the survey conducted by ‘IMRB International’ and LG Corporation, Lucknow is the
second happiest city of India just after Chandigarh.
Hazratganj has no electrical wires
one of the areas which is situated at the heart of Lucknow is unique in its own
way. The electrical wires are all underground which adds beautification to this
area. Really interesting fact about Lucknow.
Lucknow’s clock tower is the tallest in India
The clock tower of Lucknow which is known as
Husainabad Clock Tower is the tallest clock tower in India. It was built in
1881. This clock was built as a replica of BIGBEN clock tower of London.
Lucknow Railway Station
Railway Station is the place where Mahatma Gandhi met Pandit Jawaharlal Nehru
for the very first time in December 1916.
Lucknow has the longest Race-course
race course in the city is the longest one in India. The length of the track is
3.5 km. It was established in 1880.
Bara Imambara is the largest hall in Asia:
The construction of Bara Imambara hall was started with a sole purpose
of providing employment to the people. It took six complete years to complete
this hall. The construction of this hall was completed in the year 1791. It is
also the largest hall in Asia without any external support from wood, iron or
Reservoir of Crocodile and Alligator
located in the city is said to be the largest crocodile and alligator reservoir
in the Asian continent.
That’s how you are welcomed in the capital and the largest city of Uttar Pradesh, situated on the banks of river Gomti and about 45 miles (72 km) northeast of Kanpur. Lucknow is not just a city, with a rich heritage to its name, the city of kebabs and nawabs resonates the treasure of architecture and history, of literature and culture – in a nutshell.
of Nawabs as the slogan of the city says the region has a slice of rich
colonial history to modernized museums, this artistic hub of Awadh, beautifully
brings together the opulence of a glittering past and the simplicity of a
modern city. And if you thought this is all, we have something special for you,
to the survey conducted by ‘IMRB International’ Lucknow is the second happiest city
in India. As of November 15, 2017, which is merely 70 days into its operations,
the Lucknow Metro has crossed the 10 lakh mark in terms of ridership.
City the Beautiful –
Old Lucknow –
Rumi Darwaza, the Mughal Gateway built in the centre of the capital divides Lucknow into ‘Old Lucknow’ which is ancient, crowded, a bit narrow, and a big food hub, wholesale jewelry lakhnavi chikan market. On the other hand and the ‘New Lucknow’ is urban and one of the most planned cities of Asia.
New Lucknow –
With sprawling shopping malls, parks, Hi-rise buildings, international cricket stadiums, wider roads, planned architecture make the city a true cosmopolitan with people of varied cultures and areas from across the country. The most famous among these are the parks like Ambedkar Park and the Gomti Riverfront Park, both ideal places truly give the sense of calmness within the chaos. The families, tourists, and locals can daily be seen taking a walk or admiring the built of the structures during the evenings or even late nights.
For the shopping frenzy, you have Hazratganj, which is the mouth-watering space for shopping, food, and some unique experiences like – you don’t see electric cables hanging around that enhances the beauty of the area like never before and more so if you have an eye for detail, you see most of the shop’s names, and signage marked in black and white only. Right from the international wizards like Nike, Pepsi, Gucci to the local shops, all of them are marked in black and white signage throughout the market. For foodies, the same place offers its world-famous ‘gol gappe’, ‘chaat’ and ‘kulfi’ eateries, posh Mughlai restaurants, and various shopping complexes. All the buildings in Hazratganj have a distinct Victorian architecture, and you can shop for literally anything – starting from inexpensive accessories and trinkets to high-end clothes, shoes, and jewelry.
The people of Lucknow are known for their courtly manners and endearing ‘Pehle aap‘ (you first) culture, which always leaves behind a smile on the faces of its visitors.
Lucknow is the home
to a number of the various prestigious institute that includes
Indian Institute of Management Lucknow (IIM-L),
Indian Institute of Technology Lucknow (IIT-L),
Institute of Hotel Management Lucknow (IHM-L),
Indian Institute of Toxicology Research,
National Botanical Research Institute (NBRI),
The University of
Lucknow and many more. You hardly find so many important institutions in a
single place and that is the beauty of the city. Let it be higher studies or
the school level, Lucknow offers the best of the best and hence if you are
living in the city you don’t migrate to other places and save a lot of cost and
Lucknow is the
Headquarter for the Badminton Association of India. Junior level Badminton
players receive their training in Lucknow after which they are sent to
Bangalore. Also, The Lucknow Race Course in Lucknow Cantonment is spread over
70.22 acres (28.42 ha); the course’s 3.2 km(2.0 mi) long race track is the
longest in India a.
Not only this, but Lucknow
also hosts the International standard Cricket stadium, Various cricket
academies, Tennis academies, Major Dhyanchand Hockey Stadium to name a few.
Being a landlocked
city and quite away both from the Sea and the Mountains, Lucknow runs in
extreme weather conditions. All the variants of the weather can easily be
witnessed in Lucknow throughout the year.
Winters in Lucknow – From November to March is the winter season and is the best season to visit the city. With the minimum temperature going as low as 2 degrees one can enjoy the fog and dim sunlight during the days. Summers in Lucknow – April, Ma,y and June dry, hot and windy with the mercury soaring to as much as 45 degrees, the city reels under extremely humid conditions during the Monsoon rains during Jul August, and September.
If you planning to buy an apartment or flats in Lucknow? Rush to the projects by Paarth Infrabuild, which are constructed keeping in mind the different requirements of the buyers. Paarth Infrabuild offers luxurious and comfortable household spaces which will match exactly with your dream house. There are four major projects by Paarth Infrabuild i.e. Paarth Republic, Paarth Aadyant, Paarth Arka and Paarth NU. Each project is different and has its own unique features and all the projects are eco-friendly.
Have you ever thought that if money was
never an object you could have bought your dream house? That might be a cozy
villa having a private garden as well as swimming pool or a private condo
having sea view like it is shown in James Bond movies. Thinking? You might go
out of your budget.
Everyone has an idea of their dream homes but as money as an object comes into the picture your aspirations are toned down. Most of the home-buyers when decide to convert their dream home into reality by stretching their finances they might end up denting their finances. But not anymore, affordable housing scheme helped many people to fulfill their dreams to buy their own house. The slowdown in real estate sector also lightens the burden of the buyer. A few years back rates of the property were hitting the roof but today home-buyer can a find a place to dwell for spending their life with their family.
The vision of Modi government that every citizen of India has their own house by the end of the year 2022. To back this vision the government is pursuing and encouraging the builders to come up with projects that fall under affordable housing schemes. Under this scheme, the target is to make house between 10lakh to 30lakh so that lower and middle class group can afford it. Even the home loans are available at a very economical rate. This will lead to increase the quality of living standard of people.
Projects under the affordable housing schemes are launched in states Punjab, Uttar Pradesh, Rajasthan etc. and the state government is providing all the possible assistance to the builders. As per Times of India, their government has made two classifications for Middle Income Group (MIG).
MIG-I having an
income of 6-12 lakh will get loan up to 9 lakh with interest subsidy of 4% for
a tenure of 20 years. Therefore at the end of tenure, the borrower will end up
paying an interest subsidy of 2.35 lakh for 9 lakh.
MIG-II having an
income of 12-18 lakh will get loan up to 12 lakh with interest subsidy of 3%
for a tenure of 20 years. Therefore at the end of tenure, the borrower will end
up paying an interest subsidy of 2.30 lakh for 12 lakh.
The Housing and Urban Development
Corporation (HUDCO) and National Housing Bank (NHB) have been acknowledged
as central nodal agencies to channelize this subsidy to the lending
institutions, including banks and financial institutions. Therefore, small
banks, non-banking finance companies and micro-finance institutions will be
recognized as primary lending institutions under the scheme.
Additional loans are also available at a non-subsidies rate. Under the scheme, widows, single working women, persons belonging to SC/ST, OBC, differently abled and trans-genders will be given preference.
If you are looking to buy a home in Lucknow this new
year, you must read this piece before you make a final decision. Why? We have
looked at various localities of Lucknow and are then making an informed
suggestion to benefit you both in short as well as long term. You need this
advice because a home buy will probably be the biggest purchase you will make
in your life.
Lucknow is one of the fastest growing cities in India
and has increasingly emerged as the preferred choice for buying a home for
anyone in eastern and central parts of Uttar Pradesh. A well laid out basic
infrastructure, already functional metro rail, an international airport and
excellent network of roads provide the basic wherewithal for a tension free
life here. Added to this is a well – educated and one of the most civilized
population groups in India. This is also the seat of political, judicial and
executive power of the largest Indian state of Uttar Pradesh. With a stable
government at the hub, the opportunities galore in this futuristic town.
When one looks at Lucknow, the city has grown in all
the directions in last few years. There are developments in Gomti Nagar
extension, Raebareilly road, Sultanpur road, Hardoi road and Kanpur road.
However, if you ask anyone in Lucknow his preference for buying a new home, the
answer in all likelihood will be Gomti Nagar extension or Shaheed path (which
is the official name), unless there are budget constraints, one is facing. The
rental values for flats in this area are easily 1.5 times a similar apartment
in the second best residential area. Despite a relatively new development, the
locality is being considered even by old Lucknowites to move in and stay.
The question is then, why this rush to buy homes in
this area. To get the answer, we should look at multiple factors. Gomti Nagar
extension has an excellent connectivity to the airport and the railway station
through Shaheed path. The second thing one looks at is the amenities in the
area. Whether you look for entertainment facilities or shopping area, there is
no close rival to this location. The largest and the newest mall, the phoenix
city mall is located here, which has got a gaming area and a multiplex. There
are multiple facilities for sports with an international cricket stadium, Ekana
cricket stadium located here. The area is also blessed with many schools
affiliated to different boards, where students from all over Lucknow prefer to
study. The medical facilities in the vicinity are the best in the town.
Another reason why this locality emerges as the most
preferred destination for home buyers, is the most modern apartment complexes
on offer by the best builders in the town. Whether it is large north India
based developers like Ansal or Omaxe or one of the best developer of UP, Paarth Infrabuild, the properties on
offer here have the most modern amenities.
offers the best located projects Aadyant and Arka in this cluster. These
projects are situated adjacent to Phoenix city mall and the cricket stadium and
have the best amenities on offer.
Imagine living in a neighbourhood where everything you need is a stone’s
throw away. Sounds too good to be true? Well, integrated townships
have made this dream a reality and therefore, have fulfilled a lifestyle need
of new age home buyers.
Self-sufficient integrated townships are fast becoming the order of the day, and
are popular among developers and
It is an ultra-modern and cosmopolitan real estate model,
featuring the combination of residential and
commercial complexes with
associated infrastructure such as schools, colleges,
shopping centres and
various other facilities. Traditional urban living is plagued by a range of issues such
as overcrowding and shortage of space. Integrated
townships help combat these problems by creating miniature
urban ecosystems that offer an abundance of space, security and accessibility.
From cost-effectiveness to convenience – the range of benefits offered by
integrated townships are endless.
Access to Essentials
The COVID-19 pandemic served to demonstrate the need for easy accessibility to
essentials, as the movement was heavily restricted. Living in an integrated
township ensures that you never have to worry about getting to a supermarket or
hospital again. All the benefits of city life are offered within the project,
with all essential services being
available at close vicinity. By choosing an integrated township,
you can wave goodbye to all the hassles of commuting!
Environment for Children Urban
causing children to become increasingly cooped up in cramped apartments,
resulting in excessive use of technology and lack of exposure to open, green
townships effectively combat this issue through the creation of numerous
public spaces for children such as parks and
playgrounds. Moreover, the presence of creches and day-carecentres make
it a convenient place to raise children, with heightened security also
ensuring peace of mind for parents. Townships enable children to grow up in safe, clean and green spaces, with no
dearth of opportunities to run around and enjoy their childhood.
Value for Money
While a township property may seem like a large investment, a
closer look reveals that it is more cost-effective than buying an independent property. As townships are
often located in the outskirts of cities, they offer a wide range of amenities
at reasonable prices, while ensuring great connectivity to the
main city. Moreover,
townships offer a better return on
great potential rental incomes. Additionally,
offer the added advantage of lower maintenance costs, as service taxes and
maintenance charges are distributed over a large population.
Apart from essentials such as schools and supermarkets, integrated townships
also feature a range of facilities and benefits to enable an optimal lifestyle.
These projects offer an escape from the claustrophobic city, with an abundance
greenery and open spaces. Moreover, the reduced need for long commutes also allows you to spend more time
doing the things you love. Provisions for jogging, yoga,
other enjoyable activities make living in integrated townships an extremely
wholesome and satisfying experience.
There are, however, very few integrated township projects in
Republic is one such project, which is in advanced stage of development and
offers various residential
options to meet requirements of different budgets.
The real estate
market in India is going through an interesting phase. While on one hand, the
reducing home loan interest rates and stable prices are attracting new home
seekers, the current home owners are looking to upgrade on the other. The mid
income segment housing space is heating up and the data suggests that there is
a fast increasing trend in enquiries.
The data for
different towns and projects in India shows, that over the years 2 BHK homes were most
preferred by new buyers everywhere. This also resulted in a skewed planning by
developers, which favoured a higher percentage of homes to be constructed as 2
BHK and very few as 3 BHKs. However, with improving income levels and
increasing lifestyle demands, a certain shift towards 3 BHK apartments is being
observed. These 3 BHKs are also offered in some cases as 2BHK+study
configuration, making these more affordable, while providing that extra room that
can be used as needed.
If we look at
the evolution of this demand, we can find a few strands of it in the way the
society is growing. As the nuclear families have become more common and a
typical family has 4 members, including 2 kids, the requirements of 3 rooms
beyond the living room is a basic requirement for a typical middle class family
in cities. It is no more an acceptable trend to accommodate guests in the main
bed room or in some temporary sleeping area. The kids rooms are also designed
in a way that they can’t be used for guests, therefore the need for a third
bedroom is felt by most mid-income families.
why this trend for 3
BHKs is increasing is the affordability. The incomes have increased, while
the prices have not moved up for homes over last 3-4 years. With interests on
home loans at the lowest ever levels, suddenly the same EMI can help buy a
bigger apartment. There are instances across India, where a builder has also
helped the existing buyers waiting for possession, upgraded to a larger unit
without changing the financial impact to the customer, using a decrease in interest
cost of nearly 2-2.5%, to cover for the additional unit cost. That has also
been welcomed by buyers.
A huge jump in 3 BHK homes in
non-metro towns, like Lucknow is also observed due to the offered price point.
A 3 BHK home in
Lucknow can be bought for 60-80 lac, a sweet price point for most families. The
other reason which has apparently pushed more people towards a larger unit is
the impact of work from home employees. With pandemic starting a new preference
both for employees and employers, where work from home is quite acceptable, the
need for larger homes is felt more than ever. The extra room which can be used
as a temporary office setup, can also be used as a guest room, when needed.
Paarth Infrabuild offers beautiful and well-designed
3 BHK homes in
different projects in Lucknow at prices which are attractive for md-income
Every home, even if constructed with the same
design, feel different. This difference comes in due to the ways one decorates
or maintains his home. No wonder, the home reflects the owner’s personality in
more ways than one. The design of your home can be an expression of yourself and you build a
story through the colours and styles that you choose. Your home is your haven,
so when it comes down to it, it should reflect the people who live in them.
There are many ways it happens. Let’s look at these, which can bring you closer
to the vibes of your home.
If you are someone who likes to be organized in life, then the chances are that your house will be clean and spacious, and there won’t be a pile of clutter in sight. Homes with lots of storage and simple designs reflect those who are logical and calm, and like to have things planned out.
who love the outdoors, homes will be full of plants and flowers, with a garden
bursting at the seams. It is important to make sure your home reflects your lifestyle,
as how you feel in your day to day life should be the same when you’re in your
There are many different ways that
personality can be reflected through the accessories around your home. You may
be a fairly quiet person, but the yellow cushions on your sofa or the floral
tablecloth you choose in your kitchen could reflect your positive outlook in
The pictures you have on your walls or the
designs you choose for your curtains could also reflect your love of animals,
without actually taking over the house. It’s nice to inject your personality
into all the different accessories around your home and garden.
A great way to find out about someone is to learn about his or her experiences, and often these can be seen around the home. Homeowners that spend a lot of time traveling often bring home keepsakes and trinkets that can be found in various rooms, showing the experiences that they have had in life.
The experiences you have tell a story and are
reflected in who you are and how you feel, and this is then reflected in your
home decorations. It’s great for someone to be able to walk into your home and
really feel that it represents you.
The way you decorate your home can definitely
affect the dynamics of any relationships you have in the house. Think about all
the different people who live with you and how their personality could also be
reflected in the way your home is decorated.
If you have kids your home may have some
smaller pieces of furniture or rooms with brighter walls. If you live with your
other half, you may choose colours that reflect love and romance, turning your
house into a warm and cosy home to share together.
Paarth Infrabuild offers homes, which one can customize to a great extent basis his personality and lifestyle choices. There are homes of different sizes and designed differently, creating communities around these choices the customers make.
In last decade, the age of home buyers has gone down and
number of home buyers has increased substantially. Taking advantage of the same
boom, the developers have started to offer the customers with different
types of housing projects, for their ease and to cater to their interest.
However, there are some fly-by-night developers who have
entered the trade to make some quick money. They would typically release
attractive advertisements and offers to lure customers. There are also some
developers in every market who have delivered good projects in past but are
facing huge financial crisis. Therefore, a critical part of a home-purchasing decision
is background check on developer. So what should one look out for:
Choose a developer who has delivered some projects in the
Check out for a financially strong builder. You can do a
google search on the developer to see if he has defaulted on some payment etc
or taking huge loans. It’s better to avoid such a developer even if he meets
the criteria 1.
While it might sound like some work, a due diligence at
this stage will help you to avoid disappointments later. Some of the benefits
that one can enjoy by purchasing a home through a reputed developer:
A reputed developer who has multiple projects, will have
his own setup to oversee the designing and the construction process. This
ensures one gets the most state of the art design, which are functionally
useful and provide living comfort for a long time. Typically, a developer with
a quick money in mind, doesn’t create his own setup and gets contractors to do
everything. This results in compromising quality as the contractor is not
bothered about his long term reputation with the end customer.
Transparency in dealing
A reputed and large developer will have a process to take care of any concern raised by a customer, something which is very important in buying a product with deep engagement. There is a process of 3-4 years during which you need help on aspects like checking progress of the project, payment reconciliation, documentation etc. Small developers don’t have CRM department to handle these queries and ever changing sales people are of no help in such situations. Also, with a large developer, everything will be recorded in writing or through a mail. Registration of projects with RERA also ensure a certain minimum transparency by the builder. The projects offered on individual basis by small builders in unorganized sector are not even registered with RERA and offer no specific details.
Easy accessibility of Home Loans
A reputed developer will already have a project approval
done for home loans for its customers through reputed financial institutions.
In such a case, it becomes extremely easy for a customer to get his home loan
processed. In some cases, financial institutions also offer special promotions
on home loans like subvention schemes or special interest rates for home loan on
such residential projects.
Timely Project Delivery
and reputed developers ensure that they keep their commitments to the customers
and therefore use modern project management techniques to ensure customer
Paarth Infrabuild is one of the most
reputed developers of Lucknow. They have multiple projects in the city and
offer best value for money to its customers with transparent offers.
2020 though affected adversely due to
beaten customer sentiment, saw good traction for residential real estate
towards the end of year. Q2 of calendar year was absolutely poor as most of the
country was under lockdown, but the pace of recovery intensified with
residential real estate sales increasing
by 51% in Q4 2020 when compared to Q3 2020. This is as per the recently
published report Residential market update report for Q4’2020 by JLL.
Sales picked up on the back of
historically low home loan interest rates, stagnant residential prices,
lucrative payment plans & freebies from developers coupled with government
incentives such as the reduction of stamp duty in some states like Maharashtra
& Karnataka (for affordable housing). The easing of lockdown restrictions
and the ongoing festive season further aided in bringing buyers back to the
On an annual basis, sales in 2020
recovered to more than 50% of the pre-COVID volumes witnessed in 2019. The
markets of Hyderabad, Mumbai and Delhi NCR gained maximum foothold in 2020 as
compared to 2019.Some markets like Lucknow, in fact, experienced a big rebound
in sales and helped developers to increase prices of properties also, which had
been stagnating for last few years.
While there is still a long way to go, the
worst is behind for the residential sector, reveals the report. It says the
challenges faced by residential real estate in 2020 have, in fact, become the
catalyst in providing stimuli to the industry for sustained growth. With people
spending an inordinate amount of time at home, the lockdown re-established the
importance of owning a house. At the same time, the Central Bank(RBI) is
leading the way to recovery by holding policy rates at historically low levels
to initiate a cycle of consumption-led growth. This
has resulted in extremely low mortgage rates. And, prices have also been
stagnant for the past few years. This affordable synergy makes it a great time
to purchase a home. Furthermore, the market is also witnessing renewed
interest from Non-Resident Indians (NRIs).
significance of owning a home to avoid the uncertainties of living in a rented
accommodation was reinforced during the pandemic. The desire to own a home is
perhaps now stronger than ever. Moreover, while end users continue to drive
demand, there is renewed interest from investors and from Non-Resident
Indians (NRIs) impacted by economic uncertainties in Europe and the Middle East
and they find India to be a safer place than the place they are inhabiting
pandemic has also changed the preferences of homebuyers and has been bringing
in new dimension to property search. A healthy lifestyle will be a key
criterion for homebuyers in the post-COVID era. Resultantly, preferences will
tilt towards larger homes in self-contained complexes with facilities like gym,
green open spaces and access to daily necessities. Moreover, with work from
home becoming a reality, product configurations are likely to change with bias
towards larger homes.
remote working practices will increase the attractiveness of suburban markets.
Suburban markets offer lower density environments and more spacious apartments
at affordable rates. Since, travel to office may no longer be an everyday
activity, the importance of connectivity to office hubs will no longer
dictate home purchases.
is also pertinent to note that project delays, could be cited as one of the
biggest reasons behind a demand slowdown that has gripped India’s residential
market in the last few years. Therefore, demand for ready-to move-in homes
or homes in advanced stage of construction is likely to remain strong. Also,
the effective and uniform implementation of RERA across Uttar Pradesh is
expected to improve the confidence of homebuyers and ultimately, lead to
greater sales traction in newly launched and under-construction residential
2021, a further improvement in sales across all housing segments is expected.
However, development focus on mid and affordable segments is expected to
continue. In 2020, more than 80% of the new launches were in the sub Rs 10
million category. Moving ahead, new launches will remain concentrated in these
price segments with developers trying to reap the benefits of strong pent up
demand in these segments. The government is also committed towards boosting
affordable housing. The recent Union Budget has extended the benefit of
additional interest deduction on home loans for first time home buyers in the
affordable segment. Further, there is a time extension to claim the tax holiday
on profits from affordable housing projects until March 2022.
organised housing market in India has seen the influx of several organised
players in a bid to tap the opportunities arising out of the strong demand
from a growing millennial workforce. This brought back in focus the modern
lifestyle offered by state-of-the-art township designs. The
large open areas and facilities contained within are great reasons for
customers to flock to these projects. In Lucknow, there are very few options
like these available with reputed builders in a modern environment. There will
be an increased focus on health and wellness aspects in the post-COVD era,
which is expected to drive demand for organised and all-encompassing housing
Republic township offers its customers these advantages to adapt to the
changing lifestyle requirements.
Another important aspect which is increasingly being seen in towns like Lucknow is the senior citizens living alone. These senior citizens living alone were the most impacted during the pandemic. The role of an organized township with modern healthcare facilities becomes all too important now. Only a self – contained residential complex can be designed with senior friendly amenities such as medical support on call, services for food, housekeeping and assistance around the clock, which became more prominent during these trying times. This has increased the attractiveness of such facilities and demand for organized senior housing setups is expected to pick up in the near future.
If 2020 was the year that
changed everything, 2021 may be the year where change becomes the ‘new normal’
and adapting to this ‘new normal’ will require imagination, innovation and
digital transformation. The arrival of 2021 will not shake off all the
challenges of a pandemic-riddled economy but the groundwork for a sector-wide
recovery has been laid. The year is poised to establish itself as the year
where India enters a new phase of real estate growth, innovation and investment.
With strong financial
republic is continuing the construction and provision of other facilities
and therefore is finding traction with new customers.
Your home is one of your biggest purchase. A proper
budget has to be planned to know how much money will be left each month to meet
your expenses, after accounting for home loan EMIs. It is therefore, very
important to look at your past savings for the purpose and estimate how your
future earnings are expected to move. It may be simpler for a salaried person,
though may involve some serious work for a business owner or a self employed
professional. One should also account for any future expenses that can be
accounted for now, like children’s educational expense etc.
Step 2 : Assess Family
Remember, you are buying a home
to ensure that your family enjoys living in it. Different members in the family
can have different interests and expectations from new home. It is critical to
understand their requirements before you set out on home search. Your family
size will help you determine the number of rooms that you need. You may need
extra room, in case, a family member is a professional or work from home
executive. Older parents, similarly may need easily accessible open space as
well as medical facilities nearby. All these along with future needs should be
considered while planning to buy your dream home.
Step 3 : Location
It is essential to decide on a few areas where you want
to buy a home. It can depend on location of kid’s school or your office. There
may be other specific considerations for the family with reference to location
and all of these should be brought in, before filtering the preferred
locations. Take a good look at the location and the locality by visiting
shortlisted areas at different times of the day. It is preferable to choose a
developing area, adjacent to the prime business district of your city so that
the price is not that high. Location will also have a large impact on the
resale value of your home. Choose wisely to ensure your home is a wealth
creator for you in future.
Step 4 : Rental rates in the area
The rental rates in an area are a good proxy to
understand how people in general perceive an area for living. Since these rates
are decided by people based on the amenities in the locality, and the general
advantages the locality offers, compared to other locations, it can be a good
comparison for several shortlisted locations. Typically a project with higher
rentals will be closer to work areas and required amenities like schools and
Step 5 : Resale Value
Resale Value is an important thing to consider before you
plan to invest or buy a property. Property buyers generally don’t consider this
point, when they buy. They make the mistake of focusing solely on a prime
locality or the budget of the property. If you choose the wrong property or
location, it is possible that your future sales price will always be less than
the other homes around it. It is important to look at your home also as a
wealth multiplier over a period of time, as at some point of time, you may plan
to sell it and buy a new house.
Step 6 : Loan eligibility
Home loan eligibility depends upon the repayment
capacity, income, existing loans or debts and age of the loan applicant. The
lending company or banks provide online services such as home loan eligibility
calculator or pre-approval of loan. These will help calculate loan eligibility
of the home loan borrower and therefore help in deciding the budget for your
purchase. The maximum loan that can be sanctioned varies with the banks and the
eligibility criteria may vary according to the bank or RBI regulations. It is
also worthwhile to check the documents that will be needed for availing a home
loan and the interest rates offered by different banks. Although, now most of
the prominent developers have a facilitation cell for home loans.
Step 7 : Stamp Duty & Registration Fee
This is an important expense or tax, much like the sales
tax and income tax that are collected by the Government. When planning your
budget for property buying and deciding to buy a property, you need to know the
rate and charges applicable in your city. If you want to know the market value
of your property and the stamp duty amount on it, you need to contact the Ready
Reckoner to locate your valuation zone and sub-zone. These details are
available online as well as the builder team can guide you on it.
Step 8 : Additional Costs
Even if this isn’t your first time home buying, you
will want to get help from a team of professionals. Fees or service charge by
real estate agents, lenders or mortgage brokers, home inspector, land surveyor,
lawyer or notary etc should be considered. Find out how much is the maintenance
charge. Will car parking be provided and do you have to pay extra for it. If
your previous owner did not have a vehicle, speak to the secretary of the
society and ask for a parking lot. Also, you should consider getting your home
insured, which will also have a cost.
Step 9 : Developer credentials
Different developers have varying
motivation behind a project development. There are some developers, who have
multiple projects in the city or elsewhere and therefore, they want to give a
lasting value to the customers, expecting to earn a goodwill. At the same time,
there are some whose only interest is in making quick money. It is, therefore,
important to do a thorough check on the developer before you sign on the dotted
Step 10 : Approvals
There have been multiple
instances when developers launched a project without getting all the approvals.
Though, with RERA, the instances of the same have reduced but there are still
some people who try to play on customer’s ignorance. It is important to check
all the necessary approvals – like RERA approval. You may visit RERA website to
get complete details as shared by a developer with the authorities and then
cross check the details given by developer representative with these.
If you take care of these steps,
your home buying experience will be smooth and you will enjoy long term
happiness. The process may take some time, but when making an important
investment decisions, it is worthwhile to spend this time.