5 reasons why home buyers in Hyderabad are preferring 3BHK flats/independent homes over 2BHK!
5 reasons why home buyers in Hyderabad are preferring more spacious 3BHK flats/independent homes over 2BHK! Home buyers in Hyderabad are now more inclined to buy bigger residences than ever before. COVID-19 has definitely triggered an overall change in a home-buyers lifestyle, priorities, and perspectives, be it Hyderabad or elsewhere. Home buyers in Hyderabad who were earlier looking for a 2BHK are clearly favoring a 3 BHK with a utility room in the post-pandemic era. A 2bhk is small and falls short of expectations. A 2 BHK means that you get 2 bedrooms (one master, and a second smaller room), 1 hall (or living cum dining), 1 kitchen (with or without a utility room), and two bathrooms. A 3bhk, on the other hand, is a winner! With it, you get 3 bedrooms (comprising one master, and two smaller bedrooms), 1 hall (living cum dining), 1 kitchen (with or without utility), and 3 bathrooms. The top 5 reasons for this clear preference for a 3 BHK by the home buyers in Hyderabad can be attributed to: Let’s dwell on these further… 1. Change in priorities after COVID-19 coupled with cost factor [Source- https://in.pinterest.com/] 2. Need to stay indoors and work from home and children’s priorities Photo by August de Richelieu 3. Psychological and physical well-being and fitness needs 4. Overall benefits over-weighing over the ‘price differential’ between 2 & 3BHK flats or independent homes 5. Need to be more self-reliant with efficient laundry and storage spaces [Source- https://in.pinterest.com/] As a first-time home buyer in Hyderabad, it makes sense to upgrade to a 3 BHK for the larger good of the family. Times have changed, and our current lifestyle and requirements have become more family-centric. The home-buyers in Hyderabad recognize this and are willing to stretch their budget in favor of a 3 BHK for their family’s safety and happiness. To know more about “3BHK flats In Hyderabad: Why Buy A New Launch Property In A Standalone Building?“.Click Here!
Positive trends of residential real estate market in Hyderabad in 2021-22 and beyond…
Positive trends of residential real estate market in Hyderabad in 2021-22 and beyond… Hyderabad’s real estate market is on the upsurge, and many new projects are coming up with many options for the buyers. The design elements are also increasingly becoming occupier-friendly, with post-pandemic needs incorporated. Work & study from options are plenty! Open kitchen, bigger laundry areas, and spaces for relaxed movement are in vogue. Homebuyers are also opting increasingly for 3 BHK apartments and exclusive- ‘one-apartment-per-floor’ options in standalone building complexes. The real estate industry in India is going through a new phase with renewed interest even from those people who earlier never thought about purchasing a home. This is visible in Hyderabad as well. Those home buyers who opted for a 2 BHK apartment, are now inclined to have a bigger, more spacious 3 BHK apartment. The real estate industry in India is going through a new cycle where the downward cycle has now ended. The city of Hyderabad is no exception, and the new projects are a testimony to corroborate this fact. Post-pandemic positivity in residential real estate market in Hyderabad- facts & figures With COVID-19 vaccinations happening all over India, the onslaught of the ongoing pandemic has weakened, and the market is on the upswing. Clearly, anything that goes down eventually goes up again. Hyderabad, fortunately, is still one of the most reasonable and affordable destinations to buy property as compared to the National Capital Region (New Delhi, Gurgaon, Noida belt), Bangalore, or Mumbai. Dr. Glenn Mueller, a well-known real estate professor has indicated a real estate goes through cycles of Recovery, Expansion, Hyper Supply, and Recession. Fortunately, Hyderabad is witnessing ‘Expansion’ with the least amount of ‘inventory overhang’ as compared to all other cities in India. This means that new construction is happening in Hyderabad- both residential as well as commercial sectors. By lowest inventory overhang in Hyderabad, we mean- ‘Months of unsold inventory’ being held by builders in Hyderabad. It gives an estimate of the time it may take to sell all of the current listings of properties in a certain area in Hyderabad. This indicates the overall situation of the real estate market. As per the inventory overhang yardstick, Hyderabad is leading in housing sales with the lowest inventory overhang of 27 months as of April-Jun 2021. The residential real estate market in Hyderabad is much better than in cities like Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi NCR, Mumbai, and Pune. Hyderabad has also emerged as the No. 1 city with annual growth in real-estate appreciation of five percent with average prices hovering at Rs 5,800 per square foot. Standalone building apartments– a preferred choice in Hyderabad The market in the ‘standalone building’ segment is clearly even more on the upswing. Homebuyers in Hyderabad are now increasingly opting out of gated-community options, and preferring apartments with standalone buildings being offered by builders. These builders are offering apartments with an attractive proposition of HIGH QUALITY coupled with modern amenities like branded elevators, power backup DG Gen-sets, parking, and so on. Overall, the sun is shining bright on the residential real estate market in Hyderabad, with ‘standalone building apartments’ steadily being sought by 3 BHK homebuyers in Hyderabad. With the high quality of life, the city of Hyderabad offers, homebuyers can be assured of a peaceful and vibrant living experience in the decades ahead. “We shouldn’t measure everything in terms of GDP figures or economics. There is something called quality of life.” – Nigel Farage ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To know more about “9 factors that make Sainikpuri, Yapral belt a VIBRANT LOCALITY for 3 BHK homebuyers in Hyderabad” Click here!
Home loan rejection reasons and remedies- part 2
Home loan rejection reasons, and remedies: part-2 This is part II of the article. Read part I for better understanding and continuity. The article deals with home loan REJECTION reasons that put your plans to buy your dream home on hold! You must be prepared with all the required documents, and know what it takes for approval without a hitch!! Getting a closer look at the home loan rejection reasons helps us get better prepared in our endeavors. The main home loan rejection reasons in India 1. Choosing the right property with good resale value For mortgage, it is required that the property you choose is free of legal hassles, and has a high resale value The lender will give you a loan on properties that they find RISK-FREE New properties that are RERA approved, and constructed by trusted builder matters! Home loan applications get rejected when the lenders find legal issues with your chosen property like layout, clear title, etc 2. Avoid a property with minor rights Avoid seeking a property that has ‘minor rights’ Make sure to ask your seller, and if this is not clear, then the bank may reject your application 3. Very young applicants fresh out of college are looked upon as a risk! Sometimes banks reject loans to very young borrowers who are yet to demonstrate a stable job with over 2 years of experience Graduates fresh out of college are NOT preferred by banks, hence, the application may get rejected It is wiser to wait and build some credit history and show a stable income of at least 2 years before you think of filing an application for a home loan! 4. Budding Entrepreneurs are considered ‘high risk’ by home loan lenders Unless you have an established reputation and income stability, home loan approval becomes difficult if you are an entrepreneur with an uncertain future Uncertainty means the stability of income is NOT sure, and this is a RISK 5. Obtaining a NOC for previous loans If you have a previous loan that you have foreclosed, make sure to get a NOC (No Objection Certificate) NOC gives you a clean chit and also establishes you are a trustworthy low-risk person 6. Reasons like ‘Mismatch of signature’ can be derailing This might seem like a frivolous reason, but a mismatch in the signature can be a reason for home loan rejection So, make sure to recheck your signatures rather than try to make amends later on 7. Getting tired and sick of the lengthy home loan application process A home loan application is very lengthy, but you must NOT get tired and sick of the process Also, never try to resort to short-cuts or take the details lightly Avoid conflicting information or mismatch be it a signature or address etc Make sure that you are mentally prepared to take this on as a time-consuming exercise 8. Not taking small bill repayments for granted like phone bills Even an unpaid Telephone bill can result in your application being rejected Do not assume or consider these items to be small 9. Unresolved customer service issues related to payments Sometimes we may have been charged the wrong amount by a service provider or a credit card company, and our matter is under resolution For instance, if you have a credit card dispute, it is better to PAY FIRST, ARGUE LATER If this is not done, then despite highlighting the issue to the customer service unit, the credit history gets spoilt With credit card companies, yet another reason is to mistake a “SETTLEMENT” amount given by credit card companies as the end of the story. The fact remains, that while they may be reversing only excessive late charges or interest or fees, these can be taken adversely by CIBIL, and result in home loan application rejection Basically, any unpaid bill will adversely affect your credit rating forcing your lender to reject your home loan application 10. Home loan rejection reasons: Too many credit cards Having too many cards means your exposure to taking more and more DEBT is high This is scary for lenders who assess your application More the Cards more is the access to FUNDS. More the finds available to you, HIGHER IS THE LIKELIHOOD of your DEBT! 11. ‘High credit limit’ OR ‘High outstanding’ on credit cards A high credit limit on your card does not mean that you have a high income alone. With a high credit limit comes the RISK of you swiping your card! That’s scary for lenders!! A high credit limit means you can go on a spending spree The banks are vary of IMPULSE BUYING and don’t want those with a home loan to have access to funds which in turn makes them exposed to more and more REPAYMENTS The Home loan lenders like it if you are NOT TOO EXPOSED with excessive CREDIT FACILITY readily available to their borrowers 12. Steps you can take to reduce chances of rejection Contact your credit card bank to reduce your credit limit. After all, you don’t want to scare your home loan lenders with excessive Credit limits lying at your disposal Having too many credit cards also is NOT a good idea. It is better to cancel credit cards that you have no intention of using. After all, maintaining payments also becomes a hassle with many credit cards. You surely do not need more than 2 or 3 credit cards! Never have any pending bills. Pay them up, and make sure your CREDIT UTILISATION SHOWS that you are pretty controlled in your monthly spending! Make a conscious effort to increase your CIBIL score by observing financial sobriety Tell the banks about your credit history without hiding anything. Especially, if you have any existing loans like car loans etc. declare them. Need not hide or lie, because they will anyway find out Credit card payment default is a strict no-no. This hits your CIBIL scores the most. If you have a dispute,
Reasons & remedies for housing loan application ‘rejection’- part 1
Reasons & remedies for housing loan application ‘rejection’- part 1 Whether you are a professional or a business person, housing loan application REJECTION can put your plans to buy your dream home on hold! For buying a home upwards of Rs 60-70 lacs, not everyone has ready cash. So, to apply for a home loan, you need to make sure you have what it takes for your application to be APPROVED. If you are eligible and qualify on all counts, you must do your research well, and choose the right home loan provider even before filing your application. You must be prepared with all the required documents in advance so that the loan is granted without a hitch! More important, you must know if you have what it takes for approval without a hitch!! [Source: https://pin.it/55r8DdT] That’s why it’s very important to know what causes a housing loan application to be rejected in the first place! This will ensure that you are adequately prepared to undertake remedial measures to get your home loan application approved! Major reasons for rejection of housing loan application in India 1. NOT having paid dues for other loans/EMIs from banking institutions As an applicant for a home loan, your credit history and records are checked by the lenders Your CREDIT HISTORY helps the home loan provider determine whether you or not you are a SAFE BORROWER for them No one wants a RISKY person. It is a pain as well as a risk for anyone to grant a loan to someone who has a history of DEFAULT on payments! Even banks want their EMIs to fall into their kitty without any follow-up effort! This means your timely payment of dues and EMIs of existing loans matters! If you have NOT been paying EXISTING LOANS and DUES on time, then your CREDIT HISTORY WILL REFLECT THAT! So, you simply need to be VERY PUNCTUAL and serious about EXISTING (Previous) LOANS and their TIMELY REPAYMENTS You can NOT afford to miss due dates or deadlines on existing/previous EMIs and credit card bills 2. Not having too many debts Too many debts mean your income goes down substantially servicing the existing loan burden. This leaves you less competent to service new loans! For instance, if you are earning Rs 1 lac per month after taxes, and are already paying Rs 30,000 per month as a loan REPAYMENT EMI, then your effective income goes down to Rs 70,000. This will REDUCE your eligibility for a home loan. Plus, you are assumed to be a HIGH-RISK borrower by banks! The result- REJECTION!! A lender always analyses your REPAYMENT CAPACITY. So, having more DISPOSABLE INCOME HELPS. If not, your run the risk of rejection! The solution is to clear or reduce your other/existing dues before you apply for the loan. This will make your existing income levels look favorable to home loan lenders Your existing income levels should be able to take the load of home EMI without disrupting your standard of living. If not, then it lowers the chances of your home loan approval 3. Home address same as some other defaulter A previous tenant or owner who has unpaid dues tends to come up as a reason for application rejection for your home loan So, watch out for this since the previous owner/tenant (a defaulter) may still have their records reflecting your CURRENT HOME ADDRESS Such irritants are sometimes unavoidable, but you can be conscious of such reasons, and fight it out with the lenders if the need be 4. Stability of income and job Frequent changes in jobs are also seen adversely since that indicates that you cannot continue in the same job for long The banks may not know the reason for your job change, so frequent job changes are taken at face value! Although this may not be the case for all banks, it could be one reason for a rejection 5. Applicant age being near retirement while applying The borrower’s age being more than 50 years old could be a reason for rejection since the repayment tenure goes into a RISK zone Lenders get hesitant to give loans when repayment capacity and health reasons are viewed as grim after a few years In such cases, it is prudent to apply for SHORT TERM Loans with less than 10 years of repayment. But this also means bigger EMIs, and loans are approved only if the borrower has the wherewithal to afford a home loan 6. Poor Credit Score in CIBIL A high credit score high helps your approval Good credit helps when you apply for a loan. CIBIL (Credit Reports and Risk Management Solutions) records your credit score This is the MOST IMPORTANT reason for a rejection 7. Previous rejections recorded by CIBIL CIBIL records rejection of other loan applications too, and these form part of your credit records If you have applied for a home loan, and rejection happens, then make sure to analyze why that happened, do your research, and NOT repeat the same mistakes the second time 8. IT returns must be filed every year You must file your IT returns whether or not you have a form 16 A clear track record of filing IT returns goes in your favor and is surely checked by home loan lenders ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To know more about “4 Things To Know About Housing Loan Application Process”. Click here!
Clever storage tips for small apartments to create sufficient storage space in your compact 2 & 3bhk flat in India- Part 2
Clever storage tips for small apartments to create sufficient storage space in your compact 2 & 3bhk flat in India- Part 2 This is part II of the article. Please read part I for a better understanding and continuity. The article is meant for those Indians who feel overwhelmed with the limited storage space! Here we are discussing simple and innovative storage tips for small apartments to create space. No matter how big or small our apartment, space continues to get lesser by the day. We don’t have to stop buying things OR clutter our homes due to lack of space. With creative thinking, we can do a lot with our existing spaces!! Creative storage tips for small apartments Let us continue exploring… 1. Bunk beds for children 2. Having multiple cabinets and wardrobes 3. Built-in wall storage, and ‘niche’ areas embedded in the walls for wardrobes or cabinets 4. Opting for wardrobes with mirrors 5. Foldable pull-out beds 6. Wall-to-wall storage in passages and utility room 7. Use of storage accessories and organizers 8. Wall mount accessories for specific use 9. Bathroom spaces for storage 10. Foldable furniture can be stacked away when not in use 11. Greenery adds to spaciousness at home These are some of the ideas that help create and release lots of floor spaces in your compact apartment in India!
Space-saving, Stylish and Efficient House Interior Design Ideas for Home Buyers – 2 BHK and 3 BHK Apartments – Part 2
Stylish House Interior Design Ideas for Modern Homes | Avisun Properties This is part II of the article. Read part I for a better understanding. In this article, we are discussing how Indians are now more open than ever to having MORE SPACE within LESS SURFACE ARE! Home buyers in India are looking at ways and means to OPTIMIZE on SPACE. This article is to help you plan the design elements of your home, and to make your home beautiful as well as FUNCTIONAL! With the right approach that goes with your personality and priorities, you can have the right look and feel of your apartment, no matter how small it might actually be! While beauty lies in the eyes of the beholder, you can make the eyes turn and drool over your apartment with conscious planning and smart ideas! This article tells you about ways to optimize space with designs that reflect your persona and lifestyle! Let’s get exploring … Space-saving, and efficient ‘house interior design ideas’ 1. Think of 2-in1 furniture items that doubles-up for storage [Source- https://www.amartfurniture.com.au/l ] 2. Few over-sized furniture items create a sense of grandeur and a more spacious feel [Source- https://koalaliving.com.au/ ] [Source- https://www.templeandwebster.com.au/ ] 3. Natural and electric lights in abundance [Source- https://www.magiklights.com/] 4. Allow free movement by keeping the floor space uncluttered and less furniture [Source- https://in.pinterest.com/ ] 5. Using vertical spaces & corners in the rooms [Source- https://www.pinterest.com.au/ ] [Source- https://www.thebluespace.com.au/ ] [Source- https://www.archiproducts.com/] [Source- https://www.templeandwebster.com.au/ ] [Source- https://www.dshop.com.au/ ] [Source- https://www.pinterest.com.au/ ] 6. Playing with colors and mirrors to create more space [Source- https://www.shinemirrors.com.au ] [Source- https://www.iwardrobes.co.uk/ ] [Source- https://www.aliexpress.com/ ] With these ideas and tricks, you can be better prepared to make the most of your compact 2bhk or 3bhk apartment in India! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To know more about “Space-Saving, Stylish And Efficient ‘Interior Design Ideas’ For Home Buyers Of 2bhk And 3bhk Apartments In India- Part I”. Click here!
Space-saving, stylish and efficient ‘interior design ideas’ for home buyers of 2bhk and 3bhk apartments in India- Part I
Space-saving, stylish and efficient ‘interior design ideas’ for home buyers of 2bhk and 3bhk apartments in India- Part I In India, the awareness and desire to have MORE SPACE within LESS SURFACE AREA is fast catching up! The home buyers are now aware that it is possible to plan and keep the homes beautiful as well as FUNCTIONAL with proper SPACE-MANAGEMENT! For this to happen, you just need the right approach to the DESIGN ELEMENT of your home. Indian home buyers are open to adopting newer ways to optimize space while seeking designs that reflect their personalities! In this article we are talking about ideas and tips you need to have in your mind while consulting your interior designer, OR while planning your furniture. While interior designer helps with their expertise, NOT everyone is very open to the idea of having one. Another reason is that after we have bought our home, we go step-wise to build our interiors. Normally, we begin with the bare minimum needs which include our kitchen, our bedrooms, and our living room. Interiors comprise furniture, fixtures, and other furnishings of each room. Let’s explore how we could make the most of our home, especially, the smaller 2 or 3bhk apartments in India. Small 2bhk and 3bhk apartments in India Post covid, home buyers are going for both 2bhk as well as 3bhk apartments. With the want and desire for space going up, a home buyer wants to optimize the spaces. The trends till 2022 indicate that home buyers are willing to stretch their budgets and prefer a 3bhk apartment. Even if the apartment is compact, we can make it LOOK and SEEM bigger with the right approach to design and aesthetics! A 2 BHK flat could be anything up to 1200 sft, and 3bhk could be in the range of 1200 to 2200 sft. Some home buyers also get a balcony space to add a sense of airiness to the apartment. Regardless of the size, we need to be smart enough to make sure we don’t run out of spaces! While the options in designing are unlimited, each home is unique in its architectural layout. More so, each family is unique, and the needs are also unique to the family lifestyle, culture, and preferences! So, as a home buyer, it is prudent to know what works for you! The type of design and interiors you choose must speak of your preferences, and how you would like to live in your apartment! efficient interior design ideas for home buyers 1. Select WALLS of your rooms you want to beautify [Source- https://www.architecturaldigest.com/ ] [Source- https://www.templeandwebster.com.au/ ] [Source- https://www.hovia.com ] [Source- https://www.etsy.com/ ] 2. Use Mirrors and Reflective (Glossy) surfaces to create a feeling of ‘openness and spaciousness’ Photo by Vecislavas Popa 3. Pastel color shades in rooms- spacious and pleasing color-themes [Source- https://www.pinterest.com.au/ ] [Source- https://www.pinterest.co.uk/ ] [Source- https://www.pinterest.com.au/] To know more about “Is It Sensible To Hire Interior Designers In India For 2BHK Or 3BHK Flats?”.Click here!
Tips to Create Space in Your Indian House – Part 2
Tips to Make Indian Homes Feel Spacious – Part 2 | Avisun Properties This is part II of the article. Please read part I. Here we are discussing the need for SPACE for Indian families. Storage always seems to run out regardless of how big y the Indian house is! This puts a premium on storage, and ideas on how to save space. Creating more storage with what you have becomes a task in itself. It is only human to have our families’ needs expanding, and that results in adding more items to the house with each passing month. With growing kids, the old clothes and items get small, and you need to continually replenish them. Plus, children have newer demands as they grow. The elders in the family have their needs growing, especially, with increasing income levels. The net result- MORE ITEMS, LESSER SPACE! However, we sure can manage spaces well with a CONSCIOUS EFFORT and SMART THINKING! some more options that help create style, space, and storage in your Indian house. 1. Add a modular sofa Photo by Vecislavas Popa 2. Cooking-platform level high-table in kitchen Photo by Yaroslav Shuraev 3. Right-sized furniture Photo by Element5 Digital from Pexels Photo by Ksenia Chernaya 4. Use minimalistic, small-sized furniture items https://www.pexels.com/ 5. Checkout if your home is located near nature and wellness-related spaces/outlet Photo by Pixabay 6. Use the loft or storage spaces in your home to keep RELEVANT items Photo by Pixabay 7. Using vertical spaces, building wardrobes and storage right up to the ceiling Photo by Max Vakhtbovych 8. Storage created by using nesting tables, and chairs (Stackable furniture) [Source- https://www.canalside.com.au/ ] 9. Ottoman storage and floating benches, folding tables in your living, balcony, and other rooms [Source- https://www.pinterest.com.au/ ] [Source- https://www.aliexpress.com/ ] [Source- https://www.etsy.com/au/ ] These are some of the ways where you can optimize space in the Indian house with ease. The key is THINKING SMART and being very conscious of optimizing and utilizing space in the Indian house. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To know more about “Indian Home: Tips & Ideas To Create More Space In Your Apartment-Home – Part 1”.Click here!
Indian home: Tips & ideas to create more space in your apartment-home – part 1
Tips & ideas to create more space in your apartment Whether you have a 2BHK, 3BHK, bigger apartment, or independent home, the need for space is always the biggest challenge. Plus, with family needs ever-expanding and changing, we need to find ways to create more space! With the passage of time, we continue adding more personal and household items. Soon then we imagine, the space crunch is felt by everyone. This happens all the more when we buy heavy and space-occupying items. Adding furniture makes us feel as if the walls are closing in. That’s why you need to be very cautious while adding furniture and space-occupying items that clutter your floor spaces. some ideas and tricks that are a must for our Indian homes. 1. Folding tables- dining, coffee, or even study to generate more FLOOR SPACE [Source- https://www.etsy.com/ ] [Source- https://www.pinterest.co.uk/] 2. Having adequate storage under stairs or furniture items [Source- https://www.templeandwebster.com.au/ ] 3. Buy a king-sized bed and NOT a small one Photo by Kenny Eliason on Unsplash 4. Make sure you have long French windows Photo by Jean-Philippe Delberghe on Unsplash 5. Do away with as many walls as you can Photo by Im3rd Media on Unsplash 6. Use of mirrors and reflective/glossy paints create a feeling of ‘more space’ using ‘reflective surfaces’ 7. Borrowing ‘space occupying’ tools and hardware, OR hiring professional-help 8. Indoor plants and herbs feels Photo by Sixteen Miles Out on Unsplash 9. Having mesh doors/windows and half-glass doors [Source- https://www.alibaba.com/] 10. Adding a kitchen island Photo by Sixteen Miles Out on Unsplash ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To know more about “Reasons Why 3 Bedroom Apartments Are Being Preferred By Home Buyers In India!” Click here!
What does TSRERA mean for Home-buyers in Hyderabad? Part 3
What does TSRERA mean for Home-buyers in Hyderabad? Part 3 This is part III of the article, and explains how the Telangana Real Estate Regulation Act (RERA) is a boon and has REGULATED the Real Estate sector! Please read part I. Please read part II. of the article for better understanding. 1. Complaint mechanism: Putting a builder in a tight spot legally A registered project qualifies for a complaint being filed against a builder A home buyer or a builder can even make an appeal before the appellate tribunal You can also approach the high court if the need be through the RERA channel if required This was missing until 2017 In the pre-2019 era, builders had a field day in the absence of an organized mechanism to address complaints and grievances RERA Act gave teeth to the legal mechanism backed by very stringent rules and expectations IN FAVOUR OF THE BUYERS 2. How to know which PROJECT or an AGENT is registered under RERA in Hyderabad The TSRERA has made complete transparency possible. Details of ALL REGISTERED projects visible on the TSRERA website Citizens can easily VERIFY details about a registered project in Hyderabad / Telangana on the Telangana RERA website This is easy: Just type the project title, and you will know if a project or an agent is registered in Hyderabad / Telangana Telangana RERA website http://rera.telangana.gov.in/ Use tab: ‘SEARCH REGISTERED PROJECTS AND AGENTS’ which opens a new window where details can be types An external website opens up where you can check the ‘registered projects’ and ‘registered agents’. The complete details of the project, as well as the agent, are made visible. You can not only view the ‘application’, but also the ‘certificate’ issued by Telangana RERA authorities. The website shows you: Sanctioned plans layout plans specifications number of the building(s) or wing(s) in the project schedule of completion provisions for civic infrastructure like water, sanitation, and electricity quarterly update of the bookings done, covered parking/garages booked, approvals have taken/pending after Commencement Certificate is issued, and the status of the project among other things Marketing efforts like advertisements or prospectus etc. need to carry the website address of the Telangana RERA authority Marketing efforts also need to have the RERA registration number allotted by the Authority 3. Strict buyer-centric rules for builders Complete information to be made available about residential/commercial project Consumers can AVOID UNREGISTERED PROJECTS, and save themselves from the risk No alterations or additions in plans can be made by the builder Builder needs to stick to the sanctioned plans Timely possession (delivery) is a must, else the builder is liable to pay interest to the buyer on a monthly basis If a buyer wants to withdraw from the project, need to refund their money with interest Builder to make sure that within 2 months of occupancy certificate, and after 60% of the possession is complete, the builder needs to form an ‘Association of Allottees’ Builder needs to issue conveyance deed (registration of property in buyer’s name) (i) within 3 months from the date of occupancy, OR, (ii) when 60% of the allottees have taken possession after making full payment to the builder 4. Key highlights of TSRERA: a SUMMARY Promote transparent and smooth financial transactions between buyers and sellers The project must be registered with Telangana RERA prior to construction Marketing and selling are simply NOT allowed unless the property is registered with RERA Builder is accountable for the money taken from buyers Builder needs to provide periodic construction and relevant update of their projects to buyers 70% of the amount taken from buyers must be used for the sole purpose of use in construction only Strong deterrence mechanism with penalties Customer-centric redressal mechanism to secure FINANCIAL DISCIPLINE by the builder Telangana RERA helps the buyers, sellers, and agents benefit The real estate industry grows on the foundation of trust, and transparency with a well-regulated structure Business in the Real Estate sector has already boomed/flourished with an environment of trust and safety ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To know more about “What does Telangana RERA mean for Home-buyers in Hyderabad? Part 2”. Click here!
