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Creative Ways to Make Your Home Feel Wide and Bright

July 31, 2019 by transcontriumph  

 

If you feel that the walls of your house are closing in on you, then it is about time you start thinking of redoing the house. It not always possible to break down walls and add an extension to your house. It is a costly and time-consuming affair. If you want to make your house feel brighter and spacious, then you have reached the right place. Here we share a few smart hacks to make your house look bigger and better.

Try Multipurpose Coffee Tables: Avoid squeezing over seating in the room. Adding large sofas can make your room look smaller. Instead, you can use compact coffee tables. These coffee tables are handy, stylish and can be rearranged easily.

Replace Doors With Glass: A door closes one room from another. That is precisely the purpose, but you can think of replacing a wooden door with glass. Glass doors help create depth in a room. You can also replace the shelves with glass which can help you to organize things.

Hang A Mirror: A mirror is the easiest thing to use to make a space look wider and larger. It not only creates a visual illusion; it also reflects more light in the room. You should frame the mirror and match it with the decor in the room.

Add A Chaise Lounge or Floating Cabinetry:There are many luxury New Projects in Andheri West, which have open floor plans. You can add an L shaped sofa to separate the living area and the dining area. A wall-mounted console can also help give the room a floating effect.

Use Foldable Furniture: Foldable furniture helps save more space in the room when the furniture is not in use. This enables you to use the temporary area.

Keep The Colours Light:The darker shade of colours makes the rooms look small. To make a room look spacious, you can use whites and such lighter shades. Monochromatic tones can make a room look large.

Introduce Vertical Playing Spaces: Vertical activity stations for painting or puzzles is one good way to keeps the kid’s space cleaner and also make the room look big.

Use Oversized Art: Instead of having smaller paintings, you can have one larger than life painting on the wall. Try and hang it at the eye level. It makes the room appear larger. Art provides a chic feel to luxury house buy Flats for sale in Andheri West.

Pocket Doors: Instead of a standard door, a pocket door slides along a track. This takes up less floor space. This also causes less obstruction as the doors open outwardly. Avoid the hassle of breaking down the walls and use these hacks instead. Finding a luxury house is no more difficult. There is no such thing as a space crunch if you use the above tips to make your house look larger. Owing to different areas in Mumbai, whether you own a 4 bhk Flats in Andheri West or any Property in Andheri west, you can use the above hacks and tips to make your luxury house look more spacious.

Five Emotional Reasons Why People Buy House?

July 23, 2019 by transcontriumph  

 

Unlike commercial property sales which involve careful consideration of the price and return on investment, residential house are generally bought for emotional reasons. Making a successful residential sale involves understanding this underlying reason and connecting the sale to it.

Here are five emotional reasons why people buy homes:

For A Lifestyle:

Some people have dreams of a lifestyle that they are currently unable to achieve. Maybe they would like to exercise regularly, but the thought of driving through congested traffic and hunting for parking space is stopping them from going to the gym, shopping, gardan and more. A residential complex that provides amenities like gym, swimming pool or sports area might be just what they need for them to successfully live their desired lifestyle buy house New Projects in Andheri West.

Aspiration:

Buying a House is an aspirational dream for many people. Their status in society is enhanced when they tell others that they own a Home. They feel pride and self-respect. Buying a house Flats for Sale in Andheri West is an important milestone in their life.

Peace Of Mind:

Living in a rented space requires a constant cash flow to pay the rent. This causes a worry for many people because should something bad happen at work, like unexpectedly losing their job, then they might search it difficult to pay the rent. Such people would prefer to live in their own home so that they have peace of mind on this issue.

As An Investment:

Finally, there are people for whom the purchase is an investment. They don’t intend to live in the home but are buying it to rent out or to sell at a profit later on. These buyers are most interested in the rental value and appreciation potential of the neighbourhood.

Keeping Up With Others:

Don’t laugh. This is an important reason for many buyers! They see their friends and colleagues buying homes and talking about it all the time. They feel left behind; that everyone else has gone ahead in life except them. These could be first time home owners, or even experienced buyers looking for a vacation or retirement house.

As a seller, if we can understand the emotional reason for the buyer, then we can connect the property to their underlying reason and increase the chance of a successful sale Property in Andheri West.

How Will Including Real Estate Under GST Entirely Help Deal With Uncertainties

July 17, 2019 by transcontriumph  

The real estate sector has undergone some major changes in recent years. The initiation of GST and RERA in real estate have been two of the most important aspects. Whether or not the real estate sector should be brought entirely under GST has been a topic for debate over the last few months. The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure for housing units in the budget for individual homebuyers.The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure for housing units. Besides, it is necessary to look into the increment of the interest on home loans, which is presently fixed at INR 2 lakhs. These measures are expected to increase the demand for residential units across the country. The developers will also be able to liquidate. New Projects in Andheri West are also planning their budget and flat’s rate accordingly.

It is considered that INR 2 lakh, which has been set as the limit of reduction of interest, is too low. It is actually not synchronized with the present capital values of the properties. In Budget 2019, one of the important announcements would be the inclusion of the entire real estate sector under the ambit of GST. This will help the real estate sector deal with all sorts of uncertainties, that are caused by different rulings and notifications in the recent past.

As a result of imposing the GST, the payable stamp duty on the sale of land agreements would be subsumed. Therefore, the Budget should be addressing this issue, that was created in January 2018 by notification. The aim of this notification is to transfer the tax on land development rights. This has already caused a lot of difficulties for the real estate developers and it should now be withdrawn.

Presently, the Central GST Act imposes a restriction on construction services, when it comes to the input tax credit. A direct link exists between the construction services that a commercial real estate developer receives and the activities like leasing and renting a space. The service provider who is engaged in renting should also be allowed to enjoy the credit of the tax that has been paid on construction costs.

The concept and regulations around REIT have already been in the real estate sector for some time now. Only recently, the listing of REIT has started. In case some open issues in the tax regime pertaining to REITs in the form of DDT (dividend distribution tax) exemption are considered and developers will have a greater potential in achieving the desired liquidity. Some of the reputed developers dealing with SEZs (Specials Economic Zones) would look forward to get an extension of the clause governing tax holiday sunset. The government should amend the tax law, as a part of the overall agenda in reviving the SEZs. These measures can strengthen the real estate economy in the coming years.

An Architectural Marvel of G + 35 Storeys. where luxuries are stirred with Indulgences, the contemporary blends in with Classy and Privacy teams with Connectivity.We Present – ‘Transcon Triumph’ – A Lifestyle for the connoisseurs of art and Apartments in Andheri West that are winners of 4 Asia Pacific Awards that let you feel the finesse and live the Luxury.

What real estate gained in Union Budget 2019?

July 10, 2019 by transcontriumph  

Current Rental Laws are archaic as they do not address the relationship between the Lessor and the Lessee realistically and fairly. A Model Tenancy Law will also be finalized and circulated to the States. It is proposed that several reform measures would be taken up to promote rental housing. Large public infrastructure can be built on land parcels held by Central Ministries and Central Public Sector Enterprises all across the country. Through innovative instruments such as joint development and concession, public infrastructure and affordable housing will be taken up. It is proposed to permit investments made by FIIs/FPIs in debt securities issued by Infrastructure Debt Fund – Non-Bank Finance Companies (IDF-NBFCs) to be transferred/sold to any domestic investor within the specified lock-in period.

An important determinant of attracting cross-border investments is availability of investible stock to the Foreign Portfolio Investors (FPIs). This issue assumes greater significance in view of the gradual shift, from stock targeted investments, towards passive investment whereby funds track global indices composition of which depends upon available floating stock. Accordingly, FM proposed to increase the statutory limit for FPI investment in a company from 24% to sectoral foreign investment limit with option given to the concerned corporate to limit it to a lower threshold. FPIs will be permitted to subscribe to listed debt securities issued by REITs and InvITs.

New and innovative financial instruments have been launched in the last five years like Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) as well as models like Toll-OperateTransfer (ToT) as part of the brownfield asset modernization strategy for augmenting infrastructure investment. India has had a reasonable success in brownfield asset monetization and several InvITs and one REIT transaction have already been completed. Additionally, NHAI carried out one ToT transaction as well. The cumulative resources garnered through these instruments and model exceed 24,000 crore.

Pradhan Mantri Awas Yojana – Gramin (PMAY-G) aims to achieve the objective of “Housing for All” by 2022. A total of 1.54 crore rural homes have been completed in the last five years. In the second phase of PMAY-G, during 2019-20 to 2021-22, 1.95 crore houses are proposed to be provided to the eligible beneficiaries. These houses are also being provided with amenities like toilets, electricity and LPG connections. With the use of technology, the DBT platform and technology inputs, average number of days for completion of houses have reduced from 314 days in 2015-16 to 114 days in 2017-18.

Under Pradhan Mantri Awas Yojana – Urban (PMAY-Urban), over 81 lakh houses with an investment of about 4.83 lakh crores have been sanctioned of which construction has started in about 47 lakh houses. Over 26 lakh houses have been completed of which nearly 24 lakh houses have been delivered to the beneficiaries. There is large scale adoption of new technologies for construction of these houses. Over 13 lakh houses have so far been constructed using these new technologies.

For good quality of life and ease of living, maintaining a cleaner environment and ensuring sustainable energy use is vital. A programme of mass scaling up of LED bulbs for widespread distribution at household level was taken up resulting into massive replacement of incandescent bulbs and CFLs in the country. Approximately 35 crore LED bulbs have been distributed under UJALA Yojana leading to cost saving of 18,341 crores annually. India is going to be free of incandescent bulbs and CFL use has already become miniscule. We will use the approach of mission LED bulb method to promote the use of solar stoves and battery chargers in the country.

Financial gains from cleaning of the banking system are now amply visible. NPAs of commercial banks have reduced by over 1 lakh crore over the last year, record recovery of over 4 lakh crore due to IBC and other measures has been effected over the last four years, provision coverage ratio is now at its highest in seven years, and domestic credit growth has risen to 13.8%. Government is setting an enhanced target of 1,05,000 crore of disinvestment receipts for the financial year 2019-20. The Government will undertake strategic sale of PSUs. The Government will also continue to do consolidation of PSUs in the non-financial space as well.

For realisation of the goal of ‘Housing for All’ and affordable housing, a tax holiday has already been provided on the profits earned by developers of affordable housing. Also, interest paid on housing loans is allowed as a deduction to the extent of 2 lakh in respect of selfoccupied property. In order to provide a further impetus, I propose to allow an additional deduction of up to 1,50,000/- for interest paid on loans borrowed up to 31st March, 2020 for purchase of an affordable house valued up to 45 lakh. Therefore, a person purchasing an affordable house will now get an enhanced interest deduction up to 3.5 lakh. This will translate into a benefit of around 7 lakh to the middle class home-buyers overtheir loan period of 15 years.

Consideration for TDS on immovable property: It is proposed to provide that for the purpose of tax deduction at source from payment made for acquisition of immovable property, consideration shall include other charges in the nature of club membership fee, car parking fee, electricity and water facility fee, maintenance fee, advance fee or any other charges of similar nature which are incidental to the purchase of immovable property.

Alignment of definition of affordable housing with GST Acts: In order to align the definition of affordable housing in the Income-tax Act with the GST Acts, it is proposed to increase the limit of carpet area from 30 square meters to 60 square meters in Metropolitan regions and from 60 square meters to 90 square meters in nonmetropolitan regions. It is also proposed to provide the limit on cost of the house at Rs. 45 lakh in line with the definition in the GST Acts.

I propose to enhance the metrorailway initiatives by encouraging more PPP initiatives and ensuring completion of sanctioned works, while supporting Transit Oriented Development (TOD) to ensure commercial activity around transit hubs.

An Architectural Marvel of G + 35 Storeys. where luxuries are stirred with Indulgences, the contemporary blends in with Classy and Privacy teams with Connectivity.We Present – ‘Transcon Triumph’ – A Lifestyle for the connoisseurs of art and Apartments in Andheri West that are winners of 4 Asia Pacific Awards that let you feel the finesse and live the Luxury.

Source – https://realty.economictimes.indiatimes.com/news/industry/what-real-estate-gained-in-union-budget-2019/70089742

How to Get A Home Loan To Construct Your Own House

July 3, 2019 by transcontriumph  

 

Home loans are taken by people either for purchasing of a ready-to-move-in flat or for booking an under-construction flat. However, people also avail home loans to get their house constructed – either by themselves, or by employing a contractor to construct the house – on a plot that they own. Availing home loans to get their own house constructed, the process of approval and disbursement of such a loan, is different and also with a longer process from that of a regular housing loan. Such loans are commonly termed as ‘construction loans’.

Required Documents – For availing a home you are required to submit alot of documents. In addition to the regular ‘know your customer’ (KYC) and income documents, to avail of a home loan, you will have to provide the prospective lender with all the relevant documents that establish your title and ownership. You can also avail of a loan on a leasehold land, where the lease is for a reasonably long period of time. You will also have to submit a no- encumbrance certificate pertaining to the property. You may require a number of documents while submitting your application for housing loan such as Proof of Identification, Proof of Age, Address Proof, Income Documents etc. You also have to submit the documents of the property or plot for which you are taking a loan. You will have to submit the plan and layout of your proposed property or plot. While submitting the documents of the property you may have to ensure that it has been duly approved by the local municipal authority.
You will also have to submit an estimate of the cost of construction, which has been certified by a civil engineer or an architect. Based on these documents, if the lender is satisfied about your overall eligibility and the estimate of the cost submitted by you, it will sanction the home loan subject to the usual terms and conditions.

Interest Rate – Before taking home loans from any bank or lender, you should ensure and check about the interest rates availed by them. All the terms and conditions related to the interest and payment of the principal amount must be discussed beforehand with the lender or the bank to avoid any chaos or confusion later.

Margin money – With the home loans the borrower will have to contribute the margin money towards construction of the house, depending on the amount of home loan that is requested. The borrower has to contribute a certain amount of percentage. While calculating your contribution, the cost of the plot is also taken into account, in case the same has been purchased recently. However, the value/cost of the plot is not taken into account while computing your contribution, in case the same has been inherited by your or is received as a gift or if it was purchased long back.

Disbursement of the loan – The disbursement of the home loan is done in parts, and the money is released as and when required or based on the progress of the construction, similar to the process followed when an under-construction flat is booked with a developer. However, the lender will not disburse any money till you bring in your own contribution as agreed and provide proof of the same. For availing disbursements from the bank, you will have to submit photographs of the house and certificates from an architect or civil engineer about the stage of completion of the house.

Before the disbursement every time the lender may ask to submit the certificate and photographs submitted by you, or it may decide to hire its own technical person to verify the same. So, if the construction is completed quickly, the disbursement of money by the lender will also be faster.
Leading lenders like SBI, HDFC Ltd, ICICI Bank, etc., are active in the construction loan segment. However, not all the lenders that provide home loans, will also provide construction loans. Some lenders are not comfortable funding such self-constructed properties.

An Architectural Marvel of G + 35 Storeys. where luxuries are stirred with Indulgences, the contemporary blends in with Classy and Privacy teams with Connectivity. We Present – ‘Transcon Triumph’ – A Lifestyle for the connoisseurs of art and Apartments in Andheri West that are winners of 4 Asia Pacific Awards that let you feel the finesse and live the Luxury

Budget 2019: Top 5 Expectations Of The Real Estate Sector

June 28, 2019 by transcontriumph  

The aam aadmi always hopes that the union budget will have announcements that will impact their lives positively – for example, by improving their income and helping them to get jobs. Similarly, the real estate sector too hopes that the budget will alleviate their major problems and boost growth in the industry

1.Solution to funding issues

The real estate sector has been facing a significant funding crunch, which was aggravated by the distress in the NBFC (non-banking financial company) sector. “The realty sector is expecting the government to ease ECB (External Commercial Borrowing) norms, to ensure steady inflow of capital from foreign investors. Similarly, the introduction of housing bonds, granting of special status to HFCs (housing finance companies), at par with the banking sector, will further help in providing the much-needed fillip to the housing segment, across all markets and geographies. For ambitious government welfare schemes, such as the ‘Housing for All’ initiative to be a reality, such reforms are prerequisites,” asserts Anshuman Magazine, chairman and CEO – India, Southeast Asia, Middle-East and Africa, CBRE.

2.Support for affordable housing

While the government has taken several initiatives to boost affordable housing in the country, experts maintain that there is room for more steps. According to Nimish Gupta, MD south Asia, RICS, investments in infrastructure development are likely to have a substantial share. This should help in increasing developers’ access to funds, for the development of affordable housing projects, in addition to initiating rental housing, he adds. “Highest levels of compliances and adoption of business best practices will, therefore, need to overlap with advancements in technology and delivery mechanisms, for the affordable housing scheme,” says Gupta.

3.Tax rationalisation

The real estate sector is also expecting further relaxation in the GST rates. Recommendations, to cut the corporate tax and extend the SEZ program, have also been put forth. There is fear that if the tax incentive for SEZs is withdrawn, it could severely hit the job creation ability of the sector. Praveen Dhabhai, COO, Payworld, points out, “We expect Modi 2.0 to think towards the reduction in GST, for remittances where the margin is wafer thin. The current GST rate is levying a huge burden on the end consumers.”

4.Cross purchasing of residential and commercial properties, from sales proceeds

At present, there are restrictions on tax benefits, if the seller of a residential property uses the sales proceeds, for buying a commercial property, or vice-versa. Analysts are hoping that the government will take the initiative, to allow the use of sale proceeds of residential property to purchase commercial property and vice-versa.

5.Infrastructure development

The union budget should focus on a holistic plan for infrastructure and housing development, in the peripheral locations and tier-2 and tier-3 cities, says Magazine. A boost for infrastructure, will not only benefit the realty sector but also help other industries and create large scale employment in the economy. “For the creation of large-scale housing developments, tax benefits under Section 80-IA and Section 35AD (deductions to encourage private sector participation within the infrastructure sector) should be extended to integrated township projects, by including the same within the definition of infrastructure facility,” Magazine concludes.

Key expectations of the realty sector from Budget 2019

Rationalisation of taxes and subsuming of stamp duty within the GST.
Resolving the NBFCs’ woes.
Working with the RBI on a mechanism to immediately pass on interest rate cut benefits, to home loan borrowers.
Accepting the long-standing demand of single-window clearances for projects.
Industry status for the real estate sector.
Financial support and wide-scale initiatives towards skill development.
Initiatives to promote artificial intelligence (AI) and technology in real estate, to achieve the ‘Housing for All’ mission.
Reducing corporate taxes.
More support for SEZ development.

5 expectations that Interim Budget 2019 must address, to uplift the real estate sector’s sentiment
With the real estate sector facing the problem of high inventory, low liquidity and high input cost, we look at some of the top issues that one hopes the interim budget will address, for a revival of the sector

Update on February 1, 2019:

Tax exemptions proposed in Interim Budget 2019

As a once in a lifetime benefit, the of rollover of capital tax gains is proposed to be increased from investment in one residential house to that in two residential houses, for a tax payer having capital gains of up to Rs 2 crores.
Exemption on notional rent on unsold inventory increased from 1 to 2 years – i.e., notional rent wil lbe levied only after 2 years.
Affordable housing – Section 80IBA – benefits extended by another year if registered by 2020.
TDS exemption on rental income increased from Rs 1.8 lakhs to Rs 2.40 lakhs.
TDS threshold on interest earned from banks, FDs, etc. – raised from Rs 10,000 to Rs 40,000.
Notional rent to be exempt on second self-occupied house.
Standard deduction raised from Rs 40,000 to Rs 50,000 for salaried classs.
Individual tax payers with annual income of up to Rs 5 lakhs to get full tax rebate. Those with gross income of Rs 6.5 lakhs may not be required to pay tax, if they do investments in specified savings like VPF, etc.

Aashish Agarwal
Head – consulting services at Colliers International India

With exemption on notional rent for self-occupied second homes, the Government has addressed a significant pain point for the middle class, particularly migrants with dependant parents. Along with capital gains exemption for up to two houses, this will allow people to have a diversified portfolio for real estate investment – which will spur demand across the country, including Tier 2 and Tier 3 cities.

Joe Verghese
Managing Director (south), Colliers International India

Review of “GST impact on homebuyers” by group of ministers is a positive step, but it is disappointing to note there is no timeline around the changes to be introduced and implemented. It’s will be a wait and watch on this front unfortunately.

The Indian economy is expected to remain one of the fastest growing economies in the world. This is possible, only if India’s realty sector performs well, as it contributes a significant portion to the GDP. Hence, there are hopes that the government will address several challenges faced by the sector, in the interim budget 2019. Some of these pertain to taxes, funding and liquidity, rental housing and project approvals. Experts also maintain that while the affordable housing segment has been granted infrastructure status, it would help if this was extended to other segments of residential housing, as well.

5 concerns that require attention in the interim budget 2019

According to Niranjan Hiranandani, co-founder and MD of the Hiranandani Group, the government should focus on the following concerns, in the interim budget 2019:

“Incentives for rental housing, to meet the acute shortage.

A clear policy roadmap for the creation of rental housing stock and exemption from the burden of tax on notional rental income.
Rationalisation of GST in case of under-construction properties – the GST should be pegged at either eight per cent with an input tax credit or five per cent without the input tax credit.

Focus on financial re-engineering concepts, to overcome the NBFC crisis and the challenge caused by the IL&FS default.

Incentives for new asset classes in real estate, like affordable housing, warehousing and logistics, co-working spaces, co-living spaces and light industrial spaces.”
Another demand that has been repeated in previous budgets, includes a smooth process for granting permissions and clearances, in a time-bound manner.

hile generous funds were allocated for various highways projects in the previous budget, experts maintain that pace of building roads should increase, as improved connectivity is the lifeblood of the real estate industry.

Apart from that, the creation of more employment in the infrastructure sector can redeem the incumbent government’s well-documented shortfall on that front.

The expectation of the real estate sector, from budget 2019

Ashok Mohanani, chairman of Ekta World and vice-president, NAREDCO West, feels that home loan interest rates are the foremost concern of home buyers. “If the tax deduction limit is increased up to Rs five lakhs from the present Rs two lakhs per annum, there will be a positive impact, which will help home buyers to save money on home loans,” he says.

The finance minister also needs to adopt a holistic view, while making proposals for real estate. As per data available from the Ministry of Housing Affairs, the total estimated investment under the Pradhan Mantri Awas Yojana (PMAY), as on January 2019, was Rs 3.87 lakh crores, of which the central government has sanctioned approximately 27 per cent, while only 32 per cent of the sanctioned amount has been released so far. Evidently, despite the government’s concerted efforts towards achieving its objective of ‘Housing for All by 2022’, the deficit is too large to ignore.

An Architectural Marvel of G + 35 Storeys. where luxuries are stirred with Indulgences, the contemporary blends in with Classy and Privacy teams with Connectivity.We Present – ‘Transcon Triumph’ – A Lifestyle for the connoisseurs of art and Apartments in Andheri West that are winners of 4 Asia Pacific Awards that let you feel the finesse and live the Luxury.

Source: https://housing.com/news/budget-2018-top-5-expectations-real-estate-sector/

Interim Budget 2019-20: Key Expectations For Real Estate Sector

June 26, 2019 by transcontriumph  

Presently, the Indian real estate sector is at a stage where it needs a more simplified and faster process of getting project approvals as only then will the builders be able to focus on timely deliveries.

Certainly, the implementation of Real Estate (Regulation and Development) Act, 2016 (RERA) has imbued the much-needed transparency into the real estate sector, but the government has failed to understand that RERA alone cannot assure timely delivery of projects. Bringing single window clearance in place is essential to fast-track project completions.

As of now, builders have to fetch an average of 25 approvals from various government bodies, which not only increases the project timeline by 18-30 months but also propels the project cost. Despite trying hard, many developers are failing to meet project timelines. Therefore, it is essential that the government focusses on a more simplified online project approval process which minimises project delays.

Reduction in taxes has been another long-pending request of industry stakeholders. The 12 percent Goods and Services Tax (GST) levied on under-construction properties has put a financial strain on the homebuyers, who are already burdened with the registration and stamp duty charges. A reduced GST rate of five percent would not only lower the burden on the buyers, but would also encourage better compliance and improved market sentiment.

We have seen a resurgence in the Mumbai’s residential property market with increased sales happening mainly in the affordable and mid-income housing segment. In order to further promote the affordable housing sector, the government needs to give more incentives such as income tax benefits and subsidies along with subsuming stamp duty under GST. The incentives will accentuate the construction of houses for the Economically Weaker Sections (EWS), Lower Income Group (LIG) and Mid-Income Groups (MIG). Developers will be encouraged to take up more affordable housing projects, which will bring down the gap between demand and supply drastically.

The government should also grant industry status to the real estate sector. An industry status implies a lower cost of fund acquisition for developers, more affordable housing and improved housing demand. Presently, developers are reeling under acute financial pressure owing Escrow account maintenance under RERA. Besides, the multi-level approval process is escalating projects costs unimaginably. In such a scenario, awarding an industry status to the sector would be the biggest support from the government.

Overall, the real estate sector is the second largest employment generator after agriculture, and many ancillary industries depend upon it for their sustenance. Thus, the government should review the long-pending demands of the industry stakeholders and announce the necessary measures to corroborate the sector’s growth and development.

An Architectural Marvel of G + 35 Storeys. where luxuries are stirred with Indulgences, the contemporary blends in with Classy and Privacy teams with Connectivity.We Present – ‘Transcon Triumph’ – A Lifestyle for the connoisseurs of art and Apartments in Andheri West that are winners of 4 Asia Pacific Awards that let you feel the finesse and live the Luxury.

Source: https://www.99acres.com/articles/interim-budget-2019-20-key-expectations-for-real-estate-sector.html

Real Estate Jargons To Know Before Investing In Property In Andheri West

June 21, 2019 by transcontriumph  

Over the last few decades, the real estate market in India has witnessed a burgeoning transition. Many new terminologies have been added with more complex data making it difficult for a normal person to understand. Many local terms have slowly been replaced with standardized jargons. A simple understanding of these terms will help in making a more informed and wise decision, whether you are keen on investing in Property in andheri west.

Before going ahead with real-estate deals, here are some of the commonly used terms that one should know and understand:

RERA Act – The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2017, is the law created to regulate the real estate sector. It seeks to ensure transparency and accountability in the real estate sector. It sets up clear regulations to protect the home buyers & developers against default and provides for fast track grievance redressal. If you are planning to invest in New Projects in Andheri West, RERA Act can act as guideline for you and help you make right investment.

Carpet Area – Carpet Area is the net usable floor area of the apartment. This excludes the area covered by external walls, areas under service shafts, exclusive balcony or verandah area. However, this includes the area covered by the internal partition walls of the apartment. Property in andheri west can provide you apartments with different carpet area suh as 813, 1281, 1336, 2187. With these wide options you can now invest as per your requirement and need.

Occupancy Certificate – Upon the completion of a project, it is Vital for the builder to obtain the Occupancy Certificate, certifying that the project has been completed as per the sanctioned plans and is suitable for habitation and the building has provision for civic infrastructure such as water, sanitation and electricity. It is issued by the local authorities notifying that they have provided complete clearance for occupancy and is an essential document that a home buyer buying a 2 bhk flat in andheri west or a 3 bhk flat in andheri west must be aware of.

Super Built-Up Area – Besides the area occupied by individual flats, a building also features common areas such as life shafts, corridors, stairs, lobby, etc. Super Built-Up Area comprises of the built-up area along with a share of the common areas that have been proportionally divided among all the flats within the building. Before investing in any property you should all the amenities provided by the New Projects in Andheri West.

RERA Registration Number – A RERA Registration Number is assigned to a project after its registration with the RERA authority in the state. It is granted to projects once all required documents have been submitted by the developer and validated by the RERA authority. It indicates that a project is being developed in compliance with RERA and its authority. Property in andheri west works under the RERA guidelines and is also registered under RERA Act.

Each industry has its slang and lingos, and real estate is no different. It is essential you know what each of these represent before investing in a residential property. Go for a reputed builder who conforms you to property norms and delivers a product as per approved plans.

Bridge Reconstruction Work To Be Completed On Time: BMC

June 18, 2019 by transcontriumph  

The Brihanmumbai Municipal Corporation (BMC), the country’s biggest civic body, in a statement, has said that the work to dismantle and reconstruct 29 ROBs (road overbridges) and FOBs (foot overbridges) was going on in full swing and will be completed in a time-bound manner. The BMC expressed regret over the inconvenience caused to people by the closure of several bridges and appealed to them to bear with the civic body, saying it was working for a better future of the metropolis.

After the March 14, 2019, collapse of a foot overbridge near the CSMT railway station in south Mumbai, which left seven people dead, the BMC had ordered a re-audit of all the bridges in the financial capital. During the exercise, it found that there were 29 bridges which were beyond repair and had to be reconstructed. Of them, the corporation has so far demolished eight. Of the remaining 21 bridges, 12 have been fully or partly closed for traffic or people’s use and the nine others will be shut shortly, the statement said.

The closure of bridges without making alternative arrangements, has caused traffic jams and put people to hardship, leading to criticism of the country’s richest civic body, whose budget size for 2019-20 stood at Rs 30,692 crores. The closure of the Ghatkopar Bridge over Laxmi Baug nullah has resulted in massive traffic jams on the busy Eastern Freeway and Eastern Express Highway and people have demanded its re-opening. “The civic body is aware of the inconvenience faced by commuters and motorists. Keeping in mind the safety and security of the people of the city, reconstruction work on the bridges is being done day and night, so that they are completed in the minimum possible time,” said the statement.

MMRDA to strengthen 21 FOBs on Eastern and Western Express Highways, in Mumbai

In a bid to prevent collapse of foot over-bridges and increase their lifespan, the MMRDA’s commissioner has ordered the removal of roofs from such bridges on the Eastern and Western Express Highways in Mumbai

May 8, 2019: The Mumbai Metropolitan Region Development Authority’s (MMRDA’s) commissioner RA Rajeev, has ordered the removal of roofs from all 21 foot over-bridges (FOBs) on the Eastern Express Highway (EEH) and Western Express Highway (WEH), in order to strengthen them. “The roofs of FOBs, firstly, look very shabby and also weaken the structure, owing to their weight. I have also insisted that there are no advertising boards on the FOBs. This will lighten the load on the FOBs further and they will serve pedestrians longer,” said Rajeev. “We will also paint the FOBs white and grey, to maintain the aesthetic values around,” he added.

While the MMRDA is carrying out the structural audit of eight FOBs on the WEH through VJTI, Mumbai, and will undertake the same for 13 FOBs on the EEH, the observations made by the metropolitan commissioner are considered pertinent, as far as the longevity of the FOBs are concerned. The commissioner also ordered speedy provision of various signages on the WEH and EEH, while the structural stability of existing signages would also be checked. “We will also undertake beautification of the median and spaces below the flyovers on these highways,” Rajeev added.

An Architectural Marvel of G + 35 Storeys. where luxuries are stirred with Indulgences, the contemporary blends in with Classy and Privacy teams with Connectivity.We Present – ‘Transcon Triumph’ – A Lifestyle for the connoisseurs of art and Apartments in Andheri West that are winners of 4 Asia Pacific Awards that let you feel the finesse and live the Luxury.

Source: https://housing.com/news/mmrda-to-strengthen-21-fobs-on-eastern-and-western-express-highways-in-mumbai/

How To Buy A Home In Your 20s…

June 15, 2019 by transcontriumph  

Owning a home is a dream for many and being able to buy a home early in one’s career, can give you lots of joy. Experts point out that very few youngsters take the plunge into this big purchase, as the entire process is often challenging and complex. Although it may seem like a challenging task, if the process is managed smartly, the benefits are worth it.

“A house is one of the most expensive investments, as compared to other purchases. Hence, buying such an appreciating asset early, helps in correctly setting one’s financial goals. Earlier the investment, higher the opportunity to reinvest and multiply your returns,” says Samson Arthur, branch director – Hyderabad, Knight Frank (India) Pvt Ltd.

Benefits of buying a home in the 20s

For a millennial, buying a home is an investment in the financial future, says Rajat Johar, head of residential services, India, CBRE, who explains some of the advantages of buying a home in the 20s:

Future investment: It allows youngsters to invest in their future, as it provides them with an asset that can be sold, when they are ready to move on.

Youngsters tend to learn better spending habits: It changes the young buyer’s decision-making process, as they learn how to save and spend money in the most effective and efficient manner.

Tax benefits: As home buyers get tax credits, youngsters can use it for lowering their tax liability.

“Also, owning a house is a huge responsibility, which can make youngsters more responsible” he says.

Planning aspects that a buyer in his/her 20s should keep in mind

Planning the budget for a home, is more important than evaluating the maximum loan eligibility. For a first home purchase, set aside a budget that is affordable and in-line with your career growth and pay scale. Ensure that you have savings of up to 20-25 per cent of the value of the house, prior to purchase, while the rest could be from a home loan. Maintain sufficient balance in your savings, for emergencies and other investments like marriage, family, vacations, further education, vehicle, etc.

While most banks provide loans of up to 85 per cent of the property value, youngsters need to first check the EMI that they would be comfortable paying each month.

Sunil Sharma, VP – marketing and CRM, Mahindra Lifespace Developers Ltd, offers some suggestions for property buyers in their 20s:

Loan planning: Consult at least two to three reputed banking institutions, to understand the nuances of the home loan process, including documentation, interest, repayment terms, tenure implications, EMIs, etc.

Project location and connectivity: Work hours tend to be longer at an early career stage and thus, connectivity to core the business districts is important.

Social infrastructure: Nearby retail, dining and entertainment options must be considered, given the fact that youngsters give significant importance to recreation avenues.

Clear titles and other documentation: A younger buyer may need extra guidance on the various legal aspects of a property, such as land titles, statutory approvals, RERA compliance, etc. A consultant or expert can help evaluate the feasibility of a project in this context.

Inculcate financial discipline, by prioritising savings and asset building and you can end up becoming a smart real estate owner. If you get it right the first time, there is a good chance you will know the pitfalls during future investments.

Inculcate financial discipline, by prioritising savings and asset building and you can end up becoming a smart real estate owner. If you get it right the first time, there is a good chance you will know the pitfalls during future investments.

Why buying a home in the 20s is a wise decision

Longer loan-tenure eligibility.
More tax saving, due to income tax deduction benefit available against home loan interest and principal repayment.
Risk appetite is higher, for which the rewards can be better.
A youngster has more time, to balance other financial objectives.

An Architectural Marvel of G + 35 Storeys. where luxuries are stirred with Indulgences, the contemporary blends in with Classy and Privacy teams with Connectivity.We Present – ‘Transcon Triumph’ – A Lifestyle for the connoisseurs of art and Apartments in Andheri West that are winners of 4 Asia Pacific Awards that let you feel the finesse and live the Luxury.

Source: https://housing.com/news/buy-home-20s/