Saturday, 18 April 2015

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 21st 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

Friday, 17 April 2015

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 37th 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.