CREDAI MCHI - Thane Unit

Wednesday, 10 August 2016

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

Saturday, 6 August 2016

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 :

Wednesday, 3 August 2016

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 :

Wednesday, 27 July 2016

It makes sense to own a second home NOW

A look at some of the key reasons why this particular option could even be the best form of investing for a salaried individual

Most people with investable surpluses tend to stay focused on the financial markets, whether it is debt or equity. Very few venture into real assets such as gold or real estate. An investment in a second home is an effective way to build wealth in the long-term. Let’s examine the various reasons why this could even be the best form of investing for a salaried individual.

Outlook for real estate

Real estate prices in India have grown at between 15% and 20% annually, over the past 50 years, across cities and across various reasonably long (10 year) time frames. This growth is projected to continue, given the combination of various enabling factors. These include a favourable demographic distribution in the country, increasing urbanization and an increasing preference for nuclear families.

Such returns are comparable to those in the equity capital markets. In fact, there is the additional advantage that one is spared the variability and risks associated with investing in equities. For example while the BSE Sensex has multiplied 160 times since 1979, the components of the Sensex have been changing constantly.

Tax efficiency factor

There are several tax advantages that can be availed by investing in a second home. These include:

The rent received from the second home (less 30% for repairs and maintenance) can be set off against the interest paid on the home loan taken for the flat. If the rent received is less than the interest paid, then the resultant ‘Loss from House Property’ can be set off against your regular income. Thus, there is a tax hedge provided be the property till it begins to pay for itself.
When the house is sold, the acquisition cost (adjusted for indexation) is deducted from the sale proceeds and only the balance is taxable , if the house is held for more than 3 years.

Ability to leverage

The purchase of a second home is one of the few form of investment for which leverage is available for salaried individuals. It is possible to invest in a second home by putting only 20% of the cost of the home as one’s equity, and take a loan for the rest.

Financial logic involved

So then, the financial logic for investing in a second home is simple. Assume the following. You own the asset by paying only 20% of the cost. Your average cost of financing the remaining is 10%. The rental yield is 3% and property appreciates by 12% every year.

To understand your financial situation every year, see the box below. As is evident, the return on the investment is quite healthy. The municipal taxes to be paid and the costs of maintaining the property have not been shown. However, the overall picture does not change significantly even with their inclusion.

The psychological factors

A house is a stable asset and is not bought and sold frequently. Consequently, it allows a longer time frame for any appreciation to play out. There is no greed or desire to cash in when the prices are high and there is no panic when prices do not rise.

An important psychological factor is that real estate prices do not fluctuate on a daily basis and there is no mark to market that is available on a daily basis. This makes the house a comfortable asset to hold.

There's a flip side

There are some factors that one needs to be aware of, before buying a second home. You should be comfortable with the monthly installment to be paid over the long term. Also, a property takes some maintenance and monitoring. Those with transferable jobs will find this especially challenging.

Additionally purchase of property entails a thorough evaluation of the developer, his track record and other legal aspects of the property. In summary, a second property is a worthwhile investment, especially for the salaried class. It is an efficient way to build wealth in the long term.

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

Contact Us :

Monday, 25 July 2016

Advantage of living in Thane

The city has a desirable profiling on the Mumbai real estate map as it remains a mixed bag offering multiple housing options, which includes affordable to ultra-luxury projects.

With several new infrastructure projects in the offing, Thane has emerged as the preferred choice for any real estate investment.Besides the relative affordability factor it offers as compared to any other area in the Mumbai Metropolitan Region (MMR), several new-age home-buyers are zeroing in on a property in this part of the Central suburbs.

While Yeoor Hills and Parsik Hills envelop the city and add scenic beauty , about 33 lakes spread across Thane bring forth ample opportunities for watersports and recreation. Besides natural beauty , Thane has many landscaped gardens, including the famed botanical garden, which is built by the Thane Municipal Corporation in collaboration with the forest department.

The availability of large tracts of land vacated by industries has triggered the development of integrated townships in Thane. These townships offer a methodically-planned environment with better infrastructure, retail and commercial spaces within the premises.

In the past few years, infrastructure facilities have improved with the construction of SATIS (Station Area Traffic Improvement Scheme) and multiple new flyovers on Ghodbunder Road. The three flyovers and one upcoming flyover in Thane will help ease the overall vehicular traffic. It is well-connected to the eastern suburbs by the Eastern Express Highway and to the western suburbs. The city also has connectivity to Navi Mumbai by both trains and roads. Connected via three major highways, including NH3, NH4 and Eastern and Western Express Highways, the city is being equipped with superior infrastructure such as subways and flyovers that will boost the overall infrastructure of Thane. Mumbai Metropolitan Region Development's (MMRDA's) metro project aims to connect Ghatkopar to Ghodbunder Road followed by Dahisar, which will also improve connectivity between Thane and the western suburbs. Some of the major projects which have dramatically changed the overall profile of the area include SantacruzChembur Link Road (SCLR), proposed fourth phase of the metro, underground tunnel from Manpada to Borivali, and two proposed monorail lines that will connect Thane with Dahisar and Kalyan respectively. Currently, there are seven flyovers that are in various stages of construction which will connect Thane with Dahisar and Ghodbunder Road with Bhiwandi.

The development of infrastructure projects has also been instrumental in reducing the travel time between Thane and Mumbai and Thane and Navi Mumbai to 25 minutes from the earlier 40-45 minutes. Infrastructure develop ment has thus played a major role in bringing the city and its peripheral area into focus and making it an attractive destination for home-buyers.

Thane is likely to witness a sea of change in the infrastructure with the development of some of the following projects -Wadala Ghatkopar metro line to be extended to Teen Haath Naka and Kasarwadavali near GB Road.

Similarly, Thane-Borivali tunnel is scheduled to be completed by 2019, which will further improve connectivity and bring down this distance to less than ten minutes. In addition, Elevated High Capacity Mass Transit Route (HCMTR) will lead to equitable distribution of road traffic through Thane.

A large proposed infrastructure development, including tourism and water projects in Prime Central Thane. With the proposed smart city project, the realty landscape in Thane is set to witness a paradigm shift.

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

Contact Us :

Friday, 22 July 2016

Real estate sector to be a $180 billion Indstry by 2020: CII

By 2020, the real estate sector will be a $180 billion industry, shared experts during the 12th real estate sector annual conference organised by Confederation of Indian Industry (CII). The major growth drivers for the same are government initiatives such as Real Estate Regulatory Act (RERA), 100 Smart Cities programme, real estate investment trust (REIT), Goods and Services Tax (GST) and Make-in-India initiative.

Commenting on this, Sriram Kalyanaraman, Managing Director and Chief Executive Officer, National Housing Board (NHB), shares that Smart City projects, digitisation of land records, relaxation of corporate tax from REIT will contribute to the realty growth which will infuse positive investor sentiments. Further, home loan disbursements done by NHB have been very encouraging.

Pinaki Misra, Member of Parliament and Chairman of Parliamentary Standing Committee on Urban Development, shared that the support from Centre will be crucial for real estate sector to grow.

The experts also felt that the government and private sector need to collaboratively contribute to the development and growth of the sector. Getambar Anand, Chairman and Managing Director, ATS, adds that the real estate sector is performing well due to good demand for housing and the government should ensure that the regulations do not drive away investments from the sector. Meanwhile, Anshuman Magazine, Chairman, CBRE - India and South East Asia, is of the opinion that for Indian real estate to sustain, there are two key pillars, namely, a balanced regulatory framework and healthy financing environment. Further, policies such as REITs and RERA will provide impetus to the sector.

Rumjhum Chatterjee, Chairperson, CII, shares that the Real Estate (Regulation and Development) Act 2016 will form a high-level framework to infuse positive investor sentiments. In addition, initiatives such as Smart city projects and 'Make In India' will aid the growth to the sector and attract foreign investments.

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

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Wednesday, 20 July 2016

Central calls for stamp duty reduction to boost affordable housing

With an aim to boost the affordable housing in the country, the Union Government has urged all the states to slash the stamp duty charges on property registrations for poor people. Speaking at the Assocham's'Finance for Housing for All' event, Venkaiah Naidu. Union Minister for Urban Development. shared that a letter for the same has been sent to all the Chief Ministers of the states for reducing the stamp duty.

The charges are as high as 10 per cent in some states which adds to the burden on the affordable housing home buyers. While some of them have already agreed. others are expected to follow suit soon. Earlier, the stamp duties were charged for maintaining the records, however, now it has become a revenue source.

The 'Pradhan Mantri Awas Yojana' or affordable housing scheme for the urban poor will be executed in about 2,508 cities across 26 states. Naidu further added that the government is taking various initiatives to promote ‘Housing for All’ such as modernising and digitising the land record, single window clearance, online submissions and approvals within 60 days. These will help in ensuring transparency and accountability to curb corruption, harassment, delays and huge cost borne by end-users.

He also shared that with the passing of the ’Real Estate (Regulation and Development) Bill', the states will now be required to set up regulators within one year. This will further provide impetus to the ‘Housing for All' initiative.

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

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