The search for a new home begins with great enthusiasm and optimism. But along with it come a puzzling array of questions and concerns. To ensure the search for your dream home ends with a smile of satisfaction, Surendra Hiranandani, Managing Director and Founder of the Hiranandani Group of Companies answers common questions that may arise as you make this big decision.
1. How big a house do I need?
If you are buying your second home for the family or preparing to move into an owned apartment from a rented one, the best way to answer this is to look at your present home and see what needs are met in your present home. Discussing with other family members can provide great insights into what makes them comfortable and serves your needs best.
If you are buying your very first home as a couple, do you feel you need just a home for your cozy twosome, or have you wisely kept in mind what may be your future needs when you start or expand your family tomorrow?
Be a good judge and draw up a vision for your new home. At the same time, jot down your budget estimating the area you are getting in terms of built-up and carpet area (the ratio can be as low as 15 percent for an old construction and as high as 28 % for new constructions.) Some developers also offer the concept of super built up ratio including as much as 40 % area, and this is something a buyer should be alert of and verify duly the reasons for including a greater percentage area.
2. Where do I choose my new abode to be?
Generally, the norm is to have a residence that is not too far away from one’s work place, keeping the traffic and transport systems in mind. Rates of property vary hugely between the various areas of the Mumbai Metropolitan Region, with some areas commanding around Rs.20, 000 per sq ft and some others are below Rs 1,000 per sq ft.
Hot Property buys for 2005
Suburbs like Thane, Powai, Ghatkopar, Mulund, Malad and Kandivali are fast transforming into attractive destinations with malls, multiplexes and myriad options for larger and more luxurious homes. With fast development happening in full swing, one is assured of better space and value for money along with the expectation of a good value appreciation of one’s home in the future. Mix-user townships, with commercial and residential facilities are an ideal situation for many families as it does provide a great relief amidst the hectic and fast lifestyle in Mumbai. A sea-facing or lake-facing house or a house in a natural green area can be promising when one visualizes a clean environment away from congestion, the rush of traffic and pollution.
3. Does it live up to my lifestyle requirements?
Aesthetic interiors and exteriors are primary to the attractiveness of any house. Flooring, tiling, classy fittings and fixtures can make a home a pleasure to live in. Jacuzzi, fancy lighting, french windows, swimming pool, gymnasiums, clubhouses, jogging tracks and many such lifestyle features are becoming a standard norm in high quality projects. Some developers also offer the option of complete interior solutions to the customers. While these certainly add to the luxury, one must thoroughly verify the quality of construction and benchmark the new home with existing projects of the builder to ensure that what you see in the sample apartments will be actually what you get.
4. What about the Basic Amenities?
In the process of ensuring hi-end lifestyle amenities, one must also clearly check that the basic amenities are up to the mark. Water supply and power supply, good roads and parking space, children’s play areas, doctors and clinics, basic shopping and public transport stations are very crucial to ensure a hassle free living and one should never underestimate the importance of the same. Well connected both by road and rail, while the international Airport and flyovers should also be in proximity as per the needs of the buyer. One thing that is sometimes overlooked is the security systems and safety of the complex and locality. One must pay due attention to this also. In addition to basic infrastructure, maintenance of the complex should also be given due importance such as cleaning of roads, streets and drains, garbage disposal and organic waste composing, rodent and mosquito control.
5. What value additions do I get along with the home?
Wide, open spaces, lush green gardens, and tree lined concrete roads are all available in the best of the housing complexes in Mumbai. Staying in a landscaped property gives the area an elegant feel and also keeps the air fresh. Rainwater harvesting and sewage treatment plants are some of the eco-friendly ways by which the builders are able to provide a healthy environment in harmony with nature. Not only this, the modern homebuyer also checks the availability of entertainment and recreational options near or within the complex such as bowling alleys, game centers, sports facilities, vibrant shopping malls, food courts, restaurants, to add excitement and color to the place.
http://news.moneycontrol.com/india/news/property/null/8thingstoaskbeforebuyingyourhome/14/27/article/175554
Thursday, May 31, 2007
Indians buying homes abroad
In February, chartered accountant Archana and husband Prabhakar, an engineer in Dubai, planned to buy a flat in Mumbai where they want to shift jobs in two years. They were aghast that all they could get for their budget of Rs 2 crore was a one bedroom flat in south Mumbai. For the same price they settled for a two-bedroom villa a few minutes’ drive from Dubai.
Property in Dubai appreciates (thirty per cent last year) less than in Mumbai but rents are nearly double at twelve per cent,” says Prabhakar. Like Archana and Prabhakar, who have an ancestral home in Bangalore, an increasing number of Indians are queuing up to buy real estate in places like Dubai, London, Malaysia and Bangkok. Some want to flaunt a second home with a foreign address, others for holidaying or returns on investment. Some find that property is as expensive or even cheaper in some foreign locations. Some are encouraged by the Reserve Bank’s doubling of the amount an Indian can invest abroad to $100,000, which means a couple can invest $200,000 or Rs82 lakh every year.
“Many are buying property in Dubai because it has no taxes and it’s only two and a half hours from Mumbai,” says Syed Miraj, the India agent in Mumbai for Dubai’s real estate firm Better Homes. “I get 15 inquiries a month and four or five of them end up buying.” The availability of easy bank loans and residence visas in UAE for property buyers are additional attractions. Many brokers are armed with CDs on “hot properties” in UK and UAE.
“Demand (from Indians for property in London) is particularly high in the mid-range price sector 400,000-700,000 pounds (Rs 3.2 crore to Rs 5.7 crore) which means that relatively more affordable locations such as St John’s Wood and Kensington are being considered,” says a study by Knight Frank, the global property consultancy firm. It estimates that this demand from Indians (along with the Chinese) will go up by seven per cent annually for some time.
“Many buyers see a snob value in a London address,”’ says Gulam Zia, Knight Frank’s National Director in Mumbai, pointing out that property in London is still more expensive than in Mumbai. “You can get a top of the line property for Rs5 to 8 crore in Mumbai but not in London.” It’s not just the mid-range properties that the Indians are eyeing. They are even lapping up top-end real estate, says Daily Express (London) in a report last month with the headline: “Wealthy Indians buying their own British Empire.” This, it said, has resulted in spiralling property prices there. It said that Northwood in West London has now become “the most expensive place in the world, thanks to Indian investment.” Knight Frank as well as Hamptons and Savills, UK’s top-end estate agencies, have despatched staff to India to sell London property.
“Malaysia has one of the highest standards and the lowest costs of living with all the modern facilities in place,” is how the Malaysian government is promoting its “Malaysia My Second Home” project to lure the wealthy from across the world. All you need to be eligible for the programme is to deposit in a local bank 300,000 Malaysia Ringgits (Rs36 lakh) from which up to Rs29 lakh could be withdrawn after one year for purchase of a house there. A Malayasian tourism department official has been quoted by the local media as saying that some 700 Indians have registered for the programme.
“Realty markets abroad are stabilised and offer steady returns,” points out Gautam Vohra, Senior Manager (Capital Markets) in Mumbai of Jones Lang Lasalle, a global real estate consultancy.
http://www.dnaindia.com/report.asp?newsid=1096472
Property in Dubai appreciates (thirty per cent last year) less than in Mumbai but rents are nearly double at twelve per cent,” says Prabhakar. Like Archana and Prabhakar, who have an ancestral home in Bangalore, an increasing number of Indians are queuing up to buy real estate in places like Dubai, London, Malaysia and Bangkok. Some want to flaunt a second home with a foreign address, others for holidaying or returns on investment. Some find that property is as expensive or even cheaper in some foreign locations. Some are encouraged by the Reserve Bank’s doubling of the amount an Indian can invest abroad to $100,000, which means a couple can invest $200,000 or Rs82 lakh every year.
“Many are buying property in Dubai because it has no taxes and it’s only two and a half hours from Mumbai,” says Syed Miraj, the India agent in Mumbai for Dubai’s real estate firm Better Homes. “I get 15 inquiries a month and four or five of them end up buying.” The availability of easy bank loans and residence visas in UAE for property buyers are additional attractions. Many brokers are armed with CDs on “hot properties” in UK and UAE.
“Demand (from Indians for property in London) is particularly high in the mid-range price sector 400,000-700,000 pounds (Rs 3.2 crore to Rs 5.7 crore) which means that relatively more affordable locations such as St John’s Wood and Kensington are being considered,” says a study by Knight Frank, the global property consultancy firm. It estimates that this demand from Indians (along with the Chinese) will go up by seven per cent annually for some time.
“Many buyers see a snob value in a London address,”’ says Gulam Zia, Knight Frank’s National Director in Mumbai, pointing out that property in London is still more expensive than in Mumbai. “You can get a top of the line property for Rs5 to 8 crore in Mumbai but not in London.” It’s not just the mid-range properties that the Indians are eyeing. They are even lapping up top-end real estate, says Daily Express (London) in a report last month with the headline: “Wealthy Indians buying their own British Empire.” This, it said, has resulted in spiralling property prices there. It said that Northwood in West London has now become “the most expensive place in the world, thanks to Indian investment.” Knight Frank as well as Hamptons and Savills, UK’s top-end estate agencies, have despatched staff to India to sell London property.
“Malaysia has one of the highest standards and the lowest costs of living with all the modern facilities in place,” is how the Malaysian government is promoting its “Malaysia My Second Home” project to lure the wealthy from across the world. All you need to be eligible for the programme is to deposit in a local bank 300,000 Malaysia Ringgits (Rs36 lakh) from which up to Rs29 lakh could be withdrawn after one year for purchase of a house there. A Malayasian tourism department official has been quoted by the local media as saying that some 700 Indians have registered for the programme.
“Realty markets abroad are stabilised and offer steady returns,” points out Gautam Vohra, Senior Manager (Capital Markets) in Mumbai of Jones Lang Lasalle, a global real estate consultancy.
http://www.dnaindia.com/report.asp?newsid=1096472
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