A guide to choosing wall colours for each room of your house

Wall colour ideas for the living room

The living room is one of the most important areas of a home, as one tends to spend most of the time here, with family members. It is also the place where home owners entertain guests. You can pick earthy or neutral shades for this area, including aqua mint, French vanilla, emerald green or white. If you want regular colours for your home, you can pick grey, blue or beige. Black is an unusual colour for the living room but you can use it, if you want to add a non-obvious element to your living room.

Credits : freepik.com

Wall colour ideas for the dining room

If you want your dining room to look compact and cosy but full of energy, you can pick warmer tones of red and yellow. If you want to make the room look bigger, opt for brighter tones of green, yellow or purple colours for the dining room and perk it up with drapes in complementing colours. You can also use metallic wallpaper, to add some glam to the room.

Wall colour ideas for the study room

While red is the perfect colour for improving focus and concentration, you can also experiment with different shades of green, deep greys or silver, as these shades are said to improve creativity and help in focusing. Orange and yellow are other preferred colours for the study room, as it increases alertness.

Wall colour ideas for children’s rooms

Pale pink, baby blue or softer tones of yellow, are the most popular colours for children’s rooms. Since these are soothing hues, they will have a calming effect on your child. Also, if you want to pick some unusual colours for the room, make sure you select a brighter shade, to add some enthusiasm.

Wall colour ideas for the bedroom

The bedroom should be painted in soothing colours, to make it the most calming place in your home. You can pick colours like lavender, soft green, pale blue, soft grey and deep blue, for your bedroom. You can also pick lighter tones of these colours or alternatively, you can select cream or white colour for your bedroom.

Wall colour ideas for the guest room

You can pick a combination of colours for decorating your guest room, such as eggshell hues, shades of lemon, creamy neutrals or sea colours. Additionally, a chocolate brown colour is a perfect selection for your guest room, to make it look cosy and comfortable. You can complement it with solid wood furniture, to make your guests feel welcome.

Wall colour ideas for the kitchen

Ideal colours for the kitchen include white, grey, yellow and green. These colours will make your kitchen appear bright. Warmer tones stimulate the appetite. So, you can select hot chilli or orange colour, to make your kitchen a foodie’s haven.

Wall colour ideas for the bathroom

Use any cooler tones of blue, green, or creamy white, to paint your bathroom into a relaxing zone of your home. Grey and pure white are other options, if you do not want to experiment. Pistachio is another modern colour tone that you can select, to convert your bathroom into a soothing space.

Wall colour ideas for the exterior

Choosing a perfect colour for the exteriors is equally difficult. The exterior look defines the personality of not just the house but also its occupants. Therefore, it has to be chosen, keeping in mind the overall vibe of the house. If the key theme is minimalism, you might want to keep the exterior simple and classy. You can opt for glass panels, along with brick tiles in different colours. Other than this, the latest trend is to use pop colours with a combination of deep blue or cream. While white is one of the most popular options to choose from, its maintenance and frequent white-washing will be an added expenditure for you.

Wall texture paints

Texture paint, unlike flat paint, gives a slightly rough and gritty look to your walls. This adds a rustic appeal to walls, which is far better as compared to wallpapers or any type of paint finish. To get this look, you can opt for simple paint swatches for a focal wall featuring beautiful textures. Since textured focal walls can add shadow, depth and structure to a bedroom in a beautiful and unique way, people prefer decorating the focal wall – usually the one behind the headrest – with textured paint.

Types of wall texture paints

Mosaic texture: This texture gives a tile-like appearance. It is achieved, using combing texture application techniques, where comb-like instruments or stencils are used to create patterns such as zigzags, checkerboards, wavy lines or swirls in wet paint, to attain the desired effect. Rustic texture: To give your bedroom a cool, raw feel, dip a rag into the paint, squeeze out the excess paint and roll it along the wall for a gorgeous, uneven look. Brick texture: A brick texture can be created by applying a brick-like pattern over the focal wall, using a stencil roller, which can be dipped in thick paint and then rolled across the wall. Marble texture: To give a Victorian look to your walls, opt for marble texture. This can be attained by the process of smooshing, where a glaze is applied to a wall, on which a plastic sheet is then placed, before it dries. Faux animal skin: You can opt for faux crocodile wallpaper, to add texture to an otherwise clean, classic space. Dark colours with a little gloss over them, blend well with open spaces. Neutral glasscloth: Such wallpapers bring out warmth, while also introducing texture, as it is made from natural fibers. Ideal for cozy settings, this is a must-have for a small living room.

Things to know about wall texture paint

Usually, there are four types of texture paints: tactile, natural, artificial and visual. When combined with each other, these give more versatile options. It is important to scrub the walls with sandpaper before applying the texture paints, to get the optimum look. Applying primer is also important, to get the required finish. The textures can be easily made with simple paint strokes, rollers and stencils, or with materials like stone and wood. Before applying wall paint textures, it is mandatory to scrape the walls, to remove any glue, debris and other solid particles. Although there are several ways to scrape the walls, the easiest way is to use sugar soap solution. You can mix some amount of sugar soap with water and rub it over the walls a couple of times to end up getting a clean wall.

Types of paints and finish for home wall colours

Once you have decided the wall colours, you have to be sure which paint is best for your home. The type of paint you choose is as important as the colour and can have a major impact on the final look of your room, the quality of the paint job and the overall vibe that you want to have. To decide the type of paint, it is important to consider factors such as how big the room is, where the room is located and what kind of look you are planning to achieve. Here are different types of wall paints and their advantages and disadvantage

Type of wall paint	Advantages	Disadvantages
Water-based paints	Easy to use, doesn’t require a pre-treatment, quick drying, can be used on almost all surfaces, doesn’t fade in sunlight.	Don’t last long, doesn’t give a rich look, can peel from dampened walls.
Oil-based paints	Gives a glossy look, good for high-moisture rooms, easy ‘leveling’, durable finish.	Takes too long to dry, Very hard to wash and has a messy process.

Type of wall paint finish	Features
Matte paint	Least reflective sheen, velvety texture, hides imperfections in walls and offers great depth of colour.
Eggshell and satin paint	Improved durability, somewhat reflective and easy to clean.
Semi-gloss and gloss paint	Most reflective, ideal for accent walls, highly durable and easiest to clean.

Where to use which type of paint colour at your home

Type of paint	Area
Acrylic paint	Ceiling and living room walls.
Mid-sheen emulsions like silk or velvet	For rooms which get medium or low sunlight.
Low-sheen paints	Ceilings and rooms which get direct sunlight.
Matte finish	Deep-coloured walls which get more than usual sunlight.
Semi-gloss paint	For bathrooms and kitchens or areas which are exposed to humidity.
High-gloss paint	For wooden and metal surfaces.
Teflon surface protector paints	Kids’ room or areas that are prone to staining.
Weather-coat external paint	Exteriors.

Tips for choosing the perfect colours for your home

1. Stick to your favourite colours: It will be your personal guide to choosing colours. For example, simply open your wardrobe and understand your subconscious preference and choose the colour that your mind picks.

2. Use existing furniture to select an accent colour: Choose a quieter shade or complementary shade, to accentuate your furniture. For instance, if you have a yellow lamp, you can pick a very light shade of lemon in the backdrop, to let the lamp take more dominance.

3. Consider the room’s size: If you want to make your room look bigger, opt for lighter shades but if you want the room look cosy, choose a darker shade.

4. Keep the overall colour theme in mind: Take the help of a colour shade card, when deciding colours for different parts of your home. There should be a proper flow from room-to-room.

5. Take note of the lighting: Keep in mind the kind of lighting your room will have, before you choose a wall paint colour. While natural light shows the true colour of the paint, incandescent lights bring up the warmer tones, while fluorescent lights highlight sharp blue tones.

6. Room function and mood setting: Consider both these factors, before deciding the colour. If you want the room to be a high-energy area, use warm tones but if you want to use the space for relaxing, consider cool colours such as blue and grey. Also, you can choose different levels of sheen according to how the room will be used.

7. Trial and error method: Use different paint samples in different parts of the wall, to pick the best colour. This method never fails as you can see how different wall paints will look like.

Trendy colour combinations for your home

Any pastel shade	Pink, mauve and baby blue
Purple	Gunmetal grey
Soft pink	Turquoise
Aquarium blue	Grape
Blue	Yellow
Orange	White
Navy blue	White
Shades of grey	Monochrome grey
Cream	Aqua
Brown	Green

 

GST rate for construction and building materials

19 September 2021

This article discusses in detail the tax you have to pay as GST, on various building materials

To subsume almost all indirect taxes in India, except for a few state taxes, the government, in 2017, launched the Goods and Services Tax (GST) regime that is in line with globally-accepted tax regimens.

The Goods and Services Tax (GST) covers real estate in India through works contracts and building and constitution works, as all components used in the development work attract GST. To put it simply, covered under the new regime is the Indian construction industry, which continues to attract high rates of taxes through a blend of levies imposed on the purchase of various building construction materials.

In spite of the many policy support measures that have been announced by the government and the banking system and several discount offers launched by the builder community, rates of properties in India’s most active markets continue to move upwards, on the back of a spike in rates of building and construction materials. In the past few months, leading to September 2021, prices of construction materials have shown nearly 20% increase, primarily because of supply concerns. With no correction in GST rates, developing residences continues to be pricey for the builder, making purchases pricier for the buyer. According to industry estimates, the average price to develop a sq ft of space now stands at Rs 2,000. This means the buyer has to pay a price much higher than what the builder spends.

Discussed in detail in this article are the taxes one has to pay as GST on various building materials.

 

In Mumbai Metropolitan Region (MMR) alone, consultants expect 2 million sq ft of launches in the coming festive months with 25-30 big launches planned. The upcoming festive season is expected to spoil customers for choice in the residential real estate sector. After witnessing tepid launches momentum for several years and last year’s season getting hit by the pandemic, 2021 will see some big projects getting launched across the country. As per Anarock Research, current trends suggest that there will be at least 30-40% growth in both new launches and sales in the ongoing quarter (July-September) as against the preceding one. As many as 24,600 units were sold across the top seven cities in Q2 2021, while 36,250 units were launched in the same quarter. In Mumbai Metropolitan Region (MMR) alone, consultants expect 2 million sq ft of launches in the coming festive months with 25-30 big launches planned, having inventory worth Rs 3,750-odd crore. After a long hiatus, the good news is that branded developers are entering the market. Prestige Estates Projects is launching three projects in Mumbai’s Byculla, Mulund and Chembur neighbourhoods, another south-based developer Puravankara plans to launch two, while Oberoi Realty is understood to be launching a project in Thane. Sunteck Realty has also lined up launches in the existing Oshiwara District Centre and Naigaon projects. Ritesh Mehta, senior director & head (residential services & developer initiatives), western India, JLL told FE that the launch pipeline is particularly looking strong in MMR because developers have taken advantage of government’s concession scheme under which if developers gave upfront amount for all the approvals needed for their projects, they got a 50% concession on the same. “Last year, developers were selling at a cut-throat price and were undercutting their inventory. So, the money that has got accumulated as a result of higher sales, they have incurred on acquiring approvals for the new projects. This means we will see lot of launches this year,” he said. Also, since all the approvals have been acquired, from the customers’ perspective, the major thing is they would be relieved in terms of the certainty of the projects. Approval costs typically form 20-25% of the project cost, which came down to 12-13% as a result of the concessions. Most of the launches are expected to be in the ticket size of Rs 1 crore to around Rs 2 crore, with preference for larger houses continuing and developers offering an extra half or one room catering to the new requirement for study or work purposes. Anuj Puri, chairman, Anarock Group said, “With Covid-19 cases relatively under better control for now and the vaccination drive gaining more acceptable saturation, we anticipate housing demand and supply to see an uptick in the upcoming festive season. While some developers have already increased property prices on account of rising input costs and improved sales traction, many continue to offer deals and discounts”. However, the element of direct price reduction has disappeared now; and offers and indirect discount being offered are to the tune of 1-3% of property value. Vivek Rathi, director (research) Knight Frank India said, “Most of the discounts now are in form of an extended stamp duty relief to assuage concerns of consumers who have missed the bus on the limited period stamp duty cut in markets like Mumbai and Pune”. In a reversing trend, the negotiation power of buyers are now diminishing and the market is gradually turning to a sellers market. The discounts and freebies offered by developers will be dismal because they have incurred lot of money in acquiring approvals and land. “Both costs are already incurred and have covered the cash flows and thresholds of last year, so if Rs 10 was the quoted price and they were closing at Rs 7 last year, they are closing at `9 and nothing below that,” Mehta explained. However, the prices have not changed much yet. Kamal Khetan, chairman and managing director, Sunteck Realty said that while the company is not announcing any discounts or price cuts, it would be launching phase-wise projects in the coming months. Similarly, in NCR, developers are gearing for a good festive season. Saransh Trehan, director, Trehan Luxury Floors said, “We are launching 300 luxury independent floors at Sector 67 and few other locations in the heart of IT City Gurugram. We are also offering flexi-payment plan for prospective homebuyers. We expect a good response from customers. We are targeting to sell entire 300 units in the next few months riding on pent up and festive demand coupled with very low interest rate on home loan”.

In Mumbai Metropolitan Region (MMR) alone, consultants expect 2 million sq ft of launches in the coming festive months with 25-30 big launches planned.

The upcoming festive season is expected to spoil customers for choice in the residential real estate sector. After witnessing tepid launches momentum for several years and last year’s season getting hit by the pandemic, 2021 will see some big projects getting launched across the country.

As per Anarock Research, current trends suggest that there will be at least 30-40% growth in both new launches and sales in the ongoing quarter (July-September) as against the preceding one. As many as 24,600 units were sold across the top seven cities in Q2 2021, while 36,250 units were launched in the same quarter.

In Mumbai Metropolitan Region (MMR) alone, consultants expect 2 million sq ft of launches in the coming festive months with 25-30 big launches planned, having inventory worth Rs 3,750-odd crore. After a long hiatus, the good news is that branded developers are entering the market. Prestige Estates Projects is launching three projects in Mumbai’s Byculla, Mulund and Chembur neighbourhoods, another south-based developer Puravankara plans to launch two, while Oberoi Realty is understood to be launching a project in Thane. Sunteck Realty has also lined up launches in the existing Oshiwara District Centre and Naigaon projects.

Ritesh Mehta, senior director & head (residential services & developer initiatives), western India, JLL told FE that the launch pipeline is particularly looking strong in MMR because developers have taken advantage of government’s concession scheme under which if developers gave upfront amount for all the approvals needed for their projects, they got a 50% concession on the same.

“Last year, developers were selling at a cut-throat price and were undercutting their inventory. So, the money that has got accumulated as a result of higher sales, they have incurred on acquiring approvals for the new projects. This means we will see lot of launches this year,” he said. Also, since all the approvals have been acquired, from the customers’ perspective, the major thing is they would be relieved in terms of the certainty of the projects. Approval costs typically form 20-25% of the project cost, which came down to 12-13% as a result of the concessions.

Most of the launches are expected to be in the ticket size of Rs 1 crore to around Rs 2 crore, with preference for larger houses continuing and developers offering an extra half or one room catering to the new requirement for study or work purposes.

Anuj Puri, chairman, Anarock Group said, “With Covid-19 cases relatively under better control for now and the vaccination drive gaining more acceptable saturation, we anticipate housing demand and supply to see an uptick in the upcoming festive season. While some developers have already increased property prices on account of rising input costs and improved sales traction, many continue to offer deals and discounts”.

However, the element of direct price reduction has disappeared now; and offers and indirect discount being offered are to the tune of 1-3% of property value. Vivek Rathi, director (research) Knight Frank India said, “Most of the discounts now are in form of an extended stamp duty relief to assuage concerns of consumers who have missed the bus on the limited period stamp duty cut in markets like Mumbai and Pune”.

In a reversing trend, the negotiation power of buyers are now diminishing and the market is gradually turning to a sellers market. The discounts and freebies offered by developers will be dismal because they have incurred lot of money in acquiring approvals and land. “Both costs are already incurred and have covered the cash flows and thresholds of last year, so if Rs 10 was the quoted price and they were closing at Rs 7 last year, they are closing at `9 and nothing below that,” Mehta explained. However, the prices have not changed much yet.

Kamal Khetan, chairman and managing director, Sunteck Realty said that while the company is not announcing any discounts or price cuts, it would be launching phase-wise projects in the coming months.

Similarly, in NCR, developers are gearing for a good festive season. Saransh Trehan, director, Trehan Luxury Floors said, “We are launching 300 luxury independent floors at Sector 67 and few other locations in the heart of IT City Gurugram. We are also offering flexi-payment plan for prospective homebuyers. We expect a good response from customers. We are targeting to sell entire 300 units in the next few months riding on pent up and festive demand coupled with very low interest rate on home loan”. 

The Complete Guide For First-Time Home Buyers in India- An Extensive Checklist

 September 2021

 

Buying the first home is a significant milestone in an individual’s life and is very close to any person’s heart. It is a truly emotional moment that brings with it the joy of fulfillment of a lifetime dream.

At the same time, it is a large sized investment. Caution and careful analysis are essential in order to make the right choice and enjoy long-term benefits. After all, most people buy a home only once in their lifetime and then that same property is passed on generation after generation.

If you are at that stage in your life when you are ready to or are planning to buy your first home, this article is specially crafted to help you make a choice that you will never regret. Making a well-rounded home purchase decision presupposes consideration of a multitude of factors. Check them out below –

Credits : freepik.com

1. Assess Your Own Requirements Thoroughly

When you’re out on the hunt for your first home purchase, it is completely natural to have your mind wandering to everything that looks and feels attractive. There is almost no shortage of good real estate options today. Most of the good builders have compelling offerings and brochures with captivating messaging and imagery that can immediately excite anyone.

However, when you’re actually sitting down and exploring the probable options, it is wise for you to focus only on those properties that make perfect sense for your present and expected future requirements. After all, this one investment is most probably for your lifetime and hence it must be well thought out.

Your decision to purchase the home could be motivated by either of the two causes – self-use or investment. While some considerations remain common across both these goals, what you require may be slightly different depending on that distinction. Typically, factors that you should consider to assess your needs include –

Size Of The Home

If you’re buying the home for your own use, you must take into account your family size and opt for the correct home size with the right number of rooms.

If you’re relatively young or recently married, you must consider the space requirements for the future when you have children. On the other hand, if you’re living separately from your parents, or you tend to host outstation guests often, you might want to opt for a house that has an extra room for the time they visit you. It’s good to think these factors through now, in order to avoid space problems a few years down the line.

If you’re buying the house purely from an investment viewpoint, you may opt for a size that is optimal for renting out. A house that is too small or too big could get a little more difficult to let out easily.

Choice Of Meaningful Amenities

Buying a property that is bundled with amenities is obviously attractive to anyone. It’s always nice to own a home that is equipped with all the modern conveniences and luxury in addition. However, homes with additional amenities come with a higher cost and not all of the extra facilities may be of use to you. It’s good to thoughtfully contemplate what are the must-have facilities for your family’s comfortable living and look for one that is most suited to those needs.

If you have small children, a playground or games room is a must, whereas it may not be the case if you’re middle aged with older children. Similarly, if you or your grown up children care about fitness and exercise, it’s always better to opt for a home that has those facilities. If you are going to live with your aging parents in the new home, it’s advisable to go for a property with nice socializing areas within the property premises so that they can interact with other seniors in their age group.

On the other hand, if you are purchasing the home for renting out purpose, you may want to more carefully consider the cost of amenities and the annual maintenance charges for them. Having said that, you must make sure to at least look for one with basic amenities as that can give your apartment a competitive edge against those properties that don’t have any facilities.

Location Preference

The location of the house is also a very important consideration that you must delve carefully into. Any home that you buy either for yourself or another family that you’ll rent it out to must be around a good neighborhood that is safe for family living. Additionally, it should also be easily accessible by all common means of transport.

If you plan to live yourself, you might want to consider the locational proximity to your work place and the type of facilities you’d want or need around. For instance – entertainment options, good educational institutes for your children, the marketplace, health care facilities and so on.

One more thing that is worthwhile to understand here is that land is a scarce and immovable resource, and demand is what drives up its price. If you feel that living in an area that’s slightly distant from the main areas of the city won’t be very inconvenient as such for you, you may consider altering your locational preference for getting bigger properties at a more meaningful price. If you recall, the Delhi suburb developed very rapidly. What was considered outskirts at one time, in almost no time now found itself in the middle of a bustling city, connected with all kinds of transport and dotted with amenities. So, from a long term outskirts sometimes make more sense.

If you’re buying the property from an investment angle, you could make some additional considerations. You could try to consider areas that have a record of good price appreciation patterns to give you the maximum investment benefits over the long term. You could also try to find out the expected appreciation timeline by checking the inventory overhang of that location. If there are a large number of unsold houses in an area, price appreciation is likely to be at a slower pace due to simple demand-supply economics. If you choose to buy a property on the outskirts, you are more likely to benefit with a higher return on investment in the long term, as these homes will be much more sought after when the city grows on account of their affordability.

Time To Possession

When you’re determining yours needs, another factor that you need to assess is how long can you afford to wait before getting possession. As a home buyer, you have the option to go for ready to move in homes or buy homes in their construction phase. While the former is in more demand usually, the latter comes with its own set of benefits.

If you’re buying the home for your end use and have the option to wait for a few years for possession, you could buy one in its construction phase and enjoy a spread out payment schedule, and possibly get a better deal.

On the other hand, if you’re buying from an investment viewpoint, it might make better sense for you to buy one in its construction phase, as you will benefit with significant price appreciation by the time you will be handed over its possession.

However, in this case, one thing you must check out is that the builder has all the legitimate approvals, certificates and the licenses needed to avoid delays in project completion times or unnecessary complications and hassles.

2. Figure Out The Costs And Determine Your Budget

Buying a home is an expensive affair, and financial considerations largely determine the right and affordable choice among the probable options. Hence, once you have an understanding of your requirements, the next step is to plan out the budget to buy the type of home that suits your needs. While budgeting you should –

Find Out The Average Property Costs

It’s good to begin budgeting by finding out the average costs of homes in the locality and size that is right for you. A point to note is that home prices mainly vary depending on the area, amenities included in the property, open area and the promoter of the property.

If you opt for a reputed builder, you might have to pay a slightly higher charge in the same location for their brand value and reliability. For instance, you may find two similar sized properties in the same area, but notice a price difference of say 5-7 lakhs INR. This price difference will most likely be due to the extra amenities available such as green area, sports and fitness facilities, presence of club house and so on. Reputed builders typically tend to build properties that are well equipped with all modern facilities as the existence of these largely improve a family’s lifestyle and helps them enjoy throughout their lifetime. So it’s good to factor in these costs and benefits when you’re averaging for your budget estimate.

Once you have a rough idea about the cost, you need to next budget and determine whether you can afford it or not. Getting emotional about your desire, and trying to buy something way out of your reach might land you into very long-term debt, so it is essential to budget carefully. If the property you’re eyeing at feels out of reach, you may want to reconsider the location, amenities or flat size to arrive at a choice that is closest to your budget.

Familiarize Yourself with Additional Costs

While working through the financial considerations, it’s also important for you to make note that buying a house has additional charges in addition to the property costs that need to be incurred. These include charges such as mutation and registration costs at the time of purchase. You must factor these charges into your budget.

Moreover, once you have bought the home, you’ll be required to pay property taxes and spend on home maintenance on an ongoing basis. You must understand here that the home maintenance charges should be looked at from a long-term perspective, as you will not want to live in a house that is poorly maintained. Even if you are looking at the home as an investment, you need to note that well-maintained property prices appreciate better as compared to poorly maintained ones. When you decide to rent or sell it out, it will always be easier to find a tenant or a buyer for a property that is well maintained. Hence, you must make the effort to pay attention to the maintenance aspect, look at it as an investment and visit the past projects of the builder to evaluate their maintenance and general upkeep of the property.

3. Make A Well Rounded Choice

Once you have a basic idea of your requirements and have planned your budget, the next step is to make a choice from the options available. You must visit the site of each of the properties in your shortlist to get an actual feel of what you will get, and observe shortcomings for yourself, if any.

As a rule of thumb, it is always wise to opt for a property that is sold by a well-reputed builder as a home is a long-term investment and it is better to be safe with your choice. You should ideally give more priority to a well-reputed lender with a caring DNA as this small step will help you save a lot of hassle in the long run.

Popular builders mainly earn their repute for on time handover, good quality construction, following a customer centric approach and ensuring that the property is well maintained. Before deciding on any one, you may check online reviews of that builder, visit their past projects and talk to their existing buyers to gain an accurate understanding of the kind of service you can expect. You can also scan through their social media handles to see how well they respond to customer complaints, and if they have a well rounded mechanism to address complaints.

With all these considerations in place, you can make your pick and then start planning on how to make the payments.

4. Plan Out Your Payment Method

If you are planning to purchase a new property that is in its construction phase, you need not make the entire payment at one go. You can book the property with a down payment and pay installments as per the payment schedule suggested by the builder. If your looking at purchasing ready to move in properties, you’ll be required to make the entire payment at the time of purchase to transfer it in your name.

If you have the support of a strong bank balance, and comfortable monthly savings, you may consider buying the property with your own funds. The other option is availing a home loan.

Typically, most first time owners opt for home loans. Getting a house on credit implies making a down payment of usually 15-20 percent of the home value, and paying the remaining sum over the tenor of the loan along with the interest. Interest rates again can be fixed or floating, and you must discuss and assess the viability of these in detail with your financer.

Sometimes, financers may be ready to fund your loan without any down payment. While that might look attractive to you at the onset, it also implies an increased interest servicing cost, which you must take into account.

Additionally, it’s also good to check your credit score or CIBIL score. This score is basically a reflection of your financial credit history, and a good one implies that you’ll get better interests rates on the home loan. If your score is not too good, you may consider working towards organically improving it to benefit with lower loan servicing charges.

5. Learn About The Government Benefits

TThere are several government benefits available and you must find out which ones you are eligible for. The Credit Linked Subsidy Scheme and the Pradhan Mantri Waas Yojana (PMAY) under it can offer you savings up to INR 2.6 lakhs with its special interest subsidies. In addition, you also stand the chance to save up to INR 2 lakhs on the interest paid and 1 lack under section 80C, Income Tax Act.

If you are married, getting the property registered in your wife or jointly can offer you lower charges on the registry and also additional expense deduction benefits.

It’s good to discuss these options with your financial planners so that you can benefit with the policies that are present in your favor.

Conclusion

Buying the first home is a very emotional and significant milestone in any person’s life. Most people make this purchase only once in their lifetime, and generations enjoy the benefits.

If you’re about to buy a home and are at the cusp of making your life’s most significant investment, you must exercise caution to make the correct choice. A correct choice is one that is well aligned to your needs, falls within a budget you can afford and enables you and your family to enjoy a good living experience. Make sure that your considerations at each step are well rounded, and you’re sure to make a choice that will benefit you throughout your lifetime.

BMC to appoint fire & life safety auditors for low-rise buildings

 31 August 2021

Mumbai

To fast-track construction approvals and ensure transparency, the BMC will soon empanel fire and life safety auditors to carry out fire safety audits in residential buildings that are up to 32m in height or less than 10 storeys.

“As part of its ease-of-doing business initiative, the BMC has decided to accord fire and life safety no-objection certificates to residential buildings having height up to 32m through fire and life safety auditors to speed up building construction approvals in a more transparent manner,” said a senior civic official. The BMC has invited applications seeking qualified personnel for the audit job.

“It’s good that BMC is appointing auditors to carry out fire safety audits. This will ensure faster clearances. But in the past, there have been several occasions where third-party fire compliance agencies have failed to carry out checks and maintain fire-fighting equipment. The BMC must supervise work of auditors and take penal action if needed,” TimesView.

“At the time of construction, the auditor, along with the fire safety consultant and architect, will ensure compliance of the provisions of the Maharashtra Fire Prevention & Life Safety Measures Act, 2006, and other building bye-laws,” an official said.

“The auditor will issue a fire safety compliance certificate in a prescribed format along with a schematic drawing showing various safety measures provided as per the codified fire safety requirements.”

The auditor will also test all active measures related to fire and life safety provided in the building and upload photographs or videos of the inspection and testing of fire-fighting installations and equipment with the date and time stamp, along with the compliance certificate, through the architect.

Under the Act, it is the responsibility of the property owner or the cooperative housing society to follow fire safety norms and submit an audit report, signed by a licensed fire expert, every six months certifying compliance to the chief fire officer. If there is no owner or society, the occupants will have to do it. In recent fires, the fire brigade found that most had failed to submit the audit report or maintain fire safety equipment.

Bombay HC says refund by builder to buyers under RERA order not liable to TDS

 31 August 2021

Mumbai

The Bombay High Court recently directed a builder to refund amounts to flat buyers based on a March order without making any Deduction of Tax at Source (TDS).

The HC bench of Justices SJ Kathawalla and Milind Jadhav passed the order.

Several individuals who between 2015 and 2016 had booked flats in a real estate project at Malad (west) had sought orders from HC for recovery of arrears under a recovery warrant of 2018 passed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) against the builders.

In March 2021, via a consent term order, the builder agreed to pay Rs 2.75 crore through instalments to the petitioners. But in their July 2021 installment, 10 percent was deducted from the amount as TDS on the amount of interest under the recovery warrant, which the petitioners said was not permissible in law.

The petitioning-buyers' counsel Subit Chakrabarti said the refund was in the form of compensation or a judgment debt while senior counsel Zal Andhyarujina for the builders submitted that the deduction was based on the provision of section 194A of the Income Tax Act, but later after analyzing the law said the refund was as compensation and out of the purview of the section invoked and hence, has no objection to paying the deducted amount back to the petitioners.

The HC too said the refund was akin to a judgment debt and cannot be liable to TDS

Society must step into builder's shoes, complete project: MahaRERA

 30 August 2021

Mumbai

Ganga Jamna Sangam society in Khar (W) was recently formed by 19 flat purchasers who had paid large sums to the builder but were still to get possession of their apartments.

MahaRera Chief Ajoy Mehta’s order said: “The issue or legal validity of termination is not crucial before this authority nor within its scope to adjudicate on its validity. The more important issue...are the implications of the termination and the consequences that follow on the allottees, including the new flat purchasers in the saleable component, the bank and the society at large. It is amply clear that the developer acquired the rights to develop from the development agreement entered upon by the society.”

“The society cannot now by the action of termination wish away the liabilities created by the developer,” it added. The August 21 order further said that on termination, the society becomes the ‘promoter’ and all earlier bona fide liabilities created by the developer would now “squarely rest on the shoulders of the society”.

It added, “The society, thus, cannot now abandon the allottees, including new flat purchasers, on the pretext that the development agreement is terminated. Societies, while appointing developers, must conduct proper due diligence of the development agreement being entered into.

During execution of the project, it should exercise supervision and monitor its progress diligently to ensure that the purpose of appointing the developer is achieved in a timely manner and all bona fide liabilities created in the process are fulfilled.”

It said the society “shall step into the shoes of the respondent (builder)...and ensure smooth completion of the project, safeguarding interests which shall include payment of interest on delayed possession of all present allottees and all new purchasers, if any,...and in no manner jeopardise their interest in terms of their individual rights and interest”.

Six flat purchasers had approached MahaRera complaining that the builder had failed to deliver the flats, and sought compensation with interest. The society, too, filed an intervening application. So did Bank of Baroda, which had loaned the builder for this project. Twelve flats were mortgaged by the builder to the bank.

The bank submitted that there are still 13 unsold apartments on which they have a charge created. Its interest is towards recovery of the outstanding bank dues as the builder did not pay its debts towards the mortgaged loan.

The MahaRera order said the society will have to take necessary legal recourse to recover the interest and other charges. Secondly, the interest of the bank shall be protected and the same shall be taken care of while appointing the new developer by the society.

All the liabilities shall be transferred to the new developer or the said society in case of self-development on ‘as is where is’ basis, it added. “Lastly, the society must ensure that all the liabilities as accruing on date, including the liability of paying interest on delayed possession, all the transactions as on date and all the duties-cum-responsibilities as on date are clearly enumerated,” it said.

McKinsey & Co leases 45,000 sqft office space in Mumbai's BKC

 23 August 2021

Mumbai

Management consulting firm McKinsey & Company has taken 45,000 sqft office space at commercial project Maker Maxity in Mumbai’s Bandra-Kurla Complex (BKC) business district at a monthly rental of Rs 410 per sqft.

The total tenure of the lease will be five years, implying a total rental of nearly Rs 100 crore, said people aware of the matter.

The American multinational has offices in Mumbai, Bengaluru, Gurgaon and Chennai in India.

In the country’s financial capital, it currently operates out of its office at Nariman Point in south Mumbai’s business district.

As per the agreement, the commencement date for the lease is October 1. However, rent payment will start from January 16, 2022, as the consultancy firm will get the benefit of rent-free three months and 15 days.

The agreement has a clause for 5% rent escalation every year from the lease commencement date, unlike usual rental reset at every three years, showed the documents accessed by ET through CRE Matrix, a real estate data analytics firm.

According to McKinsey, its office in Mumbai will soon have an additional address, which in form and function will be aligned to the changing needs of its operations.

“We envision this space to be a truly modern facility defined by an optimised and multipurpose use of space, in line with our hybrid working model and sustainability focus – a workplace of the future. We will continue to retain the 21st floor of our existing office at Express Towers in Nariman Point,” McKinsey said in response to ET’s query.

McKinsey has leased the space in BKC through its India operations. The leased office space is spread across four floors of 1 North Avenue tower of the integrated development, which has a total of five office towers, an under-development luxury mall and drive-in theatre.

While the project, which is strategically located at the beginning of BKC business district, has been developed by Maker Group, it has been strata sold and the ownership of these offices is with several investors and property firms.

McKinsey has leased this office space from two separate entities – Golden Bay Properties and Neelammegha Investments & Trading Co. The consulting firm will pay a security deposit worth 10 times the initial rent amount.

Golden Bay Properties and Neelammegha Investments & Trading Co could not be reached for comment.

Office spaces across India are being expanded as organisations are planning a cautious return to offices for their employees. Several large companies are expanding office spaces to make social distancing adjustments.

Social networking firm Facebook recently leased 90,000 sqft office space at commercial tower One BKC in the business district through renewal and new lease agreements with Blackstone Group.

Mumbai: SRA builders beat pandemic blues with record project nods in two years

 23 August 2021

Mumbai

Builders executing redevelopment projects under the Slum Rehabilitation Authority (SRA) have beaten the pandemic blues.

While a record number of approvals for SRA projects were given between March 2019 and April 2021, the highest number of projects were completed too during this period.

According to data from the SRA, 516 Letters of Intent (LoIs) were issued between March 2019 and April 2021, including those that were re-issued as they were stuck for a long time and 82 new ones. In the period from April 2017 to March 2019, 184 LoIs were issued. A builder can begin redevelopment of a slum plot only after an LoI is issued by the agency.

“We have not just issued fresh LoIs, but also issued revised LoIs in several cases where projects were stuck and have fast-tracked procedures in the SRA,” Satish Lokhande, SRA CEO, said. “The aim is to ensure that the maximum number of slumdwellers are rehabilitated as soon as possible. We are bringing in several changes to facilitate this,” he added.

In December 2020, the agency began sending notices to developers who have failed to start their projects even after getting requisite clearances.

Between March 2019 and April 2021, the SRA issued occupation certificates to 28,162 slum rehabilitation units—8,602 in 2019-20, 13,875 in 2020-21 and 5,685 in April 2021. In the period from April 2017 to March 2019, 26,422 OCs were granted. Once an OC is given, the project is deemed to be completed and original tenants can move into the new units.

Housing Minister Jitendra Awhad had recently said that he was pushing to fast-track SRA projects and that the agency would take over projects where the developer has failed to rehabilitate the slumdwellers. “The SRA plans to take over all projects which are at standstill and have taken big fat loans from financial institutions and left the poor on the streets. The very aim is to give homes to the poor and pump in money for SRA. Just having LoI does not make u the owner of the property,” he had tweeted.

According to the data, between March 2019 and April 2021, nearly 2 lakh slum tenements were sanctioned of which 48,104 were okayed in 2021 alone. Between April 2017 and March 2019, only 53,409 slum tenements were sanctioned.

Around 2.1 lakh families have got new apartments in the 23 years since the SRA was set up. According to SRA estimates, there are 12.5 lakh slums in Mumbai housing 62 lakh people. In December 2020, the state government had set up a 10-member committee to ensure speedy disposal of complaints pending with the SRA, including cases of corruption and red-tapism. According to officials, projects are stuck for various reasons, including lack of funds or complaints by tenants against the builder. According to estimates, one lakh slumdwellers are affected by the “dead” SRA projects.

Maharashtra: Housing e-registration pilot project likely next month

 20 August 2021

Mumbai

A pilot project for the state to usher in e-registration for housing projects listed under MahaRERA will commence from mid-September, ahead of the actual roll-out from October 1, Inspector-General of registration and stamps Shravan Hardikar said in Pune on August 19.

The registration department is getting ready by ensuring that maximum developers are enrolled under the process and they have reached out to the builders’ association ahead of commencement of the pilot project.

Hardikar told TOI that an app was being readied for the pilot project. “Over 100 developers have carried out e-registration of over 346 projects across the state. The e-registration process will enable sale and purchase of housing projects, so buyers and sellers will no longer have to visit registration offices. We will first roll out the pilot project in the third week of September. After this, we will enable all developers registered under MahaRERA to carry out the process from their offices,” he said.

Revenue Minister Balasaheb Thorat had told TOI in June that the e-registration process was among initiatives planned to streamline work, especially during the pandemic, and reduce footfall at the registration offices.

A registration department official said the process was being implemented on a small scale. “Now, with this being mandatory from October 1, the registration department is ensuring that the software is being prepared by the middle of next month,” the official said.

The pilot project is being carried out first to ensure that ahead of its actual roll-out, the app is being tested and there are no technical glitches. “The proof of the concept will be ready ahead of the pilot project. The process will also be decided and will cite the criteria, such as categorising developers with 100 or more flats, and 50 or more flats, and go ahead with the registration process in phases,” Hardikar said.

Another official said, “The e-registration process can continue even at the time of the pandemic-induced restrictions. This will ensure that the real estate market does not get affected.”

Confederation of Real Estate Developers Association of India (Credai) Chairman Satish Magar, who was among the first developers to register his projects in Nanded city with the earlier software, said, “Maharashtra is among the frontrunners to introduce such concepts.”


State Credai President Sunil Furde said the developers’ body has been favouring a software that would ease registration and ensure transparency. “We are looking forward to this initiative and members have been briefed about it,” he said.

Thane civic body acts on unauthorised constructions in Majiwada-Manpada ward

 19 August 2021

Mumbai

The Thane Municipal Corporation (TMC) on August 17 took action on unauthorised constructions as well as illegally parked vehicles.

The civic body said that the action was taken on illegal constructions in Majiwada-Manpada ward.

A ground floor plus columns of two floors were demolished in Balkum village.

In Wagbhil, the action was taken on the fifth floor of the stilt plus five-storey building. Similar actions were taken in Koliwada and Kasarwadavli too.

Apart from that, action was taken on vehicles that were illegally parked below the flyover in Majiwada. Whereas, the banners and posters on the main road were also removed.

For over a month, the TMC has been taking action on illegal constructions in the city.

Government cuts non-development zone around Thane Creek Flamingo Sanctuary

 18 August 2021

Mumbai

The Union ministry of environment and forests on August 17 accepted the state government’s recommendation to reduce the 10km buffer zone from the boundary of the eco-sensitive Thane Creek Flamingo Sanctuary to 3.89km.

This comes as a major relief to builders in the Mumbai Metropolitan Region as hundreds of construction projects would have been affected by the no-development rule.

“We are happy to inform you that the flamingo buffer zone is approved with small exclusions as recommended by the state in the meeting," said CREDAI-MCHI, which represents developers.

Its President Deepak Goradia told TOI that the ministry on August 17 agreed to reduce the buffer zone and that the official notification will be issued by the ministry later.

On July 31, TOI had reported that projects in as many as 15 wards in Greater Mumbai would have been affected because of the 10-km buffer zone.

PAG extends $100 million debt to Kalpataru's two realty projects

 18 August 2021

One of these projects is a mixed-use development with residential and commercial components in Thane, while the other project is residential development in Mulund suburb of Mumbai. Both the developments including the first phase of Thane project have a total 1.8 million sq ft saleable area.

Global alternative investment firm PAG has entered into an agreement to extend debt worth $100 million or over Rs 743 crore to two projects of realty developer Kalpataru, said persons with direct knowledge of the development.

One of these projects is a mixed-use development with residential and commercial components in Thane, while the other project is residential development in Mulund suburb of Mumbai. Both the developments including the first phase of Thane project have a total 1.8 million sq ft saleable area.

“Part of the funds to be received from PAG will be used for repayment of an existing loan and the balance amount will be utilised to support completion of both the projects,” said one of the persons mentioned above.

PAG, Kalpataru and transaction advisor Cushman & Wakefield declined to comment for the story.

In May, ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of the ASK Group, invested Rs 200 crore in realty developer Kalpataru’s mid-income housing project in Baner locality of Pune.

PAG is a leading Asia-focused private investment manager, with strategies including private equity, private debt, real estate and hedge funds. In May, the private equity firm invested Rs 175 crore realty developer Century Real Estate’s residential project spread over 7 acres in north Bangalore.

Is Thane a goldmine for real estate investors

 17 August 2021

Ronak Madhavi, assistant VP, 360 Realtors, breaks some myths

Once a prolific suburb in the vicinity of Mumbai Metropolitan Region (MMR), Thane has the potential to become one of the most sought-after real estate markets in western India.

Over the years, Thane has witnessed visible but steady growth in real estate demand. Proximity to Mumbai, plenty of lush greenery & natural endowments, improved infrastructure has enabled Thane to evolve into a self-sustainable urban ecosystem. It has more open spaces compared to Mumbai, which makes it a natural favourite for households looking for a calm & serene lifestyle.

After the rise in Work from Home (WFH) culture, Thane’s real estate demand will be further on an upswing, growing by leaps and bounds. Thane region is dotted with large township projects, offering a host of property options in the affordable range of INR 50 lacs – 1.3 Crores. Most of the major developers in the MMR such as Lodha, Rustomjee, Godrej, and Shapoorji & Pallonji are coming up with mega projects in the region. As WFH is gaining popularity, many first-time homebuyers in Mumbai will now prefer Thane, as it can offer large living spaces at affordable rates.

Improved infrastructure
The Thane Municipal Corporation (TMC) has systematically invested in the city’s infrastructure development. Through the Thane-Panvel line, Central Harbour line, and the central railways, the suburb enjoys seamless connectivity with the Mumbai and Navi Mumbai region. TMC is further making investments to systematically reduce travel time between Thane and other key parts of MMR.

The Katai-Aeiroli freeway is expected to be operational soon, which will cohesively link Thane with the Navi Mumbai region. The metro will soon enter Thane, which will further give a facelift to the mass commute facilities in the region. Line 4 of the Mumbai Metro will link Thane with the Wadala region. Line 5 of the metro will connect Thane-Bhiwandi- Kalyan thereby rendering convenient commute facilities to the residents.Thane is also part of the 500-km-long bullet train corridor, which is expected to be operational by 2027. TMC has recently also announced the Thane-Borivali tunnel, which will reduce travel time between the two nodes in MMR to just ~ 15 minutes.

As work has begun in the Navi Mumbai international airport, Thane is now situated close to the major international airport. It will help the city make a mark on the domestic and international air routes.

A bustling commercial centre
Thane is also a bustling commercial and retail centre, which further consolidates its position as a housing stronghold. When compared to Navi Mumbai, it is a party to better retail facilities and social life. This is one of the reasons which has helped Thane’s property market to stay ahead of Navi Mumbai. Retail facilities, social amenities and commercial real estate is poised to grow further in the Thane region. Recently, Hiranandani group has invested INR 1000 crores to develop 2.6 million sq. ft of commercial space in the Thane region.

Upcycle in real estate demand
While many major markets in India will continue to grapple with dampened demand, upcycle will continue to unfold in the Thane region. The upturn in the market will be rooted in numerous factors including a thrust to infrastructure, availability of plenty of affordable property options, and overall higher standards of living. Besides first-time home buyers, Thane will also be a goldmine for the investor community. As new infrastructure development such as metro networks and roadways are taking shape in full steam, strategic investment in the Thane region can offer an elevated yield to discerning investors. As growth is rooted in fundamental factors rather than cyclic curves, the investment will be mostly risk-averse in the coming times. Given these characteristics, Thane is a property goldmine which one should not miss.