Mumbai: The Dream City for Home Seekers

The financial capital of India, Mumbai is one of the most expensive cities when it comes to property investment. Mumbai has been transformed into a hotspot for buying property as well as for the investors. Be it commercial or residential property, Mumbai sells and rents out all kind of properties as quickly as possible.

Having a flat in Mumbai is one of most prestigious and it is possibly a dream for home seekers owing to the increasing property prices. The property for sale in Mumbai city is tremendously sold at the faster rate.

So, it is very difficult to come across an appropriate house in Mumbai which suits your budget as well as your needs. Since the population has always been increasing in Mumbai, the property for sale in Mumbai is always on the higher side if compared to other cities in India.

The property prices in areas like Andheri, Bandra, Bhandup, Borivali and Juhu are so high that it is just unaffordable for the middle class people to buy an apartment in Mumbai, so buying property in Mumbai has become very difficult due to the expensive property rates.

With the intention, to make Mumbai property affordable for all class of people, the real estate developers in Mumbai are developing new residential projects in the suburbs of the city.

Navi Mumbai is the focused locality for many real estate developers in Mumbai to provide affordable residential property to the lower and upper middle class people. So, despite of high real estate prices, Mumbai has something to offer for every class of the society as far as residential property is concerned. It is very unfortunate that the rate of developing new residential properties for sale in Mumbai has always been lower than the rate of increasing population.

All these facts indicate that how difficult it is to find a suitable residential property for sale in Mumbai, which suits your pocket as well as requirements.

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Greater Noida: A good option for affordable investment

Greater Noida is an extension of Noida with better infrastructures, impressive and swanky residential and educational facilities. Today, Greater Noida is on a fast track for development and it is a home to a number of Indian and foreign MNCs, hence the demand for property in Greater Noida.  This city is also in news, as it is going to be a smart city very soon. Some of the localities where one can invest in Greater Noida are:

Yamuna Expressway

This city came into the builder’s radar after the inception of the F1 Formula one track, as this track gives high hopes for good returns on investment in this location. Even though, it lacks infrastructure development, but is still attracting investors for investing in flats in Greater Noida. Apart from the private real estate builders, this area is also witnessing participation from Yamuna Expressway Industrial Development Authority (YEIDA) who has come up with residential schemes for the lower and middle income groups.

Pari Chowk

It is one of the best locations in Greater Noida. It is a planned and a low-population density area. With all facilities surrounding this locality, such as, entertainment hubs, schools, colleges, commercial areas, this area is continuously witnessing demand for properties in Greater Noida. All the major MNCs like Accenture, IBM, TCS, Steria, etc are in Sector-135, which is just 15 mins drive from Pari Chowk. Workforce looking flats in Greater Noida wants to invest in Pari chowk.

Noida Extension

This locality is an emerging residential hub with a promising better life style. As this locality is witnessing an upward trend, the home buyers are looking at Noida Extension for investing in the flats in Greater Noida. The reason to invest in this locality can be attributed to infrastructure development, metro connectivity, competitive prices, closeness to New Delhi and other metro cities.

A home buyer can opt for any of the above localities when he plans to invest in property in Greater Noida,  as they are expected to get transformed into a mass residential hub with good amenities and as the analysts say that in the next couple of years, it will have a good return.

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Importance of Bangalore Occupancy Certificate

Though there are many property for sale in Bangalore, a buyer can move into their own apartment only after obtaining the Occupancy Certificate (OC). The OC is issued by the Bruhat Bangalore Mahanagara Palike (BBMP) and it is mandatory for all the properties for sale in Bangalore to hold OC without which it may lead to many legal proceedings.

Short procedure of OC generation

The Palike acquires the necessary information from the owner and the buyer highlighting that the construction has been completed. The builder is bound to fill the OC application form in order to get the certificate. Upon this, the builder must also submit a few documents that are listed by BBMP. The BBMP authorities will inspect those properties for sale in Bangalore city and will confirm it has been constructed according to the proposed norms and approval plan. In case, the deviations are up to almost 5 per cent from the proposed plan, then a fine will be charged depending upon the level of deviation. And, one the fees is paid, the occupancy certificate will be issued.

Checklist to get the Occupancy Certificate

1.    Basement floor and ground floor must be used for parking purposes only.
2.    Footpath in front of the apartment must be maintained properly.
3.    Rainwater harvesting system must be implemented and maintained in good condition.
4.    The builder of those properties for sale in Bangalore makes a security deposit. In case if there is any deviation from the approved plan, the builder has to pay penalty.
5.    The owner should make arrangements, with consultation with BBMP Zonal Health Office, to dispose the organic and inorganic waste.
6.    The builder/owner is not permitted to alter the structure without seeking permission from BBMP. If the structure is changed, BBMP has the right to damage or demolish the structure.

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Residential Real Estate Prices to Reduce as Inventory Pile Up

According to a report by JLL, prices of residential properties are set to fall drastically because of unsold flats or rising inventories across metros. Metro cities like Delhi, Mumbai and Bengaluru are recording highest number of unsold flats. Mumbai is sitting on inventory of 48 months. Delhi real estate is around 23 months and in Bengaluru the inventory levels are sitting for 25 months. Global brokerage Nomura said that the acceptable levels of inventories are for around 14-15 months.
With such kind of inventory lying unsold, it is difficult to stick to the current prices owing to which the cut on property prices are expected.

Sanjay Dutt, Executive Managing Director of South Asia at Cushman & Wakefield told that the in big Indian cities the prices would fall 10% and in outskirts of large cities it may witness a fall of 15%. There could be sharp price correction between now and Gudi Padwa (an auspicious day to buy real estate property in the month of March every year).

The inventory levels are high in the suburb like Virar and Panvel  in Mumbai, and in areas like Thane and Mira Road, prices may not go down but can rise as there is no inventory lying unsold there. All the projects launched are getting good responses in these two places, says Mr Vyomesh Vimal Shah of Hubtown, largest developers of Mumbai.

Based on the latest survey by JLL, the housing prices in India are unsustainable and it is belied that a property bubble is in making.  According to RBI, the property prices pace have moderated and this is due to the slower increase in property prices in metro cities.

The home sales have not been that good despite the lucrative offers by the realty developers, and the main reason is attributed to the high prices. But developers like DLF believe that the property prices will go northward because of the recently passed land acquisition bill and the new guidelines set by the Central Bank to do away with the certain home loan schemes.

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DLF Alameda Gurgaon

Location: Gurgaon dlf alameda - DLF is now developing the DLF Almeda at sector 73, Gurgaon. The video shows the location of the project site and clearly it is still in the early stages of construction.

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New Friends Colony in Delhi – Rapidly Growing Suburb

gaining popularity. New Friends Colony real estate is booming in the recent times owing to these reasons.

The most important landmark of this locality include the 5-star hotel Crown Plaza, otherwise known as the Surya Hotel, and the Lotus Tower, which is also known as the Berjaya Tower. Both of these can be seen from any part of this locality. Mata Ka Mandir is also a main attraction of this place and is easily accessible from almost all the areas of the New Friends Colony. Some of the prominent neighbouring suburbs of New Friends Colony include East of Kailash, Greater Kailash, Sarita Vihar, Jasola Vihar, Jamia Nagar and the Lajpat Nagar. Most of the properties in New Friends Colony are developing in and around these areas. A few of the localities and sub-localities of New Friends Colony include:

•    Khizarabad
•    Friends Colony – East & West
•    Zakir Nagar
•    Khizarabad Bhagol
•    Jogabai
•    Okhla
•    Gafoor Nagar
•    Masihgarh
•    Jamia Nagar
•    Bahapur
•    Srinivaspuri Extension
•    Maharani Bagh
•    Taimoor Nagar
•    Kalindi Colony

This area has a long list of chain restaurants providing different cuisines and also has many pubs which have increased the area’s popularity among the youth. There are also many dhabas serving local street foods ranging from kebabs to shawarmas. A few of the pubs and food outlets of this locality include: Dawat Khana, Pebble Street, Firefly, Moksha, Nathus, Subway, McDonalds, Tavisha Hotel, etc. New Friends Colony property is considered to be among the upcoming residential property in the whole of the city. Apart from these, there are many banks and other establishments like L.I.I. Exports Pvt. Ltd., MG India, Standard Chartered, ICICI Bank, Modi Glass, Citibank Personal Loan Back Office and Axis Bank.

New Friends Colony, being both a residential and commercial locality, has various educational institutions providing excellent education. As education plays an important role in everyone’s life, it has in turn brought in many apartments in New Friends Colony and its nearby localities. Delhi Cambridge Primary School, Kendriya Vidyalaya, Jamia Millia Islamia, New Delhi PT College, PG DAV College and New Cosmos Public School etc. Medical facilities are very much essential for any locality and its residents and this locality does have various healthcare centers and hospitals. Some of them include Holy Family Hospital, Sujan Mahindra Hospital, and Dr. Lal Path Labs, SITRA Chemists, Viola Hospital and Bansal Hospital etc.

This locality being both a residential as well as commercial property destination, there are many upcoming projects being developed by prominent builders and developers. Some of the projects in New Friends Colony include Tulip House, Boutique Residential, New Friends Colony, Ultra Luxury and Propzone apartments etc. The highest locality price of residential multi-storey flats for sale in New Friends Colony is around Rs.20,390 per square foot and the lowest price is around Rs. 18,090 per square foot. And the average is around Rs. 19,245 per square foot. The return on investment has witnessed a decrease of 6 % q-o-q in June 2013. The average rental price of commercial office space is around Rs. 120 per square foot.

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Perungalathur: A Planned and Emerging Suburb

Chennai, a metropolitan city is making a mark in the real estate sector. Most of the localities of Chennai are developing and creating a new niche for itself, one such township is Perungalathur. The name Perungalathur name is derived from the Perungalathur Lake, which means “A place with Big Lake”. Perungalathur is a suburb in the southern western part of the Chennai and comes under panchayat town in Kancheepuram district and is just 3 kilometers away from Tambaram.

Perungalathur is nestled between Tambaram and Vandalur on NH45 highway. This locality is very well connected via rail and road links. Chennai Airport is around 13 kilometers from here and the nearest station is Perungalathur railway station. Also, the proximity to Tambaram railway junction and Arignar Anna Zoological Park in Vandalur has given good connectivity to places like Chennai, Chengalpattu and Kanchipuram. Places like Guindy, Maraimalai Nagar, Paddapai, Oragadam and Sriperumbudur, which are hub for industrial sectors, are easily accessible via road or rail.  All MTC buses headed for Vandalur passes through Perungalathur. Share autos can be hired on Nh-45 to go to interior areas.  Perungalathur is the hub for most of tourist bus operators and many have offices near the railway station. The neighbourhood areas include: Peerkankaranai, Sriniasa Nagar, RMK Nagar, East Tambaram, Kamaraja Nagar, Urapakam and Lakshmipuram.

The Chennai bypass road NH4 marks-off from NH-45 after Peerkankaranai and is north bound towards Maduravoyal. Newly opened underpass to access NH-4 from Tambaram is helpful to the commuters who travel between Irumbuliyur and Peerkankaranai.

This place is surrounded by good educational intuitions. Few good educations institutes in and around are, SRM University, Crescent University, Eva Stalin Business School, Government Schools, Vivekananda Vidyalaya, St. John Matriculation School, M.G.R Matriculation School and Eva Stalin IAS Academy. This locality is a perfect blend of different religions as one can stroll to kamatchi Amman Temple, Muthu Mariamman Temple and Sai Baba Temple and can then find the Infant Jesus Shrine, Lord of Lords AG Church and Masjid e Muhammadiya and Masjid e Rahmaniya at the other street.

Perungalathur Lake provides adequate quantity of water for its residents throughout the year. Drinking water is supplied via pipelines from town panchayat on street taps and connection is provided to apartments in Perungalathur at a nominal fee. Paler water lines are also accessible in few places in Perungalathur. The inner roads are wide and most of roads are concreted.
The proximity to Tambaram and Vandalur is the major cause for development of Perungalathur real estate. A bundle of plans are proposed in Perungalathur which are major cause for the flats for sale in Perungalathur:

•    Phase 1 Monorail Project
•    A road overbridge that would replace the LC-32 and had been embedded with the proposed Rs.50 crore Eastern Bypass project of the Highways Department, which will connect with Velachery Main Road at Rajakilpakkam and GST Road near the Perungalathur station.
•    An Pedestrian subway would be built to replace LC-33

This locality is witnessing the development of IT SEZ, which is a joint venture between Sriram Properties Limited and Sun-Apollo. Once completed, it will house IT companies, retail malls, serviced apartments and multiplexes, which might increase the demand of residential apartments in the area.

The ongoing projects in Perungalathur are: Dhana Bhakiyarm Phase I and II by Maha yogam Homes, Rainbow Nest and Rainbow Utsav by Rainbow Foundations. Sri Raghvendra Foundation is the most prominent builders in Perungalathur who are constructing around four apartments here: Guru Paradise, Guru Vihar, Guru Nivas and Guru Enclave.

The average price of flats in Perungalathur is Rs. 4,128 per square feet and the Residential plot in Perungalathur may cost around Rs. 25,762 per square feet.  If one is willing to take a rental house, it may cost around Rs. 46 per square feet.

Perungalathur is a peaceful place away from the pollution and hassles of the city and the proposed plan from the government will bring it into the arclights very soon once completed. Thus, investing here might yield ripe returns.

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Document Checklist Before Buying a Property

Property buying is a tedious job and you have to be extra cautious from the initial step to the final stage.  A number of things have to be kept in mind when planning to buy property and one of them is documentation.
Considerable documentation goes into the process of home buying, to avoid any legal issues. 

Mandatory Checks:

1.    Check the Title of the Property: To know who the owner of the property is, check the title deed. If there is ambiguity, you can seek the assistance of your lawyer or approach financial institutes to check if the title of the property is clear. Without a clear property title, banks will refuse to fund your property and it may also cause legal problems in the future. It is always important to get a legal opinion before hand on the title of the property.

2.    Measuring the land: Prior to registering a property in your name, it is recommended that the land be measured. The seller could always quote wrong figures in documents. Hence it is wise to obtain a measurement that is verified by a property inspector or surveyor.   

3.    Approved Layout: Next check if the layout of the property is approved. It is essential to obtain a copy of the approved layout for the building from the builder or seller. Before proceeding, ensure that the building plan and its construction is approved by the authorities listed with the Government Registrar.

4.    Check for any Pending Bills: There are various taxes which are paid to the Government like property tax and water tax. Ensure that prior to buying a property all dues are cleared. Sometimes the owner of the property has pending work and the new buyer has to pay those.  Also keep a track of the electricity bills, notices or pending applications related to the property in question.

5.    Encumbrance Certificate: The encumbrance certificate has to be verified in advance to know if the property you are interested in, has been previously mortgaged. If the property is mortgaged, and there are any pending dues, the owner is legally responsible to close the same before selling the property. This certificate can be acquired from the Sub Registrar’s office.

6.    Pledged land: Sometimes people take loans from banks by pledging their property. Before buying such property, please ensure that the owner has paid the entire amount to the bank and there are no dues. This can be verified by asking the owner for a release statement that has been received after the last payment to the bank.

It is also essential to obtain a legal opinion before purchasing a property. One needs to also opt for a good real estate agent  who can assist in the right selection.

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Why NIBM Road is Witnessing High Demand for Residential Units

Several areas of Pune have shown tremendous real estate growth in the last five to six years. This has been primarily due to improved connectivity and enhanced physical and social infrastructure facilities. NIBM (National Institute Banking Management) Road, which is located close to Pune’s centre, is one such area that has shown considerable growth and transformed into one of the hotspot areas for real estate investment. The demand for residential units in NIBM Road can also be gauged by the fact that it is among the top five areas of the city that has seen remarkable growth and increased property sales in the last three years.

The growth of NIBM Road in real estate radar has been contributed to its excellent connectivity and easy accessibility to social infrastructure amenities. Unlike areas like Kharadi and Wakad, NIBM is located closer to the city centre. NIBM Road is located just 7 to 9 kms from Pune railway station, around 6 kms from MG Road and Swargate and around 14 kms from Pune Airport. The area also offers excellent transportation facilities by way of frequently plying buses and auto rickshaws. Besides this, NIBM Road is located close to areas like Hadapsar, Kondhwa, Undri and even Camp.

In terms of social infrastructure, NIBM Road offers nearly all kinds of amenities and facilities that are required for a comfortable living. Prominent educational institutions like Delhi Public School, Bishop School, SSM Society College of Engineering, National Institute of Bank Management, BEP Global Vision and Vishwakarma Institute of Technology are all located within 3-5 kms radius from this area. Clinics, hospitals, eateries, shops, banks, ATMS, post office, the new Bizzbay mall, the upcoming Dorabjee Paradise mall and clubs like Corinthian Club are other facilities that are easily accessible in the area and also why people prefer to invest and reside here.

Witnessing the growing demand for residential units in NIBM Road, several reputed developers have made their presence felt through their quality housing projects. Kolte Patil Developers Ltd, Ahura Builders, Urban Homes, Shobha Developers, Goel Ganga Developers, Ekta World, Lushlife Developers, Niche Constructions and Brahma Builders are some of the prominent realty developers who have their projects here. These developers have mostly developed housing projects offering 2BHK residential units while some of them also offering 1 to 4 BHK for prospective buyers.

A well-developed locality that offers lush green surroundings and a relatively pollution-free environment, NIBM Road is a delight for buyers. The current property rates for buying a flat in a multi-storey apartment in this area vary between Rs. 5500-Rs. 5850 per sq. ft., which has only risen in the last five years. In fact experts assert that property investments made now will reap good returns in the coming three years. These claims definitely make NIBM Road a good place for investment.

Though this very popular area is getting saturated, it is still a preferred area for many. According to data, a major number of buyers in this area are end users who are typically well-educated professionals working in neighbouring IT and industrial areas. This fast-developing locality presently offers a number of new residential projects and with property rates also increasing rapidly; there are lots of options for investment as well as rentals. Prospective buyers can find their desired residential project offered with the best of specifications and features and that too within their budget.

A highly planned and maintained locality, NIBM Road is one of the nice and prime localities of Pune city that offers nearly all facilities to its dwellers. A cosmopolitan locality that is well-connected, safe and offers good returns on investment is certainly one of the most promising areas to look for investment in Pune.

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Ashiana Landcraft, Sector 88A, Gurgaon

Ashiana’s latest residential venture is set to highlight the glittering skyline of Gurgaon. The Landcraft Residential Apartments is coming up in Sector 88A and is one of their most spectacular projects. Knowing Ashiana’s amazing track record, it will be no surprise that latest designs and innovative architecture are the hallmarks of this project too.

The complex will contain two, three and four BHK flats. The two BHK flat will cover an area of 1450 sq ft and will be priced at Rs 92.08 lakhs. The three BHK residences come in two types – one regular and one with an attached study. The regular one is smaller with an area of 1750 sq ft and costs Rs 1.09 crore. The larger three BHK flat will have an area of 1950 sq ft and is available for Rs 1.22 crore. 

The largest apartment on offer is a four BHK that covers an area of 2350 sq ft. It is quite reasonably priced at Rs 1.47 crore. Possession is set to begin by early 2016. The location of the apartments is also perfect as Sector 88A is one of the most sought after areas of Gurgaon. It is also situated next to the Dwarka Expressway, which means easy connectivity to NH-8. The industrial centre of IMT Manesar is also very close. 

All features of a modern, well planned apartment complex are available here. From gymnasium, swimming pool to clubhouse and tennis courts, the Ashiana Landcraft has not missed a beat in providing the best comforts to its residents.   

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