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Why The Monsoons Are The Best Time To Invest In Property

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Why the monsoons are the best time to invest in property

Rather than avoiding site visits or the purchase of resale homes during monsoons, buyers can use this season to evaluate the pros and cons of a home’s location and construction quality and strike a good deal.

During the monsoon season, a real estate property and its surrounding areas may be quite different from how it is during the rest of the year. Consequently, this season offers prospective home buyers, with the opportunity to glean valuable insights on their intended purchase.

 

Infrastructure and amenities in the area

Real estate experts advise that home seekers should visit the construction site more than once, before making a final decision. “Visiting a site in the monsoons when the traffic is at its worst, in most places, will provide insights on the waterlogging situation, as well as travel and access to the area,” explains Shveta Jain, managing director – residential services, Cushman & Wakefield. Monsoons are an apt time for buyers to go house hunting in a country like India and assess the condition of the building and the area around it, says Manju Yagnik, vice-chairperson, Nahar Group. “During monsoons, getting transportation from your home to the nearest railway station or bus depot is a nightmare in cities like Mumbai and this aspect cannot be overlooked during such site visits,” Yagnik points out.

 

Construction quality

Monsoon is the best period to check the overall quality of construction of a house. Issues like seepage in the ceiling and near the washrooms are quite common during rains. “Heavy rain will reveal the construction flaws, like seepages/leakages, quality of plumbing and drainage, waterlogging, traffic in the neighborhood, etc. It is thus, the best period to visit the site and should not be avoided,” insists Dr Anil Jindal, chairman, SRS Group.

While ascertaining construction quality may not always be possible in an under-construction property, the rainy season is the perfect time to check the quality of a resale house. Ramkumar Mahadevan, a resident of Navi Mumbai, bought his property which was a resale house, during monsoons. “One of the factors that I considered while finalizing a top-floor flat, was the possibility of leakage issues. This is particularly important in a resale property. I went ahead with the deal, only when I felt assured that the flat could withstand the elements of nature. The monsoon actually puts any building, even if it is a reputed builder with the high quality of construction, to the test,” he shared. 

Best time to negotiate

Issues like leakages during the monsoons can also be used by buyers to make the deal work in their favor. “If a buyer likes a particular property that has an issue of water-logging in and around the building or a leakage problem, then, the prospective buyer has a chance to bargain further and get a fairly good deal and get it solved. This may not be possible in dry weather conditions,” says Yagnik.

 

Raining discounts

As the demand for properties tends to dip in the monsoon season, it is an ideal time for discounts. “The monsoon is generally regarded as a lean period for the realty sector. However, it is a good time for home buyers, especially for those looking at resale properties. This is the time when demand is less and sellers are willing to negotiate on lowering the price for serious buyers,” explains Yagnik. Moreover, with people preferring to invest in real estate during the festival season which begins in September-October, builders offer attractive discounts around monsoon to boost their sales for that quarter.

 

Advantages of selecting a property in the monsoons:

Buyers can gauge whether the property has problems pertaining to seepage, leakage from the terrace, drainage issues leading to stagnation of dirty water, etc.

For a resale home, a final inspection in this season can reveal construction quality and how the house has been maintained.

Low lying areas are prone to flooding, leading to traffic jams and transportation woes. The extent of this problem can be best judged in the monsoon season.

In cases, where flaws in the project become evident during the rainy season, buyers can bargain and also ask the developer to mend the same.

As it is a lean period, vis-à-vis sales, sellers may be willing to negotiate on the price.

Source:  Housing.com

Also Read: Why Should You Buy Property In Your Wife’s Name

 

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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