No NOC required from the police for renting properties in Mumbai

The demand for rental properties in Mumbai is very high. Even in areas where the capital values of properties have stagnates, their rental rates are soaring. Despite the market for rent properties in Mumbai being such a hot one, not all property owners can let out their properties to potential tenants.

Doing a thorough background check on prospective tenants is extremely important in Mumbai. Flat owners can download the police verification form online, fill it out and submit it to the local police station along with the identity proof of the tenant. NOCs have to be obtained from the housing society, especially if the property owner is planning to sublet the flat to someone from the entertainment industry.

Till quite recently, NOCs had to be obtained from the police too for providing it the housing society representatives which ensure that safety of home owners is not compromised due to subletting the property.  However, renting out properties has been made easier for property owners now as the Maharashtra Government issued a circular that negates the need to procure an NOC from the local police station. Neither does the tenant nor the property owner have to obtain such a clearance from the police. The only thing that someone letting out his/her flats for rent in Mumbai has to do is mail a copy of the rental agreement to the police via registered post.

Till the notice was issued, tenants or landlords of any residential or commercial property had to visit the local police station to inform the police about the rental agreement and give a copy of it for the police to maintain their records. Real estate agents and brokers took advantage of these clauses and charge the landlord or tenant high fees for getting NOCs from police stations. Also, the tenant/landlord would have to spend a day at the police station for getting the NOC.

The police have agreed that this would help citizens to provide data about their tenants to the local police. Once the agreement is received by the police, they would issue acknowledgement receipts which would be enough to show to society office bearers that the rental agreement has been provided to the police. If any information or data is found to be incorrect, then the landlord shall be held responsible. This is also a safety measure to be taken for rent properties in Mumbai in case the tenant’s or landlord’s security is compromised.

Several complaints have been made against policemen who asked for token amounts or bakshish in order to aid landlords get NOCs for their properties. It is one of the primary causes for tenants or landlords to avoid going to the local police station. The introduction of this new scheme shall favour both tenants and landlords. It will also help the police compile and maintain a database of the people staying in property for rent in Mumbai. The step was taken to ensure that tenants and owners who are renting out premises won’t face any problems.  

Top 5 factors to keep in mind while renting properties in Bangalore for women

Staying alone in an unknown city for work can be quite daunting for women even today. The need to be alert and cautious about one’s safety is of prime importance when you are looking for rental property even in a safe city like Bangalore.  Here are a few things that you should bear in mind when looking up property for rent in Bangalore.

Provisions for security in a community- Most properties in Bangalore are gated communities and you must look for rental properties in them. If you don’t find such a community, you should opt for community residential options that have a watchman or security guard 24X7. There are quite a few residential neighbourhoods which hire the services of privately operated security companies that install CCTV cameras in various spots for security of residents. Even though payment for security services is not included in rental agreements, the landlord pays for it to the welfare association. A landlord may charge you separately for it which is why you must make an inquiry about it before renting a place.

Neighbourhood

When combing through localities for rental properties, you should enquire a little into who your neighbours will be. It is advisable for you to rent properties which have families living as your neighbours. It adds to your safety. However, living next to families may intrude upon your privacy, which is why you should try to maintain a balance and opt for a cordial and friendly locality.

Movement of Traffic

Opt to stay in an area where traffic moves round the clock. Staying next to a busy road may be annoying for the pollution and honking, but your neighbourhood will be a vigilant one. Miscreants seldom target apartments which are in the thick of hustle and bustle in a city.

Options of Connectivity

There may be times when you want to stay out late with friends or go shopping. You may also come back home late from work. Therefore, you should choose to stay in an area which enjoys good connectivity to other parts of the city via public transport. You should prefer flats for rent in Bangalore which are close to the Namma metro or well-connected by autos and BMTC buses. It may be a little expensive for you, but will keep you safe in the long run.  

Staying safe at home

There are certain safety measures that should be there within your home to keep you safe. For instance, homes with no peepholes on the main door, open balcony, windows that have no grills or mosquito nets, inferior main gate latches and locks can lead to trouble. You should also look into the ventilators in the bathroom and kitchen to check if they can be peeked through. 

Classifying a locality to be unsafe or safe at the outset may be difficult. However, keeping in mind these pointers will help you secure a good property for rent in Bangalore.

Top 3 localities for flats for rent in Chennai

Thanks to the rapidly developing IT belt of Chennai, the influx of people from different parts of the country has increased. The need for temporary residences is soaring in the micro-markets close to IT hubs. If you have moved to the city recently and are looking for rent properties in Chennai, then the areas of Sholinganallur, Thoraipakkam and Navanalur are worth considering. The areas are rapidly being developed and have the highest gross yield.

Thoraipakkam
Located along the IT corridor of Chennai, Thoraipakkam enjoys good communication via the Old Mahabalipuram Road to other parts of the city. It has low property values, well-developed social infrastructure and great connectivity. Mostly, salaried IT professionals prefer flats for rent in Chennai in Thoraipakkam. The International Airport is barely thirty minutes from here and can be reached through the Thuraipakkam-Pallavaram Road. For a 2BHK flat, you will have to pay a monthly rent between Rs 8000 and 22,000 in a month while 3BHK apartments can be gotten within Rs 7,500 and 35,000 in a month.

Navanalur
Nested between Sholinganallur and Siruseri, which is home to several IT parks, Navanalur enjoys good connectivity to the rest of the city via the OMR (Old Mahabalipuram Road). The locality is rapidly developing with respect to infrastructure available. It is much demanded by IT professionals employed in the SIPCOT Park of Siruseri. Most of the projects in the area are under construction and house 2 and 3BHK flats. A lot of the projects are slated to be completed by 2016 or early 2015 even.

The availability of budget homes and closeness to the IT parks has driven the market for property for rent in Chennai in this area. For a 2BHK flat which measures between 1000 and 1300 sq. ft. home seekers have to pay anything from Rs 7000 to 25,000 in a month. For bigger units which are of 3BHK configuration and measure from 1200 to 1700 sq. ft. the rental rate to be paid is anything between Rs 12,000 and 45,000 in a month.

Sholinganallur
Sholinganallur is a part of south Chennai and a highly preferred area for property for rent in Chennai. It enjoys good communication with the IT companies in the vicinity such as HCL, Infosys and TCS. IT professionals prefer to stay in Sholinganallur for saving on expenses and incurred and time spent while commuting to work every day.

Residents of Sholinganallur enjoy access to schools, vegetable markets, hospitals, hotels, shops and banks for every day necessities. The area has a well-developed social infrastructure and is strategically located. The Chennai international airport is 18 kilometres from here and can be reached via 200 Feet Road, ECR Link Road and Thuraipakkam-Pallavaram Road. The rental value for 2BHK flats in Sholinganallur is between Rs 10,000 and 20,000 per month while 3BHK flats can be rented for Rs 15,000 to 35,000 in a month.

Sholinganallur, Thoraipakkam and Navanallur are good destinations for those looking to rent properties in Chennai. Investors interested in high rental income could also consider investing in these areas.  

Noida to advocate mixed land use policy

Even some time ago, Noida was known as an affordable residential destination to prospective home buyers. However, exclusive residential sectors are no more the USP of the city. The Government of Uttar Pradesh has approved the policy of mix land use in the satellite city of Delhi, which would allow industrial and residential property owners to make use of their lands for other purposes. Thus, those who want flats for sale in Noida have better property options.

However, the approval has been given not without condition. For instance, a property whose use is to be changed must be facing a road which is at least 24 metres wide. The property shall be considered for conversion in use purpose if a service or sector road or green belt is between the 24 metre wide road and the property. However, buildings are not permitted. Most of the arterial roads in Noida Master Plan Roads III, II and I, DSC Road and Udyog Marg are 24 metres wide or higher. Applicants are also liable to pay “impact fees” to Noida Authority. The approval given to the policy of mixed land use that was framed in 2013 by the Noida Authority was announced through gazette notification issued by the UP government on 27^th March.

The policy also has a clause that says industrial and residential property allottees can convert them for mixed land use by paying a token conversion cost that has been defined to be 25% of the different between prevailing industrial and residential sector and the reservation price of commercial rate of the sector in which the property is situated. The identical formula shall be used for conversion of mixed land use from industrial and residential properties. According to Rama Raman, CEO and chairman of the Noida Authority, the impact fees shall have to be paid as lump sum.

An illustration to calculate impact fee is given below:

Consider a residential plot of 500 sq. ft. If the sector rate is Rs 100,000 per sq. m for the plot, while the commercial rate is Rs 200,000 per sq. m, then the conversion rate shall be 25 per cent of Rs 1 lakh, which is the different between the two rates, multiplied by 500. Therefore, for converting this plot of 500 sq. m for mixed land usage, applicants shall have to pay Rs 1.25 crores as impact fees.  

The floor area ratio or FAR and ground coverage shall be according to the prime land usage of this plot. Commercial rates shall be applicable in case of water and electricity. Allottees shall have to give provisions of parking within the premise according to the provisions made in the building regulations of Noida. Mixed land use shall be permitted on 25 per cent of the permitted FAR on the ground floor of industrial property. According to officials of the Noida Authority, banks and guesthouses shall be allowed on all the floors till the permitted FAR in case of resale properties in Noida.

The policy shall also give support amenities to allottees after converting it to mixed land usage according to the current zoning and buildings regulations of Noida’s Master Plan for 2031. For industrial plots, including banks, offices, showrooms for sale or display of industrial goods produced in the units, health club, crèche, gymnasium, day care centres, internet centres, taxi, dispensary and auto rickshaw stands. Support activities for housing plots include office, personal service shop, canteen, ATM, bank, health centre, dispensary and crèche.

The latest policy promotes compact and contained land use where a single site or building shall have all needed facilities such as health centres, offices, banks and guesthouse within boundaries. Globally town planners are advising mixed land use for providing facilities for play, work and living in the same locality. However commercial and residential combined use shall be regulated to prevent inconvenience to residents.

Is This The Right Time To Invest in Greater Kailash?

Properties in South Delhi cannot be afforded by most people nowadays. The neighbourhoods in the south are known to have peaceful environments coupled with well-developed social infrastructure. However, those with deep pockets should consider investment in the area, especially in Greater Kailash.

Greater Kailash is renowned for its green surroundings, luxury shopping zones, plush restaurants and affluent residents. The area is divided into two- GK I and II and both the areas house luxury buildings with large lawns and landscaped gardens.

The DLF Limited had developed GK I in the 1960s, right after the Delhi Government permitted private developers to construct colonies. It finds its place among the most elite neighbourhoods of Delhi. The main reason why flats for sale in South Delhi's Greater Kailash are in demand is its connectivity. The domestic terminal is around 17 kilometres from here while the international terminal is 22 kilometres away. The New Delhi Railway Station is at a distance of 15 to 16 kilometres while the Nizamuddin Railway station is 9 kilometres away.

After the metro railway was developed, residents of Greater Kailash were greatly benefited. The Kailash Colony Metro Station serves the area and is located at East of Kailash. It is a part of the violet line of the Delhi Metro Network.

Greater Kailash is known to be a shopper's paradise, for its proximity to the N and M Block markets. A large number of stores such as Puma, Next, Adidas, Lacoste and Giovanni area located here. Coffee shops and restaurants are also strewn about the area. Several renowned designers have started showrooms and outlets here which do brisk business thanks to the affluent residents of the area. Apart from being a well-developed locality to live in, Greater Kailash too has an affluent tag associated with it which is why more numbers of people want to live here.

Even though prices of flats for sale in Greater Kailash had increased manifold over the past four years, they have continued to be stable over the past year. For 2BHK flats for sale in south Delhi, the price was around Rs 35,000 to 45,000 per sq. ft. However, in 2011, the price shot up to Rs 65,000 to 75,000 per sq. ft. Since the real estate slump, prices of flats for sale in south Delhi have deflated and for GK, they hover between Rs 40,000 and 50,000 per sq. ft. They have been in this range since 2014.

Even after the circle rates for Delhi were revised, the prices of property in GK did not increase which has been welcomed by both end use buyers and investors. Buyers can negotiate with sellers over the price up to a margin of 2 to 3 percent. Therefore, those looking to buy flats for sale in south Delhi, this is a good time to invest in GK as property prices may increase in the near future. The present Delhi Government seeks to increase circle rates. Once put into effect, property may yet again rise to unaffordable levels.

Why is JP Nagar a Good Area For Renting Apartments?

JP Nagar is one of the fastest developing areas and has healthy demands for property rentals. JP Nagar or Jayaprakash Narayan Nagar is a residential area situated towards south Bangalore. It is close to prime neighbourhoods such as BTM Layout, Bannerghatta Road, Banashankari and Jayanagar. JP Nagar was developed under the tenure of CM Ramakrishna Hegde and is a BDA approved and designed layout. It has several independent villas and apartments, apart from commercial establishments. It was developed as an extension of Banashankari and Jayanagar for accommodating the burgeoning population of the city. Flats for rent in JP Nagar Bangalore increased as supply in prime neighbourhoods such as BTM Layout and Jayanagar were exhausted. Mostly local Kannadigas dominate the population of the neighbourhood also the numbers of migrants are increasing. The neighbourhood has well-developed social infrastructure such as wide roads, lakes and parks and water supply from the BWSSB.

JP Nagar is an affluent neighbourhood as many performing artistes live here. The renowned arts theatre, Ranga Shankara is also situated here. A branch of the Aurobindo Ashram, in Pondicherry is located here. There are several educational institutions located in JP Nagar such as Frank Public School, St. Paul’s English School, RV Dental College and The Oxford Education Society. Prominent eateries of the neighbourhood include Vinayaka Cafe, Tacobell, 24th Main Hotel, Aurick Boutique Hotel and Barbecue Nation.

The demand is high for flats for rent in JP Nagar Bangalore is because of its proximity to IT dominated areas, the Majestic Bus Stand (around 12 kilometres away) and Electronics City which is 20 kilometres away from here. JP Nagar is divided into several phases, the 7th and 8th being the most rapidly growing ones. Property developers such as the Brigade Group have several under construction projects here. The calm surroundings and easy availability of properties have made JP Nagar a home seeker’s paradise. Convenience stores, markets and banks are also located in the vicinity.

The rental returns from JP Nagar is also quite high. Flats for rent in JP Nagar are available mostly in the 2BHK configuration. For a flat measuring 800 to 1200 sq ft of this variety, the rent payable is between Rs 15,000 and 25,000. The value of rent is higher in the 7th and 8th Phase rather than the 1st phase currently. The flats here are rented by mostly those working in the nearby IT industries. There are several buses that ply through the area connecting it to different parts of Bangalore and also auto-rickshaws. Several of them rent an apartment and share it among themselves.

The flats available are either fully or semi furnished. Semi furnished apartments contain wardrobes, cabinets and other structures while furnished ones include electronics goods as well. The properties available for rent are less than five years old mostly, hence their condition is top notch. Most of them are located in gated communities with amenities such as swimming pools, gymnasiums and open parks.

If you are working in any office in Banashankari, BTM Layout or Indiranagar, then staying here would be profitable.

Why Does Investing in Jaipur Make Sense Now?

An increasing number of people are moving to Tier II cities from metropolitan ones. Rising costs of living, increasing crowds and pollution are some of the factors that are making people exit cities like Delhi and Mumbai. The job opportunities available in Tier II cities have also increased which has made it easier for people to make the move. Several home seekers have made the move to other cities of NCR such as Bhiwadi, Alwar, Manesar, Jhajjar and Yamuna Expressway. Jaipur is a rapidly developing city and is becoming a favoured destination for investment among home buyers looking to live close to Delhi.

The aspects that drive the market for flats for sale in Jaipur is the high rate of job creation, rapid implementation of the metro railway project and infrastructural developments such as railway and road networks. Moreover, the social infrastructure of the city is well-developed as there are several health centres and hospitals, banks, educational institutions and retail outlets in the city.

The two areas that are witnessing a lot of traction around Jaipur are Ajmer Road and Mansarovar. Both areas have new and old flats for sale in Jaipur at reasonable rates. Mansarovar is a well-developed residential neighbourhood and is located centrally from several areas. It is 1.5 kilometres from Vijaypath, 3 kilometres from Muhana Mandi and 4-5 kilometres from Durgapura Railway Stations and Gandhi Nagar. The neighbourhood has at least twenty new residential projects. These projects are up for possession in 2015, a few by 2016 and 2017.

The area has several penthouses and apartments in 3 and 2BHK configuration. Mansarovar can be accessed easily from the Jaipur International Airport which is 13 kilometres through NH 11. The closest railway station to Mansarovar is at Durgapura. The price of 2BHK flats for sale in Jaipur’s Mansarovar starts at Rs 35 lakhs which can go up to Rs 60 lakhs while the price of 3BHK apartments is between Rs 40 and 75 lakhs.

The Ajmer Road is another popular locality for investment in Jaipur. It has fifty projects available, comprising of under construction ones and ready to move in properties. The locality has 2 and 3 BHK flats for sale in Jaipur and 5 and 4BHK villas. The price of villas begins at Rs 50 lakhs and goes up to Rs 1 crore. For apartments, the prices range from Rs 40 to 70 lakhs. Ajmer Road is strategically placed by the Elevated Road. It has several hospitals, schools, banks and convenience stores in the vicinity. The highway continuing on to Ajmer is only 2 kilometres from here while the Inox Cinema is 4 kilometres from here. The highway enhances its connectivity with Gurgaon and Delhi.

Investing in Jaipur is a good prospect not only for people living in Jaipur but also in Delhi NCR. The area’s infrastructural development is improving and with the inflow of corporate companies, the real estate value of various pockets in the city is steadily increasing. The rates are also quite affordable, thereby making investment possible.

Vastu guidelines for choosing colour for your home

Colours plays an important role in our lives as they impact our mood, emotions as well as the mind. The right selection of colours helps in enhancing the flow of positive energy and uplifting the healthy environment in the house.  Interestingly, every colour denotes some kind of emotions, therefore the colours need to be carefully selected for every room of your homes. Hence, here are some of the Vastu guidelines for decorating apartments in Gurgaon, that will help to attract positive vibes into your home.

1.    Carefully select colours for each of your rooms. 

For the living room in the apartments in Gurgaon, use colours like green, beige, yellow or even blue. These colours are pleasant and thus good to use in the living room as this is the area wherein all family members along with the guests relax and enjoy. Any loud colour like red can kill the essence of the pleasant environment of the living area. Pink is believed to be an auspicious colour, so paint your bedroom with pink. If you are not in favour of pink, then you can also use light blue or light green in your bedroom. For children’s bedroom use green as it helps in the study. White is the perfect colour for the kitchen. Instead of white you can paint your kitchen with rose pink, orange or even yellow. The Dining room should be painted in vibrant colours like green and blue as this is the place where all family members sit, enjoy and eat together. Black and white colour should be avoided in the dining room as it becomes very boring and dull. For the bathroom, black, white, beige, grey or even purple is good.

2.    Colours and directions.

Colours are represented by various planets and also depended on the directions. Therefore, the colours chosen for the apartments in Gurgaon should be in accordance with the direction of the rooms in the apartments in Gurgaon. For instance, planet mercury represents the north direction and the green colour represents mercury. So the rooms on the north side of a house should be painted with the green colour or in light shades of green. East represents the sun, so the rooms in the eastern side of a house should be painted in white, while Saturn represents the west direction and the room on this side should be done in shades of blue. Similarly, south is represented by Mars, hence coral red, pink should be preferred for the rooms in south direction. Similarly, colours represent other directions as well. Such as Jupiter represents the North-East direction, so cream, shades of yellow should be used in such rooms.  Rahu represents south-west, all greens can be used. South-East is the colour of Venus, so silver white colour is good for the room is such direction. North-West signifies moon that represents white colour. So take care of the directions of the rooms and then select the colours accordingly.

Indian realty industry back on preferred list of NRIs

According to HDFC, favourable movement in the rupee and stable home prices have aroused NRIs interest in the real estate market. And in order to grab their  recent interest, many real estate developers in India as well as HDFC are coming up with new marketing campaigns such as property fairs in US, Dubai or UK which have a high NRI population. Though it’s a good sign for the industry at this point of time as the housing demand in the local market is in a sluggish mode for the past few years.

NRI involvement in the Indian real estate market  has become very important as they contribute about 8% to 10% of the entire housing sales in India. The depreciation of the rupee against dollars is one of the major reasons that have been stimulating the sentiments of the potential home buyers and investors from the international market. To push up this interest, the country’s leader in the mortgage lender, has organised ‘India Homes Fair’ exhibition during the month of May in London. The exhibition displayed over 100 projects from all over the states in India that includes NCR, Bengaluru, Pune, Kolkata, Chennai, Hyderabad, Mumbai among others.

Looking at the interest from NRIs, the real estate developers in India are also initiating special marketing offers targeting  NRIs, whose sentiments will further get a boost with the introduction of Real Estate Regulation and Development Bill.

Now, what are the reasons for this interest? The first one remains rupee depreciation and stable housing prices. The second is one is ample of property options that NRIs finds in India either to buy or invest. As the cities have expanded into the suburbs, the real estate developers in India have also concentrated in the city peripherals to develop wide variety and value for money housing projects. 

The different housing options ranging from luxury to affordable residential projects such as plots, villas, big and small flats along with value-added advantages in the form of modern amenities. In addition, the stable lodging costs and lowered interest rates are some other factors that have influenced NRIs to take an interest in the Indian property market. 

Ghaziabad’s Emerging Realty Hotbeds

Ghaziabad is one locality that has witnessed skyrocketing development over the last few years. Several localities have emerged as the hottest destinations for residential realty in the area in recent times. Demand has gone up immensely for apartments for sale in Indirapuram Vaishali and these two areas have definitely witnessed maximum growth and development. Vaishali has been a popular residential destination for a long time and the incoming Delhi metro network boosted overall progress here as well. The locality is well connected to several supermarkets and malls in addition to the bus terminus and railway station. This is one of the biggest reasons for sustained growth of the realty market in the area and appreciation in capital values of properties here.

Property rates have consistently increased to the tune of 6 percent in the area almost every year and this has touched double digits in recent times. Proximity to both Noida and Delhi has certainly boosted the property market in the locality to a large extent. Prices also increased in Vaishali on account of the infrastructural developments in the locality owing to the Commonwealth Games held in 2010. Several leading builders like Ashiana Housing Limited, Amrapali Group, Supertech Limited and Gaursons Limited are active in the area as well and are coming up with several landmark projects that promise to change Ghaziabad's skyline in the near future.

Vaishali has witnessed high levels of demand for well designed residential apartments that come with top class amenities like parking facilities, power backup facilities, security services, 24 hour water supply and more. The development of several popular shopping malls and other commercial centres has also contributed to the increase in residential real estate demand in the locality.

While thinking of buying apartments for sale in Indirapuram Vaishali, you should keep in mind that Indirapuram has always been one of the most preferred rental and sale destinations in Ghaziabad as per leading reports and market studies. The locality lies along the National Highway 24 and is well connected to several places in both Delhi and Noida. The locality is also transforming into a gateway to Noida's Sector 62 which is a leading commercial and IT hub. Real estate demand has gone up by leaps and bounds in the locality on account of proximity to work spaces. This has also pushed up capital values of properties in the area in turn.

Indirapuram is well connected to several prominent localities through a good network of roads. Connaught Place, Nehru Place and South Extension are readily accessible from the locality along with other areas in the NCR belt. Indirapuram is now being viewed widely as a better alternative to Noida. This is mainly because of the establishment of several leading educational institutions, hospitals, commercial centres, malls and other social amenities here along with abundantly available public transport facilities. Metro connectivity and planned infrastructural developments have also given a huge fillip to overall real estate growth and progress in the locality as well. Both Vaishali and Indirapuram are huge property markets in Ghaziabad in recent times.

Maha Government proposes housing fund for Mumbaikars

In a bid to make homes or apartments in Mumbai more affordable for the people of Mumbai, the Maharashtra Government has proposed a housing fund. This housing policy will majorly benefit middle and low-income groups in a great way, in owning a home in the city. In addition, with the introduction of the housing policy, the state government also aims at reaching the goal of ‘slum-free Mumbai and Maharashtra’ by 2022.

The Maharashtra Government is all set to make affordability into reality with this new housing fund. Any person can deposit a fixed amount in the housing fund for a particular period of time. The person can be a government or a private sector employee or even self –employed. The amount deposited in the fund will be managed by a manager chosen via competitive bidding. In another way, the membership count in the housing fund will help the government determine the required number of houses or apartments in Mumbai. And the contribution in the housing fund is intended to invest in the government securities specified by RBI.

The new policy also gives an option to the person employed in government or the private sector to make a contribution matching up to 50% of his or her PF account. This means if the person is regularly paying Rs 4000 to his PF account, then he can contribute Rs 2000 to the housing fund and the rest to the PF account. After contributing for 10 years, the person can opt to buy apartments in Mumbai through a government scheme. The fund will act as a savings account for the Mumbaikars meant only for buying or investing in property and also it will boost the housing finance.

Moreover, as a part of the new housing fund, the state government has proposed to offer interest equal to the Provident Fund account while making the contributions tax-free.  According to the fund, its members will also get priority in the Maharashtra Housing and Area Development Authority (MHADA) draw for the sale of apartments in Mumbai. Herein, when the member of the housing fund applies to buy a flat, he or she will not have to participate through the MHADA mandatory lottery process. He or she will not have to pay for the MHADA house because the amount will get adjusted from the person’s contribution in the housing fund. The use of funds is not only restricted to buying apartments in Mumbai from the government housing scheme, it can be utilized to buy homes in the private sector as well.

Therefore, the housing fund is a great step by the Maharashtra Government in providing affordable houses to the Mumbaikars. If the policy becomes a success then the same initiative should be encouraged by each state government, as it will boost the home seekers sentiments as well the real estate sector.

Dwarka’s Fairytale Development Story

Any story on Delhi realty markets and you will most certainly come across accounts of the spectacular growth of Dwarka as a residential destination. Dwarka is one of south west Delhi’s foremost localities and possesses 29 sectors in all. 23 of these sectors have already been developed immaculately and several other infrastructural improvements are also in the pipeline. Dwarka is well connected to Gurgaon and this is one of the biggest reasons behind the spiraling demand for apartments for sale in Dwarka Delhi. The International Airport lies approximately 10 kilometres away from Dwarka while the Airport Express Line has revolutionised access to the airport through the Sector 21 metro station.

The locality is home to several major markets, including those in Sectors 10, 6 and 12. Sufficient parking spaces and wide roads are other plus points of this locality. This locality is also referred to as one of the biggest ever housing colonies across all of Asia and there are multiple available apartments for sale in Dwarka Delhi on the back of fast rising demand. Gurgaon is a corporate and commercial hub and is located only 10 minutes away from the locality. The National Highway 8 also runs near the project along with the Najafgarh Road, Outer Ring Road and Pankha Road. The Rewari railway line also lies near the locality.

Dwarka’s housing market has also grown due to easy access to several prominent areas in Delhi like West End, Vasant Kunj, Uttam Nagar, Vikas Puri, Vasant Vihar, Najafgarh, Janakpuri, Bijwasan, Delhi Cantonment and Palam Vihar. The locality is home to approximately 1718 residential complexes and enclaves and the population has crossed 1, 100, 000 here as per several reports and studies. The DDA has also allotted land for the development of several foreign embassies and missions in Dwarka. This will certainly boost overall development in the locality to a huge extent. The road, MRTS and metro networks have contributed to the rise in demand for residential units in Dwarka. The locality alone possesses 8 metro railway stations.

The area is well on its way towards becoming a big ticket finance and residential hub of Delhi. The property market consists of high end apartments, studio apartments, special housing projects for senior citizens and more. The DDA has also introduced several pioneering initiatives in this locality including cycle sharing projects and e-buses. The DDA is also looking at positioning Dwarka as a smart city. The Dwarka Expressway has also transformed the face of the area with more and more premium projects being constructed in that location. The Dwarka Sector 10 neighborhood is also being readied to host an upcoming finance hub like the one in Mumbai and this will definitely scale up residential and commercial demand alike in the locality over the next few years.

Gurgaon-Dwarka Expressway is being heralded as the next big residential hotspot by developers and several leading players are operating here, including Assotech, Tata Housing and Adani among others. With infrastructural developments and the initiatives undertaken by the DDA, Dwarka is well on its way towards becoming one of Delhi’s hottest residential cum commercial areas in the future.

All you need to know before investing in residential projects in Gurgaon

Investing in real estate is a very good option to double your money. And Gurgaon is among the best location for making an investment with high appreciation value. Because there are ample of residential projects in Gurgaon for investment, that varies from villas to luxury flats to affordable homes. The projects are mainly from the house of the leading builders in the real estate sector which increase the trust factor.

Further, due to the establishment of the corporate sector and infrastructure development like Delhi Metro, there is a great demand for rented homes or even for sale. The demand majorly comes from the working class group who either wants to move to Gurgaon on a temporary basis or those who wants to permanently settle down in Gurgaon.

But before buying or investing in residential projects in Gurgaon, it is necessary for you to know the factors that make Gurgaon a suitable location for investment. Therefore, here are some details that can help you with a successful investment venture in Gurgaon.

1.Fast growth rate of Gurgaon

2.Interest from the NRIs

3.Various ways to use your property

4. Registration fees and stamp duty

•    Gurgaon has experienced a very rapid growth in the past years. From a small village, it has transformed into a high-end metropolitan city comprising of leading corporate firms, malls and several residential options. And still it is experiencing continuous growth in terms of the metro, corporate houses and many more. Due to which there is a rise in population in Gurgaon, that has resulted in an increase in demand for residential projects in Gurgaon. Therefore, looking at the growing demand, investing in Gurgaon can be a great opportunity for the investors.

•    Due to the development of lavish and luxurious residential projects in Gurgaon, there is a great interest from the NRIs. Purchasing a property in India has become very secure and easy with the help of various reforms by the Foreign Exchange Management Act (FEMA) and Reserve Bank of India (RBI). An NRI with the intention of shifting to the country  or to earn extra by renting out might choose Gurgaon for investment purpose.

•    If you are purchasing a property just for the investment purpose, then there are several options by which you can earn good moolah in Gurgaon. You can either rent out the entire apartment or separate rooms to the students or the employees of the companies in Gurgaon who does not want to permanently settle in this region. Or you can buy a property in it's under construction stage, hold it and sell it later when the prices will rise.

•    Registration and stamp duty fees are mandatory for any property purchase in India. But every region has different rates, which depends on who is buying the property. The rates will be different if you are buying the property individually or in case you are purchasing jointly. 

Is It The Right Time For Home Buyers To Invest in Delhi?

Home buyers in NCR have much to rejoice about as prices have fallen to a good extent in the area. There are as many as 1.93 lakh apartments lying vacant across the NCR, which would take almost 3 years for builders to clear. Therefore, not only do home buyers have bargaining power over the price of the property but also sufficient choices to select their home from.


Research has recently showed that the sales of property in Delhi and NCR have dropped by 43 percent almost. This is one of the worst performances displayed by the area in the real estate market in the past decade. There are several reasons for fall in sales of housing property. The top few have been listed below:

1.      Slow economic growth

2.      High inflation

3.      High rates of interest

4.      High property rates

Because of the slowdown in the property market, developers have been forced to slash their prices. Flats for sale in Delhi neighbourhoods such as Mayur Vihar and Dwarka are available for Rs 55 lakhs or so in resale. These flats are of 2BHK configuration. For a new apartment of this configuration, one would have to spend Rs 65 lakhs almost.

It seems the price correction was much needed as property prices had skyrocketed in Delhi in the past couple of years. Delhi was the most expensive city for purchasing real estate in India even a few years ago. Now, even in prime neighbourhoods like Panchsheel Park, South Extension and Vasant Kunj, where mostly resale flats are available, prices have staggered considerably.

Apart from the correction in prices of property, there are a couple of other reasons why investors and home seekers should consider properties in Delhi.

1.      Downside risk of pricing in metros and Tier II and III cities have lowered to a good extent. This has happened after the ascent of the new government in the Centre. From here onwards, it is predicted that property prices would increase by almost 8 to 10 percent. The sales volume for properties shall also recover in this period. Infrastructure and land development shall also spur a growth of demand for properties and their support prices.

2.      Lower interest rates: High borrowing rates was one of the reasons why home seekers averted property purchase. However, the RBI has already initiated several cuts in repo rates to encourage more people to take loans. Also, the government has increased the exemption limit on home loan interest payable to Rs 2 lakhs from Rs 1.5 lakhs for self-occupied property. This will help consumers save tax on flats for sale in Delhi.

3.      Growth of the Economy- The government has adopted several initiatives such as Make in India and easier land acquisition for industries to revive production in the country. This would lead to an increase in employment and hike in salaries as well. With an increasing purchasing power, more people would be able to purchase properties. The finance minister has commented that they look forward to a sustained rate of growth at 7 to 8 percent over the next 3 to 4 years. This has given much hope to investors in the real estate market.

Budget home decor tips

Sheetal Khurana, an IT professional wants to renovate her builder floor in Noida. But she does not want to spend a huge amount of money for giving her home a new look. The budget she has for the renovation is a very limited amount.  With a view to helping her in designing her home within the budget she has, here are a few tips.

•    Start from de-cluttering your home. You can start from your room or any other place. Get rid of the things that you don’t want, donate or recycle into new things. Recycling will help in your home décor and donating unwanted things can help someone else. This helps in creating more room for new objects and empty space as well.

•    Get done with your home improvement plans, such as any fixing or any minor or major damage. Make a list of all the things to be repaired as well as a schedule for each weekend and start fixing the problems. Damage free homes always look new and clean. You can do the repair works for your small home or a huge builder floor in Noida, with or without taking a professional help.

•    Get your home clean starting from floor to ceiling including every corner. You can get professional assistance for it. Keeping space clean and organised, makes it look bigger and stylish in its own way. Though if you do it regularly, it helps. So start cleaning today your home today.

•    Paint your home or builder floor in Noida in a new way. A new colour or a fresh coat makes you’re the space look lively and different. These days you can try new interesting colour palates offered by various brands. You can paint one wall with one colour and others with different to create drama. Also combine the colour along with different textures and wall art forms and you will be surprised to see your new home. So don’t hesitate to try new colours. You can take help from experts as well.

•    Don’t forget to include the greenery in your small or big space. Adding plants and flower in your living space invites positivity and peace. Select flower of plants that you like and create a small garden in your bay window. Or you can also create a small herb garden in your  kitchen and use the herbs for regular use.

Home decoration tips for bachelor's

Bachelors always get stuck when it comes to cleaning their homes and keeping it organised. Due to which they often have to feel embarrassed in front of guests. But now they need not to be. Here are some easy home decoration tips using which bachelors can put things together while decorating their home using some common home décor items. 

 

•    Create small storage to de-clutter your space. Put some quirky hooks into your kitchen door or on the doors of the kitchen cabinets and hang utensils there, this will help in keeping the kitchen area clean. Then place some weaved basket in the bathroom to keep your laundry. Buy a closed cupboard with drawers to keep the shoes, newspapers and socks in the drawers. Create an interesting shelf in your living room or you can also buy to keep books, magazines as well as CDs.

•    A sofa-cum-bed is among the must-have home décor items in a bachelor’s house. It is an ideal piece of furniture as it can be used as a storage, sitting space as well as a bed. Bean bag, mattresses makes the room claustrophobic. In spite of putting so many different items, you should invest in a furniture like sofa-cum-bed which comes with multiple benefits. You can decorate with interesting bright coloured cushions and have a bright lively living room.

•    Your house should reflect you. It need not to be based on a certain theme like cricket or football, but should include items that you are fond of or like. It’s a very crucial  home decoration tip as the space where you are living should depict you. The uniformity in the home makes it look bigger and organized. But be careful of not going overboard with your stuff. For instance, if you are a biker then place a small bike made up of metal or wires in your centre table or you can hang your first helmet in your drawing room. This will show your interest in bikes and will add an edgy element in your interior items.  

•    All men are fond of gadgets and it is common to find cables scattered all around their home and hanging from all the plug points. Therefore, to keep this mess clean use a cable organised and hide the cables. Take a shampoo bottle and convert it into a cord holder while keeping all wires into it.

Top Areas In Bangalore With High Rental Demand

Quite recently, Bangalore has been classified as the top property market in the country. With expanding employment opportunities in the city, the demand for rental property in Bangalore is on a constant high.

There are several pockets where flats for rent in Bangalore are much in demand. The top three localities of Bangalore where house seekers want to rent are:

• Bellandur
• HSR Layout
• Koramangala

These areas enjoy good connectivity with the rest of the city. HSR Layout and Koramangala are BDA layouts which lie en-route to areas CBD regions such as Electronics City, Richmond Road and MG Road. The localities are along the routes to Bellandur and Marathahalli as well. They have ample green spaces, shopping and entertainment zones to keep residents gratified.

The highest rental values for flats for rent in Bangalore were charged in Bellandur and Koramangala. For a middle segment apartment in Koramangala, one has to pay anything between Rs 21,000 and 27,000 in a month. On the other hand, Bellandur has a rental rate of Rs 17,000 to 21,500 in a month.

In contrast with HSR Layout, Bellandur and Koramangala, there are several micro-markets in Bangalore which offer similar kinds of infrastructure without being heavy on the pocket. Some of the areas where there are affordable flats for rent in Bangalore are Marathahalli, Sarjapur Road, Electronics City, Whitefield and Bannerghatta Road.  

The rental values in Whitefield hover between Rs 15,000 and 18,000 in a month while in Bannerghatta Road, they range from Rs 13,500 to 17,500 per month. Albeit towards the outskirts, but Electronics City has the most affordable rental rate yet. For a 2BHK apartment, the rent charged is around Rs 12,000. For larger 2 and 3BHK flats for rent in Electronics City, the ongoing rate in Rs 16,000 or so. The size of these apartments is 1100 to 1200 sq. ft.

Rental market in Electronics City is mostly characterised by the IT populace who want to walk to work. The rental market is on the lower side despite being well-connected to the CBD is that the area lacks green cover and has undergone disproportionate development.

As an investor, investing along Sarjapur Road or Marathahalli will yield much as the areas have reported good returns on investment recently. These markets do not display any kind of volatility like the markets in North Bangalore and neither are they sluggish like the southern ones.

A 2BHK apartment in Marathahalli is priced at Rs 40 lakhs, and the rent generated by it would be around Rs 17,500. Hence, an investor stands to make close to Rs 2 lakhs in a year from the rental property. For a similar apartment in Sarjapur, the rental returns per month is Rs 17,750, which cumulates to a little over Rs 2 lakhs per annum, taking into account rental rate revisions. Electronics City is also a credible proposition for investment, especially if the investor works in the area. The returns may not sound much on paper, but compared to the lower amount invested, the ROI is quite competitive.