How useful are virtual tours for homebuyers

 How useful are virtual tours for homebuyers?

With 3D home tours, customers can make

 informed homebuying decisions remotely

    As Gen Z and millennial generations spruce up real estate demand, virtual home tours have now become the norm.  Developers have been investing in Virtual Reality (VR) technology to attract this new target audience by giving them a seamless user experience.  By using 3D platforms, virtual bookings, and augmented reality tours, developers are now paving the way for an immersive experience.

   One can now experience the property’s interiors as well as the neighbourhood using VR technology.  These digital services not only help the buyers get a detailed overview of the project but also allow them to engage in a live conversation over video conferencing facilities to discover the price and book projects online.  Due to the outstanding features and incredibly user-friendly interface, real estate listing platforms and mobile applications are growing in popularity as well.

    Even though Indian real estate has been using digital technologies for a while, its use has grown since 2020.  Online property tours are becoming more popular among developers, agents, individual homeowners, secondary market buyers, and tenants.  Instead of disposing off traditional processes, the secret to scaling up successfully is to use a hybrid model where traditional and digital processes can work in tandem.

    3D walkthroughs are also becoming extremely popular with customers wherein the developers could enhance an empty apartment with virtually enhanced furniture and decor options to give the customers a life-like view of how the apartment would look like.  This is important because most buyers struggle to imagine what empty spaces would look like when fully furnished.  With 3D staging, customers can get an immersive experience, that’s even better than a house visit and this will also change the way houses are bought and sold.

     Customers can make remote home purchasing decisions with the help of 3D home tours.  Since they enable buyers to get a real sense of their future home even if it is still under construction, virtual walk-throughs have evolved into a standard offering in a majority of new construction projects.  Even the secondary sale and rental markets have embraced 3D home tours.  Such walkthrough technology is quickly becoming more accessible and affordable.

      A digital walk-through is a great tool to showcase a property to a prospective buyer from the comfort of their home or office without the hassle to travel to the site.  Customers now have the levy of going on multiple digital tours and exploring various projects even if they are based in a remote location.  These new technologies have not only helped customers reduce the decision-making process but also opened up multiple new markets for the developers, which would have been difficult for them to crack.  It is also very helpful for the NRI community or out-stationed customers.       

      It is crucial to continuously innovate the business model as the real estate industry serves as an engine for economic growth.  As a result of all these emerging trends, the real estate sector is at the cusp of growth and prosperity.  With a young population and a need for expansion, the sector is well-positioned for favorable growth in the upcoming years. 

வீடு வாங்குவோர் பரப்பளவு தொடர்பாக கவனிக்க வேண்டிய விஷயங்கள்

 வீடு வாங்குவோர் பரப்பளவு தொடர்பாக கவனிக்க வேண்டிய விஷயங்கள்....

       ரியல் எஸ்டேட் சட்டத்தால், அதற்கான ஆணையத்தில் பதிவு செய்யும்போது மட்டும் கட்டுமான நிறுவனங்கள் 'கார்பெட் ஏரியா' வை சொல்கின்றன.  மற்றபடி, விற்பனை நிலையில் வாடிக்கையாளர்களிடம் இதை சொல்லாமல் விட்டுவிடுகின்றன.

      சுவர்களுக்கு இடைப்பட்ட பகுதியை மட்டும்தான் வீட்டின் அளவாக கருதி விலை நிர்ணயிக்க வேண்டும் என்கின்றனர்.  நடைபாதை, மாடிப்படி, வாகன நிறுத்துமிடம் போன்ற பொது இடங்களுக்கான கட்டுமான செலவு யார் பொறுப்பு என்ற கேள்வி எழுகிறது.

       பொது பயன்பாட்டு இடங்களுக்கான கட்டுமான செலவு அத்திட்டத்தில் உள்ள அனைத்து வீடுகள் எண்ணிக்கை அடிப்படையில் பிரிக்கப்பட்டு விலையில் சேர்க்கப்படலாம்.  ஆனால், பல கட்டுமான நிறுவனங்கள் கார்பெட் ஏரியாவில் சதுர அடி, 4 , 000 ருபாய் என்ற அடிப்படையிலேயே விலை நிர்ணயிக்கின்றன.  இதனால், வீடு வாங்குவோர் மிக துல்லியமான முறையில் ஏமாற்றப்படும் நிகழ்வுகள் நடக்கின்றன.  இதில், மொத்த பரப்பளவு என்ற அடிப்படையில் பொது இடங்களையும் சேர்த்து சூப்பர் பில்டப் ஏரியா வுக்கே விலை பேசப்படுகிறது.

       இது விஷயத்தில் வீடு வாங்குவோர் விழிப்புடன் இருந்து பொது பயன்பாட்டு இடங்களுக்கான விலை என்ற வகையில் எவ்வளவு தொகை வசூலிக்கப்படுகிறது என விசாரிக்க வேண்டும்.  கார்பெட் ஏரியா வுக்கான விலையே பொது இடங்களுக்கும் நிர்ணயிக்கப்பட்டு இருந்தால், அங்கு ஆட்சேபிக்கலாம்.

       இதில் வீடு வாங்குவோருக்கு சட்ட பூர்வ உரிமைகள் உண்டு.  அதை மக்கள் பயன்படுத்துகின்றனரா என்பதே தற்போது எழுந்துள்ள கேள்வி.

      வீடு வாங்குவோர், நமக்கு கிடைக்கும் வீட்டின் பரப்பளவு என்ன, அதில் கார்பெட் ஏரியா எவ்வளவு என்பதை முதலில் தெளிவுபடுத்திக்கொள்ள வேண்டும்.  பின், அதன் அதன் விலையில் என்ன நடந்து இருக்கிறது என்பதை ஆராய்ந்தால் பல்வேறு உண்மைகள் தெளிவாக தெரிந்து விடும் என்கின்றனர் கட்டுமானத்துறை வல்லுனர்கள். 

Common real estate terms you must know

 Common real estate terms you must know 

    Familiarise yourself with these frequently used terms before you begin  scouting for your property

Have you been perplexed over certain real estate jargon which you encountered on your property hunt that made you scramble for its meaning?  It’s useful to master key terms to avoid unpleasant surprises later.  Read up and arm yourself with relevant information.

Square foot

This is the standard unit of measurement commonly used in determining the exact size of the house, office, or plot of land.  Although the definition counts the area of the square with sides equal to one foot which is equal to 0.3048 metres, the same measurement can be used for property of any shape.

Site plan

This term defines a horizontal section drawing of the area of land.  It shows the topography around the site, the boundaries and physical extent of the land, or where the house, apartment complex, or commercial space is to be constructed.  A typical site plan may also depict the surrounding existing buildings or a proposed plan of any future development such as a metro rail route, highway, etc.

Bare shell

This term denotes the status of the property-house, office, commercial space, and so on after all the construction activities are completed.  The bare shell of a built property includes the plastered walls, the basic flooring such as cemented, mosaic, tile, or granite, toilets, and pantry areas.

Common areas

Any areas of a property that are used or owned by all the residents or occupants of the built property-house, office, shopping complex, and so on are termed common areas.  These areas include the parking lot, lawns, swimming pool, community centres, corridors, lobbies, and elevators that are commonly used or owned by all and are not owned by a single individual owner.  Usually, the maintenance of the common areas is the responsibility of all the residents or occupiers.

Carpet area

In simple terms, this area is the interiors of a building-within all walls where you can ideally lay a carpet.  However, in the real sense of the term, it denotes the actual usable areas of a house/apartment, office, showroom, shop, etc.  The carpet area excludes the thickness of the walls in the entire usable interiors.

Built-up area

Also called a plinth area, a built-up area is the total covered area of a house/apartment, office space or commercial property that includes the interior spaces and the outside walls.  The built-up area of the constructed property is calculated by adding the carpet area, areas of utility ducts within the built unit, and internal and external walls of the house, office, commercial property, etc.

Super built-up area

This includes the total built-up area and the common areas that have been proportioned to a certain residential, office, or commercial unit.  The common areas that are usually included in the super built-up area are atria or lobbies, elevator shafts, pipe ducting, air vents and ducts, air conditioning ducts, staircases, covered parking areas, gazebos, community centres or clubhouse, gym and other covered common facilities.  However, the super built-up areas do not include open areas such as parks, gardens, roof gardens, terraces, etc.

Space

This can include multiple spaces or sweeping suites within the same building on the same floor.  These are typically office spaces that can be combined and rented to a single tenant/occupier/company.

Why you need an agreement to sell

 Why you need an agreement to sell

As a buyer, don’t forget to draft an ‘agreement to sell’ to protect yourself from future legal hassles

One of the first steps to give legal strength to a verbal agreement between you, as a buyer, and the seller of the property is the agreement to sell.

What is an agreement to sell?

This document contains clauses for the future transfer of the property that the seller and buyer mutually agree on.  So, if you are buying the home from the seller and you both have verbally agreed on certain terms such as the date of the transaction, amount of earnest money to be paid, refund of the amount if the sale does not take place, legal safety of the buyer if the property is under dispute in future, etc., it has to be clearly stated in the agreement to sell.

As a buyer, here’s a list of clauses to include in the Agreement to Sell:

Streamlining government records

As a future homeowner, it is your responsibility to add a clause that puts the seller under the obligation to furnish all government records to ensure that you are the rightful owner of the property on completion of the sale.

Deal completion timeline

The agreement to sell should clearly mention the timeline (date) within which the sale will be concluded.

Refund of deposit amount

Here, if the sale of the property does not take place within the stipulated time, the sale stands cancelled, and the seller is obligated to return the amount to the buyer.

Protection against legal problems

The agreement to sell should have an indemnity clause where the seller indemnifies or protects the buyer against all types of damages and loses that may crop up due to defects or discrepancies in the legal formalities.

Exclusivity clause

If there has been a verbal agreement between the buyer and the seller that the property chosen by you, the buyer, will be kept exclusively for you and will not be sold to any other buyer, and the seller actually sells it to a third party, you will not be able to fight for your rights since it is not documented.  Hence, it is important to add the exclusivity clause in the agreement to sell.

Property Verification

You must ensure the agreement to sell also has the due diligence clause whereby the seller is obligated to provide all the relevant information, legal documents, and support to the buyer to verify the authenticity of the property on sale.

Free from encumbrance

This clause should mention that the seller of the property has made all the payments regarding the property including the power and water tariff, property tax, maintenance fee, etc., until the date of the sale.

What should buyers look for when viewing a sample flat

 What should buyers look for when viewing a sample flat?

   A sample flat is a marketing practice adopted by developers to showcase the interiors and space management.  Therefore, one must be circumspect before   making a purchase decision based merely on such a visit

Buying a home, for many, is an emotional decision.  As a result, most people take this step soon after viewing the sample flat when visiting an under-construction project site.

  Most buyers feel euphoric when they enter a sample flat and are absolutely enthralled by the exquisite interiors and stylish fixtures.  But there are several other factors that buyers must consider before making their final decision.

What is a sample flat?

A sample flat is a fully furnished apartment prepared by the developer on or near the site of the proposed housing project.  It gives buyers an indication of the available space and offers possibilities of how it can be effectively utilised.  The sample flat helps buyers retain their confidence in the developer and gives them valuable insights into the overall look of the flat.  “A sample flat helps buyers envision their future home.  Based on the look and feel of the sample flat, one decides whether the investment is worth it or not.”

        These sample flats are used by developers as an effective marketing tool to attract prospective home-buyers.  “This strategy of viewing the sample flat before buying helps one foresee their new home and provides them with the details of the interiors, fittings, carpet area, and fixtures to be used in their future home.”  As these flats are furnished by professionals, they help buyers in optimising their space.  As ventilation and natural light are extremely crucial in a home, a sample flat can give a fair idea of the placement of windows and the flow of natural light in a home.

What should a buyer consider?

A simple detail that buyers often forget is that the sample flat has been designed for visitors much like how we decorate our house for guests.  For instance, developers might spend Rs 20-25 lakh on the interior design of a sample two-BHK flat.  These flats are designed by professional interior designers who use premium flooring, mirrors, and lighting techniques.  The quality of furniture in a sample flat and the actual flat will be different.  In a sample flat, the kitchen equipment, lighting fixtures, and bathroom accessories are top of the line; some of these features might be out of a prospective buyer’s budget for the time being.

Don’t get carried away by the plush interiors

Before seeing a sample flat, request the developer to let you visit their other projects to get an overall idea of their work, construction quality, and on-time delivery record.  Estimate the exact built-up area, carpet area, floor plans, fittings, fixtures and other relevant details.

        When you visit a sample flat, you must ascertain various aspects.  It is important to scan all the rooms carefully.  “A buyer must not get lured by the glamour of the sample flat and must do their due-diligence.  First and foremost, the buyer must check the overall layout of the flat and see if it meets their requirements in terms of the size of the rooms, balconies, toilets, etc.  Moreover, some buyers may prefer an extra balcony, or a small puja room/corner.  In that case, a sample flat may help the buyer ascertain these features.”

        Compare the brochure and layout plan with the dimensions and specifications of the sample flat.  Besides this, one must check the type of flooring used and gauge the quality of the windows, electrical work and sanitary fittings.  After the inspection, one must verify with the developer if the same fittings and fixtures will be used in the actual flat as well.

Is this legal?

Showing a sample flat is permitted according to law.  So, if you want to prove that there was a difference between the sample flat and the actual flat, evidence is needed.  Most buyers do not have any documentary proof of the sample flat.  Photography or videos in most projects is prohibited.  After the project is sold out, the actual sample flat is demolished before possession.  In most agreements, there is a clause, which mentions that the final design may vary subject to approvals.  This indicates that the developer has the right to change or alter it without prior intimation.  Keeping this in mind, the onus lies on the buyer to do extensive research and due-diligence before making any investments.

குடும்ப சொத்துக்களை நிர்வகிக்க அறக்கட்டளை ஏற்படுத்துவதில் கவனிக்க வேண்டியவை

 குடும்ப சொத்துக்களை நிர்வகிக்க அறக்கட்டளை ஏற்படுத்துவதில் கவனிக்க வேண்டியவை!

    தமிழகத்தில் சமீபகாலமாக பல்வேறு பெரிய கல்வி நிறுவனங்கள், தனியார் நிறுவனங்கள் துவங்கப்பட்டுள்ளன.  இவற்றின் பின்னணியில் பல கோடி ரூபாய் மதிப்பிலான அசையா சொத்துக்கள் உள்ளன.

    இந்த சொத்துக்களை அந்த நிறுவனங்கள் அறக்கட்டளை வாயிலாக நிர்வகிக்கின்றன.  பெரிய அளவிலான நிறுவனங்கள் நடத்துவோர் மட்டுமே அறக்கட்டளை வைத்து இருக்க முடியும் என்பதில்லை.

    குறைந்த அளவில் சொத்துக்கள் இருந்தாலும் அதை அறக்கட்டளை ஏற்படுத்தி நிர்வகிக்கலாம்.  குறிப்பாக, சொத்துக்களை  நிர்வகிப்பதில் அறக்கட்டளைகள் மிக முக்கிய வழிமுறையாக உள்ளது.

    இதற்கான வழிமுறைகளை மக்கள் தெரிந்துக்கொள்ள வேண்டும்.  பொதுவாக, குடும்பத்தில் சொத்துக்களை வாரிசுகள் தங்களுக்குள் பல்வேறு பாகங்களாக பிரித்துக் கொள்வதே வழக்கமாக உள்ளது.

   இதில் சில சொத்துக்களை பாகம் பிரிப்பதால் யாருக்கும் பலன் இல்லை என்ற நிலை ஏற்படும் போது, அதை நிர்வகிப்பதில் அறக்கட்டளை ஏற்படுத்துவது சிறந்த வழிமுறையாக இருக்கும்.

     மேலும், அந்த சொத்தை சம்பாதித்தவர் நினைவாக சமூக பணி செய்யவும் அறக்கட்டளை சிறந்த வாய்ப்பாக அமையும்.

     தந்தை சம்பாதித்த சொத்தை நிர்வகிக்க அறக்கட்டளை ஏற்படுத்துவதாக இருந்தால், அதை எப்போது செய்கிறீர்கள் என்பது முக்கியம்.  தந்தையின் சொத்துக்கு வாரிசுகளான மகன்கள் மட்டும் ஒன்று சேர்ந்து அறக்கட்டளை ஏற்படுத்துவது சரியல்ல.

     தந்தை உயிரோடு இருக்கும் நிலையில், அவரும் அதற்கு ஒரு உரிமைதாரராக இருப்பார்.  இத்தகைய சூழலில் அவரை தவிர்த்து அறக்கட்டளை ஏற்படுத்துவது சட்ட ரீதியாக குழப்பங்களை ஏற்படுத்தும்.

       சிலர் தங்கள் காலத்துக்குப் பின் இந்த சொத்துக்கள் இன்னப் பணிக்கான அறக்கட்டளையாக நிர்வகிக்கப்பட வேண்டும் என குறிப்பிட்டு இருப்பார்கள்.  இதன் அடிப்படையில், அவர் காலத்துக்குப் பின் வாரிசுகள் அறக்கட்டளைகளை ஏற்படுத்துவார்கள்.  இவ்வாறு துவங்கப்படும் அறக்கட்டளைகளை பெயருக்கு அந்த சொத்துக்களை பெயர் மாற்றம் செய்ய வேண்டும்.  அறக்கட்டளையை உருவாக்குபவர், நிர்வாகிகளாக யார் யார் இருக்க வேண்டும் என்பதை நீங்களே முடிவு செய்யலாம்.

       சட்ட விதிகளுக்கு உட்பட்டு அதை முறையாக பதிவு செய்ய வேண்டும்.  இதில் பயனாளிகள் யார் என்பதையும் பதிவு நிலையிலேயே தெளிவுபடுத்த வேண்டும்.

        மேலும், அறக்கட்டளை பெயருக்கு மாற்றப்பட வேண்டிய சொத்துக்கள், அதை நிதிவகிக்கும் அதிகாரம் தொடர்பான விஷயங்களையும் தெளிவுபடுத்திக்கொள்ள வேண்டும் என்கின்றனர் பதிவுத்துறை அதிகாரிகள்.

Here's how you can calculate the fair market value of a property

 Here's how you can calculate the fair market value of a property

        Concerned if you are paying the right amount for the home you are planning to buy?  

If you want to buy one kg of apples, you will go to the market, check out the prices don’t vary significantly from one fruit seller to the other and the rates are generally in the same price bracket.  And this is how most purchases function, unless, you are buying a home.

    When buying a house, the stakes are much higher-we are now talking big numbers (in lakhs and crores).  The price point of two adjoining apartments could also vary significantly, depending on the size, amenities, view from the house, parking spaces, and the upkeep of the house; in such a situation, how does a homebuyer confirm if the house they are purchasing is at a fair price?

Ready Reckoner (RR) rate to the rescue

 Ready Reckoner (RR) rate also known as circle rate or guidance value, is the minimum price decided by the state government as a guidance for a property transaction.  These rates are revised by the state government periodically and give an insight to buyers and developers of the minimum value of their property.  This covers all immovable properties such as land, commercial, residential, as well as industrial properties.  “The rate is decided based on various factors, from land use to price movement and market conditions.  Properties are generally sold at market value, which is generally more than the RR rates.  The market value and RR rate together play a vital role in determining the stamp duty and registration charges, as well as the capital gain and property tax applicable for the property.

      The RR rates also come in handy in determining and tracking property prices over the years and appreciation potential.  While it may not provide an accurate market value, it does give a fair understanding of the minimum property value.  Homebuyers can thus refer to it and understand how much and at what pace their property could appreciate in the future.

Tax implications

The RR rate is used to evaluate the minimum value of the stamp duty and the registration charges.  “If an asset is transacted at a value that is higher than the RR rate, then the stamp duty and registration charges are calculated on the actual price.  However, if the transacted value is lower, then the stamp duty and registration charges are to be paid according to the ready reckoner rate,” .

      However, to ease the pressure on both, home-buyers and sellers, various state governments have given some relaxations - generally ranging between five and 15 per cent.

     

 “A difference of more than 10 per cent (or the relaxation permitted in the state) between the RR rate and agreement values of property translates into tax penalties under section 43CA of the Income Tax Act, 1961.  In case the market value is lower than the ready reckoner value, buyers have to pay higher stamp duty because stamp duty is always calculated on the ready reckoner value in such cases.  On the other hand, the seller’s tax liability goes up substantially and tax must be paid, on the notional gain

      “Post the pandemic-led economic slowdown, many properties were seen to be sold for distress.  In such cases, the tax implications become a burden for the seller.  Also, a wide gap between the fair market rate and the  ready reckoner rate at times leads to delays in structuring the transaction”.