Feel Auspicious This Festive Season And Invest Wisely

It is a concern raised by all that when is the right time to invest in real estate properties. Bangalore has seen tremendous growth as far as property developments are concerned. For instance, DNR Casablanca by DNR group of developers is strategically located to perfection at Mahadevapura in Bangalore. Residents are looking for favorable opportunities so they can transition from living as tenants to real-time home owners. It’s that time of the year again. Festive seasons are considered auspicious for making any purchase decision. More than anything, investing during festive seasons holds its sentimental value. Occasions like weddings and inaugurations are held during festive seasons so it brings good fortune and prosperity. Residents who are willing to become first-time home owners should grab to such opportunities and invest during such joyous occasions so they can find time for their friends and loved ones. This brings about change in perceptions and perspectives and realtors can hold on to key clients and promote their respective residential projects to a whole new level.

Things to expect this festive season

Festive seasons can also be used to buy gifts for your loved ones or yourself as it would hold as savings for the future. Times like these are effectively utilized by established realtors to come up with offers and discounts in order to establish long-term relationships for future business prospects. There are huge real estate events and exhibitions held during festive seasons that brings customers, investors and builders together to have a proactive approach on making property investment decisions. Bangalore, renowned as the IT hub of the nation has attracted residents from all over the country as the city offers attractive employment opportunities in the IT sector. IT professionals are presented with bonus’s and allowances by their respective firms during this festive season, which is a great time to buy yourself a home, its about time that we realized that. DNR Casablanca Mahadevapura, an emerging location is in close proximity to reputed IT tech parks which houses more than 20% of Bangalore’s working population. Owning a home will never be the same.

Gather up and start investing- It’s now and never

Property investment is long-term in nature. Residents should make it a point to take their own time, consult with professionals, work with independent architects and then decide bases on various factors. It is also important that probable investors think and devise a final budget based on their affordability and standard of living. It is also suggested that residents plan on a property that costs lower than the proposed budget so they can plan other expenses accordingly. Festive seasons are more of a blessing than anything else. Residents are inclined towards hearing about offers and discounts so they can put their money to better use. It turns out to be more profitable when residents save up till such festive seasons and invest with all their might.

New residential projects and favorable investment conditions- Grab on to yours!

Festive seasons is a period where realtors seize on to opportunities and launch new residential projects in various emerging locations across the city. With the population increasing in major localities around Bangalore, the demand for residential spaces rises and the supply becomes stagnant on most occasions. With rising requirements and expectations, affordable homes are the only choice and it only deems fit when realtors release their unsold inventories for balancing the supply-demand ratio. Another fascinating aspect about investing in festive seasons is that reputed banks offer attractive and affordable home loan interest rates based on specific requirements.

Come, live and celebrate life this festive season with DNR Casablanca. What do they say eventually “Home is where the hear is!”

RERA- Effect On Real Estate Price

RERA- Effect On Real Estate Price

The Real Estate sector is to get its own regulator from May 1, 2017. The Real Estate (Regulation and Development) Act, 2016 (RERA) became effective in the entire country.

Each state and UT will have its own Regulatory Authority (RA) which will frame regulations according to the Act.

Here is what the RERA has in store for home buyers…

RERA

Real estate prices

The prices haven’t come down as it was expected. Huge unsold inventory, lack of new demand, demonetization amongst others has not led the builders bringing the rack rate down albeit few discounts and freebies to the customers.

The impact of RERA:

Rohit Gera, MD, Gera Developments and VP Credai - Pune Metro, says, “Before RERA, the risk of delays, quality, title, and changes were borne by the customer. These will now be borne by the developer and there will be a premium that the flat purchasers will have to pay for transferring this risk to the developer. There is no room for developers to absorb these costs and so they may be transferred on to the customers by way of the price increase.”

Delayed delivery

Untimely delivery of real estate projects has been the biggest bane for the buyers. Of late, almost all projects especially projects launched 2010-2013 have defaulted in delivery within the stipulated time primarily because funds were diverted to new projects by the builders instead of using them in completing the existing ones.

The impact of RERA:

Now, as per the RERA Act, the promoter has to maintain a ‘separate account’ for every project undertaken wherein 70 per cent of the money received from the buyers shall be deposited. Such funds can only be used for the purposes of construction and land cost.

Real estate developers will have to furnish additional information regarding the ongoing projects for the benefit of the buyers besides depositing 70% of the unused funds in a separate bank account to ensure their completion.

Ongoing projects

Developers will have to make public the original sanctioned plans and changes made later, total amount collected from allottees, money used, the original timeline for completion and the time period within which the developer will complete the project, certified by an Engineer/Architect/practicing Chartered Accountant.

Role of Regulatory Authority

Each Regulatory Authority in the state will have the responsibility to register and regulate real estate projects and real estate agents registered under this Act.

It will also be required to maintain a website for public viewing, of all real estate projects for which registration has been given.The quality of the construction has also been a matter of concern with several builders. The RERA rules provide for protection against this up to 5 years after possession.

In case any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale is brought to the notice of the promoter within a period of five years, it shall be the duty of the promoter to rectify such defects without further charge, within 30 days.What you get to see - No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the RERA established under this Act.

Each advertisement has to carry the RERA registration number.

Registration of projects

Make sure you buy a project which is registered with the RA. Once the state has its RA established, builders will be required to register their projects with it by furnishing all the information including, financial statements, a copy of legal title deed and other documents.

The builders will get a registration number project-wise i.e. tower wise.

Delayed delivery - compensation

If the promoter fails to complete or is unable to give possession of the property within the agreed timed-period, he has to return the total amount with interest at such rate as mentioned in the agreement to sell.

And, in case the buyer does not intend to withdraw from the project, he shall be paid, by the promoter, interest for every month of delay, till the handing over of the possession.

Online information

After registration with RA, the builder will be given a login-id and password to create a page on RA’s website to upload the project related information on authority’s website.

It will show quarterly up-to-date the list of number and types of apartments or plots, as the case may be, booked; quarterly up-to-date status of the project; and amongst others.

Booking Amount Currently, most builders ask for 10 percent of the total cost of the property as a booking amount.

Now as per RERA, a promoter cannot accept more than 10 percent of the cost of the property, as an advance payment or an application fee, without first entering into a registered agreement for sale.

DNR Corporation has once again come up with the unique idea of recreating the majestic beauty in Mahadevapura with a project named as DNR Casablanca Bangalore. The project DNR Casablanca Bangalore is the most awaited and sought after residential project in Bangalore. DNR Casablanca Bangalore will soon be launched in Bangalore city and will come with 2 Towers, 200 + Units of 2, 2.5, and 3 BHK apartments in various sizes. You can visit our website for more details or contact us at +91 81239 27750. We will guide you throughout. Or you can also watch the video below: