How a retired clerk bought a 3BHK flat

Every house has a story to tell. Every buyer is an integral part of that story. Vinod Gupta recently retired from one of the biggest airlines company of India after 35 years of stellar service. On retiring, he received Rs 8 lakh as a part of his gratuity and provident fund. Though a native of Delhi, he used the money to purchase a house outside the city.

“I lived in an ancestral property in Old Delhi. I have five brothers who live in other cities and rarely used to visit me. I naturally didn’t have a sole right on the property. Being the youngest, I decided to divide the property and use my share of money to invest elsewhere. I was also tired of living in a congested city in a locality which has more commercial feel rather than residential one. Most of our neighbours have moved out of the locality to the city’s NCR nodes. Better lifestyle was the prime reason behind the move. I remained here, as I couldn’t afford one.”

A few years ago, Gupta married off his daughter. The lump sum money received on retiring and the money which he along with his brothers received by selling the ancestral home was used to invest elsewhere.

The ancestral property was sold off for Rs 4 crore. Out of which he got his 50 per cent share as he was the one paying property taxes and justified his part to be a major one as he also got the property vacated from tenants through legal process, which cost him over 6 lakh including lawyers’ fees, etc.

The major task was to search for a new home and in a city where his medical and spiritual needs were met. He wanted to stay close to his daughter settled in Mumbai and in a locality where he could contribute in community building activities.

Other than this, he looked for a project which had a gated community along with recreational area. Since the couple was aging, a property on ground floor was their priority. The ground floor in their chosen society gave them a small kitchen garden which was a bonus as the couple is interested in gardening.

When it comes to neighbourhood, availability of restaurants and proximity to shopping mall was also on his list. “Today we are fit and able to travel to other places but as the years go by we will need to have everyday amenities close by. Also, I have always been a movie buff but never got the chance to enjoy it. Now when I am retired, I would like to indulge.” says Gupta.

“I was confused about the entire property search process. I didn’t trust brokers and wasn’t tech savvy. My daughter suggested me online research. She showed me Magicbricks’ advice section. ‘Find what your money can buy’ section on advice.magicbricks.com was really helpful. I actually almost shortlisted my property through Magicbricks’ only,” shares Gupta.

Gupta chose Nashik as it was close to Pune, Mumbai and Shirdi, one of the famous religious towns of India. He finally bought a ready-to-move-in 3BHK flat for Rs 50 lakh, excluding stamp duty, registry charges, PLC and other extra charges which isn’t included in base price. This made him save over a crore rupees. Nashik is a small city where monthly expenditure is lesser than Delhi and where even commuting was expensive. This way I bought #MyFirstHome at the age of 70.

“Since relocation management would prove tough from Delhi to Nashik, I chose to buy a fully furnished flat and sell off the old furniture to generate extra cash. The amount collected from selling off old furniture nearly covered the extra expenditure of a furnished flat.” says Gupta.

This is one of the million stories related to property purchase floating in the real estate market. If you have bought a house and have a story to share, then do tell. We are listening!

To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mobile : (+91) 9833 4583 23
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
E-mail: mchithane@gmail.com
              mchithanexpo@gmail.com

Offers galore !

Make the most of the festive fervour and realise your realty dreams...

Dussehra is one such auspicious time when Mumbaikars do not want to miss the opportunity to invest, buy new assets or start new initiatives. It is an excellent time to book your property, negotiate with the developers and grab the discounts with both your hands. "As per historic data of the real estate market in Mumbai, it has always performed better in the festive season when compared to any other time of the year. Dussehra is one of the biggest festivals, not only in Mumbai but also all over India. Also, Dussehra marks the beginning of the festive season that lasts up to Diwali. A lot of people wait for a festive season like this one, for investments in property or gold. It's widely considered that the investment done on an auspicious day like Dussehra or any such festival always becomes a fruitful investment. For the first-time buyer, investment in a property is a very important decision of their life and they simply don't like to take any risk with regards to it. Even after searching for the right property, they wait for the right day and time for the booking," says Ravi Gurav, member, MCHI CREDAIand vice-president, marketing, Dheeraj Realty.

Dussehra heralds the start of the festive season and is considered as an auspicious period to move into a new home, so various offers are given to home-buyers during this period. Furthermore, it could also mark the recovery in the market sentiment, believe realty experts and analysts.

Factors that support the first-time home-buyers

Amit Goenka, MD, CEO, Nisus Finance points out, "Apart from tax benefits, there are a number of other factors that support the first-time home-buyers: A large availability of ready or nearly ready late stage projects where the completion date occurs within a year or two; A decrease in the overall cost of purchase through smaller-ticket homes, efficient home designs for maximum usable area within smaller sizes, discounts and schemes including assured rentals in case of a delay; Lowered cost of home finance of below 9.5 percent p.a, with the availability of subvention schemes in most projects; The proactive attempt by developers to provide information and assurance to home buyers."

Offers for home-buyers during this festive period :

The festive season is the only time where a home buyer can get more discount and offers. While during the festive season, the developers scramble to outwit each other in winning the home buyer's attention and eventually, investment, there are in fact, a lot of genuine promotional schemes that one can enjoy and indulge in.

The festival season has a lot of good offers in the market such as 10:90, 20:80 scheme, or one where the buyer doesn't need to commit to loan approvals at the beginning itself. There are others where the buyer has to pay only 10 percent at the booking stage and balance 90 percent at the time of possession, irrespective of taking a loan for the balance payment. Some developers are offering free home appliances and white goods to lure the home-buyers as well.

Important tips for the first-time home-buyers :

Ashish Raheja, managing director, Raheja Universal points out, "Before investing in a home, the buyer should not be taken in by the other frills and rather do a complete due-diligence. It is important to know about the social and civic infrastructure in and around the project and future developments. This helps to know the quality of life you can expect and the appreciation value of your home, going forward. The home-buyer should approach a bank for a home loan as well. This is important as it assures the home-buyer that it is safe to invest in this project." Experts suggest that typically, most schemes and offers tend to reduce the overall cost or add a benefit of 5-10 percent of the standard purchase price for first-time buyers during such festivals. In case of group buying or successful referrals, such discounts and benefits can be larger as well.

To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mobile : (+91) 9833 4583 23
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
E-mail: mchithane@gmail.com
            mchithanexpo@gmail.com

A new approach?

With Dussehra kick-starting the festive season, developers are going that extra mile and thinking out-of-the-box while marketing their projects.

On the eve of Dussehra this year, the market is getting ready for various out-of-the-box strategies to get noticed. There is a paradigm shift in the marketing strategies and the project offerings across the budget segment of housing.

Lining up with freebies such as home furnishings and gold coins, offering cash discounts or sending on a vacation, will no longer work.

Hence, on the eve of Dussehra and the long line of festivals ahead, most of the real estate companies are evaluating their marketing formats to touch base with the end-users and make the most of the festive spirit. The focus of the festive season this year, has suddenly turned on to inventory rather than new launches.

Buyers in the market who are mostly end-users are in no mood to go for the pre-launches or new launches, even if the offer promises discounts, add-ons or a foreign trip in exchange.

Advantage buyers:

The home-buyers in Mumbai's market, are today negotiating for a ready-to-move property as it is easier to evaluate the probability of appreciation, the reasonability of the imposed rates by the builder and the exact specifications being met or not. With the festive season ahead when most of the bookings happen, they are betting their last penny on the 20:80 scheme to beat the slowdown and invoke confidence in the psyche of the buyers. Does it mean that the tried-and tested marketing formats over the years have failed? Shajai Jacob, head marketing, Jones Lang LaSalle India, says the type of marketing strategies that Indian developers employ to sell their products in a tough market, may often seem strange to property marketers in other countries. Nevertheless, these marketing strategies are based on a deep understanding of their target clientele, which is as variegated as the Indian real estate market itself."In India, the inspirational quotient cannot be under-estimated and can in fact, often be capitalised upon. Certain add-on offerings or freebies often appear to have no logical connection to the actual consideration property buyers would have. However, the builders in fact, address well-researched `points of attraction' within their targeted customer base," says Jacob.

Out of the box ideas:

Some developers have overtly displayed their marketing strategy much in advance, while others are doing it tactfully with the effective use of the right sales channel. Yet the fact remains that Mumbai's realty has learnt to experiment with the tried-and-tested marketing formats and sales innovations. For first movers, the strategy has paid well in advance and the sales graph is just indicative of the thought process that has been put into the same.

Diipesh Bhagtani, executive director, Jaycee Homes says the selling strategy is different from developer to developer and the developers with inventories are offering attractive unique selling propositions to the buyers in their own way. Some are offering white goods and furniture along with modular kitchens; others are offering free international holidays. These incentives are based purely on the policy of their individual business and cannot be generalised.

"Yes, the developers are optimistic of the property market and feel that the market will show vibrancy during the festival season. This is the right time to buy a property as the rates are quite stable now and are in fact expected to go up after the festival season. Also, there are a lot of attractive offers by the developers during the festival season as well," says Bhagtani.

Hiral Sheth, director, marketing with Sheth Creators agrees that there would be phenomenal bookings this Dussehra and the festive fervour this year, will be witness to a tremendous transformation as compared to last year. This festival period from Dussehra to Diwali is expected to garner sales and has definitely encouraged more people to come and invest into real estate. "The special schemes offered by developer would definitely assist the fence-sitters in taking a decision to invest in the sector. This season has witnessed a change in demand and is going to stay till December and we expect the sales will go up significantly during this period. The home-buyers have been watching the property market on the side-lines for long and have now understood the fundamentals of realty quite well. Hence, they feel that the time has come to invest as the market is evenly balanced for both the developers as well as the buyers now," says Hiral.

To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mobile : (+91) 9833 4583 23
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
E-mail: mchithane@gmail.com
            mchithanexpo@gmail.com

Hop, skip and jump to work

Housing in Mumbai does not only possess an asset value but also facilitates the dreams of thousands who come here seeking a job and a better livelihood. Residing in homes that are in close proximity to one's workplace results in a holistic life. The buyer today is looking for an experience and not just the final product.

"Factors such as an easy access to capital, higher disposable income and a buoyant economy, are further fuelling the aspirations of the Indian home buyer. Understanding this buyer psyche is a crucial factor in driving home the demand. Home-buyers are happy to invest in such comprehensive developments, when they have all possible amenities, an eco-friendly environment and an assurance of world-class construction, all at the same time. The demand for such projects in the right location, at the right price and most importantly, from a trusted developer, will continue to grow in the times to come. Such projects also lead to infrastructural developments, which then transcend into a city that is a cleaner and happier place to live in," says Reema Kundnani, VP, head, marketing, corporate communications and luxury residential sales, Oberoi Realty.

A modern day buyer won't mind paying more to look out for a property near his workplace as it will save him commuting time and allow more free time to pursue other social activities. "Also, most offices are now moving towards the suburbs to maintain the economies of scale. Such locations are targeted by the buyers as they give them a healthy appreciation on their investments due to their commercial importance, connectivity and social infrastructure. Areas such as Nariman Point, Worli, Lower Parel, Bandra, Andheri, Goregaon, Borivali, Dahisar, Mulund, Thane, Chembur, Wadala and Navi Mumbai, are targeted by the buyers as these locations give them a healthy appreciation on their investments due to their commercial importance, connectivity and social infrastructure," says Maulik Sheth, director, Sheth Corp.

Most buyers tend to invest into a project that comes closest to meeting their customised requirements at the lowest price possible. "While this may seem as the right approach, buyers need to adopt a long-term perspective to property-buying to accrue maximum benefits. Buyers must invest in a house that is in proximity to important commercial destinations in the city. One could maintain an active lifestyle while residing in these areas as they are close to restaurants, shopping areas, entertainment centres. CBDs or commercial business districts offer a widespread and an effective transport network, thus connecting one to work, school or business spots without any hassle. Hence, the demand for apartments close to the CBD continues to grow in popularity," says Prashant Mirkar, VP marketing and sales, House of Hiranandani.

The willingness of employees to invest heavily in the choicest locations is a function of their preferences and other financial commitments. "Typically, almost all low and mid-income earning families need to finance their home purchase through expensive loans. Hence, if their purchasing investing power is limited, they may chose to purchase a relatively cheaper home at a distant location and spend more time in commuting. It is largely the high-income earners who are able to spend more money on homes that are in close proximity to their workplaces and enjoy the luxury of less commute time to office," says Shveta Jain, managing director residential, Cushman & Wakefield.

The proximity to one's workplace is a prime factor in deciding the location of a home so that buyers could reduce their commute and spend more time with family and other pursuits, as property prices and unavailability of units often act as deterrents for home buyers.

Home-buyers opting for housing locations close to their workplaces would also help decongest the city and ease the pressure on the city's roads and public transport. "Either a well-developed public transportation network or a framework wherein homes are built close to CBDs will improve the city's liveability standards," adds Jain.

To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mobile : (+91) 9833 4583 23
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
E-mail: mchithane@gmail.com
            mchithanexpo@gmail.com

 

All Roads Lead to Thane

Why invest in Thane? Read on...

Driven by infrastructure, Thane's real estate sector is expected to swing into action. The building blocks - enhanced connectivity and city development initiatives, are key to the generation of buyer demand - although, you cannot dismiss the probability of its inclusion within the municipal corporation limits and residential affordability as also impertinent. We have summed up Thane's positives in the first quarter of the year 2016.

Connectivity
The Panvel- Bhimashankar- Chakan Highway connecting Mumbai to Karjat; Neral-Badlapur Highway connecting Karjal to Khopoli or Pune; Majiwada Junction Flyover giving smooth connectivity to commuters to Mumbai, Nashik and other areas are some drivers. Thane's Ghodbunder Road catering to both commercial and residential development and ensuring connectivity to Eastern and Western Express Highways in Mumbal has also been a determinant.

Infrastructure
The city's development drive includes upping its social infrastructure; upgrading water treatment plants; supply of potable water and underground drainage network. All these factors resultantly lead to impacting the real estate sector positively.

Other factors
Other influencing aspects of Thane such as home Loan affordabdity; availability of modern and good quality budding projects; Well -designed and efficiently planned spaces in the offering cumulatively compel everyone tu expect a growth- oriented 2016.

Property prices in Thane are slowly on the rise than its near peers but going formard due te rapid development, prices, may rise. A growing interest from the local workforce and investors in properties here might also push prices. The affordable housing segment of Thane can expect a facelift this year. Two developers' associations have signed a MoU to build 5.69 lakh affordable dwelling units across MMR. Despite the six percent increase in the ready reckoner rate, Thane's real estate experts are of the opinion that infrastructure will be a driving factor of the city's realty.

The affordable housing segment of Thane can expect a facelift this year. Two developers' associations have signed a MoU to build 5.69 lakh affordable dwelling units across MMR. Despite the six percent increase in the ready reckoner rate, Thane's real estate experts are of the opinion that infrastructure will be a driving factor of the city's realty.

To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mobile : (+91) 9833 4583 23
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
E-mail: mchithane@gmail.com
              mchithanexpo@gmail.com

Facilitate the funding for your new residence

The importance of CIBIL score in a home loan application and ways to improve the same

CIBIL score is a numeric summary of one’s credit history and it helps the borrowers get their loan applications evaluated and approved. A good credit score is one of the most important eligibility criteria based on which a bank gives loan.

Indicator

The credit score is an indicator of one’s credit history. It reflects factors like record of late payments and defaults, loans and credit cards that are currently held, diligence towards paying loans and credit card bills, and number of loans and credit card applications submitted.

History

CIBIL scores are important when it comes to availing credit, especially loan approvals.
A CIBIL credit report contains all the details pertaining to the borrowing history and its repayment discipline. That is why, the banks and the financial institutions check the CIBIL score or credit score through CIBIL. It helps determine the creditworthiness of the borrower which in turn helps the borrower avail loans faster and easier.

Impression

The CIBIL score acts as the first impression for the lender, the higher the score, the better chances of the loan/credit card being approved. Hence it is extremely important to keep tabs on the credit score, especially if one is aiming for a loan anytime in future.

Ways to improve your credit score

There are various ways to improve the CIBIL score. All that you need to do is be conscious about a few things.

• The most important thing is to maintain a good credit history. Always pay your dues on time or before time. Late payments are viewed negatively by lenders.
• Keep your borrowings and credit requirements to a realistic level. One word is “Don’t stretch unless and until it is absolutely needed”. Take a loan only when you really need it. Check if the required amount can be raised from other sources.
• It is better to have a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards). Too many unsecured loans may be viewed negatively.
• Don’t allow defaults on joint account payments and don’t guarantee someone who may default on their payments because such actions could be as damaging to your CIBIL Score as non-payment on any of your own accounts.
• If there are mistakes in your personal account or credit card records communicate with the bank immediately and make sure that these are corrected; else for no fault of yours, your credit score will suffer.

Purchase your CIBIL report from time to time to avoid unpleasant surprises in the form of a rejected loan application.

To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mobile : (+91) 9833 4583 23
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
E-mail: mchithane@gmail.com
              mchithanexpo@gmail.com

Easily Increase your Home Loan Eligibility

You can easily increase your home loan eligibility by adding on a co-applicant

There are several instances where a person may miss out on a dream home because of a slightly lower income level, which denies them access to the necessary finance. But don’t worry; there are ways of getting around such problems. What you can do, is club the income of your spouse to increase the repayment capacity. In fact, the easy availability of home loans has clearly contributed to the growing trend of couples opting to buy their own flat at a much younger age. The actual home loan amount sanctioned by a lending institution is determined after taking into account factors like repayment capacity, age, educational qualifications, stability and continuity of income, number of dependents, co-applicant’s income, assets, liabilities, saving habits, etc.

Here’s how it works. If you have a monthly salary of Rs. 18,000 and decide to opt for a 15-year fixed rate home loan at an interest rate of 8.5%, calculated on annual rest basis, you would be eligible for a loan of about Rs. 8,07,000 with an EMI of Rs. 8,098. Add your spouse’s monthly salary Rs. 7,000 to the equation and your eligibility rises to Rs. 11,11,000!

Similarly, with just your own salary of Rs. 18,000, you could enhance your eligibility amount to Rs. 9,55,000 by opting for a 20-year tenure instead. However, clubbing your spouses Rs. 7,000 salary in your application would further enhance your eligibility to Rs. 12,93,000!

Having a co-applicant also helps to cope with another factor – rising home loan rates. Most of us know that an increase in home loan interest rates means having to pay a higher EMI. But were you aware that the rise affects your home loan eligibility as well? While this fact may not register immediately, it’s really quite simple when you consider it step by step. The interest home loan rate goes up; therefore, your total repayment amount also increases to that extent. And since the only thing in the equation that hasn’t gone up is your income, your repayment capacity, based on which they calculate the eligibility amount, comes down slightly.

Let us understand how this works with a hypothetical example. If you have a monthly salary of Rs. 18,000 and decide to opt for a 15-year fixed rate home loan at an interest rate of 8.5 %, calculated on annual rest basis, you would be eligible for a loan of about Rs. 8,07,000 with an EMI of Rs. 8,098.

However, if the interest rate increased by just 0.5 % to 9 %, your eligibility would reduce to Rs. 7,89,000 for the 15-year tenure loan, while the EMI would rise marginally to Rs. 8,157.

A joint application to buy property would probably enable you to maintain the same level of eligibility even if the home loan rate increases by a few basis points.

To Buy Property in Thane or Know More about Builders and Developers Contact MCHI Thane at 022 2580 6868

Contact Us :

501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India

Mobile : (+91) 9833 4583 23
Telephone : (+91) 22 2580 6868
                     (+91) 22 2580 6865
E-mail: mchithane@gmail.com
              mchithanexpo@gmail.com