The Pros-Home Loans

Buying our own home is a dear dream that we all hold close to our hearts. However, we might not possess the required amount to get the job done. Acquiring a home loan has become so much easier. Today, the rules and the policies are more open and flexible and are tailored in such a way that it appeals to everybody.

Easy to pay installment schemes has reduced the complication of  borrowing by large means. To leverage your home loan approval chances, first meet the basic eligibility criteria and the rest will eventually fall in place. 

·         Consider these two pointers for your long-term benefit:

Beware Of The Interest Rates

In your eager to claim for a home loan soon, do not make the dire mistake of agreeing to pay high EMIs whatsoever. What you are doing is digging yourself a grave. High EMIs are like a death trap. May be you get the needed money for now. BUT! Your debt to pay heavy interest month after month might choke your funds further and leave you helpless.

·         Consider The Likes Of Your Future:

Do not claim loans on probable assumptions. Hike expectations in the future, extra perks etc., should not be the basis while applying for a home loan. Your present financial status is what matters and that should be the ground when you consider to go for a home loan. It is good to be positive but this is not the right time to put your optimism to play. Realize that you are running a high risk when you are moving on chances and considering the future prospects to acquire a loan now can fire back and put you in grave danger.

HOTSPOT PRIOPERTIES AND RESIDENTIAL AREAS IN MUMABAI.

There is no getting around it Mumbai's property market is legendary. .Three factors drive the property investment pattern in Mumbai are demand, price points and growth prospects.

WADALA

Wadala became the center for attraction because it signifies some of the better lifestyle elements which makes life in this city more of comfortable and suitable.Having renowed institutions in its locality which includes the infrastructures of colleges , hospitals and malls also Wadala gained prominence as a residential destination because of its proximity to Bandra-Kurla Complex (BKC). However, with several infrastructure initiatives monorail and the Eastern Freeway , Wadala saw a rapid increase in residential demand, resulting in the doubling of property values over the last three years which has turned Wadala into a well concentrated area for property buyers.

BANDRA

Bandra especially Bandra west has caught an eye of every property buyer for holding high profile value and a high standard lifestyle. Having most commercial exposure and being one of the prominent ares of the west zone in Mumbai bandra has developed its heritage towards the margin of signifying moral value of lifestyle, living and western culture. Since it is next to the country's most prominent CBD, Bandra's real estate potential remains very high. It is a matter of prestige for every reputed developer to have a signature product in this micro-market.

CHEMBUR

Chembur, the central suburb of Mumbai, is one of the prime residential destinations in the Maximum City. Its close proximity makes commuting easy to business districts of Mumbai. Known for prominent landmarks Chembur is also one of the greenest localities of the city. With rapid infrastructural development, Chembur has witnessed large-scale residential development. With prices ranging between Rs 16,80017,500 per sq ft and an annualised appreciation to the tune of 15-18 per cent, Chembur remains an important investment hotspot.

Borrowing the loan process in a smarter way

While making a agreement of borrowing a loan from bank it should be seen that every element of the agreement is described in a prescribed way so that the buyer – YOU are not been cheated. Hence for this reason it is essential that the buyer or the borrower is known to the factors ,disturbing and making the internal changes in the Loan agreement. For this purpose ,The Buyer should act smart enough so is benefited in the process or is not cheated or thug by anyone in the market. This can be done with the help of understanding the following concepts .

1­ What is that ‘extra’ fees?

One of the additional costs one would incur while opting for a housing loan taken would be the processing fee that needs to be paid while taking the loan. This fee is collected by the bank for the multitude of expenses that the bank incurs and the fee is collected at the beginning of the loan tenure itself.

2­ Processing fee cuts:

Banks attract customers by reducing the processing fees. There are two ways in which this can be tackled. One is by abolishing the processing charges and the other way is to reduce the processing fee, thus benefiting the borrower. Both of them benefit the borrower, thus the banks have to be extra cautious before they come to a decision.

3­ Bigger Benefits:

Bigger Benefits are most considered by the large borrowers who borrow large amounts of the loan and accepting the lesser processing fees which allow them to make equal profits in the relative investments . Hence to a relative small amount the processing fees is considered to not be that lesser as compared to large borrowing. Hence small buyers are advised to take a close look at the fluctuating market demands and factors to Borrow Smartly.

BMC can't cite shortage of staff for inaction against illegal buildings: HC

Lack of personnel is no reason for the BMC to contend that it cannot deal with complaints of unauthorized construction, said Bombay high court on Friday .

Todetecttheincreasingnumbersofillegalstructures,themunicipalcommissionerisdirectedbythecourttosetupacommitteeofofficerswithintwoweeks.The committee was directed to determine within six weeks thereafter the number of posts it will require.

A bench of Justice Abhay Oka and Justice A P Bhangale passed the direction after BMC's senior advocate Anil Singh said the civic body receives several complaints daily and it is not possible with existing manpower to identify them. The judges said toputactionsintoimplementationtheylackmanpowerhence the civic body can always create additional posts for the job.

The court heard a PIL by SayyadRizvi regarding civic inaction on complaints of illegal structures in P North ward (Malad west). His petition said there were 3,000 unauthorized structures, including bungalows on Madh-Marve Road and nearby areas. His advocate, DiwakarDwivedi, argued that despite several complaints the civic body has not taken action. In its order, the bench also noted that no attempt has been made by the BMC to identify even the structures that are “adequately described“ byRizvi. It granted the designated officer two months to visit the sites of such alleged unauthorized structures. If the officer finds some structures are illegal, then he shall initiate action for demolition forthwith. After this exercise, the officer shall identify other illegal structures mentioned in Rizvi's complaints. The court has directed a compliance report (also regarding creation of posts) to be filed before the next hearing on June 29.

AFFORDABLE HOUSING PROJECTS DREW THE CROWDS AT THE MCHI-CREDAI NMR THIRD MEGA PROPERTY EXPO

The expo that was on till April 13, 2015, drew large crowds as affordable housing was on the mind of potential homebuyers.The third mega annual property exhibition of the Navi Mumbai and Raigad (NMR) units of Maharashtra Chamber of Housing Industry (MCHICREDAI), was inaugurated on Friday , April 10, 2015, at the CIDCO Exhibition Centre in Vashi. The dignitaries present on the occasion included MLA Manda Mhatre, ex-housing minister, Raj Purohit and ex-MLA and guardian minister and Ganesh Naik. “Affordable housing is the need of the hour and land owners, developers and government bodies must work together towards this cause,“ said Mhatre, on the occasion.   Prasing Navi Mumbai & Raigad's potentiality to grow ,Purohit at the exhibition said adding, "The Modi government is still in the initial stages of governance but will grow fast and developers and homebuyers can look forward to bright opportunities in the future.“ The property showcased some of the fine properties growing around the areas of Mumbai and Raigad. The exhibition witnessed 100 stalls around the venue covering the vast area of around 17500sq.fts.Various properties around the MMR area which suited best affordable to the home buyers saw a positive response and considering the myriad infrastructure projects like the Navi Mumbai Airport Influence Notified Area (NAINA), Navi Mumbai Metro, Ghansoli-Ghatkopar Link Road and the Mumbai Trans-Harbour Link (MTHL), these individuals present at the venue shared a talk with the builders to make Navi Mumbai their new home. Speaking about the success Madhu Patil convener, Exhibition Committee ,said that last year's success encouraged the exhibitors to place this year's exhibition at the newly developed CIDCO exhibition center at vashi. Apart from word-of-mouth publicity , better use of digital media along with the traditional forms of advertising were seen as the additions to the channel of communication with the buyers. This edition of the Navi Mumbai-Raigad Property Expo also sees the launch of a unique CSR initiative, which promises to increase goodwill for the industry . The Navi Mumbai-Raigad Property Expo 2015 helped gather immediate response for properties, not just from residential, commercial and corporate sections, but also from various integrated sectors. One also got a chance to effectively network with all industry stakeholders, government bodies, HFCs, brokers, NBFCs, IPCs, redevelopment societies and many others. MCHICREDAI a body of 1000 leading developers in Mumbai, understands the potential that the NMR region presents. The last two mega property exhibitions were highly appreciated and applauded by consumers, builders and the banking fraternity. The expo was held from April 10-13, 2015, and brought together numerous developers from the NMR region and prospective customers. This, in turn, facilitated great value and benefits for the fraternity , as a whole. Arvind Goel, Navi Mumbai Unit President, shared that “Difficult times call for unity . The GR for 2.5 FSI will pave the way ahead for the redevelopment of dilapidated CIDCO buildings. This was a long-pending issue. This announcement has boosted the morale of both, builders and residents. Another good news is that the central government has agreed to include NAINA in the list of 100 'Smart Cities' it plans to develop, as declared in its manifesto.“
QUICK BYTE
 REAL ESTATE IS ONE OF THE LARGEST CONTRIBUTORS TO INDIA'S GDP. IT CONTRIBUTES NO LESS THAN 5 PER CENT TO THE NATION'S GDP. IT IS ALSO THE THIRD MOST POWERFUL SECTOR THAT IMPACTS 250 OTHER INDUSTRIES AND SECTORS.

Fire safety in an apartment

A devastating fire is every homeowner’s worst nightmare. In an apartment complex, where a large number of families reside, fire safety is the responsibility of each and every resident.

The National Building Code of India (NBCI) has laid down fire safety norms to be followed by architects during the construction of a building. This code states that any building which has more than three floors has to acquire a certificate of approval from the fire department during the planning stage.

The codes specified by NBCI can be divided into active and passive firefighting methods. Passive measure are to be included in the structural design of the building like fire escapes, fire resistant walls etc. The active measures include automatic fire detection and fire suppression equipment like fire extinguishers and smoke detectors that are implemented after the completion of the structure. According to the norms, stated by the code particularly for high rise apartments, a structure should have the following:

• fire extinguishers,
• electric fire alarm systems,
• automatic fire detection system,
• underground static water storage tank,
• terrace tank,
• a wide staircase with stair-rails,
• ventilator blocks

If you are planning to invest in an apartment in Mumbai or any other city, it is advisable to check if the building follows the NBCI guidelines. If these guidelines are not followed, the apartment authorities can be penalized or the permit can be cancelled.

Fire Safety Tips

Whether you are in a high rise condominium or a 2 floor apartment complex, there are steps you can take to remain safe in case a fire breaks out.

Fire Drills - It is essential for the manager of the apartment to schedule and conduct regular fire drills so that residents can be made aware of escape routes and fire exits.

Maintenance of firefighting equipment - It is important to regularly inspect and service the fire equipment to ensure smooth operation of all equipment during an emergency.

Instant evacuation - In the event of a fire, evacuate the building as soon as you hear the fire alarm. You can always collect your belongings later, but ignoring the fire alarm or delaying evacuation can cost you your life.

A hot door - In case of a fire, always feel the temperature of the door before opening it.  If it is hot, never open the door.  Place a wet towel at the bottom to stop the smoke from spreading and try to look for an alternate escape route like the windows. If you live on a higher floor, you can use a flashlight as a signal or hang a light colored cloth from your window to indicate to the fire fighters that you are trapped.

A cold door -If your door feels cold, open it slightly to check for smoke or flames.  If there is none, leave by your planned escape route. Always remember to close the door behind you. A closed door can prevent the fire from spreading to your apartment and protect your belongings from heat and smoke damage.

Always use the stairs - Do not use the elevator in a fire. Always use the stairs and cover your nose and mouth with a wet clean cloth to prevent smoke inhalation. If your vision is blurred due to smoke, you can make your way down using the stair-rail as a guide.

Roll over if you are on fire - Keep low, as cleaner air is nearer to the ground. If your clothes catch fire, immediately drop to the ground and roll over to put out the flames.

Fire safety is not only about following legislative codes, it is also about equipping yourself with knowledge to survive in case a fire does break out. Fire planning and awareness are the two sides of fire safety that can go a long way in saving someone’s life.

Maharashtra gets India’s first real estate regulatory bill

The Maharashtra Housing (Regulation and Development) Act 2012 was accorded the Presidential assent on 21^st February 2014. It became the first state in India to adopt a real estate Act. It is just the first step towards making the realty sector in India transparent, mitigating risk and making developers more accountable. If it is successful, then it might pave way for the final approval of the Real Estate Regulatory Bill.

The act is applicable to all the new and under construction projects which are yet to receive an occupancy certificate. According to the Act, it’s mandatory for developers to register their projects, disclose the property title, plans, and keep buyers updated about the project and completion status. Also it holds the developer responsible in case of delays and he might have to refund the payment received with interest and can even be fined and imprisoned.  It also states that the developer is responsible for fixing defects in the building for the initial 5 years.

With a regulatory authority in place and establishment of fast-track dispute resolution mechanisms, developers and agents will also be cautious before taking buyers for a ride. It would also help keep a check on the quality of construction and project time lines. Since most of the projects suffer setbacks because of the multiple approvals required from various government authorities, this might lead to a single window approval process in the future.

Though there is a need for a regulatory body and transparency in the real estate sector, there is also a lot of work that needs to be done before the Indian realty sector gets stream lined and regularised.

source: India Property

Essential Tips for Single Homebuyers

Home-buying trends have changed over the last decade, and in today's new market, more single homebuyers are entering the real estate market than ever before. Single women have now outpaced single men as a percentage of homebuyers. A whopping 21 percent of all new home purchases are credited to single women. But as far as must-haves, what do singles tend to look for? A single man or woman or newly married couple often wants to be closer to where the action is -- great restaurants, nightlife, theaters, movies, sporting events, shopping, etc.

If you're looking at jumping into homeownership solo, here are my five top things to consider:

Stay within your budget. Buying a home on your own is a fantastic move and great step toward your financial future. But make sure it's a home you can afford if there is a momentary -- or longer -- blip in your financial profile. If you lose a job, you have a health issue, or anything else happens that could affect your ability to cover your monthly mortgage and other costs, remember you don't have a spouse or significant other to fall back on for the additional monthly nut. So while you are on your own, don't overextend. Buy a home well within your means.

Guess who's gonna mow the grass. Being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and overgrown lawn won't take care of themselves. For those single homebuyers who find the idea of maintaining a yard a bit daunting, or who worry that climbing up ladders to clean out the gutters every rainy season is just too "hands-on" for them, condominiums and townhomes or even smaller homes in new communities require less exterior maintenance and might be a good option. In other words, don't buy a home you can't manage yourself.

Look out for your safety and security. Remember that being a single homeowner doesn't allow for someone to be home the majority of the time. So you will need to consider safety and security issues. You want to be able to lock the door on your way out, and not have to think twice about it. So make sure you are in a low-crime neighborhood and the house or condo feels safe and secure.

Consider resale value and longevity. Purchasing a home is a great long-term investment. However, there are many reasons single homebuyers may need to move, such as relocating for a job or a lifestyle change. Therefore, it's important to think about the resale value of prospective properties during the search. You want to be aware of homes and condos that have great general appeal and will be easy to resell if need be.

Keep an eye on the future. You buy yourself a nice little home or condo now. But someday you might not be single and you'll add a significant other to your team and possibly even children. Though additional space may not be needed immediately, it's important to consider potential future plans for a home. Having a spare bedroom, if it's affordable, is a smart choice.

Single Homebuyer Bonus: You Just Got Hotter

How fantastic that you, a single man or woman, are already planning to be a homeowner! Being financially smart and responsible may have seemed like strictly your parents' lifestyle a decade ago. It used to be sexy to be footloose and fancy-free, spending all your income on living the high life. Well, when the economy turned in 2007, that disposable-cash lifestyle became just that -- disposable. So don't think that if you are a single gal with your own home, men will find that intimidating. And don't think that if you are a single guy with your own home, women will think you are too set in your ways. Being a smart and financially responsible homeowner is the new sexy! That's right, you just became hotter.

Mumbai realty feels the Metro impact

Three and a half years after its much awaited deadline, the Mumbai Metro is finally open to the public. Though the first phase of the metro railway link which connects the northwestern suburb of Versova-Andheri with Ghatkopar on the northeastern fringe has just opened, but the real estate in Mumbai has been feeling the effects of the metro for a long time.

All across India, infrastructure developments have preceded massive residential and commercial realty growth where infrastructure works undertaken by government authorities have helped create location-based demand.

In New Delhi, the Metro link to Delhi, the Dwarka Expressway and the Kundli-Manesar-Palwal (KMP) Expressway, opened up new growth areas in Gurgaon and pushed up prices of residential real estate in Gurgaon by almost 30-60%.

Similarly in Mumbai, the property values of localities falling on the Metro route have been on the rise for the past few years. Areas which would benefit from metro connectivity have already seen a price appreciation of 400 per cent over the past eight years, and this trend is set to continue, say recent reports.

Scheduled infrastructure projects tend to increase the value of properties in the adjoining areas that will benefit from them. This occurs because the infrastructure project becomes a part of the USP for the developers or property owners. With the first phase of the metro underway, the residential and retail markets in Andheri, Jogeshwari and Ghatkopar will witness tremendous growth, especially those near the Metro stations. Not only absorption and supply, but even the rental values and capital values in these areas are expected to rise due to the completion of the metro construction and reduced congestion on the roads. Experts believe that even the suburban business districts of Mumbai comprising of BKC, Seepz, MIDC and Powai will experience an immense positive impact with increasing absorption rates.

The Navi Mumbai Metro which has been delayed from 2014 to 2015 has also had a positive impact on the residential demand with property values in localities such as Nerul, Seawoods, Palm Beach, Kharghar and Kamothe increasing the property rates there by almost 24-50 per cent  over the past few years.

Experts believe that in Mumbai for the metro to have long term effect, there should be an increase in floor space index of 4 to areas near the metro. It is believed that this it would have a far-reaching impact and could potentially transform the entire landscape of areas surrounding the Mumbai metro.

Why Bollywood is going gaga for real estate!

We have always known of Bollywood stars and their taste for the finer things in life. Their riches is no news to us but how they use them is definitely hitting the headlines. They retain a wide investment portfolio that varies from owning sporting clubs to restaurants and real estate. However investment in real estate seems to be the top choice for many bigwigs in Bollywood. In the recent past, there have been a number of reports of celebrities investing in luxury real estate in India and abroad.

According to recent reports actor Abhishek Bachchan just invested a whopping INR 41 crore in an apartment in Worli, Mumbai. Spread across a sprawling 3875 sq. ft. this apartment overlooks the Mumbai skyline with a stunning view from the 37^th floor. This project, called the Skylark Towers at Annie Besant Road, a plush locality in Worli had everyone talking, the moment it was announced. This 372 metre (1220 ft.) tall tower will have luxury apartments, hotels, retail space and office space. Needless to say the residential floors of this super-skyscraper will be restricted to a handful of buyers.

The reports further elaborate that the apartment is a 5 bedroom space with a living room, dining room, family room, kitchen and a 20 feet terrace all around the apartment. Bachchan has supposedly paid nearly INR 2.05 crore in stamp duty along with INR 25 lakh and INR 35 lakh in club house membership and development charges respectively. Now this is no ordinary transaction!

Many other Bollywood stars have understood the potential of investing in real estate in India and abroad. Our very own SRK leads the bandwagon here. Shah Rukh Khan invested in an apartment in Park Lane area, in Central London for a mindboggling price of £ 20 million, one of the highest transaction values in real estate made by an Indian abroad. SRK also owns a villa in Palm Jumeirah, Dubai. Let’s not forget SRK’s current residence Mannat in Bandra which is valued anywhere between INR 100 and 150 crore.

Daddy Bachchan is not far behind in the race. He reportedly has purchased real estate in Dubai, London, New York and recently in Paris. Daddy B might have made a few bad decisions with AB Corp but recently this investment savvy and cash rich star has picked up a number of stocks from Birla Pacific Medspa, Energy Development Company, and Finotex Chemicals to name a few. Bollywood stars today go way beyond the movie industry. They are successful businessmen too. With varied interest in movie production, stocks, art collection, major sports league or real estate, Bachchan family sure has many tricks up their sleeve.

source:Indiaproperty

New infrastructure developments to boost prices of properties in Panvel

Locations such as Panvel, Uran, Ulwe, Khandeshwar and Kamothe in Navi Mumbai are witnessing an increased development of residential units as the older areas in Navi Mumbai are getting saturated.  The demand has remained steady; the prices of apartments in Panvel have seen an increase in recent times. The factor influencing the price rise has been the proposed infrastructure development in this locality. Home buyers are confident that projects such as the Navi Mumbai International Airport, the Metro and the Mumbai Trans Harbour Link will all push up prices of property in Panvel.

Panvel is the most populated city in Maharashtra’s Raigad district and is located 49 km from Mumbai Central. Panvel is also known as the gateway to the Konkan region and hence the Konkan Railway which connects this city to other states of India. The Konkan rail line from Mangalore, the Harbour line from Mumbai’s Chhatrapati Shivaji Terminus, the central line from Diva/Karjat and the western freight corridor from Jawaharlal Nehru Port Trust, which is close to Panvel, meet here.

Panvel is an important junction on the highways with many highways starting and passing through the city. The Mumbai Pune Expressway, the Sion Panvel Expressway, the NH4B (JNPT Road) and the NH17 start at Panvel while NH4 passes through. There is also a proposal for a six lane Trans Harbour road connecting South Mumbai to Nhava Sheva.

Of course, for the early birds who invest in property in Panvel, the best of times will be when the Navi Mumbai International Airport, which is slated to come up in the Panvel-Kopra area, finally takes off; the prices of property will also shoot up.

The nodal development authority for Panvel is the Panvel Municipal Council while that of New Panvel, which is a satellite mega city in Navi Mumbai, is the City and Industrial Development Corporation (CIDCO).

New Panvel hit the headlines when the National Geographic Channel featured this mega city in its “Super Cities of the World” series. Frenetic construction activity is been witnessed in New Panvel especially after the announcement that the new international airport would be located here.

Mira Road Faces Upsurge In Real Estate Market

Mumbai: Mira Road is one of the prominent towns in Maharashtra and a part of the Mumbai Metropolitan Region. The suburb offers easy connectivity to almost all other parts of Mumbai.

Situated on the island of Salcette, the area comprises various residential localities and townships such as Beverly Park, Sheetal Nagar, Shanti Nagar, Shanti Park, Naya Nagaar, Shrishti Complex, Poonam Sagar Complex, Pleasant Park, Ramdev Park etc. These apartments provide various kinds of amenities to the residents.

Mira Road is mainly popular due to the industrial, commercial and residential growth in and around the area. Due to immense development in the area, many are opting to invest to get a profitable deal.

The rate of the apartments has appreciated to Rs.5,869 per square feet area depending upon the amenities available. 

The price of 1,2,3 and 4 BHK apartments ranges between Rs.25 lakh and Rs.6.78 crore. The area has all facilities such as schools, colleges, supermarkets, hotels, hospitals, health centers, play areas, parks, malls, banks and ATMs in its vicinity.

Best Places To Buy Home In Mumbai

Mumbai, the commercial capital of the country is always been a choice for residential properties in India. It is a home for the emerging IT/ITES companies that have led to a thriving demand for properties. Although, the prices are skyrocketing, the city is still continuously on demand as it offers home for every class of society to invest in Mumbai real estate. Recently, the focus is on affordable housing in suburban and peripheral area like Airoli, Belapur and Sanpada, which are boosted by the infrastructural developments. Lot of new projects is coming in Navi Mumbai as the prices are quite affordable when compared to Mumbai.

Let’s look at some of the best localities where one can invest in a home:

Thane: Thane, also known as the lake city, is one of the major urban accumulations of the Mumbai Metropolitan Region (MMR) and is well connected to all parts of the country by rail and road. Thane takes pride in connecting itself to three main highways, precisely, Eastern Express Highway, NH -4 and NH- 3. This area is just 45 minutes ride from the Bandra Kurla Complex, 30 minutes from Powai and 50 minutes from the international airport respectively. The developed infrastructure in Thane makes it a smart investment option residential as well as commercial development. The sub-localities are also in demand like, Virar, Vasai Road East, Vasai Road West, Boisar, Kalyan east, Majiwada and Kalyan West and Bhiwandi.

Mira Road: Mira Road is one of the fastest growing suburbs of the city. Mira road property is one of the preferred destinations, as it provides easy connectivity to Mumbai city and budgeted homes for people from all walks of life. Hence, this place is a preferred destination for home buyers.

Khargar: This locality is grown to become one of the preferred residential locations for a buyer to invest. The reason is the proximity to the Navi Mumbai International Airport which is just 4 kilometers away from here. Kharghar is witnessing a lot of demand for residential property. A lot of prominent infrastructure developments are taking place around this locality. They are skywalk, Iskcon temple and proposed Golf Course.

New Panvel: In last few years, Panvel-New Panvel area has shown optimism in the real estate sector. The proposed infrastructural development, availability ofresidential property in Panvelto accommodate every pocket and lifestyle and the connectivity across the state has increased the potential of the properties in Panvel. Beside this, the New International airport and the increased frequency of trains connecting Panvel CST and Thane is one of the primary reasons for Panvel property emerging as a prominent destination forreal estate.

Ulwe: Ulwe is a preferred residential location for investors as well as end-users.Ulwe property is in demand as the prices are affordable when compared to Vashi. Surrounding areas like Kamothe is also providing good and affordable residential houses. The mid-income families are opting for Ulwe projects as one can find good infrastructure projects and excellent connectivity to anywhere in Mumbai. These projects are priced between Rs. 17 to 90 lakhs for a 1 BHK to 2BHK flat.

Navi Mumbai: Despite the growing demand and subsequent rise in property in Navi Mumbai, one can still find property in the reasonable range of Rs 30-40 lakhs.The sub-locality like Airoli, Belapur, Nerula and Taloja are in demand due to the affordability and connectivity reasons.

Powai: Powai is located near the Powai Lake, and the people who are looking out to buy residential accommodation in a green region with all the civic amenities, opt for Powai. Centrally located with connectivity and other basic facilities, the rental values in this locality are pushing up.

Chembur East: The recently opened Eastern Freeway has brought South Mumbai closer to Chembur, and also increased the demand for flats in Chembur area. The proposed elevated road between Chembur and BKC will reduce the travel distance from 1 hour to 15 minutes. The connectivity is the reason for demand here.

Goragaon East: This locality is generally preferred by middle-income group, but the accessibility to the western and eastern expressways and proximity to the localities like Andheri and Powai, has increased the demand from high-end consumers also. The existence of good schools, hospitals and entertainment options, has transformed it into a preferred locality.

Andheri West: Andheri west is described for its lavish lifestyle and elite habitants. The existence of MIDC and SEEPZ has prompt increased demand for real estate in this locality. East witnesses demand from the middle and upper class homebuyers when compared to Andheri West.

3 tips to make your home summer ready for pets!

The scorching sun is surely stopping us from heading out of the home during the day. The idea of air conditioning within the four walls seems to have made the summer a bit bearable for us- but what about our four-legged friends? Whether the summer is already here or is on its way, follow these tips to ensure your homes are summer friendly for your cats or dogs.

Cooling opportunities

Heat strokes and overheating are major concerns and with temperatures hitting the above 35 degrees mark, they can be fatal for many of your pets. So to prevent them from feeling the heat, give them water with a few ice cubes. Making some ‘pupsicle’ will cheer them up too. Keep your fans on, but relying on them alone will not suffice, so provide an air conditioned escape island for them that will let them enjoy both hot and cool spaces.

If you are unable to provide these services, give your pets a few cooling spots that will help them calm down. Mop your tiled floors with some ice water and give them a spot where they can unwind and relax. Remember to cover your windows with a few heavy curtains that don’t let sunlight in. This will help reduce the temperature a bit. Placing coolers is a good idea as well.

Open air activities

With the raising temperatures, your pets might over exert themselves while playing outdoors, so remember to give them enough shaded or covered places where they could hydrated themselves. Shift your afternoon walks to early morning or late evenings and ensure you pet is not alone when outdoors. Keep bowls of water everywhere. Spraying your garden area with some water is a good idea- but remember to do this during the evenings, otherwise your garden will emit a lot of humidity. While you are spraying your garden- how about giving your pet a bath. Using the same hose, give your pets a bath and lower their body temperature.

Pools

Remember to keep your pool open so they can take a dip when it becomes too hot to handle! If you do not have a pool, use other cooling alternatives like your kids bath. Replace the water regularly throughout the afternoon if the tub is placed outside.

Apart from all these there are many summer friendly apparels that you could buy for your pets. It’s better to buy cool coats that are water activated and not the ones with gel – they will bring down your pet’s body temperature without being too heavy. And last but not the least, do not forget to apply sunscreen as your pets can suffer from severe sunburns. So apply waterproof sunscreen lotion around their mouth, back, ears and nose and your pets will be ready to face the summer!

 

Refinancing your home loan – What, why and when

What does refinancing mean?

Refinancing your home loan essentially means that you pay out your existing home loan before its tenure and replace it with a new one. It is an excellent tool to manage your debt load, reduce your financial stress while saving your money. It also ensures that you are not bound to one financial institution for the entire tenure of the loan.

Why must you opt for refinancing?

There are several ways that a new refinanced loan can help your family manage their monthly budget as well as long term financial goals. Below are the two primary reasons that you may want to consider refinancing your home loan.

1) Refinancing to lower your rate of interest

Interest rate is a crucial factor to consider when refinancing your home loan. Many people like to refinance when offered a lower rate of interest. Experts claim that if you are getting a difference of 0.75-1% between your existing rate and the rate of refinancing, you will end up saving money in the future.

Another consideration is moving from a higher floating rate of interest to a lower fixed rate of interest which will have a positive impact on your monthly savings and budget.

2) Refinancing to shorten your loan tenure

If you are looking to shorten your loan tenure, refinancing your loan is a good option. A sudden windfall or increase in income you may lead you to find that you can easily afford a lower tenure loan without any strain on your monthly budget. Refinancing your loan is wise in such a situation.

When you can opt for refinancing

While refinancing is your personal choices, there are certain times, when it is the best decision to make. Below are the situations, when refinancing will definitely benefit your monetary situation.

1) Change in your credit score

Borrowers who have a good credit history and CRISIL score can negotiate for favourable borrowing rates. If your credit score is much better than it was when you first got your home loan, it’s possible that you can refinance your home loan at a better interest rate.

2) Change in income

You many also want to opt for refinancing when you have a change in your income – either an upward increase to a lower revision.

3) Change interest rates

If current interest rates are substantially lower than what you pay on your existing fixed home loan, then refinancing your loan would be a wise financial decision for you.

Refinancing a home loan doesn’t pay off the debt, it just restructures it, often at a lower interest rate and a different loan term than the current mortgage. However before taking a decision on refinancing, one must consider the hidden costs- i.e. the pre-payment penalty, which may be 1% for a public sector bank and up to 3% for private sector bank and the new loan process charge. Refinancing your mortgage will save you money, but it can also be an expensive affair and one should undertake it only after ensuring that amount you save offsets all the settlement costs.

Instead of taking a hurried decision about a refinance, consider your options carefully and take a decision based on your abilities and your financial goals.

 

 

RBI holds interest rates for now; realty industry expresses disappointment

The Reserve Bank of India (RBI) has held interest rates steady during its policy review on Tuesday. This was a move that was widely expected. But the Governor of RBI, Raghuram Rajan has indicated that the interest rates might be cut early next year if the inflation eases further and if fiscal developments are encouraging. The central bank has also indicated that the rate cut could happen outside the policy review cycle. The next review will happen in February. According to reports, the cut could happen either in February or  April.

“A change in the monetary policy stance at the current juncture is premature,” the RBI said.

Currently the repo rate stands at 8%. This is the rate at which the RBI lends to other banks. The repo rate has a direct impact on home loan rates and a hike in this rate would mean that anyone who took a home loan will have to pay more.

Not everyone seems to be entirely pleased with this move. The Confederation of Real Estate Developers’ Associations of India has expressed its disappointment with the central bank’s decision.

C Shekar Reddy President CREDAI – National, said, “The RBI decision to keep the key rates unchanged will not help the real estate sector development. Presently the overall inflation is under control as expected by the RBI, the crude oil prices are also low, the overall business requires an upword momentum.  A reduction in policy rates at this juncture would have a significant impact in boosting the industry and facilitating growth. Even the housing & finance ministry are advocating that the interest rates should be brought down for the developers and end user to promote the mission “Housing for all”.  The real estate sector has been struggling with high cost of labor, material & funds along with the moderate demand over the last few months. There is a strong need to lay out clear policy and lower the cost of borrowing to help developers focus on development and increase the supply of homes. To achieve the mission ‘Housing for all’ a stimulus is required in the form of interest rate cuts, interest subvention and tax cuts to propel the demand and encourage supply for housing.”

Cheaper home loan EMIs on the horizon as RBI cuts interest rates

The Reserve Bank of India on Thursday cut the key interest rates by 25 basis points. This news will bring good cheer to borrowers who have home and consumer loans as a cut in interest rates translates into cheaper EMIs. The slowing inflation has led to this cut, experts say.

The repo rate is the rate at which the RBI lends to other banks. The repo rate has a direct impact on home loan rates and a hike in this rate would mean that anyone who has taken a home loan will have to pay more. Conversely a cut in the same lowers the burden on the home loan takers. The repo rate before the cut stood at 8%. It has now come down to 7.75%.

The cut in rates comes after 2 years. The move has pleasantly surprised many industry watchers. The effect of this decision is already being felt as the state-owned Union Bank and United Bank have lowered their lowest lending rates. One can expect many more such state owned and private banks to start lowering their borrowing rates in the coming days.

The good news for borrowers does not stop there as the RBI has hinted at further rate cuts in the near future. The move has been lauded by the many in the real estate industry who say that this could pave way to an increase in housing demand. It will also serve to buoy the sentiments of the realty sector.

C Shekar Reddy President CREDAI – National said, ‘Considering the overall economic situation and challenges being faced by the industry, we welcome the reduction in repo rates, which will ease the burden on the buyers and developers. The decision of RBI to cut the interest rates was long overdue in the environment of lower inflation and poor domestic demand. The home buyers were upbeat but in a wait and watch mode due to high prevailing interest rates. We are hopeful that with this interim announcement of rate cut the banks will take the cue and pass on the benefits to the end user which will trigger the demand and off take of housing. We are hopeful that keeping in view the low inflation RBI will continue the change of stance in the monetary policy and address the industry concerns for growth and give the necessary impetus.’

Low-cost Shivshahi housing scheme likely to be revived

The state government has decided to review and revive the Shivshahi Punarvasan Prakalp to redevelop slums by constructing a large number of housing stock in Mumbai. Housing experts say this move will ease the sky-rocketing prices of houses in the city.

State minister for housing Ravindra Waikar told dna, “We want to revive this innovative slum redevelopment scheme. It had received tremendous response during the earlier Sena-BJP regime in 1995. Now, to buy a house is the primary dream of the common man. Therefore, we want to step into that sector. The government has also allocated Rs1,600 crore in the budget for development of slums in the city.”

He also said they will soon frame guidelines to execute the scheme. “We are taking all views into consideration before finalising the policy. A large chunk of the urban populace lives in the slums — almost 40%. If we redevelop these slums, city will get a huge stock of houses with the additional floor space index,” Waikar added.

In the past 19 years, the Slum Rehabilitation Authority (SRA) has constructed only 1.5 lakh houses. “To build the remaining 11.5 lakh houses required, SRA will take another 140 years with the current speed of approval and construction. It shows that government agencies are inept at handling the city’s housing demand,” stated a report released by Praja, an NGO.

Managing director at Liases Foras, a real estate research agency, Pankaj Kapoor welcomed the move. “Earlier, the Shivshahi Punarvasan Prakalp could not click because the property prices were not lucrative. So, most of the developers were reluctant to redevelop slums. Meanwhile, private developers took over, but the success ratio is still a distant dream as per the Praja report. Now, with higher FSI, slum redevelopment will be financially feasible,” Kapoor said.

He added that it is always good when multiple government agencies are involved in construction of houses. “It will regulate housing prices. And the supply will regulate the demand. Besides, every city has to evolve after a certain period. In slum redevelopment also, luxurious houses can be constructed. We have a huge scope of redevelopment in slum areas... It will not only provide bigger, well-maintained houses but will also help people keep the surrounding condition of the redeveloped areas hygienic,” he added.

SBI reduces interest rate on home loan by 0.25%

The state Bank of India has reduced interest rate on home loan by up to 0.25 percent.The bank said that the rate would now be 9.85 percent for women borrowers and 9.9 percent for male borrowers and it will come into effect from 13th April.This move came after HDFC Bank reduced its rate by 0.2 percent.

Central Mumbai to give highest investor returns in commercial real estate

Central Mumbai business district, including areas such as Lower Parel, Dadar, Prabhadevi, is expected offer 19% returns to investors in the next five years, which is highest among the business districts in the country, said a new study.

Central Mumbai is expected to have rental growth of 47% and capital growth of 63% in the next five years.

Mumbai's secondary business districts which includes Andheri, Jogeshwari, Goregaon and Malad, next in the list with 15% investor return per annum. The business district is expected to give 28% rental growth  and 42% capital value growth in the next five years, said a report by Knight Frank Research.

“The comparative strength of a city’s office market is primarily dictated by factors such as availability of talent pool, quality infrastructure, domestic & international connectivity and favourable government policies among others. As per our forecast horizon (2013-2017), the overall office market scenario in Mumbai is likely to improve," said Samantak Das, head of research at Knight Frank.

Chembur locals seek exclusive residential status from plan

The residents of Chembur are unequivocal about what they want from the new development plan – a pure form of residential reservation. In a meeting held on Sunday to discuss the plan, residents were of the view that commercial reservation should not be brought into Chembur, which has, until recently, enjoyed an overwhelmingly ‘residential’ status.

Having residential-commercial (RC) and commercial-residential (CR), they said, would take away peace of the area, in addition to creating a slew of problems.

The plan proposes the mixed category of RC and CR for the area. “An RC would mean 51% residential and 49% commercial reservation,” said Anil Dashetkar, an architect who made a presentation at the meet.

After a brief introduction on the master plan, residents were asked to write letters stating their objections. “Having a mixed reservation is something we are totally against. It will make the area more chaotic and create a problem in the style of living,” said Rajkumar Sharma, AGNI member.

“Chembur is a disaster prone area. It has places like RCF (Rashtriya Chemicals & Fertilizers Ltd) and BPCL (Bharat Petroleum Corp Ltd), and pollution from dumping ground. The master plan may not be affecting RCF and BPCL, but their existence does affect us,” added Sharma.

 source:DNA