Executive at Quikr IRX. Realtor
Pros and Cons of Buying a Resale Flat. The dilemma of whether to buy an under-construction flat or a resale flat plagues many buyers. Both the options have different advantages and disadvantages which makes the buying decision even more difficult. Hence, it is necessary for the buyer to be aware of what they stand to gain and what they will lose if they choose a resale flat over an under-construction flat. To that end, we try to break down the pros and cons of purchasing a resale flat. Pros: 1. 2. 3. Cons: 1. 2. 3. These pros and cons sufficiently highlight the dilemma of choosing between a resale flat and an under-construction flat.
Here is what you need to know about PLC. When we think of buying a house, we think of it as a straight-forward process of identifying a builder, selecting the house style, assessing the location, paying up the sales price and voila! The house is ours. What we are not aware of are the numerous hidden costs that we have to incur, before we get the possession of the property. One such cost is known as Preference Location Charges (PLC). What does PLC mean? A comparatively recent strategy that the builders have adopted to push up the sales price is to levy a PLC on their customers for booking a unit that has some differential advantage. For instance, if an apartment has a magnificent view, or a good location, or is Vaastu compliant, then the buyer will be charged an additional price for these benefits. How is PLC Calculated? The usual formula of calculating PLC is to ascertain the total built up area of your flat and then multiply it by a specified rate, as defined in the rate card of the builder.
Important Pointer: New Trends in PLC: What should you invest in: Land or Apartment? Investing in real estate is one of the most important decisions a person has to take in their life. Before taking the plunge, the investor has to weigh his/her needs against the pros and cons of the type of property he/she wishes to invest in. Whether to go for a plot of land or a constructed apartment therefore depends on what the investor expects to gain out of the investment, and the type of property which can help him/her achieve those gains.
To help you make an informed decision, let us compare plots and apartments on several key factors which must be taken into account before making the final decision. 1. Return on investment (ROI) Due to the general scarcity of land, plots usually provide a greater return on investment due to greater appreciation of their value. 2. Understandably, possession of a plot can be handed over the moment the legal formalities are completed. But to say that buying a plot is completely free of any risk would be wrong. 3. 4. What is meant by Floor Area Ratio? Realtor Tip:A higher FAR is good for real estate agents as this means more construction per square feet, higher sales and higher profits.
Industrial and technological development has resulted in movement of masses from small towns and villages to bigger cities in pursuit of employment opportunities. Consequent to this trend, the population density in the cities has increased manifold. To regulate the development of urban areas, the government uses various tools, Floor Area Ratio being most important among them. This tool aims for optimal utilization of land by determining the permissible intensity of development in a given area. This article will throw light on all you need to know about Floor Area Ratio or FAR. What is FAR? Floor Area Ratio or FAR represents the ratio of building’s total floor area to the size of the land on which it is being built.
Formula for Calculation of FAR The formula for calculating FAR is the gross floor area of the building divided by the total area of the plot. What is meant by Floor Area Ratio? What are the Affordable Housing Challenges? The biggest challenge to affordable housing is that the well-to-do are not sensitized about the impact that homelessness has on the society and the economy as a whole. A home is a fundamental requirement of every human being, absence of which implies a lack of privacy, security and dignity and results in an increased crime rate. Vital pillars of the society like policemen, teachers, fire-fighters and nurses have to travel a lot to reach their place of work. Lack of affordable housing can increase the cost of this labour directly and indirectly. If many workers are unable to travel, their number reduces and they ask for higher wages. As workers travel longer distances, man-hours are lost, hurting the economy. Hence, it is important to look through the challenges that need to be overcome: 1.
The law that the natural view of a locality not be defaced should be eased. 2. Sometimes it becomes uneconomical to leave the ground floor for parking in a building created for a lower income group. Beware of common traps while buying a property from a Builder. The Indian real estate industry is unfortunately riddled with nefarious builders and developers that dupe unsuspecting customers. The lack of transparency means that often times, customers who have serious grievances cannot get these addressed.
All of this not only causes huge financial distress to home owners who have invested their life savings into their dream home but also leads to tremendous mental and psychological strain. To avoid falling in the trap of fraudulent builders, it is better to keep the following things in mind. 1. Check builder credibility It seems fairly obvious that you must conduct a thorough background check of the builder’s past projects, but it is surprising how many new customers still fall prey to glitzy ads and big promises made by salespersons. Also, builders that are part of a reputable builders association are required to follow a specific code of conduct that ensures minimum hassle to customers and a healthy relationship between builder and customer. 2.
Benefits of Buying an Under Construction Property. The following conundrum has been faced by every prospective homeowner – should they go for an under construction property, or instead choose to invest in a resale (ready-to-move) property. Both options have their own unique advantages and it is up to the home buyer to assess whether these advantages serve their personal needs.
So if you’re also wondering which choice to go for, the following benefits of owning an under construction property will help you reach an informed decision. 1. Lower costs One of the biggest advantages of an under construction property is the fact that it will always be decidedly cheaper than a resale property. 2. The real estate market, even in its current period of recovery, offers abundant choices to home buyers to choose from. 3. Not only are under construction homes much cheaper than resale homes, the scope for appreciation in their values is also much greater. 4. 5. Your Body Language can Make or Break That Deal. Communication is an integral aspect of a real estate agent’s job. First impressions matter a lot in this people business. One wrong word, gesture, or expression could not only make you lose a potential prospect but also, tarnish your reputation, generate negative word of mouth and decrease your chances of getting referrals. Therefore, to be successful, a realtor has to master the art of communication, and here I don’t mean only verbal, but also the more subtle forms such as the body language.
Let us try and understand the body languages that should be avoided by a real estate agent at every cost. Poor Posture: You will be surprised to know that your posture can reveal a lot about your personality. Slumped shoulders and caved-in back indicate lack of confidence, unwilling to take on challenges and general aura of defeat. Avoiding Eye Contact: Looking away from your customer while discussing possible business propositions can communicate a very negative image. Improper Dress Code: Importance of Solar Panels in Real Estate Sector. Solar power is increasingly being considered as a prominent and powerful source of energy.
Recognizing the potential of this energy from the sun, many residential projects have either started using or are considering installing solar panels to meet their electricity requirements. This article will assess the importance and benefits of solar power in the real estate sector. What are Solar Panels and How do they Work? In simple terms, a solar panel is a collection of solar cells that converts light into electricity. Cost of Installation: There is no doubt that solar panels are capital intensive. Benefits: Cost Efficient: The most significant advantage of these panels is low energy bills. Making the most of the Subsidies: It is possible for homeowners to sell solar-generated electricity to utilities like the government operated grid. Escalation in the Property Value: There is also the advantage of a potential increase in the property’s value because of the addition of solar array.
Safety Measures for Women while Buying a Property. A few decades ago, women’s buying residential properties was considered a rarity. However, better education, rising awareness, higher employment opportunities, and various government supported gender equality initiatives, have enabled women to be more financially independent. Women now have become so much independent that they have made their presence felt in every possible field including the real estate sector. In fact, it has been estimated that 30% of home buyers in urban areas are women, and this trend is likely to increase in the future with sustained globalization. However, in addition to having a comprehensive understanding of the entire buying process, it becomes very important especially for women to pay special attention to the safety aspects of the property as well. Some of the important safety aspects that need to be considered have been discussed below: Location: Convenient location with good connectivity should be the main criteria when looking at potential properties.
Tips to Convert your Flat into a Green Home. Growing awareness for the need of restoring the ecological balance of our planet has prompted organizations and individuals to turn to more energy efficient and environment-friendly practices. One such effort made by the real estate sector is in the form of ‘Green Homes’. These housing projects constructed with sustainable and eco-friendly building materials, are energy efficient, and make the most efficient use of natural resources. However, if one does not possess the financial capability of purchasing a ‘Green Home’, then by incorporating a few changes, you can convert your property into eco-friendly homes. Some of the strategies have been listed below: Insulation: It is estimated that heating and cooling account for 50% of a typical home’s energy consumption.
Opt for Solar Panels: Installation of solar panels can help you bring down your energy costs substantially while protecting the environment around. Eco-friendly Lighting: Install water conserving fixtures: 5 things to check while looking for a rented property. Everyone dreams of owning a home, but that dream can take years to be realized. Until then, most of us have to accept that renting a property is the only possible alternative. Hence, it makes sense that all of us are aware of the key pointers when we’re on the prowl for a rental property. The following tips will ensure that you get a fair and balanced deal on a rental property: 1. Ensure the location is convenient and safe As with any other property transaction, location is crucial when you’re looking for a rental property. Additionally, you must ensure that the location provides ample security to you and your family. 2.
Before you finalise on a property, conduct multiple (and thorough) physical inspections of the house/flat. 3. One of the most contentious issues between a tenant and a landlord arise over maintenance charges. 4. To ensure that the property is free of any legal disputes or fraud, you must demand a proof of ownership from the landlord. 5. 5 things to check while looking for a rented property. Tips on How to Sell your Home Quickly. Selling a house is sometimes considered trickier than buying one, especially if you want to make a quick sale. Apart from the emotional aspect of letting go off your much-loved home, it is also about finding the right buyer and negotiating a mutually accepted sales price. This process itself could take months and at times even a whole year. However, there are some strategies that one could adopt to facilitate a quicker sale. Some of these are listed below.
Time your Sales Right: The right time to sell your home is largely dependent on the economic fundamental and capital value trends of a given area, developmental plans, taxation policies etc. Price Your House Right: Always be realistic while deciding on the sale price of your home. List your House in all Major Online Portals: Online real estate portals have emerged as one stop destination for buying and selling houses. Improve the Curb Appeal: First impressions are said to have the most lasting impact. Stage your house: A Checklist For An Earthquake Resistant Building. Nowadays, there has been this new trend of high rise buildings. Trends come and go but one major aspect that needs instant attention, especially in the case of high-rise buildings and other buildings as well is whether they are earthquake resistant or not. Earthquakes in a way test the strength and reliability of a building. We have seen in the past couple of months how frequent earthquakes have been leading to devastating effects.
Hence, the prime concern for every citizen right now is to check whether the building where he/she is staying or if planning to buy a new one, is earthquake safe or not. There are a lot of parameters through which you can make sure of this. The first thing you should know is what’s your BUILDING’S AGE? Go for the VISUAL CHECK. Deep cracks in between slabs and beams. Deep continuous cracks in roofs and walls.
Vibration while you move furniture or while someone runs on the floor. Conduct an INSPECTION. MOISTURE CHECK is another important parameter. The Stunning Piece of Art. Lost in the enchanted city view of Mumbai, my eyes got struck on this gigantic piece of art, a 27 storey tall building, shining above the skyline of Mumbai. Yes! You got it right. It was Mukesh Ambani’s ANTILIA, expressing the grandeur of being owned by the richest person of India! The house is named Antilia which is named after a mythical island of the same name in the Atlantic Ocean. It is a house for 5 people with over 600 staff for help and maintenance.
Being spread over 49,000 square-feet, it extends to a height of 550 feet (Woooaah!). One distinctive feature of this tall, stunning house is that each one of the 27 storeys of this home has been designed uniquely and neither one matches the other. . # . # . # . #.It has a ballroom, guest suites and a theater that seats 50,multiple swimming pools, yoga and dance studio as well. . # . #. Among 15 of the world’s priciest buildings is Antilia. Indian Realty Exchange. Raja Sirohi: Good network is all you need for a successful real estate growth path. Bharat: Money Matters But So Does Skill And Knowledge. Karan Kathuria: New-Age Thinking Can Make a Lot Of Difference Interview with IRX. Beautifying the Real Estate World : Gunjan Goyal Interview with IRX. Priyanka Ganguly: Training and education is an important skill set for any realtor.
Digital Marketing Impact on Real Estate Market. The Winning Path - Interview with Poonam Anand, Women Realtor. Sailing Ahead on a Smooth Journey – Interview with Saurav Paruthi Realtor. Breaking into Man’s world - Interview with Manju Gaur, Women Realtor. Real Estate Bill gets a nod from Rajya Sabha. The Journey From Stock Market to Real Estate. 10 Real Estate Myths Busted. Affordable housing forecast/trend in 2016. Indian Realty Exchange. Indian Realty Exchange.