Tuesday, 20 December 2016

Go Digital, Go Cashless – Let’s Explore the Advantages of Going Cashless

After the much-debated ban on the high currency notes by Modi Government, a big segment of population is left confused over the idea of cashless society. ‘Will it be beneficial or is it going to be a big trouble?’- This is the common question that seems to perturb everyone in search of a better living. However, if you are also baffled enough to get to a single verdict, you have come to right page! This post is giving you the chance to explore the common benefits and drawbacks of going cashless.
The advantages:
Huge cut rates- Although the idea of going cashless has raised a glut of concerns among people, the announcement of a number of lucrative discounts on digital transactions has actually opened a new slide for the entire country. The recent abdication of Rs 2,000/- on the service tax is one of the best incentives ever declared by the Government. A great medium to promote digital transactions, this exclusive step has also introduced a spur of freebies and concessions. So, if you are looking for a good saving, nothing can be better than making the best use of these deductions. From the railway tickets to the highway toll, a digital payment can actually save your pocket to a great extent. Moreover, the cash back offers of the digital wallets have perked up the cash flow to a significant level.
Smart and easy – The convenience of monetary transactions is one of the main advantages of going digital. Standing in long queues for money withdrawals will just become a myth as soon as the Government makes digital deal a compulsory choice. Apart from being smart and easy, it will also come to the best use in any case of emergency.
Minimum risk factor- With the top-rate advancement of technology, blocking a credit or debit card is no longer a challenge. When getting your stolen money back becomes more than impossible, blocking your money wallet or the monetary cards takes no less than a minute! Also, with the proposal of launching biometric ID cards, it’s going to be much safer as well as risk-free.
A disciplinary method – Better budgeting is always one of the most important ways how you can improve your cash flow. The concept of going digital will help you keep a better track on your spending and give you a clear sight of your budget. The top-end applications for digital transactions will give you an exact detail of your expenditure at the end of the month, thereby seizing the chance for budgetary leaks.
The pitfalls:
No good for the tech-unsavvy crowd- In a developing country like India where a greater segment of people are still illiterate and making their living as laborers, the concept of cashless country is nothing but a threat. Also, the elder people who are not much acquainted with the modern technology may find themselves out of the loop. So, digital transactions may prove out to be a curse for many of them who need more time to be familiar with the technology.
Lose your phone and you will lose everything – As digital transaction is completely reliant on the applications of smart phones, losing it can really make you face a number of hurdles. It will not only leave you helpless, but can also lock you out of the world, as you will not have any other payment mode to adhere to. Also, you have to keep your phone charged for the maximum time, as doing otherwise can get you in serious trouble.
Extravagance – Researches show that people having physical cash are less likely to misuse money than that of those who prefer to opt for card transactions every time they purchase things. Thus, according to the financial experts, using cards will lead people into more recklessness.
Also, the threat of cyber-attacks can never be ignored and hence, to suggest a cashless economy, the Government has to consider all the benefits as well as the drawbacks simultaneously. Still, to conclude, going cashless has a lot of advantages to offer for the expediency of common people as well the Government.

Monday, 19 December 2016

Explore the Undeniable Effects of RERA

After Rajya Sabha came up with the new Regulation and Development Bill in 2015, both the home buyers and the developers have seemed to be highly benefitted with this much elevated move. Apart from alleviating the home buyers’ concerns, the Real Estate Regulation Act (RERA) has also brought in huge transparency in the entire real estate sector.
Bringing much optimism to the investors and the builders alike, this improvised real estate bill is expected to stride out a long run and perk up the fund flux into the sector.  The growth of the industry is highly reliant on the confidence of the home buyers and RERA, as a much appreciated amendment, has not only heightened their belief, but has also eased their anxiety to a great extent.
Here are some of the obvious effects of RERA that are widely appreciated by one and all-
Approval is mandatory- Suppose, you are looking for an investment in Pune and according to the new bill, your application, as a builder, will only be accepted when there would be all the essential approvals to your conferral. Nevertheless, the authority has all the clout to reject the plea, in case there is minimal incongruity found in the process. It will not only steer to a required increase in the investment of the builder, but will also improve his interest cost.
Listing of project – After the implementation of RERA, it has become mandatory for every developer (having a land of minimum of 500 square meters) to have their projects registered under the Real Estate Regulatory Authority. As the listing process is likely to take a considerable amount of time, the builder will be unable to place the entity on sale, thereby picking up his interest cost.
An overall change in the system – With the new bill suggesting a world of changes in the industry, the builders are bound to go through a number of alterations in the way real estate has worked till date. Apart from customizing their dealers and constructors, they have also become quite strict on the appointment of experienced staffs and top-notch professionals, which has led to nothing but the improvement of the overall real estate business.
Insurance for land is essential – As per the new inclusions, every developer has to grab insurance for the land as well as for the erection. Although, the insurance companies are still not aware of the exact type of cover declared by RERA, but they are likely to get acquainted soon.
An improved liability for five years-  Gone are those days when the builders were the only body to repair all the damages, in case there was any defect within five years from the date of possession. However, after the implementation of RERA, both the homebuyers and the builders are accountable for the same, which has imparted much precision to the process. The new projects in Pune are now completely under the surveillance of RERA.
Any delay and it has to face the impact – The new act says that a single delay by the developer may make him endure a lot! Before the execution of the act, it was only the buyers who had to undergo all the torments even if the builders were at fault. The new RERA act makes sure that the developers are accountable for every commitment they make. The property’s possession date cannot be changed under any circumstances or the builder has to face the penalty for the same. Also, any sort of phony activity by the builders is going to be completely banned. As for example, the developers doing fake advertisements for the properties in Pune are likely to answer for the unsanctioned ventures.  
According to the top honchos in the industry, all the loop holes in the system will get fixed shortly as a strong impact of RERA and the entire sector would witness a sturdy growth in the recent years.

Thursday, 15 December 2016

The Most Common Challenges and Solutions for Indian Real Estate

Indian real estate sector being one of the most promising segments in India is quite likely to face a number of challenges that might turn out to be a hurdle in its growth. Thus, being aware of the solutions is not only important for the real estate honchos, but is also beneficial for the overall development of India’s economy. Especially, with the stumpy per-capita urban infrastructure and the rising population in the high urban areas, the growth of real estate has been restricted to a significant extent. However, this is not an ultimate threat and has a number of solutions to tag on.
Below are the most common challenges faced by Indian real estate –

• To ensure the long-term growth of the sector, it’s always necessary that there would be a good liaison between the state bureau and the central ministry level. There are many instances where the dearth of required policy framework has been the main reason behind a sea of real estate disputes. Inadequate discussions between the state and central level result in nothing but a drawn out sanction process.

• Shortage of land is again one of the most common challenges faced in the industry. Despite a good demand for the residential projects as well as the commercial projects, the scarcity of land not only inflates the property cost, but also results into a rise of the overall outlay of the project.

• Adverse taxation policy has often been accountable for a number of property rows. With the inclusion of a variety of sales taxes like VAT and stamp duty, the ultimate sales price seems to swell up to a considerable extent and brings an unaffordable property into existence.

• Last but not the least; the lack of top-notch technology is often seen as the prime reason for several delays, which ultimately decreases the property value to a big extent.
However, the Government has started taking a number of initiatives and it’s expected that these special ideas would take the real estate sector into the right track. Some of the best edges taken by the Government are as follows –

• The inception of Reits (Real Estate Investment Trust) has brought in a number of modifications in the whole system and seemed to impart much transparency in the way real estate sector operates.

• The fact that Reits holds the power to enhance the investors’ profile has earned more constancy in the income source, thereby imparting a considerable mellowness in the real estate sector.

• Also, with the running stride of time, a number of tax holidays have been proclaimed by the Government and it has left a direct impact on the growth of Indian real estate sector.

• Finally, with the Government declaring an investment of Rs. 97,000 crore on the transportation, the chance of several real estate activities has automatically been increased.
Moreover, with more and more people leaning towards urbanization, there is a broad prospect of growth for the Indian real estate sector.

Tuesday, 6 December 2016

Reasons Why Do You Need a Real Estate Agent to Find Yourself a Home?

Are you looking to buy a flat or an apartment in Pune? However, with the Internet spreading its reach beyond the bar, it’s quite natural for you to come up with a notion like ‘why to hire a real estate advisor and make a hole in the pocket when you can get all the information right there in the Web itself’? Well, this is the common question that may perturb every one of them looking for a new property. But, taking the right move is not as easy as a cakewalk! There would be a lot challenges to overcome and a plethora of hurdles to face. However, the best way you can overcome every obstacle during your search is by hiring a real estate advisor and let him help you throughout the process.

This is how the real estate advisors can come to your best aid –

The fact that an advisor has been in this domain for years has made him capable of providing you with everything you are looking for.  Among a sea of choices, it really becomes difficult to get the best home on board. The real estate advisor has the best property knowledge to his conferral and he can help you find the best property from a myriad of options. Buying a new home involves a lot of chores and being a na├»ve in this domain, it’s not possible for you to be aware of all the nitty-gritties of the process. This is where the real estate advisors can extend their helping hand and ensure your best experience. Investment in Pune can now become much easier with these kinds of professionals in action. 

As a buyer, you are always likely to have a lot of personal preferences like wooden flooring in the living room and master bedroom, modular kitchen with hob and chimney and many more could be on your list. In such case, a real estate advisor can help you short list number of properties with all these specifications. This will not only help you overcome the hassle of visiting en number of builders, but will also get you your dream property.
The real estate advisors are likely to know such information that is not out to public by the builders. And, especially, if you are relocating to a new place, getting familiar with all the relevant details of the neighbourhood is just next to impossible. A trained real estate advisor, with all his acquaintances, will help you in a professional manner.
You may have a misconception in your mind that consulting advisors is way more costly and why should not we directly approach the builders. Now it’s time for you to know that the advisors are paid from the builder’s end which is considered to be his marketing cost and this is the reason why you do not have to pay out of your pocket for the deal.

Fourrwalls.com takes immense pride in coming out as one of the best real estate advisory portals. With helping the home buyers through all the important details of the project, the experts of the portal not only fulfill all their requirements, but also aspire to provide them with an all-integrated service. 
So, before you start hunting for ready possession flats in Pune, contacting a reliable real estate advisor will be the best decision on your part.

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Tuesday, 8 November 2016

Rs 500 and Rs 1000 notes stand demonetized from midnight: PM Narendra Modi A big Impact on Real Estate

Rs 500 and Rs 1000 notes stand demonetized from midnight: PM Narendra Modi
A big Impact on Real Estate

In a recent incidence PM Narendra Modi announced that higher currency notes of Rs500 and Rs 1000 respectively would be demonetized .he said since his government has come in power it has been trying to fight black money in India. He mentioned corruption, black money and terrorism has been weakening the country since a long time.
On the other hand RBI came up with answers as to why was the decision made? (Source TOI)
The decision to demonetize the higher currency notes of Rs 500 and Rs 1000 which cannot be used for transacting business and or store of value for future usage.RBI said there has been increase in fake notes which were used for anti national and illegal activities. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

Impact on Real Estate
Till date most of the transactions done were approximately 35%-65%, which means 35% was black and rest is done in white to avoid income tax. But after the announcement by PM Narendra Modi this will change the face of real estate, and the secondary market will come down in future. As an impact there will be no black money transactions for possibly next 6 months for sure.  As the RBI would be monitoring every transaction as one has to use mode of payment through cheque or electronic transfer and has to use Pan Card or certain valid identity proof while making a transaction. Cash transaction will reduce and this would lead to a brighter India and people will have to give proof for their income hence forth.

The scheme
The legal tender character of the notes in denominations of Rs 500 and Rs1000 stands withdrawn+ . The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.
One can get up to Rs 4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

Duration to exchange the currency
The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.
For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

Proof of identity?
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, and Public Sector Unit to its Staff.

Source: Times Of India
visit us @ www.fourrwalls.com

Thursday, 3 November 2016

Buyers to get refund if builders miss deadline

From May 1, 2017, all new house purchases will come with three commitments -a date of possession in writing, full refund of the amount paid with 10.9% interest in case of delay beyond the committed date of possession and interest for the delayed period, in case the buyer doesn't want the refund.

The Centre on Wednesday notified a standard house purchase agreement that builders all over India will have to sign with homebuyers.

The notification under the recently enacted Real Estate Regulation Act will result in automatic termination of the sale agreement in case of a delay beyond the committed date of possession. The builder will have to make the refund within 45 days of the termination. Buyers who do not want to withdraw will be entitled to interest payment for the period of delay.

Guidelines notified by the Centre have provided for compensation in case of delayed delivery even for ongoing projects but the new sale agreements will apply only to projects launched from May 2017, when the law comes into force.

The new rules, however, exempt any interest liability on the developer for delay caused by force majeure conditions such as war, floods, cyclone, and drought, which are be yond the control of the promoter.

At the same time, if a buyer defaults in payments, the developer can terminate the contract. The number of delayed payments is something that builders and buyers can mutually decide. The builder will have flexibility in deducting the booking amount and interest liability from the repayment made to the buyer.

The sale agreement also stipulates that the total price of apartment or the plot shall be escalation free except when development charges are increased by the competent authorities.

Besides receiving timely payment from buyers, the agreement also provides for certain rights of promoters such as interest in case of delay in payments by buyer and additional payments for increase in carpet area up to 3% of area originally offered. The agreement also makes it mandatory for a developer to disclose the total number of apartments, carpet area, the number and area of garage or covered parking, and the date of grant of commencement certificate by the local authority , among others things.

In addition, the agreement has to provide the break-up of cost of construction, including the cost of the apartment, the proportionate cost of common area, preferential location charges and taxes and maintenance charges, among others.

While the law was enacted earlier this year, the urban development ministry notified the rules on Monday with states such as Uttar Pradesh and Gujarat following the Centre's path. While the Centre's notifications are in the nature of “model guidelines“, states can modify the rules. So far, sources said, Gujarat and UP have adopted the Centre's rules without modifying them. The UP government is planning to appoint a regulator by December 15 with the agency fully in place by April 30, a senior official said. Other pollbound states such as Punjab, Goa and Uttarakhand too are expected to put in place regulatory bodies by December.

Monday's notification by the Centre goes beyond delayed delivery to also allow buyers to seek rectification of structural defects within five years from the issue of occupancy certificate by local authorities.


Wednesday, 2 November 2016

Upgrading to your Dream HOME

Upgrading to your Dream HOME

 Why move to new place:

Moving into new home does not always mean changing city; it is for the convenience and better reach. People need to change home for many reasons may be the size of the existing home if the family grows, if there is a change in location of work place or it could be the surrounding which is not peaceful.
So before switching home one must plan the whole procedure before leaving the existing home. With the existing pune market which contributes to the list of merits of its nearing possession project. With the new airport approval there is going to be a big spur in pune market. There are many locations in pune which has proved its worth in terms of infrastructure and connectivity to nearest highways connecting to nearby cities. FourrWalls (www.fourrwalls.com) provide ample of options with such available properties, with best price available.
When we say ‘good property’, it means projects with the latest technology, unique amenities and world class specifications. These features are the biggest stimulant in making a decision for the switch. Once decided to switch one must look for a property which would come in to possession within 11-12 months from the day for decision, this will help in resale of the existing property and one can make arrangements for the remaining requirements . While switching one must only look for properties with reputed developers because they specialize in quality construction, timely possession and superior amenities.
As per an article in Times Of India recently Amit Sethi expressed a few things to check before switching homes.

Switching checklist

Do not compromise on location, and ensure that you are getting full value for your money. Look for projects, which come with a 180 degree facilities management and a sufficient saturation of life style oriented features. Experts believe that while buying a home, a buyer should keep in mind to not fall for the 'saleable' area offered by the developer. This is because the saleable area is generally arrived at by adding the loading on the carpet area. This would mean that there is no standard code of conduct. Instead, the customer should carefully evaluate the 'actual livable area' inside the apartment one is planning to buy the actual size of a bedroom or a living room that would be used.

Benefits Vs drawbacks of switching the home

“You lose a familiar neighborhood and neighbors, and children may have to change schools. Moving out of a home and moving into a new one also entails a lot of effort, time and usually expense.

Likewise, setting up a new home can be quite cost intensive. It makes sense to look for fully furnished homes, which also have round-the-clock housekeeping, since a new home should always amount to an upgraded lifestyle.

The down points associated with owning a house is if one needs to urgently sell the property because of a job transfer or change in financial circumstances, he may not be able to sell as quickly as he would like or for as much as he wants.

“At the time of purchasing, a minimum 10 per cent down payment as your own contribution is the norm before a bank will provide you mortgage funding for the remaining amount. In short, you need to use up your savings for a down payment which in turn won't be available for other investments or a fixed deposit to earn interest on it.

While choosing a home to live in, a buyer must select a project which has a carefully planned area for kids to play. These play areas will automatically help in developing overall personality of the child by giving him more exposure to various activities.

Before buying a new property one must be sure to have enough funds to care of emergency situations. One should pick up the right property in terms of location as neighborhood matters the most. And new opportunities coming up in nearby areas as that would give appreciation to the value of your new property. If all these factors are there in the property you are looking at one must go for it!

Saturday, 29 October 2016

New International Airport at Purandar in Pune

New International Airport at Purandar in Pune

International Airports has always proven to be beneficial to any cities in terms of development. It helps to boost real estate and economy of the city; it will increase activity as business hub. With more connectivity it will be breakthrough for domestic and international business to open new venture in pune or to expand existing ones.
From the source TOI :Chief Minister Mr Devendra Fadnavis has approved a land in purandar  15-20 km south of pune for the new international airport which would be named as Chhatrapati Sambhaji Raje. He has decided to grant permission to carry out detailed project report (DPR) for the proposed site. The farmers have expressed their willingness for the project in which the farmers from whom the land is acquired will become partners in airport developing company which will ensure their source of income.  This model has been used in the state earlier for land acquisition of the (proposed) Navi Mumbai International Airport,” Fadnavis added.
The airport would be spread across 2400 hectares of land and the work would commence in 3 years. The airport will be connected by six different routes including NH4 and NH17. The airport will have 2 airstrips of 4km each.
As per survey the property in pune has increased only 7 percent in last few years, with the new airport coming up the property prices are likely to go up around the airport, also not to forget the benefit of new business coming in from all around the world.

To see properties around Purandar visit @ www.fourrwalls.com

Friday, 28 October 2016

An ET Wealth survey shows a lot of people plan to buy property in the next one year

Smart moves for home buyers

An ET Wealth survey shows a lot of people plan to buy property in the next one year
After a hibernation lasting nearly five years, home buyers are planning to go shopping again. More than 60% of 1,181 respondents to an online survey say they are likely to buy property in the next 12 months. The survey, was conducted after the RBI cut rates. More than 16% of the respondents say they plan to `definitely buy' real estate in the next one year (see graphic). “Many fence-sitters have realized that it makes sense to buy a home now, when prices have not risen too much,“ says Anuj Puri, Chairman & Country Head, JLL India.
The bullishness is more pronounced in cities such as Hyderabad and Pune, while buyers are not so keen in NCR and Bangalore, where high prices and huge inventory have dampened demand. However, buyers are not rushing in with eyes wide shut. They are acutely aware that in the coming years, returns from real estate may not be able to match those from other asset classes. “Over the next one year, the appreciation of real estate prices will, at best, be inflation-linked,“ says Samir Jasuja, Managing Director and CEO of realty portal PropEquity .
Returns from real estate also tend to be jerky. Therefore, investors should not go for property if their investment horizon is less than five years. Our survey shows that more than half (53%) of the respondents will buy property only for their own use, and 19% will buy it as investment. There is another 18% who will buy for both own use and investment.
Buyers are also mindful of project delays. This is why a significant majority (66%) want to buy ready-to-move-in properties, and only 22% are willing to consider under-construction flats or prelaunch offers. Even though the Real Estate Regulation Act, 2016 has been passed, not many people are aware of how it will make a difference. Barely 35% of the respondents feel that the Act will protect the interests of buyers.
Seeing the surge in buyer interest, we reached out to experts to find out what people should keep in mind when they purchase property. We list out smart moves that can help buyers get the maximum bang out of their bucks.
Before you embark on your plans, do a thorough rent versus buy analysis. In many cities, property prices are very high but rentals are affordable. “You may not be able to find `80,000-90,000 for the EMI of a `1.5 crore house, but you can afford to pay `25,000-30,000 a month as rent for the same property,“ says financial trainer P.V. Subramanyam.
Younger people will find renting a better option because it gives them the freedom to relocate. As the job market becomes more competitive, a person who is tied down to a property by a mortgage may end up sacrificing emerging opportunities elsewhere. However, in some cities, property prices have not run up too much. “If the EMI is not significantly higher than the rent one is paying, the person should buy the house,“ says Rishi Mehra, Founder of Deal4loans. He points out that while rent is paid to the landlord, the EMI payment also helps create an asset for the borrower.
If you have decided to buy, figure out how much you can raise for the down payment. The bigger the down payment, the smaller your EMI and the lower the stress on your monthly budget. However, in attempting to enhance the down payment, don't dip into investments meant for critical goals. You also need to assess the loan amount you are eligible for. Lenders typically keep the EMI at 30-40% of your net take-home pay . You should also obtain a credit rert. The RBI has mandated that a per port. The RBI has mandated that a person should get at least one base-level credit report free in a year. “Check your credit score so that you don't get a surprise when you apply for the loan,“ says Ranjit Punja, CEO and Co-founder of Credit Mantri. If there is something amiss in your credit history, it may take time to repair it. “If your credit history is not clear, your choices shrink,“ says Manavjeet Singh, CEO and Founder of loan aggregator portal Rubique. It is a good idea to not revolve credit card dues and keep expenses low for 10-12 months before applying for a loan.
Some people even say that one should take a pre-approved loan so that there is little paperwork to do after you find a suitable property. But Adhil Shetty, CEO and Co-founder of Bankbazaar, says pre-approved loans are valid only for 6-8 months. “If you are not able to finalise the deal within that period, you will have to apply afresh and pay the loan processing fees all over again. As a rule, banks will not extend the validity of the pre-approved loan, “he says.
Experts say bargains are everywhere, because investors are desperate to get out of real estate. “Some investors are exiting at a 0% gain while some are even willing to take a haircut, “says Jasuja. But buyers will have to do a lot of research to find the bargains.
Don't be tempted to buy outside your city because rates are lower. In many cases, buyers who are unfamiliar with the reputation of builders in another town, get stuck in the wrong project. On the other hand, it may be a good idea to buy in the suburbs to avoid the bustle of the city yet live not too far from work.
An expert agent can help identify properties that suit your requirements. He will be able to locate properties, have a preliminary talk with the owners, and even bargain on your behalf. A fee of 1% of the value of the property is not too much to pay for these services.
You also need to zero in on the best loan provider. Loan aggregator portals act as matchmakers between lenders and borrowers. Take a loan you can comfortably service. One way to assess if you will be able to afford the EMI is by putting away an amount equal to the EMI in a recurring deposit or a short-term debt fund. This will get you into the habit of saving that amount every month.
If the purpose of buying real estate is purely investment, a better alternative could be commercial properties where things are looking up. But here too, one should go for Grade A assets, not B or C. The rentals should be in line with prevailing market rates.

Source: TOI