Archive for February, 2010

Realty investment was a one time primary plan for many investors. With scaling prices in real estate, uncertainty hovering in the market scene and unsteady price tags, the property investment is surely declining. The recent years have witnessed a volatility in interest rates in banks which has made it much more difficult for the common salaried individual to invest in real estates.

The ongoing trend however, seems favorable marginally. The prices are again expected to fall by the end of the year which will again make it good for investors and other residents of Mumbai. The affect has also scaled up an increase for rented flats and apartments which is again becoming scarce. Flats that were affordable as rented apartments are now getting scarce and that too at exorbitant rates.

The realtors too are facing the brunt of slump especially from foreign investors who were there prime customers. But all of this is a phase, as nothing remains a steady routine in the market. New constructions are still coming up and houses are sold at predicted rates. Many people who wish to own houses in Mumbai can still think of buying homes in the not so popular suburbs which are still affordable.

Real estate in metros especially Mumbai is getting pricey also owing to the growth of facilities, nearby multiplexes, malls and shopping arcades which is essential for fast paced Mumbaikars who have paucity of time and also believe in entertainment. Complexes are getting plush, with imported fixtures; semi furnished apartments, swimming pool, gym area and also play parks. This is becoming the basic need for affluent people who wish to have all the facilities that are modern in nature.

Homes are also getting more adequate with piped gas facility and 24 hours water facility. Investors look at opportunity to purchase flats at a lower rate and look for an option to sell them at a future rate. This play of market prices is also a way of financial gain which is again an expert’s job. Mumbai real estate laws are stringent and all has to come under the purview of stamp duty, registration, transfer of property rights and other legal formalities.

Homeland attraction is always high for an NRI. For their visits to India, they look out for homes in Mumbai and other metros with the facility to lodge and board or at times during the holiday. This is also a way of investing their hard earned money and owning a home in Mumbai in a premium locality is often a sound investment for them. There are abundant opportunities in property shows and recent new house plots that are also situated at a distance from Mumbai.

Real estate news is always fluctuating and earlier times are replaced by more predictability. Still NRI’s who usually work through a POA or power of attorney wait for best rates whether it is for the purpose of purchase of buying a new piece. Understanding the market has to be closely done as it is very much fluctuating and one has to learn to reap the benefits which sometimes comes with a time frame and limited opportunity.

NRI does also have the interest to invest in plots that of premium nature in suburban places which have the opportunity to scale prices. Thereby they can also get the benefit of going for the price gain by selling the property at a higher rate. Loan schemes are also attractive to NRI’s and the banks are usually delivering services at the doorstep. The operation through a POA further facilitates their need.

Another option for an NRI investor is to semi furnish the apartment and give it on rent. This is also an agreeable deal as thereby the property is not an idle investment and also earns rent. Usually NRI’s prefer to engage a real estate agent for sub letting so that the deal is more secure and has no hindrances. Since the deal is for eleven months, the NRI can utilize the property after completion of eleven months and occupy the place.

Standard of living, lifestyle changes is happening in a big way in Mumbai and NRI’s usually are looking for premium housing localities with lots of space and amenities. Builders use clubhouse, swimming pool and recreation clubs which is added to the monthly maintenance to attract NRI’s. Multi level parking, jogging tracks and excellent location in terms of connectivity are other benefits that appeal an NRI.

Mumbai seems actually a land of opportunities especially when it comes to housing. Like all metros, the paucity of space is being taken care by expert developers. Lands that were huge dumping grounds are now converted into major housing complexes and this is a great achievement to the construction industry in India. There are special constructions to aid better living to the salaried class and also other premium flats that come with a price tag.

Imported technology is being used in the flooring as well as landscaping of the façade. The amenities are getting better to uninterrupted power supply and also water supply. The bathroom fittings are generally of imported variety especially in luxury apartments. There is good utilization of space and balcony area which is also an important view point as per buyers in new constructions.

While looking for new constructions it is important to verify whether the OC i.e. .the occupation certificate and _ is secured by the builder. The transfer of properties has to be checked as per legal rules. Any deviation or unattended matter has to found out before investing in the property. It is also important to check for permission given by the authorities for constructing the number of floors per building.

Connectivity especially in case of transport has to be studied which is also a cost for the commoner who depends on public transport. Another important aspect is the parking area and the number of lots that can be reserved. Certain constructions offer parking lots as per the size of the flats and sometimes the amount is included in the price of the flat as per the carpet area.

Other important criteria are about educational institutions and other facilities that are social in nature. This is an important aspect to people in need of daily supplies required for routine functions. Planning and other areas like play park area, maintenance and other financial facts should be well considered before investing in new constructions. Generally dependable information is available via a reputed estate agent who is a professional at these ventures.

Certain suburbs or uptown South Mumbai has always been a premium area in terms of real estate. Even during normal price times, the areas like Colaba, Fort, Nariman Point or also areas like Parle or Juhu scheme has been coming with a premium price tag. The real estate agents in Mumbai are extremely good at their market approach and also have a keen acumen in judging rates of apartments. Affluent and also the NRI section usually look into premium properties or like to invest in resorts near mumbai.

Most of premium properties are also occupied by celebrities and budding film stars. The locality hence escalates the price tags and also there is a lot of opportunity for super markets and other home necessities. The buyers are usually people in the higher section of the society and also the ones who crave for privacy. Usually celebrities in the film section, sports or industrialists are bogged down by public and want to have a quiet life away from such kind of attention. The area is hence a premium lot and not easily available for common boarding.

Another upcoming premium sector is Navi Mumbai and Vashi which has really made Mumbai special. The railway stations like Juhi Nagar and reliable roads are another advantage. Other suburbs have also improved like Goregaon West owing to the celebrity status and also malls and shopping complexes. The builders in this area are also experts in providing premium properties with amenities.

Developers also are looking at waste lands and dumping grounds. There are major re development projects lined up to change the look of the city. Skyscrapers and towers along with corporate establishments in suburbs are making erstwhile commoners dwelling into premium property sectors. Reduction in loan rates from banks is another reprieve for people who want to own homes in selective areas.

The budget response is also a major yardstick that will relate to future projects in real estate. This is also important as it gives employment to many in the under skilled area. NRI’s often look for these areas to secure a home and a holiday vacation house in Mumbai to fulfill their luxury needs at home.

Finding a dream house is an exclusive luxury. The Mumbai real estate was earlier stubborn in its affordability. Share market was also fluctuating and losses also affected the new construction houses to slowdown the effort in finishing the projects. Mumbaikars face a constant problem of finding the best avenue that will suit all their needs of schooling for children and commuting for work. Modern lifestyle also seeks entertainment in terms of malls and play parks within the vicinity of homes.

While it is not very difficult to find a house by word of mouth or through the builder, the role of an estate agent cannot be ruled out. They have dependable information which is based on facts and research. The estate agent also shows you several projects in the ready and finishing category which will help you make the best choice. Affordable homes are needed by all individuals who are also mainly from the salaried class.

Correct information and negotiation is possible through the agent who is a professional in terms of understanding your budget and also your priorities in seeking a home. The real estate agent also helps people to seek homes in the rented category that can serve as a stand-by till a permanent dwelling is selected. The rate of commission charged by the estate agent or broker depends on the market movement. Reputed brokers often go through the lengths of doing the paperwork and assisting you through your legal formalities.

A reliable estate agent usually comes with lot of experience and market knowledge. They have well established contacts with builders and also a network of sub brokers who are professional in their approach. While enquiring with an estate agent a few lists have to be clarified for e.g. the budget, negotiation interests and other amenities that are preferred by you. In case you are relocating, then the services of an estate agent will prove beneficial as they also help you with the paperwork in terms of agreement clauses and rent negotiation.

It is important to enquire about the broker’s fee and other charges that are applicable prior to clinching a deal. The estate agent actually simplifies in bridging the gap between two parties and also the deal is safely executed.

The real estate in Mumbai is showing positive signs in terms of availability and affordability. Flats or complexes are coming up in a big way and reputed builders are maximizing benefits to couple up with the many demands of luxury that a mumbaikar wants. Waste lands especially dumping grounds which is the best way to utilize the problems of scanty lands is resorted to build houses.

The loan scheme offered by financial houses and banks are tailored in various categories which is a boon to the common man. The floating and fixed rate of interest is a personal choice and a financial analyst or advisor will help you choose the best scheme. Doorstep service is another unique support offered by banks and loan givers. A few valid documents are required as per stipulated rules and the application form needs to have the latest details.

Investors usually look for buying houses at favorable rate and look for gain in terms of selling the flats. These are long term issues and the recent upscale or inflation of land prices has seen them hesitating to block their funds. But of late, owing to the influence of global recession the fall in prices is helping people buy flats. This is a great reprieve as earlier the market was stagnant and the prices were escalating astronomically.

People in metros usually prefer amenities in houses which mainly include well maintained houses. Semi furnished avenues like bathroom fittings, modular kitchens and tile work is preferred by many as ready made benefits. Outside interests like recreation facilities, play area for children, modernized gymnasium and a swimming pool. These surely add up to the maintenance per month and hence this has to be chalked up in advance.

Real estate in remote suburbs like Mira Road, Vasai and Virar is also catching up as there is plenty of opportunity to cash in. The primary objective of purchases is to have access in terms of connectivity and also school or educational institutes nearby. This is important for families who have their priorities set in these terms. Navi Mumbai is the new metro halt altogether with plush multiplexes, better commutable roads and spacious houses.