October 31, 2013

Symphony Towers, Behala, Kolkata

Symphony Towers, Behala, KolkataThe Behala region in Kolkata has seen a spurt in the residential real estate market in the last few years. A number of new projects have come up and one such is the Symphony Towers. However, what sets it apart from the rest is the world class facilities and lifestyle offered to its residents. There are three grand towers which will hold the residential apartments and there is about 67% open space for natural surroundings. There are only three BHK apartments offered in this complex. But they are definitely worth every rupee you spend. The area ranges from 1250 sq ft to 1495 sq ft. The cost will be from Rs 48 lakhs onwards and possession will be given to buyers within three years of commencement of construction.

The entire towers are constructed form RCC and are earthquake-resistant. The flooring will have high quality vitrified tiles in the main rooms of the house. Kitchens and toilets will have anti skid ceramic tiles to ensure the safety of users. Doors will be made of teak or other hardwood. Godrej locking systems are to be provided with the door. Security will be provided around the clock, and there is an emergency fire detection system. The architecture especially will be noteworthy with famous architects having helped designing these beautiful apartments. Elegant staircases and a spacious lobby is one of the hallmarks. The area of Behala is one the upcoming areas of Kolkata and there are a number of good schools and colleges here. Connectivity is also not a problem. 

October 30, 2013

12 Tips to Choose the Best Home Loan

Buying a home is one of the most important investments for most of us. There are a lot of banks offering home loans to construct a house which can be paid back using Equated Monthly Installments (EMI).  One can easily avail a home loan but the trick is to find the best loan that is flexible and beneficial. Here are a few tips that can help you choose the right home loan.

mortgage broker

1.    Finalize your property beforehand

The first step in applying for a home loan is to finalize the type of your property. It can be a self-constructed house, a ready to move-in house or a property under construction. Each bank will offer loan for a particular type of property. Once you have finalized, narrow down the banks that offer loan for your preferred property type.

2.    Look in to the loan eligibility criteria

The home loan eligibility criteria are generally based on the income and the repayment track record of an individual. If a bank offers low amount, try different banks which can offer maximum sum. In the current trend, you can easily avail a home loan if you opt for a maximum tenure.

3.    Choose the best interest rate

Choose the best interest rate

The interest rates are usually fixed or floating. If you choose floating, the interest rates are either calculated on monthly basis or daily basis. It is wise to choose the floating rates calculated on daily basis. This will help you save more money. So before applying for the loan, ensure if the lender’s floating rates have come down over the past 2 years.

4.    Compare the interest rates

It is necessary to compare the interest rates available by different lenders. To get better visibility on the true cost of the loan, check the comparison rate. The comparison rate includes the interest rate offered by the lender along with the fees and charges related and provide a percentage which will be more than the interest rates advertised. You can calculate the true cost and compare it with other lenders’ loan value.

5.    Understand the whole package

If a lender offers a low interest rate, there are chances that the loan might have a higher fee amount. Most banks offer only 80% of the budget, but if a bank offers you 100%, then there are possibilities for higher interest rates and processing fee. Thus, it is necessary to understand the whole package structure before applying for the home loan.

6.    Check for hidden costs

The actual rates will differ from the advertised rates, so read the loan documents carefully and get to know the hidden costs which generally include legal charges, valuation fees, pre-payment charges etc. You can check for a home loan that has zero moving charges.

7.    Ask about the processing fee

The banks collect the processing fee for any loan application which is non-refundable. This fee is usually 0.5% to 1.0% from the total loan amount and it doesn’t assure the loan approval. This amount is used to verify the documents and to complete the formalities for the home loan. The processing fee is tax deductible and thus you can enquire if your lender can provide a certificate regarding the fees payable in order to claim the deductions.

8.    Consider lock-in period

The lock-in period is the time frame of your home loan’s full settlement period. This usually varies from 3 to 5 years. You can negotiate on this and ask for a lesser term of 3 years.

9.    Early settlement penalty

Usually banks have a prepayment penalty clause in their loan offers to compensate the loss of interest due to early settlement. The penalty charges vary for different lenders and usually charged around 3% from the loan amount or the outstanding balance.

10.    MRTA availability

The Mortgage Reducing Term Assurance (MRTA) also called as Mortgage life Insurance, as it will help the borrower to settle the loan in case of any mishap. The lender will always provide the MRTA but you can also use your existing life insurance cover.

11.    Redraw facility

Redraw facility is an option where a borrower can make additional repayments to the loan account. This way, the borrower can save on the interest rate and will also have the flexibility to access the fund when required. Some banks offer this facility with an activation cost. If your lender provides this facility, then it is an added advantage.

12.    Consult with a mortgage broker

Asking questions to the lender about the loan is the best way to avail a beneficial home loan. A mortgage broker has the knowledge to ask the right questions to the lender. You can also use the help of the internet to understand, compare and avail the best home loan.

October 28, 2013

Wave Irenia, Sector 32, Noida

Wave Irenia, Sector 32, NoidaWave Irenia is latest tower building of the township being built by Wave Infratech in Noida. The township will cover an area of 152 acres in the middle of Noida city. The Irena is going to be the flagship luxury apartments of this project. The precise location is at Pracel 2D, Sector 32. The tower will have two and three BHK air conditioned flats. The two BHK apartments are available in three varieties depending on the area – 880 sq ft, 970 sq ft and 1050 sq ft. The cost for these residences is Rs 72.16 lakhs, Rs 79.54 lakhs and Rs 86.1 lakh respectively. The three BHK flat will cover an area of 1305 sq ft and will cost around Rs 1.07 crore. Possession is set to begin by the end of 2015.

The amenities and facilities offered to residents are of premier quality. The entire complex is Wi-Fi and IPTV enabled. There will be a standard wardrobe in the main bedroom, along with an inherent chimney in the living room. Hob and fibre optic connectivity will also be provided. The flooring will consist of imported marble for living rooms and vitrified tiling for the bedrooms. Other rooms will have matt and ceramic tiled floors. All doors will be made of natural hardwoods. Windows will be constructed of UPVC.

Noida has come up in the recent years as a business, entertainment and commercial hub of the NCR. Wave Irenia will be situated in the centre of this hub and is going to be a great investment.

October 25, 2013

Choosing the Best Home Loan

Best Home Loan
Before choosing a finance company for your home loan, you need to know:

  •    Your own credentials
  •    Finance cost and interest rates
  •    A good home loan lender who can help you through the whole loan procedure

Let’s look at some of the guidelines to choose the best home loan:

  • Check your home eligibility: When you are applying for a loan, check with various banks, as every bank has its own method and standard for calculating eligibility. Generally, it depends on the income and the repayment track record. Adding up the spouse income is a good option to increase the eligibility of the home loan. There are various factors that a finance company looks out before approving a loan:
  • Income: The income or salary determines the amount of home loan one is eligible for.
  • Duration of the loan: The longer the tenure of repayment, the more is the home loan eligibility.
  • Interest rate: If your interest rates are on a lower side, than the loan eligibility will be higher and vice versa.
  • Rate of interest: One is always left in a dilemma while opting between fixed and floating interest rate. Generally, it is assumed that fixed interest rate will be the same throughout the loan tenure, but sometimes it may change after a certain period of time. In such case, either your EMI amount or the loan tenure can increase. Hence, it is better to clarify with the finance company before choosing fixed rate of interest.
Benefits of fixed rate

Floating interest rate varies with the market condition. This rate is tied to a base rate plus a floating element. Thus, if the base rate varies the floating interest rate automatically changes.

Benefits of fixed rate:

  •     Interest rate is fixed throughout the tenure of loan period
  •     It provides sense of certainty and security

Benefits of floating rate:

  •  Floating rate is cheaper than the fixed rate.
  •  Floating rate brings a lot of savings, as the interest rate will surely fall over a period of time
  •  Calculation of home loan amount: The calculation of home loan differs in each home finance company. Some company calculates the amount on the basis of gross salary, while some calculate it on the net income. These calculations will make a difference to individuals as EMI varies based on this calculation. One can look at various banks and do a comparative analysis before choosing the best deal.
  • Prepayment and foreclosure benefit: Finance companies have certain terms and conditions on prepayment and foreclosure. Individuals should clarify such points before closing the deal:
  • What are the prepayment charges?
  • Whether there is a penalty for foreclosing of the outstanding loan amount with the lender?
  • What is the fee that is charged when transferring the loan to another bank?
  • You can opt for the loan, once you get a complete clarification on all the issues and interest rate offered.
  • Check for any hidden costs: Generally, people think that one have to pay only the interest once the loan is approved. But they forget to look at the large hidden costs that are involved when applying for loan, such as, legal charges, valuation fee, processing fee and pre-payment charges. All these fees and any other hidden cost have to be checked before a loan is availed.
  •  Processing fee: Banks always charged a processing fee from the potential customers when they apply for loan. This fee is non-refundable and is 0.5 to 1% of the total loan amount. Paying this fee doesn’t mean that the loan is approved. It may happen that you pay the processing fee, but still the loan is not sanctioned due to various reasons. Hence it is important to have a written agreement with the bank and this agreement can be utilized if one is switching from a floating interest rate to fixed interest rate and vice-versa.
banks for home loans

Some of the popular banks for home loans:
  • SBI Home Loan: This is India’s largest bank and is regarded as the best bank for its loan schemes. It is the most preferred bank in the housing industry.
  • HDFC Ltd. Home Loan: HDFC has its branches in 100 cities in India and it is the only bank that has come up with 30 year tenure for loans.
  • Axis Bank Home Loan: Axis Bank is one of the upcoming banks in the home loan category. Until now it has captured around 5-6% of the market share.
  • LIC Home Loan: This home loan is from the house of Life Insurance Corporation of India. They currently hold 11% of the market share
  • In the end, the decision is completely on the borrower, if he is interested in security and certainty, the fixed rate home loan is the best. But, in any case before applying, one must verify the details, do a comparative study and decide which one suits him the best in order to not agonize over the decision in the future.

October 24, 2013

Join the Green Home Revolution

Join the Green Home Revolution Green homes in India are on the rise. Statistics show a phenomenal 5 – 7% growth in the green home sector during the last 2 years. Experts predict that the next decade will see an influx of green homes which utilize less water, optimize  energy savings, consume  less natural resources and enhance construction management.

Builders in Chennai for instance have geared up to provide solar panel homes in complete gated communities.

Mumbai builders has more than 300 + registered green home projects spread over approx 229 million square feet.  Delhi builders are second with 200+ projects, followed by Bangalore and Pune.

Until you buy your own green home though, you can always join the green revolution!

Having a garden aids is the first step to a green home.  Here are a few tips on how to have the perfect garden:

Who would say NO when it comes to relaxing in the garden? Gardens have always been the preferred place to relax and soothe your senses. While a garden provides room for flowers and vegetables to grow, a perfect garden should trigger our emotions and enlighten our architectural skills.

Here’s how you can transform into an expert while discovering the art of coming up with a perfect garden. Sometimes, laying a separate pathway from the entrance to the sit out could also be the best idea to add aesthetic beauty to your garden space.

Below are few more options: 

Divide the open space

Green Home Revolution

 This is one of the simplest ways of adding beauty to your garden. All that you’ll need to do is, break up the lawn into small sections with flowing designs scattered with colourful flower beds. This will give an exciting contemporary feel to the garden and will add more interest than just a big green patch with colourful borders. You can also break up the space using different types of pavements and stones. The combination of pebbles, stepping stones and pavements give a unique visual treat and will also help prevent rainwater runoff.

Make a grand entrance

Plan for a low-level wooden door gateway. This could enhance the beauty of your garden. Plant evergreens, especially the junipers on both sides of the gate, or even along the pathway in order to create that formal feeling.   
Let your eyes travel

Pave more than two different directions from the main path. This will add up more mystery and will make the visitor curious about where the diverted paths lead to. It also gives an amused feeling when they end up hitting your garden. Let your sight be more active than your feet!

Put the right colours together

Come up with innovative ideas by adding a colourful combination of plants. Use various colour combinations of plants and flowers to soothe the eye. Choosing the right place for each colour is an important decision too. For example, beautiful pink meadows look wonderful on a green base. Play with colours. Do not panic about accomplishing the desired combo, you could end up having a totally breathtaking beautiful colour-combo at the end of it!

Include a garden room

Include a garden room

 Now, if you are wondering what a garden room could be like - be sure that it has nothing to do with traditional cement and bricks. It is as simple as planting four medium sized evergreens, such as spruce, in a square to create a garden room. 

Diverge with the texture

Texture is as important as the colours in your garden. Sometimes, repeating a texture creates a sense of uniformity. But don’t forget, too much of the same texture creates boredom as well. Bringing in some visual contrast will add brilliance to your garden. You can make use of other artificial material other than the natural plants and flowers to bring out this visual contrast. Such artificial things could include your antique furniture. 

Play with the junk

Smart gardeners come up with creative recycling and reusing junk materials. Starting from boots to bottles, and coffee tins to cattle troughs, decorative gardens provide ample possibilities to explore. Bottle turned vases, foot tub turned into pond gardens, boot planters; recycled glass and coffee tins etc are the common junks you could make use of to decorate your garden.

Decorate your fence

Decorate your fence

 Picket fences covered with fresh greenly creepers add more charm. You could also opt for hanging a small bouquet in the entrance of your garden to create that welcoming feel. Also add your signature touch by adding up a small watering mug or some loved collectibles that serve its purpose in your garden.

Bug off

When everything is set for visual beauty, insects can cause the nuisance. Get rid of these unwanted pests the natural way. Use vinegar, boiling water, salt, bleach, bar or liquid soap in your flower vases.
Well, creating a perfect garden with some of these tips doesn’t seem to be hard, right? So, why wait? Go ahead and roll up your sleeves - play with the plants! Happy gardening!!

October 22, 2013

Building Collapses at Dockyard Road – 1 Dead, 2 Critical

A five-storey building on the eastern side of Dockyard Road railway station collapsed at around 6 AM on Friday morning. According to reports, around 20 to 25 people are allegedly trapped in the building debris, while 1 dead body has been recovered from the site. 7 injured people have already been shifted to JJ Hospital. Unconfirmed reports also suggest that 2 out of the 7 injured are quite critical. The building apparently housed 28 rooms.
Building Collapses at Dockyard Road
Presently, 12 fire engines and two groups of the National Disaster Response Force are stationed on the spot. However, it is still unclear if this BMC Colony had received any warnings regarding a risk of structural instability.

According to the latest updates, a local politician and corporator of the area told a news channel that the building was around fifty to sixty years old and that it had a few structural issues. This could be the most probable reason for its collapse. He also added that he had alerted relevant higher authorities about this issue. The building had undergone repairs around 16 years ago.

Building Collapses at Dockyard Road

On the other hand, Sunil Prabhu, Mayor of Mumbai, said that rescue operations are currently ongoing and they are the highest priority now. He also added that definite action will be taken against the guilty.

More updates are awaited.

Charoli - Pune’s new real estate location

‘Location’ plays a major role in buying a home and other equally important aspect is ‘budget’.  When it comes to Pune, the city has multi-dimensional advantages. Along with the rapidly growing IT and IteS sector, which is all set to gobble Bangalore, the Oxford of East is already a frontrunner for the thriving manufacturing, healthcare and education sectors. 

Pune’s new real estate location

So, due to the influx of people from different walks of life settling in the city, the need of housing too has growing rapidly and Pune is currently bursting at the seams. The peripheral areas are hence growing at great pace.
Property market in Pune is aninvestment hotbed with most advantageous locations in the city are becoming beehives of real estate developmental activity, says Arvind Jain, Managing Director of Pride Group.
Due to unprecedented property rush, areas such as Viman Nagar, Koregaon Park and Kalyani Nagar – the most preferred real estate destinations for high-salaried IT class -- have already reached a saturation point. Whatever limited options available are expensive and beyond the reach of middle-income end-users and even investors. The classic example is Pune’s latest and most promising IT hotspot Kharadi, which is going rapidly towards the saturation level.
Amidst unprecedented real estate development and pricing war, it seems highly impossible to find new location in Pune which could full both the demands of the home buyers – location and affordability. However, Charoli, located at Lohegaon, is slowly but steadily becoming a new real estate destination, which offers the both.
Charoli is situated about 6 km from Pune Airport in Lohegaon, the same factor, which had made both Nagar Road and Viman Nagar, the hot real estate destinations. In fact, those relatively unknown areas adjoining Pune’s airport are also likely to face real estate development – in residential, hospitality, retail and commercial sectors - in the days to come. The airport has proved to be the driving force for realty boom around the villages.
Apart from closer to the airport, Charoli has other location advantages. It is situated just 10 km from Pune railway station, seven km from the IT hub of Kalyani Nagar, eight km from the high-end residential area Koregaon Park and 15 km from Shivajinagar.
Apart from this, Charoli lies closer to the proposed 170-km Ring Road around Pimpri-Chinchwad (PCMC) and Pune. This huge infrastructure facility will provide high-level of inter-connectivity between Pune and PCMC region and beyond which will elevate the real estate profile of nearby locations.
Pune’s new real estate location

Will Charoli meet the aspirations of real estate end users and investors? Several instances in which developers’ claim about the rapid improvement of a particular area had ultimately proved to be loss for investors. It is also true that many locations in Pune hold inherent promises due to their location. However, several of them are yet to prove their worth. This is mainly due to the fact that many such locations do not fall within Pune Municipal Corporation (PMC) limits, resulting in limitations in terms of sanitation services, electricity and water supply and road networks.
On the other hand, Charoli will not face this fate as it falls within the PMC limits and has all the necessary benefits, says Arvind. In nutshell, Charoli is ready to make a quantum jump into Pune’s real estate map.

October 21, 2013

First time property buyers’ checklist

Buying a house for the first time can be a daunting task for anyone. It seems tempting to just buy the first house that falls in the budget or continue renting. To help out those struggling with a first time buy, here is quick checklist of things that need to be kept in mind while purchasing a house:

First time property buyers’ checklist

1.    Long term goals: The first step is to determine what your long term goals are and how purchasing the house fits into these plans. Carefully evaluate the reasons for which you are going in for the buy. If they seem satisfactory and sensible, only then should you go ahead with your purchase.

2.    Type of home: Today’s real estate market has a number of homes in a number of price ranges for interested buyers. There is the traditional single house, apartments, villas, township homes and bungalows. Each one has its own advantages and disadvantages. So keeping your goals in mind, hone down on the choice that best suits your requirements.

3.    Features of the home: Here you should decide on the basic features and amenities that you would like to maintain in your house. After all this is a dream purchase and you have every right to choose the best possible elements within your price range. This should include all basic amenities including basic desires, kitchen facilities, bathroom layout and other trustworthy appliances.

4.    Home loan: You should know how much home loan you can apply for before making a budget for your home. There are a number of factors involved like current job, work history, monthly income etc and this should be cleared with your bank at the earliest. After this, you can estimate how much of a loan is actually feasible for you. Ensure that you look at the total cost and not just the monthly payments. These aspects include down payment, property taxes, insurance and maintenance spending. All factors must be carefully evaluated before arriving at your budget price.

5.    Expert help: First time buyers can hire a real estate agent to guide them throughout the purchasing process. These agents can locate homes in the locality you are interested in and help you to view a number of houses. They also help with the various processes including making offers, the necessary paperwork and home loan. Their knowledge can be of assistance in protecting you from any shady developers and suspicious property deals. Apart from this you can also get experts to look at the construction, plumbing and other features of the house. Make sure that all the legal paperwork and documents are carefully examined by a professional. This will ensure a problem free future for you.

6.    Financing your buy: Once you have decided on the house you want to purchase, it will be time to look around at the various options you have to finance this deal. It is always a good idea to look into a number of banks and financial institutions before choosing one. In today’s market there a good number of options to choose from and it could be well worth your time to analyse carefully before selecting any particular loan plan.

First time property buyers’ checklist

 Buying your first house can be a difficult process but as long as you follow these simple rules and analyse things carefully, it will not be too troublesome. All the best, future buyers!

October 17, 2013

Siruseri: One of The Finest Residential Hot-Spots in Chennai

Nestled between Navalur and Kelambakkam, Siruseri is located in the southeastern part of Chennai. This locality roughly marks the end of the IT corridor of Chennai, along the OMR (Old Mahabalipuram Road). The prime factor driving real estate growth in this locality is SIPCOT IT Park, which house numerous IT companies. The newly developed six-lane stretch is populated with IT and ITES companies. The surrounding entertainment hubs, Muthukadu Lake, Kovalam Beach, Vandalur Zoo, MGM, Mahabalipuram and Mayajaal are adding to the demand for flats in Siruseri.   


Siruseri: One of The Finest Residential Hot-Spots in ChennaiSiruseri can be accessed via share autos and buses which are the main modes of transport for the residents of Siruseri apartments. The nearest bus stop is Old Mahabalipuram Road, outside the SIPCOT IT Park benefitting the IT workers working there. Buses that originates from CMBT, Thiruvanmiyur, Adyar, Saidapet, Central, and Broadway pass through Siruseri providing relief to the residents here, however, looking at the demand of the residents, government is planning to construct a bus terminus here very soon. Currently, share autos are widely used to travel to nearby localities like Kelambakkam, Navalur, Thiruvanmiyur, etc.

Recently, Siruseri is witnessing a drastic change in its skyline as the Chennai government is launching various projects here to enhance the locality. For a smooth and easy ride for the thousands of people who come to IT corridor every day, the government has announced an elevated corridor along the 45 kilometre OMR. This will be one of the longest corridors built in India.
Also, there are plans to build a multi-level vehicle parking facility that can accommodate 2000 vehicles and 50 buses and as there is a heavy vehicle movement in this area, there are plans to widen the road from Siruseri to Poonjeri which will connect to East Coast Road. After completion of project, these roads will have six lanes which will minimize the traffic congestion. All these proposed plans are definitely going to boost the Siruseri residential and commercial real estate beyond imagination.

Education, Entertainment and Health Care

As the residential real estate is booming so is the demand for good schools and colleges and hospitals. Few of the reputed and International schools which have set up their camps in and around Siruseri are Padma Seshadri Bala Bhavan Senior Secondary School (PSBB), BVM Global School, GT Aloha Mandir, Sishya Mehta School, Primrose School, Headstart School, St, Johns International School and Sushil Hari International Residential School on Kelambakkam Vandalur road. Other government schools are Panchayat Union Primary School and Padma Adarsh Higher Secondary School. This place is also well-known for academic institutions like Chennai Mathematical Institute and ITM Business School. Due to lack of space in the city, a good number of engineering colleges are cropping up here. Some of them are Hindustan College of Art and Science, Jeppiaar Engineering College, Mohammad Sathak AJ College of Engineering, Indian Institute of Information Technology.
When it comes to healthcare, one can find the city’s best hospitals located here. A few of them worth mentioning are Chettinad Health City, Global Hospital and Health City, Dr.Kamakshi Memorial Hospital and Ragas Dental College and Hospital. IT professionals are opting for residential projects in Siruseri witnessing the new developments in here.

Real Estate Growth

Siruseri real estate

This locality is witnessing a boost in the real estate market after the proposed projects by the government and the IT boom in Sipcot IT Park. The road widening project between Siruseri and Thiruporur is adding more to its credentials. By the time the projects will get over, the prices are definitely will be sky rocketed. As these developments are increasing the demand, the builders are coming in from all section with viable projects in Siruseri. This area is attracting some of the leading builders, like, L&T South City Projects Ltd., Real Value Promotes, TATA housing projects among others who are providing state of art facilities and amenities to its residents. Srinivasa Nagar is a prominent housing complex in the area that comprises mostly plots in Siruseri owned by affluent NRIs.

The ROI for flats for sale in Siruseri is witnessing a 3% downward trend. The highest locality price is Rs. 3600 per square foot, the lowest locality price is Rs. 3500 per square foot and the average locality price is Rs. 3590 per square foot, but the rental property is seeing a rise of 8% as the demand is more for rental residential flats when compared for end use. The rental rate is Rs. 11-13 per square foot.
The rate of commercial land for sale in Siruseri is around Rs. 35–Rs 40 lakhs for 1200 square feet.    
This locality is widely catering to the needs of people by providing all sorts of luxuries at their door steps. Siruseri is one of the best residential properties in Chennai which is creating new trends in property market. Hence, investing here is a good option as property prices are definitely going to be hiked here.