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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.
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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.
IntroductionReal estate investment has always been a popular choice for investors looking to grow their wealth over the long term. While Tier-1 cities have always been the most lucrative markets, in recent years, Tier-2 and Tier-3 cities have emerged as great alternatives. With the growth of these cities, both in terms of population and infrastructure, real estate investment in Tier-2 and Tier-3 cities has become the next big thing. So, in this article, we will explore why real estate investment in Tier 2 and Tier 3 cities is gaining momentum.  A Quick Overview about Tier-1, Tier-2 and Tier-3 cities in IndiaBefore we get into why Tier-2 and Tier-3 cities are becoming attractive for real estate investment, let's first understand what these terms mean. In India, the cities are categorised based on their population and economic activity. Tier-1 cities are the most developed and populated cities, including Mumbai, Delhi, Chennai, Kolkata, and Bangalore. Tier-2 cities include Ahmedabad, Bhopal, Jaipur, Lucknow, and Surat. Tier-3 cities are smaller cities with lower economic activity and population. So, without further ado, let's get started! 1. Low Entry CostLow entry cost is a huge benefit for real estate investors because land and property prices are much lower in Tier-2 and Tier-3 cities. This makes it easier for investors to buy a property in these regions and earn rental income. Subsequently, the rental yield is higher in Tier 2 and Tier 3 cities, which makes it an attractive investment option for those looking for regular income from property investment. 2. Higher Potential for Growth and DevelopmentMost Tier-2 and Tier-3 cities are gradually transforming into economic powerhouses and contributing to the state and national GDP. Rising connectivity and infrastructure development have added to the economic boom. For example, Lucknow, in recent years, has expanded its periphery and attracted millions to investmenting in properties. New businesses and companies have set up operations, thus boosting employment and the local economy. Lucknow is now a connecting link between other cities of the state and the National Capital Region (NCR). Cities like Indore and Ludhiana are now a part of the country's developing multi-modal logistics network, which promises to strengthen the supply chain in the country. Amritsar and Kochi are already well-known international tourist destinations. Several of these cities now have their own special economic zones. This in turn promotes potential employment opportunities in these cities. 3. Rising Demand for Affordable HousingWith the increase in urbanisation and the growth of the middle class, there is a growing demand for affordable housing. Therefore, Tier-2 and Tier-3 cities have witnessed higher housing demand than Tier-1 cities. As a result, the demand for residential properties in these cities is expected to rise in the coming years, providing an opportunity for investors to earn good returns. The demands for it are on a rise due to the availability of financial options, increased level of incomes, emergence of nuclear family culture. 4. High Capital Appreciation and Rental YieldAs previously stated, investments made in Tier-2 and Tier-3 cities can grow because of their lower average prices, steady growth rate, and availability of open spaces in and around their properties. As a result, the upcoming group housing projects in these cities are more likely to offer capital appreciation and higher rental yields. Rental yields for commercial properties in Tier 2 and Tier 3 cities can be as high as 12-15% and 5-7% for residential properties. Since these cities are on a steady rise, it can be forecasted that the investments made will be profitable in the long run. 5. Risk DiversificationLastly, investing in real estate in Tier 2 and Tier 3 cities helps to diversify the risk. Investing in multiple properties across different cities reduces the risk of loss due to unforeseen circumstances like natural disasters or economic downturns in a particular region. This diversification helps create a stable and varied investment portfolio that is less susceptible to market fluctuations. Final WordsIn addition to Tier-1 metros, a significant portion of the housing demand will come from Tier-2 and Tier-3 cities in the coming years. However, investors must be cautious and conduct thorough research to mitigate risks like lack of transparency, delayed housing projects, etc. With the right approach, real estate investment in Tier-2 and Tier-3 cities can be profitable and rewarding for those looking to grow their wealth in the long run. 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.
Recently, the Reserve Bank of India (RBI) hiked up its repo rate by 25 basis points, raising the total interest rate to 6.5%. According to industry experts, the increase is nominal and is not expected to affect the real estate sector. However, property developers and consultants think that the hike will in turn raise interest rates on home loans and may impact demand for affordable and lower-middle-income housing segments. It's important to note that this is the 6th consecutive hike, and the sector is now looking for stability. Also, the rate is at its highest point since the past 4 years  How The Repo Rate Hike Will Impact the Real Estate SectorLet's look at how the hike in repo rate can impact the real estate sector: Control inflationThe RBI increases the repo rate to control inflation. A higher repo rate reduces the amount of money in circulation, which can help reduce inflation. Lower inflation can lead to more stable economic conditions and a better investment climate in the long term. Ashwinder R Singh, CEO-Residential, Bhartiya Urban, said, "Although a rise in interest rates will be difficult for many people with home loans, it can help people save more, help them build wealth, and reach their financial and housing goals. Often, an increase in interest rates means a strong and growing economy, which leads to more job opportunities, higher wages, better financial security, and more home sales for many households. In this regard, India is doing well compared to the rest of the world." Increase in borrowing cost.For both developers and homebuyers, the hike in the repo rate directly impacts the borrowing cost. This can decrease real estate demand as people may postpone their buying decision due to higher interest rates. This, in turn, can result in a slowdown in the real estate sector. Anuj Puri, Chairman, Anarock Property Consultants, said, "With repo rates now at 6.5%, there can be some repercussions on housing demand as home loan interest rates will rise further. The rates had already crept up after 5 consecutive rate hikes over the last year. This will increase the financial burden on homebuyers because apart from home loan interest rates, property prices have also gone up in the recent past two to three quarters." Improve economic growthControlling inflation through a hike in the repo rate can help create a stable economic environment that promotes long-term growth. This can lead to increased investment and more business opportunities, which can benefit the real estate sector in the long run. Ankit Kansal, MD & Founder, Axon Developers, said, "The recent decision by the RBI to hike the repo rate by 25 basis points is expected. The global economic outlook has improved, but uncertainties remain. Besides geopolitical threats and market volatility, the prices of petroleum and non-oil commodities are rising, which will weigh on global economic growth. This may impact inflation, which is already high in India. Thus, raising interest rates makes perfect sense, as the goal should be to strike the right balance between growth and inflation." He also added, "Meanwhile, the government must recognise the economic importance of the realty sector, which not only accounts for 8% of the GDP but also is the second most employment generator after agriculture. Any increase in home loan rates needs to be balanced with policies and incentives to reduce construction costs and incentivise sales. Initiatives such as rationalising GST rates, reducing stamp duty, lowering capital gains taxes, and increasing the income tax waivers on home loan interests can accelerate the overall property market. Even if the governing bodies identify and implement one or two such initiatives, it will positively impact the overall industry." Final WordsWhile a hike in the repo rate can have some negative impacts on the real estate sector in the short term, it has positive impacts in the long term by creating a more stable economic environment. Dushyant Singh, Orion One32, said, "Compared to previous decisions, RBI has raised the repo rate moderately, this time only by 25 bps, as inflation remains a long-standing concern for the economy. The increased home loan interest rates would be a burden for homebuyers, but the commercial segment is expected to grow due to better returns on investment. However, the tax rebate policy and the government's increased incentives for infrastructure development would offset the impact of the repo rate hike, and demand for real estate projects would remain strong." 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.
What is a smart home? This seemingly simple question can have different answers depending on who you ask. In general, a "smart home" is a home equipped with devices that automate tasks or allow remote access. These devices can be controlled using apps, remotes, switches, voice commands, or artificial intelligence. Smart homes are tremendously impacting lives all around the world. Here are some positive changes: a smart home can help to provide a better lifestyle.  1. Increased ConvenienceSmart homes create a comfortable and convenient living space. Using smart home devices, you can control and monitor your homes from anywhere in the world. For example, on a hot summer day, you can turn on the AC before you get home, or turn off the living room lights from the comfort of your bed. This increased convenience not only makes our lives easier but also helps us save time and energy. Even when you are held up amidst multiple tasks providing yourself the comfort you need gets easier. 2. Improved Safety and SecurityWith smart locks, security cams, and video doorbells, you can monitor your home from anywhere in the world and receive instant alerts if there is any unusual activity. For example, if someone tries to break into your home, you can receive an alert on your smartphone and take action immediately. In addition, some smart home devices can also be programmed to call emergency services in case of a fire, flood, natural disaster, etc. 3. Energy EfficiencyAll smart home devices are wired in such a way as to keep energy wastage to a minimum. Motion sensors detect the presence of people in a room and turn on the lights, fans/AC, thermostat, etc., in the room. Also, they'll shut down as you leave the room. Lights will dim themselves, any taps left running will be taken care of, and fans/Ac will perform at a reduced functionality when you are asleep. Just imagine this – you can dim the lights, change their colours and brightness, and even control them simultaneously, all through your smartphone! Such features not only reduce your energy consumption but also your carbon footprint. Also, you save a lot of money! 4. Enhanced Comfort and EnjoymentSmart home technology is also making our lives more comfortable and enjoyable. With the help of smart home entertainment systems, you can enjoy your favourite music and movies in high-quality audio and video. In addition, some smart home devices can also be programmed to create a personalised atmosphere, like by adjusting the lighting and temperature to match your mood or the occasion. 5. Improved Well-beingPerhaps the most exciting aspect of smart home technology is its potential to improve your overall well-being. It's the best option for working parents with little infants or people with elderly parents. The smart cameras installed in the home can help you keep an eye on your children or your elderly parents and monitor their activities throughout the day. It's especially helpful for the elderly as it can perform a wide range of functions. For example, notifying them when it's time to take their medicine, turning off taps and lights in case they forget, alerting homeowners in emergency situations, etc. 6. Transformed InteractionsSmart home technology is also changing how we interact with our homes. With the help of voice-activated personal assistants like Google Assistant and Amazon Alexa, you can control smart home devices with just your voice without having to interact with them physically. In addition, some smart home devices can also respond to your gestures, facial expressions, and other non-verbal cues, thus, making your interactions with them even more seamless and intuitive. Final WordsHowever, with all the convenience, security, and comfort that smart home technology offers, it also comes with some potential risks. For example, the increased connectivity of smart home devices can make them vulnerable to hacking and other security threats. In addition, the collection and analysis of personal data by smart home devices can raise privacy concerns, especially if the data falls into the wrong hands or is used for malicious purposes. To mitigate these risks, it's important to take steps to ensure the privacy and security of your smart home devices. This can include regular software updates, strong passwords, and restricting the amount of personal data shared with smart home devices. 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.
In India, tenancy laws tend to favour tenants and it differs from state to state. But no matter what, there are also many grounds for a tenant to get evicted by their landlord that are common in most state laws. Eviction is a complicated and time-taking process, and in most cases, the landlords are unaware of the rules and regulations governing lawful evictions. In this article, we will discuss the eviction process in India.  A quick overview of the Landlord-Tenant relationshipThe landlord-tenant relationship is a legal and financial agreement between a property owner (the landlord) and an individual or entity who occupies the property (the tenant). The landlord provides the tenant with a space to live or work in exchange for payment, usually rent. However, a dispute may arise between the two parties for various reasons. One of the most common issues is the non-payment of the rent by the tenants. In such cases, the landlord may take legal action against the tenant through eviction. But first, let's understand what eviction means and how the process can be carried out in India What is eviction, and when does eviction occur?To put it across in simple words, eviction is the legal process of removing a tenant from a rented property. Various state-level rent control laws govern the process of eviction, and both tenants and landlords must be aware of their legal rights and responsibilities to avoid any disputes or legal issues. Eviction occurs when the tenant fails to pay rent on time, causes damage to the property, uses it for illegal activities, etc. The landlord can also initiate eviction due to a breach of the lease agreement, the expiration of the lease period, or when a landlord needs the property for re-development purposes or personal use. It must be noted that eviction can only occur through a legal process, and the landlord cannot use force or harassment to remove the tenant from the property. What are the procedures that must be followed to evict a tenant under Indian law?As previously mentioned, the eviction process in India depends on the state where the rented property is located and is generally governed by the applicable rent control laws. However, in general, the eviction process includes the following steps: Notice to vacate: First, the landlord must issue a notice of eviction to the tenant, stating the reasons for the eviction and the date by which the tenant must vacate the property. The notice should be in writing and sent through a registered post or delivered in person. Filing a suit: If the tenant fails to vacate the property within the specified time period, the landlord can file a lawsuit for eviction in a court of law. Relevant documents, including the notice and the lease agreement, should accompany the lawsuit. Court Order: Once the suit is filed, the court will issue a court order to the tenant, informing them of the legal proceedings and asking them to appear in court on a specified date. Hearing: At the hearing, both the landlord and the tenant will have the chance to present their case and provide the evidence to support their claims. The court may also order an investigation for inspection of the property if required. Judgement: After considering all the evidence, the court will issue a judgement either in favour of the landlord or the tenant. If the judgement is in favour of the landlord, the court will issue an eviction order, which requires the tenant to vacate the property within a specified time. The eviction process takes a long time to complete, usually 1 to 3 months from the date the landlord sends the notice to the tenant until the date the tenant vacates the property. In some critical cases, these periods can extend even longer. Is it necessary for the landlord to refund the tenant's security deposit during an eviction?This differs from case to case and is influenced by the court's decision. However, if the tenant fails to pay the rent or causes damage to the property, the landlord may deduct a sum of money as compensation from the security deposit or refuse to refund it entirely. In some cases, the tenant will be required to pay additional fees to the landlord. Final WordsMany landlords complain about the difficulties they face when renting out properties to tenants who do not follow the terms and conditions of the agreement or fail to pay on time. So, the next time you run into a problem, you'll know how to handle it legally. Or let an experienced property management company handle such hassles for you. 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.
In Indian residential real estate, NRIs are one among the most important buyers and investors. They have always had a lot of influence on the Indian housing market, but never more so than in the last three years. According to a forecast issued by international property consultants JLL, the Indian real estate market will grow at 12% in FY22 - from $13 billion to $15 billion. The consultants further stated that NRI investors eyeing on property in India must act quickly if they want to capitalize on the opportunity to turn their funds into profitable investments. This article will briefly explore the property buying guide for NRIs and the types of residential properties they are most likely to buy in 2023.  Property Buying Guide for NRIs1. Documents Required for an NRI to Buy Property in IndiaIn order to purchase property, you must obtain and submit a few documents, so make sure you have all the required documents before you start the process. The important documents NRIs need to verify include: Title Deed (in the seller's name) Older Title Deeds (if any) Updated Encumbrance Certificate Mutation Extracts Tax Receipts (building tax & land tax) Approved Plan Building Permit Occupancy Certificate* Completion Certificate* Commencement Certificate* Allotment Letter* Possession Letter* Share certificate* NOC from the society* NOC from local bodies* RERA registration* * only applicable in specific cases Also, checking past property documents (at least for the last 15-20 years) with the help of an expert will help you avoid future problems when buying a property 2. Documents Needed for Registration
Some states have specific paperwork; therefore, it's always better to hire a qualified property lawyer. Also, the property deeds must be checked thoroughly before making any decisions. Now, let's look at the types of properties that NRIs can buy in 2023 Homes NRIs Will Buy in 20231. Tech-Enabled PropertiesThe pandemic shed light on enabling technologies, including smart home features. In the past, people mostly evaluated smart home features based on comfort. Today they are also assessed on the scales of efficiency and safety. Smart homes require less human assistance and support to run efficiently. This is still considered important at a time when the memory of COVID-19 is still fresh in the minds of people. 2. Larger Living Spaces for Work and LifeMany NRIs who return from abroad have remote work arrangements with their employers and need home office spaces. People buying homes for investment already know that India has accepted remote and hybrid work. The tenants and potential buyers will expect a home with such facilities where they can incorporate all their needs. 3. Easy Accessibility to Daily ConveniencesAfter Covid-19, the desirability of a neighbourhood is directly proportional to the number of accessible conveniences. This is because many NRIs have benefited from a proactive local government that ensured a regular supply of groceries and daily staples to their homes, depending on where they live in a foreign country. Therefore, NRIs will place a high value on properties close to essential amenities and services because it is convenient and provides better quality of life. This can save time and effort when going to grocery stores, medical clinics, banks, and public transportation. Also, properties in such areas tend to have a higher demand which in turn gives higher rental potential, as they are more attractive to tenants looking for convenience. 4. Amenities and Facilities for HealthThe space NRIs have grown accustomed to in other countries cannot be taken for granted in this crowded country. In India, space is the ultimate luxury, not only within our homes but also around them. The possibility of going for a nice walk, jogging, or pursuing a sport in a spacious, uncrowded surrounding is a must-have for NRIs. Every NRI's wish list includes green open spaces and well-maintained roads with sidewalks. Previously, a gymnasium on the premises was optional. Today, working out in an unsecured public gym is now highly unlikely, just a few years back when public gyms were closed because of the pandemic. 5. Children's SafetyNRIs prioritise the safety of their children, regardless of age or current educational level. Therefore, they will place high importance on properties in areas with low crime rates, good safety records, and proximity to emergency services. Also, properties with child-friendly features like round edges, slip-resistant surfaces, railings on stairs and balconies and 24-hour security will be in high demand among NRIs. They would prefer properties that are close to the educational institutions or training centres. As parents they would make sure that they have safe commuting facilities for their children too. 6. A Strong Preference for Integrated TownshipsThe qualities NRI homebuyers and investors look for in Indian housing options, integrated townships have a clear advantage. They are the closest thing the Indian residential real estate experience can offer compared to a Western city's orderly, enabled, and dependable lifestyle. Integrated townships offer a generous slice of such a life. Both NRIs and resident Indians are making a conscious decision to prioritise the quality of life over all other factors. Final WordsEven after three years of uncertainties, there can be no room for compromise. That's the one thing that remained constant for NRI homebuyers: they expect the best. 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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