How you can get out of a property deal

Buying a house is a dream that a lot of Indians have had for a long time. But it is not an easy dream to have. It can often turn into a nightmare. So one has to be very careful while going about undertaking this process. Go into it with eyes wide open. No point in regretting this decision later.

Buying a house is a decision that requires meticulous research and precaution as once you sign along the dotted line it is nearly impossible to reverse a sale. However, very often when we invest in a property, we get carried away by an over exaggerated sales pitch or fall victim to an overly aggressive salesperson or you simply get cold feet after paying the initial amount. So what do you do when you want to walk away from a closing?

We bring you a few tips how to cancel your booking after you have made a financial commitment to the builder.

Read all agreements and documents

If you have a sudden change of mind and want to cancel your booking, the first thing you need to do is to read the document, looking for loopholes that would assist you. Many developers have a cancellation clause where they offer a refund option if the project is delayed beyond a specified time. You can take advantage of this clause and cancel your booking whilst claiming a refund with a simple interest rate.

No agreement

If you have made an initial payment, but there is not agreement, then experts claim that the process of purchasing a property has not commenced. If you have paid the amount by cheque you can recover the amount from the builder by showing the developer a receipt of payment or allotment letter. If the builder refuses a refund, you can always go for help to the Indian consumer court or then file a civil case for recovery.

Cancellation fee

Many builders have a clause for a cancellation, wherein if the home buyer changes his mind about the property deal, then a predetermined fee will be levied on them. Paying this fee is also a simple way to get out of a home agreement if you have changed your mind.

However, buyers must know that if they have paid stamp duty, registration charges, service tax, and VAT, it will not be returned back to them in the case of cancellation of the deal. Once made, these payments are non-refundable.

So you have to be very careful before you fork over the money to the developer. Take this decision only when you are completely convinced that the property is what you want. There is no point in regretting once you give away by the money. Don’t get pressured into buying the property. It must be only your decision. Weigh the pros and cons and don’t hesitate to pull out if you think that this is not the right deal for you. Better safe than sorry.

 

Advertisements

Investing in Kanakapura Road

The 27 km long road extending from Majestic till Kanakapura town was called Kanakapura road. The development in Kanakapura has helped the area around this Kanakapura road to also develop. As Kanakapura Road is emerging to be a prime locality, builders are now targeting this locality to build many residential properties. Although this is a very cosmopolitan neighborhood, this is still a good option for affordable to mid-range housing choices, neighboring areas like HSR Layout offer options majorly in the upper end of the market, owing to higher rates of residential spaces there. To accommodate this population and be able to provide for their needs, the city has been expanding and developing at all ends. This has led to the development of many suburbs that were rather small and quiet. One of the major factors that is fueling this trend is its great connectivity. Major infrastructural developments like the NICE road (Bangalore-Mysore Infrastructure Corridor) improves connectivity to Electronic City, Bannerghatta Road and Mysore Road. The Peripheral Ring Road (PRR) connecting major highways (Hosur Road, Mysore Road, Old Madras Road and Tumkur Road) will also give a great push to the realty sector here. The Namma Metro here too is helping Kanakapura Road become a residential hub.

Investing in Kanakapura Road

The combination of infrastructure, residential and commercial development became the biggest attraction point for the development of areas adjoining Kanakapura road. This brought in price appreciation and a sudden surge of residential property here. Kanakapura Road today is a busy segment with a number of construction activities. The present rates are pretty competitive to the other micro-markets around Bangalore and there are housing options for every budget. The proposed developments in the area, are bound to ensure good appreciation, while social and civic infrastructure in the area is also rapidly being developed. Reputed schools in Kanakapura Road include the Edify School, Jnana Sweekar Public School and Jyothy Kendriya Vidyalaya. Leading hospitals in Kanakapura Road include the Sri Sai Ram Hospital, Deepak Hospital and Aikya Speciality Clinic. Popular malls in Kanakapura Road include The Sport Mall and Mantri Arena Mall, to name a few.

Apartments and townships are now mushrooming to cater the high demand. Abundant water supply from the Cauvery River is also prompting many developers to build residential properties here. With Kanakapura Road’s close proximity to Electronic City, the location is favored by IT professionals. Second-time home buyers and the investors are now considering an investment property in Kanakapura Road as this locality looks to provide fruitful returns in the near future. The rental market seems to be at its ripe best because of its proximity to the IT parks and with infrastructure being very good. The rate per square feet prices for flats in Kanakapura Road cost Rs 4,912 to Rs 6,700. Developments like Wisteria Brigade Meadows cater to this micro-market. The proposed developments in the area, are bound to ensure good appreciation, while social infrastructure is also rapidly being developed and this will make prominent trends in the chart in a few years.

 

 

Where is realty in Chennai headed to?

Chennai was one of the most stable markets in all of India. It was a speculation free city where buyers where genuine and researched well before they dumped all their hard earned income into a property. The market was made up of conservative buyers and this was reflected in the property purchases that they had made. So the market had remained stable and mostly profitable.

Over the last few years a number of factors have brought the reality business to a point of stagnation. The first factor is the spill over effect from the sluggish of the Indian real estate market. Even though the cultural capital of the country was a safe real estate destination, it could not save itself from the onslaught that rest of the country was facing.

Another factor that has affected realty in this city was to do with a natural disaster the city face in the last month of 2015. The unprecedented floods which the city witness due to a historically high downpour on a single day in December left the city in tatters. A lot of damage was caused to life and property. After taking this kind of a hit, the city’s real estate market has also witnessed a slump. Buyers and investors are staying away from low lying areas. This has hurt the market quite badly according to some recent reports. The number of new launches has also come down. There isn’t enough supply of apartments for sale in Chennai. This has affected the sales figures as well.

Demonetization has also done a number on the apartments for sale in Chennai. Sales have gone down by about 20% when compared to the sales number for the same time period a year ago. The number of restrictions put on the flow of currency ensured that buyers who were looking for properties in Chennai put off their property purchase decision till things settled down. This affected the numbers for the second half of 2016.

The job market in Chennai has not been that good off late as well. For properties in Chennai to do well, there has to be a steady number of jobs being created in the city. There is hardly any activity happening along the Old Mahabalipuram Road which is considered to be an Information Technology hub of importance in the city. This being the state of affairs, it is no wonder that city’s realty sector is stagnant at the moment.

There is some hope yet for the city though. There are pockets of affordability and growth sprinkled across the city. The rental market in the city is also quite vibrant. The city still remains one of affordable metros in the country. So if you choose the right location you might be able to squeeze some profits. The city is also going to become a Smart City thanks to the central government. This project could inject some much needed enthusiasm into the sector in the near future. So Chennai is not a lost cause after all.

Here are some key reasons for the realty growth in Rajaji Nagar

Located in the western part of Bangalore, Rajaji is one of the most happening real estate investment destinations in recent times. With several developments in terms of connectivity and social infrastructure, the demand for residential properties has increased among the investors and end-users. Some of the neighborhood areas of this region include Basaveshwaranagar, Malleshwaram and Mahalakshmipuram. The Rajaji Nagar Industrial Suburb is a major landmark here. The locality is divided into stage 1 and stage 2. When it comes to connectivity, Chord Road is a major stretch here which helps the residents of this region to several parts of the city.

With the increasing demand for housing in this region, the residential developers have been engaged in constructing several residential projects in Rajaji Nagar. Especially, the locality has the presence of many big apartment complexes. Some of the renowned builders here include Puravankara, Prestige, Sobha, Godrej Sekhar, Brigade and others. With many residential projects in the region, the home buyers will have multiple options while searching for residential properties in Rajaji Nagar.

Here are some of the major factors that drive the property market in Rajaji Nagar;

Connectivity

  • The locality has its very own railway station – The Rajaji Nagar Railway Gate.
  • Rajaji Nagar Metro Station and Srirampura Metro Station are the nearest metro stations
  • The Kempegowda International Airport is located at a distance of 37 km
  • Frequent bus services operated by the BMTC

Proximity to Employment hubs

  • Embassy Manyata Business Park – 15.3 km via Chord Road
  • Koramangala – 13.6 km via Hosur Main Road
  • KIADB Industrial Area – 20.9 kilometres through Swamy Vivekananda Road
  • Rajaji Nagar Industrial Suburb

Social Infrastructure

The locality’s sound infrastructure is one of the major reasons for the housing demand in this region. Some of the famous schools in this region include the Venkat International Public School, K.L.E Society’s School and Venus International School. There are some best healthcare centres namely the Kanva Diagnostic, Sagar Hospitals, Pandit Deendayal Upadhyaya Dialysis Centre, Ananya Hospital and many others.

Real Estate

With the upcoming developments in the region, the capital values are expected to increase in the following years. With proximity to several employment hubs, the demand for rental homes is also high in this locality. Thus, investing in Rajaji Nagar would be a good choice if you are looking to buy apartments in Bangalore.

Has demonetization helped real estate in Bangalore?

Enough has been said and written about real estate in Bangalore. We all know that it is the undisputed Information Technology hub in the country. The real estate sector here grew in large part things to the flourishing IT companies. We also know that it is going through a slump presently which is something that has been happening across the country. So we must know that all other slumps, this too will come to end soon enough.

One of the factors that can and is helping the real estate sector recover is the demonetization process. Even though many cities including Bangalore are going through a bigger slump thanks to demonetization, this process has also helped the cities in a way.

has-demonetization-helped-real-estate-in-bangalore

When the Reserve Bank of India recently announced that it will not be lowering its repo rate, it cited demonetization as one of the reasons behind its decision. It was waiting to see the full impact of this exercise on the entire economy before it announced another round of cuts. On the face of it, it would seem like demonetization has done more harm than good. Since the repo rate is the bank’s key lending rate and this has a direct impact on home loan EMIs, one would not be very wrong is thinking that if the repo rate remained unchanged, the price for a flat for sale in Bangalore will not come down.

But this is not the case and that too all thanks to demonetization. The banks are now receiving a lot of money. This has infused the banks with liquidity. They in turn are lowering the interest rates that they charge on their loans. Presently the interest rate on home loan has dropped to 8.65%. This number was in the 9.50% and above range pre demonetization. So those who are looking to buy plots in Bangalore will be able to get them at a much better rate now.

And it is hoped that the interest rates will come down in the days to come. A flat for sale in Bangalore might cost much lesser because the banks are in a competitive mind set because of the cash flow that has come to them.  The banks have been quite tardy in passing on the repco rate cuts that have been happening over the last two years by the RBI. The central bank has time and again reprimanded the banks under its control for not passing on the benefits of the rate cuts to the consumers. It finally took something like demonetization to bring down the price for plots in Bangalore and other such residential properties.

We don’t know if the central bank will cut the rate anytime in the near future. It all depends on the how severe the impact of demonetization is on the economy of the nation. But the banks have finally run out of excuses and it is time for the common man to enjoy some of the benefits of demonetization while it lasts.

Getting the best for your buck at Bannerghatta Road

Stretching through 49 km across the city, Bannerghatta Road is one of the main arterial roads of Bangalore. It runs through the major parts of the city starting from Diary Circle and ending at the famous Bannerghatta National Park, a cozy residence to some of the most endangered species in the world.

Bannerghatta Road otherwise known as BG Road, runs through some of the very famous landmarks in Bangalore. It connects some of the top educational institutes like IIM Bangalore, Jayadeva Institute of Cardiovascular Research, Government Industrial Training Institute and so on. It also connects a few of the best schools in the city. Few of the country’s top medical institutes like Apollo Hospitals, Fortis Wockhardt hospitals and Jayadeva Hospital are situated on the Bannerghatta Road. Being able to gain access to the best of medical attention and treatment always puts you at ease.

Because of its proximity to Electronic City, an IT hub, we can also find a lot of IT companies coming up on this prime arterial road. With all the top branded companies finding their place here, it is adding more value to the land and neighborhood. Bannerghatta Road is topographically well connected to the other suburbs so well that you can always find alternative routes during heavy traffic and save time. It also leads as a shorter route to take if you area wanting to go to Hosur or Sarjapur Road which are two other important areas around Bangalore. With top malls like Forum and Garuda mall being less than 10 kilometer away and other closer malls like Gopalan mall and Vega malls bring less than 5 kilometers away the weekends become more exciting and stress-free. You can get to these malls with ease as they are very well connected by public transportation.

Bannerghatta Road is currently the most sought after place to invest in as far as residential property is concerned. Owning a residential property in Bannerghatta Road can please every member of a family, with public transportation and connectivity being so good you will complain less about being stuck in traffic in your car for hours. To cater to the increasing IT population coming into the area many developers have come in with budget properties for sale in Bannerghatta Road. One can find many options when looking to buy a house in the area. Depending on the need one can look for space and size of the house, amenities in the apartment, its proximity to schools, colleges, hospitals and IT companies. At about every 100 meters you can find restaurants, playschools, temples, beauty parlors and grocery stores which are a savior when you are running errands and want to be done quickly.

Gated communities, high raise apartments, club house, gym, swimming pool, movie theatre, walking trails, park for kids, reputed schools within the community and many   more have become the norm for homes these days. A residential property in Bannerghatta Road will come with all these and much more. By investing in one of those budget properties for sale in Bannerghatta Road, you not only save a lot money, but you also get to please everyone in the family.