Are you planning to sell your home, and you are unsure whether you can sell it at higher profits? Performing a couple of improvements and upgrades and getting support from the right expert professionals can help increase the value of your home in Gurgaon by selling it at a higher price and bagging more profits for you. The value of a home is directly connected to its condition, including the interior décor and the maintenance of your property. If you aim to sell your home sooner, then it is important to understand the best to maximize its value in terms of making it appear appealing to potential buyers who wish to buy a new home around your area.
On September 30 2022, for the fourth time in a row, the Reserve Bank of India's Monetary Policy Committee (MPC) decided to raise the repo rate or the lending rate by approximately 50 basis points. Simply speaking, the RBI increased the rate to 5.90%, joining the group of all the central banks and financial institutions that have done the same thing to counter inflation and rising dollar prices.
Let us understand the Repo Rate and how the hike will impact you and your money.
What is Repo Rate?The repo rate is the rate at which the central bank of a country (which is the Reserve Bank Of India for us) lends out funds to other commercial banks. When banks borrow money from RBI, they must submit securities like collateral, treasury bills, or Government bonds. Mostly these loans are short-term loans when a bank is in dire need of emergency funds. RBI increases or decreases the repo rate to balance inflation by keeping the money supply in check. The repo rate was first hiked this year in May to 4.40%. It was further increased again in June to 4.90 per cent. The next hike happened in August when the repo rate was increased to 5.40%. Currently, the repo rate is 5.90%.
Impact of Repo Rate Hike on Citizens
1. Loans and EMIWhen the banks or financial institutions increase the repo rates, the existing borrowers will experience a hike in their monthly EMI. This will have a big impact on people who are planning to buy new homes. The rate Hike impacts all types of loans like student loans, business loans, credit card loans, mortgages, personal loans, and various others. So if you are planning to buy 2BHK apartments in Gurgaon, you must learn about the new repo rate and how it will affect your EMI. Any change in the rate affects all types of customers as borrowing money from a bank or financial institution becomes more expensive. Therefore, it lowers the consumption of goods and services.
2. SavingsIndividuals with savings and fixed deposits will usually benefit from the higher repo rates.
3. Mutual fundsAll mutual fund investors, especially those who invest in-depth mutual funds, must be extremely careful during this hike in the repo rate. The rate increase directly affects debt mutual funds, especially all the long-duration bond funds. This is because all the bond prices start falling as the yield increases. This, in turn, lowers the return gained from debt investment. If you are a debt investor, you might experience temporary medium-range volatility.
4. Fixed deposit ratesAll the consumers who have short or medium-term investments in banks and Financial institutions like fixed deposits will benefit hugely from the higher repo rates. This is because they will be receiving much higher returns from the investment. However, this depends on how and when your bank accepts the new rate.
5. InflationBy the end of the next fiscal year, it is estimated that India will face economic stagnation if the inflation growth situation does not improve. Therefore, there won't be any growth, the unemployment rate will increase, and inflation will continue. To balance the country's macroeconomic factors, RBI continuously monitors and updates the repo rate. Every time there is a change in the repo rate has a big impact on all the economic sectors. If you are planning to buy a 3BHK flat in Gurgaon, you should visit Krisumi Japanese Waterfall Residencies.
Renting property in Gurgaon is a big deal. Looking for a hassle-free process to rent your property in Gurgaon? Then make sure you seek professional assistance from reliable sources to avoid any discrepancies. As one of the top real-estate groups in India, Krisumi is here to give you some valuable guidance and make real-estate investment a cakewalk for you!
Here are the Tips to Renting Your Property in Gurgaon:
1. Finalising the rentThe first step you need to take while renting your property is to assign a fixed rate amount. Before deciding on the amount, you must first perform a market check about the average rent prices in your locality and the current trend. A higher rent will make it pretty difficult for you to get a tenant. However, if you are fixated on getting a higher rate than the average market price, you need to justify the rent by offering extra features like complete furnishing and other premium services like top-notch security and garage services.
2. Proper AdvertisementNowadays, most people visit various real estate websites to learn about nearby places for rent. Enlisting your 2BHK flat in Gurgaon on a popular real estate website with a catchy title is a good idea. These real estate websites have a column or a page called "house on rent", where thousands of homeowners post advertisements for the properties they are putting out on rent. To post your advertisement, all you have to do is create a profile with one such website, upload the correct details of the property along with photographs and then fix a rent. On the other hand, you can also try traditional methods like advertising in newspapers or getting in touch with a broker.
3. The Rent AgreementWhile renting out your property, it is always advised that you make a legal contract. In this way, the entire process is legally documented so that there won't be any confusion in the future. While creating the rental agreement, make sure that the papers are duly signed by you and the tenant and that the terms and conditions are clearly mentioned.
4. Furnishing DetailsWhile listing out your property on rent, you need to mention the furnishing details and also share details of every extra feature and fittings of the property. This documentation process will be useful in case the tenant damages any of the furniture. In such a scenario, you can always issue a penalty charge. Additionally, you also need to make sure that the walls and roof of your rental property are in good condition to avoid any conflicts.
5. Police VerificationIt is crucial that you perform a background check on the tenant before renting the property. In this way, you can avoid all sources of trouble that may come with renting a property to a person with a criminal history. All you need to do is get the details of your tenant; you can ask for identity proof which you can cross-check from the state police department website or submit to a police station nearby to get the details. These are some of the things that you need to make sure of before renting out your property. Make sure that you mention all the terms and conditions correctly and clearly on the rent agreement. If you are looking for a 2BHK flat for sale in Gurgaon, you can always contact Krisumi Japanese Waterfall Residencies.
Buying a house for the very first time is a big decision. You have to consider numerous factors before finalising a property. One such important factor is the brand or the developer from whom you choose to buy your dream house. A Reliable real estate developer will have all the correct documents, credentials and permissions for construction and deliver the properties within the deadline. As the cost of properties is increasing daily, you must select the correct real estate developer from whom you are buying your apartment.
Here is a list of the advantages of buying a house from a well-known builder.
1. Following RERA RegulationsAll Reputed developers are registered under RERA, and they ensure that the customers know about this. So before choosing any developer, you need to ensure this factor. Additionally, with the introduction of RERA, the developer has to follow the rules and regulations, and there is no chance of foul play.
2. Follows DeadlinesReputed construction companies ensure they can deliver the apartments to their customers on time. And after the introduction of RERA, it has become their main responsibility to finish their projects within the deadline. So, you can rest assured that you will have the key to your dream house within the promised time.
3. Higher ROIThe developer or brand you choose will act as a plus point if you are planning to sell or rent out your property in the future. Most reputed builders develop residential projects in popular areas with good connectivity and a secured and up-market neighbourhood. Therefore, you can get a better ROI.
4. Top Notch SecurityMost famous real estate developers will offer state of earth security features and gadgets in their residential projects. So you can rest assured that your family members and valuables will be safe from any kind of harm or theft, or burglary.
5. Top class Customer ServiceBuying a 2BHK flat for sale in Gurgaon is a long-term investment; therefore, you would want a good relationship with the developer. A well-known real estate developer will understand the importance of customer service. So they offer excellent customer service to their buyers.
6. High-class features and amenitiesYou definitely want your dream house to come with top-notch and excellent amenities that will cater to your and your family's needs. Once you buy a property from a reputed developer, you will automatically have access to premium amenities like swimming pools, 24/7 electricity, a children's park, a basketball court and various other amenities.
7. Easy Bank LoansEstablished real estate developers have earned their name and a certain amount of trust in the market. They also have tie-ups with various banks, credit unions and financial institutions. Therefore, when you decide to invest in a property developed by a reputable company and apply for a housing loan, it will be easily sanctioned without much hassle.
Things to consider before selecting the best real estate developer:
- Get to know your options face to face and visit the residential projects
- Check the testimonials and history of the developer
- Learn about the safety measures taken by the builder
- Research about the licence and certifications of the real estate developer
- Make sure that the construction company is RERA-registered
Well, it is pretty common for home buyers to be confused about the terms and jargon used by property agents and realtors. While buying an apartment you might have heard of terms like Built-up area, super Built-up area, and carpet area, which in most cases are beyond the understanding of a common person. So if you are planning to buy an apartment, it is important to understand the difference between these three terms; therefore, you need to know what is carpet area, Built-up area and Super Built-up area.
In the article, we will discuss real estate technical terms in detail.
Carpet AreaTechnically speaking carpet area is the area in your apartment that you can cover using a rug or a carpet. As per the RERA, the carpet area of an apartment is the net usable floor area. The area covered by the external walls is not included while calculating the carpet area; however, the internal partitions are considered.
How to Calculate Carpet Area?Carpet Area = Area of the living room + bedroom + balconies + toilet - the thickness of the inner walls. According to the rules and regulations set by the RERA Act, the real estate agent is responsible for making the buyers aware of the total carpet area of the property. Therefore, the price of an apartment should be based on the carpet area.
Important Things About Carpet Area:
- The developer has to include the carpet area on the sale agreement, sale deed and brochure.
- You need to verify the carpet area on the brochure and the actual area.
Built-up AreaThe Built-up area in an apartment is the sum of the actual carpet area and the space taken up by the walls. This area in an apartment also includes the terrace, flower beds, balconies, etc. It is always greater than the carpet area of the apartment. In most cases, the Built-up area is approximately 15 to 30% of the carpet area. For example, if the Built-up area of a 2BHK flat in Gurgaon is 1000 square feet, then the carpet area would be approximately 700 square feet.
How to calculate the Built-up area?Built-up Area = Area of the balcony + Area of the walls + Carpet area.
Important things to know about Built-up Area
- Most builders use the Built-up area to determine the actual area that can be used
- You can calculate the estimated value of the carpet area by knowing the Built-up area
Super Built-up areaThe area calculated, after adding the Built-up area of the property and the proportionate area of the common facilities in a residential housing project, is the super Built-up area. Some common facilities included in the calculation include the area of the garden, the park, the clubhouse, the swimming pool, the lobby, the lift shaft, the stairs, etc.
How to calculate the Super Built-up area?Super Built-up Area = Built-up area of the apartment + the Common areas (swimming pool, lobby, lift, stairs)
Important things to know about the Super Built-up area
- Remember that real estate deals based on the super Built-up area can be deceptive
- However, if the developer is sharing the super Built-up area, you must ask them for a price breakdown of the different components used.
In the past couple of decades, there has been a steady rise in NRI investing in the real estate markets of India. According to recent statistics, out of the 80 billion US dollars India earned last year, more than 13 billion dollars was from the real estate market. Specific factors like the falling value of the Rupee and uncertainty in other investment options have made the path clear for investing in the real estate market.
Even though there are no specific restrictions, NRIs must know a few things before investing in the Indian real estate market.
1. Identify the best location.Due to rapid urbanization and quick development, many areas in India have gained prominence. Certain places like IT hubs have become the top choice for investment as numerous IT organizations set up their offices. These localities are not only gaining popularity, but they are also experiencing unprecedented value appreciation. These factors make these areas attractive real estate investment destinations for NRI.
2. Choose a popular developer.While buying Apartments or commercial properties, an NRI has to pick the correct builder who has enough experience in the market and is reliable. It is one of the essential factors that you have to keep in mind. Most NRIs looking to invest in 3BHK Flat in Gurgaon find it convenient to work with reputed and honest developers who usually have the necessary qualifications and certificates.
3. Housing loans availableMost banks and financial institutions in India offer NRIs funding options like housing loans. As the payment will be in INR, you have to open an NRE or NRO account. However, you need an excellent CIBIL score to qualify for a housing loan. Also, you need to have an Indian resident as a co-applicant.
4. Learn about RERAAs most builders and developers have to follow rules recommended by RERA, NRIs are also protected from any offenses or misdeeds of these builders. As an NRI, you can rest assured that the project will be completed within the deadline and receive all the promised aspects like carpet area and amenities.
5. No restriction on the number of propertiesAn NRI can invest in as many properties as they want. The only thing that they have to know is the type of tax liability they have to bear. As an NRI, you do not have to get any special permission to invest in real estate property in India. If you buy more than one property only one of them will be considered for their own self. The other properties will be categorized for leasing purposes. Therefore, the rent which you will receive from them will also be taxable. India is one of the fastest-growing real estate markets in the whole world. With the ability to withstand any type of pressure and even sustain recession on a global level, the Indian real estate market is a lucrative option for NRIs to invest in. Additionally, the rules and regulations in India are pretty lenient. If you are searching for a 2BHK flat for sale in Gurgaon, then you can visit the official website of Krisumi Japanese Waterfall Residences.
Buying an apartment for yourself and your family is a dream for most people in India. Meticulously planning to save money for several years can be daunting. But, home buying can be pretty smooth if you have the correct documents and an excellent legal understanding. While buying a 3BHK Flat in Gurgaon, you must be highly cautious at every step of the process until the process is complete.
Let us discuss the legal documents you need to buy a new home.
1. RERA Registration CertificateOnce you have selected the property you want to buy, you must check whether the project and the builder are registered with RERA. Using this, you can check the builder and project details.
2. Letter of AllotmentIf you are planning to buy an under-construction building, it is advised that you get the allotment letter which will include all the correct details of your apartment or home and the financial details. Additionally, this letter of allotment is required for getting a housing loan from a bank or any other financial institution, as the document is proof of the actual property price.
3. Occupancy Certificate or OCThis crucial legal document allows the home buyer to physically possess the property. This document also proves that the development authorities or the municipality has inspected the property and that the developer has followed all the government-recommended rules and regulatory conditions. It is mandatory to get the occupancy certificate. Failure to do so will result in a penalty or eviction to the buyer.
4. Khata CertificateProperty tax is another mandatory charge that must be paid while buying the property. In Karnataka, property tax is known as khata or khata property tax. A Khata certificate is a legal document that represents the property assessment account. The document contains crucial information about the property, like the carpet area, the demarcations, the build-up area, and the owner's details (name, age, address, property tax ID). Khata certificates have different names across different states. Like in Maharashtra, it is known as a property register card.
5. Sale AgreementThis is one of the first documents you receive while buying a new home. The sale agreement includes the sales terms and the conditions of the property between the developer and the buyer. This critical document also contains the total payment that has to be made, the amount of payment that has already been made, and the expected date of the full payment. The sale agreement document facilities the sale process and acts as a map for financial transactions with the property descriptions.
6. Sale Deed and Title DeedThis is the final document of ownership. The sale deed records and maintains the actual ownership transfer of the property from the builder to the owner. It has to be registered at the sub-registers office so that the property you are buying can be included in the jurisdiction of the city where the transaction takes place. The sale deed also marks the end point of the sale agreement and initiates the beginning of the sale process.
7. NOCNOC or non-objection certificate is a mandatory document you must get from the developer. Without a NOC, IOD cannot be granted to the builder. If you are planning to buy a 2BHK flat for sale in Gurgaon, these documents and necessary checks will ensure a smooth buying process. To buy the best 2, 3 BHK and penthouses in Gurgaon, you can visit Krisumi Japanese Waterfall Residences.
Compared to metro cities like Mumbai or Delhi, where real estate prices have risen dramatically over the past few years, Gurgaon's real estate market hasn't yet seen a considerable price hike. However, if you are buying a flat in Gurgaon, you must select a suitable place first. Most home buyers cut off some expenses to save significantly for a higher down payment.
So today, we will discuss all the costs associated while buying a flat in Gurgaon.
Factors that determine the charges:
1. Location valueBuying a property in and around commercial areas and busy market districts will be more expensive than buying a flat in isolated residential areas. Also, the cost of well-developed colonies near educational institutions, hospitals, and shopping areas is also higher.
2. Resale valueNewly developed properties mostly have a higher price. Even those properties that have been appropriately maintained over the years can be pretty expensive. Regular maintenance along with upgrades can also increase the value of a home.
3. Construction QualityThe cost of your 3BHK flat in Gurgaon will also depend on the construction materials used. Quality homes are pretty expensive; however, they will require fewer repairs.
4. Luxury AmenitiesResidential properties in Gurgaon with more advanced luxury amenities are also expensive. Most home buyers search for apartments in residential complexes that offer basic amenities like power backup, plumbing, sewage treatment, and some leisure amenities like parks, swimming pools, and gyms.
5. Builder's ReputationThe best builders in Gurgaon will use high-quality materials for their construction. Therefore, such a project will naturally be more expensive.
Additional expenses that you need to consider before buying a flat in Gurgaon
1. Stamp dutyThe Indian government collects this fee under Section 3 of the Indian Stamp Act 1899. Stamp duty validates the sale agreement between two parties and is used to keep track of the property.
2. GSTAll the home buyers in India have to pay GST @ 1% for affordable housing and @5% for non-affordable housing while buying under-construction properties like bungalows, apartments, and flats.
3. PLCPreferential Locality Charge or PLC is applicable for all the apartments with a garden view, pool view, sea view, or Lake view. Whenever you choose a flat or apartment based on a specific view, PLC will be charged, which will range from INR 100 to INR 500 per square foot.
4. Brokerage FeeIf you use a broker to find your dream home, you will pay a little extra. The broker will be charging a commission from both the parties (buyer and seller) for a smooth transaction.
5. Parking ChargeYou will only be given one parking spot even if you own more than one automobile. You have to pay additional charges for an extra spot.
6. Maintenance cost depositThe builder will collect a maintenance deposit to develop a Corpus fund. The money earned from the funds will be used to maintain the communal areas.
7. Miscellaneous chargesApart from this fee, you can also be asked to pay additional charges. Some of them will have no connection to your apartment, but they may be related to purchasing and shifting. For example, miscellaneous charges might include bank loan inspection fees or the cost of hiring packers or movers. So if you are searching for a 2BHK Flat for Sale in Gurgaon, then the best choice would be to contact Krisumi Japanese Waterfall Residences.
While searching for a property, the very first thing that comes up is whether to buy a ready-to-move apartment or an under-construction apartment? However, most people prefer buying under-construction houses as they get a good property on a lower budget. Gone are the days when people believed that buying under-construction properties was risky. Nowadays, buying under-construction apartments can be pretty profitable.
Now let us take a look at the advantages of buying under-construction apartments.
1. Cost-effectivenessOne of the most important factors that you must consider before buying an apartment is the cost of the property. Usually, an under-construction 2BHK Flat In Gurgaon will cost less than a ready-to-move-in apartment. Also, when opting for under-construction properties, homebuyers can choose from various options. Possession might get delayed, but the cost is worth it. Also, with RERA in place, if the developer or the construction company does not deliver within the deadline, they are liable to pay compensation to the buyer. This is a significant advantage of booking an under-construction house.
2. Payment flexibilityWhen you buy a ready-to-move-in house, you must pay the entire amount. Additionally, there are other charges like registration charges, stamp duty and miscellaneous expenses. However, at the initial stage of construction of an under-construction property, you only need to pay 10 to 15% or less as the registration amount. Next, after a certain time, you can start paying EMI to the bank if the property is financed, or you can pay directly to the construction company as per the payment schedule.
3. Better appreciation valueAs the cost of an under-construction house is lower than a ready-made apartment, the appreciation value is expected to increase with time. As the construction work progresses, the overall cost of your property will also increase. So during the completion stage, you can earn a substantial profit easily. For a better return on investment on the under-construction house, it is advised that you check the location, employment hubs in the area, upcoming infrastructures and what other facilities are available in your locality.
4. Exclusive discounts and offersIt is almost impossible to get a discount on a ready-to-move property. As the construction is complete, you have to pay the property's market price and pay additional charges depending on the amenities. But when buying an under-construction property, the builder offers various types of discounts and gifts that include a free modular kitchen, air conditioner, gold coin, free parking and a discount over the maintenance fee. Additionally, while buying an under-construction house, you can also negotiate the final price with the buyer.
5. New propertiesWhen you are opting for under-construction houses, you get a completely new home which is not the case when people buy ready-to-move-in properties because mostly they get second-hand apartments. Additionally, you do not have to spend for repairs or maintenance. If there are any issues during the under-construction phase or the pre-possession stage, the developer will be paying for the repairs and not you. So in simple words buying an under-construction house will be profitable for you. Additionally, you also get the opportunity to customise your house as per your requirements, and you can also keep a close eye during the construction phase. If you are looking for the best under-construction houses, you may consider visiting Krisumi Apartments in Gurgaon.
Planning on investing in a residential property in Gurgaon? If you are, then it is high time that you learn about the various types of residential properties which are available in the real estate market. As the Pandemic situation normalized, the residential market has come out of its slumber and has been performing quite well for the past few months. So if you are a pure real estate investor who is only interested in investing for future value appreciation, then it is time to note the type of properties available. Choosing the Apartments in Gurgaon is essential so that you can reap the profits of your investment in the future. On the other hand, if you are investing for end-use, you also need to look at the occupational needs of the entire family.