On Saturday, New Year’s Eve, the Maharashtra government announced that it has completely removed property taxes for residential properties of up to 500 sqft in Mumbai.
Chief Minister Uddhav Thackeray announced the decision earlier in a meeting. According to the statement, CM has asked management to implement this decision immediately. On Saturday, Thackeray held a virtual meeting with Shinde, Mumbai district guardian Minister Aslam Sheikh, Mumbai suburban district guardian minister Aditya Thackeray, Mayor Kisori Pednekar and Chief Secretary Debashish Chakrabarti.
Eknath Shinde, Urban Development Minister quoted that, this tax waiver would benefit more than 16 lakh homes owners who live under 500 sqft in Brihanmumbai Municipal Corporation (BMC). Shinde said Shiv Sena, which rules the BMC, fulfilled an important guarantee he gave ahead of the 2017 BMC election.
The official said that after the launching of this scheme, BMC is expected to lose Rs 468 crore in revenue. BMC expected a property tax increase from Rs 6,738 crore in 2021-2021. But was able to raise Rs 4,500 crore due to the covid pandemic and the closure. BMC expects property tax of Rs 7,000 crore to be levied in 2021-2022.
On Wednesday the Jaipur Development Authority (JDA) met with the Confederation of Real Estate Developers Associations of India (CREDAI), Rajasthan. The purpose of this meeting is to provide job opportunities and attract domestic investors during the Invest Rajasthan Summit 2022.
Several officials believe after the meeting that there will be new opportunities for industrial development and employment in Jaipur’s tourism sector. At the meeting, a leading developer from Jaipur announced that his group will invest around Rs 10,000 crore during the Invest Rajasthan summit in 2022. The group will begin work on the second phase of the Mansarovar amusement park. In addition, a medical college will be built within a 10 km radius of the established medical hospital on Shipra Path in Mansarovar.
In addition, three industrial cities also established in Jaipur City, where about 2,000 companies will be established. Also, two integrated buildings will be built with about 3,000 plots. The group said it would also set up an IT center where the company’s offices in the cities of Chennai, Bangalore and Hyderabad would be available. In addition, these plans will also contribute to the development of housing construction.
The group informed the community that we will build two shelters for working women on the Jagatpura-Tonk road. In addition, a private golf course will be built on the way to Delhi.
Authorities making efforts to increase real estate investment!
Other developers of CREDAI (Confederation of Developers’ Associations of India), who attended the meeting. They asked for the development of residential and commercial townships.
Jaipur Development Commissioner Gaurav Goyal said: “Rajasthan is a state with enormous industrial potential. Investment in the Rajasthan Summit in 2022 not only leads to the development of Jaipur, but will also create new job opportunities.”
Chief Minister Ashok Gehlot, in the 2021-22 budget announced that an investor summit would be organized to attract more and new investors to the state. The authorities are making an effort to increase investment in the real estate sector.
According to an official, several CREDAI members offered to provide concessions and incentives for water and electricity connections a municipal development memorandum and a proposed scheme. “After receiving feedback from various participants, the issues will be resolved at the JDA level. The issue that the JDA cannot resolve, referred to the state government.
Along with delayed housing projects city buyers have got a new problem. As registries of thousands of apartments stalled, homebuyers began receiving messages from banks demanding an additional 2% per annum at fixed prices. Both state-run and private banks are sending the notice.
These notices from the bank indicate the reason for the delayed registration of the apartment. They referred to certain matters mentioned in the letter of sanction, which was signed between the buyer and the bank at the time of the home loans.
Under these conditions, the buyer of the apartment must present the documents in connection with the conclusion of the sales deeds no later than 60 days after being offered the possession letter by the developer. If no document submitted, the buyer must pay an additional interest of 2% per year in addition to the applicable rates. As the bank will charge mandatory interest rates and increase the balance on a monthly basis. The non-payment of these fees may affect the buyer’s credit rating in the future.
Buyers of apartments in the sectors dedicated to the development of Sports City have suffered the most. Many buyers who sent new messages approached the district’s central bank manager to intervene.
Issues between Noida Authority and Private developers
Narendra Kumar, central government official, bought a 3 BHK apartment in Civitech Stadia in sector 79 in March 2017, said. “Several months ago, I received a notice from my bank that I should pay additional interest. Since I did not submit sale deeds after receiving possession of the flat, they quoted part of the agreement letter. Kumar paid Rs 68 lakhs for his apartment for a loan of Rs 58 lakhs. Kumar monthly EMI of Rs 56,500 can be increased by at least Rs 5,000 if an additional 2% interest applies.
Narendra Kumar received a loan five years ago, said he was responding to the notice and awaiting a decision soon. The buyers of the Sports City project were offered their own apartments. They have been living in them with their families for the past three years. However, due to issues between the Noida Authority and private developers who develop residential complexes in sectors 101, 78, 79, 150 and 152, the execution of sales contracts or registrations has been delayed.
Even after paying the land premium, the developers of the Sports City project are not able to sign a tripartite agreement with the Authority and the buyer, as they have not built the infrastructure or sports facilities in accordance with the rules.
Vedas Ratna, manager of the Lead bank, said that a meeting will take place in the near future. We are talking to more banks and we will accept applications from affected buyers in a meeting with the district magistrate. We may need to contact the Reserve Bank of India for further instructions.
The Karnataka state government has lowered the property guidance value of state-owned properties by 10 percent over the next three months, allowing people to register as quickly as possible. Revenue Minister R Ashoka called it a New Year’s gift to the public. For the purchase of real estate, whether it is a piece of land, building or an apartment, the government is lowering the guidance value by 10 percent, which will only apply nationwide for three months.
Guidance value, the minimum sale price of real estate set by the state depending on the location and type of building.
The Minister said, this is kind of an offer for those who are in a hurry to get a general power of attorney (GPA) and real estate agreements. It is also for those who plan to register real estate valid from January 1 to March 31.
After the minister asked the public to seize the opportunity to register their property, the minister said it was a long-standing demand. The announcement came after several rounds of discussions between the finance and revenue departments, IGR (inspector-general of registration) and Prime Minister for the last month.
“All types of property registrations will be made throughout the state, whether it is dry or irrigated land, subdivisions or plots of land. It applies to everyone, adding that it may have some impact on state revenue, but it will also be for the benefit of ordinary people.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) listed 3,425 projects as lapsed due to late completion. According to authorities, at the beginning of October there were 3,371 projects on the list, of which 210 extended and another 200 added to the list.
Developers restricted from selling-
MahaRERA has listed projects with completion dates in 2017, 2018 and 2019 as deferred or expired. Most of these projects are located in Pune, Mumbai, Thane, and Raigad. According to the rules, the developers of these projects banned from selling and promoting projects. Until a request was submitted for an extension of the corresponding completion date, which required the consent of 51% of the buyers.
Nearly 95 projects exceeded their deadlines in 2017, 508 in 2018, 1107 in 2019 and 994 in 2020, according to the data. Many of them did not even comply with the one-year renewal period under Section 6 of the Regulation and Development Act (RERA).
Some projects removed and some extended-
In November, the developers were asked to provide the necessary documents to request an extension and continue work on projects. MahaRERA has published a list of “overdue” projects because the developers did not request an extension. Or upload the Form 4 from Architects on website after the projects were completed. The developers of 99 projects have submitted documents after a new prospectus issued last month, which outlines the legal conditions for expired projects. A total of 286 projects received for extension.
According to MahaRERA officials, up to 99 projects will be removed from the previous list (3,371) over the next two days. Others had to apply for an extension of the validity of their occupancy certificate (OC). Project names will only be removed from the expired list if developers are looking for an extension. Representatives from the welfare association noted that it was good that the authorities marked the projects as delayed. This will help apartment buyers try to implement the project through promoters.
REITs buy and develop real estate primarily for the purpose of using it in their investment portfolio. REITs or Real Estate Investment Trusts are companies that own and operate properties for the purpose of generating income. Unlike other real estate companies, REIT does not build real estate for resale. These are the companies that manage portfolios of high end properties and mortgages. People can participate in large real estate revenues through REITs.
What is Direct Real Estate Investment?
Direct investment in real estate means buying a particular property at a stake or the acquisition of property from a particular person. This implies a significant share in an asset, whether it is a shopping mall, an office building or an apartment. This type of business allows investors to generate income by rental investment. It even allows you to monetize the valuation of the assets you own. As the price increases over time, you get a significant return on assets.
Key difference between REITs and Direct Real Estate Investment!
Direct Real Estate Investment offers more tax incentives than REITs and also investors have more decision-making power.
– In case of REITs, investors invest their money in a diversified portfolio of commercial real estate assets. But in case of direct real estate investment for commercial offices, investors invest in a single office property only.
– Individual investors can take advantage of real estate through a REIT without the need to own or manage real estate.
– Compared to Direct Real Estate Investment, REITs are easier to buy and sell because many of them are publicly traded on exchanges.
Difference between REITs and Direct real estate in terms of returns!
There is a major difference between the returns of both investments:
– In the case of REITs the ROI will be clearly structured, realistic and risk-free. They are ideal for investors who want a stable income with minimal risk.
– During the time of inflation, property values tend to rise as property prices and rents rise, resulting in higher returns for REIT investors. Realistic ROI from REITs can be expected in the range of 7-8% per annum after adjusting fund management fees.
– REITs must distribute at least 90% of the taxable profits to shareholders, and dividends of 5% or more are common.
How do REIT investors generate income?
Like any other business REIT requires capital. The investors of REITs make money by renting, leasing or selling the assets they buy. Shareholders elect a board of directors, which is responsible for selecting investments and recruiting a team to oversee them on a daily basis. FFO, which stands for funds from transactions, is the most common way of calculating REIT income.
REITs Investors generate following types of income:
– Dividend income – Price gains after the sale of REIT units – REITs are a great opportunity for investors who want to diversify their portfolios outside the gold and securities markets. This is a great place to invest if you are investing in real estate for the first time and want to diversify your portfolio without unnecessary risk.
A REIT is a good option for investors who do not want to manage real estate, or for those who do not have or can not get the funds for it. REITs are also a great way for aspiring real estate investors. Individual investors can invest in income from owning commercial real estate with a REIT without buying it themselves. Direct real estate investment is good if you want more control over your money and prefer a convenient approach.
The builders’ committee demanded that the government should take actions to regulate the prices of raw materials. They also proposed to reduce the tax on goods and services for this. CREDAI, which includes more than 13,000 developers, noted that the prices of building materials have risen steadily since January 2020.
The Confederation of Real Estate Developers Association of India (CREDAI) shows concern about the continuing rise in commodity prices, including cement and steel. Housing prices could rise by 10-15 percent to compensate for the increase in construction costs. The authority also demanded that the government should take steps to control the prices of raw materials, and proposed to reduce the tax on goods and services for this.
Delays in construction causes price hike-
In addition, the association said construction delays caused by curfews, lockdowns and labor shortages have led to a direct 10-15 percent increase in construction costs in recent years.
Generally the prices of all materials and goods have risen every time there is a steady rise in fuel prices. However the prices of building materials have been steadily rising since January 2020. Add to that construction delays caused by labor shortages, lockdowns, curfews, has led to rise in labor costs, which has resulted in a direct 10-15 percent increase in construction costs over the past 18 months. Also RERA does not allow the flexibility to increase the selling price even though construction costs increase significantly.
Government should tackle the increasing raw material price-
Harsh Vardhan Patodia, president, CREDAI National said, we have seen consistently sharp increases in commodity prices over the past year and they do not seem to be declining in the future. Developers may not be able to meet the rising costs and ultimately shift the burden onto home buyers. CREDAI requested the government and relevant ministries to address this issue and address the issue of price increases as soon as possible.
One way to deal with this problem may be to allow price increases by allowing the clause in the agreement between buyer and seller. The government may also consider allowing Input Tax Credit for real estate projects or optimizing GST for various building materials relative to their current prices. If these steps are not taken immediately, property prices in all segments will rise and will directly affect affordable housing and for all government missions for housing.
Hike in construction cost may affect buyers-
Anuj Puri, Chairman – ANAROCK Group said, given the rising inflation trends in the cost of materials such as cement and steel, it was clear that developers would sooner or later have to raise prices. The increase in building material costs is severe, so it can be offset without affecting buyers. Inflation has affected our lives at all levels, and property development is no exception.
Sharp price increase in raw materials-
Anubhav Jain, CEO, SilverGlades Group said, expenditure on raw materials such as cement and steel has risen markedly in recent months. Since most developers operate with very low margins, any hike in prices of raw materials puts enormous pressure. We will estimate our costs for the input resources, if necessary we also have to raise the prices.
Since past few years, there is a sudden surge in the demand of housing units in Gachibowli. One should definitely invest in Gachibowli as it is a growing locality, loved by both end users and investors. Gachibowli, a city in Hyderabad, is one of the fastest growing cities that is ideal for investment and promises attractive returns in the future. It is a recognized ITeS suburb experiencing explosive growth in the form of real estate projects, office rentals and infrastructure projects.
Gachibowli is located in Serilingampally Mandal in the Rangareddy area northwest of Hyderabad. When we look at the real estate market, it is a known fact that Hyderabad has many benefits for property seekers. Since past few years, Gachibowli real estate sector has shown exponential growth thanks to a growing technology sector that has dramatically increased the demand for apartments.
6 Reasons why investing in a flat in Gachibowli Hyderabad is ideal | Reasons to invest in Gachibowli
1- Airport Connectivity-
To make money, various real estate companies in Hyderabad have built residential apartments near Gachibowli. It is only 5 km from the Hitech city and is well connected to Rajiv Gandhi International Airport in Shamshabad via the outer ring road and the Nehru ring road. Alternatively, try world cuisines in the various restaurants in the area and the surrounding area.
2- Gated and premium residential properties-
Several gated community apartments are being sold to serve the IT people of Gachibowli. With luxurious amenities, these flats absorb modern architecture and natural landscapes. Removing visual clutter and providing you a unique serenity that is difficult to find in the city. In addition, there are several premium class apartments for sale in Gachibowli. This locality is ideal for those looking for luxury as well as affordable apartments in Gachibowli.
3- Ideal option for investment-
In addition to the luxury apartments in Gachibowli, several other developers are planning to create more living space. Therefore, those looking for investment opportunities in Gachibowli, Hyderabad should also consider entering Gopanpally and Nallagandla to get the best investment deal.
4- Increased housing demand-
Gachibowli will benefit from the growth taking place in the central regions of Hyderabad. Townships around Hyderabad’s old town have also evolved to boast improved connectivity to the technology hub, attracting potential buyers and investors. While the suburbs around HITECH City, Gachibowli, Banjara Hills and Jubilee Hills were the first to develop. Growing connectivity and infrastructure makes it ideal to invest in Gachibowli. The saturation of open spaces in these areas, combined with declining accessibility, makes the suburbs a viable option.
5- Proximity to reputed companies-
Gachibowli has also witnessed careful green preservation zones and offers excellent social infrastructure and services. The locality also offers access to major tourist attractions, such as Ramoji Rao Film City, Hussain Sagar, Fort Golconda and Shilparamam. The main advantage is that Gachibowli is close to Hitech City and several companies such as TCS, Microsoft, Capgemini, Accenture, Infosys and Wipro as well as UBS, Bank of America and Franklin Templeton Investments.
6- High demand of rental properties-
Real estate in Gachibowli ranges from one bedroom apartments to large mansions. Tenants range from city leaders looking for family homes to young professionals and couples looking for one or two bedroom apartments in Gachibowli. They are in high demand and delivered very quickly, usually within a few days. A 3 BHK flat in Gachibowli Hyderabad also tops many tenants’ wish lists with its spacious and airy exterior atmosphere.
Real estate developers must declare security interests created by them for projects registered with an authority. The decision will increase transparency and inform potential home buyers about any mortgages or loans that the developer has taken in relation to the apartments they intend to buy, or the project itself.
This information is now available with the Central Registry for Securitization and Asset Reconstruction and Securities of India (Cersai). Cersai is the central authority that processes and stores such data. Established under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi Act), Cersai aims to prevent credit fraud, such as loans from different banks on the same property.
Cersai has collateral data created from 22 January 2016 for registered commercial banks and, with effect July 1, 2016 for all other persons registered with it. It has started the process of registration of data on security interest in residential and commercial properties under construction from June 2017.
Home buyers should be aware of the loan status of apartment-
MahaRERA has clearly stated that home buyers and winning bidders must also be aware of the security interest on real estate projects and apartments they are interested in buying. Often home buyers buy a property without knowing its mortgage or loan status, which later leads to lawsuits and legal complications.
If the developer took out a loan by mortgaging inventory or some apartments, and can not return it. The banks will then acquire the property to get their contingent back and that this process can affect the home buyer. However with the new decision this situation can be avoided as Cersai keeps a record of all properties that have been sanctioned for loan.
Real estate developers must now submit a report to Cersai on the security interests created in the property project. Along with an encumbrance certificate when the project registered with the authority.
In the absence of security interest, the developer must provide a supporting commitment or provide an undertaking. The developer also expected to submit a report to Cersai on changes in property security interests. According to MahaRERA, submitted Cersai reports must be generated within 10 days of the submission date.
Developers will no longer be able to subdivide and sell their allotted land in Greater Noida and for industrial setup as well. They can not divide and sell land before the establishment of the local authority, and they must also pay a development fee.
The decisions were made today at the 124th board meeting of the Greater Noida Industrial Development Authority (GNIDA) at its Greater Noida office. Sanjeev Mittal, Uttar Pradesh Commissioner for Industrial Development, chaired the meeting attended by GNIDA CEO Narendra Bhoshan and several other senior level officials.
Villages will have smart classroom and libraries-
The board approved a proposal to transform 14 villages into smart villages. Mr. Bhoshan informed the board that a pilot project has been started in Maicha village. The tenders will soon be announced for 13 more villages.
In the first phase of smart village initiative, facilities for drinking water, drains, sewer connections, streets and electricity lines will be built. In the second phase – libraries, Wi-Fi, youth training centers and smart classrooms will be created in the schools of these cities.
Industries that started in Greater Noida even before GNIDA was formed will now be able to buy FAR (floor area ratio) on the remaining plots. They have to pay a fixed fee for this purchase. These companies must also have to pay development fees as well.
Now the apartments will be available to buyers on time
GNIDA stated that in view of the interests of apartment buyers, the board has made an important decision regarding developers to subdivide the plots and sell them. Now the division of large plots is forbidden. This means that the developer will now not be able to independently sell (divide) the plots allocated to him by GNIDA. They will have to complete the project. This decision taken by GNIDA has two advantages. The builders will only take the land on which they want to build the project. Secondly, the apartments will be delivered on time. GNIDA said that time will not be wasted due to the subdivision of plots. The designated developer will be responsible for the timely delivery of apartments to buyers.
The Department of State’s Finance has issued a notice extending budget grants for a limited period in the real estate sector. A 2% reduction in stamp duty and a 10% circular rate reduction) for three months until January 31, 2022.
The refund process was originally scheduled to end on October 30. However, CM Mamata Banerjee indicated that it would be extended following an appeal from developers affiliated with the Confederation of Real Estate Developers of India (Credai).
According to the double notifications, a 10% reduction in circle rate, a revised stamp duty of 4% for units upto Rs 1 crore and 5% for units over Rs 1 crore announced in the state budget was valid until October 30 and now is extended until January 31, 2022.
Previously the industry experts had asked the government to extend the rebate by two months until December 31, 2021. But now the government has extended the rebate until January 31, 2022.
More than 60% of home sales in Kolkata take place in five months, i.e. from September to January. With distributions covered over this period, the industry points to the highest sales recorded in the second half of the year (July-December).
This year, between July and September about 15,150 apartments sold against 6,842 apartments sold in the corresponding period last year. The recovery in demand has also led to an increase in the number of project launches. While only 756 units launched in April-June 2021, the developers launched 3,127 units over the next three months.
Credai Bengal President Nandu Belani said, it is very important for the industry. It will generate demand over the next three months and support the growth we have seen since the end of July.
Shishir Baijal, president and CEO of international real estate consulting firm Knight Frank India, said the extension has come at the right time since we are approaching Diwali. Credai West Bengal President, Sushil Mokhta said it would bring more help to home buyers and bring more revenue to the state funds.
Looking for best place to live in Navi Mumbai or best place to invest in property in Navi Mumbai? If so, this might be the best decision you’ll ever make! In this article we have described some best residential areas in Navi Mumbai that are perfect for real estate investment.
In real estate it is extremely important for the investor to choose the right location. The place you choose can increase or reduce your investment. Navi Mumbai is an exception where the management quality is better than the developers. The basic infrastructure is far from perfect, but is reasonably well equipped in terms of roads, infrastructure, water supply, etc.
The location, infrastructure and facilities of Navi Mumbai makes it an ideal investment destination. Navi Mumbai has a range of developers offering properties to suit every budget, along with first-class facilities. Robust infrastructure, wide roads, an abundance of nature are some of the benefits of investing in real estate in Navi Mumbai. The city has a special economic zone with an area of more than 10,000 hectares. Ultimately creating career opportunities and allowing people to start their own business.
Navi Mumbai’s significant population, booming economy, and growing infrastructure really stand out to prospective investors. The 7 best place to invest in Navi Mumbai that promise the highest potential return on investment are-.
Best place to invest in property in Navi Mumbai or best place to live in Navi Mumbai-
Ulwe has recently shown an increase in demand for residential apartments and plots. As India’s fastest growing region, the development of commercial, residential and private infrastructure quickly attracted the interest of retailers and residents. Ulwe offers adequate social and commercial infrastructure, including reputed hospitals, schools, retail space and a sports complex. Property price in Ulwe ranges from Rs 6,200 to 9,000 per. square foot. With the advent of new projects, property prices in Ulwe are now growing due to the developed infrastructure and proximity to Navi Mumbai Airport.
Connectivity and Infrastructure-
It is a lively place known for its excellent connectivity, close to the upcoming Navi Mumbai Airport. Ulwe is fast becoming a suburban destination near the Sion-Panvel and Mumbai-Pune Highways. It is close to major places like Vashi, Palm Beach Road or Belapur CBD. It also has proximity to the JNPT and excellent connectivity to Mumbai via NH-348A, and Palm Beach Road. The upcoming Navi Mumbai Metro and Mumbai Trans Harbor Link will further improve the connectivity of Ulwe to Navi Mumbai and Mumbai. Thus making it the best place to live in Navi Mumbai or best place to invest in Navi Mumbai.
Unlike the densely populated areas of Mumbai, Panvel offers large open areas, making it a popular place for home buyers. It is easy to travel here as the area has an extensive network of road and railway. Panvel has several areas like New Panvel, West Panvel, East Panvel, Karanjade, Chipale. It also has some areas along the Mumbai-Pune Expressway. Panvel has proximity to the Belapur and Vashi commercial hub, which has stimulated the demand for housing in the region. As such, Panvel is the ideal place to generate a good amount of profit on property investments. The area has high rental yields and there is a guaranteed appreciation on both residential and commercial properties.
Connectivity and Infrastructure-
Panvel is well-connected with eastern and western highways which provides easy access to other cities. The proximity to the upcoming Navi Mumbai International Airport along with other planned infrastructure projects such as Navi Mumbai Airport Influence Notified Area (NAINA), Trans Harbor Link etc, are some of the key factors affecting the real estate market in Panvel. Connectivity to Mumbai Pune Expressway and the Sion-Panvel exit further improves access to Panvel.
Airoli has a wide range of apartments ranging from affordable to premium segments. Hence, serving home buyers in all budget segments. The locality has a good social infrastructure of schools, hospitals, restaurants, markets and parks. The proximity to major employment centers and developed social infrastructure has increased the demand for housing and rental properties in Airoli. Thus, it is the ideal place to live in Navi Mumbai since it provides good investment opportunity for those who want to invest in Navi Mumbai real estate.
Connectivity and Infrastructure-
Airoli has good connectivity to Thane and Mumbai via Thane-Belapur road and Mumbai Suburban Railway. Mulund Airoli Bridge further improves Airoli connectivity to other suburbs of Mumbai. Airoli houses some major employment centers such as Airoli Knowledge Park, TTC Industrial Area, Mindspace Technology Park, and Reliable Tech Park makes Airoli best place to invest in Navi Mumbai and a profitable deal for home buyers. The railway and road network provides easy access to the main MMR regions of Mumbai, such as Panvel, Thane, Chembur, Vashi, and Mulund etc.
Nerul is the main residential and commercial area of Navi Mumbai, consisting apartments of all segments. It has excellent civil and social infrastructure. The area has low, medium and high-rise flats and individual row or townhouses as well. Nerul is popular among the upper middle class and the most common configurations found are 2 and 3 bedroom flats. The locality houses some IT parks, an MIDC industrial area, several international schools and professional universities. Presence of reputed educational institutions like Terna College of Engineering and State Merchant Marine Institute makes it an ideal place.
Connectivity and Infrastructure-
Nerul offers good connectivity to several areas of Mumbai like Thane, Navi Mumbai, and Jawaharlal Nehru Port Trust (JNPT) via Thane Belapur Road, Sion-Panvel Expressway and Palm Beach Road. The area is located on three highways in the Navi Mumbai area, namely Uran Road, Sion-Panvel Expressway, and Palm Beach Road. Connectivity to major highways makes it the best place to invest in property in Navi Mumbai or best place to live in Navi Mumbai.
Taloja is fast becoming a major residential area due to its proximity to Kharghar. Other factors driving the increase in property value are the variety of affordable apartments, upcoming metro stations, and upcoming international airport. Experts believe that if upcoming infrastructure development is implemented on time, Taloja is likely to see an exponential increase in property value over the next three years. Thus making it an ideal or best place to invest in property in Navi Mumbai.
Connectivity and Infrastructure-
Taloja is located on National Highway (NH- 4) and has proximity to the Sion-Panvel, Dombivli-Kalyan, and Panvel highway. Thus traveling to Pune, Thane, and Mumbai is much easier. Taloja has an operating railway station on the Central Vasai-Diva-Panvel railway line. The construction of the first phase of the Navi Mumbai metro between Belapur and Pendhar, which also connects Taloja, makes commuting more easier.
Kamothe have good infrastructure and connectivity, and these are the main reasons for its growing real estate demand. The area has a total of 48 sectors, which are systematically planned. The nearby towns of Kamote include Belapur, Hargar, Taloja, Kalamboli, Panvel etc. Without a doubt Kamothe is the best place to invest in Navi Mumbai. Also it is ideal location for those who want to buy property in the outskirts of Mumbai.
Connectivity and Infrastructure-
Highways like JNPT Road, Sion-Panvel Highway, and Panvel-Uran Bypass are some of the major highways that pass through Kamothe. There is a large bus service and the Belapur Bus Stop and Panvel Bus Stop are in the immediate vicinity. The international airport is approximately one hour drive from the area and also has proximity to upcoming airport in Navi Mumbai.
Dronagiri is one of Navi Mumbai nodes, located in the Raigad area and at the southern tip of Navi Mumbai. Real estate in Dronagiri remains reasonably priced compared to other parts of Mumbai. Infrastructure growth and associated housing demand are key factors that have driven Dronagiri’s growth in recent times. The JNPT and Reliance SEZ are key business developments driving Dronagiri property growth.
Connectivity and Infrastructure-
The area offers good connectivity to Panvel and Roha. Also South Mumbai is easily accessible from Mora with a crossroads and only 30 minutes by water from Ballard Pier. The railway route has increased the general access to the JNPT together with the Navi Mumbai SEZ. Demand for real estate in Dronagiri is expected to increase after the completion of Navi Mumbai International Airport, as the area is only 10 kilometres away.
Buying real estate and then turning it into a profitable investment is a popular practice in Mumbai. If you have been looking for best place to live in Navi Mumbai or planning to invest in real estate for a long time, Navi Mumbai is your ideal destination. This is often an investment opportunity for those working in and around Mumbai. The area has a vibrant real estate market with significant capital gains and rental income.
This week Noida authority is launching a new residential scheme which consists of 122 plots in Noida. The market is reportedly in full swing due to Navaratri, Diwali and other festivals. So to take advantage of improved market sentiment, the Noida administration plans to launch a housing scheme on Thursday this week.
According to a report, plots will be available in total of 18 sectors in Noida, including sectors 33, 34, 35, 41, 44, 51, 53, 61, 71, 72, 93B and 105. The price of residential plots in these locations will vary from Rs 64,700 per square metre to Rs 1.80 lakh per square metre.
Once important documents have been verified and after paying the necessary fees, the online bidding process begins on December 16th. Similarly, the allotment procedure ends on 27 December.
122 plots launched this week
Jotsna Yadav, Quoting officer on special duty, Noida Authority, said, the authority is expecting a positive market response when people ask about these housing schemes. Currently, 122 plots have been identified that will only be launched this week. Some of the plots that will be introduced in this scheme are carried forward from the previous housing schemes.
On the other hand, the Noida Authority will also host an event for the newly appointed female staff in the city. More than two dozen women have recently been recruited and the Noida administration will deliver letters of employment to them at the coming event.
In light of the farmers’ latest protest, these women guards are being sent to control the female protesters. They conquered several important properties, including offices, public parks and the Sector 6 building.
Are you planning to invest in a 2 BHK flat in sector 150 Noida? Since time immemorial, the value of real estate has been dependent on price increases. And it takes time before its value grows. But with increased investments from multinational companies in India, the value of real estate here is skyrocketing. Noida sector 150 is located at the south end of Noida Expressway. It is located at the convergence of the Yamuna and Hindon rivers and is only 8 km from Pari Chowk, Greater Noida.
Noida 150 sector appears to have increased demand for the residential segment. Many famous builders in Delhi-NCR have started many projects in this sector. Buyers can find 3 BHK and 4 BHK luxury apartments easily and quickly. Many spacious 2 BHK’s have also been implemented in the projects. All of these homes have quality facilities as well as excellent environmentally friendly amenities.
Reasons why 2 BHK flat in sector 150 Noida is a great investment!
Connectivity to major areas-
Robust connectivity is one of the main factor which has contributed to overall growth of this locality. Sector 150 is close to three major expressways i.e, Noida-Greater Noida Expressway, Yamuna Expressway and DND Expressway. Proximity to these expressways facilitates easy commute between regions of Delhi-NCR and Agra. Sector 150 also has proximity to the upcoming Jewar Airport, one can reach the airport in just 30 to 40 minutes. Delhi’s metro network runs through the area within walking distance, making it ideal to reach any part of Delhi-NCR.
Prominent Housing Options-
Everyone wants to live in a place which has good quality social infrastructure of schools, hospitals, entertainment centers and shops. In the immediate vicinity of sector 150 there are reputed educational institutions like RPS International School, Amity University, Galgotia University etc.
The locality also has proximity to world class sports facilities such as Buddha Circuit (Formula 1 circuit), golf courses and the first cricket stadium in Noida. It is listed as one of the best sectors in Noida on the 24 km section of the Noida-Greater Noida Expressway. Sector 150 provides a high standard of living, and there are several top-class housing projects from leading developers such as Tata Value Homes and Godrej Properties.
Given the presence of large housing projects and their location, buying a 2 BHK flat in sector 150 Noida is the most preferred and profitable investment for property buyers.
According to the Noida Master Plan 2031, Noida sector-150 will have about 80% of the 600 hectare area as green space, with only 20% allocated to residential or commercial construction. In addition, almost 42 hectares of land have been set aside for parks and recreational services.
Today, the social and physical infrastructure is already established, a number of well-known schools and colleges operate here, and the area is full of real estate activities. Sector 150 is in the immediate vicinity of Knowledge Park II. The locality houses offices of several multinational companies and IT / ITeS companies. Some of them are Aptara International, Cisco Honeywell, IKEA, One E, Samsung Engineering India Ltd, British Council and HDFC.
Budget friendly and low maintenance-
Another benefit of buying a 2 BHK flat is the maintenance cost. Maintaining a 2 BHK is much easier compared to 3 and 4 BHK apartments. In relation to the 1 BHK apartment, however, the increase in value is not so significant. Therefore, it is always wiser to choose a 2 BHK apartment in sector 150 Noida.
With robust infrastructure and connectivity sector 150 Noida is growing really fast. The area has excellent transport links and is close to major expressways such as Yamuna Expressway, Faridabad-Noida-Ghaziabad expressway, and Noida-Greater Noida Expressway.
Due to its advantageous location, it has attracted the attention of several investors and buyers. Many well-known multinational companies, corporate homes and manufacturing departments and IT services are popping up in this place. The locality has various reputed educational institutions, banks, hospitals, ATMs and more. Hence buying a 2 BHK flat in sector 150 Noida is definitely a good choice for home buyers and investors as well.
Due to immense capital investment, Noida has become the largest industrial investment district in the country. Also the investor-friendly policy of Uttar Pradesh government has played a pivotal role in this investment rise.
Noida has received the highest level of investment in the last four years among all regions of India. Noida received an investment of about Rs 64,000 crore, which helped it to create more than 3 lakh jobs opportunities.
The city is administered by three authorities: Noida Industrial Development Authority, Greater Noida Industrial Development Authority and Yamuna Expressway Industrial Development Authority. According to authorities data, a major chunk of national and international investors have invested heavily in recent years.
More than 3,000 land plots sold!
Over the past two years, the three development authorities have sold over 3,000 plots of land to investors from all over India and from abroad as well. In fact, the authorities have made it easier to invest in Noida. Approximately 3,000 investors are opening their offices with an investment of about Rs 64,352 crore. This investment in Noida is expected to provide permanent employment to more than 4 lakh people.
The Noida Authority has already employed about 1.5 lakh people after investing Rs 22,000 crore over the last four and a half years. Further the authorities are now planning and preparing to make a smart village as well.
Majority of the investments come from big investors like TCS, Samsung, Microsoft and Data Center. More than 39,139 acres of land were purchased for Rs 2500 crore to set up mega-data centers in the city.
Microsoft alone bought around 60,000 acres of land and plans to invest Rs 1,000 crore in the IT sector. In addition, INGK Company acquired 47,733 acres of land to invest Rs 5,500 crore in the real estate sector. Some other reputed companies like Vivotex Project, Ikea Solutions, Dixon Technology,Westway Electronics, Adverb Technology, Surabhi Group, Yun Flex Ltd. also bought land parcels in Noida.
Immense career opportunity in future-
With such a massive investment, the Gautam Budh Nagar area has reached many heights. According to real estate experts, about 60% of the MOUs signed at the Investor Summit belongs from Noida district only.
Yamuna Authority is also not so far behind in terms of investments. A huge capital invested through Apparel Park, MSME Park, Toy City, Medical Park. Film City and Jewar Airport also established under Yamuna Authority and will further boost the overall development of Noida.
Thus, it would be right to say, when all these companies are fully established in Noida, the employment opportunities increase which ultimately boost the real estate demand.
Planning to invest in Kharadi, Pune? In this article we have described some reasons why investing in Kharadi is best choice for both home buyers and investors.
Kharadi, located in northeastern Pune, has seen tremendous growth in recent years. It is becoming one of the fastest growing and most sought after places in terms of location. The area is strategically located close to all the institutions and recreational areas necessary for a comfortable life. It has become a sought after destination among property buyers. This area has gained importance due to the major developments in IT, ITES, education, hospitality and retail sectors.
Known as the new IT hub, Kharadi, the once barren place is now home to dozens of commercial projects and luxury homes. The presence of the company giants like Tata Communication, Wipro, Reliance, and Polaris has further contributed to the development and popularity of this area.
Here are a few points that make Kharadi the most popular real estate investment destination.
Reasons why should you invest in Kharadi or reasons to buy flat in Kharadi, Pune
1-Houses big IT giants-
Growing connectivity and low capital prices have attracted many leading IT companies. After Hinjewadi, Kharadi has the maximum number of IT parks. Special economic zone (SEZ), is home to several IT and ITES giants like Vodafone India Services, Prism Informatics, Tata Communications, etc. The campus covers more than 40 acres and is only 8 km from the international airport. The business world in Kharadi originated and contributed greatly to the development of the IT sectors in Pune.
2- Location Advantages:-
A well-planned road system with excellent transport links adds valuable benefits to Kharadi. The area has proximity to major areas like Railway Station, Airport, Koregaon Park, Kalyani Nagar, Hadapsar, Wagholi, Chandan Nagar and Mundhwa. Kharadi is set to receive a metro station via an extension of line 2 between Vanaz and Ramwadi. Growing connectivity and location can be a major reason due to which buyers invest in Kharadi. The roads are wide and proximity to highways makes it easier to reach other localities in a short time.
3- Public Transport & Social Infrastructure:-
Kharadi has some of the popular hotels like Le Meridien, JW Marriot, The Westin, Taj Blue Diamond, Grand Hyatt, Radisson, etc. Some famous nearby schools are Symbiosis, Victorious Kids Educare, Kendriya Vidyalaya, and Sunrise English High School. The nearest bus stop is Moudha Bus Stand, 12 km from Kharadi. Cabs and other transport facilities are also easily available. Due to its proximity to the airport, travel time is significantly reduced.
4- Increase housing demand:-
Robust connectivity and evolution of IT parks have created a lot of opportunities in Kharadi, thus attracting professional migrants from different parts of the country. As a result the demand for housing has surged at a fast pace. Buyers are preferring apartment projects over independent houses or plots. The rental market here can fetch you a good amount of returns if you invest in Kharadi. A 2 BHK flat in Kharadi can be rented at prices from Rs 10,000 to Rs 18,000 per month. Professionals working in Ranjangaon Industrial Zone also prefer Kharadi due to its connectivity and infrastructure.
The city experienced both residential and commercial development due to the burgeoning IT sector. Due to this, land prices have risen sharply. According to real estate experts, the price in October-December 2012 was Rs 4,779/sqft, and Rs 5,192/sqft in January-March 2013. The price has risen to Rs 5,583/sqft since April to June 2013.
Many experts believe that Kharadi has the greatest potential in the real estate market in Pune. The amazing development of the city attracted buyers to invest in Kharadi and has completely changed the real estate market trend. Now Kharadi is considered as the most popular area in Pune where you can live a quality life.
On Friday, the Noida Authority board reduced the transfer charges of properties. According to real estate experts it will be a huge relief for thousands of residents. Apartment buyers and owners of residential plots entering the secondary market now have to pay 2.5% instead of 5%. Similarly, transfer fees for commercial, industrial and institutional sectors have also changed.
The Uttar Pradesh Government’s Infrastructure and Industrial Development Department has asked the three industrial development authorities in Greater Noida and Noida to regulate their policies. The Greater Noida Industrial Development Authority (GNIDA) had already lowered the rates in June.
Likewise, transfer fees for institutional property have been lowered from 10% to 5%. Buyers of commercial real estate will have to pay 5% for such plots, and buyers of shops and kiosks have to pay 2.5%.
Other Crucial Decision-
– All allottees were given an additional six-month extension to obtain a completion certificate based on the lease deed conditions without paying additional fees to request an extension.
– The authority has also received board approval for the installation of a anti-smog tower in sector 16A together with BHEL.
– Leaders who work and travel to Delhi can also look forward to a timely completion of the Chilla elevated road. Work on the road had to be stopped in December last year. As the state government did not allocate its share of the funding for the project. After receiving an order for Rs 605 crores, the Uttar Pradesh PWD and Noida administration had to share the costs equally.
–However, the government has not yet taken the necessary steps to transfer funds to the Department of PWD. Government officials will continue the project and begin construction until the funds are finished. Further the officials can contact the government to get more capital.
Sanjeev Mittal, Noida Authority Chairman, who chaired the board meeting, said. “Changing the transfer fees is an extremely important step for residents. Various groups and associations of residents have requested and asked the authorities to reduce the transfer fee.”
Rakesh Kumar Srivastava, Deputy Inspector General of the Department of stamps and Registration, said, “the decision by the authorities is taken in a timely manner. This will improve the mood in the housing market shortly before the festival season.”
Amit Gupta, president of the Prateek Wisteria Apartment Owners Association in Sector 77, said, “Reducing the cost of transferring memorandum charges will help many residents who want to buy or sell their property. But the authorities must also work on the problems of helpless buyers who cannot perform the registry process.”
On Monday the State Legislative Assembly approved an amendment to the Revenue Stamps Act of 1957 that significantly reduced the stamp duty on apartments valued from Rs 35 to 45 lakhs to 3%. However, the 2% discount only applies to the first registration, in other words to the first sale.
R. Ashoka, Revenue Minister said hundreds of thousands of apartments in Bangalore and other cities remained unsold due to the problem caused by the Covid-19 pandemic. Reducing the stamp duty will help both the real estate sector, which is struggling with large holdings, and families from low-income groups.
The bill anticipates the statement from B.S. Yediyurappa when the budget was presented as chief minister in March this year.
Last December, the government amended the law to introduce a 3% exemption on apartments valued between Rs 20 lakhs and 35 lakhs. In its budget last year, Yediyurappa significantly reduced stamp duty on new apartments at prices below Rs 20 lakhs to 2%.
M.B. Patil, a Senior member from Congress, requested the government to make more concessions on Maharashtra lines, lowering stamp duties regardless of price.
Members of Congress DK Shivakumar and Ramesh Kumar and member of JD (S) SR Mahesh called on the government to help people build houses within this budget on their plots of land.
The day after the SBI and Bank of Baroda announced the festival’s seasonal bonanza, the Punjab National Bank on Friday lowered home loan interest rates for above Rs 50 lakhs by 0.50% to 6.60%.
PNB announced in a statement that interest rates on home loans are now offered at 6.60 percent, regardless of the maximum limit. In a series of proposals issued by the Punjab National Bank during the festival season, PNB has lowered the interest rate above Rs 50 lakhs by 50 basis points (0.50%). The rate will be linked to the creditworthiness of the applicant.
The bank said in a statement, “This rate also applies to balance transfer cases and is the lowest among public sector banks.”
Waiver on Processing fees-
In addition, it will offer additional home loans at a reasonable interest rate for both balance transfer cases and existing ones.
PNB said it is already offering a complete waiver of service / maintenance fees for home, car, private, myProperty and gold loans as part of its Festival Bonanza offering. One of the lender said, home loans will be more affordable for customers due to full exemption from service fees and a low interest rate starting at 6.60 percent.
While the auto/car loans start at 7.15 percent, personal loans start at 8.95 percent, one of the lowest in the industry. Earlier in the day, PNB also reduced its externally attached RLLR by 0.25 percent to 6.55 percent. “The repo-linked lending rate (RLLR) has changed from 6.80 percent to 6.55 percent from September 17, 2021 (Friday).”
RLLR was introduced in October 2019. It is a personal or retail loan based on a variable interest rate that is linked to external benchmarks such as Reserve Bank of India (RBI) repo rate.
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.
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.
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 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 e-registration for developers for the first property sale will begin on October 2, Balasaheb Thorat, State revenue minister announced on Saturday. This initiative will benefit the citizens.
“The registration department is all set with the software, and the process will be officially implemented from 2nd October. This will be for developers registered with RERA, to whom the department will supply the software after appropriate checks. This allows them to register documents from their offices.”
Orientation program for developers
While the minister had previously said that e-registration would be compulsory for all such developers, Throat said citizens can also register properties at sub-registrar offices. Before the e-registration of all new housing projects started with the Maharashtra Real Estate Regulatory Authority (MahaRERA) from October 1, the state registration department is ready to test the software next week. 50-60 developers have already begun e-registration in the state. Currently, more than 350 projects and 2,700 documents have been registered by e-registration.
Shravan Hardikar, inspector general of registration and stamps, said, “the upcoming software allows the developer to prepare a project template within 24 hours, this process took time earlier. A developer orientation program will be held in the last week of September.”
Brings more transparency
The department also reflects on the application process. To access the software, the developer must first contact the district registrar. This process expected to result in more e-registrations, the department will also provide for an increase in staff to speed up the e-registration of documents.
Sunil Furde, CREDAI State President expressed his opinion and said, E-registration will be a game changer for developers and customers registered with RERA. “This will bring transparency and clarity to the registration process.” Customers planning to register properties next month said the process would remove intermediaries or middlemen.
Last week Finance Minister R. Ashoka said, that the government is considering revising the guidance value by December. Any reduction will be made in overall Karnataka, with the exception of industrial areas and areas along the highways.
Discussions in the state government about the decline in the guidance values have encouraged developers and potential home buyers. This will spur the real estate sector showing signs of improvement after the second wave of Covid-19.
A lower guidance value is expected to boost the number of property registrations, which in turn will increase government revenue. About 2.1 lakh documents were registered in August, which generated revenue of Rs 1,142 crore, up from Rs 969 crore (1.7 lakh documents) in 2020 and Rs 911 crore in 2019.
What is Guidance Value?
Guidance value is the property’s minimum sale price. The government creates this depending on the area and the type of building. Downward revisions will lead to lower property prices. According to the rules, the government must review the costs every year. In January 2019, the government announced an increment in the range of 5 to 24 percent.
Demands to lower the rates
K.P. Mohanraj, Inspector General of Registration and Commissioner of Stamps, said, the guidance value could not be revised in 2020 due to the pandemic. Since the government wants to accept this year, we started the process. Demands for lower rates have long been heard, which in some areas is very high and leads to overpricing of real estate. For example, the guidance value of a property on MG Road is over Rs 1.9 lakh per square metre. On Lavelle Road it is about Rs 2 lakhs per square metre. Some real estate representatives said that due to the recession associated with Covid, some properties were undervalued and sold.
Government should also provide exemption in stamp duty
MS Shankar, the general secretary of the Forum for People’s Collective Efforts, said a decrease in the guidance value will have an impact on the property tax. The news added to the positive sentiment, especially in the wake of the recent property tax euro caused by BBMP’s erroneous zoning. The government should also consider reducing the stamp duty on property registrations across all price ranges.
Suresh Hari, chairman of CREDAI-Bangalore, said, while we welcome the government’s plans to lower the guidance value, we hope the government also takes into account the underlying realities before concluding the final rates. He added that real estate sales have reached 30 percent from the level before covid.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has opened a help desk for citizens to resolve inquiries from home buyers regarding various services. Toll-free numbers are 1800 2103770 and 022-69157100 operate from 7:00 am to 11:00pm every day, except Sundays and public holidays.
MahaRERA’s secretary Vasant Prabhu said the technical assistance was launched when many citizens declared their inability to communicate with the authorities after the pandemic for various problems. A team has been appointed to assist citizens in resolving their concerns. The team will assist them in filing complaints online or checking dates of hearings or other project registration requests. The support service will provide general information. If there are citizens who want to understand more technical issues, a dedicated technical team will help them.
Ramesh Prabhu, chairman of the Maharashtra Society Welfare Association, said, this move would help citizens who are unfamiliar with MahaRERA’s activities. Many of MahaRERA members tried to call the toll-free number and found it very helpful. This move is very advantageous during the time of pandemic. Citizens can contact the support service and check the status of the project before investing in it.
The helpdesk will also help people file complaints under the direction of on-duty staff.
Manjunath Kakkalameli, a district court lawyer, said, even though the virtual hearing took place during the pandemic, there would be a help desk available to help citizens. Section (3) of the Real Estate (Regulation and Development) Act 2016 requires the authorities to introduce an online system for submitting project registration applications.
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.
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.
About 1,824 residential projects in the state were declared as “expired” due to exceeding completion dates set by the Maharashtra Real Estate Regulatory Authority (MahaRERA).
These projects will now require 51% of the buyer’s consent to ensure that appropriate completion dates are extended. 103 of these projects were completed on time in 2017, 541 next year and 1,180 in 2019.
According to an official, many projects were not completed, even after a one-year extension under section 6 of the Real Estate (Regulation and Development) Act. “All of these projects will now require the consent of 51% of the buyers in accordance with Section 7 (3) of the Act”.
Developers are now restricted to promotions-
Due to the Act, developers of these projects are prohibited from selling, advertising, or promoting them before applying for an extension. Of the 1,824 projects listed by MahaRERA as overdue or expired, 350 project renewals have been submitted. However applications of these projects are currently pending or under scrutiny.
MahaRERA has extended the deadline to September for projects that were supposed to be completed in March. “The rest of the projects had deadlines before 2020 year, when the pandemic hit,” a MahaRERA spokesman said. A majority of the projects are based in Pune, Mumbai, Thane and Raigad.
An additional 1,500 projects may be under the scanner since their deadline expired in March 2021. Developers of these projects may now benefit from a one-year renewal under RERA Section 6.
Strong message to arrogant developers-
The developers felt that the authorities should make decisions appropriately as the market was down and there were difficulties in getting documents on time.
Anuj Puri, Anarock Property Consultants chairman said, the MahaRERA’s decision was a strong signal for arrogant developers who were postponing projects. “Home buyers have been waiting to gain possession of projects for the past three years. The last year was unique as the pandemic resulted in disruptions in the supply chain and inaccessibility of buildings. The year 2020 should be considered as an exception.”
Credai Maharashtra President Sunil Furde said, “MahaRERA was right to point out the status of unfinished projects. However, many projects remain “unfinished” for technical reasons. The authorities need to consider and evaluate this aspect as well. In addition, the projects for Credai members listed on the portal were completed on time. The “completion certification” for these projects has been received from municipal corporations before the registered dates. There are projects that have been completed, but completion certificates were received later.”