Property Market Overview – Post Maharashtra Elections

 

The poll results may have been declared in Maharashtra but the new government is yet to take charge. Once it does, it has a mammoth task of reviving the realty market which has been slow for the past couple of months. Till September 2014, demand has been stable in the real estate market while addition to supply has been limited. In the first half of 2014, the numbers of residential units constructed were 17,500.. Roughly 266 files were cleared by the department concerning Floor Space Index and land use policies.

Experts opine that the succeeding Government of Maharashtra would have to review some of the clearances passed by the erstwhile government to make them friendlier for the development of realty in Maharashtra. Infrastructural projects such as widening of roads and expansion of Metro Railway and Mono Rail have to be undertaken. The measure taken to increase the floor-space index for residential properties has met with skepticism from various quarters as the pressure of population is too high and may elevate per square feet rate above Rs 1 lakh for certain areas. Affordable housing should be the mantra of the new government especially targeted towards the low and middle income housing group.

The faster the new government takes charge, the more would be the benefit to the realty Market. There are certain state laws governing realty which, if modified or eliminated, could boost real estate considerably. The combined effect of Diwali and the Maharashtra poll results may help to buoy the real estate market. The festival period is considered to be an auspicious time for people to buy property and favorable poll results would certainly boost buyer interest in the market.

Invest in future. Invest in Maharashtra. The land of opportunities and growth. A promising and stable government will ensure now is the time for you to make your dream house a reality.

Tips on how to be a responsible resident.

You’ll get to meet and live with different kinds of people within the same floor, and the same building. Not only that, you need to also be aware of other duties and responsibilities of living in a complex. Here are 11 easy ways to become a responsible resident:

Watch over your pets

If you are an animal lover and have certain pets at home then you should pay attention to certain things. Keep your pet in a leash when taking them down for a walk. Keep them clean as you don’t want your pet to be smelly and a nuisance to your neighbours. Always bring a handy plastic bag just in case your pet poops in the building or in the society compound. Be sure to clean your pet’s poop immediately. Make sure that your pet doesn’t disturb other residents, especially your neighbours.

Follow garbage rules:

Nobody wants a place full to trash, right? Be sure to take note of the regular schedule for garbage collection so you’ll always be on time taking the trash out. This also prevents the possibility of having leftover waste stinking in your corridor. Properly dispose of your trash by using the right trash bins and trash bags.

Pay society bills on time:

A good resident knows how to pay his society bills on time. Participate in society meetings. Contribute for events like New Year, Ganesh Utsav, Christmas, Navratri etc. So that the events can be arranged properly as funds are very important to arrange programmes in a society.

Be friendly to your neighbours:

Part of being a good resident is being friendly with your neighbours. A simple smile or “hello” can make you feel at ease with them, and in the future, can help you be more comfortable 

especially if you have any concerns in your house or area.

 

Be Aware of Parking Rules:

 

Be sure to respect parking spaces, especially those that are assigned to specific residents. Do not double park, and always stay on your own parking space.

 

Smoke Responsibly:

 

Properly dispose your cigarette butts and do not throw them outside your window.

 

 

Tips on buying a new house

Owning a house is like a dream come true for most of the people. Home buyers look at this particular investment through emotional aspects. They have to consider lot many things before buying a house. The process itself is very complex and time consuming where buyers have to check each and every details before investing in a house as it is one huge investment buyers make and sometimes it costs them a fortune to own a house.

Here is the list of such things which buyers should know before buying a house.

1) Hunt for location:

Every home buyer has their own personal choice to reside at. Finding a good location is one key factor for buyers before buying a house. This process needs lot of research and time, as the activity happens rarely to the investors.  The key things to look for good locations are well connected roads, better facilities with respect to hospitals and educational institutions and it should be free from land related issues. The buyers should also look at the security measures of the location which is an important factor in current date.

2) Check your Affordability factor:

Buyers need to keep aside their emotions and should concentrate at the affordability aspect, whether they can buy a house at this moment or not. Day by day, properties prices are touching sky and the market price also varies for each location. Buyers should invest carefully before buying a house which in future should fetch no tension for them. Also, the investors need to research on the property to look into all the desired things within the given price.

3) Do not overlook the budget:

Budget is one important thing that needs to be planned before hand. It is always better to stick with the pre-planned budget and never to go beyond it. Home buying process involves immense investment and sometime it is the biggest purchase for some buyers. Exceeding budget may bring troubles in future, which in turn may put you through cash crunch situation.

4) Secure Loan approvals:

Home buyers should secure their loan approval before buying a house. To avoid future problems, it is always better to secure home loan and get pre-approval in the first place, which will also provide you an idea about your investment. Many buyers forget this step and face problems regarding loan issues and affordability, in later stage.

5) Do not overlook minor problems:

Most of the home buyers overlook problems before shifting to a house. For example, if the house is in prime location with better facilities, buyers get ready to move in immediately by overlooking minor things like kitchen, bathroom, ventilation, floors and other things that need to be fixed which could actually cost more in later stages.

6) House inspection:

This is one important step buyers need to do carefully before buying a house. During house inspection, buyers should check every single corner of the house, as shifting a house frequently is not an easy task to do. Another main reason for this inspection is to compare if the house is really worth the price to buy.

7) Legal aspects before buying:

Legal procedures need proper attention and time. Look into the legal aspects before buying a house is very important. Before making a final call, it is mandatory to check all the legal documents of the property you are planning to fix. Check whether the property has any legal issues or it is completely free from such issues. As it may happen that to sell out the property, seller may not disclose the hidden problems, and so the check for proper documents is necessary. You can also take help from legal advisors utility departments and tax departments to get further input.

8) Buying a wrong house:

Buyers need to make a priority list before buying a house. Apart from home inspection there are other factors too to look at before fixing a house such as; location, neighbors, parking availability, level of traffic, whether the location is near to an industrial area and the development of the nearby area. The reason to consider these factors is because once you move in the house you cannot change things that you don’t give priority which in future might compel you to change your house and location.

5 Tips to Sell a House Fast

You have been trying to sell your house from a very long time, but no one’s really coming forward to purchase it. Have you thought it through as to why this is happening?

Here are some tips that might help you answer the question “why.”

Focus on curb appeal

First impressions are very crucial. This will make or break a deal. So be sure that your house doesn’t look like it’s an old ancestral house which crumble and fall on your head any moment. Fix the chipping paint, the overgrown bushes, lamination of the door if its chipped from the sides etc.

Don’t take these things lightly, when prospective buyers come to check your house these little things can cancel the deal. Yes, you might have to spend some money to make the exterior of your house more appealing, but its money well spent if it gets potential buyers in the door. Plus, if your house is in good shape on the outside, buyers will see it as one less thing they have to spend money on once they move in.

Make all necessary repairs:

Now time to make sure that the interiors are in order. Repair the leaky faucets, squeaky doors or broken tiles. Hire an electrician to check the wires and the connections, fix any problems, replace several light fixtures and add outlets to several rooms.

Stage the house.
Tidy up the room. Bring out the Monica (from FRIENDS) in you and the clean your house. Staging involves deeply cleaning, de-cluttering, depersonalizing and arranging furnishings to make your house as appealing as possible

Set the price right.

It's important to know what your competition looks like when you're selling a home and setting a price. View listings in your area. If most of the homes that are comparable in size, age and location to yours have hardwood floors and granite countertops and yours has carpet, you'll need to set your price lower (or make updates to fetch a higher price). If the reverse is true, you might be able to set your price a little higher and point out to potential buyers that your house has more features than comparable properties. Most importantly, though, you need to be willing to negotiate.

Spread the word.

Post about this on Facebook, Twitter wherever possible to create awareness. Put a “For Sale” board in your building or wherever it will grab people’s attention. Tell your friends and as many people and ask them to spread the word. Even if you hire a real estate agent, you should let as many people as possible know that your house is for sale. Someone who isn't even in the market for a new house (and not checking real estate listings) may have secretly been longing for your home and might jump at the chance to buy it.

REITs for common man

The real estate market is yet again the prime focus for investors diverging from various other conventional markets. The signs of revival in realty market are prominent with increasing inquiries of available residential/commercial assets and new launches by developer groups. Along with the increasing traction on ground, the realty market has yet another reason to cheer in the present day.

As reported by The Economic Times, REITs will enable the common buyers to invest in currently available office space and hence pump in considerable amount of funds in the cash starved realty domain. Most importantly, REITS are the platform for common man to embark on the journey of monetization in the real estate sector which has so far been way beyond the reach for them.

REITs and the Common Man:

No more barrier of a massive down payment to invest in real estate sector. With REITs, mid-income individuals will also be able to invest as SEBI guidelines have brought the minimum investment threshold to a bare INR 2 lac 

For common man, now real estate will be an opportunity for investment and hence the diversification of their investment portfolio will be easier and prudent. REITs will enable the trade participation of a larger base of investors belonging to various categories of fortune 

Being a regulated mechanism for investments, REITs will no longer let the common man be dependent on whims of builder groups and rather reassure them with bargaining power against the developers 

By far, the ROI in real estate was solely dependent on the level of value appreciation for one or two assets owned by single owners/investors. However, REITs will let the investors hedge their investments while it is invested in multiple projects of various segments/asset classes  

As performed in the developed markets, REITs will bring in a venue of regular income for investors as the asset value/rentals increase in tandem with inflation. This would do away the perception of a long gestation period required for monetization in the realty sector

As witnessed, market experts envision the future of realty sector to be a win-win arena for both the developer and buyer segments. The developers are expected to be relived with enhanced cash flow as a subsequent of more investors diverging towards real estate sector. On the other hand, the buyer segment also gets their share of profits with easy and regulated investments in the real estate sector which remained out of bounds for common man till date.