The Guide to investing in a dream home

Buying a dream home for the first time can be wondrous and maddening at the same time. The task is sometimes so daunting that many individuals just continue to stay at a rented place. In today’s date obtaining and owning a home is not just a need but also brings home a sense of pride, achievement, freedom and security. This is one of the most ponderous steps one can take in life and for most of us it involves the biggest investment decisions. Most of the issues can be taken care of by doing a little homework. Let’s discuss some steps to make this process more unruffled.

Location – Proximity and convenience to travel to places of work, school, local markets, shopping centers, hospitals and others should be taken into consideration while making the choice. It should be kept in mind that the locale should be easily accessible by road and metro routes.

Size and type of residences – You could choose from buying an apartment, duplex, villa, penthouse, bungalow, studio apartment and also decide on the size of the home depending on the essentials needed.

Neighboring areas – This is a significant factor because your neighbouring areas will directly impact your living conditions. Always choose a locality that promises safety, pleasant background and serenity.

Price –  A factor that requires many calculations to be done as you will need to gauge what are the maximum investment that you can afford and if you require a home loan to get your dream home.

Real Estate Agents – Once you have done a good research on the above factors you can approach a verified and trusted real estate advisor who can help you locate the best homes that fit your needs and budget. Real estate dealers have got all the expertise that is required for home buying as they have meticulous knowledge about the market and can help you from the pitfalls.

affordablehousingprojectsgurgaon.com

Affordable Housing- A New Game Changer

In a country where having a home is considered to be the most essential thing, affordable housing schemes have taken the pledge to fulfil everyone’s dream. The Indian economy is regulated by many factors and now affordable housing has added its name to those lists of factors. The impact of these schemes is coming up very positive and real estate sector once flagged is now picking up steadily. The softening of interest rates which were stable from quite some time, has also lead to the growth of the affordable housing scheme.

This scheme is flourishing and will soon be the game changer for the real estate sector. With over 30% growth rate predictions, this sector will soon be the talk of the town. Affordable housing scheme is selling like hot-cakes and seems to fulfill a dream of owning house of every common man.

According to Knight Frank India, a real estate consultancy, there has already been a significant surge in affordable housing projects across eight major cities. Homes priced below Rs 50 lakh accounted for about 71% of the total launches between January and June 2017, a significant 52% increase from the corresponding period in 2016.

After demonetization, real sector dealt with a severe blow but affordable housing scheme has generated a new source of revenue. It had encouraged the developers and builders confidence in taking up various new projects and investing their efforts.

No doubt that Government is fully supporting this scheme, but also investors having full faith in this scheme. A major factor for its phenomenal growth is the keen interest taken by Modi Government in the housing programs run by them. This year’s budget also boosted the confidence of this sector. Policies like RERA (Real Estate Regulatory Authority) have infused full confidence among buyers and they are getting more decisive in terms of home buying.

The availability of cheap home loans in market is also encouraging the buyers to go ahead with their decisions for affordable housing. The home loan market in India consists of 76 lenders. These include state-run banks, private banks, and housing finance companies (HFCs). All these are trying to woo customers. Out of all these HFCs are ruling their way out. According to an India Ratings and Research report, affordable housing finance is set to be an Rs 6 trillion market by 2022. The research agency has also predicted a whopping demand for 25 million homes in the medium-income group (MIG) and lower-income group (LIG) categories over the next five years.

With all these factors driving the affordable housing schemes to be successful, surely it’s going to be a game-changer for the real estate industry in the near future. Government policies and support to provide housing for all by 2020 seems to be taking shape and coming along positively.

Source By : http://www.prfree.org/news-affordable-housing-a-new-game-changer-432820.html

Structural Flaws as per RERA and its Warranty by Builders

RERA UPDATES

While RERA or Real Estate (Regulation and Amendment) Act, 2016, will slowly change the way the real estate industry operates in India, the Act has also thrown open a few aspects that need extensive deliberation.

One such issue is the liability of developers to provide for workmanship for structural defects for a period of five years.

RERA lays down that “In case any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale relating to such development is brought to the notice of the promoter within a period of five years by the allottee from the date of handing over possession, it shall be the duty of the promoter to rectify such defects without further charge, within thirty days, and in the event of promoter’s failure to rectify such defects within such time, the aggrieved allottees shall be entitled to receive appropriate compensation in the manner as provided under this Act.”

An expert in Real Estate said that builder’s responsibility towards a structural defect for up to 5 years is not harsh because “builders can appropriately cover themselves through insurance. The concern for builders would be workmanship for 5 years which may pose a considerable challenge”.

The question is how should a developer proceed because he sources raw material from other vendors and delegates the construction to contractors and sub-contractors?

The Haryana Real Estate (Regulation and Development) Rules, 2017 (draft rules) define structural defects as “actual physical damage/defects to the designated load-bearing elements of the building, apartment or unit like faults, breakage or cracks, appearing over time in elements such as load bearing columns, walls, slabs, beams etc which can affect the strength and stability of the apartment or the building and shall include

  • defects due to design attributes of reinforced cement concrete (RCC) or structural mild steel (MS) elements of an engineered (structurally designed) building structure
  • defects due to faulty or bad workmanship of RCC or MS work
  • defects due to materials used in such RCC or MS work (iv) major cracks in masonry work that are induced as a result of failures of RCC or MS work
  • Any defect which is established to have occurred on account of negligence, use of inferior materials or non-adherence to the regulatory codes of practice by the promoter.”