A Lucrative Area For Property Investors of North Bangalore

With the ever-changing lifestyles and property prices, it is sometimes hard to decide which area could be the best fit for investment, especially in a vibrant city like Bangalore. The possibilities are endless for today’s home buyers. Additionally, you can opt for a considerable Housing Loan from major lenders such as NBFCs to fulfill your dream of purchasing a house in the region.

To help you with the dilemma I suggest you take a look at the rapidly growing region of North Bangalore.

Here’s why -

Kanakapura Road

In North Bangalore, this is one of the most sought-after places to invest in property. Its close proximity to developed areas f Jayanagar, JP Nagar adds to its appeal. It has a well-planned network of roadways with substantially lesser traffic density. The area boasts of popular institutes of learning such as the Delhi Public School, Narayana to name a few. Along with a variety of convenience stores complimenting the high-end residential projects coming up in the area like Godrej Eternity and many more.

Sarjapur Road

Another high-value locale of North Bangalore is the Sarjapur Road. Hailed a the next future IT, it has become the new-favorite among real estate developers. With several infrastructure projects in the pipeline such as its outer ring road proposal which is being planned to connect Tumkur Road to Hosur Road and cutting through Sarjapur Road, touching K.R Puram and Bellary Road, this is one place to look out for.

Electronic City

Considered one of the most important hubs of IT Bangalore the area has witnessed rapid growth in recent years. Spreading over a vast expanse of over 800 acres it has developed into a residential area from the commercial one it was. Divided into three phases the area offers prominent housing solutions to its residents.

Additional Read: Top Reasons Why Living in Bangalore is Best Decision

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3 Things You Should Check Before Buying a Property in Mumbai

Buying a home that’s worth your investment is not easy. But, given the wide number of options available in the market, if the right amount of efforts are put in, the task is not too difficult. The key to success is to plan a feasible strategy and persistently follow it. Having said that, keep your budget flexible because good things come at a higher price. That said, consider your repayment capacity while planning your flexible budget. Apart from changes in the RERA Act, another thing which can make the process of buying a flat in Mumbai is a Home Loan Finance. There are various financial institutions who offer home loan of up to Rs. 3.5 crores which can be paid back in a tenor of up to 20 years. The interest rates and terms and conditions, however, vary from one lender to the other. It is thus ideal to check what each lender has to offer thoroughly before choosing a lender.

Moving on, apart from a good locality, proximity to essential infrastructure such as school, hospital, and supermarket; below are certain things you must consider before a plan to buy a flat in Mumbai.

1. Always crosscheck the price of the property

First thing first, always crosscheck the property price quoted by the developer. Compare the pricing of 1 BHK flat/ 2 BHK flat quoted by your developer with that of the nearby projects and areas. The cost can inarguably vary depending on locality and amenities offered, but the difference shouldn’t be perceptible.

2. Check out the builder-buyer agreement

Once you pay the token amount for the 1BHK flat in Mumbai you’re buying, you’ll have to sign the tripartite agreement with the lending bank and the builder. You’ll also have to sign the builder-buyer agreement which would be highly in favor of the developer. So, it’s wise to give it a read before signing to be aware of the clauses beforehand.

3. When will you get the possession of your apartment

Lastly, before booking a flat in Mumbai, inquire the lender about the sure-shot delivery or possession date of the property. Delay in possession of the booked property is a very common problem and thus, you must always check the same with the developer.

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Best Areas For Property Investment In Chennai

As per real estate experts Chennai has been attracting home buyers largely owing to its slew of infrastructure projects and the rapidly growing IT sector. According to a renowned survey by Mercer’s Quality of Living Survey notes Chennai as one of safest cities to live in also due to the fact that it is home to the 3rd largest expatriate population in the country. So before any delay you must apply for home loan in chennai so that you can make your dream house in Chennai

It’s some of the best or most coveted locals include-

1) Ambattur

The areas hold a large-scale industrial growth. Along is one of the prominent IT-ITeS and industrial hub of the city. It boasts of launching up to 3,000 units it witnesses a traction in the Rs. 40 to Rs. 50 lakh property segment.

2) OMR or Old Mahabalipuram Road

Known as the IT corridor the 45 km stretched road has recorded real estate activity in the Rs. 40 to Rs. 50 lakh price bracket. This has been mainly due to the presence of dedicated SEZs and IT business parks in the region. The region has been in the home buyer’s list with around 35,000 units been launched since the past 5 years.  

3) Pallikaranai

Lying very close to industrial and IT-ITeS clusters the merging of the micro-market provides a promising scope for infrastructure and residential development in the region. With around 3,300 units been launched, it houses property prices ranging between Rs. 4,500 to Rs. 4,900 square feet.

Further, you can consider getting a home loan from leading lenders such as NBFCs to buy property in Chennai of your choice. To know more log onto their website or get in touch with their Relationship Manager.

Additional Read: Interesting Weekend Getaways In Chennai

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RERA - the Impact on the Real Estate Sector

In the year 2016, the Indian government came up with the Real Estate (Regulation and Development) Act (RERA). Now, it wouldn’t be wrong to say the introduction of RERA has impacted and brought in some revolutionary changes in the Indian real estate, making it safer and more convenient for home buyers to buy a home in India.

However, before talking about the impact of RERA, let's talk about the major challenges faced by the customers.

1. Delay in giving possession to the buyer by the property dealer.
2. Increasing cases of malpractices such as demanding additional money, reduced carpet area compared to the promised size, changing the society plans without informing etc.
3. Property is sold to buyers based on carpet area and not on the super built-up area.
4. Developers diverting the buyer’s money to start a new project instead of focusing on the promised property.
5. Shortcomings in the project.

Moving on, let’s talk about the impact of RERA or the major changes the introduction of RERA will induce.

1. As per the regulations of RERA, "No developer or builder shall advertise, market, book, sell or offer for sale, or invite persons to purchase any plot, apartment or building, in any real estate project or part of it, in any planning area, without registering Real Estate Project (REP) with RERA.”
2. RERA also makes it mandatory for the builders to disclose the details about the project on the website set up by the authorities. 
3. Also, RERA has issued an ordinance making it mandatory for the real-estate developers to deposit 70% of the amount realized for real estate project from allottees, in a separate account to be maintained in a scheduled bank to cover the cost of construction and land cost. In addition, the money so maintained should be used only for the afore shared reasons.

On a concluding note, the next time you buy a property in India, make sure it is RERA verified.

Bottom line: Even though the market situation is not in favor of the builders and property, you, as a customer, can leverage from this golden opportunity and own a property in Bangalore. Another thing which can make the process of buying a flat in Bangalore is a home loan. There are various financial institutions who offer home loan of up to Rs. 3.5 crores which can be paid back in a tenor of up to 20 years. The home loan interest rates terms and conditions, however, vary from one lender to the other. It is thus ideal to check what each lender has to offer thoroughly before choosing a lender.

Additional Read: The launch of RERA Act and How it Impacted the Real Estate Sector

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How to Manage the Process of Relocating to Bangalore

Migrating from one place to another in search of better opportunities, better lifestyle etc. is a very common thing and people have been doing that from ages. Hence, you should never take your life and your current job for granted. You might come across some inescapable opportunities without even asking for it. It’s like you’re relaxing in your balcony on a fine Sunday morning and you receive a call from the HR of a very big company based in Bangalore. You’re not in the mood to talk but the HR makes you an offer you can’t reject. Thus, out of the blue, the next thing you would be doing is searching for convenient ways for relocating to Bangalore.

So, if something like that actually happens with you, the things you should do are:-

1. Decide whether to buy or to rent: The first big thing is to decide whether to rent a house or buy it. That would depend on how long do you plan to stay put in Bangalore. Buy a flat in Bangalore would be a better option, renting is more conducive in certain circumstances.

2. Find out the best areas for a residential purpose: The Second important task is to find out the best residential areas in Bangalore.

3. Check out the ready to occupy apartments in Bangalore: Moving on, find out the ready to occupy apartments in Bangalore given the shifting has to happen immediately.

4. Find out a home loan: Next, find out a good housing loan scheme to finance the purchase of the property and get the paperwork done. Once everything is done, find a good mover and shift to your new flat in Bangalore.

Bottom line: Given the fact you’ll be looking for flats in Bangalore, make sure the property is RERA verified.

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Demonetization Effect on Bangalore: The Aftermath

The two biggest policies rolled out last year: GST and Demonetization have affected each Indian state equally. Kolkata’s real-estate is in shambles and so is the real-estate of Mumbai or Bangalore. It’s not that some cities were immune to Demonetization and some were not. The effect was widespread and even-handed.

So, irrespective of whether you have plans to buy a flat in Bangalore or not, 2018 is the best time for home buyers to invest in real estate property in Bangalore. The sales figures for 2016 plummeted down to a record low; causing a great downfall in the property prices. Also, a total of 13,134 units were sold in the third quarter of 2016. Whereas, the number came down to 7175 units in the fourth quarter which was approximately 45% less compared to the sales in the third quarter.

Speaking on the matter, Mr. Satish B N, Executive Director (South India), Knight Frank said, "After observing a peak in 2013, in the last two years, the city has come under considerable pressure. While launches were already on a decline, owing to factors such as the increasing unsold inventory in the city and BBMP's drive to confront the encroachment of lake beds, issues like the announcement of demonetization in Q4 2016 further led to curbing of new launches.”

Bottom line: Even though the market situation is not in favor of the builders and property, you, as a customer, can leverage from this golden opportunity and own a property in Bangalore by applying for home loan in Bangalore. Another thing which can make the process of buying a flat in Bangalore is a home loan. There are various financial institutions who offer home loan of up to Rs. 3.5 crores which can be paid back in a tenor of up to 20 years. The interest rates and terms and conditions, however, vary from one lender to the other. It is thus ideal to check what each lender has to offer thoroughly before choosing a lender.

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Latest RERA Rules as Implemented by Maharashtra

Recently the Government of Maharashtra implemented the latest changes in the Real Estate Act rules which is being celebrated for being in favor of buyers and ensuring that builders are stringent in maintaining standards. According to the new rules, it will become mandatory for builders to disclose all their upcoming projects to RERA specialists including the ongoing ones without being biased towards any venture. Owing to this move, it will become simpler to buy property in Maharashtra as RERA will make things more transparent than before.

Owing to the municipal corporation elections, despite being proposed, the new plans could not be implemented. It will, however, be cleared at the earliest and in the new guidelines, almost every concern of the buyers have been addressed as the state bodies want to make it easier for buyers to purchase property in Mumbai and surrounding areas in Maharashtra more easily.

Mumbai’s Grahak Panchayat’s Advocate, Shirish Deshpande has mentioned that there was no weakening of the core Act because of the changes which have been made. In fact, he appreciated the move and even mentioned that he had helped set up some of the recommendations and had been informed when they were implemented. However, he is not assured till he sees the new changes in print.

Apart from changes in the RERA Act, another thing which can make the process of buying a flat in Mumbai is a home loan. There are various financial institutions who offer home loan of up to Rs. 3.5 crores which can be paid back in a tenor of up to 20 years. The interest rates and terms and conditions, however, vary from one lender to the other. It is thus ideal to check what each lender has to offer thoroughly before choosing a lender. To finance your home, you can get a home loan at lowest home loan interest rate from the Bajaj Housing Finance which is the India's most trusted housing company.

Additional Read: Top Reasons Why Living in Bangalore is Best Decision

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What Is The Purpose Of RERA?

The Real Estate (Regulation and Development) Act, 2016 is an Act of the Indian Parliament. It was put into practice with the intention to secure home-purchasers and protect interests in the real estate business.

The absence of a proper regulatory action for the real estate sector was long due. It establishes the Real Estate Regulatory Authority in every State and Union territory. Its works include protection of the interest of stakeholders, data accumulation at designator repository and creation of a robust grievance redressal mechanism. The authorities have been mandated to address complaints within a maximum timeframe of 60 days.

  

The important topics the Act addresses are:

• The rights of the client and their security.
• Administrative oversight on land designers, agents/ intermediaries.
• It defines the obligations of land engineers and default situations.
• Sets up practical timelines for enrollment of ventures and resolution of disputes.
• It accurately sets up punishments and liabilities for real estate businessmen and dealers/ middlemen.
• Parts and obligations of financial specialists and investors.

With the implementation of RERA special forms such as the State Real Estate Regulatory Authority and the Real Estate, Appellate Tribunal is established for resolution of disputes related to buying homes where the aggrieved party has no recourse to other consumer forums and civil courts on these issues. RERA ensures timely resolution of such disputes and how well they are handled with a degree of finality. This further helps to ensure that borrowers get easier clearance of home loan to get the coveted property. Thus, RERA aims to bring a lot of accountability and professionalism with the implementation of transparent business practices to help both home buyers and sellers reap its benefits.

If you interested to know how to increase CIBIL Score for home loan then you must visit Bajaj Housing Finance Official website

Additional Read: Diluted RERA Makes Haryana Buyers Anxious

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Affordable Homes Are No Longer A Distant Dream

With rising inflation, it is becoming increasingly tough to find affordable housing. In cities like Pune which is a rapidly growing metropolitan the Union Government has published a notification regarding its infrastructure status to affordable housing projects. These are the ones which utilize 50% FSI or Floor Space Index for building with a carpet area of 60 sq. m.

To ensure people such as auto drivers with a household income of Rs. 20,000 or so being able to afford the house government has to declare some apartments for the poor section. This step will make sure that 10% of the poor populace can easily get its share of affordable housing to secure their future.

Moreover, leading lending institutions such as NBFCs offer home loan at an affordable home loan interest rate to this section of the society. Though, for this section or the so-called middle class to enjoy the benefits of additional funding they must be made aware of the benefits of home financing.

While Credai-Maharashtra discussed this situation and has urged for the solution of these residential projects in Pune. They said that they needed lenders to provide loan rate between the ranges of 6% to 7%. Besides, such areas must have the right infrastructure too for these residential projects to be made. The stamp duty can be waived off and the partnership models must be initiated where plots were given to the builders for construction of these affordable apartments.

Additional Read: Top 10 Most Affordable Cities in India to Buy Property

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All About Investing Smartly In Real Estate

Real estate investments are a great way to secure not only yours but the future of your loved ones. Whatever the reason be you must make sure the agent or method you choose to invest with is reliable and offers appreciable returns.

Here are some tips to help you invest wisely in real estate whether you are a salaried or self-employed individual -

• Know the market performance of various locations. This simply means that property prices will vary as per the State you are situated in. These will differ also according to the locality where the property is situated. 
• Choose the property as per your budget. You may rely on your savings or borrow from leading lenders such as NBFCs a preferable loan amount to purchase the house of their dreams. In addition, existing customers of the home loan can opt for Balance Transfer facility. This is smart of getting your loan refinanced. Upon meeting the home loan eligibility of the lender you can get the EMIs reduced, avail top up on the existing loan and enjoy nominal interest rate to manage your finances well.
• Keep all relevant paperwork ready while investing in real estate. This is especially important because it helps to get things done faster and in a legal format.
• Take guidance from people who have invested in real estate. Or, you can research extensively online. It is imperative to do your homework so you know where you are putting your money into and how much returns you seem to expect in the future.

Additional Read:- Guide to Investing in Real Estate Business

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