Tuesday, 29 August 2017

YOUR RIGHTS AS A TENANT

Did you know that as a tenant you have certain rights, which can safeguard you from the harassment of your landlords? Here, we give you a lowdown about your rights, which you should be aware of.



1 As per the laws, you are entitled to have the agreement of tenancy registered, failing which the landlord can be jailed.

2 You are entitled for the rent receipt once you pay the rent.

3 You are entitled to utilise the tenanted premises for residence or commercial purposes.

4 You are entitled for carrying out repairs including shifting of the walls with municipal permissions, if a clause to this effect is mentioned in the agreement.

5 It is imperative that the tenancy agreement is prepared keeping in mind the provisions of the Maharashtra Rent Control Act.

6 You are entitled to be charged a standard rent and not an amount as per the sweet will of the landlord.

7 You can carry out repairs without changing the structure of the premises.

The author is an advocate and president of Co-operative Societies Residents Users & Welfare Association.

Read More: http://bit.ly/2xunHqn
Source: TOI

Thursday, 24 August 2017

Developers and home buyers in favour of smaller houses

Smaller units are more affordable for buyers, which, in turn, helps builders give a boost to sale volumes.

Given the high property prices in most part of the country, many home buyers are considering smaller units that are available within their budget. According to the India Realty Report released on 24 May by PropTiger, an online real estate consultancy: “Affordable segment (less than Rs.50 lakh) continued to command over 50% in launches and 52% in sales in financial year (FY) 2016.”

Developers are also reducing the average size of apartments to reduce per unit cost. The average apartment and villa unit sizes have fallen 3% and 18%, respectively, over FY14; to keep the overall units costs in an optimum range, the report stated.

“To increase velocity in a slow market, it makes sense for developers to come up with new offerings to attract fresh customers. One of the new offerings is smaller units. There is a large demand in the affordable segment and by bringing down the size of apartments, developers are able to attract and cater to them,” said Mudassir Zaidi, national director, residential, Knight Frank (India) Pvt. Ltd.

Developers have been reducing the average size of apartments for the past few years, especially in metro cities. According to a report published by JLL India in August last year, “Average apartment size in Mumbai saw a decrease of 26.4% in the past five years.” For the same time period, Bengaluru registered a 23.7% reduction in average apartment sizes, followed by Chennai at 22.2% and Pune at 7%, it stated.

The demand and supply of even 1-bedroom-hall-kitchen (BHK) units has increased. “Demand is better for small units like 1-BHK houses than for bigger units,” said Rajesh Prajapati, managing director, Prajapati Constructions Ltd, a Mumbai-based developer.

According to the PropTiger report, 1-BHK units accounted for 22% of the total residential sales in FY16 (up from 21% in FY15). The demand for such units was mostly concentrated in cities like Bengaluru, Pune and Mumbai. “Being a hub of IT industry, Bengaluru has a lot of migrant population because of which there may be higher demand for such houses,” said Mahesh Prabhu, executive director, Century Real Estate, a Bengaluru-based company.


But this may not be for all types of locations. “The developer tries to reduce the size of the house in locations where the per sq. ft prices are higher, to control the overall cost of units. In suburbs or locations where prices are low, we need not do so (reduce size),” said Prajapati.

Supporting factors

The increased demand for affordable houses also has to do with the new incentives that were announced in this year’s Budget for developers as well as home buyers. Service tax exemption was announced on affordable houses of up to 60 sq. meters constructed by central or state government, including public private partnership. Besides that, there is also 100% tax deduction for profits from housing projects that have apartments up to 30 sq. meters in four metro cities, and 60 sq. meters in other cities, and have been approved during the June 2016 to March 2019 period. Also, to get the tax benefit, the project has to be completed in three years. These factors can help developers reduce cost of construction.

For home buyers, additional tax benefit comes in the way of interest deduction of Rs.50,000 on a home loan. This will help many home buyers bring down the cost of purchase.

Moreover, with the real estate Act, the sector may see a positive response from home buyers over time. However, “in the present scenario, any sharp increase or decrease in prices is not expected,” said Zaidi.

If you plan to buy a property, stick to one that is completed or is near completion as cash flow issues persists for developers.

Read More: http://bit.ly/1U07iN5
Source: LiveMint

Tuesday, 22 August 2017

Indian real estate likely to attract $7 billion investments in 2017: Report

The sector had witnessed $0.8 billion investment in 2008, $1.2 billion in 2010, $3.2 billion in 2012 and $4 billion in 2014

MUMBAI: Rising institutional investor confidence and appetite for Indian real estate on the back of attractive asset valuations and a favourable regulatory environment is expected to push investments into the sector to $7 billion in 2017 from $6 billion in 2016, showed a report.

The sector had witnessed $0.8 billion investment in 2008, $1.2 billion in 2010, $3.2 billion in 2012 and $4 billion in 2014.

While office and residential are expected to remain traditional drivers for the industry; alternate sectors such as retail and warehousing will also come to the forefront in 2017.

The sector is witnessing unprecedented interest from offshore equity investors, large Indian corporates and high net worth individuals (HNIs) as investors believe that the sector now offers a level playing field with attractive returns, said a CREDAI-CBRE report.

“The above sentiment is further endorsed by a cyclical decline in interest rates in 2016. This has drastically reduced the cost of doing business for all investor classes. Even ‘structured debt’ has evolved from being a “high-cost source of funding” to being a very viable source of funding with successive interest rate cuts,” said the report.

The combination of measures including Real Estate (Regulation & Development) Act, 2016 (RERA), Goods & Services Tax, Real Estate Investment Trusts (REITs), easing of FDI norms, Demonetization are likely to help in catalysing ease of doing business in the country while supporting corporate entities entering or expanding their footprint in India.

“Government’s aggressive push to formalize, regulate and encourage investment to the sector with a slew of measures like RERA, REITs is consolidating India’s position on global map. We believe that these disruptions and encouraging trends will definitely manifest a more exciting future which will be full of possibilities and opportunities for Indian real-estate,” said Jaxay Shah, President, CREDAI National.

These policy moves are expected to improve transparency in the sector, increase the share of organized segment and enhance the overall investor sentiment. The breakthrough disruptions in four cornerstones of regulations, finance, customers and technology are likely to have positive insinuations on the sector and will facilitate a new ecosystem that will be more conducive.

“Real estate in India continues to be in a dynamic phase and the pace at which the four cornerstones – Regulation, Finance, Customers and Technology are evolving, a more than incremental transformation in the sector is expected in the coming years,” said Anshuman Magazine, Chairman, India & South East Asia, CBRE.

While majority of the focus in 2017 will remain on leased and completed assets, one can expect an increased appetite amongst developers/investors for development equity. Land transactions are expected to remain high, as new funds and institutional investors, foreign developers likely to pick up assets, even as corporates, smaller developers will be keen to monetize assets and retire debt.


The report also highlighted the changing disruption in customer preferences in office, retail, residential and warehousing space. The dynamics in office spaces are being disrupted with the entry of Millennials – over two-thirds of the Indian Millennials feel quality of ‘Office design’ impacts their productivity to large extent. While in warehousing segment - entry of international players is ensuring that better and larger warehouses emerge in key markets; in residential segment - customers will have a say in operations with effective grievance redressal.



Read More: http://bit.ly/2x8FqTU
Source: ET Realty

Friday, 18 August 2017

Goa's new airport to be commissioned by May 2020: Manohar Parrikar

Parrikar said the process of meeting pre-construction requirements was in progress and the actual construction work of the Mopa Greenfield airport

PANAJI: The first phase of Goa's upcoming Mopa international airport will be operational by May 2020, Chief Minister Manohar Parrikar told the state assembly on Tuesday.

"GMR Goa International Airport Limited (GGIAL) has already started pre-construction work and, as per concession agreement, the first phase of the project is likely to be commissioned by May 2020," Parrikar said in a written reply tabled on Tuesday, during the ongoing monsoon session of the state assembly.

Parrikar said the process of meeting pre-construction requirements was in progress and the actual construction work of the Mopa Greenfield airport, located nearly 40 km north of Panaji, was expected to begin shortly.

"Mopa airport project is expected to create multiplier effect in the economy generating employment across various sectors," he said.


The Chief Minister said the existing Dabolim international airport in South Goa, which operates out of an Indian Navy base, will continue to be operational for civilian purposes.

Read More: http://bit.ly/2fR9aQX
Source: ET Realty

Do check out our projects in Goa.
Vida Goa: http://goa.expatvida.com/
Uptown Vida: http://uptown.expatvida.com/

Wednesday, 16 August 2017

Much more than sun and sand! Explore Goa's culinary delights

Unique flavours and use of local vegetables, fruits and fish is what defines Goan Saraswat cuisine. Earthenware, clay pots, slow cooking and home-ground fresh masalas with the right ingredients is the key to a perfect recipe.

Some traditional non-vegetarian recipes include kismoor, which is a popular coconut and prawn preparation, fish hooman, sukké, which is usually a side dish of vegetable or seafood and coconut masala, just to list a few.The vegetarian fare created in traditional Goan Saraswat style with fresh backyard vegetables and fruits blended with age-old spice mixtures includes khatkhatem, a blend of vegetables and lentils sautéed in coconut and flavoured with teffal.

Goa’s best kept secret, uddamethi is another delicacy to try out. Ambades (hog plums) and fenugreek seeds give this thick gravy a piquant taste that will tantalise the taste-buds. The subtle spicy flavours of moogancho gathi is balanced quite well with the sweetness of jaggery, enjoy it with soft puris, and not to forget the local popular, tambdi bhaji. Also, try varan, a non-spicy dal, accompanied with steamed rice. The classic salad of greens tossed in traditional masala, karam, and the tangy mango chutney adds zing to the well-balanced flavours. For dessert, try some traditional sweets like manggannem, creamy banana halwa and the patoleo with the subtle flavour of turmeric leaves. Finally, wash it down with a sol kadi, which is a typical Goan curry made of coconut milk and kokum.


Read More: http://bit.ly/2v15G04
Source: Economic Times

While you are treating yourself to gastronomic delights, you may check out out Goa properties:
Vida Goa: http://goa.expatvida.com/
Uptown Vida: http://uptown.expatvida.com/

Friday, 11 August 2017

Second homes, your first choice?

Does buying a second home seem like an ambitious idea? Fret not, as we tell you how you could make the most of a weekend home. Read on...

Buying a home in a city such as Mumbai can prove to be a herculean task. Imagine you shelling out more money to buy one more home? Wouldn't it give you sleepless nights? We tell you why it's not such a bad idea. The concept of second homes has been gaining immense popularity among Mumbaikars seeking a peaceful abode, away from the noisy city life, to relax and unwind them.

"Different people have different reasons for buying a second home. While some may buy one to spend vacations with family, others may simply buy it to reap investment benefits in the future. One may not be able to always travel too far away from one's workplace for a vacation, due to time constraints. In such scenarios, a home close to your workplace or original place of residence turns up well as a probable solution. In case of investors too, it is quite simple to understand their reasons for investing in a second home. While some investors are simply looking for avenues to tie up their money, others are looking for investments, which will fetch them high and steady returns and it is no hidden fact that the real estate sector has been, for the last two decades, the best bet when it comes to good investments," feels Vi jay B Pawar, Founder and Director, Mirador Dwellers Pvt Ltd.

Why second homes?

Experts believe that Mumbai's real estate segment has witnessed a spree of changes in the last two decades. Mumbai, unfortunately hasn't turned out the way it was envisioned to, when the city was being planned decades ago.

Due to this, even though people own homes in the city, they are still on the lookout for second homes for a relaxing getaway away from the hustle and bustle. Anuj Puri, Founder, Anarock Property Consultants points out, "The primary objective for most Mumbaikars is to secure a self-owned home, which is in itself, a massive financial undertaking. For those fortunate enough to be able to afford a second home after this objective is fulfiled, it can be seen as a major income-generating asset, a source of financial security and if the second home is a weekend getaway, a significant lifestyle enhancement."

Location hunt:

A family looking for a short vacation or a young couple looking to blow off some steam after a hectic week at work, find their solace within the confines of their second home. There also exist those people who like to see a handsome ROI on every single penny that they invest anywhere and for such people, real estate investment is always seemingly lucrative and inviting. These people have started to move away from investing in open land and are slowly moving towards buying ready-to move-in homes or plots, which allow them to build a second home of their choice and their convenience.

"As there is a lack of greenery in cities, buyers opt for Matheran, Mahableshwar as potential second home options. Closer to the city, you also have places such as Lonavala, Murud, Karjat, Dahanu and others, which can act as weekend spots. People who prefer beaches over the mountains have Kashid, Goa as options," suggests Rushabh Vora, co-founder and director, SILA. Experts suggest that for rental income and capital appreciation purposes, areas in Navi Mumbai, Thane and Panvel are suitable. Locations like Kanjur marg and Mulund also work well.

For weekend homes, the obvious choices include Lonavala and Khandala, Alibaug, Igatpuri and the greener outskirts of Pune. Goa is also suitable for those who are not averse to long road trips or flying.

"In the holiday home segment, we have recognised two types of buyers one that loves the dense greenery of mountains and hills and the other that loves the vast expanses of the riv er and fields. For the mountain and hill lovers, the ideal location could be the Nilgiris and the de sign of the home can be designed keeping the colonial Britain in mind, whereas, for those who are interested in waterfront homes, the design should be adaptable to the given environment and meet the local needs and lifestyle of the residents," opines Nibhrant Shah, founder and CEO, ISPRAVA.

The buyer needs to ensure that the location where he wishes to buy a second home is safe and most importantly, a peaceful abode.

This can be an exciting second home for you:
Expat Sparsh: http://sparsh.expat-properties.com/ 

Source: MagicBricks
READ MORE: bit.ly/2vphH31

Monday, 7 August 2017

‘Smart’ Panaji to focus on transport

PANAJI: Goa's urgent need for an efficient transport system could become a reality with the Panaji Smart City mission taking up the task to prepare and implement the comprehensive mobility plan for the state.
With the Union urban development ministry's approval, Imagine Panaji Smart City Development Limited will study Goa's virtually non-existent transport system and prepare a comprehensive mobility plan.
According to documents assessed by STOI, Imagine Panaji Smart City Development Limited, the special purpose vehicle (SPV) formed under the smart city mission, will appoint a consultant to draw up an urban mobility plan that includes inland waterway transport, freight movement, last mile connectivity to railway stations and hybrid buses.
As part of the proposal, the consultant will have to study and review both, present and projected mobility needs through a traffic forecasting model and through a review of land use pattern and population density.
"The objective is to develop a perspective low-carbon mobility plan for sustainable regional transport over a 20-year planning horizon for the North Goa district and South Goa district," an official said.
A request for proposal was issued to 23 reputed urban design consulting agencies on July 24, with the Union urban development ministry giving its approval to bear 80% of the costs for the consultancy.
"The balance 20% will have to be borne by the state. The comprehensive mobility proposal will be based on the national urban transport policy," a senior government official said.
According to the official, the comprehensive mobility plan will provide direction for development of transport infrastructure in the state. Imagine Panaji Smart City Development Limited is keen on including measures such as public transportation system improvement plan at the regional and local level. The proposal also focuses on inland water and sea transport for passengers and freight movement.

"This is a study and strategy document which will define where we are going and how the comprehensive transportation proposal will be implemented in Goa. The regional plan will also be considered while the report is being prepared," mentor for the Panaji smart city mission, Sidharth Kuncalienker said.
The selection of the consultant to prepare the comprehensive mobility plan will be done through quality and cost based selection bidding.
Presenting the budget for the current fiscal year in March, chief minister Manohar Parrikar had said that his government would formulate and implement a comprehensive mobility plan for extensive connectivity across the state.
Some of the other aspects that the comprehensive mobility plan will address are traffic management, parking facilities and accessibility improvement of major tourist places.

READ MORE: http://bit.ly/2wzJvPK
Source: Times of india

Thursday, 3 August 2017

Navi Mumbai is emerging as a very attractive commercial office destination.

The report said that while Axis and IDFC have expanded considerably in this satellite city, SBI – that has its global delivery centre in CBD Belapur – is also likely to follow.

MUMBAI: Navi Mumbai has the most affordable average rent among all micro-markets of Mumbai with a growing footprint of grade- A buildings, according to JLL India.

"Over the last 12-15 months, banks have either set up offices in this region or expanded their existing captive footprint. Whether it is Axis Bank, IDFC or a multinational bank like UBS, increasingly prefer to base their back-end operations here," it said.

Navi Mumbai is emerging as a hub for captive services too. Captive service represents a segment of Business Process Outsourcing (BPO) in which companies utilize wholly-owned subsidiaries in place of 3rd part vendors.

"Thanks to the availability of land parcels, good connectivity by road and rail to all areas within the Mumbai metropolitan region and access to a human capital of 8-9 million in its proximity, it will emerge as one of India’s most prominent captive hubs for the BFSI sector," said Karan Singh Sodi – Managing Director (Mumbai), JLL India.

The report said that while Axis and IDFC have expanded considerably in this satellite city, SBI – that has its global delivery centre in CBD Belapur – is also likely to follow.


Over the last seven years, prominent occupiers such as Accenture, L&T Infotech, Capgemini (iGate), Cognizant and Syntel have made Navi Mumbai a back office hub. Many more businesses are expected to set up their back-end operations in captive spaces here. The preference is especially for the Airoli-CBD Belapur belt, which enjoys better rail and road connectivity.

Know more about our project in the vicinity.

Vida Taloja: http://mumbai.expatvida.com/

READ MORE: http://bit.ly/2umgaqO

Source:ET Realty