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September 15, 2022

Pathetic condition of roads in Mussoorie

By News in Real Estate News with No comments

MUSSOORIE: Pothole-ridden roads are plaguing Mussoorie resident during the monsoon season with all major roads of the town in a poor condition, including the Mall Road. Portions of roads have been washed away and at many places, deep potholes have emerged posing a risk for pedestrians and motorists.


Residents say that even after the promise made by chief minister Pushkar Singh Dhami on September 2 to get all the roads of the town repaired, the roads are still in a bad shape.
Residents complain that many roads in the town — Mall Road, Kincraig to Picture Palace and Kincraig to Gandhi Chowk, Motilal Nehru Road, Zero Point to Municipal Garden Road — require immediate repairs.
“Mussoorie is a tourist town and the main roads of the town as well as internal roads are in a poor shape after the rains. The authorities are just carrying out temporary repairs on some of these roads, while many still lie neglected,” says Rajat Aggarwal, president of the traders’ body. Residents explain that while the main roads of the town have to be repaired by the public works department (PWD), the internal roads have to be maintained by the Mussoorie municipal council (MMC).

TOI spoke to chairman of MMC, Anuj Gupta who said that the repair of roads by MMC had been delayed due to rains. “Now the rains are abating, and we would take up road repair on priority basis,” Gupta said.
Meanwhile, Pushpendra Kumar, junior engineer of PWD alleged that repair work has started on the Mall Road, Kincraig to Picture Palace and Kincraig to Gandhi Chowk Road and also on Zero Point to Municipal Garden Road.
“We are only carrying out temporary repairs on the Mall Road as the entire road has to be re-laid soon, while on other roads, patchwork is being done. We would finish the repairs by the end of this month.

real state
September 14, 2022

The impact of FDI on real estate

By News in Real Estate News with No comments

The government has made great strides in the tiger-shree of FDI in real estate over the past sixteen years, and the time has come to take this a step further.

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The impact of FDI on real estate
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Currently, 100 per cent FDI is allowed under the automatic route in finished projects for the operation of townships, malls/shopping complexes, and business centres.
Real estate in India is the second largest employment producer, estimated to contribute to 13 per cent of the country’s GDP, and the third largest sector in FDI flow. It is poised to exceed Rs 65,000 crore by 2024 and 2025. The real estate market is constantly evolving with innovative solutions spanning residential, commercial, and retail projects in the main metros and across the country, even in tier 2 cities. According to a report by IBEF, Bengaluru is expected to be the most favoured property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.

However, real estate has also been one of the most closely guarded industries to discourage speculation in the sector. FDI policy still prohibits speculative real estate activity. But, during the past decade and a half, the government has gradually loosened Foreign Direct Investment (FDI) regulations, enabling more investment and economic expansion. Currently, 100 per cent FDI is allowed under the automatic route in finished projects for the operation of townships, malls/shopping complexes, and business centres. However, there is still scope for relaxation in FDI in the sector to calm the real estate market chaos caused by the pandemic.


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A significant concern for the industry was the watering down of the 2016 Real Estate (Regulation & Development) Act (RERA) by the states, which allowed some developers to circumvent the regulations. This forced homebuyers to conduct even more comprehensive due diligence for under-construction projects. The homemaker’s apex body, FPCE, applied to the Supreme Court against this watering down of the rules by the states and stated it is against the consumer’s interest. The Supreme Court agreed and ordered the Centre to investigate if the rules created by various states under the Real Estate (Regulation and Development) Act, 2016 (RERA) are in accordance with the central legislation and serve the interests of homebuyers.

This will ensure uniformity in builder-buyer agreements across the RERA rules of various states. It will also facilitate trust between home buyers and builders by creating accountability and transparency. The government of India has proposed that 100 per cent FDI in completed RERA-registered projects with more than a hundred flats be allowed. The full benefits of RERA would be realised only if the provisions are implemented in letter and spirit.

Under RERA, builders could fully liquidate developed assets and commence construction on new projects with sufficient funds to meet their buyers’ needs. The sale of their current holdings would permit cash recycling, revitalising the market. The government should capitalise on the rising demand from international investors and focus on attracting more foreign direct investment.

Moving towards corporatization

FDI in real estate would be a boon for all parties. The Securities and Exchange Board of India (SEBI) has given its approval for the Real Estate Investment Trust (REIT) platform, which will allow all kinds of investors to invest in the Indian real estate market. It would create an opportunity worth Rs. 1.25 trillion (US$ 19.65 billion) in the coming years. An increase in the FDI cap will attract cheaper finance and more funds from overseas, ensuring projects are completed in time. Furthermore, it will strengthen the Indian rupee and keep inflation in check. The most marked change has been the shift from family-owned businesses to that of professionally managed developers. Real estate developers are hiring experienced experts in fields like project management, architecture, and engineering in order to fulfil the increased need for managing various projects across cities. They are also investing in centralised processes to source materials and organise labour. This in turn means that labour will get the benefit of higher wages and other benefits thanks to MNC firms.

Access to affordable and better-quality housing

Middle- and lower-middle-class citizens will be able to purchase their dream homes. Reductions in the built-up area would help attract foreign capital, resulting in more affordable and better-quality homes. The residential sector is expected to grow significantly, with the Central government aiming to build 20 million affordable houses in urban areas across the country by 2022, under the ambitious Pradhan Mantri Awas Yojana (PMAY) scheme of the Union Ministry of Housing and Urban Affairs. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the country’s urban population.

tiger-shree

The government has made great strides in the tiger-shree of FDI in real estate over the past sixteen years, and the time has come to take this a step further. The easing and consolidation of regulatory requirements for completed assets would be advantageous for all parties—and time is of the essence. Swift implementation would expedite the benefits not only in the real estate sector but in all allied industries. Regulatory coherence paired with consistent efforts to make the sector more favourable towards investment will elevate the real estate market in India, and open up boundless opportunities. In the following two years, it’s anticipated that Indian real estate will draw a sizeable amount of FDI, with a US$ 8 billion capital influx by FY22.

REAL STATE
September 12, 2022

Looking for a home loan? Check out lowest interest rates based on credit score

By News in Real Estate News with No comments

Some banks offer home loans based on your credit score. It helps you borrow at a lower interest rate from banks and other financial institutions.
Written by Sanjeev Sinha
September 10, 2022 10:28:49 am
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Lowest home loan interest rates based on credit score
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Maintaining a healthy credit score is important to ensure quick access to funds from financial institutions.
Buying your own house is one of the major financial decisions. You consider multiple aspects before borrowing the funds for long terms, like 15-20 years. The loan processing involves multiple due diligence before the fund is finally disbursed to the borrower.

When you decide to buy a house, the first thing that comes to your mind is money. How will you arrange the funds? Some people have self-funding, while others take the option of borrowing from financial institutions such as banks and housing finance companies.

Home loan interest rate is very important in the loan processing journey. It decides your future repayments and tenure within which you will pay off the entire loan without delay and default. Almost everyone expects to borrow at a lower interest rate, but it is not possible. Multiple factors come in handy when you take a home loan.

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Your credit score is very important, as some banks offer lucrative interest rates to customers with higher credit scores. The interest rates may vary from lender to lender, but often higher credit score works in borrowers’ favour.

Also Read: Why you should invest in international funds and how to do it

A lower rate is important, as even a .5% interest difference can offer you great savings when you start repaying your loan. People must check their credit scores when searching for a home loan. They should know which lender offers the lowest interest rates to customers with higher credit scores of 750 and above.

Your credit score can increase or decrease depending on your financial habits. Maintaining a healthy credit score is important to ensure quick access to funds from financial institutions. If your credit score is not good enough to borrow large loans like a home loan, it makes sense to follow financial discipline and improve your credit score.

You must pay your bills on time and avoid delays and defaults in repayments towards your current loans. Find out the reasons for a lower score and see how you can improve to get the best deal when you borrow a home loan. One more strategy to borrow in lucrative deals is to borrow jointly. If one person has a poor credit score and another has a high one, the bank can consider offering you the home loan you want. You can also borrow a higher amount jointly as compared to individually.

Also Read: Want to enhance your personal loan eligibility? Follow these 4 tips

Some banks offer home loans based on your credit score. It helps you borrow at a lower interest rate from banks and other financial institutions. Banks offer good deals to people with higher credit scores considering the risk factor. People with higher credit scores are often treated as low-risk accounts, with lower chances of defaulting or delaying loans. That is why a good credit score is always considered an advantage.

The table below compares the home loan interest rates of some banks and housing finance companies based on credit scores. You can compare and take the decision according to what suits your requirement. Always perform your due diligence and read the terms and conditions of the loan agreement before the final decision.

Home loan interest rate corresponding to different levels of credit score

Table consists of home loan interest rate data of banks and NBFCs that shows their home loan rate linked to credit score on their website. Interest rate is indicative and in actual situation the rate may vary depending on various factors and bank’s T&C. Data as on 06 Sep 2022.

June 15, 2022

पर्यटक लोकप्रिय पर्यटन स्थल तक तुरंत पहुंच सकते हैं,देहरादून-मसूरी सहित केबल कार नेटवर्क का निर्माण जारी।

By Tiger Shree in News with No comments

विधान सभा 2022-23 के बजट सत्र के दौरान, वित्त मंत्री प्रेमचंद अग्रवाल ने घोषणा की कि सुरकंडा देवी रोपवे का निर्माण पूरा हो गया है। इसके अलावा 35 और केबल कार प्रोजेक्ट बनाए जाएंगे। देहरादून मसूरी, थुलीगढ़ पूर्णागिरी, यमुनोत्री में जानकी चट्टी, केदारनाथ में गौरीकुंड, हेमकुंड साहिब में गोविंदघाट, नैनीताल में रानीबाग, नई टिहरी में पंचकोटी, मुनस्यारी में खलियाटॉप, नीलकंठ में ऋषिकेश और गौरसन में औली में केबल कार परियोजनाएं बनाई जाएंगी।

 

सरकार ने बजट भाषण में नए हेलीपोर्ट के निर्माण पर दिया जोर। बजट भाषण में कहा, निर्माणाधीन हेलीपोर्ट गौजियाना (टिहरी), गैरसैंण, देघाट-स्यालदे, जोशियाडा, दीदीहाट राज्य में भी बनाए जाएंगे.

 

बजट में नंदा गौरा योजना के तहत 500 करोड़ रुपये का आवंटन कि. इस योजना में, लड़की के जन्म पर 11,000 रुपये और उपाधि में पहले प्रवेश के समय 51,000 रुपये दिए जाते हैं। पिछले साल इस योजना में 300 करोड़ रुपये का प्रावधान किया था, मगर विभिन्न कारणों से बजट जारी नहीं किया जा सका।

 

चालू वित्त वर्ष में 500 करोड़ रुपये के रिजर्व, पिछले साल के बैकलॉग को भी को अलग करके शामिल किया गया है।12वीं स्थान हासिल करने वाली छात्राओं को वर्तमान में उत्तराखंड बोर्ड में योजना का लाभ मिल रहा है, अब सरकार इसे सभी बोर्ड में छात्राओं के लिए लागू करेगी। लेकिन उन्हें पारिवारिक आय सीमा से भी चिपके रहना चाहिए।

 

एम्पायरियन के प्रबंध निदेशक सैयद जुनैद अल्ताफ ने कहा कि देहरादून-मसूरी परियोजना भारत का सबसे लंबा यात्री हवाई मोनो-केबल रोपवे होगा, जो 5.5 किमी को कवर करेगा और विश्व स्तर पर शीर्ष पांच में शामिल होगा। इसमें देहरादून और मसूरी में दो टर्मिनल शामिल होंगे, और चरण I में 300 करोड़ और चरण II में 150 करोड़ रुपये खर्च होंगे।

June 15, 2022

पर्यटन विभाग ने हरिद्वार में खोला नया पंजीकरण केंद्र, अतिरिक्त जत्थों के लिए श्रद्धालु तत्काल करा सकते हैं रजिस्ट्रेशन

By Tiger Shree in News with No comments

चारधाम यात्रा में आने वाले तीर्थयात्रियों की सुविधा के लिए पर्यटन मंत्रालय ने हरिद्वार में नया पंजीकरण केंद्र स्थापित किया है। हरिद्वार के पंतद्वीप कार पार्क में खोले गए इस केंद्र के तीन चेक-इन काउंटरों पर चेक-इन होता है। अतिरिक्त कोटा के लिए यहां तत्काल पंजीकरण किया जा सकता है।

 

ज्ञात हो कि उत्तराखंड टूर ऑपरेटर्स एसोसिएशन के अधिकारियों ने दो दिन पहले पर्यटन मंत्री के साथ बैठक के दौरान अतिरिक्त पंजीकरण केंद्र खोलने का आह्वान किया था। उसके बाद मंत्री दिलीप जावलकर ने पीसीएस अरविंद पांडेय को हरिद्वार भेजकर पंजीकरण केंद्र खोलने को कहा। उन्होंने संकेत दिया कि इस केंद्र में तीन नए काउंटर लगाए गए हैं।

 

ऋषिकेश में पंजीकरण केंद्र का निरीक्षण
ऋषिकेश में मंगलवार को चारधाम तीर्थयात्रियों के हंगामे और अशांति के बीच पीसीएस अधिकारी अरविंद पांडेय बुधवार को ऋषिकेश पंजीकरण केंद्र पहुंचे। उन्होंने श्रद्धालुओं की परेशानी दूर करने के निर्देश दिए। उन्होंने कहा कि चारधाम यात्रा में आने वालों को कोई परेशानी न हो. उन्होंने कहा कि अधिकारियों को सभी सावधानियां बरतनी चाहिए।

 

पर्यटन मंत्री के निर्देशन में पीसीएस एजेंट अरविंद पांडेय ने हरिद्वार आकर रजिस्ट्रेशन सेंटर बनवाया। वर्तमान में ज़ेंट्रम 03 में 3 काउंटर स्थापित हैं। हरिद्वार में नए स्थापित पंजीकरण केंद्र से, चार धाम यात्रा के लिए अतिरिक्त शुल्क तुरंत पंजीकृत किया जा सकता है।

June 15, 2022

The impact of the Delhi-Dehradun Expressway on the real estate market

By Tiger Shree in Real Estate News with No comments

The Delhi-Dehradun Expressway is attracting a lot of interest among the several infrastructural projects proposed by the government. With a length of 210 kilometers, it would reduce travel time between Dehradun and Delhi and aid real estate expansion in a variety of micro-markets.

The Dehradun Delhi Expressway is currently under development. It would run from Delhi’s Akshardham to Dehradun, Uttarakhand, via places including Saharanpur, Bhagpat, Shamli, and Ghaziabad. This highway would allow people to commute between Delhi and Dehradun once it is operational. It will cut the journey time in half, from six to two hours. The construction will boost the real estate market along the length, and realtors are optimistic about it.

 

Nitin Gadkari, the Union Minister of Road Transport and Highways, launched the new economic corridor between Delhi and Dehradun in February. The 210-kilometer, six-lane express highway project is scheduled to be awarded in August 2021 and finished in 2023. The Delhi-Dehradun Expressway would cut the time it takes to drive from New Delhi to Dehradun in half, from five to two hours.

 

In the new economic corridor, a new six-lane road will be developed from the Saharanpur bypass to Haridwar. The current six-hour trip time between the national capital and Haridwar will be reduced to just two hours using this route. The construction will boost the real estate market along the length, and realtors are optimistic about it.

 

In addition, the project would improve communication between Delhi and Tronica City (now known as the Trans Delhi Signature City). Ghaziabad is a rapidly expanding residential neighborhood. The real estate market in this area will also see tremendous expansion once the highway is completed. The project is also projected to assist Ghaziabad’s Mandola Vihar region.

Real estate development along highways has been popular in India, and it has a lot of promise. During the real estate boom in India, major transportation routes such as National Highways and State Highways saw tremendous expansion. In these regions, the government has also aided in the acceleration and promotion of industrialization. Along the corridors, a mix of manufacturing units, public utilities, logistics, environmental protection facilities, residential areas, social infrastructure, administrative services, and a few industrial regions has been developed in a methodical manner. These have aided and hastened economic expansion even further.

 

One of the famous locations that would benefit from the Expressway is Haridwar. People searching for vacation houses already know about the city, and now more will invest there. The Metro train route proposed from Nepali Farm to Vidhan Sabha in the Dehradun district is another boon for real estate in Uttarakhand. The Unified Metropolitan Transportation Authority (UMTA) approved the 73-kilometer Deharadun–Haridwar–Rishikesh Metro Rail line in Uttarakhand in June 2020.

 

The Delhi-Dehradun Expressway is a multibillion-dollar transportation infrastructure project that will benefit numerous real estate markets in Delhi, Uttar Pradesh, and Uttarakhand with the highway comes the construction of spurs, which will lead to much more expansion.

June 15, 2022

Holiday houses are a significant bet for real estate players.

By Tiger Shree in Real Estate News with No comments

Several property developers in India are already entering the vacation house market in response to the growing demand for second homes in coastal or hilly locations, as rich individuals increasingly want to own second homes in these locations.

 

In 2021, India’s residential sector had a resurgence, with house sales and new launches both increased significantly since the third quarter of the year. The strong trend in luxury vacation houses and second-home investments is projected to continue throughout the year. While the third wave of COVID may slow the recovery of the real estate market, luxury vacation houses will remain untouched because they have always been in high demand among the wealthy. Due to the public health issue, however, a significant shift in perspective occurred, and property purchasers began to hunt for second homes as well as their primary residences.

 

Not just people’s aspirations, but also the government’s efforts to stabilize the housing market are important factors in pushing real estate purchases, especially holiday houses. The Monetary Policy Committee (MPC) of the RBI, for example, agreed to hold the repo rate at 4% while keeping the reverse repo rate at 3.35 percent. This accommodating attitude will aid luxury real estate growth in the future years. This year is likely to provide a much-needed boost to the industry, and all states may assist speed up the recovery process by proposing new homebuyer incentives or implementing stamp duty waivers.

 

Work-from-home or hybrid model strategies have also boosted demand for vacation properties. This is good news for luxury real estate projects that want to take advantage of the trend by gradually stabilizing and developing the luxury real estate market.

 

Pandemic has had a significant impact on how we work, it has also had a significant impact on how we live our lives as a whole, including how we have modified our lifestyles to be more healthy. Due to the epidemic and the uncertainty it has brought, people are more willing to purchase larger homes. This, together with reduced bank lending rates, has helped to maintain demand for second houses consistent during this tough time. Following the COVID period, people desire to live, exercise, and enjoy life in new ways. As a result of these determining factors, purchasers are seeking homes that are larger and more spacious, as well as residences with green environs as additional criteria. Additionally, recreational areas and daycare facilities have been included in the list of top amenities.

 

Based on favorable mood drivers, India’s vacation homes market is positioned for substantial development in the new year. Furthermore, given the current economic climate and market attitudes, demand for luxury vacation houses or second homes will continue to grow in the future years. In most cases, the second investment or vacation house is the holiday home, and buying a luxury holiday home in Goa will become a popular choice among purchasers in the future.

 

The Ministry of Housing and Urban Affairs has estimated the Indian restate market to be around $200 billion (MoHUA). The government also forecasts the sector to develop at an exponential rate in the future years, reaching a $1-trillion market by 2030, with the luxury segment playing a critical role as a growth engine.

June 15, 2022

Is the real estate market on the verge of explosive growth?

By Tiger Shree in Real Estate News with No comments

From demonetization at the end of 2016, to the problem with non-banking financial firms (NBFCs), to eventually Covid, which disrupted supply and demand, the real estate business has witnessed a lot of changes in the last few years. The Real Estate (Regulations and Development) Act of 2016 (Rera) faced early hurdles, as does any new legislation in any industry.


While there are still some challenges for purchasers, such as rising interest rates and pricing, industry analysts predict that the real estate market will increase in the future.

 

India is the world’s fastest-growing major economy, and the Indian government’s massive capital expenditure program promises a big increase in employment and the start of a new consumption cycle for the country. Real estate will be an important area to keep an eye on.

 

After agriculture, the real estate industry in India is the second-largest employer. India’s real estate industry is predicted to grow from US$ 200 billion in 2021 to US$ 1 trillion by 2030. It will account for 13% of the country’s GDP by 2025. The emergence of nuclear families increased urbanization, and rising family income is projected to remain the primary drivers of real estate expansion in all sectors, including residential, commercial, and retail. Real estate development is being pushed by the country’s rapid urbanization. By 2020, metropolitan regions will account for around 70-75 percent of India’s GDP.

 

In only one year, India’s real estate business sold almost 1,700 acres of land in the top seven cities. Between 2017 and 21, foreign investments in commercial real estate totaled US$ 10.3 billion. Developers anticipate a surge in demand for office space in SEZs once the present SEZs legislation is replaced in February 2022.

 

Institutional investments in the Indian real estate market are predicted to rise by 4% to Rs. 36,500 crore (US$ 5 billion) in 2021, owing to growing investor interest in capturing excellent prices in the face of the epidemic. Private equity investment inflows into India’s real estate industry were US$ 3.3 billion between January and September 2021.

 

In 2021, despite the pandemic, the real estate sector had a wonderful year. A surge in housing demand has resulted from increased awareness of health, sustainability, future security, and solid investments. The residential sector was quick to implement digital solutions to keep business operations running and was better equipped to withstand pandemic shocks this time.

 

Supportive government policies, customer-friendly low tax regimes, low-interest rates for loans, solid investments, digitization, and, most importantly, the recognition of real estate assets among purchasers as a guarantee of a safe future boosted consumer confidence and market emotions. Residential real estate has evolved into a buyer-centric market, and the industry has a bright future ahead of it in 2022.

 

As a result of the pandemic, numerous new trends in the residential sector emerged, encouraging real estate developers to accommodate the changing tastes of purchasers. Due to trends such as work from home, e-schooling, reverse migration, and the desire for a house with wide areas amidst lush vegetation, Tier II and III cities emerged as unquestionable winners and drew potential purchasers. In addition, flexible employment regulations have prompted many to explore housing options in their hometowns. Housing demand in growing places has been bolstered by affordability, world-class infrastructure, strong connectivity, fewer traffic jams, low pollution levels, affordability, and a higher quality of life.

Buyers’ preferences have shifted dramatically, and they are now looking for larger apartments with adaptations such as huge open spaces, additional rooms, contemporary conveniences, dedicated office spaces, study rooms, workout and entertainment zones, balconies, and other amenities for a luxurious lifestyle. Buyers are increasingly looking for contemporary homes in areas with well-developed social infrastructures, such as retail complexes, schools, hospitals, and banks, as well as movie halls, restaurants, and other amenities.

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