Archive for Residential Property
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 dealers, investments, lease, litigation, mortgage, NOC, Occupancy, power of attorney, rent, sale deed, sell, stamp duty, title deed
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.
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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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
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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.
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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
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“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.
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Private Comfort Versus Shared Luxury
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Bungalow
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Apartments
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Cost
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Land (Rs 5 cr) + Construction (Rs 1 cr) = Rs. 6 cr
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Apartment (Rs. 6 cr) + Facilities (Rs 5 Lakhs)= Rs. 6.05 cr
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Garden
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Private
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Private terrace garden & common garden
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Spacious & Split-Level Living
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Yes
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Yes
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Uniform Neighborhood
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Less likely
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More likely
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Scope For Future Modification
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Substantial
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Marginal
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Security
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Private
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Private & Common
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Common Facilities
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None
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Several (Pool, jogging track, golf course, club)
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Comparison for a luxury apartment project and a bungalow in the same location
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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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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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December 9, 2006 at 9:36 pm
· Filed under Bangalore, Blogroll, Builder, Commercial Property, Delhi, Eastern India, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, NCR Region, NRI Related, Omaxe, Parsvnath, Pearls, Properties, Purvankara, Real esate, Residential Property, Southern India, Unitech
“Okay so I’ll send you funds tomorrow but it would take about 3-4 working days to reach you. Would that be any problem?” you ask. The person on the other side (literally thousands of miles away, somewhere in India) confirms “No Problem Sir. We are already holding a booking for you. Please do remember to send us a copy of the transaction and the application form”. You confirm and the next day, first thing you do is send the documentsa as asked. Whew! I own a flat in Bangalore, you’d think. The guy was very helpful. I wonder that liberalization and globalization has finally set the customer service at India parallel to the best in the world.
4 weeks later.
“Mr. Rangaswamy, I’ve sent you the payment through my NRE account 4 weeks back, and I haven’t nor my folks at India have received any receipts” you snort. “Our systems were down yesterday and the next two days there’s an off due to festivals. I would have someone send you the receipts to your home after that” says the other side. “No da, you’ve been giving me reasons Mr Swamy and I am getting a bit uncomfortable here. This is not how we deal here in the US”, “I agree sir, you know this is India, we are far behind USA sir. But I’ll definitely see what I can do for you. I’ll send you an email today with the status”. Phew! Finally this guy will let me know the status you think. You are eagerly waitig for the email, you check your junk box and still no sign. The pre-sales and post-sales is still quite a difference at India, you begin to think… Did I do the right thing, Oh sure YES!. India is booming and so I had to ride that wave. But how would I be served?
Okay, we set this stage as our founder and his group of friends went through this roller-coaster themselves. We might have exaggerated, but the reality is not far away from the conversation. India is definitely growing much faster than other economies and Real Estate particularly is on all cylinders. Yet riding this wave for an NRI or someone working / living overseas is not a moonwalk.
Here’s where we bring atOnePlace™ to your rescue. We cannot guarantee you a moonwalk, but surely can be your person at India to take care of your interest all the way from gather information to procuring the property, documents and updating you with status.
atOnePlace™, is a marketplace that is built to eliminate asymmetries of information and minimize the inefficiencies of transaction.
Similar to eBay (no we are not an auction powerhouse, neither are we a billion dollar company, yet 
), atOnePlace brings a wide range of projects PAN India with tools for easier search, compare and later transact. atOnePlace has regular listings where you can connect with the builder directly or has a range of trusted (Priviledged) Builders, who we directly sell. [Priviledged Builders are those who have been diligently studied for dependance and stand high on dependance and reliability]. In a nutshell, atOnePlace empowers you to make an informed decision.
So, if you had been looking to invest in the emerging real estate opportunities at India, check out www.atoneplace.com. Information is key to any deal and for Real Estate this is so true. Studying opportunities at atOnePlace won’t hurt either, you’ll be glad you did. If you decide, you can approach atOnePlace™ for helping you to transact. Not only the marketplace showcases newer opportunities but also assists in transactions involved. Once you approach us, we assign you an account executive who then gathers your requirements and present to you best available options meeting your needs.We do not sell or push any particular Builder’s projects. If there’s any builder or project that you do not see on our platform, let him know. The account executive would furnish you with unbiased information about all the projects that include merits and demerits of the properties.
When you take into account all the positives and negatives of the property and finalize the property, the Account Executive or the Agent would inform the developer about your interest. You would receive the application form and the other documentations that maybe needed to book/buy that property. You’d send the form back to our office at Usa or India and forward the due payment either as a Check/Draft or wire them directly to the Developer at India. Once the payment is reeived, you’d receive a confirmation and an electronic copy of your receipts. The original hard copies would be couriered to you at the same time. Hereafter the account exeutive would continue to provide you with continuous uodates and answer any questions / concerns that you might have. Its is our endeavor to minimize the geographical distance that discourages one to invest in global marketplace.
Read more on: How can a customer buy using atOnePlace™ from overseas
NOTE: Fictitious names used, and any resemblance is co-incidental. All copyright & trademarks acknowledged.
www.atoneplace.com
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December 9, 2006 at 7:37 pm
· Filed under Agent, Broker, Brokergae, Builder, Commercial Property, India Real Estate, Indian Properties, Indian Real Estate, Marketing, Omaxe, Parsvnath, Pearls, Properties, Prospecting, Purvankara, Real esate, Reality Firms, Realtor, Referal, Residential Property, Selling, Unitech
Realtors® who are assisting homeseekers and homeowners to buy and sell homes in their residence country can now add Indian Properties without having to step out of their office.
You are a Realtor® living at USA, Canada, UK or any other International location assisting prospects to buy/sell homes there. You are aware of the booming Indian Real Estate Market and wish to expand your portfolio by offering properties from India to your clients. Perhaps you have even flown down to India, formed an association or two with Indian Builders to sell their projects internationally, but after the initial euphoria dies and when it comes to processing- Indian Service Level Standards don’t match your expectations!
If the situation sounds familiar, read on…The geographic distance appear to be the biggest hurdle in transactions- limited awareness of opportunities, process, market trends, time involved in prospecting, then managing applications, payments, receipts and post sales. Add to it the follow up for your broker co-operation and then repatriation issues are just not worth the effort for you to focus outside of your local market, be it USA, UK, Canada or anywhere else.
The anxiety of buying a home 10,000 miles away is far more than your customer who’s buying a home where he lives. The lack of back office support – a dependable framework is what lowers your trust in Indian Real Estate market. Operational issues – manintaining relationship with builders; staying informed of upcoming projects, market trends, local information; follow-up on your sales, documentation, receipts, development updates etc… cannot be handled from thousands of miles away without having a dependable framework.
“I tied up with a builder in NCR area to sell their properties over here in USA. I have a very good clientele which has a sizeable amount of Indian Customers. The problems I faced were too many after which I decided it was not worth my time” states a California Bay Area Realtor. She had quite an experience in trying to conduct the cross border transaction some out of which include:
1. She had a PAN India customer base and so she needed a portfolio that included properties from almost everywhere in India and not just a handful locations.
2. Indian Real Estate Market is booming. Pricing is very dynamic. Properties appreciate at a much faster pace than they used to a decade back. A couple of the leads she sent to the builder’s office got solicited directly by the Builder, a few of them walked out of the deal because they felt the price being quoted to them by the agent was different from the price being offered by the builder and some found out that there were some other opportunities to look at.
3. Of the few deals that she managed to close, servicing them was a very time consuming and helpless position, because she had to depend on the support from the builder’s office tens of thousands of miles away.
4. Finally, the repatriation of referral fees that she received wasn’t that smooth. There was a mysterious web of process and documentation to be submitted to RBI which served as an icing to the desert.
“I look forward to leveraging atOnePlace.com framework. I am quite excited about it. I firmly believe that there are tremendous opportunities to market Indian Properties here in US, but my experience has been, unless you have a dependable framework, its not worth the effort” she says.
So how can atOnePlace.com help Realtors to sell Indian Properties?
Simply put, atOnePlace.com is an online marketplace for Real Estate that has tied up or is in the process to tie-up with hundreds of Builders PAN India. The website has hundreds of new opportunities, both in Commercial and Residential projects, in almost every tier-1 and tier-2 city in India. Realtors like yours can be associated with atOnePlace.com and can leverage the framework to market Indian Properties. Pre and post sales support is handled by the back office support and servicing team at India and USA. All you do is use the tools, stay informed, and prospect. Once the deal closes, atOnePlace would send you a cheque in your local currency for the referral.
atOnePlace™ has launched its BETA services with a vision to bridge the gap of information, trust and service level standards offered by Indian Real Estate Market and International Clients expectations.
Read more on: How atOnePlace™ works for you-Realtor®
For any questions, contact agentenquiry@atoneplace.com
Some restrictions may apply. Check with atOnePlace office for further details. This is not an offer of real estate agency, nor a solicitation of an offer to sell, to agents of any state, province or country in which registration or other legal requirements have not been fulfilled. Check with local authorities and legal experts for any legal issues involved in marketing or prospecting international real estate. NO Federal or State agency has judged the merits or value, if any of any property. This promotional material is not intended to constitute an offering in violation of the law of any jurisdiction. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED OR QUALIFIED THIS OFFERING. All rights reserved.
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