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Indian Real Estate – The Scenario
Where most of the world economies are burning midnight oil to get out of the effect of global economic slump, the Indian real estate sector has managed to prove its potential beyond expectations. Here, in this article our focus is to shed light on how well the Indian real estate sector is performing and how it can be leveraged to make a fortune overnight.
What makes the Indian Real Estate sector different from others?
- Firmness: – The answer is palpable from its growth rate, which has shown a whopping increase despite the economic slowdown touching almost every nation. The Indian real estate sector has remained the foremost choice for the investors, even during the times when Dubai crisis had badly affected almost every nation’s real estate sector.
- Large Scale Developments: – Since, a number of realty projects are under progress in every nook and corner of the country, the coming years in the Indian real estate sector will see a higher level of development in the various parts of nation. As per the current development projects and scheduling of upcoming projects, the Indian real estate market is expected to be flooded with a number of houses, townships, shopping malls, commercial spaces etc.
- Governmental Regularization: – In a bid to monitor the entire Indian real estate scenario, the government of India has given rise to the establishment of The Confederation of Real Estate Developers’ Associations of India. Now, with the presence of CREDAI, the sector has been able perform under systematic conditions with more credibility.
- Stimulus by IT Industry: – One of the major stimulants to Real Estate sector is the growing viability of IT industry in the Indian market. The current boom in the Indian Real Estate sector, to an extent, is attributed to the growth of IT industry in the country. It is an observed fact that as the IT industry has expanded its wings to cities like New Delhi, Bombay, Bangalore, Gurgaon, Chennai, Hyderabad, Pune, Chandigarh etc., the interest of Real Estate investors has also gravitated towards these regions.
- Economical Pricing: – The main reason behind the growth of real estate sector in India is that foreign and domestic investors can get the finest properties with low investments.
- Real Estate Laws: – With the growth in real estate sector, the Government of India has passed certain Real Estate laws and improved some of the existing ones for the convenience of people dealing in this sector. These laws are extremely helpful in real estate transactions, making it more expandable and profitable.
At the time of depression Indian real estate sector was affected the most. But with the help of cumulative GDP rate and booming economy Indian Real Estate was able to stand again and has emerged at one of the topmost positions in real estate sector in Asia, after China.
Loans for Your Dream Property
“Buy your dream property at the best deals. Easy financing options available from banks at 0% interest with easy EMIs.”
Looks Familiar?
This is just an excerpt from the thousands of advertisements that you see every day and whether you are dreaming to buy a home or commercial space-suddenly the idea seems much more feasible. This is due to the availability of various Loans to back your decision. The major reason why the Real Estate Sector has experienced a big boom is due to the properties coming within the easy reach of the buyers, in terms of easy financing options. The situation has reached a level where the sellers are stating the availability of easy loans, as the USP of their offerings, to attract buyers from every segment of society.
In the current scenario you have so many options for getting loans that can be availed from the bank of your choice. Even the process of getting a loan has become easier with less documentation and more flexibility to benefit the buyers. The interest rates for these loans are of two types:
- Fixed Rate Loan: here the interest rates remain fixed in the entire duration of the term
- Floating Rate Loan: where the interest changes with the fluctuating market interest rates
Loans available for Real Estate are further classified into different categories like:
- Home Purchase Loan: The simplest loan that lets you purchase a home easily
- Renovation/ Home Improvement Loans: To fund the renovation or restructuring of any property
- NRI Home Loan: Special loan for Non-Resident Indians who wish to purchase property in India
- Bridges Loans: To sell the existing home and purchase another
- Land Purchase Loans: As the name suggests, it is required for purchasing land for investment or construction
- Home Extension Loans: Suitable in case you want to add an extension or undertake alterations in your property, that needs substantial funding
- Home Construction Loan: Required while constructing a new property
- Home Conversion Loans: In case you have already financed your property through loans but want to purchase and move to another one requiring more funds, then this is the right option
Needless to say, the lure of buying property or renovating an existing establishment is being realized due to the increased affordability made possible by the government and financial institutions.
Previously, there was only an option of Public and Nationalized Banks to deal with but in the wake of liberalization of the economy, the market opened doors for Private Banks offering competitive interest rates and easy repayment options. Low EMIs have further fueled the interest of buyers who are also considering Real Estate as a lucrative sector for investment.
Property Development in India
If you own a property or may be thinking of buying any property, then it is the right time for you. As the real estate market in India has started to pick up after a long period of recession, which once again has attracted investors and property developers, who were keeping coldness from developing new projects. Property Development in India has now again become a foremost dream of every developer as the sector is now assuring to fetch higher returns on their investments.
Matter of Fact
India, being a developing nation, has been attracting Foreign Direct Investment (FDI) at a larger scale; thus opening up new horizons property developers to invest in the development of Residential as Commercial Property development projects. Property development in India is having amazing growth potential and thus Indian real estate sector is attracting players of the industry. However, with this property development, the government has also initiated to monitor the sectorial activities more closely. In order to boost strict monitoring on the real estate sector of India, the government has also established “Confederation of Real Estate Developer’s Association’s of India” (CREDAI). Today, government’s liberal policies towards the sector have also spurred the development of properties in country’s various SEZs, Urban & Rural Cities etc.
Present State of Real Estate Development in India
Earlier, the property development was majorly taking place in the metropolitan cities like Delhi, Bangalore, Mumbai, Gurgaon etc. only. But, since the growth opportunities have diversified, country’s or even global real estate developers have sensed the lucrative potential of other cities as well and started taking foray into property development in cities like Delhi NCR, Coimbatore, Chennai, Chandigarh and many more. Hence, more and more projects are in process in such new cities that promise for a better tomorrow for everyone.
Government’s active participation in the regularization of Indian real estate sector has given positive momentum to the property development in India. Furthermore, now global real estate developers feel more secure with government’s relentless endeavors to streamline the sector.
Real Estate Scenario In Rajasthan
Are you willing to invest in property in Rajasthan? Because if you are, rest assured. You are likely to find some of the best properties in this region as several most popular upcoming cities like Jaipur, Ajmer, Alwar, Bikaner, etc. are located here. Rajasthan is the largest state of India and one of the richest in cultural heritage. The property market in Rajasthan is flourishing so it is beneficial to invest in property here as most of the properties are fairly priced and conveniently located. The Rajasthan real estate market offers both commercial and residential properties.
The immense business potential of the real estate market of Rajasthan has already drawn large interests from some of the leading Indian real estate developers who are entering these markets to invest on cheaply available properties and make abundant profits. Rajasthan is the 8th most populated state in India, and as the population further increases, the demand for property will also increase.
More and more investors are choosing to invest in property in Rajasthan because of the favorable conditions prevailing in real estate market here. Some of those major conditions are:
♦ No Property Tax- One of the most favored conditions would be the fact that there an owner of property here does not have to pay property tax. As property tax can be quite high, depending on the size of the property, investors are flocking to Rajasthan to gain maximum profits out of their properties.
♦ Low Stamp Duty- The stamp duty, tax levied on property documents are very low in Rajasthan. It is beneficial for both buyers and sellers of properties.
♦ Low Establishment Cost- The establishment cost of setting up a business or residential property in Rajasthan is very low as compared to other cities and states. As establishment cost is one of the major costs for establishing a property, it is a good option to invest here.
♦ International Airport- As one of the major international airports is situated in Rajasthan, in the Pink City of Jaipur, it promotes foreign investment. There is an increase in the degree of foreign investment flowing in the state of Rajasthan.
♦ 60% Tourist Traffic- Rajasthan is the city with the largest percentage of tourist traffic i.e. 60 percent. It is a popular tourist place because of its extensive history and rich cultural heritage and is now one of the most popular places for foreign investment.
♦ Stable Political Scenario- Because of favorable political conditions prevailing in Rajasthan, investors are finding it beneficial to invest here as apart from any legal hassles, there aren’t any political issues to worry about.
As Rajasthan is endowed with some of the most favored conditions for property investment, it is emerging as the only state, which is likely to have maximum number of domestic and foreign investments in property.
Legal Problems Of Real Estate and How to Solve Them
There are problems, whether legal, personal or professional related to every aspect of our lives. The real challenge lies in facing those problems and solving them with aplomb. Some of the major problems are legal. The legal angle gives these problems the uppermost place in someone’s life. In the same way, there may be legal problems related to your property transactions for which you have to be extra cautious. Below are mentioned some of the major issues, which can crop up while conveyancing and also the suitable solutions.
► There may be legal problems related to the ownership of property. There are people who can produce fake documents to present themselves as sellers of properties. In the same way, there are fake buyers of properties as well. To avoid any legal hassles, either make full enquiries before undertaking any property transaction or if you are faced with any legal issue after acquiring the property then consult an efficient legal consultant to sort out your problems. Don’t undertake the act of presenting your case yourself as unless you are well-versed with the property laws, you may make a fool of yourself. If you are buying your property, make sure you have all the proper legal documents in place so that you are not a victim of a legal case for selling un-owned or illegal property.
► Make sure, before selling or buying a property that the property is cleared of all debts. If you are a buyer, make sure to clear your property of all debts as it can lead to a case of cheating. For making sure that all your debts are paid and your property is cleared of all legal issues, consult a suitable property lawyer. He/ she will help you in sorting out your financial matters. If you are a seller of property, same applies to you. Before purchasing the property, consult a property lawyer who will check the buyers’ property papers and guide you through the entire process.
► If you are a buyer, make sure to take the help of an efficient property lawyer in verifying the urban classification of the land on which the property was built. If any related problems crop up, always consult a lawyer specializing in these matters who can take you through the process. It is important that you consider these matters before actually finalizing any property.
► There can be legal problems related to registration of property. If you are faced with problems connected to registration of your acquired property, make sure all your documents are in proper order and then consult a lawyer who is a specialist in these matters and who can give proper guidance in handling these issues.
If you encounter any of the above mentioned problems then make sure to consult a property lawyer who is a specialist in the related matter and who is able to guide you through the entire legal process.
Plan Well Before Selling Your House
Have you strongly made up your mind to sell your house? Think again!!! It is sometimes very unacceptable when a total stranger makes his way inside the arena of the place that is much more than just an architectural set-up for you, especially those selling their house for the first time. With the presence of such emotional attachment,you are certain to commit some mistakes. To avoid these, we have few recommendations for those who are entering into such a deal for the first time.
►Emotional Detachment:
Your emotional attachment, with the house where you have built so many dreams and which has been one of the reasons for the fulfillment of your dreams, is bound to happen. Despite this, you need to get yourself emotionally detached and act as a businessman in the course of selling your house.
►Is your house ready for sale?
Make sure that the house you are planning to sell, does not exhibit a clumsy impression to those who may be planning to buy it. Repairs and maintenance should be taken proper care of.
►Proper revelation of facts:
Those who are planning to buy your house should be assured that all the facts that have been revealed before them regarding the place, are not misinterpreted. Doing so might slip the deal from your hands.
►Present a picture-perfect house:
Most of you might be presenting your house on websites and for that you need to make sure that it wears the best attire of proper light and color in order to attract the buyer’s attention. So, make your house appear a house where anyone can weave their dreams.
►Setting a right price:
Always try to price your house in such a way that there still exists some room for negotiation. In the meantime, you should make sure that the price that you decide for your house is reasonable enough to attract buyers even if they keep an intention to bargain.
►Hire an Agent:
Hiring an agent is an intelligent step for those selling their house for the first time. This would prevent the sellers from entering into a bad deal with the buyers because of their lack of experience in this regard and also because of their emotional attachment with their dream house.
There are chances that you may not enter into an ideal deal even if you take all the mentioned cares. So, it is best to prepare yourself to face either a financial loss or an emotional loss or may be both. PLAN YOUR DEAL WELL!!!
Successful Home Selling Tips
Selling a house seems an easy task but mind it….it is not. If you think that all of a sudden you will decide upon selling a house and you will get the desired amount for it, sorry to say the chances are fairly low. There are certain things that one needs to do before letting the house on sale. This all is done in order to make the house presentable in front of the buyers thereby enhancing its market value.
You want to know what all are the things to set right then read ahead…..
Repair work
The first & foremost thing you have to do is get all the wear and tear repaired. The repair work includes:
- Painting work: Flaky paint or patches on the wall greatly reduces the show of the house and thus affect its rates. So, they need to plaster well.
- Windows and Shelves- Broken glasses of the windows and other glass shelves or racks should be replaced. If they are jammed then get them repaired.
- Door handles and locks- Ensure that all the door handles and locks are working properly and if not then get them repaired.
- Plumbing work- Taps, showers and other sanitary ware need to be checked for any kind of leakage. Call a reliable plumber and get all the plumbing repair work done.
- Roof: Ensure that there is no leakage in the roof as it cuts down a lot of price.
- Lights & bulbs: Always ensure that the bulbs and other light sources of the house are properly working. If not then get them fixed.
Renovation
More attractive the house looks more appropriately you get the returns on it. So, renovation work has to be carried out in order to increase the face value of a house. Following are the areas where renovation needs to be done:
- Wood work- house with attractive and well-maintained wood work is always preferred and is priced higher.
- Flooring- Seeing the contemporary demands, flooring of a house should be up-to-date. Use of tiles, marbles etc. add life to the flooring.
- Paint- Market is flooded with a variety of enamel, oil and textured paints. A house that is suitably painted is alluring and appealing to the buyers.
Furnishing
The trend nowadays is to buy a well-furnished house. So, if you are selling a house make sure that you provide it along with all the necessary furniture and appliances. This also lets you earn extra money from your sale.
Presenting the House to the Buyers:
The way you present your house to the buyers plays an important role in the selling process. Ensure few things:
- The house is neat and free from all kind of bad odors
- Floors are clean
- Put on the lights so that the house looks illuminated
- Open up the windows if the air is fresh
- Make the buyers have a look at all the appliances
The above mentioned are essential things that require a seller’s due consideration. So, kindly fix all the things in place and then only let the buyers visit the house. We assure you that if all the things that are mentioned in the write up are properly looked after then you are sure to crack a lucrative deal.
The latest trend in the market in the field of real estate is that of investing in a property and then selling that particular property at a much higher rate to gain good returns on investment. People either buy a property and then rent it for a particular period of time to earn back their initial investment or they sell that property at a much higher rate after scrutinizing the latest market trends and gain back double the amount they invested. This form of profit making is the easiest way if there are no budget constraints for the buyers.
Buying large properties at high prices and selling them at an even much higher rate depends on what the current trends in the market are. If residential houses are in demand, then it’s wise to invest in residential property and if big industries are coming up it is best to invest in a plot of land. The following steps are to be followed if one has to invest wisely in a property.
- The first and the most important thing to do is to assess your financial position. Take a look at all your finances, your current properties, your loans and your capacity to take further loans for buying a property.
- The next step would be to examine the market trends and see which type of properties are in high demand and in which field should you invest so that you can get optimum returns. Investing in a property whose demand is dropping would be utterly unwise as rather than making profit, you might well be heading towards a huge loss. You can find information about the latest trends in Newspapers, on the Internet or for more experienced investors, there are various real estate publications which can accurately tell you about all the latest trends.
- After assessing the market trend, it is time for you to look at the available properties. You should always be on the lookout for a property, which is high in demand and will fetch very high returns on selling and will give you optimum profit. Buy your desired property wisely as money once spent will not return. Houses are always high in demand but other factors like size of the house, its condition, facilities, and any special add-ons are also important at the time of buying.
- You have obviously bought the property to make a profit so it is imperative that you sell your property for a much higher price so as to get maximum returns on your purchase.
Hence, it is important that you follow the above mentioned pointers so as to invest wisely in your property and so that you get a much higher financial gain than the one you invested.
All About Home Builders
Everyone longs to have their own home where they can peacefully live their life along with the loved ones. Getting your own home build is the life time experience. Don’t you wish that your house is perfectly designed and has all the requisites in it? If yes, then while choosing your builder you need to take lot of things into consideration so as to assure safe construction and design of your dream home.
Choosing the right builder….
This is the most crucial part as, on it will depend the complete design plan and construction of the house. So, keep track of the following points:
- Doesn’t just stick to one home builder rather keep various options open…. After all it is your home that is being designed.
- Various online real estate sites and portals are there that have listing of numerous renowned home builders. So, carefully go through their site and garner all the relevant information.
- Check out the testimonials on the site and jot down the positive points.
- Before choosing a builder, confirm the details about its background and the previous works that the builder has completed.
- After choosing the builder, fix the charges for the services beforehand so that there is no confusion in the future.
Doing all this will ensure that you have selected a suitable Home Builder for your house.
Things you need to do……
These are few things that you should do in order to coordinate well with the home builder:
- First of all you should be ready with the details that are required for the home design plans. These details need to be conveyed to the builder in a correct manner.
- Be open for suggestions from the home builder- Remember that the builders are an experienced lot having domain expertise in the construction and designing field so they know better than you….
Ensuring all the above mentioned will help you select a right home builder and thus get the design plans made with complete professionalism. So, never hesitate before choosing your home builder rather select the best one for your dream home.
