Make yourself at home!

 After the thrill of buying a new home comes the administrative task of ensuring all the documents are in place

When vamsi moved into his new home, all he wanted to do was to get coffee and chill on the balcony overlooking the garden.  But the dream was short lived, as he realised he had no gas connection to make the said coffee.  Seeking refuge in a nap, he headed to the bedroom, only to remember that he hadn’t transferred the electricity bill to his name.  Comical as it may be, you don’t want to be caught off-guard like vamsi.  Once you move into a new home, there are tonnes of paperwork to be taken care of.  Here’s a handy guide.

Protect the documents

One of the first tasks is safeguarding your property documents.  Your stamp duty and registration papers, sale deed, share certificate, occupancy certificate, home loan sanction documents, etc. are crucial and need to be protected.  “Make a few photocopies of these documents, get them attested for added security and convenience, and store them at safe locations.  This is especially crucial for those who have taken a home loan, as the bank will hold the originals.  One may also store digital copies, however ensure that your devices and services are secure.”

Change the name on light bill

You will need to provide identification and proof of ownership.  If you have taken possession from the developer, you might need an NOC from him for the name change.  In some places, this can be done online saving you the hassle of going to the electricity provider’s office.  “I would suggest, visit the office to get yourself acquainted.  Visiting will also give you clear idea about the required documentation and process.  Consult someone who has recently undergone the same process as it may help you save time and silly mistakes.”

Set up your gas connection

Check if your building is connected to the gas pipeline, if not, then you’ll have to subscribe to the old-school gas cylinders.

Get your share certificate

It is a formal and legal document that proves that you are the owner of a specific number of shares in the housing society.  This document can be used as evidence in case of any dispute or conflict.  Reach out to your real estate agent or the owner directly for the specific forms needed and ensure both you and the seller sign them.  If you are buying in a new project, make sure you stay updated about the happenings of general body meetings to learn about the process, timelines and other important details.  “Securing your share certificate is important not only to maintain your rights as a homeowner but also to participate in community activities and governance.”

Updating personal documents

Keep your address up to date on documents like your passport, driver’s license, Aadhar card, voter ID, etc.  Do note that updating these are often dependent on each other, thus start with the electricity bill and then move on to other documents one by one.

Bank and Investments 

    

Update your address linked to your bank account.  The same could also be required for any life, health, or term insurance that you have availed. 

Create a brand ‘you’ home decor

 For those who love hosting, transforming your home into a cosy, stylish space is easier than ever

From eye-catching accents to cosy welcoming spaces, here are a few changes you can make to your home to turn it into an inviting space that is ready for gatherings with friends and family.

Go global

Drop some nuances of the world into your interior decor.  By this we mean, look for elements of decor or artefacts that are similar to the one’s you’d have seen on your global jaunts.  For instance, the distinctive blue and white pottery of Morroco.  From the grand urnsand and pitchers to delicate tajines, bud vases and platters with handles, these ceramic marvels come with intricate arabesque motifs.  And the best part? You don’t have to go to Marrakesh to fill your shopping bags because the Indian local flea markets and thrift shops often sell a range of blue and white ceramic beauties that are easy on your wallet.

Wondering how to use them in your decor?  It’s easy!  Pick an assortment of ceramic products in various sizes.  The bigger pieces can grace the corners and could perhaps be fashioned as giant vases to hold branches of artificial cherry blossoms, pampas grass, assorted reeds, or faux feathers for a unique festive accent.  The moderate-sized vases and dainty pieces can be dressed up with strings of fresh flowers to pep up the coffee table or dining table as a chic centrepiece.

Get glam

Raise the bling factor a tad more by introducing offbeat functional decor.  A bar trolley makes for a quirky decor element that rises to the occasion, especially if you’re planning to host an intimate party.  Place it in a prominent place and stock it with festive goodies and delectable mocktails and roll it out to serve your guests.

For seating pleasure

What’s a get-together without the perfect seating arrangement? Get going on creating an exotic ambience.  There are many discounts on bewitching furniture sets and standalone pieces.  Recreate a romantic and royal Egyptian setting with the classic recamier or chaise lounge.  A flared arm loveseat is an elegant option, that’s perfect for couples.  If you’re worried about the space required for it, fret not because you can have them designed in compact sizes to fit into smaller living spaces.  If casual decor is more up your alley, drop a couple of floor cushions or bean bags around and pair them up with dainty cushions splashed in vivid colours.

Table fable

The dining table is one of the most important pieces of furniture in a home.  This is where the best of conversations happen, over great food with your loved ones.  Make yours perfect by opting for a contemporary-styled drop-leaf table or an extendable one to make room for unexpected guests.  For a casual dining experience, it would be great to introduce a coffee table set with short stools that can double as a dining table.  You can also look for other budget-friendly options to suit your needs.

Do the Desi

If you want to stick to the Indian theme, now is the apt time to incorporate natural and earthy elements.  You can also experiment with various themes while staying connected to nature.  Dress up your corners with floral potted plants and why not add a charming bird feeder to welcome the feathered friends to share the joy?

Add splashes of colour to each room, including the kitchen.  If possible, give your walls a fresh paint; if not, bring in new cushions possibly in neon colours or traditional Indian folk motifs.  Curtains made of light cotton or voile fabrics with floral prints or block prints depicting rural India.  You can also add table runners and place mats with matching zari embroidery or small jute or coir floor rugs in different hues and shapes, embellished with applique work or bandhani prints.

Finally, make room for some offbeat home couture that spells you!

Bigger the house, bigger the responsibilities

 Here is a look at the aftermath of upgrading to a larger space

Regardless of the size of the current home, many homeowners often nurture the aspiration to move into a bigger home.  However, what’s usually swept under the rug is  the aftermath of owning a large home.  Upgrading to a bigger space also usually means upgrading in terms of amenities that cater to the larger-than-life lifestyle the developers offer.  These and other associated costs are sometimes overlooked by buyers, who may later find it difficult to keep up with the demands of the house.

Owning a large home involves more than just the upfront cost.  Additional expenses typically include higher property taxes due to increased property value, maintenance fees for larger spaces, and heightened utility bills for the extra area.  These ongoing costs should be factored into your budget to avoid financial strain in the long run.  Initially, the attractive pricing during the construction phase might seem like a good deal.  However, it’s essential to consider the long-term financial implications.

“First, check your financial situation - income, expenses and savings.  Make sure you have some money set aside for emergencies.  Aim to keep your debt-to-income ratio at 36 percent or lower.  Having a good credit score (above 700 is a good score) can help you get better mortgage rates.  Also, get the loans pre-approved to find out how much you can borrow.  Ensure that your monthly payments, including taxes and insurance, are reasonable and don’t exceed 28-30 percent of your total income.  Factor in the down payment, which can be 10-20 percent of the home price, as well as closing costs, which usually range between two and five percent.  This is a long-term financial commitment; make sure you can afford it, even after you retire.”

“When buying a larger home, expect higher upfront costs such as down payments, registration fees, and possibly higher interest rates due to the loan size.” 

In addition to this, it comes down to one simple question, do you actually need the larger space?  Usually, the novelty of having a larger space, backed by attractive prices at times motivates buyers to take a leap of faith and buy a bigger home.  “Before moving into a larger premise, carefully evaluate your needs.  A large home might sound appealing initially, but long-term upkeep and utility costs can become a burden.  The bottom line is that a large house can be a great investment, but don’t get swayed by the initial price tag.  Prioritise affordability and long-term financial stability.  Plan meticulously, considering all associated costs, before taking the plunge.”  “Decide if a larger home is necessary - do you need the additional space now or in the future, considering family growth?  How much space will you need, say five years down the line?  Of course, the resale value must be factored in; remember, larger flats are in higher demand and can fetch better value if and when you decide to sell.  But the recurring costs are also higher.  This calls for careful and realistic financial planning.”

In conclusion, buying a larger home is more than just the price tag.  A buyer needs to understand the costs that will eventually follow.  Homebuyers should also consider their loan eligibility and long-term plans before buying a bigger home.  Thus, it is advisable for buyers to make an informed, calculated and well-researched decision before choosing to buy a larger property.

Countries that allow visa-free entry to Indians

 

List of Countries Indian Passport Visa Free  

India, a country known for its vibrant culture and rich history, also boasts a growing number of travel enthusiasts eager to explore the world. With the rise of global connectivity and international travel, Indian passport holders are discovering a wide list of travel destinations

Keeping that in mind, we bring to you these visa-free countries that offer Indians the freedom to travel without the hassle of lengthy visa processes, making international adventures more accessible and affordable. Whether you are dreaming of tropical paradises or culturally immersive experiences, these destinations offer something for every type of traveller. Here’s a look at some of the top visa-free travel spots for Indians to consider:

1. Thailand

Thailand, a favourite destination for many Indians, offers a perfect blend of serene beaches, bustling city life, and rich cultural experiences. Whether you are exploring the lively streets and nightlife of Bangkok, relaxing on the tranquil beaches of Phuket, or immersing yourself in the cultural charm of Chiang Mai, Thailand has something to offer every traveller. Indians can enjoy visa-free entry, making it an ideal choice for a spontaneous getaway.

2. Bhutan

Nestled in the Himalayas, Bhutan is known for its stunning landscapes and rich traditions. This peaceful destination offers Indian travellers visa-free entry, allowing them to explore the serene monasteries, breathtaking mountain views, and the warm hospitality of the Bhutanese people.

3. Mauritius

Mauritius is a tropical paradise with pristine beaches and a rich cultural tapestry. Ideal for honeymooners and beach lovers, this island nation offers Indian travellers visa-free entry, making it a perfect destination for a relaxing getaway or an adventurous vacation.

4. Malaysia

Malaysia is a vibrant country that blends modernity with tradition. From the bustling capital of Kuala Lumpur to the cultural heritage of Penang and the island beauty of Langkawi, Malaysia offers a diverse range of experiences. Indian passport holders can enjoy visa-free entry to Malaysia till December 2024, making it a convenient destination for a holiday.

5. Nepal

Nepal, home to the majestic Himalayas, offers Indian travellers the chance to experience its rich history, diverse culture, and natural beauty without the need for a visa. Whether you're trekking in the Everest region, exploring ancient temples in Kathmandu, or relaxing in the lakeside town of Pokhara, Nepal is an ideal destination for adventure and spirituality.

6. Sri Lanka

Sri Lanka, a captivating destination renowned for its stunning landscapes and rich cultural heritage, is now even more accessible to Indian travellers. Indian passport holders can enjoy visa-free entry into Sri Lanka. Whether you're drawn to the bustling city of Colombo, the historical allure of Kandy, or the serene beauty of the island's beaches, Sri Lanka offers a diverse range of experiences.

7. Kazakhstan

Kazakhstan is a vast and diverse country in Central Asia that blends rich history with breathtaking natural landscapes. From the modern cityscape of Nur-Sultan (formerly Astana) to the historic Silk Road sites in Almaty, Kazakhstan offers a unique array of experiences. The country's expansive steppes, dramatic mountains, and stunning lakes provide outdoor enthusiasts with endless adventure opportunities. Indians can currently enjoy visa-free entry, facilitating easier access to explore the country's beauty and culture.

8. Fiji

Fiji, a tropical archipelago in the South Pacific, is renowned for its pristine beaches, crystal-clear waters, and vibrant coral reefs. Known for its warm hospitality and breathtaking natural beauty, Fiji offers a perfect escape for travellers seeking relaxation and adventure. Indian passport holders can enjoy visa-free entry into Fiji. This makes it easier to experience beaches of the Mamanuca and Yasawa Islands, explore the cultural richness of Suva, or dive into the stunning underwater world of the Great Astrolabe Reef.

9. Seychelles

Seychelles, a gem of the Indian Ocean, is a tropical paradise comprising over 100 islands, boasting pristine white-sand beaches, crystal-clear waters, lush surroundings, unique granite rock formations, and vibrant coral reefs. Indian passport holders can enjoy visa-free entry, making it easy to experience all that this enchanting destination has to offer.

These countries have opened their doors to Indian travellers, inviting them to experience unforgettable adventures and create lasting memories.

Good news for Indians: You may get to travel to Russia visa-free by 2025

 2025ல் விசா தேவையில்லை; இந்தியர்களுக்கு ரஷ்யா புது ஆபர்

ரஷ்ய அரசின் முடிவு காரணமாக 2025ம் ஆண்டில் இந்தியர்கள் விசா இல்லாமலேயே அந்த நாட்டுக்கு பயணிக்கலாம் என்ற நிலை ஏற்பட்டுள்ளது.

கல்வி, தொழில், சுற்றுலா உள்ளிட்ட பல்வேறு காரணங்களுக்காக ஆண்டுதோறும் பல்லாயிரக்கணக்கான இந்தியர்கள் ரஷ்யா செல்கின்றனர். 

தங்கள் நாட்டுக்கு அதிக எண்ணிக்கையிலான இந்தியர்களுக்கு சுற்றுலா வருவதை ஊக்குவிக்கும் வகையில், அந்நாட்டு அரசு புதிய முடிவை எடுத்துள்ளது.

 அதாவது, விசா இல்லாமலேயே இந்தியர்கள் ரஷ்யாவுக்கு செல்ல முடியும். அடுத்த ஆண்டு முதல் இந்த நடைமுறை அமலுக்கு வரும் என்று எதிர்பார்க்கப்படுகிறது.

இது குறித்து மாஸ்கோ நகர சுற்றுலா நிர்வாக குழு தலைவர் எவ்ஜெனி கோஸ்லோவ் கூறியதாவது:

 இந்தியர்களுக்கு விசா இல்லாமல் ரஷ்யா வருவதற்கு அனுமதிக்கும் ஒப்பந்தம் தயாராகி வருகிறது. விரைவில் அது அமலுக்கு வரும் என்று எதிர்பார்க்கிறோம். 

இரு நாடுகளுக்கு இடையே நிலவும் நீண்ட கால நல்லுறவு காரணமாக, இந்தியாவை மிக முக்கிய சுற்றுலா சந்தையாக ரஷ்யா கருதுகிறது.

விசா இல்லாமல் ரஷ்யா வர அனுமதிக்கும் நடைமுறை அமலுக்கு வந்தால் இந்தியாவில் இருந்து வரும் சுற்றுலா பயணிகள் எண்ணிக்கை கணிசமாக அதிகரிக்கும். 

Indians can now travel to Russia without a Visa by 2025. India and Russia have planned to ease travel norms by spring of 2025

Virtual home tours beyond ease and convenience

 Virtual home tours beyond ease and convenience

Digital tours are also contributing to a greener planet by minimising the number of resources

Not just scouting and shortlisting, but also the preliminary checks are now being done online.  Homebuyers do not have the time to personally visit tens of properties to check if any one of them fits their vision for the new home.  Virtual tours have thus been the solution, but real estate experts have noticed how this practice is also helping with another key concern.  Experts state that virtual home tours present substantial environmental advantages that align with broader sustainability goals. 

The surge in virtual home tours post-pandemic

“During the pandemic, real estate companies adopted virtual tours to facilitate property viewings without physical contact.  This trend continued post-pandemic due to the convenience and efficiency it offers both, buyers and sellers.”

Real estate agencies quickly adapted, leveraging technology to create immersive 3D experiences and interactive floor plans with detailed visualisation.  This approach not only appeals to the tech-savvy generation but also expands market access, enabling international and long-distance buyers to view properties without the need for travel.

Potential homebuyers can now navigate through a property, analysing all details, from the comfort of their own home.  They can also view and compare multiple properties in a short period while saving commute time.  Additionally, virtual home tours also reduce the stress of scheduling and commuting.

The seller has the ease of virtual staging, a process where furniture and decor are digitally added to empty rooms, helping buyers visualise the potential of a space.  The ability to measure dimensions and view floor plans adds to the practical benefits.

“Some companies offer immersive 3D experiences, interactive floor plans, and detailed visualisations.  This approach not only appeals to the tech-savvy generation but also expands market access, enabling international and long-distance buyers to view properties without the need for travel.” 

Environmental benefits of virtual home tours 

Virtual home tours help in reducing carbon footprints in several ways: 

Reduced carbon emissions

Traditional home tours often involve extensive travel, particularly when buyers are looking at multiple properties or in different neighbourhoods. Each visit typically requires a car journey, contributing to carbon emissions. Virtual home tours eliminate the need for such travel, significantly reducing the number of car trips and carbon emissions. 

Decreased resource consumption

Conducting physical home tours consumes various resources, such as fuel for transportation and paper for brochures and floor plans. “Virtual home tours, on the other hand, are mostly digital and require minimal physical resources. This shift reduces the need for paper brochures, stationery, gifts, etc.”  

Energy efficiency

“Homes shown in traditional tours need to be well-lit and often air-conditioned to ensure a comfortable viewing experience for potential homebuyers. This in turn leads to increased energy consumption, particularly if multiple viewings are scheduled throughout the day,” COO at a real estate developing company. Virtual tours mitigate this need, as buyers can explore properties online without requiring the home to be prepared physically each time. This results in lower energy use and, consequently, a reduction in carbon emissions associated with energy production.

Waste reduction

Real estate transactions generate significant amounts of waste, from printed materials to disposable items used during open houses. Virtual home tours reduce this waste considerably by minimising the need for physical marketing materials and disposable goods. The digital nature of these tours means less waste is produced, contributing to a cleaner environment. 

Promoting sustainable practices

The adoption of virtual home tours is part of a broader trend towards digital transformation in various other sectors. By embracing these practices, the real estate sector sets a precedent for sustainability and innovation.

It encourages other sectors to consider how digital solutions can reduce environmental impact, fostering a culture of sustainability.  As technology continues to advance, the capabilities and adoption of virtual tours are likely to become more popular in real estate transactions.  This change not only enhances the buying and selling experience but also aligns with global efforts to address environmental challenges.  Through virtual home tours, the real estate sector can play a pivotal role in promoting environmental sustainability.

 

அடுக்குமாடி குடியிருப்புகளில் பாதுகாப்பு பணிகளில் கவனிக்க வேண்டியது!

 அடுக்குமாடி குடியிருப்புகளில் பாதுகாப்பு பணிகளில் கவனிக்க வேண்டியது!

தமிழகத்தில் பல்வேறு நகரங்களில் அடுக்குமாடி குடியிருப்பு வளாகங்களின் எண்ணிக்கை வெகுவாக அதிகரித்துள்ளது. இந்நிலையில், இந்த வளாகங்களை பராமரிப்பது தொடர்பான பல்வேறு பிரச்னைகளும், அதற்கான தீர்வுகளும் மக்கள் மத்தியில் பேசு பொருளாக மாறி வருகிறது.

இன்றைய சூழலில், ஒரு அடுக்குமாடி குடியிருப்பு கட்டப்பட்டால் அதன் பராமரிப்பு பொறுப்பு அங்கு வீடு வாங்கிய உரிமையாளர்களின் சங்கத்திடம் ஒப்படைக்கப்பட வேண்டும். அந்த சங்கம் எப்படி செயல்பட வேண்டும் என்பதற்கான சட்ட ரீதியான வழிமுறைகள் வகுக்கப்பட்டுள்ளன.

இதுபோன்ற குடியிருப்புகளில் சங்க நிர்வாகங்களுக்கு, பாதுகாவல் பணிகள் மிக முக்கிய பொறுப்பாக உள்ளது. கேட்டட் கம்யூனிட்டி என்ற அடிப்படையில் கட்டப்படும் அடுக்குமாடிகுடியிருப்பு வளாகங்களில் வெளியார் வருவது தொடர்பான விஷயங்களில் மிக கவனமாக இருக்க வேண்டும்.

இதற்கு, தனியார் நிறுவனங்களிடம் இருந்து பாதுகாவலர்களை நியமிப்பது அத்தியாவசிய பணியாக உள்ளது. 

செக்யூரிட்டி என்ற பெயரில் பாதுகாவலர்களை பணிக்கு அமர்த்துவது தொடர்பான பணிகள் சங்க நிர்வாகிகள் பார்த்துக் கொள்வார்கள் என்று மற்றவர்கள் அலட்சியமாக இருக்கக் கூடாது.

பாதுகாவல் பணி தொடர்பான தெரியவரும் விஷயங்களை நிர்வாகிகளுக்கு தெரிவித்து உரிய நடவடிக்கை எடுக்க உதவ வேண்டும். குறிப்பாக, உங்கள் வளாகத்துக்கு எத்தகைய நிறுவனம் வாயிலாக பாதுகாவலர்களை நியமிக்க வேண்டும் என்பது உங்கள் பட்ஜெட்டை பொறுத்தது. 

இன்றைய சூழலில், பெரும்பாலான அடுக்குமாடி குடியிருப்பு வளாகங்களில் கண்காணிப்பு கேமராக்கள் அதிகமாக அமைக்கப்படுகின்றன. இதனால், எந்த அசம்பாவிதமும் நடக்காது என்று நினைத்து பாதுகாவலர்கள் நியமிப்பதில் செலவு குறைப்பில் மக்கள் ஈடுபடுகின்றனர்.

இதுபோன்ற அலட்சிய அணுகுமுறைகளால் குடியிருப்பு வளாக பாதுகாப்பு கேள்விக்குறியாகும் நிலை ஏற்படுகிறது. 

பாதுகாவலர்களை நியமிக்கும்போது அவர்களை அனுப்பும் நிறுவனங்கள் இப்பணிக்கான முறையாக உரிமம் பெற்றுள்ளதா என்று பார்க்க வேண்டியது அவசியம். 

தனியார் பாதுகாவல் நிறுவனங்கள் நடத்த வேண்டும் என்றால் அதற்கென உள்ள விதிகளின்படி ஒரு நிறுவனம் இருப்பதை உறுதி செய்து காவல் துறை உரிமம் வழங்குகிறது.

இந்த உரிமம் முறையாக புதுப்பிக்கப்பட்டுள்ளதா என்பது உள்ளிட்ட விஷயங்களை கவனித்து தான் அடுத்தடுத்த நடவடிக்கைகளை எடுக்க வேண்டும். 

உங்கள் குடியிருப்பு வளாகத்தில் நியமிக்கப்படும் பாதுகாவலர்கள், காவல்துறை வாயிலான நம்பகத்தன்மை உறுதி செய்யப்பட்டவர்களாக இருக்க வேண்டும். 

இதற்கான வரும் நபர்கள் குறித்த விபரங்களை உரிய முறையில் கவனிக்க வேண்டும் என்கின்றனர் கட்டுமானத் துறை வல்லுனர்கள். 

Three key features that make a township flat worth the investment

Three key features that make a township flat 

worth the investment

From sports, recreation, and retail Centre’s to 

top-notch security, transit systems, and ample 

parking space – residential townships provide 

an all-in-one community that charts the course 

for a fulfilling lifestyle

    In the past couple of years, luxury has taken the top spot on the checklist of homebuyers.  Due to the pandemic, it is becoming  common to have an uncompromising approach towards comfort while shopping for a home among other things.  Today, a dream home is not only defined by its outdoor amenities, but also the outdoor offerings that come with it and give way to a more holistic lifestyle.  Given these consumer sentiments, residential townships invite homebuyers to venture into a way of living that offers unparalleled convenience, and accessibility to amenities.

      Here are the key reasons why homebuyers should consider investing in a residential township.

   

 

Well-planned and self-sustaining

        

     What makes township different is that the residents can rely on them for diverse needs.  “The pandemic has inspired a paradigm shift in consumer lifestyles, changing the core principles of how home buying used to work.  More people are now realizing the importance of a self-sustaining, and self-reliant society.  As a result, residential townships make for an attractive investment option since they provide an ecosystem, and lifestyle that stand-alone buildings cannot offer.”

         After all, townships boast of all the factors that enhance the liveability quotient for its residents, be it state-of-the-art amenities, security systems, high-street retail, ample parking spaces, or expansive open areas.  “Gone are the days when people had to drive to the gym just to use a treadmill.  In a way, many residential townships embody similar characteristics as that of well-planned cities and hence, pose as smaller yet highly functional replicas of metro cities”.

Holistic and healthy lifestyle

   Besides a world-class residence, townships offer a unique lifestyle to their residents.  “Ample greenery, and beautiful gardens, running tracks, swimming pools, tennis courts, and other such facilities are available in townships; charting the course of a healthy lifestyle.  Most importantly, open areas in townships allow people to rejuvenate when needed.  Having these provisions at close distance assists people in being more active and invested in their well-being.  Townships also offer modern, and fully furnished apartments, proving that style and comfort can go in hand,“.

     Moreover, many townships also feature top-notch security systems, hospitals, schools, and shopping centres that make the daily life of its residents convenient.  “Additionally, some townships also contain mass transit systems that transport residents to the nearest bus or train station, thus making their daily commute easy.  The accessibility to these modern facilities makes townships truly unmatched and sought-after among homebuyers” .

A sense of community

    Many families inhabit residential townships and become a part of well-knit communities that foster a sense of belongingness.  Agarwal opines, “Residential townships serve as great rental options for not only joint families but also nuclear ones and young couples as they provide a robust sense of community.”

       Amit Jain (name changed), an entrepreneur, recently moved into a township with his family of five.  He expresses, “While this was a huge financial commitment for us, life has become more comfortable.  My parents are able to interact with like-minded people; my daughter enjoys more freedom, and safety in terms of going out to play with other kids.  The move has brought some much-needed social change in our lives.  While in apartment buildings, most people chose to remind closed off in their homes, here, we enjoy better interaction with our community.”

Want to check out an under-construction home?

 Want to check out an under-construction home?

An under-construction property is enticing due to its many benefits like higher returns and customisation opportunities.  That being said, it comes with a fair bit of uncertainty as there’s a chance of possession delays which can lead to financial loss.  Follow these steps to avoid any such issues and ensure a satisfactory property acquisition.

Verify the developer’s background

With the real estate market booming, one can find various ongoing and upcoming housing projects all over the city.  As choosing the right developer is crucial for a low risk purchase, buyers must check the developer’s track record, financial statements, and credentials.  “On several real estate blogs and websites, buyers discuss and share their experience of dealing with different developers.  Such reviews help judge the developer’s capability.  With a developer who has a reputation for completing projects with quality materials in the specified time, homebuyers can mitigate potential risks and ensure they get what was promised.  If one intends to hire a realtor, “As many realtors work with developers and can offer biassed opinions, one must consult a trusted real estate agent.”

Perform the legal due diligence

Real estate dealings require multiple approvals from local authorities.  “One must conduct a few mandatory checks before purchasing a property, such as whether the project is approved by the Real Estate Regulatory Authority (RERA), to gauge the authenticity of the development.” Enquire about documents like the property title, commencement certificate (CC), and an approved layout.  Confirm if you will be provided with an occupancy certificate (OC) once the construction is complete.  Read all the agreements like the development agreement and the sale agreement to understand all the terms and conditions of the purchase.  Also, make sure that details such as the completion date, payment schedule, warranties or guarantees, and penalty clause in case of project delay are mentioned in the agreement.

Flexible payment plans

Under-construction homes come with several financial perks.  Buyers can opt for a construction-linked payment plan, which is spread across the duration of construction.  It limits one’s financial losses in case the project gets delayed or cancelled.  Some builders also offer discounts and options like zero EMI till possession. 

Survey the site frequently

Visit the construction site and evaluate the quality of materials to guarantee that the construction meets the promised standards.  “Examine the fixtures and fittings, electrical, mechanical, and plumbing work, cement quality, waterproofing, compliance with environmental and safety regulations, levelling of beams and columns, and state of the walls and tiles.”  Regular visits will also highlight the speed at which the construction is progressing.

Investing your hard earned money in a property that is not yet ready is risky.  But with planning and vigilance, you can make your investment in an under-construction home successful.