Top 10 Events Of 2014 That Brought Good Luck For Mumbai’s Real Estate

In the year 2013, the real estate market of the Mumbai Metropolitan Region (MMR) showed quite a few ups and downs. However, the year 2014 proved to be a year of advancement for Mumbai. With so many breakthroughs in the infrastructure norms and the revival of real estate sentiments, the year brought nothing but the best for Mumbai. Let us talk about the top 10 events of 2014 that led to the forward movement of Mumbai real estate:

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•  The much awaited Mumbai Metro Rail Project finally became operational in 2014. This first line of metro from Versova to Andheri has reduced the traffic to a significant level- on the roads as well as in the local trains.

• The Monorail between Wadala and Chembur also became operational in 2014. Carrying more than two lac commuters, the monorail has been successful in reducing the traffic rabble between these two locations.

• The Navi Mumbai International Airport project is set to take off. The resolution of land acquisition issue between the Project Affected People (PAPs) and CIDCO finally removed the long standing deadlock and the construction work for the airport is likely to start from next month. Nearby localities like Ulwe, Kharghar and Panvel are expected to show significant capital appreciation. Also, Terminal 2 of the Mumbai International Airport was opened last year which enhanced traffic handling capacity of the airport.

• The civic body of Mumbai designated the Bandra-Kurla Complex, located in suburban Mumbai, as the first smart city.

• The property prices in most of the suburbs of Mumbai saw minimal increase. This gave the property buyers a respite and encouraged them to invest in the upcoming and under construction projects in Mumbai.

• Positive sentiments were recorded in the rental market as well. Malad West, Mira Road Goregaon East, Kandivali East and Borivali West were noted as the most affordable rental destinations in Mumbai. Kharghar, Kalamboli and Vashi came out as popular rental destinations in Navi Mumbai.

• In Boisar, around 4,500 units were launched by Mahindra Lifespaces in the affordable housing segment. This will help big time in solving one of the most detrimental issues of the Mumbai real estate market i.e., affordability.

• The commuting time between the International Airport and Vile Parle was considerably reduced as the Sahar Elevated Access Road from the Western Express Highway was opened to public.

• The bill for Maharashtra Housing (Regulation and Development) Act, 2014 was placed by the government. This made Maharashtra the first state in India to have a regulatory body for real estate sector.

• The cluster development policy for Mumbai was also cleared by the Maharashtra Cabinet in 2014. With this, the cabinet announced that the Floor Space Index (FSI) will remain unchanged.

All these events and reforms imparted positive sentiments in the realty market of Mumbai and it has already started to experience resurgence in demand.

Arrange Furniture To Give A Quick Makeover To Your Home

Even the most beautiful of spaces can look utterly unimpressive if the furniture is not arranged correctly. If you are longing to give your home a fresh look, re-arranging your furniture is the easiest way to give your home décor a new look without a spending a bomb.

So, how do you know it’s time to rearrange? When you find less space to walk around your room, need to push aside chairs and tables or start facing trouble in locating everyday stuff in around the area, it’s time to get serious about a furniture makeover.

Consider flexibility of movement

Besides arrangement of furniture, consider the traffic flow and the flexibility of movement of people when they enter and navigate to other areas. For e.g., if your room has several entrances and exits, make sure people can easily get in and out without awkwardly having to push around furniture.

Assess the situation beforehand

Is it uncomfortable to open your drawer in front of guests or do you topple over furniture to get to your closets? Try to arrange furniture to avoid such discomfort.

Use platform beds that do not block the view

Is your bed partially blocking your window view? A bed that peeks over a window looks odd and blocks light. Make it look better with bottom-up shades which will act as a backdrop and allow light to come in. If you’re feeling ambitious, you can also go for a platform bed which is low enough to fit beneath the window trim. Also, to make it look chic and trendy, install an entire wall of colourful curtains as a fabric backdrop.

First furniture that you notice should be appealing

If a dull looking piece of furniture is the first thing you notice as you enter the room, replace it with something more catchy and welcoming. You may even go for reupholstering a worn out piece of furniture with some colourful fabric and give it an altogether new look.

Replace Big Furniture with smaller versions

Big, over-sized furniture can be conveniently replaced by smaller substitutes that occupy less space and serve the same purpose. This makes the house look less cluttered and the smaller versions can fit in multiple places, thus allowing you to rearrange your room without any hassles.

5 Reasons Why You Should Hire An Interior Designer

Do you have a particular look in mind, but don’t know how to achieve it? Do you want to redecorate your room, but the more you try to fit everything in place, the messier its gets? If you answered ‘yes’ to any of these questions, you should probably consider hiring an interior designer to decorate your room.

While most homeowners think twice before hiring an interior designer, in reality designers can actually save your money and time. If you design your room yourself, you may run the risk of things not going as planned and spend more money to rectify the design changes later. But an interior designer not only reduces the risk, but helps in increasing the value of your home.

Hiring an interior designer definitely comes at a price; however getting things right the first time can make the expenses more than worth it. Read on to know how…

Save money

This may sound strange, but hiring a designer can help you avoid costly mistakes. An interior designer not only provides you a proper vision, but access to different kinds of styles, brands and products. With lot of options around, you not only afford the style you want but also don’t go overboard with the budget. Not to mention, Interior designers also save you from frustration and stress which is undoubtedly priceless.

Save Time

Not just money, with proper planning, an interior designer can save endless time and effort. With years of knowledge and experience, a designer can offer you sensible suggestions within defined timeline, budget and list of priorities. He does not need to spend time in research instead he can quickly deliver it.

Access to unlimited resources 

In terms of connections, resources, merchandise, products, lot of options are available to interior designers, which we as general public will have limited access. Getting access to reliable contractors, plumbers, electricians can save you from unscrupulous contractors as well as few headaches.

The aesthetic ‘wow’ factor 

An interior designer has the potential to add the aesthetic touch to your home decor. While we may overlook the nitty -gritty of lighting, furnishing, styling, color, interior designers can help you achieve the wow factor. Trained designers can create blue print of your dream home decor in no time which can transform your living space for better.

The Visual Factor

Interior decoration means the best possible use of the available space and a professional designer can access what is right and what is wrong with the available space. Interior designers can help you create a visual story and make your dream home attractive while still being functional and livable.

A good designer with the right expertise knows the correct use of accessories to create an illusion of greater and comfortable living space! So, get rid of the ‘to-do lists’ and hire a good designer now!

How To Avoid Rejection Of Your Home Loan Application?

Real Estate is probably the most lucrative investment you ever make. But for most of us it is nearly impossible to pay the entire price of the house upfront. In such situations, it becomes necessary for us to turn to banks for home loan. Though the norms for getting home loan have been simplified in the last few years, banks still make you jump through hoops and turn a few pages of your financial life before finally granting the loan.

Here are a few points you should keep in mind to save your home loan application from being rejected:

Assess your financial capability
A bank grants loan only if it is sure of your repayment capability. It is a measure of the disposable income left with you after paying all existing EMIs. You will be granted a loan that will result in an EMI of 50% of the disposable income. So, you must assess your capability to repay the loan before applying for one.
 

Have a decent credit report
A credit report reflects a person’s attitude towards financial transactions. Credit rating agencies like Credit Information Bureau (India) Limited (CIBIL) assign credit scores to individuals. Banks contact these agencies to seek a copy of your credit report to acquaint themselves about your credit history and financial habits. They also look for the existing loans on you and the trends of their payment. So if you have defaulted in the payment of previous loans or credit card bills, it is very likely that your application will be rejected. Also, standing as a guarantor to a defaulter may lead to rejection. To maintain an acceptable credit score, you should pay all your dues on time.
 

Provide correct personal details
You should make sure that the personal details in your credit report and those in your application form do not mismatch. If there is any change in the detail you must update the same to the lender. Also, you can seek your own credit report from the agencies on payment of a nominal fee. And in case there is some anomaly, you can fill the dispute resolution form provided on their website.
 

Have a stable job
Changing jobs frequently creates a bad financial image. Given that the repayment of loan is of utmost importance to the lender, he would want you to have a steady income. So if you are planning to buy a home in near future, avoid changing your job. In fact, the financial strength of your employer firm is also considered as a measure of your financial stability.

Loan application with relatives
In case you need a huge loan, there is a provision where you can have a co-applicant like your spouse, son or father. But clubbing your loan with any other relative is not accepted by the banks because of the possible disputes in future.
 

Property Value and Title 

After considering other factors, banks value the property themselves and grant a loan upto 80% of the property’s value. So you should make sure that you are buying the house at a price close to the market price. Banks may also deny you the loan in case the property title is unclear or disputed.
 

Rejection by other banks
Do not apply for loans from multiple banks at once. Rejection of the loan from one bank can have a negative impact on your credit score, resulting in rejection from other banks as well. So apply for a loan and wait for the bank’s reply to know the reason as to why the loan is rejected and what you can do to correct the same.

Besides these factors, the age bracket of loan sanctioning by the banks should also be considered. Usually the minimum limit is 23-25 years and the maximum is 60-65 years. You need to make sure that you fall in this bracket. Being a little thoughtful will help you avoid the rejection of your home loan.

How Technology Enhances Community Living

In the 21st century, technology is becoming more and more integrated into our lifestyle. Things that were considered farfetched are now becoming a part of everyday life. Today, we can see technology playing a role in every facet of life and everywhere, from educational institutions to offices and homes. The rapid and widespread inclusion of these technological innovations have completely changed the way we communicate with our loved ones and also facilitate integrity and harmony in the society.

With new technological innovations, community living has also undergone tremendous changes from the bygone eras. Technology not only enhances people’s lifestyle but also helps them connect with others.

Is your housing society technologically connected? Have you asked yourself how technology enhances community living? Let’s explore this aspect a little further by touching upon some key factors:

Timely reminder for payments: The new innovations in technology have now made it possible for residents to get timely reminders for payments on their cell phones and e-mail. New software has been developed exclusively for society managers to ease all community living activities. Before this, secretaries or managers would individually send e-mail to each resident but now the software installed in the central server automatically sends timely reminders. This reduces dependence on man power.

By installing apartment management software the whole payment process gets automatic. With a few simple clicks, society managers can easily customized the payment information and prepare a list of defaulters. Additionally, the accounts for each resident can be connected to the central software allowing each member to check his or her balance of payment or dues. Installation of community management software is quite reasonable rather than hiring any manual workforce for collection.

Social Media Interactivity: Availability of numerous social media services and chatting applications on smartphones has contributed towards smart living. WhatsApp is the most popular mobile application among people. One can easily create a society group by adding all society members on WhatsApp. This makes communication comfortable and all members can easily exchange their ideas and thoughts with each other. This results in strengthening the bond between society members and also allows people to communicate with each other and become friends, not just acquaintances.

 

E-Communication: In the current scenario, technology has played a vital role in enhancing better communication between neighbors or society members. Moving from paper to electronic communication, essential notices or messages are passed on via e-mails or mobile messages rather than writing on notice boards or personally informing every individual. E-communication is an instant communication approach that delivers messages in no time.

Security Services within Premises: First phones turned ‘smart’, and now it’s time for homes to follow the lead. All residential townships and community living apartments have incorporated intercom in each of the residences to make communication more convenient.

Security has become the main priority for residential complexes which is why installing home security devices is a smart decision. Today, Video Intercom System is considered to be one of the most effective components for home security. Basic Video Intercom Systems consist of a camera, communication system and an indoor central control system. The most basic setups may only have one camera set to a fixed location and more advanced systems may employ multiple mobile cameras that cover a wide area. Video Intercom System is easily controlled from a central control system inside the home.

Vastu Tips For Kitchen: Cook It Up With Positive Energy Around

“The kitchen really is the castle itself. This is where we spend our happiest moments and where we find the joy of being a family.”

This quote by American chef Mario Batali sums up the importance of kitchen in just two lines. Kitchen, where the food is cooked is regarded as the energy creator in Vastu. It is also the source of health and well-being of the family and has direct effect on our life. Apart from food, the location, direction, set up and colour of kitchen also play instrumental roles in the house.

Vastu helps maintain the balance between energies in the kitchen and creates a harmonious ambience when the family dines together. Here are some simple Vastu tips for your kitchen:

Location of the Kitchen
According to Vastu, the ruling element of kitchen is fire and fire governs the southeast direction. Hence, the best direction for kitchen is the South-East corner. Another viable option is the North-West corner of the apartment. Except these two, all other directions should be avoided for setting up the kitchen area. Also, it should not be above bathroom or puja room. East and South-East are the two best directions for the main kitchen platform. Try not to place the gas burner right in front of the door. Storage for grains and other essential commodities should be in the south or west direction, while water drains and sink should be in the North-East.

Doors and WindowsThe main door of the kitchen can be made in the North, North-East or East but it should never face the bathroom door. The main larger window should always be in the East to allow ample sunlight in the morning.

Colour Scheme 

Vastu suggests different ruling colours for different directions. The colour for South-East is white or silver and the colour for North-West is yellow. Accordingly, the best colour for your kitchen is white; but this is not practically good as cooking processes can make it dirty after sometime. Hence, some other vastu-friendly colour options for the kitchen are yellow, pink, red, chocolate and orange. Never use blue colour for kitchen or dining area as it is considered unstable and reducing colour in Vastu (though it can be used for rooms in west direction). Also, the floor colour of the kitchen should never be black.

Correct Positioning of Appliances 

All appliances that are directly used for cooking such as gas stove, microwave and oven should be placed in South-East, while the person who is cooking should face east. Vastu is not only traditional but logical too which is why it suggests East wall to be the best position for exhaust fan as all the food is cooked in the South-East and the fumes can easily go out through the exhaust in the East. Refrigerator and other electrical appliances can be placed in West, North, South or South-West.

Dining Table 

The concept of open kitchen and a dining table in the area is considered very trendy these days. According to Vastu, dining table should be placed in the North-West corner in a manner that everybody faces North or East while eating the food. It should never be placed right in the centre of the kitchen area.

In addition to these simple vastu-friendly arrangements, your kitchen will look more organized if it is kept uncluttered. Avoid keeping mops and brooms in the kitchen and do not use mirrors for decor. Also, avoid medicines in the kitchen as it attracts negative energies.

Checklist For NRI Home Loan In India

Did you know that being an NRI, you can avail home loans in India? The RBI norms have made the home loan process and tax deductions simple in order to increase more investments in India.

The process to avail a home loan is simpler these days. It requires the applicant (NRI) to produce certain documents, proofs and meet the eligibility criteria.

Home Loan Eligibility
 

• The minimum age to avail a loan is 21 years

• NRI looking for a home loan should be a graduate

• He/She should have a stable job and should have a minimum income of US $2000 (Rs 1,21,210)

• His/Her EMI (Equated Monthly Installments) cheques have to be routed through his/her Non-Resident External (NRE) or Non-Resident Ordinary (NRO) Account. A savings account in India cannot be used.

• Assets, liabilities and number of dependents are also taken into consideration.

• An NRI can avail a loan ranging between Rs 5 lakhs to a crore depending on the cost of the property and his repayment ability. This requirement may vary as per the home loan institution. A maximum amount of 85% of the construction cost and 75 per cent in case of a plot can be availed as a loan amount.

• The tenure for loan repayment will differ as per the loan amount

Taxes
 
When buying a property in India an NRI needs to be aware of the extra costs and tax deductions that are attached to the property. There is also a certain amount that they can avail as tax rebate on the property bought. Here’s a list of the extra costs and tax deductions that you needs to be taken care of.

Taxes: An NRI has to pay the Stamp Duty and Registration fees for the property that he/she is buying. (Stamp Duty differs in every state) If the foreign country has the Double Taxation Avoidance Agreement (DTAA) with India, then he/she is not bound to pay double taxes.    

Income Tax: If the NRI possesses one property in his resident country and seeks to buy another property in India, then he/she is liable to pay income tax on the Indian property, whether or not the property is up for rent. But, if he does not have any other property, then it becomes income tax free. Again if he has two properties in India one will be treated as a rented house and income tax will be applicable on it.

Service Tax: For an under construction property, a service tax has to be levied on the overseas buyer. Generally, for a flat of 2000 sq.ft, a 12.36 per cent service tax is applicable on 25 per cent of the total price of the apartment whereas, for larger flats the tax rate is 12.36 per cent of 30 per cent of the total price of the apartment.
 
No Tax on Inheritance- If a non-resident Indian gets any property as part of inheritance then tax is not applicable. But if the value of the property is in excess of 30 lakhs after home loan deductions etc, then wealth tax needs to be paid. An exception of Section 5 of the Wealth Tax states that if the numbers of inherited properties in India count to be only one, then he/she doesn’t need to pay tax

Selling The Property- If the NRI wishes to sell off the property then he is bound to pay off the taxes on capital gains as per the Income Tax Act.

Tax Rebate: You can claim a tax rebate of Rs 1.5 lakhs on the income or rent amount and another Rs 1 lakh on principal amount of the loan.