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A Basic Checklist For Safe Property Buying and Investment Planning

February 17, 2009 at 11:07 am · Filed under Agent, Broker, Brokergae, Builder, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Internet, Investing, Marketing, NRI Related, Properties, Real esate, Real estate trends, Reality Firms, Realtor, Residential Property, Selling ·Tagged , , , , , , , , , , , ,

1. First, check property’s title related issues. Be careful of development structure where title cannot be secured, either individually or collectively to a society, once possession of the premises is delivered. Please note that a sale under a power of Attorney is legally questionable.

2. Make sure that the property’s construction complies with applicable laws by asking for certificates such as completion, occupancy and NOC from right authorities. Also check for any disputes or litigation.

3. Check for access and entrance points to the premises, existence of real estate management entity, maintain and security, adequate electrical load, back up electricity supply, right to install equipment on terrace.

4. If the investment is in a unit (office/shop, and not the entire commercial space),unit holder should procure equal right against other owners of the premise, ensure payment of rent with minimum involvement from other owners, ensure provision exists whereby termination of lease is with unanimous consent of all unit holder, have ability to sell/mortgage the unit.

5. Check and pay appropriate stamp duty and register the sale deed with in 4 months of execution.

6. If you need help, choose someone reliable and expert. Always verify claims made by builders or dealers and take second or third opinions before taking a decision. Never take anything for granted as property dealings involve huge capital investments.

 

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Small real estate agents can close more transactions by offering best services in investment consultancy, insurance, real estate settlement and escrow services. You may be specializing in commercial real estate, or residential. Look around your city or locality, you can execute highly sophisticated transactions operating outside the bureaucratic constraints of a large company. Big competitors really cannot move at our speed.

 

Property business in India is drowned in paper work, and you have to make a commitment as a firm, much like builders and developers. Listening is the key to doing business, and finding common ground is incredibly important. Many people ask here if they should get into real estate brokerage and the simple answer is “We don’t know” – only because we don’t know if they can work as hard as the successful ones do.

 

Remember, most owners and buyers like to work with experienced and trust-worthy agents to enhance their chances of successfully negotiating a home purchase or sale. Your reputation can be a critical factor in getting deals regularly. Unfortunately, there are some real estate agents whose wrongful activities make the entire community suffer.

 

This is what a property owner has commented about property agents – “I will never use a real estate agent to sell or buy property. I have in every case been either ripped off or not told the full truth about a property that I was interested in. And as far as I’m concerned, if their lips are moving, they’re lying.”

Another angry home buyer has this to say – “In my opinion the property agents are a bunch of crooks, they manipulate the price of the houses to keep themselves in jobs and drive expensive cars. They are the people who sell houses to foreigners/NRIs and jack up the prices. They keep encouraging people to sell and resell their houses to raise the house prices.”

 

Getting a reputation of high integrity and ethical conduct will serve agencies well. Exhibiting any practices that are not highly ethical will most likely cause owners, builders, other dealers or brokers to hesitate or refuse to do business with you. It’s impossible to serve the client properly if the broker on the other side of the transaction is suspicious of you.

 

Get more information about the propertie in India at http://www.atoneplace.com

You can view the properties online on the First Realty TV — http://www.atoneplace.tv

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Premium Space

November 26, 2008 at 12:16 pm · Filed under Agent, Bangalore, Broker, Brokergae, Builder, Commercial Property, Delhi, Eastern India, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Internet, Investing, Marketing, NCR Region, NRI Related, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Realtor, Referal, Repatriation, Residential Property, Selling, Southern India, Traffic, US, Western India, legal, problem

Size matters. Ask any member of a joint family and chances are that they are staying on in their vast crumbling old house simply because flats today are too poky. Even the most united family is likely to see schisms when literally rubbing shoulders with the others on a daily basis. But there’s hope—if pockets are deep. Real estate developers are coming up with what are called “presidential apartments”, or apartments built in over 4,000 sq ft. Some of the uber-premium apartments actually go up to 12,000 sq ft. Never mind not having the space to swing a cat; with apartments this size, you can almost have your own private zoo indoors.

 

Duplex? No, triplex

Some of the apartments are three-storeyed with total living space of over 11,000 sq ft having eight bedrooms, as many bathrooms, balconies, separate home office, family room, powder room, decks….the list is long. Here are the key unique offerings you can expect in these houses:

 

Terrace garden & deck

A private garden; wooden or glass decks overlooking the golf course or greenery


Media room

Your mini theatre in the house equipped with the latest in home electronics; expansive seating and shelves

French windows

With so much of premium on the view (sea, golf course, greenery), these floor-to-ceiling windows let you sit back and enjoy. They also add to the sense of space and light


Plunge pools

Your private pool on the terrace fitted with the latest filtering system


Home automation

Consoles that let you control everything from lighting, television, music to even window blinds

 

In cities that are starved of space, a 10,000 sq ft apartment is more than a mere status symbol—it declares loudly that you have arrived. And if  you’re  going to be able to afford to cough up the Rs 1 crore plus that even the smallest of these presidential apartments cost, you’re definitely headed for material success. Depending on the size and location, you can pay up to Rs 10 crore for an apartment. But for that kind of space—generally in prime residential localities—it really doesn’t seem like a lot.

 

Apart from massive floor space in prime locations, you also get every creature comfort that can be built in. Private lifts, landscaped gardens, a gym, swimming pool and state-of-the-art security are taken for granted. The apartments sport imported tiles or wooden flooring, acrylic emulsions on the walls, and ultra-modern modular kitchens. Bathrooms are more like health clubs with top-end sanitary fittings, sauna, steam, Jacuzzi and shower cubicles. These apartments come with at least four bedrooms (some go up to 12), are centrally air-conditioned, a three-tier security system, separate guest and service elevators. Some developers also give buyers an option of getting the space designed according to their requirements.

 

Take Unitech’s Grande project coming up in Noida in the National Capital Region. The project consists of 12 towers, each designed by a different international architect; all apartments have a view of an 18-hole golf course and 100 acres of landscaped greens. The common facilities are equally lavish with a sports complex, a habitat centre, lounge bars, theatres, bowling alley, library, schools and a 200-bed hospital.

 

The apartments themselves come with their own plunge pools and sky gardens. All this for a base price of Rs 6 crore. Similarly in Bengaluru, Total Environment has launched a project called ‘Windmills of your mind’ that has apartments of up to 7,000 sq ft. Its design and facilities rival the best in the world. In Mumbai, where even a three-bedroom apartment is considered luxury, Oberoi Constructions has already sold half of its 8,000 sq ft penthouses at its Skyz project in Worli. K Raheja Universal, which pioneered the trend of duplexes with its Buckley Court project in Mumbai, now has a duplex in most of its new luxury projects.

 

 

Customize

You can decide the design of your apartment. You have choice of layout, interiors, fixtures, landscaping and even the size and number of rooms— everything except the basic structure

Split-level living

Some of these apartments come as duplexes and triplexes. The lower level has the living space and utility rooms like kitchen and the upper level has the bedrooms

Private lifts

Staying on the 45th floor does not mean waiting for lifts—exclusive high speed lifts open into your house and link the floors of your duplex or triplex

Home office

A fully functional, wi-fi enabled office area with a separate entrance and seating area especially suited for working professionals like doctors and chartered accountants

Multi-tier security

From motion sensors and cameras outside the house to password protected locks, gas leak detectors, state of-the-art fire detection and sprinkler systems

Central cleaning

A central vacuum system with ducts across the house so you don’t have to roam around with a vacuum cleaner. All the dust is then collected into a central bin outside the house

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“People from large kothis are moving to apartments but rarely do they want to compromise on the space,” says Kunal Banerji, Vice-President, Marketing and Corporate Communications, Ansal API. Adds Anuj Puri of JLL Meghraj: ‘‘There are two areas of demand for high-end apartments. First, there are people who want to stay within the city, where Rs 1-2 crore for an apartment is normal. The second category is those who want to shift to the suburbs for more space and it is these people who are creating demand for bigger apartments.” The demand is highest in Delhi and Mumbai followed by Bengaluru and Kolkata.

 

 

 

 

Private Comfort Versus Shared Luxury

 

Bungalow

Apartments

Cost

Land (Rs 5 cr) + Construction (Rs 1 cr) = Rs. 6 cr

Apartment (Rs. 6 cr) + Facilities (Rs 5 Lakhs)= Rs. 6.05 cr

Garden

Private

Private terrace garden & common garden

Spacious & Split-Level Living

Yes

Yes

Uniform Neighborhood

Less likely

More likely

Scope For Future Modification

Substantial

Marginal

Security

Private

Private & Common

Common Facilities

None

Several (Pool, jogging track, golf course, club)

Comparison for a luxury apartment project and a bungalow in the same location

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to the Confederation of Real Estate Developers’ Association of India, the market for high-end properties is growing fast and will continue to grow at 7-10% at least over the next two years. The reasons for that healthy outlook, say experts, is the strong economy and big pay packets. These high-end projects have an active resale market too. Over the

past two years, most such properties saw a price appreciation of up to 100%. One reason is the profile of buyers. As NRIs look for ready-to-move-in options, investors get their exit options easily.

 

However, exclusivity is a double-edged sword if you are looking at your property just as an investment; in case of a slowdown or a market crash these are the first to take the hit. “But so much premium is built into these projects because of intangibles that prices will almost never go below the cost of acquisition,” says real estate expert Abdul Bari.

 

 

 

Article by Rakesh Rai

Source: Money Today 2008

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Is this the right time to buy Indian Real Estate?

September 18, 2007 at 12:05 am · Filed under Commercial Property, Delhi, Eastern India, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, Properties, Real esate, Real estate trends, Realtor, Residential Property, Western India

One question which I get asked quite often is the one this topic is about – Is this the right time to buy Indian Real Estate?

I guess the question has its own merit. Indian Real Estate has been and actually is going through a correction phase. Its not really as if the bubble bursted or the markets crashed, but more of a filtering of wheat (real buyers) from the chaff (speculators) thats been going on.

Not that I am any financial expert on the subject but from what I see and hear, Real Estate generally worldwide has a cyclical nature and Indian Real Estate is no different. It is currently going through a dip to prepare for its next high tide. Real estate as a product is fairly limited and there’s pentup demand of Real Estate – both in Residential as well as in Commerical sectors.

Having that said, the followup question is “So, how much of it has already been through?“.

Although India does not has national indexes to support my argument, but I see about 5-10% correction in different parts of the country already happened. Will that continue, probably. Is that happening across the board? Yes and No.

Yes- because the market took a turn from speculators to home buyers, from sellers to buyers and from unhealthy towards regaining health. This is really good for the industry. This was much needed and awaited. This resulted into a correction all over the country, some areas more significantly affected than the others.

No- because the effect hasn’t been on every property that is a part of the Indian real estate. Location, Location, Location are the three core factirs determining the demand as a result the price of any property. Due to limited nature of the product, certain areas, properties have a higher demand than others. So those “in-demand” areas or properties haven’t been affected much, or I can safely state – They are still appreciating North.

Finally the million dollar question asked is – “Is this a good time to buy?”

Now thats where I totally fail to help.

If you have any faith in Buffet investment principles (those who follow him) – join when the tide’s low i.e. YES this is a graet time to find good deals.

Generally/practically – I see most people not being able to gather the courage to invest at a time when markets go through correction. There’s a general dilemma of “what if the market goes further down?” and so the thought continues.

I wish only if someone knew the guaranteed answer to the question!

Gunjan Garg

http://www.atoneplace.com
P.S: feel free to chime in. I’d love to hear your thoughts on this topic. Thanks in advance -GG

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