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As people grow older, their housing needs and preferences change. Nowadays, many older adults find living in a gated community appealing. In short, a gated community is a residential area enclosed by a physical barrier and is typically equipped with security features like guards, cameras, keycard access, etc. These communities often provide a range of amenities and services like fitness centres, golf courses, swimming pools, social clubs, etc. In this article, we will explore why older people prefer gated communities over independent homes.  Safety and Security 'Safety and security' is one of the main reasons why older people choose to live in gated communities. They offer a level of protection that independent homes don't. The physical barrier around the community serves as a deterrent to burglars and other criminals, which reduces the risk of break-ins and theft. Also, gated communities have security guards and surveillance systems, adding an extra layer of security. A sense of safety and security is especially important for older adults. As they age, they become more vulnerable to crime, and the fear of falling victim to it can be debilitating. Living in a gated community gives them peace of mind and makes them feel safe. Amenities and Services Gated communities offer a wide range of amenities and services tailored to the needs and preferences of older adults. For example, many gated communities have fitness centres and swimming pools, which can appeal to older adults who want to maintain an active lifestyle. Additionally, these communities have social clubs and activities like book clubs, game nights, cooking classes, etc., which can help older adults stay engaged and connected with others. Many gated communities also offer services like lawn care and maintenance, housekeeping, transportation, etc. These services may be necessary for those who have difficulty performing daily chores or prefer to spend their time on other activities. Sense of Community Gated communities often have a strong sense of community, with residents participating in social activities and events, volunteering, and supporting one another. For older adults who may be experiencing loneliness or social isolation, living in a community where they can connect with others can be particularly important. Residents in gated communities often share a common lifestyle and interests, which can lead to stronger social bonds. Additionally, the close proximity of homes in gated communities can facilitate social interaction, making it easier for residents to get to know their neighbours and form friendships. Maintenance-Free Living Maintaining a home can become more difficult as people age. Gated communities offer maintenance-free living, which can be useful to older adults who no longer want to worry about the upkeep of their homes. Many gated communities offer lawn care, maintenance, housekeeping, and laundry services. This can free up time and energy for older adults to focus on other activities, such as spending time with family and friends, pursuing hobbies, or travelling. Health Care Access Older adults must have easy access to healthcare facilities because they may require medical care or assistance anytime. That's why many gated communities are located near hospitals, clinics, and other healthcare providers, making it easier for residents to access the care they need. Additionally, gated communities often have amenities such as on-site fitness centres and wellness programmes, which can help older adults stay healthy and active. Some communities even offer on-site healthcare services like physical therapy or nursing care, which can benefit older adults. Final Words Overall, there are many reasons why older people prefer to live in gated communities over independent homes. This can be important for older adults as they navigate the challenges of ageing and seek to maintain their independence and quality of life. The benefits can be significant for those who live in these communities because it provides a secure and supportive environment to age and enjoys a fulfilling and active retirement. About PropertyAngel PropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. Contact us at (91-80-47095974) or (91-7406484455) if you need guidance on how to invest in the right property in Bangalore.
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Investing in a project during its new launch stage can be financially rewarding since the property is about 20-30 per cent cheaper than the ready-to-move developments. However, there are inherent risks involved. This blog will highlight the benefits and risks of buying a new launch property. What is a New Launch Project? New launch refers to the period when the building project is announced. Buying a property in its new launch stage is undoubtedly a good deal for buyers and investors. Many developers offer new launch properties to raise funds before final approvals. This way, they avoid borrowing money from the market at a higher interest rate.  Benefits of Buying a New Launch Property
Customized Choices When you buy a property during its launch phase, you get to choose the desired floor, unit, view, direction, interior modifications, etc. This brings your dream home or workspace closer to reality. Once the building is fully done, making changes isn't easy. Clearly, more options are available during this phase, and you can avoid compromises. Smart Investment Buying a property during the new launch phase opens the opportunity to get the best return on investment. You can take advantage of the price escalation that happens after the new launch phase. Once the building is up for possession, the prices tend to rise. So if you plan to sell off, you can make huge returns. Also, if you plan to allocate more funds to real estate investment, now is the time to put your money. Enjoy Best Deals To attract homebuyers and investors during the initial phase of the project, real estate developers offer attractive price discounts on newly launched projects. If you're looking to invest or buy a home, this is the best time to secure your dream home at the best price. Also, if you want to invest in a low-cost property, consider a new launch project. Risks of Buying a New Launch Property Delays and cancellations Potential delays or cancellations are one of the biggest risks of buying a new launch property. This can occur if the developer runs into funding issues, encounters regulatory hurdles, or experiences construction delays. If the development is cancelled, buyers may lose their deposit and any money paid towards purchasing the property. Unknown quality Buyers purchase a unit based on plans and artist renderings when buying a new launch property. Thus, the quality of the finished product may not meet expectations. In some cases, buyers find that the finished unit doesn't even match the plans the developer showed them during the launch phase. Limited resale options users may have limited resale options if they decide to sell their new launch unit before the development is complete. This is because the property is incomplete, and the value has not yet been established. As a result, buyers may need to hold onto the property until the development is complete to sell it for a profit. What should buyers do? Although buying a new launch property is risky, the price advantage continues to be a major attraction for both investors and homebuyers, especially those not seeking early possession. However, before investing, buyers must ensure that the project has a Commencement Certificate (CC) and Intimation of Disapproval (IOD). The IOD contains instructions that a developer needs to follow in order to construct the building legally. It's also necessary to establish the trustworthiness of the builder. This includes investigating their track record for transparent dealings, compliance with legal formalities and the magnitude of experience they have in the industry. Final Words Ultimately, it all comes down to the developer's market reputation. According to experts, buyers can be assured of a safe investment if a reputed developer launches a project. Even if the project gets delayed, buyers can expect to receive their apartments eventually. Thus, buying a new launch property can be a great investment opportunity for those willing to take on some risk. About PropertyAngel PropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. Contact us at (91-80-47095974) or (91-7406484455) if you need guidance on how to invest in the right property in Bangalore. NRIs have always loved buying housing properties. Most NRIs buy residential property for their families, while others do so for pure investment. Also, the regulations in our country encourage them to acquire home loans and build their dream home. Who is an NRI, as per the FEMA and the Income Tax Act? An NRI is an Indian who has lived in the country for less than 182 days or more and resides in another country. According to experts, the FEMA (Foreign Exchange Management Act) determines whether you are eligible to invest as an ordinary citizen or an NRI, whereas the Income Tax Act determines the tax obligation related to such investment.  Here are some important factors that NRIs should consider while applying for a home loan:
Home Loan eligibility for NRIs For NRIs, home loan eligibility depends largely on their credit score, job profile, employer profile, disposable income, etc. For NRIs working in countries with restrictive repatriation policies, lenders will only consider their repatriable income when evaluating their loan eligibility. Some lenders may also take into account an applicant's educational qualification and time spent abroad when approving their loan applications. Get your credit report at least six months before applying for a home loan. Credit scores of 750 and above are generally considered good and have a higher chance of loan approval. Some banks also offer lower-interest loans to those with a higher credit score. Home Loan tenure for NRIs Usually, lenders offer home loan tenures of up to 30 years depending on your age, profession, repayment capacity, etc. Some lenders also offer shorter loan tenures to NRIs, ranging from 10 to 20 years, depending on their educational qualification, country of residence, etc. When deciding on a home loan tenure, consider your financial goals too. Don't settle for an aggressive repayment schedule just to reduce your interest cost. You can always make future prepayments with surplus liquidity without incurring any prepayment penalties. Home loan repayment options for NRIs To repay the home loan, an NRI can use regular banking channels to transfer funds from an overseas bank account, post-dated cheques or an Electronic Clearance Service (ECS), or cheques from a local relative's bank account. Loan-to-Value (LTV) Ratio The LTV ratio is the total proportion of a property's value that banks can finance through the loan. It can't exceed the regulatory cap on Home Loan LTV ratios set by the RBI. The loan amount for an NRI Home Loan is divided as follows, with the corresponding LTV ratio: Loan Amount: Up to Rs. 30 lakhs - Above Rs. 30 lakhs to Rs. 75 lakhs - Above Rs. 75 lakhs LTV Ratio: Up to 90% of the property’s value - Up to 80% of the property’s value - Up to 75% of the property’s value Lenders carry out a credit risk assessment to determine the final LTV ratio for an NRI Home Loan applicant. Some of the factors considered during the credit risk assessment process include the market value of the property, the applicant's credit profile, repayment capacity, etc. Interest rate type While lenders mainly offer home loans to NRIs on floating interest rates, many also offer mixed-interest rates. Loans with a mixed interest rate are fixed for a set period and then charged on a floating rate basis. A few lenders also offer fixed-rate home loans. However, such loans have higher interest rates compared to the other options. Also, many lenders allow home loan borrowers to switch from floating to fixed rates and vice versa after paying a fee to switch from one to the other. Although it's best to opt for floating-rate home loans as they do not penalise prepayments. Loan reset frequency Since April 2016, bank home loans have been subjected to an MCLR-based interest rate regime. This regime requires banks to compulsorily reset each borrower's floating rates on pre-specified reset date(s) at least once a year. The reset interest rate will remain in effect until the next reset date. In this current rising interest rate scenario, try to find a home loan with an annual reset date. Power of Attorney (PoA) Most lenders require a Power of Attorney (POA) when lending home loans to the NRIs. Since the borrower will be residing away from India, a POA will provide the lender with someone on behalf of the borrower to deal with if a property or loan-related issue arises. Lenders typically prefer NRI borrowers to appoint their parents, spouse, or children as the POA-holder. About PropertyAngel PropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. Contact us at (91-80-47095974) or (91-7406484455) if you need guidance on how to invest in the right property in Bangalore. If you're an NRI from Bangalore, you may have thought about investing in real estate. Owning a property in Bangalore can provide you with a steady source of income and the potential for long-term capital appreciation. However, managing a property from afar can be difficult. This is where NRI property management companies in Bangalore come in. These firms specialise in managing properties for NRIs and help you navigate the complexities of property ownership.  So, to help you choose the best NRI property management company in Bangalore, here are a few tips.
Reputation A good reputation indicates that the NRI property management companies in Bangalore have a satisfied customer base, are reliable and trustworthy, and have a proven track record of success. To evaluate their reputation, you can read their online reviews, which will give you an idea of what their clients have experienced. Or you can ask for NRI referrals to get an unbiased opinion about the company's quality of services. You can also check if they have any awards or recognitions for their work in the industry. Services Offered Every property is unique, so choosing a company that provides services tailored to your specific needs and requirements is important. Therefore, when reviewing NRI property management companies in Bangalore, ask about their services and how they can be customised to meet your needs. For example, if you own a residential property, you may need services like tenant screening, rent collection, maintenance, repairs, etc. And if you own a commercial property, you may require services like lease negotiation, tenant retention, property marketing, financial reporting, etc. A good property management company will work with you to understand your specific needs and develop a customised plan. They will also be flexible enough to update their services as your needs change over time. Expertise Always ask the NRI property management companies in Bangalore about their expertise in managing properties. For example, do they have experience managing properties in your specific location? Are they familiar with the local laws and regulations? Etc. A company with extensive knowledge and experience can provide you with valuable insights into the property market and will be better equipped to handle any challenges that may arise. Transparency Transparency is an important factor when choosing NRI property management companies in Bangalore. Ask them about their policies and procedures related to transparency. For example, do they provide regular updates on the condition of your property? Do they have a clear and transparent fee structure? Do they provide detailed financial reports that are easy to understand? A good property management company will be transparent in their dealings and will provide regular updates on the condition of your property. Cost It's important to choose a company that provides high-quality services at a reasonable cost. Choosing the company with the lowest price may be tempting, but poor-quality services will result in a low ROI. The right property management company will help maximise your profits and increase your property's value. When shortlisting NRI property management companies in Bangalore, ask them about their fee structure and how they charge for their services. Some management firms charge a flat fee, while others charge a percentage of the rent collected. Also, ask about any additional fees or charges associated with their services, like maintenance, repair, etc. Communication Effective communication is crucial when it comes to managing an investment property. Therefore, ask NRI property management companies in Bangalore about their communication policies and procedures. For example, do they have a system for addressing tenant complaints and resolving issues? How do they communicate with property owners, and how often do they provide updates? Etc. A good property management company in Bangalore will have a strong communication system in place to keep you informed about everything related to your property. Whether by phone, email, or chat, they will have a responsive and accessible team. Technology Good NRI property management companies in Bangalore use property management software to track maintenance and repairs and use online platforms to communicate with tenants and property owners. So, it's important to choose a property management company that is leveraging technology to improve efficiency and communication. Using technology can also improve the tenant experience and your ROI. For example, online rent payment processing makes it easier for tenants to pay rent on time, reducing the likelihood of late payments and ensuring a steady income stream for property owners. Final Words By considering these tips, you can be rest assured that your property is in good hands and that you will receive the best possible returns on your investment. About PropertyAngel PropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. Contact us at (91-80-47095974) or (91-7406484455) if you need guidance on how to invest in the right property in Bangalore. One of the fastest-growing sectors in India is real estate. The Indian real estate sector is driven by sociodemographic and economic growth factors like urbanisation, income growth, and an increase in nuclear households. According to Niti Aayog CEO Amitabh Kant, the Indian real estate sector has a multiplier effect on the economy and is expected to reach a market size of $1 trillion by 2030, accounting for 18-20% of India's GDP. According to RBSA Advisors, the Indian real estate market is predicted to develop at a compound annual growth rate of 15% from $60 billion in 2010 to $1,000 billion by 2030, accounting for 13% of the country's GDP by 2025. Their report, 'The Outlook of the Indian Real Estate Sector,' shows that the Indian real estate market is showing significant signs of recovery as the economy is recovering from the pandemic. The residential sector of the Indian real estate industry (which accounts for approximately 3-5 percent of GDP) accounts for 80 percent of the market.  Here's How the Indian Real Estate Sector Will Change in the coming YearsUsing Modern Technology to Grow the Indian Real Estate SectorThe fundamental concept of real estate has shifted, expanding beyond the four walls to provide homebuyers with a complete 360-degree experience. Recent changes in homebuyer demographics have surely had a great impact on the real estate market. By encouraging the use of technological tools like AI, big data and analytics, augmented reality (AR), and virtual reality (VR), technology has enabled the Indian real estate sector to reach its full potential. The digital technology revolution is disrupting the real estate market but also provides a tremendous opportunity for the sector to reach new heights. Technology has transformed the Indian real estate sector and will continue to play an important role in its digital transition. A More Sustainable DevelopmentRecently, the Indian real estate sector is shifting more towards sustainable development. With increasing awareness about environmental sustainability, developers are focusing on green building practices. Also, the government's push towards sustainable development is expected to encourage the adoption of green building practices. High Demand for Commercial PropertiesThe Indian real estate sector is also witnessing increased demand for commercial properties. With the growth of the IT and services sector, there is a growing demand for office spaces and commercial complexes. The government's push towards infrastructure development is expected to create new opportunities for commercial real estate development. The development of new airports, highways, and metro networks is expected to create new commercial hubs, leading to the sector's growth. High Demand For Luxury Housing in IndiaThe demand for luxury housing in India continues to grow exponentially. People have realised the importance of a comfortable and hassle-free lifestyle. Therefore, an increasing number of buyers are turning to luxury properties as a profitable investment option. According to ANAROCK Research, 1.84 lakh units were sold in the top seven cities in the first half of 2022, with 14%, or 25,700 units, falling into the luxury housing category. Given the positive sentiment, it's clear that the luxury real estate market seems to have a bright future. Rise of Co-living and Co-working SpacesThe rise of co-living and co-working spaces is another trend that is expected to drive the growth of the Indian real estate sector. With the changing nature of work, there is an increasing demand for flexible workspaces and living arrangements. Co-living and co-working spaces provide affordable, flexible, and communal living and working arrangements, which are particularly attractive to millennials and Gen Z. This is expected to create new opportunities for real estate developers while providing a boost to the rental market. About PropertyAngelPropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. Contact us at (91-80-47095974) or (91-7406484455) if you need guidance on how to invest in the right property in Bangalore.
Today, success is measured in many ways and owning a house is one of the most relevant proofs. A house is more than just a personal space; it's also a necessity and an important form of investment. This life step can mean everything to people who move into their own place after filling someone else's pockets with rent money each month. The Occupancy Certificate protects your dream home and ensures your savings don't contribute to an illegal building project. The possession certificate itself doesn't legalise the occupancy of the house. Often, people get evicted from their newly purchased apartments because the builder never received the Occupancy Certificate. This matter usually ends up as a legal dispute which results in the loss of time and hard-earned money. To avoid such problems, make sure you have the Occupancy Certificate in your hands before moving in.  What is an Occupancy Certificate?The Occupancy Certificate (OC) is a crucial document that certifies that a property is fit for habitation and has been built following the approved plan and applicable building codes and bylaws. Local civic bodies like municipal corporations issue it after the project is complete. Both real estate developers and homeowners can request for the Occupancy Certificate. However, it's the responsibility of the developer/builder to get the Occupancy Certificate and provide it to the property buyers. Why is the Occupancy Certificate Important?Firstly, Occupancy Certificate authorises the safety of a building and eliminates the risk of lawful eviction and demolition. Without an OC, the municipal corporation doesn't supply the house with electricity, water, and sanitation connections. The OC is also required when applying for loans from banks or other financial institutions. Most importantly, without the occupancy certificate, it's impossible to resell the property at a reasonable price. Therefore, before you can legally claim ownership of a property, you must first obtain the Occupancy Certificate. How Can You Obtain the Occupancy Certificate?Ideally, a developer should apply for an OC within 30 days of completing a project. However, a property owner can also apply for an OC from the municipality or local corporation. If the project meets all the required criteria, you should receive a copy of the OC within 30 days of the application. Here are the following documents you need to submit as part of your application: Project commencement certificate. Project completion certificate. NOCs for fire and pollution. Latest property tax receipt. Copy of the building's sanctioned plan. How does Occupancy Certificate Protect Homebuyers?A home buyer should obtain the OC certificate from the developer to confirm the property's suitability for possession and secure the ownership right. The buyer can also file a complaint in the consumer forum if a builder refuses to provide the occupancy certificate. A notice will be issued against the builder, asking him to hand over the certificate within a month. RERA is another option to file a complaint regarding the occupancy certificate. For RERA-registered projects, they can file their complaints on the state's official RERA website. What is a Temporary Occupancy Certificate?A temporary occupancy certificate is issued when the development of a project happens in multiple stages. Authorities can issue a temporary occupancy certificate only after one phase has been completed and is safe for homeowners to occupy. Temporary Occupancy Certificates are subject to cancellation and must be replaced by Occupancy Certificates within the active time period of sanctioned plans. Temporary occupancy certificate was introduced to address delays in large construction projects and to provide evidence to buyers who couldn't obtain the occupancy certificate. However, a buyer won't be able to sell the property further with a temporary occupancy certificate. What is the Difference Between Completion Certificate and Occupancy Certificate?A Completion Certificate (CC) is issued by the local government authority after the construction of the building is completed. It certifies that the construction is done as per the approved plan and complies with all the rules and regulations, including building codes, safety norms, and zoning laws. The Completion Certificate is issued to ensure that the building is complete in all respects, including water and sewage connections, electrical fittings, and other amenities. On the contrary, an Occupancy Certificate is issued by the local government authority after conducting a thorough inspection of the building to ensure that it is safe and suitable for occupation. The OC certifies that the building has adequate fire safety measures, ventilation, sanitation, and other amenities required for a comfortable living. It ensures that the occupants of the building are not exposed to any kind of risks or hazards. How to Check the Status of an Occupancy Certificate Online?If the building project is registered under the RERA Act 2016, the status of the OC can be monitored on the web portal of the relevant state's RERA. RERA requires builders to update the status of their construction projects regularly. If such information is not available on the web portal, the buyer may contact the local civic authorities. About PropertyAngelPropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. Contact us at (91-80-47095974) or (91-7406484455) if you need guidance on how to invest in the right property in Bangalore.
The coronavirus pandemic has dramatically changed the way we live and work. Therefore, the real estate industry also adopted digital solutions that facilitate property buying and selling. Thanks to technological advancement, customers can now search for homes virtually while sitting at home. Also, prospective buyers can visit many properties online in a short period of time without even leaving their homes.  An Overview of Digital House HuntingDigital house hunting involves using technology to search for and view properties online. One of its most popular technologies is 360-degree walkthroughs. Using this technology, you can take a virtual tour of the property - a three-dimensional, 360-degree walkthrough that gives you a sense of the property's size and space. Ideally, clients should use a virtual reality (VR) headset for such tours. Today, agents, individual home sellers, buyers, landlords, tenants, and even vacation renters (for long staycations) are all opting for an online tour experience of the properties. Benefits of Digital House HuntingConvenienceDigital house hunting is far more convenient than in-house visits. This is because you don't need to travel to different places to look for properties. Thus, it saves you time, effort, transportation costs, etc. Also, digital house hunting is available 24/7, so you can search for properties anytime. This is especially beneficial if you have a busy schedule and can't take time off during regular business hours to view properties. Time-SavingAs mentioned, digital house hunting saves time. When you search for properties online, you can quickly and easily narrow down your search based on your specific criteria. This allows you to focus on properties that meet your needs. For example, if you're looking for a two-bedroom apartment in Bangalore, you can search for properties that meet those requirements. You can also specify other details like the budget, amenities, etc. Only properties that match your criteria will show in the search results, thus saving you time and making it easier to find the right property. Wide SelectionDigital house hunting gives you a wider range of properties to choose from. You can access listings from multiple sources, including real estate websites, online classifieds, and social media platforms. In addition, you can check out properties from different regions, cities, and even countries. Digital house hunting also provides access to properties that may not be available through traditional means. For example, properties that are listed online and not advertised through newspapers or real estate agents. Easy ComparisonDigital house hunting allows you to compare different properties easily. You can open multiple listings in different tabs and compare the details and features of each property side-by-side. This makes it much easier to identify the properties that best meet your needs and preferences. In addition, many websites also allow you to save your favourite properties or create a shortlist of properties to compare later. This can be especially useful if you're looking at many different properties and must consult your partner or family before deciding. Access to Real Estate ProfessionalsDigital house hunting provides easy access to real estate professionals who can help you find a property. Many real estate websites have chatbots, online forums, or customer service representatives who can answer your questions and provide information about specific properties. You can also connect with real estate agents directly and send them messages, schedule phone calls, or arrange virtual meetings to discuss the buying or renting process. Challenges in Digital House Hunting
Although it's easier to view the house virtually, it's best to physically visit the place before finalising the property. Also, when it comes to payments or financial transactions of large amounts, always prefer to meet the person face to face. Dos and Don'ts of Digital House Hunting
Platforms that Facilitate Digital House Hunting in IndiaThere are several platforms available in India that facilitate digital house hunting. Here are a few popular ones:
It's always a good idea to research multiple platforms to find the one that best fits your needs. Final WordsDigital house hunting has revolutionised the way we search for and buy homes. The growing popularity of online platforms has made home buying easier and more convenient than ever. However, digital house hunting has a few potential drawbacks, like the risk of fake or inaccurate listings, the inability to truly experience the neighbourhood, and the lack of a personal touch. Therefore homebuyers need to be aware of these potential issues and take the necessary precautions when using such platforms About PropertyAngelPropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. Contact us at (91-80-47095974) or (91-7406484455) if you need guidance on how to invest in the right property in Bangalore.
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