Why is it absolutely important to think multiple times before choosing a residential property?

Sidus Realty

Choosing a residential property is something which needs lots of prior thinking mainly because it is quite an expensive deal. A person usually has to spend a fortune in order to buy a property or move into a property on rent/lease. Additionally, choosing a residential property based on several parameters of choice (e.g.: in a proper location with several facilities) is never an easy task for an individual.

So, let us discuss some reasons due to which it becomes extremely important for an individual to think multiple times before moving forward into the real estate market and purchase a residential property (or, move into a residential accommodation/property on rent/lease).

Buying a residential property may require an individual to “shell out a king’s ransom”

As discussed earlier, a residential property is something which is very expensive. So, it is needless to mention that before going out to buy something very expensive, giving a thought about the purchase is absolutely essential.

It is almost impossible to revert the act of buying a residential property

Once a residential property has been purchased, there is no way of reverting this activity. One or two rare instances of reversion may exist but those instances also may include wastage of money for legal proceedings and/or assistance from highly influential people from a society. Otherwise, there is no question of reverting the act of buying a residential property. The only activity which can be done in such a situation is a distress sale which again may lead to probable loss of money.

In future, if the activity of buying a residential property is proved to be wrong, then it may hamper a person’s personal peace

The personal life of an individual may have a negative impact if the person takes the wrong decision and choice of buying a residential property. After all, wastage of money and time can never be forgotten easily and the impact is usually long lasting. Again, in this scenario, a distress sale may not be enough to compensate because a distress sale is hardly profitable. Even if a distress sale turns into a profitable deal, can anyone bring back the time and the labour which the individual had spent behind buying the property? Definitely not.

It is very important for an individual not to compromise on any of the parameters of choice while choosing a residential property which falls under the category of “high-end product”

Any individual cannot and should not compromise on any of the parameters of his/her choice while purchasing any costly product. So, while buying a residential property, the buyer usually lists a number of parameters based on which he/she buys the property. These parameters can be proper location, “vastu approved” property, several additional facilities like swimming pool and so on. To ensure a correct purchase decision, an individual should be as strict as possible with the parameters of his/her choice. This will also make the purchase an effective one and there will be lots of reasons to be happy in future

Reasons why social media is required in the real estate sector

Sidus Realty

In the twenty first century, social media presence is very essential, specially for a person or a group of people running a business. Now, a question may be asked about the presence and activeness of business entities in social media. The answer to this question is also quite simple! Social media is a platform or an environment to interact with different people round the globe. Additionally, in the twenty first century, lots of young people (if not everyone) remain active in social media. So, the business entities also have their active presence in social media in order to reach out to more and more people and sell their products/services. Of course, it is important to mention that the business entities have their own ways of marketing. Having said that, they also remain active in social media and market their products/services in attractive ways so that they can reach out to some of their customers utilizing the social media platform.

Now, let us discuss the advantages of social media to a business entity in the real estate sector:

 

Building Reputation

One of the two main reasons for the real estate consultants to be present in social media is to promote their business and to build their reputation. Once the real estate consultants position themselves as industry experts to their friends and followers in social media, then, for them it becomes a lot easier to attract new clients. It is very important to share insightful and quality content in order to gain the confidence of other people. However, sharing contents related to business on each and every occasion is not necessary. But, sharing contents regularly is essential. The key is to engage the social media audiences and make them actively follow the regular updates in the business page.

 

Building a social network mainly including potential customers

Reaching out to various people in social media is important. The social media audience of a real estate consultancy company should include the current and the past clients. This is an effective way to generate referrals and leads for the business.After writing a particular post, the real estate consultant may request the reader to share the post or share the link to that post with someone whom they know. Thus, using social media to network with the current client and with the past client is a highly effective way to generate new business.

 

Diversification of the marketing efforts

In order to maximize the chances of success (that is, sale of products/services), the real estate consultant must find multiple methods to market the real estate business.In this regard, it is important to pair up some online advertising and social media marketing along with traditional ways of marketing. This will help the business reach new clients that traditional marketing methods never would have reached. Updating of various accounts is also important. (for example, regularly updating the Twitter and the Facebook accounts is an efficient way to keep potential clients informed). Additionally, posting videos regularly in YouTube, in the pages of website is another fantastic way to reach out to the prospected clients, specially in case of real estate business. (for example, the ability to show the video of a new home for sale to the potential buyers is a great way to draw their interest and attention).

Credits and references:

https://www.brandingpersonality.com/why-real-estate-agents-need-social-media/

The collapse of the Majerhat Bridge: How it impacted and may impact the real estate sector

The Majerhat bridge near Behala in southern Kolkata collapsed on Tuesday, September 04, 2018. The collapse unfortunately led to the death of three people leaving nineteen others injured. Moreover, the dailyinconvenience which the people who used to avail the flyover while travelling are facing cannot be expressed in words. Additionally, the real estate sector has also been hit. Let us discuss the effects on the real estate sector because of the Majerhat bridge collapse.

 

Location/Demographic Issue:

The areas at Behala and its adjoining areas have lost its previous importance as a location to many people if they are asked to invest in real estate properties, thanks to the Majerhat bridge collapse. So, many buyers are refusing deals without any second thought and many others are clearly very hesitant in buying a property at Behala and adjoining areas. Some buyers are even requesting for discounts because of the Majerhat bridge collapse. On the other hand, the sellers are hesitant in selling off their properties and are more interested to speculate before going into any deal with anyone.

 

Increased costs of construction:

The collapse of the Majerhat bridge has resulted in longer transport routes with more time of travel. So, input cost of raw materials, the transport and the logistics costs, etc are expected to increase while building any new property at Behala and its adjoining areas. So, the construction cost and the final price of any property is expected to increase if the issue related to the Majerhat bridge remains unsolved for more than a year.

 

Decrease in demand:

It is needless to mention that the demand for real estate properties at Behala and its adjoining areas is expected to decrease. So, the developers should hold themselves back before going for any new constructions in order to keep a balance between demand and supply and ensure a stable real estate market at Behala and its adjoining areas.

The Real Estate Market: Major factors determining its rise and its fall

There are a number of factors that can influence the supply and the demand of properties in the real estate market. However, some are very important to mention whereas some are not that important. In this blog, we will discuss the major factors which usually determines the rise and the fall of properties in a real estate market.

 

Imbalance between supply and demand of real estate properties

If at a particular location, the demand for real estate properties increases faster than the supply, then, the prices of the real estate properties rise significantly.

 

Economic condition of a country/province

The condition of the economy of a country/province plays a vital role in influencing the real estate market. Real estate property is an expensive item. Hence, it can be expected that people will have money to invest in real estate property in a better growing economy. In a sluggish economy, the demand for real estate properties will drop and so the prices of those properties will also fall.

 

Rates of interest

Interest rates also have a significant impact on the real estate market. If the rates of interest is reasonably low then it becomes easy for any person to arrange funds in order to buy a property. Thus, the rates of interest can lead to more (less)number of people in becoming home owners. So, the demand and the prices of real estate can ultimately increase (decrease) depending on the rates of interest.

 

Demographics

Demographics usually indicates the information related to gender, location, age, culture and so on. Demographics is a very important factor which has a direct influence on the real estate market. Population growth at a stable economic situation can lead to an increased demand in the real estate industry which can ultimately lead to a rise in the real estate market.

 

Construction costs

The cost of construction is also an important factor that can influence the prices of real estate properties. Cost of the building material, cost of labour and machinery are the major input costs of building a real estate property.There are other costs like permit fees, cost on importing skilled and not so skilled labour, cost of accommodation of the labours and transportation cost. Any major change in these metrics can increase or decrease prices of construction.

Credits and references:https://www.astonpearlre.com/blog/factors-influence-real-estate-market/

Very important questions to be asked by a customer during a real estate deal

Buying any real estate property (empty land, completely constructed house, furnished flat and so on) is not an easy task at all because this is one of the biggest and one of the most significant financial transactions which an individual can make. Additionally, the procedure is not very simple given the fact that there are several formalities to be completed. Additionally, there are quite a few important points which the buyer needs to remember apart from his/her own requirements.

There are lots of rules and regulations to be followed and maintained by people dealing in real estate projects in countries like the USA. In India, however, not all of them are important or applicable. Nevertheless, in the twenty first century, buying any real estate property is not an easy task for a buyer even in India.

So, let us discuss some of the very important questions which should be asked by any customer while buying a real estate property. These questions may be effective for the buyer to negotiate the price and to avoid any probable inconvenience in future.

 

Questions which can be best answered by the seller (in case of a direct sale):

  1. What is the reason behind the sale?à There is no guarantee or assurance that the seller will honestly answer this question. However, if the reason is known to the buyer then it will be easy for the buyer to negotiate the price of the property to be paid.
  2. How long have the owners lived there? à The answer to this question can help the buyer ascertain any seriously unpleasant reason behind the sale of the property.
  3. Are the owners of the property staying or owning the property since the day when it was first built? à This answer can help the buyer determine the number of times for which the property has changed hands. This information is effective to determine the price of the property.
  4. What is the minimum price from the seller’s end? à This information is useful for the buyer to negotiate the price which he/she has to pay the seller.
  5. When are the sellers planning to move out? à If relocation to a different city/country is the sole reason behind the sale of the property, that is, if there is any urgency from the seller’s end to sell the property, then the buyer can utilize this information while negotiating the price of the property and the buyer may succeed in reducing the price of the property by a significant amount.
  6. How much tax needs to be paid for the property? à This is a very important question which the buyer must not forget to ask the seller. Payment of the annual property task is also an important responsibility which the buyer will be shouldering in future.

 

Generic questions which can be answered even by the Real Estate Agent/Consultant: (in case of an indirect sale):

  1. Exactly what are the terms and conditions included in the sale? à The terms and conditions included in the sale is one of the most important questions which the buyer needs to know. This information is effective and will help the buyer ascertain exactly what he would be getting for the amount which he would be paying.
  2. How long has the property been registered and listed for sale on the market? à This is an important information which will help the buyer to determine the market demand for the property. Based on this information, the buyer will be able to negotiate the price.
  3. How did the agent decide on an asking price? à A reputed real estate agent will justify the sale price of the property and the brokerage charges. This information will help the buyer get a clear idea about the amount to be paid for the property.
  4. Can the buyer get in touch directly with the seller? à If the property is bought through a real estate agency/consultant, then it is unlikely for the buyer to get in touch directly with the seller and negotiate the price. However, it is highly effective if the buyer is able to exchange a few words with the seller. In that case, the buyer may extract valuable information about the property even if the price remains unchanged.
  5. How old is the property? à The age of the property (along with the external appearance) is also important specially to determine the price of the property.
  6. Is there any unpleasant fact related to the property? à The buyer may be highly interested to buy a property but it is equally important for the buyer to know about any unpleasant information related to the property. For example, noisy neighbourhood, unsafe area at night and so on.
  7. Has the property repeatedly changed hands? à It is important to know whether a particular property has repeatedly and frequently changed hands. This information can prove to be effective for the buyer to ascertain the price.
  8. Are there any environmental hazards in the vicinity of the property? àIf there is any factory or industrial plant in the vicinity of the property then the property may be exposed to environmental hazards. This is something which the buyer needs to make a note of before buying a property. Afterall, environmental hazards can affect human health in the long run (if not in the short run).
  9. Is the boundary of the property clearly marked? à It is very important for a buyer to have an official clarification about the boundary of the property which needs to be clearly marked. Knowing this fact before purchasing the property can help the buyer remain safe from probable disputes.
  10. Has the soil been properly tested? à This information may help the buyer decide about any additional construction in the property premises in future. A proper soil – test result can help the buyer get the permission from the government regarding any kind of additional construction in the property in future.
  11. What is the condition of the electric wiring and the plumbing materials in the property? à This is a very important information from the buyer’s point of view. For example. the buyer must know whether the taps properly discharge water, whether all the electric power source work, whether there is any faulty electric power source and so on.
  12. Are there any recent constructions inside the already constructed property? à If there is any recent construction inside the property, then, the seller will be keen to increase the price of the property. So, an additional construction can be effective in determination of the property price and the buyer must make a note of the same.
  13. How good is the sewerage system? à Proper drainage of solid and liquid wastes is extremely important for any one staying in any property. So, it is almost needless to specifically mention that a buyer must know about the efficiency of the sewerage system before buying a property.

Credits and references:

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/top-tips-clever-questions-to-ask-the-estate-agent/

https://www.rliland.com/important-questions-to-ask-before-buying-land-real-estate

https://www.google.com/search?source=hp&ei=79WYW5HyCojrvgSgmZmwDQ&q=critical+questions+to+ask+before+buying+property&oq=critical+questions+to+ask+before+buying+property&gs_l=psy-ab.3…28853.39485.0.39610.0.0.0.0.0.0.0.0..0.0….0…1c.1.64.psy-ab..0.0.0….0.NXBQYp5-W7Q

West Bengal HIRA (Housing Industry Regulatory Act)

HIRA, West Bengal:  What we need to know as a  citizen of West Bengal

 

The government of West Bengal finally notified the West Bengal Housing Industry Regulatory Act (HIRA) on June 01, 2018, after a gap of about 09 months since the day (October 17,2017) when it was passed in the Assembly. As a consequence, the Housing Industry Regulatory Authority (HIRA) was established under section 20 of West Bengal Housing Industry Regulatory Act,2017.

The Actaims to benefit the real estate market in West Bengal in the following ways:

  1. To provide proper guidelines in order to regulate and to promote the housing sector or the real estate sector in West Bengal
  2. To ensure sale of plot or apartment or building or sale of real estate project, in an efficient and transparent manner
  3. To protect the interest of consumers in the real estate sector
  4. To establish a mechanism which can quickly solve various disputesrelated to real estate
  5. To form proper rules and regulations in order to ensure compliance, to conduct investigations and to impose penalties against any kind of violations related to real estate
  6. To create a website containing relevant information related to real estate projects including records of registered real estate projects as well as the list of defaulters

However, many believe that the Act may not be able to benefit the consumers in the real estate sector till the formation of proper rules and regulations and the creation of a proper website containing relevant information related to real estate projects. The honourable housing minister of West Bengal, Mr. Sovan Chatterjee has expressed that a minimum of three months would be spent to appoint a regulator and to frame proper rules related to the real estate sector. According to Mr Chatterjee, a highly powerful committee will appoint a regulator recommended by the government of West Bengal. The regulatory authority will also decide the fees for different real estate services.

Various real estate projects and developments are expected to become more transparent after the implementation of HIRA. For example, real estate promoters will have to be very clear and they will have to mention the carpet area of apartments instead of quoting the super built area only. A grievance system will also be in place for anyone to express their dissatisfaction. Real estate developers will also not be able to carry out illegal transfer of money from one project to another project. However, several people observing the real estate industry believes that the consumers in the real estate sector will have to wait for a few more months before they can receive the benefits of HIRA because of the additional period of 120 days required by the government of West Bengal to form rules and regulations and to set up a proper website.

 

Credits and references:

https://hira.wb.gov.in/

https://timesofindia.indiatimes.com/city/kolkata/realty-act-notified-in-state-will-remain-toothless-for-now/articleshow/64421679.cms

RERA to guide investors in Indian real estate market

Implementation of RERA will be biggest boon for the real estate sector. The sector which was not having any transparency will now be transparent. The developers and real estate agents will be accountable and the entire process of construction and selling will be standardized. The benefit of RERA will help for Indian investors as well as NRI. Let’s look some of the key benefits which RERA brings in Real estate market of India.

  1. Accountability: Earlier developers use to start selling the projects in pre launch without proper sanction plan, floor plans. But this will be checked under RERA. All developers now need to register their project to respective state regulatory authority before launching the project.
  2. Time Update: It is mandatory for developers to complete the project in the given time frame stated before the launch of the project. If not completed there is high penalty on the developers. Customers can book their flats now and can stay assured that their flats will be delivered on time.
  3. Fund Security: It is mandatory for the developers to maintain an escrow account with 70% of the funds from sales to be maintained in that account. This fund can only be used to complete the existing project
  4. Transparency: It is mandatory for the developers to maintain a website stating all project details in the website like price, specification, completion of the project and all other details related to project.  This same information has to be put in RERA website also. So clients can see all the information related to project before buying a home.
  5. Agents Role: It is also mandatory for real estate agents to register with state RERA to sell flats in a particular project. Agents cannot misguide clients related to project or regulatory authority can impose fine.

 

Sidus Realty – Explore new projects in kolkata in most transparent manner and grow your investment in real estate world for better, safe returns.

Tata Housing- 88 East, Alipore, Kolkata

TATA Housing Development Co. Ltd. is a subsidiary of TATA Sons Ltd.

The sole objective of the company is to create World class Real Estate developments which offers quality living spaces along with maximum financial returns.  The company develops any property only after extensive market research to understand the consumer needs and then project is designed and implemented according to consumer preferences.

To comply with its objective , TATA Housing is coming up with a luxurious project “ 88 EAST” in Alipore, Kolkata. Alipore is considered to be one of the posh and costliest location of Kolkata. One of the most historical, eventful and elite localities of the city of Kolkata, Alipore is nearly as old as the city itself. It is flanked by the Tolly Nullah to the north, Bhawanipore to the east, the Diamond Harbour Road to the west and New Alipore to the south.

Tata Housing 88 East will offer 3, 4, 4.5 BHK Apartments and Duplexes. This will be the tallest tower of Alipore on 3.2 Acres of Land having 45 floors(tentative) offering luxury like Kolkata has never seen before.  Vastu approved apartment with uninterrupted views of Hooghly, Victoria memorial and City skyline. Price range is Rs. 2.97 cr onwards.

With so much to offer and commitment of Tata Hosuing, expect yet another Landmark to come up at Alipore.

Don’t miss out!!! Own a resort type living in a swanky G+45 tower at Alipore.

Contact Sidus Realty at 8240222529 for queries and site visit.

 

 

Merlin Verve- Upcoming residential project in Tollygunje

Merlin Verve is the newest launch by Merlin Group. Located at B.L. Shah Road, Tollygunje surrounded by greenery all around with Tolly Club, RCGC club nearby. Twin towers of G+11 offering fully air conditioned 2/3/4 BHK gold rated green homes

Amenities in the project:

  • Meditation zone.
  • Rooftop BBQ.
  • Multi-purpose sports arena.
  • Well-equipped A.C gymnasium.
  • Sprawling banquet hall.
  • Tuition kiosk.
  • Kids play area,
  • Swimming pool with deck at podium level
  • Kids pool
  • Changing room with showers
  • AC Indoor games room

Budget homes at prime location by leading developer with modern amenities makes this project the first choice for investors as well as end users.

Come, Grab this opportunity; call us on 8240222529 for a Free Site Visit and experience the difference.

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End Users driving growth in Real Estate market of Kolkata

The  end user search for the perfect home is driving the real estate current scenario now. Inspite of the global economic meltdown, national meltdown, the end users of realty are still flocking the projects in search of a perfect home. This trend is very much visible and palpable in Kolkata also. With this current trend in view, the real estate developers of Kolkata have shed their inhibitions of getting into low cost homes and are open now to invest in lands which are even beyond the boundary of the city of Kolkata. Previously, this trend would have drawn much flak, as the middle class population had fewer options of commuting from the suburbs to the central business district of Kolkata. Not now anymore. For the last decade, transportation and communication have improved in Kolkata like never before and is probably the only metro city, not only in India but in the entire world, which has the cheapest and several transportation options from any place within its precincts or even from the suburban areas. The real estate economic growth only survives on the comfortability of all the classes of people in a society and what drive them are the infrastructure facilities. So, when it comes to transportation and communication, Kolkata has surpassed all the other metros in India and has improved many folds, paving way for its real estate developers to even think of building homes in areas which are not very close to its city centers. Hence, very good homes have mushroomed now in the various suburban areas of Kolkata, viz., BT Road (North), Chandpur Champahati (extreme East), Baruipur (South), Howrah (West), with affordable prices keeping in view the low land cost of those areas, various commuting facilities, economic crunch overall, giving a chance to anybody to invest in those areas. So, this is probably the best time to invest in a Kolkata property. Not only because, the prices are low due to the above factors, also because even in an economic meltdown, property investments are always a safer option. The prices and demands for realty never go down and that too in a metro city. Also, in recent times, the Kolkata developers have followed the models of Mumbai, Chennai and Bangalore, and have come up with various offers for their properties namely offering free mid-sized cars to the first few buyers, modular kitchens and free Air-conditioners with flats which are difficult to sell due to their design patterns etc. In this atmosphere, the highest number of buyers that Kolkata is getting is either from the NRI Indians or from people who reside in nearby cities who are making a safe bet here. The demand for home in Kolkata is increasing as a result. The developers have seen in the past few months, that if the product mix is right which means that the location of the property, its design, its facilities and amenities are good, then any project in Kolkata wherever it is being developed, is getting a steady flow of buyers all around the year. Hence, as stated above also, if you want to invest in a property and you don’t have a city preference or your investment instincts are driven by the market scenario and not by sentiments, Kolkata is the ideal destination. It has improved infrastructure, low prices, steady flow of transactions all the time and opportunities galore to re-sell a property at a better price sometime in the future. This is indeed, the right time and place to invest. Kolkata is awaiting many more deals in near future too. Probably, the pre-Puja (festivities) times of August and September will herald many more investors from different parts of this country and also abroad as the best time is the current time.