Subvention scheme ban

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Subvention scheme ban

By Evente Clinic

Subvention scheme or the term ‘subvention’ is derived from the Latin word ‘subvent’ that stands for ‘to help’. In the Indian real estate market, it was introduced to provide help to the homebuyers who want to safeguard their interests while investing in properties which are under construction. 

According to previous rules, the banks were disbursing the whole property upfront to the builder in one go. This left the buyers’ dreams in a lurch when the builders’ failed to deliver the house within the stipulated deadline. So, RBI directives underwent changes and the disbursement was made in parts. 

Each disbursement coincided with the completion of a construction stage, pre-decided in the payment terms under the contract. This was the first move. Secondly, buyers were given the facility of subvention scheme, according to which, the buyers would not be paying any EMI till possession. 

 

“Sales had recovered over the past year. Of the total sales, 40% were coming from the new launches of which 50% have been happening through these schemes. We can expect 20-25% of sales to get impacted by the decision.” – Namrata Pandey, Managing Director

How does it work?

  1. The buyer books the property by paying 10%-15% of the property price.

  2. Rest of the amount is paid by the bank in the form of loan given to the buyer.

  3. Builder bears the interest cost of the loan up until the possession granted to the buyer.

The Ban

The National Housing Board advised housing finance companies (HFCs) to refrain from giving loans for under-construction projects which are under any subvention scheme, in view of various complaints of fraud. 

It has advised that the disbursal of the loan be linked to the stages of construction. The Reserve Bank of India (RBI) had issued similar advice to scheduled commercial banks in 2013.

The industry is desperate for support from the government in terms of a solution to the liquidity crunch which is leading to bankruptcy for some developers. While fraud in such schemes needs to be controlled, the need for alternative funding options is what resulted in subvention schemes being aggressively positioned.

Now RBI, which is set to become the new regulator for HFCs and NBFCs, seems to have cracked the whip to make it a level-playing field for all. Such schemes were used by developers to sell under- construction properties. In the absence of subvention schemes, the transaction volumes are likely to come down in metro cities. In recent times, the subvention schemes were extended to even ready- to-move properties, wherever unsold real estate inventory was piling up. The new ruling will make a dent on this side of the market as well.

‘NHB’s directive to HFCs to stop giving loans under subvention schemes will impact the cash flows of the homebuyers who will have to bear the burden of equated monthly instalments (EMIs) and monthly rent at the same time.” says Namrata Pandey, MD, Evente Clinic. 

She adds, “Sales had recovered over the past year. Of the total sales, 40% were coming from the new launches of which 50% have been happening through these schemes. We can expect 20-25% of sales to get impacted by the decision.”

Opt for schemes where the developer is required to make an upfront payment of the entire interest component to the lender. HFCs like ours insist on such a clause to prevent default. Finally, if the developers renege on their promises, you can seek recourse in RERA. Things are better today thanks to RERA. Such schemes can be useful as long as buyers do their basic homework.

For more information on this please do get in touch with us at Evente Clinic. Please feel free to write to us at support@eventeclinic.com.sg or you can call us at +65 97547616 and we will be more than happy to help. Our mission is to create Real Estate investment awareness amongst investors.

Should you invest in townships or standalone building?

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Should you invest in townships or standalone building?

By Evente Clinic

Owning a home is a keystone of wealth – both financial affluence and emotional security.

As an Indian, we all are very emotional when it comes to owning a house. It is a dream of every Indian and also one of the most important decisions in everyone’s life since it is something most of the people do once in a life.

House buying decision is not completed in a day or two; there are a lot of factors to consider before investing in real estate. Of the many parameters to ponder upon is – whether to be part of a township or buy an apartment in a standalone building.

“Owning a home is a keystone of wealth – both financial affluence and emotional security.

Now lets us consider which option is better for you.

You as an investor you need to understand, the townships will never be in the middle of the city. Since townships require acres of land and such huge land cannot be purchased in the middle of city, most of the townships are at the outskirts of a city. So if you want something in the middle of a city then you are looking for a standalone building.

If you have already made your mind by reading the previous paragraph then you have jumped on the conclusion little too soon. It is important to understand the pros and cons of each type of development.

With townships, you can be assured a wider range of amenities and green spaces. This is probably one of the most compelling reasons that buyers chose townships over stand-alone buildings. As a family person, you will need a lot of facilities well within your range. Some of the larger townships have facilities like schools, colleges, hospitals, malls, movie theatres, and large clubhouses which add a sense of convenience to one’s day to day life.

When it comes to standalone building, choices within a particular location tend to be plentiful and, therefore, you have several choices. They are often within city limits and public transport tends to be more easily accessible, thereby making commuting easier and shorter. Needless to say, maintenance in most cases is easier on the pocket in the case of stand-alone buildings. The amenities and open spaces tend to be fewer; which often creates lack of social and sporting infrastructure forcing people to resort to joining private clubs etc at an increased cost.

A well-designed standalone building constructed by a reputed developer and offering good amenities will offer you exclusivity, status, and a certain affluence value. From a resale perspective, well-maintained property with good gentry will always fetch you a premium over a massy development.

From family’s point of view, townships are far safer not only because of the high security but because of them being gated communities. They are also self- contained and family members, particularly the senior citizens do not need to venture out for shopping, entertainment, recreation or medication. The open areas provide a great quality of life.

The other important point to consider is the pricing and investment angle between a township and a stand-alone building. All things remaining equal,

usually, homes in stand-alone buildings fall within a lower price bracket relative to those in townships.

In the end, it depends on the needs of individual buyers. Both kinds of options has advantage and disadvantage and one may try and match one’s needs with what’s being offered and the relative price of that. To know more about this, please touch with us at Evente Clinic. 

Please feel free to write to us at support@eventeclinic.com.sg or you can call us at +65 97547616 and we will be more than happy to help. Our mission is to create Real Estate investment awareness amongst investors.

Future reforms in Indian Real Estate

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Future Reforms in Indian Real Estate

By Evente Clinic

The Indian real estate industry is looking promising after a lot of reforms introduced by Modi government in its first tenure. With clear majority and mandate, the Modi government will strengthen all the sectors especially Real Estate.

Indian real estate is already undergoing a revival, as transaction volumes have picked up Y-o-Y to the tune to 45-60 percent in major Indian cities. A strong mandate will further instill confidence in the sector and contribute to building momentum.

We can expect a lot of reforms in the coming years in the real estate sector.

The RERA has been going good and now the government will try and streamline it further. A faster window will help in rationalizing the cost of development and make real estate more affordable.

One important discussion going for some time is on the taxes imposed on buying the property. The home buyers have to pay for the stamp duty as well as the GST. We should expect some reform where both the cost will be merged. This will give a further push to the industry by easing out the cost of development.

“A faster window will help in rationalizing the cost of development and make real estate more affordable.

We can expect some more reforms around affordable housing. It is the government’s dream, ‘Housing for all’ by 2022 and they will surely push for it harder after getting the second term. Providing big-ticket opportunities to both the developers as well as the investors in the coming year, affordable housing segment that was anointed with the infrastructure status in the Union Budget 2017-18, it is expected to grow at a high rate.

The PMAY which was originally scheduled to be ended by December 2017 has now been extended till March 2022 and includes the middle-class income group as well for the benefit of interest subsidy on home loans. Under the scheme, the carpet area of homes has been increased to provide for more interest subsidy by the Cabinet. An interest subsidy of 6.5 percent can be availed for a period of 20 years or during the tenure of a loan, whichever is lower by the low-income groups or economically weaker sections of the society.

The new government should emphasize on re-energizing the reforms related to infrastructure investment and land acquisition reforms. The government should take measures to expedite and streamline the environment clearances for the new projects, which is a two-stage process and takes two-to-three years. If single window clearance comes into effect then the timely delivery will improve and it will act as one more step in regularising the real estate sector, as approvals and more so timely approvals and simultaneously development of infrastructure around projects  are an integral part of real estate development, more simplification of processes, accountability, and efficiency on timely approval from relevant Government authority is must for industry to accelerate the pace of development and bring back demand in the sector .

The government should allow banks and HFCs to fund land purchase to help developers bring down the cost significantly, which in turn can be passed on to the buyers. In the absence of bank finance, developers resort to PE funding and other non-formal modes of funding to finance its land purchase which increases the cost of capital for them drastically.

With all these reforms expected from the present government, the Indian real estate industry looks to accelerate in times to come. Isn’t it best time to purchase the property?

Hyderabad as upcoming market for real estate investment

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Hyderabad as Upcoming Market for Real Estate Investment

By Evente Clinic

Investments in land property, residential plot or farmlands are considered profitable options for a long-term perspective in India as well as across the world. Keeping this kind of popular interests of the masses, the Indian government has been proposing various policies like Real Estate Regulatory Act (RERA) and Real Estate Investment Trusts (REITs) to bring in favorable changes in the real estate sector.

The important point for investors to consider is that not all real estate investment is going to give you results. The most important point to consider when investing in real estate is – the location. If you are putting in your hard earned money in emerging cities you can expect some great returns in a short span of time.

One such city in India is Hyderabad. Realty analyst considers Hyderabad as the best city for real estate property investment. Its residential realty sector is broadly considered as low risk and high return avenues, because of its rapid development in education, job prospects, medical facility, ITes, hospitality, and other businesses.

The capital of Telangana is witnessing a real estate boom—when the property is sluggish in the rest of the country. It is the only major city in the country that can give you a good return on investment. Among India’s seven major cities, Hyderabad is the only one where property sales have grown—by 32% from the average of 2013-2014 to 2017, according to research by property consultant ANAROCK.

Namrata Pandey, Managing Director, Evente Clinic, says, ‘Hyderabad is one of the most preferred cities for NRIs to invest at present given the proactive government policy and infrastructural developments such as the Hyderabad Metro Rail, strategic road development and elevated corridors.’

Some of the reasons why Hyderabad is one of the most important cities to invest are –

Political Stability – The major reason is the political stability it gained in 2014 when it was separated from Andhra Pradesh after a long period of instability and uncertainty.

The growing industry – Lot of industries are being set up in Hyderabad, as a result, a lot of people are traveling to the city and settle there. As the population grows, demand for housing will increase. That will invariably push up prices.

“Investments in land property, residential plot or farmlands are considered profitable options for a long-term perspective in India as well as across the world.

Some of the development work which boosts the real estate industry are –

  1. Construction of the River Musi Expressway
  2. Additionally, the government also has identified 52 major junctions in the city to be developed as signal-free junctions
  3. Several underpasses are also planned from the Jubilee Bus Stand to Shamirpet-Turkapally, Uppal to Ghatkesar, Paradise Junction to Kompally and other locations across Hyderabad
  4. Some other prominent projects include the 20-acre Smartron Data Centre Campus, Aerospace Park SEZ, Gaming and Animation Park, Pharma City, and the Life Sciences and Medical Devices Park

Some areas to look out for are –

The IT-hub areas of Hyderabad- Gachibowli, and Hi-Tech are the premier areas for the commercial estate.

Nallagandala – From mid-range apartments to high-costing villas, Nallagandala has it all. Another major attraction of this location is the availability of several open plots offered by the Hyderabad Metropolitan Development Authority

Kondapur – There are several big attraction in this area – The Google Office is situated here! Kondapur has grown into a modern business hub in the last two decades. Infrastructure in the region is unquestionable – supermarkets, schools, medical facilities – it’s all easily accessible.

If you have any property requirement in Hyderabad, get in touch wit

Real Estate is still the most important investment vehicle

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Real Estate Is Still The Most Important Investment Vehicle

By Evente Clinic

When done correctly, real estate is one of the most popular and profitable investments with a lot of potential for success. Real estate investing offers many advantages, and investors can enjoy a steady income flow that may lead to financial freedom.

With the introduction of new policies by the government, easing up of home loan regulations and the availability of affordable homes, real estate investments have become accessible to almost everyone.

Stock market versus Real estate – In real estate, the risk of loss is minimized by the length of time you hold on to your property. When the market improves, so does the value of your home, and as a result, you build equity. The risk never changes in the stock market and there are numerous factors beyond your control that can negatively impact your investment.

Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy” – Marshall Field 

Gold versus Real estate – Gold has traditionally been one of the most preferred investments for many Indians, however, that is slowly beginning to change. Today, real estate has several advantages over gold. One of the most significant benefits is that investing in real estate doesn’t require you to pay 100% of the total value upfront.

Tangible asset value – There will always be value in your land and value in your home. Other investments can leave you with little to no tangible asset value such as a stock which can dip to zero, or a new car which decreases in value over time. You can always sell your property when you own one. Unlike a stock, real estate never becomes worth nothing, even if the value drops.

Only positive growth – The land is limited and the world population is increasing with time. The demand is only going to grow. Result? The price of land will only increase. Over a long period of time, the real estate investment returns will only be positive.

It is for all – Real estate suits every need and budget. If you have a limited budget you can invest in land only. Even the price of houses/flats is such that a middle-class worker, as well as high-income businessmen, can invest.

Tax Benefits – Owning a property offers you a tax rebate. You can enjoy a deduction of up to Rs 1,50,000 from taxable income in a financial year as payment towards housing loan. However, an enhanced deduction of up to Rs 2 lakh per annum for a self-occupied property can be availed of if acquisition or construction of the property is completed within three years from the end of the year in which the loan is taken.

The bottom line is real estate investment has many benefits and is a great source of passive income. Because there is a large demand for properties, the value of real estate usually appreciates, increasing your potential for profit.

Do you have any other reasons why one should invest in the real estate? Share with us.

NRI Taxation

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NRI Taxation

Screen Shot 2019-06-07 at 4.24.36 pm

By MUDRA

Tax filing season has arrived in India and all are getting ready with their documents and financial details for the same. However, every NRI’s has one question in Mind whenever tax season is nearby, ‘Do I need to file taxes in India as well?’.

In light of the new developments, it has become a must for all of us to clearly understand our tax liabilities and abide by them accordingly. Things become more confusing in case you are a non-resident and are not well-versed with the latest provisions.

To remove these worries, we’ve gone ahead and taken the time to put together a quick but useful FAQ series, under our TAX-IMPACT Programme to guide and assist our fellow Indians Staying abroad on understanding the basic of Indian Income Tax and Tax Filing.

“In light of the new developments, it has become a must for all of us to clearly understand our tax liabilities and abide by them accordingly. ” 

FAQ’s on Indian Income Tax Filing for NRIs. Series 

1. When and why Should an NRI File Tax Returns in India?

 Though non-resident Indians (NRIs) earn their living abroad, they are obligated to file returns in India (for AY 2019-20) when:

  • They have Gross Total income in India that exceeds the basic exemption limit which is INR 2, 50,000/- p.a.
  • they have Short Term or Long Term Capital Gains from any investments or assets , even when gains are less than 2,50,000 p.a.
  • They have to claim TDS refunds arising from NRO Savings & fixed deposits interests etc.
  • They have to carry forward losses to future years.

Note : Many taxpayers believe that if they have paid their taxes (through TDS/Advance Tax etc), so they have no further obligation. However, even if you have paid the taxes still you have to file the ITR in case the above mentioned conditions are met.

2. What all Incomes are Taxable in India for an NRI?
 

An NRI has to pay tax on any income that accrues or arises in India or is received in India. This usually includes rental income from property owned in India, income from capital gains, interest income (except Interest from an NRE & FCNR account ) etc. earned in  India.

3. What is the last date of Filing the tax returns in India? 

The Last date of filling a return is declared every year, and it is usually 31st July for Individual. The due date for filing ITR for Assessment Year 2019-20 is 31st July 2019.

4. What will happen when I have taxable Income, but do not file my income tax return?

Having taxable income and not filing income tax return can put you in trouble with the Income Tax. Yes, if a person who is required to furnish a return of income and fails to do so within time prescribed then he/she will have to pay interest on tax due along with Late Filing Fees and penalty. Also legal action can also be initiated.

5. What if I miss the Due Date?

In case the taxpayer misses the due date to file his return, he can file a belated return. A belated return can be filed either by the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. For the current assessment year, a belated return can be filed any time before 31st March 2020 if the assesses fails to file his return on or before 31st July 2019.  You cannot file Tax Return once the Relevant AY ends.

6. ) Do NRIs Have to Pay Advance Tax?

As an NRI, if your tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax. In case you fail to do so, you will have to pay an interest on the outstanding liability under Section 234B and Section 234C of the I-T Act.8.)

Few other Important Pointers:

a.)    Please ensure that you have your latest details (contact Number and E-mail id and address etc.) updated in the Income Tax Records. This ensures that any communication received from IT is not missed.   

b.)    You should have your Income Tax site login details, like user id and password. 

c.)    Quoting of Aadhar card number not mandatory for NRIs in their return. 

d.)    NRIs having total income above Rs 50 lakhs in India are required to report the cost of certain assets (movable as well as immovable) located in India only and the corresponding liabilities under the schedule of assets and liabilities. 

e.)    Non-residents are not required to report their assets and financial interests outside India. 

 

Why This Is The Right Time To Invest In Chennai

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Why This Is The Right Time To Invest In Chennai

By EVENTE CLINIC

In the first term NDA government has taken a lot of real estate initiatives ranging from passing the RERA Bill in 2016, implementation of the Goods and Services Tax (GST), providing interest subsidy for affordable houses under Pradhan Mantri  Awas Yojana under the “Housing for All” scheme of the government and Benami Transactions (Prohibition) Act, Insolvency and Bankruptcy Code etc.

The second term for the NDA is great news for the real estate market. An investor should be looking to grab on the opportunity to enter the market at the right time. In this article, we are going to look at one of the most promising cities in the country to invest in – Chennai.

Here are the top 5 reasons to invest in Chennai –

The Demand – The demand for housing is increasing with time and it is because of the migration of people from other parts of India. Many people get jobs and they are arriving in Chennai. So, these people are in need of housing and the real estate market is benefited because of this migration process.

Infrastructure development – In recent times, Chennai has witnessed amazing infrastructural and even commercial developments. And this kind of developments directly influenced the real estate market and it created a huge demand among the people.

Less risk – Chennai has registered significant growth in the last two decades, but it is still to achieve its full potential. If experts are to be believed, if you invest in Chennai’s real estate now, your money will be safe and you can continue to get good returns over the next 5-10 years.

As a real estate investor, you should always gun for the maximum yield from the investment. The rental demand for residential apartments in Locations like OMR, Porur and GST Road in Chennai is huge because this catchment area is surrounded by a lot of IT Parks and Big companies and people are actively looking for a lifestyle apartment on rent -Rajesh Srinivasan, Deputy General Manager – Marketing, DRA HOMES.

Easy to sell – The property market in Chennai is not just huge, but it is also very fluid. A lot many people know about the potential of Chennai’s real estate market, which is why properties in the city keep changing hands unlike the other cities in India. When you want to sell your property in Chennai, rest assured that there won’t be any dearth of potential buyers.

“In the coming years, Chennai’s development will not just be quantitative; rather, it will be qualitative as well. ” 

Diversification – It’s anchored by the automobile, software services, hardware manufacturing, healthcare, and financial services industries. This diverse economic base is ably supported by the Chennai port, which is the second largest in India and a key facilitator for import-export of goods. Presence of a vibrant economy creates ample job opportunities and leads to massive real estate development in the city.

In the coming years, Chennai’s development will not just be quantitative; rather, it will be qualitative as well. A number of infrastructure development and city beautification projects have been announced such as monorail project, new metro routes, renovation of lakes and water bodies, widening of roads, upgrade of sewage and water supply lines, etc. All and all, it is one of the best places to buy property in India.

If you are looking for some great projects in Chennai, our team of experts can help you find one. You can write to us at Support@eventeclinic.com.sg or call us at 97547616

Real Estate Investment in Holiday Homes

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Real Estate Investment in Holiday Homes

By EVENTE CLINIC

As per the last data received, in 2017, India earned an income of $27 billion from foreign tourist arrivals and was ranked 40th among 136 economies across the world in the Travel & Tourism Competitiveness Index, jumping 12 places higher from the earlier 52nd position.

For the same reason, the percentage of second home buyers has increased in the past decade.

In this article, we will see the advantages this segment offers to buyers investing in holiday homes. Also, we will see what all things you need to keep in mind before making such an investment.

People have always been investing in second homes in India, what has changed in the recent times is that people are now shifting their focus to something that offers more personal value, like a holiday home, which allows them to enjoy the additional benefit of a weekend holiday at an owned place. Moreover, such properties also offer the option of renting it out and earning income from the tourism potential of the investment destination.

The average age of people buying real estate is 35-38 years as per a recent study by HDFC. It also shows people in 20s as well as 60s invest in real estate. We all make mistakes and that is how we learn in most of the cases but making a mistake in real estate investment could cost you heavily. If you are planning to invest in real estate, make sure you continue reading.

“The average age of people buying real estate is 35-38 years as per a recent study by HDFC. It also shows people in 20s as well as 60s invest in real estate.” 

First and the foremost thing to keep in mind before buying a holiday home is – buy or invest in a holiday home only if your financial status allows you and after proper evaluation of all the related pros and cons.

Here are some of the benefits of buying holiday homes –

  1. It is a dual purpose property – Buying a holiday rental home has one clear advantage: It can serve dual purposes. You can use it as a second home and spend your own holidays there with your family and friends, and then rent it out to guests for the rest of the year. Buying an investment property for the sole purpose of renting it out long-term does not give you this option.
  2. Rental income – You will be renting out your second home to guests when you aren’t using it. You’ll be making money without having to necessarily buy an “investment” property. After all, your holiday home is your second home. It just happens to make money on the side.
  3. The appreciation – A second home is a real estate property, and real estate generally appreciates in value over time. When you are ready to sell your holiday rental property, you can usually sell it at a higher price and cash in on the profit. The best part is that you don’t have to do anything to enjoy this benefit. Natural real estate appreciation will take care of it.
  4. The risk factor – Investing in holiday rental exposes you to lower risk than other types of real estate investment. First, holiday homes are in top tourist destinations, so you can attract lots of guests, reach high occupancy rates, and charge a high nightly rate. One way to reduce your risk even further is to choose a location and a property that works as either a traditional, long-term rental or as a short-term rental.

Investing in a holiday rental home is an easy entry point to real estate investment that provides endless opportunities to learn and carries lower risk than other options. But if you are a beginner real estate investor, you might be wondering how to go about the whole process of buying a vacation home as an investment property. Talk to our consults for guidance.

There are three more important factors for successful holiday home investment – location, location, location. When buying a vacation rental home, choose places where other travellers – besides you and your family and friends – would enjoy.

For Delhi-NCR, the most popular locations are located in clusters around Mehrauli, Bijwasan, Rajokri, and Chattarpur. For Mumbai residents, some of the preferred destinations are Lonavala, Alibaug, Karjat, and Goa.

Talk to our experts to know the best area to invest in for you.

Generation wise mistakes, Home buyers usually make!!!

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Generation wise mistakes, Home buyers usually make!!!

By EVENTE CLINIC

Real Estate is one of the biggest industries in India. Every quarter millions of people fulfill their dream of owning a house, not every deal that happens is a good deal. Many homebuyers make mistakes while buying a house. In this article, we will highlight some of the mistakes people from various age groups make while investing in Real Estate.

The average age of people buying real estate is 35-38 years as per a recent study by HDFC. It also shows people in 20s as well as 60s invest in real estate. We all make mistakes and that is how we learn in most of the cases but making a mistake in real estate investment could cost you heavily. If you are planning to invest in real estate, make sure you continue reading.

“Once future is ignored, they end up selling and they do it under duress instead of planning ahead the first time, so there’s a lot of money lost there.”, says Namrata Pandey, Managing Director, Evente Clinic.

Investment Mistakes in your 20s

People buying home in the 20s are usually the ones who have just started earning. They have limited cash for down payments and also low starting salary for EMI. When they settle for low EMI with minimal down payments, which is the only option which they have, without realizing they are putting themselves in deep trouble. The effective price in such a case goes way beyond the appreciation of property.

Investment Mistakes in your 30s

The most common mistake that people in 30s make is not thinking about the future. They do not consider a future family when they’re standing in a luxurious 3 BHK flat with beautiful surrounding and access to a rooftop pool. 

“Once future is ignored, they end up selling and they do it under duress instead of planning ahead the first time, so there’s a lot of money lost there.” says Namrata Pandey, MD Evente Clinic. If you plan on having a family, it’s important to consider that when you’re home shopping, even if you’re currently single.

Investment Mistakes in your 40’s and 50’s

By this age, people tend to have more money, which leads to overestimating your budget and buying a house you can’t afford. One way to avoid this is to figure out your lifestyle comfort 

level and your future money flowing options.

You may be able to afford a 1cr bungalow but that does not mean you go ahead and buy one. If you’re married and both you and your spouse are working, figure out whether or not you can afford the EMIs if one of you gets laid off. Even experienced homebuyers can make the mistake of spending at their limit, which can mean making sacrifices that they weren’t prepared to make.

The takeaway for buyers in their 40s and 50s is to leave room in the budget for things they aren’t willing to give up—for example, a private school for the kids.

The last phase of buying, 60s and over

Many homeowners in their 60s are retired or getting ready to retire. Many retirees go on vacation, fall in love with a place, and make plans to move. Relocating and buying a home is an expensive process, so be sure to familiarize yourself with the new place before buying, if you fall into this age group. Your vacation home can be your full-time home, but just be sure to factor in all of the costs, before making the move.

Real Estate investments are by and large sensible decisions. You can avoid making these mistakes and become a smart investor. For any Real estate constancy you can always get in touch with us at Evente Clinic. 

Please feel free to write to us at support@eventeclinic.com.sg or you can call us at +65 97547616 and we will be more than happy to help. Our mission is to create Real Estate investment awareness amongst investors. Happy Investing!

Why one should invest in Navi Mumbai?

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Why one should invest in Navi Mumbai?

By EVENTE CLINIC

With real estate prices shooting up in Mumbai, it is not surprising that some of the demand has been shifted to the more affordable township of Navi Mumbai, which is an entry point to the city. It is the next best option to Mumbai, as it is developing rapidly as a commercial and urban area.

There has been a steady rise of 10% in the number of house registrations in Navi Mumbai in the past seven months, compared to the same period last year.

Builders have attributed this to infrastructural developments in the city—the new airport project and the Nerul-Belapur-Kharkopar railway line have been major draws for prospective home buyers. Navi Mumbai is unlike any other planned city in Mumbai. Well-planned infrastructures, wide roads, an abundance of natural landscapes are a few benefits of investing in property in Navi Mumbai.

“The opening of the first phase of the railway line towards Uran has proved to be an icing on the city realty’s cake. More people now are looking towards MMR’s new regions like Ulwe, Khalapur-Khopoli, Neral and Karjat because there will be better road and rail connectivity in the coming years”, says Namrata Pandey, Managing Director, Evente Clinic.

Below are some of the reasons why one should be investing in Navi Mumbai:

  1. Navi Mumbai is comparatively less crowded than any other area in Mumbai. This can be the case because of how well planned the city is.
  2. CIDCO proposed the construction of an international airport in the Kopar-Panvel area of Navi Mumbai. It has allotted 1000 acres of land to rehabilitate those displaced by the project. CIDCO also announced the development of a new township – Navi Mumbai Airport Influence Notified Area (NAINA), close to the airport, on 3000 acres of land. The construction of the international airport has created job opportunities, resulting in a large number of workers settling in the township. The construction has also brought on the development of Navi Mumbai in terms of its infrastructure and aesthetics.
 
  1. The state government’s proposal to build a 22 KM freeway linking Mumbai with Navi Mumbai is another major reason for the township’s popularity. The Mumbai Trans Harbour Link, which is still awaiting approval, would make Navi Mumbai easily accessible to the bustling city of Mumbai. The freeway, on completion, would be India’s longest sea bridge.

  2. Navi Mumbai has a designated Special Economic Zone. It is spread across 13000 hectares. This gives people the opportunity to find many jobs or set up a business there.

5. This level of infrastructure planning is a key factor behind the increased property rates in Navi Mumbai. Many new offices have opened here, including KPOs, BPOs and IT Parks. Not only that, many schools, as well as medical and engineering colleges, has become part of the skyline, thus boosting the rates of property in Navi Mumbai. Companies like Reliance, L&T, Accenture etc have their offices in Navi Mumbai.

6. It has good connectivity to Western and Central Railway. From Navi Mumbai you can easily travel to Kurla as well as Andheri through the local train.

7. Education – Navi Mumbai houses some of the best and finest schools. Airoli, Kharghar, Vashi, Nerul hosts some of the top-ranked Schools of
India.

8. In a move that could boost the property market in and around Navi Mumbai’s Kopar Khairane, the Maharashtra government has approved the plan to construct a smart financial-technological hub at Dhirubhai Ambani Knowledge City (DAKC), double the size of Mumbai’s Bandra Kurla Complex. The project will be constructed by Reliance Realty led by Anil Ambani and will house office space for the non-banking financial companies (NBFCs), information technology and services (IT & ITes). 

“The opening of the first phase of the railway line towards Uran has proved to be an icing on the city realty’s cake. More people now are looking towards MMR’s new regions like Ulwe, Khalapur-Khopoli, Neral and Karjat because there will be better road and rail connectivity in the coming years”, says Namrata Pandey, Managing Director, Evente Clinic.

If you are looking to invest in Navi Mumbai, we have some amazing properties to showcase. Get in touch with us for more details. Please feel free to write to us at support@eventeclinic.com.sg or you can call us at +65 97547616 and we will be more than happy to help.