PreBudget - budget expectations from Real Estate Buyers 2018

PreBudget - budget expectations from Real Estate Buyers 2018

Triple tsunami — demonetisation, RERA and GST – has severally impacted real estate sector and has resulted in residential launches falling to the lowest in past five years. Similarly, new residential sales, fell to five years low to just 100,000 in fist half of 2017, down around 40 per cent during the same period.

Real estate, which contributes more than 52 million jobs in country and contributes more than 8% of country’s GDP is now expecting big bang reform, for its revival, from coming budget including:

1. Reduction of GST on under-construction property from 12% to 6%-8%. and nominal GST on affordable housing projects

2. 100% reduction on pre-construction period interest on home loans and removal of annual limit of Rs. 200,000.

3. Industry Status’ to real estate to bring down cost of funding

4. Long term capital gains holding period for REIT units to be brought down from 3 years to 1 year (at par with equity investments)

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Looking To buy Your Dream Home? Know How To Negotiate Property Purchase

Buying a real estate property is a pretty expensive transaction and thus it is important to make the right decision. Several factors determine the price of the property like the demand it has in the location and the nature of the defect it has. The price of the property is increasing steadily and thus it is important to determine the present value of the piece. To lock down the best deal, you can follow certain tips and negotiate over the price better. Before making any purchase, you need to know about the builder from the reviews and the feedbacks. If there is any Cheating Case Against Builder filed in the past, you must refrain from choosing that builder.

Those who are looking for price negotiation, they have now more chance of getting a fair price. Since the developers are moving through the phase of liquidity, the home sales are sluggish and sellers are more open to negotiation. In the present market, there is more inventory of property when compared to the number of buyers and thus you have chance for innovative negotiation with the developers.

Determine the fair price or market value of the property

Before starting to negotiate over the price, you need to determine the fair price. Real estate agent or broker will have an idea about the price and in fact, you would also get an indication about the price from the list price. But then, you need to do your research and learn the reasons behind the sale. Find out the selling price of similar property and its price per square foot. If the property is new, you have less chance of negotiation, but you can still move ahead and negotiate. Get to know how long the piece has been there in the market for sale and how many viewings it has. Find out the reason behind the sale. If there is any emergency reason for selling, you have chance of negotiation. Also, ensure that the builder whom you are dealing with, has no registered Complaint Against Builder In Mumbai or any other region.

Do not go too low

Every buyer wants to procure the property at the least possible pricing, but moving too low is not good. It will create a negative impression on the mind of the seller and may even annoy him. You are not supposed to shoot yourself at the feet of the seller, but offer a price which is pretty justified. Then, a seller will not expect a buyer to give his offer price, but he will be ready to negotiate. Also, if a builder agrees to a too low price, just research more about that property, as such builders may be fraudulent and might be selling you the wrong property. N such scenario, also ensure that there is no cheating case against builder with whom you are dealing.

Avoid being emotional and overstretching the property

Do not get swayed away by your emotions and start to like the property too much. If you keep overstretching and appreciating the property too much, you are likely to pay more for it. When you buy a property, be serious and practical. Have your budget in the mind and just stick to it. You must have that maximum price in your mind, which you are willing to pay. In case, your price is not accepted, do ask the vendor how much he wishes to take.  

Be as appealing as possible

Avoid behaving as if you are the first time buyer. When it comes to price negotiation, try and appear appealing and show that you are much ahead of competition. If there is too much competition in the market, it will be better if you can sell yourself as the buyer. A seller will definitely get attracted towards you, if you have no chain or complication relating to the sales. You need to show that you are a serious buyer.

To arrive at the best deal, you need to look for a reliable broker. To avoid filing Complaint Against Builder In Mumbai, you need to dig more and more about the builder. Whether you buy a property all alone or in a group, you need to bargain over a realistic price.

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How Real Estate Developers have Duped Customers in Past?

The entire real estate market of India seems to be notorious due to the lack of transparency. Buyers, most of the times, find themselves locked in the property that has several defects or end up paying charges which they should not be liable to pay. It is even worse when the buyer is just forced to shell out money to fund fines that are actually levied on the builders. 

Buying a property is thus risky despite the government setting up regulation. Then, a buyer can get stuck up in a property which is not constructed fully. It is important to know the tricks that real estate developers use to deceive the buyers. By doing so, you will avoid being Cheated By Builder. 

If you find yourself trapped by a builder, you can file Complaint Against Builder In Ahmedabad.

Violate development rules and plans 

Most of the times, in order to sell the property, real estate developers make a false claim that their construction adheres to the norms of the National Building Code. When most developers get their plans approved or sanctioned by the authority, there are others who do not build as per the plan submitted. There can be violations ranging from building margins and height. They have the false notion that even if the building does not adhere to the building code, it will be regularized later.

Builders earning profits from value additions 

Building amenities and recreational clubs are another issue, since buyers have no other option but to pay for them. As a buyer, the builders often do not give the option of not availing club memberships or other amenities. It is common practice to ask the buyers purchase the amenities and pay for the value additions while the builder continues to earn profit. In some of the projects and townships, the developers just promise to offer grand lifestyle, but do not transfer the ownership of gym, community halls, swimming pools and other facilities. Builders retain the rights over the value additions as per the builder-buyer agreement and continue to milk out money from the buyers. If any such thing happens to you, you can lodge a Complaint Against Builder In Ahmedabad. 

Charging for the super built area

In any of the plots, the built-area is linked to the plot size. The ratio of the built up area to that of plot size is termed as FSI or Floor Space Index. The Floor Space Index is different for different areas. Most of the times, the space occupied by terraces, balconies and the parking lots are not included within the Floor Space Index. But then, once the layout gets approved, developers just convert the other spaces into FSI. The overall cost of the property is then calculated on the basis of super built up area. So, at the end, you need to pay for the apartment's charges and the super-built up area. 

Passing on the developmental charges to the buyers 

Property developers need to pay for the development charges to the government. They include the cost of using civic amenities like water, roads, electricity supply, drainage and sewage expenses. The local authority fixes up the external development charges and then it is passed on to the buyers according to the built up area the buyers get. At times, the developers do not pay the EDC charges and pass on the liability to the buyers. 

The clause of advantage builder 

It is important for any buyer to read up the terms and conditions and find if there any clause regarding advantage builder where the builder is given the right to revise the price of the property. There can be that price-escalation clause where the builder can increase the price of the apartment and the charges relating to it.

There are various other ways in which the builders can cheat a buyer. If you have ever been Cheated By Builders, you have the right to sue him. But then, you need to have that right to sue him as per the terms and conditions of the agreement.

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15 Things You Should Know Before Buying A House

If you want to buy a home, you will feel stressed out and anxious. Well, the entire real estate market seems to be in trouble and so you have to be more careful. To get the maximum value for your money, you need to know 15 important tips to buying a new home. Before that, get in touch with a reliable builder so that you need not file a Cheating Case Against Builder in the later stage.

Weigh your pros and cons before buying a home

Buying a home is not the matter of few cents or dollars, but it will cost you thousands and thousands of dollars. You need to first decide whether you want to rent the home or buy a home. Weigh your pros and cons before you set to find a builder to build your home.

Getting pre-approved for the home loan

When it comes to getting a pre-approval for the loan, it is far more different from getting pre-qualified for the loan.  If you are pre-approved for the loan, it implies that the lender has perused through your finances and knows how much to lend. Thus, getting a pre-approval will save you time since you can decide on the budget accordingly and make your searches. You can thus shop around for an attractive deal and avail a best interest rate.

Get your property surveyed to avoid the border dispute

It is absolutely essential for anyone to get his/her property surveyed prior to buying. This way, one can come to know the exact measurement of the property. Once you know what you are buying, there will be no border dispute and in fact the property tax is also reliant on it.

Avoid anticipating the market

There is no need to time your home purchases and anticipate the market. It is impossible to time the property or housing market. The real estate market is extremely unpredictable and if you time your purchases, you may miss out on a perfect time.

Bigger home is not better

You may get attracted to bigger homes, but big is not always better. Larger houses appeal to only few audiences and so when you go off to re-sell the home, you may not have too many buyers. Smaller houses trade well nowadays.

Do not ignore the sleeper cost

Sleeper cost is the difference between owning a home and renting a home. There are many people who simply focus on the mortgage cost and ignore other expenses like homeowner association expenses, utility bills and property taxes. You need to budget your home after considering the sleeper cost and additional expenses.

Say ‘No’ to impulsive and emotional shopping

Buying a home is a major investment and so there is no room for emotions. To get a great house, go with your instincts and not by emotions.

Get your home inspected

Before you make purchases and complete the payment, get a home inspection. A home inspector can find the underlying issues in the home. If there are issues, you can bargain over the price with the owner.

Go for bidding

The seller will offer his price, but it is important for a buyer to present his price as well. Your bid price must be based on the amount you can afford and the property’s worth according to you. Sellers will respect your price offer.

Get to know about the neighborhood

Drive by the houses located nearby and get to know your neighborhood. Enquire about the place to know about the people.

Look for residence which is priced lower

Try and look for a home which is priced 15-20% lower than its market value.

Buy the home you can afford

Buy a home which is appropriate for you. Check out the rates and the payment you have to make.

Stay organized in your finances

Organize your finances to determine your budget. It's vital to understand that how much you can spend, so, that you check the houses that ideally fit in your budget.

Get in touch with a reliable builder

A broker can be quite helpful in presenting the properties which meet your requirements, in terms of location, budget and space.

Go through the terms and conditions

Before signing the dotted lines, make sure you read the contract. There must be a provision stating that you can File Cheating Case Against Builder or File Complaint Against Builder in Ahmedabad in case he cheats you.

By following the aforementioned tips you would be able to buy the home of your dreams.

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5 Key Property Investment Do's and Don'ts in India

The Indian housing market seems to be tan all time low and so there cannot be a better time for the buyer to make a purchase. The reducing price rate of commercial and residential properties in India makes the home buyers consider purchasing rather than renting a property. Those who want to amass more property and add to their portfolio, they are getting more attracted towards real estate investments.

Seasoned investors are very well aware that investing on a property will bring forth maximum returns. If you are a new investor, you need to consider various key points and adhere to the investment tips. In case, the world of investment seems complicated, consider the do’s and don’t tips stated below.

Some Do’s That Investors Must Consider

• Get all your personal finances in order prior to getting in touch with the builder. Analyse your finances to find if you can afford the cost of property or not. Do not exceed your budget since that will give you financially tough times. 

• Get approved for the loan virtually. Pre-approved or pre-qualified loan will help you determine your budget. So, accordingly you can make property searches.

• Check out the current market trends and make researches on the area where you wish to buy a property. Peruse through the recent sales along with the rates to find comparatively similar homes.

• Do make sure you get in touch with a legal counsel or a competent agent to assist you with the paperwork. The terms and conditions must be favourable to you.

• Make sure you choose the property which seems sound as per your financial status. But then, also be prepared for the risks.

Inspect the property minutely to ensure that no repair is needed.Get in touch with a reliable and reputed builder to make sure that you do not need to file a Complaint Against Builder in India. If the builder is good, there will be no cheating case and timely delivery of the project.

Some Don’ts That Investors Must Consider 

• Before making an investment, do not forget to write your investment goals. Calculate the budget you can afford and evaluate your risks.

• Do not commit the mistake of rushing for a deal that sounds too good to be true. If the investment opportunity seems too attractive, take a deep breath and find out what you are not seeing. Treat your deal as a business transaction.

• Do not shop for the home under an emotional state. Getting invested emotionally is a strict ‘no’. You can walk away from the deal if you sense something fishy.

• Do not just lay your confidence on the documentations presented by a seller. There must be some independent consultant to verify the title clearance, home inspection and the valuation.

• Do not forget to hire a real estate agent to verify all the details. A builder can be a cheat also. Only a real estate agent who can help you to file a Cheating Case Against Builder in case he cheats you. 

Do not rush to make purchases. If you are in a hurry, you make a poor buying decision. Take your time and then enter into a deal. Do not buy a property without visiting it several times. Before laying your confidence on any property, visit the neighborhood and carry out researches on demographics.

After being cautious and following all the Do's and Don'ts, still if the builder cheats, you can lodge a Complaint Against Builder in India. The builder is supposed to use quality construction materials and complete the project on time. If he fails to do so, you are free to file a Cheating Case Against Builder. 

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