Realty Watch – The Five Pillars Of Affordability

 March 2020

The areas beyond Thane are no longer perceived as distant suburbs but as sought-after destinations for residential living.

Talks on affordable housing in Mumbai is fraught with danger. Ei ther the claims of af fordability come with the rider of `as per Mumbai standards’ or it is so far a place that to live and commute to the city is a nightmare. However, amidst this ground reality of the city, there are locations, which defy the conventional thought process of Mumbai as far as affordability along with quality living are concerned. The critics who had, a decade ago, dismissed areas beyond Thane as `too remote for habitation’, are today forced to eat their own words. As a matter of fact, it is not one or two locations that are today redefining the concept of affordable housing in this part of the world. There are many and among the top picks are Ambernath, Shahapur, Badlapur, Kalyan and Titwala.

Collectively, these locations are not only the five pillars of affordability and quality living but also identical case studies on destination development. Ambernath has been probably the most notable location to shrug off the tag of `beyond Thane’. Today, it has evolved as a micro-market in itself where affordability has yet not been compromised. At the same time, there exists top line infrastructure and the social infra is also growing. With some commercial activity also moving to the region, it holds a unique place on the property map of the city. “Frankly speaking, I had bought an apartment in Ambernath as an investment for my retired life. With the kind of budget that I had, I could not afford it in any other location in and around Mumbai but my world view has changed now, post moving in.

The kind of greenery that is here is non-existent in any other location. It is definitely not a `beyond Thane’ market anymore,“ says Vasudha More. Also, no one refers to Shahapur as a holiday destination anymore.It is very much a first-home market now. The first-movers in this market who had invested into a holiday home a few years ago, have already been witness to anything between 200 to 300 per cent appreciation.

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Rajeev Naik, who bought a holiday home in Shahapur around a decade ago today feels proud of his decision. He feels it is proving to be a goldmine not only in terms of the appreciation value, but also the market is a strategic business corridor for him. “The best part is that this area has a superlative location advantage with excellent climatic conditions and greenery that make it ideal for quality living. When I move out for local trekking and forest camping, I feel I have the luxury of a holiday in the neighbourhood,“ says Naik.

Badlapur has been in the news due to the 2015 hit film of the same name. `Badla’ literally means change and `Pur’ means town.Most of the early residents moved to this area due to its connectivity to Mumbai via rail. However, there are other socio-economic reasons that are helping the market to evolve as an attractive destination. Affordability here is just an icing on the cake. “I knew that I was shifting to a place that is 68 kilometres away from Mumbai when I first bought an apartment but even then, the nature lover in me knew one thing for sure the kind of price point at which I was getting a property where there is a mountainous terrain on both sides and Ulhas River close by where else could you get such luxury,“ asks Joel Samuel, a photographer.

Then comes Titwala where affordability is the USP and yet, it is not a compromised location. As a matter of fact, people who have settled in this area also feel blessed because Titwala has always been a devotional tourist attraction. It is no more a future destination but one where constant appreciation would entice any smart investor. The firstmovers who had bought a property here due to budget constraints already feel rich enough. “I came to Mumbai from a small town and along with the affordable factor, what also impressed me about this location was its look and feel of a small hamlet. Today, it has changed a lot, thus making me richer,“ says Sugandha Dasgupta.

Last but not the least is Kalyan that has very good connectivity to parts of Mumbai and other cities via the Kalyan-Shilphata Road, Agra Road and National Highway 4. This also increases the growth prospects of the region. The proposed Navi Mumbai International Airport is at a distance of less than 35 kms. Needless to add, it adds to the demand for upscale housing in the region, which is anyway much affordable than other markets of Mumbai. Analysts maintain that the areas beyond Thane have shaped up well over a decade. And still no one could probably match these locations. They are the real case studies for any student of urban development and quality habitation.

Also read: Seven steps to get the best price for your used property

Get More Information About 2 BHK in Thane For More Details Visit Propertythane.com And Email Us On info@propertythane.com

Home improvement: 7 ideas for a festive revamp

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A moody monsoon gives way to the festive season and you want to open your house to friends and relatives. Start with some new trends to ensure sunshine and chase away the clouds. Paint your walls in sunshine yellow, buttercup yellow, sunny sky blue, tangerine.

Walls or wonder

Create a garden like haven complete with dragonflies, insects, long willowy leaves and foliage, in different tones of greens with grey, organic wall coverings, or even murals with garden themes reminiscent of Seneka Senenayeke or Henri Rousseau paintings.

These make a magical impact upon one or two walls of the living space or entertainment area. On other walls, choose themes in solid colour palette from the artwork on the wallpaper.

Traditional touches

With festive dandiya, Dussehra, Diwali, in the air, celebrate your living rooms and dens with an exquisite ethnic touch. Think mirror work and woven crafts, like Kutch embroidery, Rajasthan bandhani and mirror work, Phulkari throws, Ladakh kilims, Kan tha fabric upholstery, woven durries – that are now a rage all across Europe. Our Gujarat-and-Rajasthan-carved jharokhas make dramatic frames. Use Kalamkari sheets framed as screens in the room.

Our wealth of Indian arts and crafts adds panache to your rooms, with your purse not getting too light. The one danger of going ethnic is that it’s easy to go over the top. Keep it to just occasional accents intertwined with a trendy, global, neutral look.

In the throws

You may not need to change the up holstery ­ just use a tribal Toda shawl as a throw and pick up some cushions in red and black.

Into the wild

Make one room -facing the sea or a garden -outdoor-sy, designed with a garden theme but with all the comforts of indoors. It’s the Big Trend this year. Start with an assortment of oversized palms or even faux banana trees in earthen urns, echoed with chartreuse, lime, citron, moss green and ocean blue on walls and furnishings. Augment lamps with botanical paintings. Large pic ture windows with foliage hung on the outside, florals on chairs and an occasional couch or lamp shade make a statement. Wallpapers (in first point) echo this theme.

Water ways

Water bodies with floating water lilies and candles, simulated natural looking lotus, give a festive sparkle and create a calm spa-like ambience in your home. Natural finish woods, stone accessories enhance this soothing ambience.

Lamp it up

Look for lamp bases in unlikely stone sculptural art and new age steel forms. Even Indian Dhokra work sculpture with inbuilt lighting is delightful in its tribal allure. Japanese rice paper pendulum lamps in clusters of sizes and colours transform corridors and passages. Use them in organic shapes atop the coffee table, dining space or a corner nook seating area.

Lights everywhere

Pepper the lamps with tiny LED lights, nearly invisible within these large lighting features. These animate works of art become the focal point or the showstopper of your festive decor changes.

Also read: How To Make Your Home Pet-Friendly

Get More Information About Flats in thane For More Real Estate In Thane Details Visit Propertythane.com Or Email Us On info@propertythane.com

Easy Vastu and Feng shui Tips for Your Home

 March 2020

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Earlier, principles of Vastu Shastra were for the conservative, and Feng Shui was for the more modern mindset; but now you have astrologers and pundits offering you a combination of both. You can see houses that have their beds and sofas placed according to Vastu, and décor adhering to Feng Shui; like a Buddha facing the door and wind-chimes over the windows. These two ancient sciences have a solution for almost anything, and with the internet exploding with tips, guides and how-to blogs, it is easy to lose sight of what you really wanted to achieve when you started out. Here is a Vastu-Feng Shui 101 with basic Vastu for the home and Feng Shui suggestions in terms of the direction of furniture, décor selection, temple placement, and the works!

Place of Worship

A place of worship is an integral part of an Indian home. Some may not believe in the ideas of Vastu or Feng Shui, but, when it comes to something holy like a temple, the flow of energy definitely needs to be appraised and tuned. There isn’t much fuss here; just a few simple steps for the positive energy to flow into your home. Based on Vastu shastra for home, the rooms of worship, prayer and meditation should ideally be located in the north-east area of the house. Alternatively, they can also be in the north or the east area. While worshipping, one should face the East, and idols should not exceed 6 inches in height. It is advised that one should not sleep in the same room as a place of worship. An ideal position would be one where you face east or west while praying. The guidelines for the place of worship are nearly the same in Feng Shui and Vastu Shastra for the home.

The Bedroom and Wealth

The master bedroom should be located in the southern section of the house, and if the bedroom is located in the north, it’s believed that the likelihood of unrest in the family increases. The bed should be placed in such a way that the headboard is towards the south or the west while sleeping, always avoiding to sleep with their head towards the north. Family members should avoid taking meals in the bedroom as doing so is believed to cause ill-health, especially if they eat while sitting on the bed. Keeping divine idols in bedrooms should be avoided. If the house has more than one floor, then the master bedroom should be on the top-most floor, and the ceiling should be level and unbroken. This maintains a uniform energy through the room, which in turn gives one a steady state of mind. Basic Vastu remedies advise that children’s rooms should be in the north-west or the west and, for higher levels of concentration, they should have a separate study close to their bedrooms. Wealth and cash should be stored in the north, which means you should be facing north when storing or retrieving cash, and jewellery should be kept facing the south as it’s said to increase the wealth.

Other Parts of the Home

  • The dining room should be facing west as it is ruled by Saturn that symbolises the path of Bakasura, the representation of the hungry.
  • If you plan to keep plants at home, it is suggested that you avoid thorny plants like cacti, and avoid growing plants along the north and east walls.
  • The north-east, north-west, north, west and east corners are best for a study room. These directions attract the positive effects of Mercury increasing brain power, Jupiter increasing wisdom, Sun increasing ambition and Venus helps in bringing about creativity in new thoughts and ideas. Alternatively, the study room can also be located in the same direction as the bedroom. The study room and place of worship situated adjacent to each other or in the same room is an ideal arrangement.
  • The main gate of the house should have two panels. The main door on the outer side should not open inside the house, and the doors in the house should not creak.
  • The bathroom should ideally be located in the east or in the north-west, but never in the north-east. The wash basin should be mounted on the eastern wall of the bathroom and the geyser should be installed in the south-east corner.

Interiors and Decor – Feng Shui for Homes

Feng Shui and Vastu shastra for home may seem a little unusual to someone who hasn’t followed these practices before, but now there are a variety of items to choose from and you can embrace your choice in your own way. While there was just one kind of laughing Buddha that people gifted each other earlier, there are now idols of many different poses. One very beautiful item of décor from Feng Shui is a small water-flowing system which recycles water, where the water flows inside instead of outside. The significance of this is that just like the water in the fountain, good health, wealth and happiness will always keep flowing into your life.

Keep in mind the basic Feng Shui tips, like you are not supposed to purchase a Buddha or bamboo plant for yourself – it is supposed to be gifted to someone during an auspicious event like a house-warming. If your Buddha idol is kept facing the entrance of your house, it is said to bring happiness to your family. Wind-chimes placed on bedroom windows minimise fights at home and problems between the members of the household.

Also read: How to choose the right colours for your home, based on Vastu

Get More Information About Flats in thane For More Real Estate In Thane Details Visit Propertythane.com

Seven steps to get the best price for your used property

As you get down to selling your house, you realise that it is easier said than done. A dull real estate market over the last few years isn’t helping matters either. As unsold inventories of developers rise, getting a good deal for an old property appears to be an uphill task. Even so, you need to be on top of several aspects such as documentation and engaging a broker.

Here are some important factors to consider to make your property sale smooth

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Have all documents in place

It’s important to keep your papers ready at the time of selling your house. The chain of property ownership documents and society no-objection certificate (NOC) must be arranged early. If you can show the chain of documents along with the society NOC, then the potential buyer feels assured about the title of the property. It cuts the turn-around time.

“Do check for any claims from within the family especially if the property is inheritance. If the property still under a loan, ensure that proper clearances are taken for the same,” says Girish Shah, Executive Director-Residential Sales at Knight Frank India.

Spruce up your property

Well-maintained properties get buyers quickly. “You should seriously consider giving a fresh coat of paint as it will add a touch of freshness to the house. Getting a professional cleaning crew to clean the house will ensure that all aspects of the house are in presentable condition,” says Prashant Thakur, Head-Research, ANAROCK Property Consultants.

If you had given the property on rent and the tenant maintained it poorly, there is all the more reason for you to make the house presentable. If the property was lying vacant for many years, then too cleaning up becomes necessary. Get the lighting and plumbing fixtures in order.

“Inspection of the property by the potential buyer generally takes place in five minutes. If the buyer and his family likes it, there is high chance that the deal goes through,” says Naushad Panjwani, founder and managing partner, Mandarus Partners. Give utmost attention to the condition of the property.

Spread the word

Do inform your neighbours and friends staying nearby that you are planning to sell your property. “These individuals know the locality, infrastructure, building and in some cases the property in question too. You can also command a premium since they may want to live in that area to stay together with their relatives,” says Naushad Panjwani. You will be comfortable dealing with a known individual as a buyer of the property.

Post ads on realty portals

Post details of your property on a few real estate portals. Most of these postings can be done for free. For a reasonable fee, you can also make ‘verified’ postings. If you opt for a verified posting, the representatives of the firm visit the property, click pictures and upload them. These listings are also displayed in a differentiated manner on the portal.

Give a brief description of the property. Be clear in your communication. For example, “two minutes’ walk from the metro station” and “three minutes’ walk from the Mall,” are better than ‘in the vicinity of mall and metro station’. Also, clearly mention the name of the property, area, amenities available and the price. If you are willing to negotiate the price, mention it clearly. “Never, ever misrepresent the property or give false information about the property,” says Siva Krishnan, MD-Residential Services, JLL India.

Decide on the Price

Be reasonable in fixing the price of your apartment. More so, when the real estate market is in a slump. “Determine the optimum cost at which the property has to be sold. This can be done by looking at the circle rate or ready reckoner rate. Also speak to local brokers to understand the market for resale properties in the area,” says Shah.

You should know both the new property prices in your locality and the going rate for re-sale houses.

Engage a broker, if needed

Brokers charge around two percent on the transaction value; one percentage point each from the buyer and seller. If you think that the broker is going to add value to you in terms of lead generation, screening the buyers for seriousness, and help with the documentation, you should engage one. But do enter into a written agreement with the broker clearly specifying the terms and charges of the service. “Prefer a Real Estate Regulation Authority (RERA) registered institutional broker,” says Krishnan.

“You should also understand the supply mix of properties in your area. If your area has new projects coming in, then brokers will be keener to sell those flats over re-sale flats,” says Panjwani. “The brokerage paid by the developers is around three to five percent,” he adds. If your locality does not have new projects and you are competing against other re-sale properties, then it makes sense to engage a broker.

Deal carefully with buyers

If you list the property on a portal, be prepared to answer the calls from non-serious buyers as well. Being a tad flexible also helps.

“Be flexible about the furniture and fixtures that you are selling with the property. If a serious buyer comes only for the bare shell property, you should be open to selling that without furniture and fixtures,” says Panjwani. You may have to modify your quote accordingly.

This being a buyer’s market, you should also be prepared to lower the prices in line with the current trend. A discount of around five or ten per cent won’t hurt, if the buyer is serious and is in a position to complete the deal quickly. A serious buyer is one who has the funds for the property already in place. A quickly closed deal, within a month, may be more rewarding than the one that fructifies at the end of a year.

Also read: How Smart Homes can improve your lifestyle

Get More Information About Resale Properties in Thane For More Details Visit Propertythane.com And Email Us On info@propertythane.com

How to choose the right colours for your home, based on Vastu

 March 2020

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It is a proven fact that colours have a significant psychological effect on people. A home is a place where a person spends a major part of one’s life. As specific colours stimulate distinctive emotions in the people, it is important to have an appropriate balance of colours in one’s home, to feel fresh and live a healthy life.

Colours for your home, as per direction

“While each direction has a specific colour, at times, it may still not suit the owner. Therefore, home owners should adhere to the general guidelines for colours as per Vastu Shastra, which entails the following key points:

  • North-east – Light blue.
  • East – White or light blue.
  • South-east – As this direction is associated with fire, orange, pink and silver colours can be used to enhance the energy.
  • North – Green, pista green.
  • North-west – This area is related to air. So, white, light grey and cream are the best colours.
  • West – It is the place of ‘Varun’ (i.e., water). So, the best colours are blue or white.
  • South-west – Peach, mud colour, biscuit colour or light brown.
  • South – Red and yellow.

Home owners must take extra precautions while choosing colours like black, red and pink, as these colours do not suit every person,” explains Sethi.

Colour guidelines, as per your home section

Experts point out that each section of your home, requires colours as per its energy requirement, size and direction. The colour requirement of your home section, should be as per its usage. Astro-numerologist, Gauravv Mittal, says, “People living in a home should keep the following points in mind, while colouring the rooms:

Kids’ room:

North-west is the best place for rooms for children who are grown up and go out for study purposes. As the north-west direction is governed by the moon, hence, children’s rooms in this direction should be painted with white colour.

Kitchen:

The south-east zone is ideal for kitchens and hence, the walls of the kitchen should be painted with orange or red colour.

Bathroom:

North-west is the best place for bathroom and hence, the bathroom should be painted with white colour.

Hall:

Ideally, the hall should be in the north-east or north-west direction and hence, should be painted yellow or white.

Home exterior colour:

The exterior colour of the house, should be based on its owners. Colours, such as yellowish-white or off-white or light mauve or orange, can suit to people of all Rashis.”

Colours that you should avoid in your home

Experts suggest that light shades are always good. Dark shades like red, brown, gray and black may not suit everyone, as they represent some of the fiery planets likes Rahu, Shani, Mars and Sun. “Red, deep yellow and black should be avoided. Generally, theses colours have high intensity and it may disturb the energy pattern inside your house,” cautions Sethi.

FAQ

Which colour is lucky for home?

Colours have to be decided, based on the direction and the date of birth of the homeowner. Colours, such as yellowish-white or off-white or light mauve or orange, can suit to people of all Rashis.

Which colour is lucky for bedroom?

The master bedroom should be in a south-west direction and hence, should be painted with blue colour.

Which colour is best for east direction?

White or light blue is ideal for houses in east direction.

Which colour is best for kitchen?

The south-east zone is ideal for kitchens and hence, the walls of the kitchen should be painted with orange or red colour.

Which colour is best for kid’s room?

North-west is the best place for rooms for children who are grown up and go out for study purposes. As the north-west direction is governed by the moon, hence, children’s rooms in this direction should be painted with white colour.

Which colour is best for drawing room?

North-west is the best place for the guest room/ drawing room and hence, a guest room in this direction should be painted with white color.

Also read: Vastu Shastra tips for the main door/entrance

Get More Information About Properties in Thane For More Real Estate In Thane Details Visit Propertythane.com

How To Make Your Home Pet-Friendly

 March 2020

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Home owners who wish to keep pets at home, need to ensure that their house caters to its needs and provides a safe environment for all. We explain the dos and don’ts

Besides providing companionship, there are also therapeutic benefits of owning a pet. Nevertheless, owning a pet is also a commitment and a responsibility. Consequently, home owners should ensure that the house is safe and comfortable for their pets. Although a pet can turn your house upside-down, things generally change as the pet grows up and you learn to adjust to its behaviour and needs.

The most common change that home owners make to the décor, is to remove all rugs. If you have cats or dogs at home, the carpets can turn into breeding grounds for fleas, cautions Lekha Gupta, senior architect, LAB (Language Architecture Body).

“Wooden flooring is usually slippery. Pets love to run around and wooden flooring may cause serious injury. So, avoid it,” adds Gupta.

All staircases must be barricaded, to prevent small pets from rolling down or trying to climb up, unattended. “Also barricade all grills that overlook lower floors, as your puppy may try to jump down. All balconies and windows with wide grills, must be meshed so that puppies cannot go through them,” advises Yashodhara Hemchandra of Yashbans Kennels in Bengaluru, a well-known pet groomer, who along with her two daughters, Rishya and Radhiya, offers various pet related services.

Protecting your home’s decor

People with dogs or cats at home, are likely to find that their sofas are covered with hair, no matter how often they vacuum the house. Hence, opt for sofa covers that can be taken off and washed occasionally. “When you have guests at home, you can remove these covers,” offers Gupta. To keep the house clean, one should also designate a dining area, a toilet area and a cosy sleeping area for your pet. “To ensure that they do not spoil the floor with urine or poop, owners should start potty training from the first day the pets come home. Continuous and correct training for the first few days is important,” states Hemchandra.

“Most pets will tend to walk right into glass. So, put a frosted film, or a decal on the glass to avoid accidents. Pets can also get hurt by swinging doors or get locked in a room. Therefore, use door stoppers that are heavy, so that the pet will not be able to play with them,” advises Gupta.

Ensuring comfort for your pets

Cats and kittens tend to scratch, to sharpen their claws. Buy a scratch pad, so that they do not scratch your furniture. Ensure that cords on curtains and wires do not hang at a low level. “Keep small objects, stationery and children’s toys, medicines and household cleaners away from your pets’ reach to prevent them from swallowing these objects,”

Birdcages should be kept away from windows, to protect the pet from the sun’s heat and rain. Aquariums should also be kept away from direct sunlight, to prevent the growth of algae, which will make the water green. While painting, polishing or doing pest control treatment, keep the fish tank away, as the chemicals in the air may kill the fishes. Also, keep the tank away from sources of loud noise and check the electrical equipment of the tank regularly.

Tips for home owners with pets

  • Vacuum-clean the house regularly.
  • Hard flooring and anti-skid tiles are ideal for homes with pets.
  • Provide steps for pets to climb onto high furniture. Else, their nails can rip the upholstery when they try climbing.
  • Protect the pets by covering sharp edges of furniture.
  • Store household chemicals in a locked cabinet and keep glassware and lighted candles away from the pets’ reach.
  • Use wide and low wicker baskets to store all the pet’s toys and to avoid cluttering the house.
  • Most common household plants are poisonous to dogs. Hence, keep plants like jasmine, poinsettia, castor bean, lantana, philodendron, etc., out of their reach.
  • Keep dustbins and toilet lids closed.

Also read: 20 Ideas For Decorating Small Spaces On A Budget

Get More Information About 2 BHK Flats in Thane For More Real Estate In Thane Details Visit Propertythane.com Or Email Us On info@propertythane.com

How Smart Homes can improve your lifestyle

March 2020

The future that Isaac Asimov envisioned in his sci-fi stories is slowly but steadily becoming a reality. First phones turned ‘smart’, and now it’s time for homes to follow the lead.

In the US, the concept of smart or automated home systems has been gaining ground since the 1980s. A report by New York-based market intelligence agency, AB Research, mentioned that in 2012, 1.5 million smart home systems were installed in the US, and the number would touch 8 million by 2017.

Although India cannot boast of such numbers yet, Mohit Arora, Director, Supertech Ltd, believes “the concept is gaining momentum…and is expected to grow at a significant CAGR of 29.5% between 2013 and 2020.” He further stated that the rising popularity of home automation systems can be attributed to government initiatives and rising energy costs.

In addition to reducing carbon footprints, smart homes will enhance the comfort and security quotient of a house while making life simpler. Let’s explore the numerous ways in which smart homes can improve quality of life.

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Locking and unlocking doors would become a part of mind games

Smart cards can facilitate opening and closing of doors as well as drawing of curtains. Alternatively, the same functions can be operated with the help of the “Internet or via WAP on a mobile phone or tablet”, any third party integrations, or through sensors, said Pawan Jasuja, Director, Finlace Consulting.

In a smart home space, doors can unlock when you approach and lock the house after you have left, automatically or with a remote controlled device.

Control the lighting system of your home remotely

Lights can be scheduled to slowly brighten at a particular time of the day to help you wake up or become dim before sleep time. It can even be set it in a way that it switches on and off automatically when you move in or out of your home. A state-of-the-art lighting control system based on motion sensors can even facilitate pre-configuration of settings to suit your varied moods.

Save energy, consequently improve your green footprints

“One can operate HVAC systems based on remote activation through mobile Coffee machines can be scheduled to work at a particular time of the day Washing machine can be scheduled to work during off-peak hours,” elucidated Abhay Kumar, Chairman and Managing Director, Griha Pravesh Buildteck Pvt Ltd.

Smart homes function through multiple connected devices. The key to success of a smart home is interoperability between devices and an efficient integration point which can then become a fulcrum for supporting different home applications. This Machine to Machine (M2M) technology ensures that you use only as much energy as required and discontinue usage when you leave the particular location, thus saving energy bills.

Worrying about home security will become a thing of the past

Since locking and unlocking of doors is machine-controlled you can set home alerts, which can notify security services based on certain violations at home, said Abhay Kumar. Smart homes are fully equipped with cameras, alarms and sensors. So, a siren can be set to trigger in case of unwanted motion or entry, or alerts can be scheduled for unexpected opening or shutting of doors and windows.

Since a smart home can be remotely observed and controlled, checking in with your family members also becomes easy.

Demand for Smart Homes on the rise

The highest demand for smart homes is in metro cities, such as Delhi, Mumbai, Bangalore, Kolkata, Pune, Chennai and some emerging tier-II cities, although for selected stratum of the society.

What curtails demand for Smart Homes?

Price is probably the single-most factor that curbs demand for smart homes. Mohit Arora explains that a complete apartment loaded with home automation technologies will comes at a total cost of Rs 2 crore, which is the starting price. However, buyers are usually given multiple technology options at different price brackets.

Also read: The Mumbai Housing Paradox

Get More Information About Flats In Thane For More Details Visit Propertythane.com And Email Us On info@propertythane.com

Guide to Payment Plans – Which one Should You Go for?

March 2020

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Unlike yesteryear when down payment was the only option to buy a property, developers these days are offering a number of payment plans to the buyer. The most popular payment plans apart from the traditional down payment plan include construction linked plan, flexi payment plan and time linked plan. All these plans have their pros and cons. Let’s discuss these in details.

Down Payment Plan

This plan requires the buyer to pay 10-15 per cent of the property value at the time of booking, another 80-90 per cent within a given time-frame, which is usually 45-60 days and the rest, at the time of possession. The remaining amount includes the balance amount of the cost of property, the charges levied by different authorities including stamp duty and registration fees, which is around 5% of the property value, property tax, maintenance charges and any other charges of using society amenities such as gymnasium, swimming pool and parking.

Advantages

Down payment plan can get you good discount on the total price of the property because you are paying the money to the builder upfront. No other plan can get you a discount as high as 8-10 per cent.

Risks involved

Down payment plans cost heavily to the buyers when there is a delay in construction and delivery of property. Investors with such plans also run the risk of the project getting struck or even abandoned due to some legal issues. In such cases, recovering money from the developer can be a challenge.

Construction Linked plan

Also known as possession-linked plan, this plan requires the buyer to pay a booking amount, which is usually 10-15 per cent of the purchase price upfront. The remaining amount is linked to construction milestones, 20 per cent with each floor constructed, for example. As against down payment plan, the buyer is unlikely to get a discount under this plan.

Advantages

Since the payment is not timed and completely linked to the construction progress, this plan has least risk for the buyer. Moreover, the builder would also want to complete construction timely to keep the cash flow consistent.

Risks involved

Construction linked plan (CLP) costs a lot to the buyer in terms of interest paid to the lender (bank in most cases) since they have a longer tenure. Only interest payment is due till the property in under construction, principal repayment starts after possession. So, a buyer ends up paying more to the bank.

Time Linked plan

Though not quite popular these days, some developers also offer time-linked plans. These plans require you to make your property installments based on preset timetable decided by the builder. This is irrespective of the construction progress. Some developers offer 8-10 per cent discount on the basic property cost for opting this plan.

Advantages

Apart from the discount that the builder offers for such plans, there is not much to look forward in such plans as these neither give you the time to arrange funds not the surety that the construction will go at the right pace.

Risks involved

The buyer will be bounded to pay the installments even if there is a construction delay. The risk however is lesser than down payment plan because here you pay according to a predetermined structure and not the entire amount upfront.

Flexi Payment plan

This plan requires the buyer to pay almost 50 per cent of the total amount by the time construction starts. This plan is more popular for new launches and it takes approximately 3-6 months from the booking time to pay this amount. The remaining amount is paid as the construction takes place. So, this is like a combination of down payment plan and construction linked plan.

Advantages

Since the buyer is making almost half the payment upfront, he usually gets a 5 per cent discount on the basic cost of the property.

Risks involved

It is difficult to recover money if the project gets hit after booking, especially in the case of new launches. If you compare flexi payment plan with CLP, you have to pay interest on almost 50 per cent amount from the first year itself, while in case of CLP, interest on only 35 per cent amount will be charged. So, flexi plans are costlier than CLPs.

Which construction plan should you go for?

While choosing a plan over the other you must take into account your personal situation in terms of availability of funds in hand and home loan eligibility. Moreover, this decision also largely depends on the reputation and track record of the builder in terms timely delivery of projects.

If you have enough funds and are going for a reliable builder, chose a down payment plan and avail discounts. However, if you are taking loan to finance your property, go for construction linked plans so that the lender (bank) might only disburse the loan based on the construction progress of the property.

Tips for choosing the right payment plan

In all scenarios, make sure that you go for a project that is approved and a builder who has not defaulted in the past and has delivered projects timely. Taking help from a financial consultant and a good property agent also comes handy while choosing a payment plan that can benefit you the most.

Quality Of Property

As a general rule, quality products command a premium. The same goes true in real estate as well. Good quality constructions command a premium over low-quality constructions. The prices of better quality properties also appreciate more than the lower-quality properties. Thus, investors looking for high returns must go for quality, even though they may cost more than the other product available to purchase.

There is no thumb rule to make a profitable investment, however, the above stated factors could help you gauge the expected potential of appreciation. Though there are exceptions in all cases, but in India, these factors have mostly resulted in positive results.

Also read: Factors Impacting Price Rise in Residential Real Estate

Get More Information About Property dealer in thane For More Real Estate In Thane Details Visit Propertythane.com Or Email Us On info@propertythane.com

The Mumbai Housing Paradox

March 2020

The Mumbai real estate market is reeling under a peculiar situation where there is oversupply of housing in segments where demand has pretty much evaporated and high demand in segments where supply has dwindled.

There is an overflow of premium projects as well as a dearth of takers for these. On the other hand, affordable housing is in great demand and yet faces an acute shortage in the market.

According to a Jones Lang LaSalle (JLL) report, the higher-income segment in Mumbai has an excessive supply of houses priced in the range of Rs 10000-30000 per sq ft; the middle-income housing units, priced at Rs 5000-9000 per sq ft are running short by 20-30 per cent and the low-income category looking for housing options in the range of Rs 2000-3000 per sq ft face an acute shortage of 90 per cent.

What is it with the Mumbai real estate market that is leading to such huge gaps between demand and supply? Is it limited land bank or delay in approval of budget housing projects or government policies? Real estate experts say that it is a combination of all these and several other factors.

Source : www.freepik.com

Why are there few takers for luxury projects in Mumbai Metropolitan Region (MMR)?

Poor buyer sentiment:

Buyer sentiment in Mumbai market is affected by a lot of factors including the economic slowdown and hope for a price correction, which is difficult to happen in a market like Mumbai where the construction cost is high and land supply is limited. Those looking for properties for end use are deferring their purchase decisions in the hope that home loan interest rates will fall down. This is creating an overall fall in the demand of luxury projects in MMR.

High number of new launches creating a glut:

99acres.com listings reveal that there are as many as 730 under construction projects in Mumbai offering housing units in the price bracket of Rs 60 lakh – Rs 5 cr. Of these, as many as 40 new projects have been launched in the last three quarters. Many projects are delayed due to slow moving demand and critical funds not being made available therefore. Buyers, on the other hand, appear to be in a wait and watch mode having deferred their home purchase decisions.

Economic slowdown:

Due to strict monetary regulations and high inflation, RBI’s new norms for lending to the real estate sector and property prices touching peak levels, prices remained stagnant in most of the Mumbai’s established localities like Bandra, Andheri, Santa Cruz and alike while there has been decent capital appreciation in the suburban locations. High land valuations and inflated rates: Mumbai’s land mass is barely 480 sq m and its buildable area is even less-just about 200 sq km in which over 12 million people dwell.This leads to higher land valuations and inflated property values.

Resale residential market losing its ground:

According to a report by NDTV, most new launches in the first quarter of 2014 happened in Mumbai’s Western and Central Suburbs. Since demand for affordable housing is extremely high in these belts, absorption was healthy too. However, transaction volumes in the resale market of these areas were very minimal possibly because of the high premium that resale properties were being sold at.

Why is there an acute shortage of affordable housing in Mumbai?

In 2008, about 2.3 million households in Greater Mumbai and close to a million households in rest of MMR could not afford a basic housing unit. As a result, numerous households continue to reside in extremely congested conditions in chawls and in dilapidated buildings. It is estimated that by 2025, over 4.4 million families will not be able to afford a housing unit. This will be driven by increasing population growth and long term appreciation in property prices.

Rising population growth:

Mumbai being the financial hub of India attracts a lot of people from other parts of the country for employment opportunities. Continued migration is expected to increase the population of the MMR region from to 33–34 million by 2025. To meet the housing needs of growing population, Mumbai requires 2.1 million houses with an annual demand for about 2 lakh homes. However, private developers provide barely 25000 houses every year. So, there’s a huge gap between the demand and supply.

Rising property prices:

Huge demand and limited supply increases the cost of the property, which makes it further unaffordable for lower income and middle income groups. These groups have an average annual income of around Rs 90000–Rs 3 lakh and Rs 3 lakh–Rs 5 lakh respectively and can afford housing units in the price range of Rs 15–Rs 30 lakh. Whereas, most of the areas in Mumbai, where the supply of property is high, provide housing units in the price range of Rs 10,000 – 30,000 per sq ft, far beyond the affordability of most of the households in Mumbai

A few affordable housing projects in MMR:

In comparison to premium housing, budget or affordable housing projects in MMR are fewer in number. There are a handful of developers launching such projects including Tata Housing, HDIL, S Raheja, Matheran Realty, Haware Builders, Neptune Group, Poddar Developers, Usha Breco Realty, Nirman Group, Sriram Properties, Karjat Land Developers, Panvelkar Group and Recharge Homes. Affordable housing development continues to be a challenging proposition for private developers as project financing and project delivery take a long of time.

Constraints for the real estate developers

Unavailability of urban land in Mumbai:

Mumbai’s land mass is barely 480 sq m and its buildable area is even less-just about 200 sq km. Over 40 per cent of Mumbai’s land is built-up area while 52 per cent of its land is of coastal wetlands, forests, water bodies and agricultural plantations. Thus the city suffers from an intense lack of urban land parcels for development of affordable and budget housing projects. The city also suffers from rapid, mostly unplanned construction. Then there are no declared green belts as is the case in Delhi. For instance, any development within the Municipal Corporation of Greater Mumbai (MCGM) limits requires the authority’s permission while those outside its boundaries requires the permission of both the concerned municipality and of the Mumbai Metropolitan Region Development Authority (MMRDA). In the case of the latter, a developer also needs to obtain a certificate of Non-Agricultural land or the project approval can be obtained through a formal request for conversion. All this take a lot of time, resulting in an atmosphere not encouraging for a budget housing realty market.

Rising construction costs:

The prices of affordable housing are largely dependent on the construction cost, as it forms 50-60 per cent of the total cost. There is acute shortage of land in Mumbai’s prime areas like Andheri, Bandra and Santa Cruz. The developers have explored peripheral areas having huge land parcels at reasonable rates and new localities such as Ambivali, Boisar, Palghar, Vasind and Badlapur are developing as budget housing destinations. But since these areas are away from the city center, transportation costs of raw material and labor spirals. Moreover, raw materials, including steel, cement, sand, bricks, to name a few, have witnessed price escalation of 20-50 per cent in the recent past. Labor shortage in these sub-urban peripheral areas has also impacted the construction costs as it has led to a considerable rise in wage levels.

Limited financing avenues for developers:

Real estate developers have limited financing options including Non-banking financial companies (NBFCs) and Private Equity (PE). High cost of finance from these sources in terms of high interest rates charged leads to a hike in the prices of the final product – the projects. Moreover, affordable housing projects in Mumbai can only be constructed in areas far away from the city as the land cost is comparatively cheaper here. But transporting raw materials here increases the overall construction cost impacting the cost of the housing units.

Financing constraints for low-income groups:

A lower income household in Mumbai has an annual average income of Rs 90000–Rs 2 lakh. These households can not avail of home loans in absence of good income flow and or any asset. Data reveals that around 20 per cent home loans go to households having an average annual income of Rs 3 lakh–10 lakh. In absence of financing options like home loans, it is impossible for such household to even buy housing units priced around Rs 10 lakh.

Delay in approvals from multiple local authorities:

The process of real estate development is particularly affected by the efficiency of urban local bodies, which undertake city planning, deliver utility services and regulate controls on development through approvals. Development projects in Mumbai like other cities undergo a lengthy approval process, which result in delay in projects, eventually increasing construction costs, which are borne by the user or the buyer. In such a scenario, it is difficult to deliver housing units that fit the pockets of the lower income and middle income group.

Real estate experts feel that government initiatives like single window clearance for affordable housing projects, financial grants to builders venturing in budget housing market and inclusion of mass housing zones in city plans and developing them within a planned schedule can help bridge the gap between the demand and supply for budget housing options in MMR.

Also read: Want to Automate Your Home? Here is Everything you Need to Know

Get More Information About Best Real Estate Properties in Thane For More Details Visit Propertythane.com And Email Us On info@propertythane.com

Factors Impacting Price Rise in Residential Real Estate

March 2020

Source : freepik.com

Many of you understand real estate as a gamble. While some are able to double their money, others are not able to earn beyond what they already invested. So is it luck which favours a few and not others? Of course not. It’s the understanding of the market forces and factors impacting price appreciation.

If you too are planning to invest in property and book monetary profits, you must decide basis the factors which could impact the total gains.

Location

When buying a Residential Property, location must play a decisive role. It not only impacts the price appreciation of a property, but also the resale value.

In Mumbai, the western suburbs such as Andheri, Malad, Bandra and Santacruz are divided into East and West. The western areas command a premium in comparison to their Eastern Counterparts. This is because the West faces the sea, offers premium apartments and is lesser congested in comparison to the East which grapples with heavy traffic snarls and water logging.

It is often noticed that developers charge preferential location charges (PLC) based on the level of floor or position of the property with respect to open areas or parks. It is for the same reason that a location which offers convenience and a decent quality of living attracts homebuyers and thus commands a premium or calls for higher price appreciation.

Other factors which could aid price appreciation in a location are proximity to the social infrastructural features such as hospitals, schools and other educational institutions, markets and recreational zones such as parks and malls.

Job Creation is also an important factor impacting the prospects of a location. Areas close to commercial pockets record healthy demand from end-users looking to stay closer to their workplaces. Gurgaon is a classic example of a location which successfully grew on the back of job creation.

Infrastructure And Connectivity

Homebuyers must understand the difference between a desired and a preferred location. A location could be desired for purchasing a property for its proximity to the workplaces, but it may not be preferred due to absence of transportation facilities.

Infrastructure and connectivity play an important role in driving the housing demand in a location and thus the price appreciation. Locations close to transport corridors such as Metro and airport are expected to record higher capital appreciation in comparison to those which are not well connected.

Time Of Entry And Exit

While selecting a location with all factors of growth is of paramount importance, it is also essential to consider the time of entering the market.

Usually, the property values grow as a project progresses towards completion. Most investors, for this reason, prefer investing at early stages of a project and liquidate when end-users start entering during the middle-phases of construction.

While investing in an early launch is ideal, investing in pre-launch, comes with certain risks and is not advisable for first-time homebuyers and those with a low-risk taking capacity.

A few potential risks of pre-launch properties are –

  • Lack of approvals could result in inordinate delays or even scrapping off of the project
  • No guaranteed timeline for the completion of the project
  • No assurance of returns as that would depend on total sales

In addition to this, the time of exiting the investment also decides the gains an investor would make. Remaining invested for years does not necessarily mean high returns. Any location reaches a saturation of growth. Investors must gauge the market dynamics and plan their exit strategy well.

Interest Rates

Price appreciation is indirectly linked to the interest rates. A fall in interest rates influences an individuals’ capacity to avail housing loans, thus increasing the demand for real estate. A converse situation results in dropping demand and therefore dropping prices.

Quality Of Property

As a general rule, quality products command a premium. The same goes true in real estate as well. Good quality constructions command a premium over low-quality constructions. The prices of better quality properties also appreciate more than the lower-quality properties. Thus, investors looking for high returns must go for quality, even though they may cost more than the other product available to purchase.

There is no thumb rule to make a profitable investment, however, the above stated factors could help you gauge the expected potential of appreciation. Though there are exceptions in all cases, but in India, these factors have mostly resulted in positive results.

Also read: Busting Myths Around Factors Affecting Your Credit Score

Get More Information About Best Real Estate Projects Thane For More Real Estate In Thane Details Visit Propertythane.com Or Email Us On info@propertythane.com

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