue line and is well connected to Greater Noida, Ghaziabad, and Gurgaon. The locality has large green areas and the roads are well-developed. Stations like City Center metro station and Golf Course road have proximity to this sector. The famous commercial and institutional sectors like sector 62, 63, 65, Noida expressway, and Film city are 7-10 km away. And can be reachable in 20-30 minutes.
Property Price- The price of an apartment or flat in sector 50 starts from Rs 5,200/sq ft and goes upto Rs 8,400 per sq ft. The average price is approximately Rs 6,800/sq ft. Check out:- flats for sale in noida sector 50
4- Sector 75
With several new units available, sector 75 has become the fast-developing Real Estate Hub. This locality has gained prominence amongst those homebuyers who don’t want to move towards Noida-Greater Noida Expressway. Blueline metro connectivity makes it an attractive area for both home buyers and investors. It also has proximity to several entertainment hubs like Logix City Centre mall, DLF mall of India, and Galleria.
Connectivity- The area has moderate public transport connectivity and good social and physical infrastructure. Sector 75 has proximity to NH-24 highway, DND Flyover, Yamuna Expressway, and FNG Expressway. Ghaziabad Railway Station and Indira Gandhi International Airport are 15 km and 37 km away from this area. Proximity to several roads and highways makes it the best area to buy flat in Noida.
The city has a sector 50 metro station that connects it with some of Noida’s largest shopping malls and to the Film City & Sector 18. The newly growing regions of Greater Noida are also easily reachable within 15- 30 minutes from the area.
Property Price- The price of an apartment or flat in sector 75 starts from Rs 4,300/sq ft and goes upto Rs 6,500 per sq ft. The average price is approximately Rs 5,400/sq ft. Check out:- flats for sale in noida sector 75
5- Noida Extension
It is a growing real estate hotspot surrounded by Ghaziabad and parts of Greater Noida. The area is developing rapidly and is famous for its affordable property prices. A key factor that strongly influences the growth of housing in Noida Extension is its good connectivity with Ghaziabad, Greater Noida, and New Delhi. The area has become a commercial hub thanks to the presence of large companies. This is a well-planned residential complex that provides a comfortable life for the residents.
All well-known residential developments such as Gaur City, Stellar Jeevan, Nirala Greenshire, and Eco Village 1 and 2, are easily located just 2-3 km away from Kisan Chowk. The locality has several options and a variety of affordable housing options and therefore makes it the best area to buy flat in Noida.
Connectivity- Bisrakh Road, Greater Noida Link Road, and Vikas Marg are the main roads in this locality. In addition, the approved phase 2 of the Noida metro (Sector 71 – Knowledge Park 5) will further boost the connectivity of this locality. It is well connected with several most important business avenues. Within 20-30 minutes you can reach IT parks and office space located in sector 62, 60, 57, 59, 58, etc. Ecotech II and Ecotech III are important industrial centers located only 10-20 minutes from the Noida Extension.
Property Price- The price of an apartment or flat in Noida Extension starts from Rs 3,200/sq ft and goes upto Rs 4,460 per sq ft. The average price is approximately Rs 3,800/sq ft. Check out:- flats for sale in noida extension
6- Sector 128, Noida Expressway-
Sector 128, strategically located along the Noida Highway, is a large and well-planned sector. It has a designated green area and a large public park. The sector is known for its popular city project, Jaypee Wish Town, which consists of several apartment buildings with excellent facilities. It is the best area to buy flat in Noida for those who want quick connectivity to the expressway.
Connectivity- The roads that play a major contribution are Sardar Vallabh Bhai Patel Marg and Noida Expressway. These roads connect sector 128 to other sectors. In addition sector 128 well-connected to the DND flyway and Mayur Vihar flyover. It has proximity to IGI airport and Hazrat Nizamuddin railway station. The IGI airport almost 30 km away whereas the Hazrat Nizamuddin railway station can be reached in a half-hour drive.
Neighboring sectors such as sectors 132, 127, 126, and 125 are important institutional sectors. They have well-known towers like Tech Boulevard, HCL Corporate Campus, Lotus Business Park, Logix Techno Park, Windsor IT Park, and Express Trade Tower. Key business centers, IT parks of Noida Expressway are close to sector 128.
Property Price- The price of an apartment or flat in sector 128 starts from Rs 4,470/sq ft and goes upto Rs 7,700 per sq ft. The average price is approximately Rs 6,100/sq ft. Check out:- flats for sale in noida sector 128
Conclusion-
Noida’s infrastructure is developing at a rapid pace and regular government control on the metro project will surely improve the city’s overall connectivity. In this article, we have discussed the 6 best area to buy flat in Noida. All the areas described in this article are very popular and have good connectivity. You should always choose a location based on your budget, proximity to the workplace, and lifestyle preferences. The price of flats stated in this article may differ from the actual price. Further if you have any query or doubt, then feel free to contact us!
Looking for the best locality to buy a flat in Bangalore? Then stay tuned, in this article we have discussed some top localities to buy flats or apartments in Bangalore.
Bangalore, also known as the Silicon Valley of India, has become one of the most favored places to live. Its amazing weather, varied IT parks, diverse entertainment and leisure options, and quality educational institutions have made it the perfect destination to enjoy a good lifestyle.
As real estate prices are rising, it is very important to know where to invest your money. If you have been in Bangalore for some time or planning to buy a flat in Bangalore, this is the perfect destination.
Bangalore is now expanding and developing at a fast pace and the suburbs of the city have now evolved beyond perception. It has become India’s fastest-growing metropolitan city that has always been one of the active residential markets. The city has always been the most preferred location for real estate investments.
Both luxury and affordable housing are witnessing great demand. However, affordable housing is still the top priority for most home buyers since the price of luxury housing is significantly high. Often people get confused when choosing the locality because there are so many options available in the market. So if you have decided to buy a flat in Bangalore, read this article. We have list down some top localities to buy flat for sale in Bangalore.
Best places, areas to buy flat in Bangalore-
1- Whitefield-
Image Source- Wikipedia.
Whitefield is situated in the eastern part of Bangalore and is approximately 22 km from the city centre. Establishment of IT hubs is one of the major reasons for city’s development.
It has a perfect blend of famous IT companies, restaurants, and shopping complexes. Tech Park, Sigma Tech Park, GR Tech Park, EPIP Zone are some famous IT parks located in Whitefield. Therefore, Whitefield is the best place for the people who work in these IT parks.
Connectivity- The city is well connected to the other parts of Bangalore via road and rail. Whitefield railway station connects Bangalore to other parts of the country and is easily accessible. Apart from rail, it has good bus connectivity as well. Several upcoming metro projects will further improve the connectivity of this locality.
Price of flat in Whitefield- The price of apartment or flat in Whitefield starts from Rs 4,700/sq ft and goes upto Rs 7,800 per sq ft. The average price is approximately Rs 6,200/sq ft.
Electronic city is one the most acclaimed IT hubs of Bangalore, and witnessed a remarkable growth over the past few years. Here both residential and commercial real estate are always in great demand. It is spread over more than 700 acres and is one of the largest electronic industry parks in the country. It consists of 3 phases i.e, Phase 1, Phase 2, and Phase 3 and all phases are equipped with necessary amenities.
Connectivity- The electronic city is located 18km on Hosur road from the centre of Bangalore. Connectivity of Electronic city has improved with the 10 lane mixed corridor elevated highway. It’s a 10 km long highway on NH7, Hosur Road, and is the longest elevated highway of India. Thus, has an exceptional connectivity to other areas of Bangalore. Soon there will be metro connectivity in the city.
Price of flat in Electronic City- The price of apartment or flat in electronic city ranges from Rs 3,400/sqft- Rs 5,800/sqft. The average price is approximately Rs 4,600/ sq ft.
Kanakapura road is located in the southern corner of Bangalore and is 50km from the central city. It also has greenery however most of the green areas are located in suburban areas of Kanakapura road. The city is popular for the production of granite and silk and has significantly lesser traffic on the road. Since the past few years Kanakapura road has witnessed a major real estate development and has become one of the most sought after areas to live.
Connectivity- Its proximity to highly developed areas like JP Nagar, Jayanagar, Kumaraswamy Layout, and Banashankari. The city houses some well-known and famous educational institutes like Kendra Vidyalaya, Dayanand Sagar, Delhi Public School, and Narayana. The city is well connected to major IT parks and famous localities.
Price of flat in Kanakapura Road- Currently the price of flat in Kanakapura road varies from Rs 4,200- 7,400/sq ft. The average price is approximately Rs 5,800/sq ft and offers a 2%-3% appreciation rate.
Hebbal is located 10 km from the Bangalore city centre and is a developing area in North Bangalore. It is surrounded by many residential areas like RT Nagar, Nagawara and Thanisandra. Hebbal has high skyscrapers, mid level, and low range buildings. It has well-developed flyovers, amazing parks, bird watching, and lake boating facilities as well. The plan of infrastructure is very good to accommodate future population growth.
Connectivity- Hebbal has an excellent connectivity with the other parts of Bangalore and Kempegowda International Airport. Hebbal flyover, Bellary road, and NH 44 has enhanced the road connectivity of this locality. Apart from roads it also has good bus and rail connectivity. Kempegowda International Airport is 30 km and Krantivira Sangolli Rayanna Railway Station is just 11 km away from Hebbal.
It has proximity to well-known companies and IT parks like- Manyata Tech Park, TCS, IBM India, Cognizant Technology, Concentrix, etc.
Price of flat in Hebbal- The price of apartment or flat in Hebbal ranges from Rs 6,500/sqft- Rs 10,100/sqft. The average price is approximately Rs 8,200/sq ft.
Sarjapur Road is located about 20 kms from the Bangalore city centre and has become an ideal hotspot for real estate investment. Currently it is in the developing phase and is the upcoming future IT hub. Sarjapur Road well connected to other cities like Electronic City, Whitefield, and Marathahalli. Various ready-to-move or under construction apartments are available in this locality hence, makes it an ideal place for buying flat in Bangalore. Sarjapur Road houses well-known hotels, shopping complexes, educational institutes, and hospitals.
Connectivity- Sarjapur Road connected to some major roads like Hosur Road, SH-35, and Hosur Road. Several upcoming metro projects will further improve the connectivity of this locality. The development of ORR metro line will pass under Phase 2A of the Nama Metro along the eastern part of Sarjapur Road, with a stop at Iblur. This metro project likely to be completed by the year 2023 and will further enhance the connectivity of this area.
Price of flat in Sarjapur Road- The price of flat in Sarjapur Road ranges from Rs 4,500/sqft- Rs 7,400/sqft. The average price is approximately Rs 5,989/sq ft.
Yelahanka is located on the northern outskirts of Bangalore and is about 14 km from downtown. From the last few years, Yelahanka has emerged as a major destination for real estate investment. Due to its good quality social infrastructure, it has become a preferred location for investors and homebuyers. The locality has several defense institutions like BSF Campus, CRPF Base, and Air Force Station. The locality has a perfect blend of villas and multi-storey apartments.
Connectivity- Yelahanka is well-connected with the rest of Bangalore through NH-44, Doddaballapur Road, Yelahanka Road, and Yelahanka Junction. It houses some famous educational institutes like Nitte Meenakshi Institute of Technology, Sir M. Visvesvaraya Institute of Technology, and BMS Institute of Technology and Management. It also shares a good connectivity with airport, Manyata Tech Park, and IT corridor along ORR.
Price of flat in Yelahanka- The price of flat in Yelahanka ranges from Rs 4,200/sqft- Rs 6,500/sqft. The average price is approximately Rs 5,300/sq ft.
The infrastructure in Bangalore is developing at a rapid pace and rapid government monitoring of the metro project will definitely improve the overall connectivity of the city in future. In this article we have discussed some top localities, area to buy flat in Bangalore. All the localities described in this article are really popular and are best to live in Bangalore. You should always select the locality based on your needs, lifestyle preferences, and proximity to your workplace.
Finance Minister Nirmala Sitaraman has finally announced Union Budget 2021 on February 1, 2021. Various policies and amendments are introduced. The government has introduced various reforms to boost the affordable housing sector as well. Let’s discuss how Union Budget 2021 will benefit real estate sector.
How Real Estate will be benefited from Budget 2021?
Relaxation to Affordable Housing:-
In the budget of July 2019, the government cut the interest, corresponding to Rs 1.5 lakh, for the loan taken to buy affordable homes. Now, the Finance Minister (FM) has continued this deduction till another year i.e. 31 March 2022. An additional 1.5 lakh deductions will be available for loan taken to purchase an affordable home. This loan waiver will be discontinued after 31 March 2022.
To boost the supply of affordable houses, FM proposed that affordable housing projects can take advantage of tax holiday. This tax exemption is valid till 31 March 2022.
Budget 2021 provides tax exemptions for notified affordable rental housing projects, this will contribute to the demand of affordable rental housing for expatriate professionals. Hence, union budget 2021 will benefit real estate in affordable housing sector.
REITs:-
Debt Financing of InVITs and REITs by Foreign Portfolio Investors will be permitted by appropriate amendments in the respective legislation’s. This will increase the ease of finance for InVITs and REITs and thereby increase funding for the infrastructure and real estate sectors.
To boost the investment, the government in the last budget had removed the DDT (Dividend Distribution Tax) and it was made taxable in the hands of shareholders.
But now dividend payment will be made to REIT/InvIT in addition to TDS, which will facilitate ease of compliance.
The amount of dividend income for payment of advance tax cannot be properly calculated by the shareholders. But after the announcement of budget 2021, advance tax liability on dividend income will be applicable only after payment of dividend. Thus budget 2021 will benefit real estate in a financial way as well.
Infrastructure:-
The finance minister has proposed several points to boost the infrastructural development. In today’s scenario, 701 km of conventional metro is in working condition. Approximately 1,015 km of RRTS and metro is under development in 28 cities. The government also proposed a strategy for two new metro train technologies i.e, ‘MetroNeo’ and ‘MetroLite’ in Tier 2 cities and outer areas of Tier-1 cities. These metro projects are more cost-effective than common metro rail systems but provide similar convenience and experience.
The centre government will provide funding to various infrastructural projects-
Chennai Metro Railway Phase-II of 119 km, the estimated cost will be Rs 63,245 crore.
Kochi Metro Railway Phase-II of 11.6 km, the estimated cost will be Rs 1,958 crore.
Bengaluru Metro Railway Project Phase 2A and 2B of 59 km, the estimated cost will be Rs 14,789.
Nagpur Metro Rail Project Phase-II and Nashik Metro, the estimated cost will be Rs 5,977 crore and Rs 2,093 crore. Thus budget 2021 will benefit real estate in terms of infrastructure as well.
Stressed Asset Resolution:-
The high degree of provision of banks in the public sector of their stressed assets requires measures to clean up the bank books. For this, an Asset Management and Asset Reconstruction Company would be set up to take over the previous stressed debt. Then manage and dispose of the assets to Alternative Investment Funds and other trustworthy investors for final value realization.
Further NCLT framework will be made more robust and reliable, e-courts system will be established. Other policies for debt resolution and a dedicated framework for MSMEs are yet to be introduced.
The Real Estate sector is considered one of the most crucial sectors for the Indian economy. It contributes more than 15% to the country’s GDP and apart from making major contributions to the GDP growth, it also provides employment to a major group of people. Hence, the sector plays an important role in economic growth and stability.
It has played a vital role in recovering the economy after the coronavirus pandemic. The sector relies heavily on government policies and therefore favorable policies and regular cash flows are very essential for proper and continuous functioning of this sector. Continuous functioning ensures a good status thus helps to raise funds for projects from different schemes and proposals.
Expectations of Real Estate sector from Union Budget 2021-22:–
The first and foremost expectation from the budget is to set off GST paid on inputs like cement. This will help to reduce the cost of construction which ultimately results in lower property prices.
In addition, the sector expects a GST amnesty for under-construction projects in the housing sector. These reforms will help in boosting the demand in the housing sector and surpass the prevailing financial crisis.
The sector also seeks high tax relief for home buyers as well. Under Section 24 (b) of the IT Act, a cap of Rs 2 lakh on housing loan interest needs to be improved and it should be increased to Rs 4.9 lakh approx. Giving tax relief to buyers will put more disposable income in their hands and eventually increase the demand.
A large number of real estate projects begin with the help of various sources of funding. Therefore, the government should guarantee some exemptions to the fundraising norms and ensure the accomplishment of substitute investment funds. Also, Government should boost the morale of private sectors to invest in the housing sector, mainly in affordable housing.
In today’s scenario, liquidity crunch, the major problem faced by the real estate sector. This leads to delay in possession or project delivery, high project cost, and ultimately higher property prices.
SWAMIH fund:-
In September 2020, SWAMIH fund created to give relief and support the pending projects. It provides last-mile funding to middle-income and affordable residential projects. The government should continue SWAMIH funds and entrust more capital flows so that a large number of residential projects in Tier II and Tier III get a benefit.
Conclusion:-
Now the Indian economy is recovering from a pandemic and all industries, including real estate, are looking at the Union Budget 2021 as a ray of hope. Because the budget has the potential to improve the economic condition.
Experts said if the above-mentioned demands fulfilled in the Budget 2021-22, then real estate sector will gain a considerable boost for upcoming years.
Union Finance Minister Nirmala Sitharaman is preparing to present the Union budget 2021-22 on February 1, 2021. It is expected that Union Budget 2021-22 would help to revive from COVID-19 setback in a feasible manner. There is no doubt that COVID-19 has hit almost every sector therefore something needs to be done for all sectors. Also people from different sectors presented many proposals and suggestions to the Minister of Finance during preliminary budget discussions.
The same is true for the real estate sector, as they have also placed their demand, like flexible income tax norms and reforms in Good and Services Tax (GST). They consider that central government and some state governments have announced a series of measures to develop the real estate sector, which was low for the last two or three years. It has helped to stimulate demand in the third quarter of the current financial year.
Effect of COVID-19 on Real Estate-
Corona-virus has a severe hit on all industries including real estate sector. Insecurity of jobs has led many home buyers to postpone their property purchase. Many builders have extended the possession period due to delays in supply of construction material, shortage of workers, etc. Many retail and entertainment outlets has been closed temporarily, this has put the future commercial real estate on hold. Work from home trend has reduced the utilisation of office space in Bangalore, Gurgaon, Noida, Chennai and other metropolitan cities.
Mr. Lincoln Bennet Rodrigues, Founder and Chairman of the Bennet and Bernard Group, known for its luxury vacation homes in Goa, expressed his views on upcoming Union Budget 2021-22. He said “The real estate sector is a major pillar of India’s GDP, and has undergone substantial changes over last few years. We anticipate further easing of income tax reforms in the upcoming budget.
The sector also expect the government to implement various reforms and accelerate consumption to grant bank loans to ease liquidity. A lower home loan interest rates, stamp taxes, and lower registration fees, will significantly affect the cost of the project and will definitely motivate home buyers to purchase the property.
After this epidemic, people realised the importance of large spaces and self-sufficient communities. This will definitely increase the desire to have bigger space for the same capital. Hence, places like Goa will surely attract the investors because it offers a number of amenities”.
In conclusion, we expect the government would realise the problems of real estate sector. And will take the necessary measures to strengthen the real estate sector and development of solid infrastructure.
In view of the progressing National lockdown, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has extended the validity time of project enrollment by three months under the Real Estate (Regulation and Development) Act (RERA).
The National lockdown has placed a complete halt on construction movement in the nation, and project fulfillment timelines are being deferred. Hence, to aid builders, UPRERA has extended finishing dates for ventures due between March 15, 2020, and December 31, 2020. The concerned advertisers will before long receive their revised venture enrollment certificates. The due date for some other statutory consistence has additionally been postponed until May 31, 2020.
The administrative authority has chosen to schedule team video conferences daily, to determine pending matters and for training its officers with respect to the same. In spite of, hearings of all protests listed until May 3, 2020, have been postponed.
As per to this arrangement, around 15 hearings will be scheduled before seats at Gautam Budh Nagar and Lucknow. The amended schedules will be drafted as the circumstance of COVID-19 advances, and technological instruments would be utilized to direct virtual hearings. UPRERA additionally plans to structure an online form, which real estate holders, homebuyers and advertisers can use to submit grievances. Associates of the public can likewise utilize of this Integrated Electronic Grievance Management System, to get redressal in a period bound way.
The Coronavirus flare up has negatively affected the homebuyers, especially with extraordinary home loans. On the other hand, the ongoing move by the Government to offer a three-month on reimbursement of home advances would not only ease off the burden on economically stressed homebuyers yet would likewise help them in accomplishing stability.
The Reserve Bank of India’s (RBIs) verdict to cut the Repo Rate (RR) and permit a three-month ban on all term mortgage mirrors the effect of COVID-19 pandemic on the residents, enterprises and the general economy of India. The three-month suspension on term loan repayments remarkable on March 1, 2020, would demonstrate essentially supporting to individuals who have substantial bank liabilities. In the real estate frame of reference, the move has come as a reprieve for home credit borrowers and ventures.
The delay of interest on working capital for three months would help in tending the liquidity challenge for developers. It would additionally comfort the debt pressure on real estate developers as the economy recuperates. Generally, these accommodative measures would guarantee that satisfactory liquidity is accessible for all realty partners, and the segment recaptures its lost force soon.
According to the briefing, all banks and financial organizations, including the Housing Finance Companies (HFCs) and Non-Banking Finance Companies (NBFCs) ought to give a postpone and should actualize this measure immediately for greatest advantage. The ban would offer relief to individuals who have home loans and would facilitate their monetary burdens. With the chance of payoffs or pay cuts because of the lockdown, it would help borrowers in sorting their financial priorities during this time of uncertainty.
In addition, since the housing demand is probably to increment in the close term, the moratorium would likewise help builders to recalibrate their business techniques and spotlight on high-priority tasks. It is crucial to note that the moratorium is offered to help borrowers’ ordeal from cash flow challenges due to the pandemic. It is not a waiver, but a delay of installments to a future date, and would not prompt to any change in the terms and states of the loan. Interest shall continue to accumulate on the extraordinary segment of the term advances during the moratorium period. In spite of, the RBI has taught the credit data organizations to guarantee that the postponement does not influence the credit score of borrowers.
Currently, the objective of the Government is to keep the economy afloat. While these measures would facilitate the momentary facilitate of the fellow citizens, the long-term effect on the economy would rely vigorously on the intensity, speed and span of the pandemic.
The transition to cut the repo rate by 75 premise points is additionally noteworthy, and the business praises the Government’s choice. The converse repo rate cut of 90 basis points premises that banks are boosted to lend to the profitable zones rather than latently depositing funds. These steps would invigorate economic development. Moreover, the revival of the real estate sector relies upon the effective transmission of rate slices to customers. The decrease in interest rates would altogether diminish the borrowing cost for homebuyers and builders. Being the second-largest employer in India, it is basic to safeguard the interests of real estate zone and its stakeholders.
The native authority of the National Capital Region (NCR) has prolonged the restriction on construction activities in Noida and Ghaziabad further, until May 3, 2020. Therefore, the builders in Faridabad and Gurgaon have been approached to continue their movement with vital green light.
In an ongoing disclosure, the local administrations of the National Capital Region (NCR) have announced new guidelines with respect to construction activities over the region. According to the sources, the specialists have extended the ban on construction movement in Noida and Ghaziabad until May 3, 2020. Hence, the builders in Gurgaon and Faridabad can continue their activities post acquiring imperative approvals, if the venture is outside the regulation zone. Out of all the regions in NCR, Delhi will audit the scenario and take decision post April 27, 2020.
Meantime the Ministry of Home Affairs (MHA) has permitted certain ventures, including real estate, to function April 20 onwards, greater part of the States have chosen to avoid all risks until May 3, 2020.
RK Arora, President, National Real Estate Development Council (NAREDCO), Uttar Pradesh Chapter averted land ventures need an upgrade from the Centre and the respective State government to advance. In the case of no show construction resources, the projects are likely to be postponed. To notify, NAREDCO has requested waiver of stamp duty, suspension of land dues instalments, and delay of EMIs from the Uttar Pradesh government.
A home loan is one of the most significant credits you take in your lifetime, and it is crucial that you make an educated choice. There must be no place for a mistake or confusion as an important part of your life will be spent availing the debt.
Acquiring a home loan to purchase a property in India is an ordinary practice, particularly among the lower and middle-income groups. Nonetheless, being a debt instrument and carrying numerous subtleties, there widespread a plethora of myths related to a home loan. Let us demolish some of the myths around it.
Myth 1- Poor credit score ensures the rejection of loan application
There is a common myth that low credit scores always lead to an altogether rejection of the loan application. This myth keeps potential homebuyers from applying for a loan. It is true that banks are strict with respect to low credit history, and they remain cautious when the credit score is 750 or below (out of 900). However, banks do not always reject a home loan application with a low credit score. They might put additional binding conditions for repayment, trim the loan amount, increment in the interest rate or penalty on non-payment, or even consider a joint loan application.
Myth 2- The low-interest rate is always better
Hence, every borrower desires that he get the loan at the lowest rate possible. Therefore, the rate of interest offered by a bank is established on elements such as the credit payment schedule of the applicant, credit score, and borrower’s income, among others. A low-interest rate might additionally mean that the borrower has had to compensate a larger down payment (lower loan to value ratio). It might likewise states that the standard distribution of 80 percent financing was not approved.
Myth 3- Short tenure loans are the best choice
By nature, a home loan has to be a long tenure loan. The borrower services the debt for almost twenty years on an average. Short tenure loan might come at the cost of higher Equated Monthly Installments (EMIs) and might not leave a room for other emergencies. However, the loan will be serviced at a contrarily rapid pace, high EMIs may imbalance the monthly budget. It is better to pick a medium-term loan with an accessible EMI.
Myth 4- Firm interest rate is better than volatile interest rate
Individuals are of the opinion that because of the volatile market conditions, it is preferred to go for a fixed interest rate loan. Hence, in the longer run, the floating rate regularly costs lesser than the fixed rate by one to two percent. Even if the rate is escalating because of market fluctuations, the rates sustain within a month. Choose floating interest rates over fixed rate can assist you save a lot of money.
Conclusively, it is in the fine interest of a home loan applicant to be aware of the finer details associated to a home loan. Seeking help from the website of the lender and reviewing all the information related to the loan beforehand is crucial on the borrower’s part.
The crash of coronavirus in Wuhan, China and it’s detection in Delhi-NCR region has altered the business posture harshly. The Indian real estate industry would likewise be influenced indirectly as allied organizations such as steel, heavy machinery and other crude materials are intensely reliant on Chinese import.
Coronavirus has contaminated more than half a million people globally and has claimed over 96,000 (as on 10th April 2020) lives across the world. With the World Health Organization (WHO) announcing it a worldwide health emergency, the economic status is seriously affected. The outbreak has built a big plethora of uncertainty with respect to trade and imports, in China as well as around the world. The real estate industry is not even at mercy. This will have an immediate bearing on the costs of steel and different articles utilized in the development business in India.
Coronavirus influencing commercial and retail real estate in India
While India has so far been less influenced by the Novel Coronavirus when contrasted with East Asia, the infection is spreading like fire across the country. Undoubtedly, the real estate sector is concerned; specialists actively opine that it would impact the industry unintended, as the nation is vigorously subject to imports from China.
The ongoing rise in COVID-19 cases has affected retail consumption as individuals have begun to maintain social distance from crowded areas, particularly entertainment complexes, and shopping centers, among others. While well being and health of employees have taken the focus of interest for the most of the corporates, the companies are progressively concentrating on workplace hygiene, remote working arrangements and expanded reception of adaptable workspace options alternatives.
What are the effects of Coronavirus flare-up on REITs?
Current analysis propose that the side effect from the COVID-19 virus outbreak is anticipated to be an obstacle for arranged venture and fundraising exercises through Real Estate Investment Trusts (REITs) this year. Any arranged or proposed fundraising activities through REITs would be set aside for later for the span that the pandemic supports.
Designbuild Pvt. Ltd., Koshy Varghese, MD, quoted that the impacts of the shutdown are starting to be felt by the real estate investment market. Thinking about the targets being met is the main trouble by all concerned stakeholders.
Magnificent losses suffered by real estate stocks after coronavirus outbreak. (Source :https://www.moneycontrol.com/ )
Measures many builders and employees taking to guarantee the safety of homebuyers and its workers
In the midst of such misery, conventional real estate practices have become a tightrope to stroll as realtors are attempting to balance responsibilities with measures to ensure workers, purchasers and themselves. These incorporate ailment of strict hygiene rules inside the premises, social distancing and even abolishing events. To begin with, countless builders have already rolled-out precautionary measures to feature their apartments which includes temperature screening, acquiring travel history announcements and flaring up cleaning frequency inside the workplaces.
Worldwide, each company is enduring work from home culture. Probably the biggest companies the country over, a swathe of start-ups, and technology majors have requested their representatives to work from home.
Other than self-taken measures, the guidelines issued by the National Association of Realtors additionally propose alternate marketing events for realtors, including video tours, e- brochures and others to virtually tour a property. Moreover, the visitors are provided with masks to guard themselves as well as other people.
Conclusively, with current reports of Coronavirus arriving in Delhi-NCR and Noida, the real estate industry needs to brace itself for an even worse effect than recently suspected. With the danger of contamination impacting human lives, the real estate sector can expect a dunk in property visits and a lower purchaser interests. Every calamity is a chance to attain new stature. Indian real estate and united manufacturing companies must find positivity in the situation and benefit by expanding production and indigenous advancement.
In Mumbai, Godrej Properties has known to newly acquire 100% issued and settled-up share capital of Ceear Life spaces (CLPL), the organization informed and educated in a BSE filing.
Post this procurement, CLPL will undertake business of development and advancement of land located at Thane.
Ensuring to the said acquisition, CLPL has become a completely claimed subsidiary of the company. All out thought of the deliberation of the deal was Rs 1 lakh as it were. It has gained 10,000 value shares of Rs 10 each, comprising 100% paid–up equity share capital of CLPL.
Addition is done as per with the Share Purchase Agreement marked 20th March, 2020 entered into with the investors and developers of CLPL.
In a different administrative recording, Godrej Properties quoted with analysis likewise that its general activities and functions have been antagonistically affected because of the worldwide flare-up of Coronavirus illness 2019 (COVID-19) pandemic and lockdown in the country.
Stated by the company officials, taking into account the strictures forced upon by the government, working all things considered of the construction sites and the overall functions of the business have been severely affected. In this rising situation, the general monetary effect or the length thereof cannot be anticipated with any reasonable assurance.
NEW DELHI: ICRA, a profound agency, expects the net cash flows of residential builders to witness some decay on by virtue of spread of the coronavirus.
As quoted by Mahi Agarwal, assistant vice president at ICRA, a drawn out outbreak may bring about in recessionary dynamics, which would have a deeper impact on venture incomes and execution capacities. Such an impact combined with the progressing credit crush and existing stock shade overhang in the segment, would certainly result in important credit pressures moving forward.
Hence, diminished construction surges, attributable to a decline in project execution movement, are anticipated to restrict the overall decrease in net incomes, at least because of a momentary interruption.
The three-month moratorium on term loan instalments announced by the RBI today additionally gives comfort on overall investor cash flows during this period.
A longer outbreak may essentially affect developer’s incomes and construction execution capacities, offering ascend to more extensive credit negative ramifications. All-rounder developers with solid balance sheets and sufficient liquidity are expected to be better situated to deal with the risks emerging out of this scenario, including decrease in collections and disruptions in venture execution.
Demand risks for the housing sector are probably going to spike, given the rising concerns on overall financial growth and virus related fears leading to reduced walk-ins, thus resulting in some decrease in new deals and the related assortments.
Committed collections receivable from effectively reserved deals likewise get affected to some extent, given that achievement, based installments may be conceded and some purchasers may defer payments by virtue of monetary uncertainties emerging from the approaching chance of employment cuts and pay cuts as the crisis extends. Developer capacity to remotely issue and follow up on demand notices will likewise have a significant bearing on collection proficiency levels.
RERA guidelines additionally accommodate a one-year expansion in project execution timelines, in case of occasions beyond advertiser control.
MUMBAI: In a move focused at smooth resolution of wiped out firms, the finance ministry is considering waving off the 21-day national lockdown from the bankruptcy resolution process remembering the hardships faced due to the nationwide lockdown. Individuals aware of everything additionally said that the waiver period could be extended in accordance with the national lockdown. Under, India’s indebtedness and bankruptcy code bankrupt firms get 270 days to finish the goals procedure.
Despite the courses of events contained in these guidelines, however subject to the arrangements in the Code, the period of lockdown forced by the Central Government in the wake of COVID- 19 outbreak. This will not be counted for the purposes of the time-line for any action that could not be finished due to such lockdown, according to a corporate insolvency goals process.
The finance minister has currently quoted that if the disruption brought by coronavirus broadens then it would suspend the utilization of the corporate bankruptcy resolution process for quite a while. The finance minister had additionally expanded the base amount of the default required to start the insolvency goals and liquidation forms against organizations from one lakh rupees to one crore rupees.
“In regard of continuous IBC processes, delays are natural as the investing locality is expected to be more anticipating about their offers and in many scenarios whether to bid at all – attributing to the lockdown, the best of businesses are concentrating on cash protection and this will demonstrate an immense challenge for the insolvent organizations and their RP’s. Elongation in the bid process is a significant scenario, and anticipate it should be supplemented by improvement of the RP period as stated by Sanjeev Krishan, partner and leader – Deals, PwC India.
NEW DELHI: Table Space, a Bengaluru-based firm that offers oversaw workspaces, has rented more than 200,000 square feet in Delhi and Gurugram from realty major DLF.
With this arrangement, the organization which so far had existence in Bengaluru, Mumbai, Hyderabad and Pune will presently be entering the Delhi-NCR market. “We have captured around 60,000 sq ft surrounded by DLF Prime Towers in Okhla in Delhi and another 1.7 lakh sq ft inside Cyber City in Gurgaon [now Gurugram]. We will additionally grow in the Delhi-NCR showcase,” said Kunal Mehra, co-founder of Table Space, which offers ‘Grade A’ workspaces and obliges enormous and mid-market tenants hoping to involve for extensives stretches.
As per DLF, which is supported by Singapore’s sovereign riches fund GIC, another collaborating aggregator, Simpliwork, has additionally taken up 44,000 sq ft at its Prime Towers a month ago. Prime Towers had 650,000 sq ft of total rental area, of which just 47,000 sq ft is currently empty. This incorporates 13,000 sq ft of retail shops on the ground floor. Normal rental in the structure is Rs 75 per sq ft per month with basic region upkeep charges of Rs 11 per sq ft every month.
India is one the most alluring goals for global organizations searching for high-esteem work and talent pool. DLF as of late rented 200,000 sq ft to Facebook in Gurugram’s Cyber City. “The space has been occupied at DLF Atria on NH8. Normal rental in the area is Rs 120 per sq ft,” said a senior organization official. The organization is additionally creating 11 million sq ft DLF Downtown task in Gurugram under DLF Cyber City Developers, a JV between DLF and GIC.
Venturing in Noida and Greater Noida has always been a fruitful decision for the investors as well as home buyers. If investment is on your mind in the year 2020, here is a list of the rising flock with the extreme aptitude for the real investment in Noida in 2020.
Superabundance in Delhi with plethora of housing supply and growth in price rates, home buyers and investors desperately seeking residential options in the NCR region. Accessibility and cost-effective in homes supply is the key factor to the popular demand of Noida and Greater Noida in the past few years. Therefore, if you are considering buying a house in Noida and Greater Noida in the consecutive year 2020, following are the preferable locations that have the potential to garner massive returns.
Noida Sector 74-78: By contributing excellent to ultra-extravagance residences as well as commercial spaces, this area is acknowledged to be the most accelerated urbanizing zone of Noida. Another significant factor here is the proximity to the prime locations such as Noida City Center and commercial hubs in Sector 50 and 34. Spacious, well ventilated residences are catching the investor’s eyes and have made real estate demand hiking in the recent times.
Sector 150, Greater Noida: Located on Noida-Greater Noida Expressway, Sector-150, Noida, is the most favored hotspot among home buyers and investors. Aside from this, the region is low on population with a few prepared ventures as yet lying empty. In terms of proximity, the locality is located around the Faridabad-Noida-Ghaziabad (FNG) Expressway, Yamuna Expressway and Eastern Peripheral Expressway. Succeeding the inauguration of the Aqua metro line, residential demand has hiked up manifold in the area, witnessing property prices trajectory growth of approximately 3-4 per cent.
Sector 100, 135 and 137: Budding social, civic and physical framework have advanced the housing supply in these sectors from last one year. Boon for commercial office spaces with various MNCs opening in the nearby locations, thus offering buyers a healthy scope to negotiate the best price.
Along with State government planning to broaden the Noida-Greater Noida metro line to Noida Extension, the locality would experience enhanced proximity, resulting in expanding occupancy of vacant spaces as there are about 2.5 lakh unoccupied spaces in Noida and Greater Noida.
Every person’s dream about having their own place to live. However, not everyone is able to afford a home as the real estate prices are still soaring high as compared to the income levels.
RERA represents Real Estate Regulations Act and was brought in 2016 to ensure the interests of the home purchasers. The RERA determines the standard which provides relief to the home buyers from the abuse of unfair developers.
RERA indicates certain norms for building and advancement of real estate which will strengthen the transparency in transactions in the real estate segment.
The real estate (guideline and advancement) Act, 2016 (RERA) came into effect across the nation from 1 May 2017.
Significant Benefits of RERA Act:
Regulated carpet area: Earlier the carpet area on which builder figures out the price of the property was not determined. Every developer had his own strategies for estimation of the Carpet Area. However, this has been clearly defined by the RERA Act and the similar equation would be applied by all the developers for count of the carpet area. Builders process the price of a property as follows: Property Cost= Carpet Area x Rate per sq. ft. This has a direct affect on the real estate costs.
Reduces The Hazard of Builder Bankruptcy: Prior, the developer usually had ventures which were being constructed together and tend to jump the funds from one venture to another. Hence, after the establishment of RERA, the developer is subject to deposit 70% of the amount acknowledged in for the project in a separate bank account. Withdrawal from such account only on the basis of finishing of the project, which shall be guaranteed by a civil engineer, architect and a chartered account in practice. This will guarantee that the assets are utilized for the project only, for which they are raised and not for other purposes.
Right of the Buyer in case of False promises: In case of a mismatch in the commitments made by the builder and the project, the homebuyer is entitled to the choice of the withdrawal of the project with the full reimbursement of the sum paid as advance or in any other case along with interest and guarantee pay.
Right of the Purchaser in case of Defect after possession: In case of any structural defect or any imperfection in workmanship, quality, provision or service is found within 5 years after the possession of the apartment, such deformity will be redressed by the developer at no additional expense inside 30 days.
Right to Information: The homebuyer shall be entitled to all the information related to the project, whether it’s the plan layout, execution or the stage wise completion of the project etc.
Foundation of Authority for Grievance Redressal: Any complaint against the builder can be taken to the state authority set up under RERA which shall have the ability to redress all the grievances, In case of dissatisfaction, purchaser ca file an appeal with the Appellate Tribunal who will review your case inside 60 days and in event of inability to do so, it shall record the reasons of such disappointment.
On off the chance that builder wants to appeal to the Appellate Tribunal against the order of the Authority, and then he shall have to deposit at least 30% of the penalty or a higher percentage determined by Appellate Tribunal.
RERA is applicable to all the builders and developers except the following:
Where the territory of land proposed to be built does not exceed 500 sq. meters or the no. of house’s proposed to be developed does not exceed 8.
If the promoter has attained completion certificate prior the introduction of RERA.
In case of Repair or Re-development of the home which does not include marketing, selling or new allotment of any building, plot or apartment.
