Tips to Prepare Yourself for Becoming a Homeowner in 2018

How long have you been thinking of purchasing a home but could not come finally come to a decision? Well, your waits end in 2018 with the property prices lying at the bottom and are expected to surface up as soon as the developers get adapted to the conditions of RERA (Real Estate Regulatory Act.

RERA has already brought an end to the uncertainty regarding the delay of property possession. Besides, the market is going to get rid of those fly-by-night developers who won’t be able to sustain without having registered their projects. As a result, only those properties will be made available to you that are in compliance with RERA thereby, securing your rights.

So, instead of sitting on the fence, make use of the upcoming quarters when the market is going to act as per your choice. But, before coming to a decision you need to get prepared in the following ways:

First and foremost, you have to obtain an assessment of your present financial position that is essential for taking a home loan. An individual with only a credit score above 700, is eligible for a home loan. Your loan application will be quickly approved by the banks if the score lies anywhere between 750 and 900. Thus, you need to get a credit report from Credit Information Bureau India Limited or any such authorized agency by submitting an application on its website.

Credit ratings also get improved through a flawless past record of your loan payments if any. The closing of auto or personal loans is necessary before you apply for a home loan, especially if it is the biggest amount you have ever borrowed as a loan. For the easy management of payments, bring down the number of credit cards used by you and don’t buy a new one. The credit card payment is also taken into account by the agency for preparing the report.

Other than the identity and address proofs, you will have to furnish your PAN card, salary slips and bank statement of the previous 3 months and 6 months respectively. Income tax returns for the last 3 financial years will also be asked for by the bank during your home loan application. Make sure that you have all of these ready at hand and in a perfect state.

The amount of down payment within 10 to 20 % has to be arranged and kept ready while the home loan will finance the rest of the amount. Another thing you need to know is that the chances of negotiating with the seller become high if your home loan is pre-approved.

Hope, this information will help all the buyers out there. For closing a smooth deal, you may contact Transventor Property Management Services Pvt Ltd. We offer end-to-end solutions for the rent, sale or purchase of a property so as to leave a smile on your face.


Ups and Downs of the Realty Market in the Post-RERA Period

The flow of Government reforms like RERA, GST, and demonetisation, has severely disrupted the country’s Real Estate market. Till date, the volume of sales, as well as new project launches, are on a low. But an uptick was observed in the sales rate as a whole, in the recent months, mostly contributed by the sale of ready-to-move-in projects. The luxury segment market seems to have improved, especially in the case of selected projects by well-known developers, offering ready-possession options to the buyer.


According to the Chairman of a Real Estate Consultancy, the market will take quite some time to regain its usual flow. With buyers’ increasing interest in projects that are towards the stage of completion or ready-to-move-in units, developers became cautious in their approach. They began to focus on selling off their ready-to-move-in projects instead of launching new ones.

The post-RERA period appears to be tough for the Real Estate market but ultimately it is on the gaining side and that is evident from the initiation of transparency in the industry. At present, payments for all types of property purchases are being accepted either legally online or through cheques. Transactions involving cash or cash component, are subject to questions from the authorities.

In the opinion of the consultancy, the average prices of property in rupees per square foot of area have remained the same in the major cities of the country. A slight change in prices has been witnessed by cities, namely, NCR, Chennai and Mumbai Metropolitan Region. Kolkata, Bengaluru, Hyderabad, and Pune also saw a slanting rise in the property prices.

Developers are maintaining competitive prices to clear off the huge unsold inventory as well as complete the projects that are under construction.

With the demonetisation in the fourth quarter of 2016, the number of sales and new launches fell by around 32 and 60 percent, respectively, in comparison to the third quarter of that year. On the contrary, a reduction of about 6% in the number of unsold properties conclude that the developers are concentrating more on offloading their existing projects than launching new ones.

Hard discounts are being offered by many developers while the capital-rich ones with projects in popular locations are waiting for the market demand and prices to grow.

The present situation of the realty market with incredibly low home loan rates ever in the last ten years is certainly a benefit from the consumer’s viewpoint. Besides, developers are offering attractive payment plans and rates for drawing potential customers. According to the experts, a firm recovery is soon expected in the residential market, both primary and secondary.

Hope, this reading was helpful. Whether you are renting, selling or purchasing a property, Transventor Property Management Services Pvt Ltd is there to make it an enriching experience for you. We make it a point to keep you updated with what is going on in the industry.

Signs of Recovery in the Real Estate Market from the Impact of Demonetisation

It has been a year after demonetisation took place and the volume of apartment sales also reduced by 75%. This is due to the struggle of homebuyers for meeting their daily requirement of cash. Secondly, the implication of GST made them step back at the time they had started gaining confidence in the developers. But according to the developers, the recent few months have witnessed smart recovery as implied by better sales in comparison to the corresponding period before demonetisation.

As per the report of a global Real Estate firm, 11,531 units got sold in the Kolkata market during the period between October 2015 and September 2016. The number of sales shockingly fell between October 2016 and September 2017, amounting to 2,648 units. This period also experienced a decline in the new project launches, from 12,169 to 3,581 units. Although the primary market was badly affected, the resale market became active due to the discounts offered by the developers.

Sources from the realty firm say that there has been an improvement in the delivery schedules of projects. Post demonetisation, developers are focussing more on the completion of ongoing projects than on the launch of new projects.

In the opinion of the developers, the number of sales in the previous 2 months has increased than that in the corresponding period of the last year. The recovery would have taken place at a faster rate, had the misinformation regarding GST not created an uncertainty leading to a 20% drop in sales during March to June 2017.

Experts say that the realty market of Kolkata appears to stabilise after having gone through a year of ups and downs. Demonetisation had a psychological impact on the buyers that caused to stay off from purchasing properties even though cash transactions in the organised realty sector have stopped several years back.

In order to adjust the hike in costs without affecting the unit price, developers have reduced the size of the units by 7 to 8%. Besides, the demand has shifted from 3 BHK to 2 BHK apartments. The high-end projects with values of 4 crore rupees and above are finding it hard to record sales. The most suitable example being the low pricing of Kolkata’s Trump Tower by the developers, so as to attract buyers.

If you wish to receive such useful information or require any assistance then get in touch with us at Transventor Property Management Services Pvt Ltd. Whether you are buying, selling or renting any property, we are there to guide you at every step for the smooth execution of your deals.

Kolkata Listed Among the Top 4 Indian Cities With Affordable Housing

At present, affordable housing is the most lively segment of the Real Estate residential market. Thus, it is anticipated that this part of the market will lead to the growth of the country’s realty sector.

Developers are including the segment of affordable housing in their portfolios to make use of the growing requirement of households with low and middle-income levels. In spite of its low-profit margins, this sector shows a rise in the number of potential sales. In comparison to the last quarter, there has been a 15 percent increase in the new launches of affordable housing.

Ways to Make Your Property a Prime Piece That is Worth the Price You Demand from Buyers

A recent flow of several Government reforms has pushed forward the Real Estate sector and created hubs of affordable housing across India. Among them, four cities namely, Hyderabad, Navi Mumbai, Ghaziabad, and Kolkata are providing a wide array of options in affordable housing that promise healthy returns and capital appreciation in future.

Now, talking about our city, affordable housing has succeeded in going against the low residential market of Kolkata. The favourable reforms by the Government and an increasing demand have resulted in the launch of new projects by many developers. These projects have reached only the first stage of planning. Several Housing Finance companies are tying up with affordable project developers for promoting those projects.

Kolkata’s residential market received a fresh momentum with a flow of affordable housing launches, recently. Besides, it has remained the least expensive city among the other metro cities. Several localities are offering apartments within a range of 20 to 35 lakh rupees. Dum Dum, Serampore, Khardah, Rishra, Andul and Barasat are to name a few.

Besides, the city is about to experience a change in its infrastructure as has been announced. 1,800 crore rupees will be allocated by the Kolkata Municipal Corporation in the present Financial Year. The expected improvement in Kolkata’s sewerage, parks, management of solid waste, roads and water supply, is another favourable factor.

With the realisation of the potential of affordable housing, more developers are opting for it and are also providing innovative schemes for increasing the sale of their unsold inventory, especially in the festive season. The force gained in these festive months is expected to continue, thereby leading to a 30 percent annual increase in the growth of affordable housing. Such an advancement has led to the expectation of the Indian Real Estate market growing big in the coming 5 years.

To stay updated with more of such news, contact Transventor Property Management Services Pvt Ltd. We are here to guide you at every step or whenever you require our help in selling, renting or purchasing a property.

Slowdown in Indian Residential Market Continues; NRIs Invest in Commercial Properties

It has been a year since demonetisation took place, resulting in the slowdown in the Real Estate residential market that still continues. As per the data provided by the Ministry of Housing and Urban Affairs, the realty sector prices fell by around 5 to 10% and can drop further. The Ministry has a positive anticipation of increasing transparency in the market, with the nonserious and untrustworthy developers about to vanish.

Demonetisation has made a positive impact on the industry, ultimately benefitting the end users. Other than the 5 to 10% drop in property prices, the freebies offered by many developers in this year is also within the price range accounting for a drop of 5 to 7% in the previous price. The discounts are expected to reach a 15% drop as well, as informed by the Ministry.

The Ministry’s data shows a reduction of 10 to 15% in the properties’ average resale price just after demonetisation took place. With buyers getting interested and purchasing ready-to-move-in units, there has been a slight correction of prices in the previous two months.

On the other hand, the country’s top ten cities have experienced less number of new project launches since January. These include Ahmedabad, Bengaluru, Chennai, Pune, Mumbai, Hyderabad and Noida. Gurgaon turned out to be an exception with a 72% increase in the launch of new projects compared to the previous financial year. These projects belong to the segment of affordable housing under the State government’s scheme.

The Ministry is making great effort to stand by the side of genuine buyers, by pushing the developers to complete their ongoing projects. The impact of RERA and demonetisation is expected to result in the completion of the ongoing projects at a quicker pace.

With the country’s residential market experiencing a slowdown, the NRIs (Non-resident Indians) from West Asia and the US, are making more investments in commercial properties than in the residential ones to avoid any risk. Besides, investment in a commercial asset will not just help one to generate a steady income but will also offer better returns, as compared to residential properties. These returns even surpass those of Sensex, Mutual funds, and traditional fixed deposits. The overall and average rental returns being 18-22% and 7-8% respectively.

As per the report from a realty company, the commercial market is receiving capital from around 40 percent of the NRIs in the form of fractional investment. Strong demand from the corporate sector has halved the number of vacant office spaces in the previous 6 years. Not only the absorption but even the pre-leasing of such spaces is on a high thereby, indicating the interest of occupiers and sustained demand for commercial properties.

Hope, this reading has helped you. For more of such relevant information, get in touch with Transventor Property Management Services Pvt Ltd. We have solutions ready in our kitty for any help you need while renting, selling or purchasing a property.

Some Careful Tips to Follow Before Signing Rent Agreement

1. The rental fee usually increases by 10 percent after one year. So, you need to find out whether it is included in the agreement or not. The renewal of lease takes place after a period of 11 months and not after a year. In the case of a duration period exceeding 11 months, the agreement has to be registered.

2. You should also inquire about how your security deposit amount will be adjusted at the time you leave the rental. The other things to check for in the document, are the payment mode, termination clause specifically mentioning the period of stay and also notice period, in case the owner has any such plan.

3. If you are opting for a rental in any residential complex with modern amenities like club, swimming pool or gym then find out whether you will be charged for those facilities even if you do not avail them. Also ensure that the agreement clearly states the date of paying rent and penalty charges, if any. You should get confirmed that all the previous utility bills, property taxes, and maintenance charges have been cleared off either by the owner or the former tenants.

4. No matter how big or small an apartment you select for staying, it should be value for money thereby, meeting your requirements. Look out for all the terms and conditions relating to the owner’s or society’s rules. If those are not mentioned in the document then do enquire about it.

5. Verifying the title documents like share certificate and sale deed is necessary since it often happens that the caretaker or the tenant offers the house on rent without letting the real owner know about it. A NOC certificate from the society is a vital proof and you should manage to get one.

6. The document needs to mention whether you or the owner will pay for the maintenance charges, even on the occasion of damage due to natural calamities or accident. If it is you who will have to pay then find out if the payment will be directly made by the owner or you will have to pay him.

For further assistance, feel free to get in touch with Transventor Property Management Services Pvt Ltd. We are a property management and marketing company that has every solution ready to meet your requirement regarding the sale, rent or purchase of a property.

An Increase in the Country’s Rental and Housing Prices

The quarter of July to September 2017 saw an increase in the housing and rental prices of the country, by 2 and 5 percent respectively, from the corresponding quarter of the previous year period year. This occurred in 8 Indian metro cities as the reports say. Hyderabad witnessed a 2% rise in its rental prices.

The multi-year slowdown that is being faced by the Realty market, has caused major delays in the completion of the under-construction projects along with poor sales. Property prices have remained the same or declined.

A report says that the price of housing decreased by 1% while that of rentals increased by 3% in Bengaluru, during the present quarter of July-September in comparison to the corresponding quarter in the previous year period.

Prices remained stable in the residential market of the Delhi-NCR while the prices increased by 2% in Mumbai without any change in its housing prices. A 2% growth in the rental prices was also witnessed by Pune, where the housing prices did not change.

Chennai has accounted for an increase in its housing and rental prices by 1 and 2 %, respectively. Now coming to our city, Kolkata also witnessed an increase identical to that of Chennai. Ahmedabad turns out to be an exception with a 1% decline in its housing prices and a growth in the rental prices by 3%.

This gradual rise is due to the effect of RERA that caused the homebuyers to regain the confidence of purchasing a property. Besides, the interest rates now are much more favourable for the customers than they ever had been earlier. The metro cities are facing the challenges of reform policies with great courage, it seems.

For more of such relevant information, feel free to contact us at Transventor Property Management Services Pvt Ltd. We have tailor-made solutions ready at hand to solve any problem of yours while renting, selling or purchasing any piece of Real Estate.