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.