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 @

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

Thursday, 27 October 2016

Why you should opt for a ready to move in house

Why you should opt for a ready to move in house

If you buy a ready-for-possession property, you won't have to pay both home loan EMIs and rent, as in the case of an under-construction home
The resale housing market, particularly the brand new, ready for-possession segment, offers home buyers a chance to side step the risks of buying under construction properties that are prone to delays. The usual 10-15% cost premium of ready-to-move in properties, however, has dissuaded buyers from investing in them. With this premium coming down, should home-buyers tap into the quick-possession resale market, or does it make sense to wait for 2-3 years and invest in an under-construction home?
Erosion in premium
Recently, there has been a substantial jump in inventory in the resale market. This pile-up has made purchasing a possession-ready property a more viable option. Experts reckon home-buyers will find good deals in the resale market rather than from developers. Kishor Pate, CMD, Amit Enterprises Housing, says, “Never in the history of the Indian real estate market have properties ready for possession been so cost-effective. “
Quality properties from reputed developers, in good locations, are now available for possession at prices previously available to buyers willing to wait for two years or more, Pate adds. Excess inventory has helped check prices. Shveta Jain, MD, Residential Services, Cushman & Wakefield, says, “Jump in cost for properties after completion of construction is no longer visible owing to the excess inventory. “ The provisions of the new real estate Bill have also pushed developers to complete projects faster, adding to the inventory pile. “Projects that were held up are now coming through thick and fast as developers rush to ensure that they don't fall foul of the Real Estate Regulatory Act. A muted demand has prevented the prices of these homes from rising as before,“ says Jayashree Kurup, Head of Content and Research, Magicbricks.
The primary benefit of buying a possession-ready house is that you save on rent. And, if you do not plan on using it as your residence, you can let it out on rent and start earning an income. With an under-construction property, there is always the chance of delay. The financial implications of that are too many. There’s the double whammy of having to shell out EMIs on the home loan as well as paying rent. Buyers also stand to lose out on a chunk of tax benefits on interest payment towards the housing loan, if they do not get get possession within five years of having availed of the loan. For someone in the top income tax bracket of 30%, such a delay can lead to a sharp drop in tax benefit: from `60,000 to just `9,000 a year. A staggering 59% of respondents to our survey were interested in buying a new ready-to move in home, while 16% said they preferred an under-construction house.
The choice also depends on the affordability of a property , availability of funds and possession timeline. If you do not have the funds and can wait for some time, an under-construction property is the better option. But if you have the money and want to see the back of your landlord, go ahead and buy a ready-to move in property. “If the buyer needs the property for immediate use, and has the finances, it makes sense to invest in a possession-ready home, “says A.S. Sivaramakrishnan, Head, Residential Services, India, CBRE South Asia.
Things to bear in mind
Apart from higher cost, a possession ready, resale property has a few more disadvantages. The choice of properties in the resale market is limited compared to projects under construction. The latter allows you a wider choice with regards to floor preference, view, etc. You also have to do more legwork to arrange for documentation in the case of resale properties. “The key factor to be considered when opting for an unused resale property is the title clearance--the passing of ownership of the house from the seller to the buyer, “says Sivaramakrishnan. A lot of legal work is re quired to ensure everything is in order. Unlike in an under-construction property, buyers of possession-ready property have to start paying EMIs on their home loan immediately, besides shelling out the down payment, registration and stamp duty.
While developers these days offer attractive payment schemes and freebies, you would be foregoing these luxuries in a possession-ready property. Also, the scope for capital appreciation is muted.
Where the property is more than a few years old, a lot of the development around it has already taken place and it is likely priced-in.

Source : TOI

Fate of 34 villages for the merged in PMC to be decided today the State Government expected to submit its views on the merger in the Supreme Court.

Fate of 34 villages for the merged in PMC to be decided today the State Government expected to submit its views on the merger in the Supreme Court.

Since the petition filed by residents of 34 villages over the government's delay in merging the villages into PMC, the High Court has accepted the submission.  Three months ago the High Court had directed the state government to take a decision over the pending proposal of merger of 34 villages in PMC. The 34 villages which are supposed to be included in PMC in pune are Mhalunge, Sus, Urali Devachi, Bavdhan, Kirkitwadi, Pisoli, Lohegaon (portion not already under the PMC), Kondhwe-Dhawade, Kopre, Nanded, Khadakwasla, Shivane, Mundhwa, Manjari, Narhe, Shivane, Ambegaon (Budruk), Undri, Dhayari, Mantarwadi, Holkarwadi, Handewadi, Wadachiwadi, Shewalewadi, Phursungi, Yeolewadi, Mangdewadi, Vadgaonsheri, Nandoshi, Bhilarewadi, Jambhulwadi, Gujar Nimbalkarwadi, and Kolewadi, Ambegaon (Khurd).

In May 2014 the Congress- NCP union government was likewise issued a notice for the same, on which the additionally surrendered its approval for the same and the government had additional finished the procedure of acknowledgment and objections of the proposition.  However the issue has pending since the new government has been in power hence the residents had approached the High Court. On which the Civic Administration in 2015-2016 had proposed budget of 35 crore for the development, but no budget was allotted in 2016-2017.

The fate of 34 villages slated for a merger is likely to be decided on Thursday. The state government is expected to submit its views on the merger in the Supreme Court. A decision was taken after hearing a petition filed by a citizens' group.

The residents of these villages have urged the state government to take a call on their merger with the Pune municipal limits quickly. A delegation of villagers had submitted a memorandum to the state government, stating that the merger notification was issued in May 2014 but the state government had not taken any step since then.

A citizens' group of Haveli taluka Nagari Kruti Samiti had filed the petition. “The final call was expected on Wednesday .But the state government sought more time. They were seeking an extension of six months, but court has directed them to submit their stand on Thursday, “Shirring Chavan, president of the group and petitioner, said.

If the merger plan is approved according to the notification, PMC would become the largest municipal corporation in the state. Its geographical area would increase from the existing 243.84sqkm to over 500sqkm more than the size of the largest civic body of the state, Brihanmumbai Municipal Corporation, covering an area of 480.24sqkm. According to the notification, issued by the state urban development department, villages on the fringe areas of Pune would be brought under the municipal fold.

Source :Indian Express and TOI

Thursday, 20 October 2016

Nyati Elan

One of the most exquisite estate offerings in one of the fast booming suburb Wagholi, Nyati Elan an incomparable dream which unfolds across 40 acres. Surrounded by 360 degree views that sweep lush green landscapes, the private grounds showcase the sunny swimming pool and ample of sit-outs makes it perfect for entertaining and enjoying the away from city view. The 1bhk, 2bhk and 3bhk flats have state of art an interior that are specifically designed for privacy and ensures your quality time with family. Nyati Elan is a ready possession project by Nyati Group which embraces 3 bedroom apartments with 1679 square feet of living space with grand scale has the most open floor plan and boosts a commanding view of swimming pool. Built with the finest materials, this project features the most opulent dining and living rooms. Designer details in layout include artificial water body, Rock climbing wall in the gymnasium, Designer lobbies with marble flooring, Ornamental nameplates in front of every building; Decorative light shades for compound walls and gardens. This is an opportunity to acquire one of the prime properties to acquire across pune.

Tuesday, 18 October 2016

7 Things To Know Before Buying a New Property

1.Determine Whether Renting Or Buying A Home Makes More Sense

First think do you really need to buy a new home? Although it’s more than just a matter of price, right now, in most major cities, buying a home is much more affordable than renting. Though buying home comes with a number of pros and cons but so does renting—so you’ll have to weigh the pros and cons for yourself.

2.Know about Home Buying Process

Once you have decided to buy a new home learn all the necessary details about the process. As it is the biggest investment of your life and usually requires lot of sacrifices. Most middle class people dream of owning a home, so one must check title of a property, sometimes there is no clear land acquisition approval in this case the dream home can run into trouble as the builder might have scrap the project .  Need to know few things before booking a property, are there all approvals from sanction committee, while booking a property refer to a draft copy of agreement. If you stay in a rented home there is option like subvention scheme how it works, there are three parties-the buyer, the banker and the developer. The buyer books the property by paying upto 30% money upfront. Bank pays the rest in the form of loan to the buyer. The bank disburses the loan to the builder as project progresses. All this is routine. In this the developer will bear the interest till possession or for a particular period mentioned in the buyer-seller agreement. This is good for people staying on rent as they won’t have to bear both rent and loan. Also, as the developer is bearing the interest cost, he is bound to finish the work on time.. This is an added benefit for buyers at a time when project delays are so common.

3. Learn More About A Prospective Home You Want to Buy

Once you find your dream home you must learn most about it. Ask your Adviser ( how long the property has been on market, know whether the property has been fairly priced is a resale property know about previous purchases. Learn about the APF (Approved Project Financial) of the property as this ensures that all the approvals required for the project is cleared by the builder also it helps to get loan faster. These factors can offer some clues on properties history also some properties are sold for low value for other reasons.

4. Manage payment situation smartly

Buying a new and selling a old one can be task. Make it simple, first sell old one and get loan details if you working class. Getting a mortgage is also a difficult task make sure you have all the paperwork as selling old and buying new will not get you in the new home on time so everything should be timed perfectly.

5. Save Up for That Down Payment

Down payment is the most important factor so as soon as you are thinking of buying a new property start saving for that down payment. There are options like down payment, construction linked and flexi-payment plans. In Down payment plan one has to pay upfront 1o% to 20% of the cost as booking amount, around 80-90 % within 45-60 days of booking and the remaining amount at the time of possession. This is a very affordable plan as the builder also gives discounts but only drawback is when the project get delayed. The construction-linked plan is a low risk plan but also it may be. In this plan, the buyer pays 10% of the total cost of the apartment or a particular amount for booking and rest is paid according to payment plan as per construction. The flexi plan is a combination of the both plans mentioned above in which one is has to pay around 30-40 % at the time of booking and a similar amount is to be paid as per  construction milestones with the rest to be paid at the time of possession. So start saving Now!

6. Buy Less House Than You Can Afford

Based on current income and debts many online calculators show how much can one afford? So to make sure you don’t end up poor in your new home so sort out such homes which are less than what you can afford.try to make down payment of at least 20% and mortgage less than 30% of your gross income.

7. Take Your Time

When you are about to buy a new property don’t be pressed for time to make an offer. Take your time, think smartly spend more time to explore options in market. Take advise from your advisor. This is huge decision to move in to home which you love to live in for years to come
Good Luck !