How Will The COVID-19 Second Wave Impact the Real Estate Sector?

India has been hit by a huge second coronavirus wave. The economy has been impacted surely skeptically by the coronavirus wave. The real estate developer has manifested an eagerness to learn from the events that unfolded and impacted in 2020 lockdown.

Maharashtra, Delhi, Rajasthan are some of the major regions that are highly affected due to the Coronavirus outspread. The second lockdown has caused hindrance the real estate, where laborers are migrating outward. Let us have a look into the impact the real estate industry has gone through due to the situation of COVID.

Current Scenario of Real Estate in India

The stringent restrictions and relentless rise of lethal COVID-19 have majorly affected the outlook of real estate especially that of commercial properties. The recovery witnessed in the past six months might get hampered in the real estate as reported in the analysis by CARE Ratings.

Upscale projects in urban areas have been frozen and reverse migration of under construction laborers is affecting real estate and significant adverse changes are anticipated for the prices.

Nowadays, Real Estate Companies are well aware and prepared for the situation thanks to improvised strategies and working in real estate. The recreation & retail activity has witnessed a downfall by 25 percent observed as of April 7, 2021, as compared to February 24, 2021, as per Google mobility data. Nevertheless, strict restrictions on Hotels, Shopping Complexes, and commercial places are confronting challenges and a drop in profit levels. in addition, there is no report when restrictions to visit public places will be uplifted.

Lessons Learned from Lockdown 1.0 and its Implementation

The outbreak of the COVID-19 is worse now but situations in real estate are not as skeptical as compared to Lockdown 1.0. the stringent lockdown restrictions are not imposed which were practiced earlier as only localized lockdown with the exemption for different activities is imposed by Government.

In 2020, a complete 21 days lockdown was announced that caused a major hindrance in work. As stated by the Construction Workers Federation of India that during 70% of laborers migrated in 2020 as compared to the previous scenario migrants aren’t moving in such a large number.

Learning from previous lockdown CREDAI (Confederation of Real Estate Developers Association of India) ensured to provide construction laborers proper accommodation and suffice their basic amenities such as medical assistance and groceries with better hygiene and safety.

The CREDAI assurance can be experienced with practices of COVID-19 regular on-site tests and medical isolation privileges provided. The assurance of on-spot medical attention and enhanced hygiene is a relief for laborers certainly.

The carelessness during the current situation is what makes it worse so it is better to practice safe distancing, proper sanitization along getting a jab of vaccine to prevent things from falling apart.

Expecting Quick Normalization of Situation

Government support and awareness of the current situation is likely to show a positive impact on the real estate sector certainly. The exemptions and localized lockdown by the government are making is helpful to get back to new normal soon. The awareness of Lockdown has highlighted the importance of housing assisting the sales of Residential properties. Online webinars and virtual home tours are some helpful tactics that are proven to be optimal for Real estate.

Given the choice of easier home loan availability, property affordability, and added benefits, customers are attracted to properties majorly.

In addition, according to RBI’s new update on the cut of the repo rate by 25% is making home loans and residential properties an ideal deal for customers. Seeing the effective practices of real estate companies employment opportunities are provided as well which is surely a positive indication amid crisis.

The alarming spike of coronavirus cases construction activities in urban cities like Mumbai, Pune, Delhi, and others must be taken into consideration. desire to own your dream home and properties may drop amid trying times making customers hesitant to invest not knowing what’s next to come.
It is equally important to practice rightful practices such as virtual tours, minimal physical site visits, restrict unnecessary movement and proper sanitization to get back to the new normal. It is the need of the hour to be highly aware of the present scenario and take necessary precautions.

In the end, it can be said that real estate is being impacted majorly especially in a major drop in retail and recreation activity. However, with the lessons learned from the previous lockdown, and implementation of better strategies is being practiced to minimize the impact. The desire to get your own house among home buyers is prevalent and current interest rates are making home deals even more appealing but due to unprecedented situations customers may become hesitant to invest.

We expect situations to get back to normal quickly and once it happens the present curbs shall be put to an end. Stay safe and stay positive for the New Normal.

 

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How to Pay Home Loan EMIs If You Loss Job Due to the COVID-19 Pandemic?

 

We mentioned below are steps a home buyer can take, if his income sources have been impacted because of this crisis.

As we all know that the second wave of the Coronavirus pandemic assumes massive proportions. Those who are servicing long tenure loans like home loans have additional reasons to worry, apart from staying safe during this crisis. How would one pay the home loan EMIs, if they were losing their job?We are highlighting apt measures to opt, in case you lose your job to pay EMIs, considering reading until the end to know more.

7 Apt Measures to opt to pay EMIs if you Lose Your Job

1. Seek Benefit from Moratorium period/EMI Holiday:- In the Year 2020, RBI showed an attempt of relief to EMIs payers amid the Novel COVID-19 Pandemic along with dropping the repo rate by 4%. People encountering struggle to pay their EMIs could postpone payment under Moratorium. You can look for the benefit as once you are able to pay the EMI with Interest and your credit history will be fine as well. In April 2021, RBI governor Shaktikanta Das said there was no need for a loan repayment moratorium ‘at present’, stating that businesses were better prepared to face the situation.
2. Use Provident Fund:- Dearness allowance (DA) from the Provident Fund can turn out to be helpful in paying the cost of EMIs. In march 29, 2020 government permitted 60 million subscribers for the Employees’ Provident Fund Organization for withdrawing 75% from their savings.
   Provident Fund would be sufficed for EMIs till you find your next job. Additionally, short term credit period makes the provident fund option, a righteous choice to go along with.
3. Pay from Severance Money:– When the organization terminates any employee, the organization tends to offer money that is equal to salary for the tenure of the notice period. The amount you get paid as severance money can become a big relief in such a crisis where your credit history wouldn’t be ruined as a defaulter. If the money is paid handsomely, it will be enough to save one from the additional interest in case of missing an EMI.
4. Gain Benefit from Investments:-
   Investments are meant to come in handy in such times so digging into your investments is an effective method to pay EMI. By breaking recurring deposits or fixed deposits. Borrowing money from lenders at reasonable interest is another optimal way to pay off your debt. Lending Money on Investments made is a preventive measure from paying hefty interest for defaulting home loan EMI.
5. Pick for Loan against Insurance Policy:- Do you know life insurance cover is an aid that will be proven to be beneficial in such circumstances? In case you have left no option to pay EMI, choose to pick for loan against the insurance policy. Insurance Company will help to disburse your demand quickly as per details and debt amount would be something suitable & convenient for you to pay. In contrast to the personal loan, the interest rate on a loan against an insurance policy is much cheaper and borrower-friendly.
6. Asset Liquidity to Pay off Debt:- Liquidate your assets at this juncture for paying off the debt of a Home loan. Selling gold or other jewelry can arrange adequate funds to meet your requirements. Gold prices are often at a high spike nowadays benefitting you to attain maximum from liquidating your assets. Selling off your personal assets such as electronics, automobiles, and others may allow you to arrange a handsome price in such need.
   Financial institutions do offer loans against gold and the interest rate on gold loans is quite appealing starting from 7.25% to 18% P.A. Furthermore, Gold Loans are easily available if the asset is premium.
7. Assistance from Family & Friends:- Taking support from family and friends who can afford to lend you money for time being Additionally, support from family & friends will provide you the advantage of not paying higher interest on the borrowed amount, along with if you are not able to payback on time you can ask to extend the tenure which wouldn’t be difficult.

Nevertheless, it is suggested to make the duly payment of the borrowed money as being a defaulter in such cases might distress your personal relationships.

In the end, there are considerable measures that can come in handy to help you amid the COVID-19 pandemic to pay your EMIs. Choose the most suitable option mentioned above to prevent from defaulting your home loan EMI and stay safe.

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What are Post COVID Impact on Real Estate?

 

The Unprecedented Outbreak of Deadly Corona Virus has shaken the world thoroughly. The COVID impact is quite evident in all these sectors however it has lead major impacts on Real Estate in India. The second wave of Corona has spiked thirteen fold increase in cases with an active number of 3,79,308 cases.

In the Year 2020, everyone Learned New Normal of Work from Home however there are different changes that took place in real estate. Due to Lethal Resurgence of COVID-19 real estate may get off track Despite the New Normal as reported the Realty Experts. In India corona cases has surpassed United States and Brazil in terms of active cases with 12.8 million cases. The Corona Spike has affected Big Cities like Maharashtra, Delhi, Rajasthan, Gujarat and Orissa extremely. Strict Restrictions have been imposed in different side of nation with Night Curfews, Weekend Lockdown, and Part-Lockdown.

Observing the Current Condition, Home Buyers are likely to get affected due to COVID-19 and Demand for Real Estate property may fall as well. However, Different Practices are getting into force by Banking Institutions for instance Apex Bank on April 7, 2021 chose to sustain Policy rates with Status Quo. In addition, SBI has decided to Raise Home Loan Interest Rate by 0.25% which is a clear indication of Banks backing off from low interest rate scheme imposed in the previous Lockdown in 2020.

Major Impacts:

1- Increase in Affordability of Properties

A Major Impact is to be anticipated on the behavior of Home Buyers as Home loan Interest rates are low but with higher exemption. Residential Sector may witness the higher sales considering the Sales number during January to March 2021. Home buyers can attain Home Loans at 6.65% annual Interest as RBI is going with Continue with the same Repo Rate that is 4%. For the Home Buyers it turns out to be the happy news as contrast to January 2020 where a higher rate of 8% was witnessed. An affordable housing will be a favorable outcome to occur proffering an opportunity to acquire Properties with affordability.

2- Downfall of Commercial & Retail Real Estate in India

Pandemic effects can be seen as a serious concern for the Commercial & Retail Real Estate in India as work from home concept has dropped down the leasing deals of the Office spaces. an amount of 35 lakh sqft in Jan-Mar 2021 has been declined that was 70 lakh sq ft as correspondence period in the Year 2020. Therefore, leasing transactions are likely to witness considerable downfall in the Retail Real Estate.

The Demand of the Flexible Workspaces has surged and also turned out to be a hit. In accordance to experts Flexible workspaces shall increase by 38 mnft in next one Year. The lockdown extension has made big downfall in Commercial & Retail Real Estate if it continues it may lead to serious concern for the industry.

What’s Good amid Pandemic?

The Higher spike in the COVID cases and restrictions is an adversary for everyone. Nevertheless, if we see what’s good in such situations there are considerable points that may arise a ray of hope among the realtors.

Restored Normalcy Due to Vaccine

The Year of 2020 introduced new lessons to everyone where we got introduced to new normal but also faced complications due to the lethal virus however in 2021 AstraZeneca’s Coronavirus Vaccine has given a sigh of relief. Economy is expected to witness momentum in 2021 & higher optimism due to introduction of Vaccine. A significant improvement in the economy status will be evident that’ll surely lead to higher growth.

Considering the current reports, Residential Housings is again getting stronger in sales and impact of coronavirus anticipated to be minimal in contrast to 2020. This is a clear indication of the full-fledged recovery of the Real Estate & reformation of multiple Efficient Strategies.

Rise of Remote working & Digitalization

The rise of remote working and digitalization is on peak all thanks to Covid Impact. the unprecedented situation made people smarter & efficient to find new way of working. A prolonged lockdown experiment has helped people not only to break the corona chain but to also exercise daily jobs with the help of digitalization. Multiple Revenue Targets have been met in commerce with the active access through digital Portals. in addition, rise of digitalization has taken down all the limitations related to work as now it can be completed from the comfort of home as well. accordingly, increase in efficiency and productivity of the employees without any wastage of time is a win-win situation.

Hence, we can say that technology has come out as the saving grace and key to cope up with Businesses.

In conclusion, Post COVID Impact in 2020 had extremely impacted the Real Estate. Better Days are expected in 2021 as amid growing corona cases Increasing Demand for Residential Properties is a evidence of it for Real Estate sector. Here’s an opportunity as during this time, Realty Experts in different sectors can readdress strategies for coping up with Pandemic Damage. However, the widespread of Corona cases has enlightened the need of Modern approaches to Business with transformational methods.

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Real Estate Best Investment Option during COVID Times

The Outspread of the lethal Coronavirus has affected the economy adversely. The entire nation has gone through a roller coaster ride due to the COVID-19 crisis. In between the entire chaos, one sector that has witnessed positive impact is No one else but real estate.

Amid COVID situations, there are considerable factors of the Real Estate Industry that makes it an ideal choice for Investment. Investment is a decision that must be taken with precision so here we are drafting points that can help you understand why Real Estate Investment during COVID Times is the Perfect Choice for You.

A Stable Investment Option

Investment is a vital choice that helps you coin up the big returns from hard-earned money you invests. There are a few considerable Investment options such as Stock Market, FD, Gold but Real Estate turns out to be the finest among all of them. Due to the ongoing COVID Situations, every other investment has become highly volatile but real estate is the Only One to be safer one. Not everyone in the business is a risk taker so the stability of asset turns out to be prime benefit assuredly.

Affordable Option

Residential Property Investment is ideal thanks to the Lower Interest Rate on Home Loans. Observing the Surveys taken by Industry Experts and Realtors it can be concluded that 50% of COVID 19 Investors in the Metropolitan Cities are keen to bounce back in the industry in the upcoming 3 to 6 months. Ready to Move Property options are being offered to the Buyers adding to their convenience with Higher Bank Loan availability.

Additionally, the Reserve Bank of India (RBI) has done Rate Reduction on the Repo Rate with a reduction of 7% levels assisting Home Buyers. Budding Home Buyers should not let go off this Lucrative Offer on Asset Possession. A Lower Interest Rate means Lower Rate of EMIs and Higher Savings adding to Safety of Future.

Consistent Government Support

In the contrast to the previous Real Estate scenarios, Government is being generous by presenting active Fiscal Support. Demand for the Residential Properties is witnessed to be higher especially among the Local. In contrast to 2008 when Interest Rate was on peak, today’s Rate Regime is Lower making Real Estate Investment a Stronger Choice. The Positive Impact of the Current Scenario is majorly evident among Realtors based in Metropolitan Cities where even midst COVID-19 Pandemic Recovery Rate is Higher. 

Lucrative Deals

Downfall in all sectors is a sad reality and the forthcoming of Uncertain Times may defer demand for middle class but easy payment plans things are expected to be balanced. Types of Deals Realtors are provided with nowadays is unlikely to be given without any festive occasions. High Prestige Developers may not present direct Lower Rate on Property Possession but complementary deals like off on car parking or waiver of charges is expected to be offered. The present interest rate is undoubtedly taking Real Estate northwards as a whole sector.

Multiple Investment Options

Real estate provides Investors the benefit of choosing Investment option as per their convenience. With a wide variety of Real Estate Property options, Investors are Free to Invest and access the world of benefits. From buying Residential Properties to Investment in Hotels, Retail Malls, Offices, Warehouses, & Leveraged Assets are great options to go along with.

Drop of Interest Rate is the best deal for Real Estate Investors amid such trying times. As mentioned earlier realtors can get possession of properties at lucrative deals & complimentary offers on Both Residential & Commercial Properties. Equity Appreciation on Residential Property & Rental Income & Investment Returns on Commercial Investment is a true reward for the Investors.

Buyers’ Market

Looking back at Previous Times of Real Estate where the Global Economy went under unfavorable situations such as the Oil Crisis, Dotcom Crash or Global Financial Crisis in 2008, the current scenario of Real Estate in Pandemic is far better. Nowadays, Financial Institutions are in a better position and offering Lower Interest Rates to grant loans which is favorable to the Buyers.

Developers have managed to outspread themselves across multiple sectors such as vacation Homes, Senior Residences, etc followed by Multiple Relevant Projects. When we take a look at such an outspread industry, the Real estate market is extremely favorable towards Property Buyers.  

In conclusion, we can say that Real Estate is certainly the best decision to choose amid the COVID-19 Pandemic as an Investment Option. Reviewing the wide variety of options to Invest, Lucrative Deals, Lower Rates offered by Financial Investors, all add to the supremacy of the Real Estate Industry. Nevertheless, some may not find Real estate convenient due to Lower Capital Appreciation during trying times. It is important to understand Rental Income has not always turned out to be a steady Option for Investment. Henceforth, Investment Options must be thought over and should be done with precision on the finest location with Industry Experts.

 

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Home Financing Options for NRI Buyers

Recent government and regulatory acts such as Real Estate Regulatory Act (RERA) 2016 and Goods and Services Tax (GST) have introduced the much-needed clarity and efficiency into the framework that has earned the NRI community ‘s confidence. Investing in a real estate has been much less difficult than it was before.

With the developers’ reputation and project completion date kept in check along with strict legislation for the various categories of property, there are also certain legal requirements under which the investment may be funded. NRIs real estate investment has risen rapidly in the last few years. In their business dealings, real estate developers are now more open and people put their faith in the builders to satisfy their dreams of owning a house.

If you are a resident of a country, buying property in India is very convenient, but when a non-resident Indian (NRI) decides to buy a property in India, there are many guidelines that regulate how to finance such a purchase.

The money to buy a property in India must come only through the channels of banking. As a consequence, payment cannot be made in the shape of a traveller’s cheque or in foreign currency. An NRI can also use the money in its credit account, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account kept in India. Key difference between these accounts:

• Non-Resident External Account (NRE): The NRE account, providing maximum protection, is an Indian rupee-denominated account. These accounts can be savings, current, recurring, or fixed deposits. Your earnings in other countries are credited in this account in Indian rupees and aren’t taxed.
• Non-Resident Ordinary Account (NRO): To control their income received in India, an NRO account is a savings or current account kept by NRIs in India. Account owners are free to deposit and handle their accrued rupee funds without any inconvenience. You may obtain funds in Indian or foreign currency through the account. However, TDS (Tax Deducted at Source) is subject to the interest you receive from this account.
• Foreign Currency Non-Resident Account (FCNR): As the name suggests, this account is a foreign currency account, and at that, a term deposit one. The interest gained on that account in India is tax-free.

Home Loans for NRIs

NRIs are authorised to buy property from banks or housing finance firms in India, by taking home loans in Indian rupees. The home loan can also be issued for the funding of the property by the NRI employee’s Indian employer.

Since NRI investment in Indian real estate is permitted only in business and residential properties, banks, too, can only fund these properties. Hence almost all banks offer NRIs home loans to purchase a house or one. One can likewise get a credit, for acquisition of land (non-farming), for developing a house in India. one.

The home loan application can be sent online, as well as offline. While many NRIs would be confused by the thought of securing a home loan as you have to be physically present in the bank or finance business it is no longer valid. India has gone global in its true sense and NRIs will procure online home loans.

The documentation would depend on whether it is a salaried employee or a skilled self-employed, and the country of residence of the NRI. Nevertheless, in all cases, copies of one’s passport and visa, passport-sized photographs and proof of residency in a foreign county will be needed.

Depending on whether the NRI is salaried or self-employed, in order to reap the benefits of the home loan, he / she must also serve a minimum stay time in the country of present residence. In certain situations, depending on the nature of the profession, they can need to do a review with the employer.

Banks may also insist upon a suitable co-applicant, or a guarantor of the NRI. The guarantor of the NRI, too, shall request documentation relating to evidence of identity, address proof and proof of revenue.

Payment of EMI:

EMIs on home loans can be charged by out-of-India remittances, a proper banking system, or debiting the NRE or NRO or FCNR account. The rental yields could be used for paying the NRI home loan in the event the property is let-out. The funds transferred from close relatives to the NRO account can also be used for financing home loans. If the property is bought for self-occupancy, a loan of up to Rs 1 crore against the FCNR or NRE account deposits can be used by the NRI to pay the home loan.

That is why it is essential for NRI buyer to hold any of these accounts.

Remittances out of India:

An NRI can access such funds in the event that the property is sold or purchased, but it is restricted to two assets. The sum repatriated does not exceed the amount denominated in foreign currency received either for purchasing or settlement of the loan as a remittance. An NRI is entitled to remit out of its specified form of accounts around USD 1 million in a year. This balance comprises the money remitted for a house’s sale.

Tax:

For any money trade in India, taxes can never be left out of the calculation. The government makes things simple as well. All an NRI has to do is submit registration and service fees at the time of booking a home, and they are entitled for all the privileges of an Indian citizen after this move. The property shall be taxable only if it is sold by an NRI within three years of purchase. If an NRI sells the property after three years, by investing in another property, they can offset the long-term capital gains tax.

Investing in Indian Real estate is a great option for NRIs, because the realty sector is boom promising high returns in future & home loan rates are also very low right now which is very beneficial for you. To invest in Northern India, SBP Group is best option for you as we are No. 1 housing company in Punjab, providing only the best housing property with top notch amenities to our customers.    

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Can an NRI purchase or Own a Property in India?

India is now a real estate investment hotspot and certainly not only citizens of India are seeking to get a lot for their future potential, but non-resident Indians are now willing to invest in commercial and residential real estate projects. Such investment comes with higher returns and a method of generating surplus investments.

Non-resident Indians (NRIs) are always seen as willing to purchase a property in India — whether it’s for a family residing back home, or because they want a getaway in India any time they visit, or simply because they want to stay and settle in India later in their lives.

Time could not have been greater for you to do so if you are a Non-Resident Indian (NRI) looking to purchase a property in India. While the real estate market in India has seen a price shift in the recent past, with attractive currency rates, buying a property in India has also been more lucrative.

Type of Property NRIs Can Invest In:

The RBI guidelines authorize a non-resident Indian (NRI) to buy certain types of land, while other kinds of real estate can require special permits. NRIs are usually allowed to purchase immovable property in India other than agricultural, farm, or plantation property.

The investor is not required to obtain any explicit approval from the RBI or to give any messages or intimations to the RBI in this regard. An NRI can purchase any number of residential or commercial properties under existing general permits. The income tax regulation also permits an NRI to buy as many residential or commercial properties as one wants.

But, if an NRI wishes to buy a farm or plantation, it will have to pursue the RBI for a particular permit, and this will be considered on a case-to-case basis by the RBI.

Inheritance of Property:

Another consideration to note is that in India NRIs or OCCs (Overseas Citizen of India Cardholders) are able to inherit any real estate property. The legislation also enables them to inherit agricultural property and farmhouses which they would not otherwise have the privilege to own. There are also no prohibitions on individuals a non-resident may inherit property from. Both NRIs and OCCs will inherit property from other NRIs or OCCs in India.

However, one thing to bear in mind is that residents of 11 countries — Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong, and the Democratic People’s Republic of Korea (DPRK)—can not obtain or transfer immovable property in India without RBI’s prior approval, regardless of their residential status.

Ownership:

An NRI can buy the property, either as a solitary proprietor, or mutually, with some other NRI. Notwithstanding, a resident Indian or a person who is otherwise not permitted to invest in a property in India can not become a joint holder on such stock, regardless of the contribution of the second holder to the transaction.

If a person who owns property in India subsequently becomes an NRI, such an individual can continue to hold the property in India in his name. An NRI is also entitled to continue owning any agricultural land, plantation property, or farmhouse that it possessed until it became an NRI, which would otherwise not be possible to buy after he became an NRI.

Rental Income & Taxation:

They are also entitled to let the property out, regardless of when it was bought. The rent earned from such property may be shifted to the NRIs account after adequate Indian taxes on such rent have been charged.

Payment for Purchase:

As we know that no special permission is required for an NRI to purchase immovable property in India. Though, the payment can’t be made in foreign currencies. Under the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India (RBI) regulations, NRIs may make the transaction using Indian currency, the Rupee & These funds have to be held in their non-resident account.

Another method of Payment is by taking a home loan from the bank. The RBI has issued general permission to banks and housing finance firms registered with the National Housing Bank to provide loans for residential property transactions in India to NRIs. The loan, which is authorized in Indian currency, must be repaid using the same currency.

The loan amount, however, cannot be credited directly to an NRI’s bank account according to the rules and must be transferred to either the seller’s or the developer’s account. The loan will be repaid using funds in the NRO / NRE account or deposits in FCNR of an NRI.

Power of attorney (PoA):

If you anytime in the future want to sell your property, either you can do it in person by visiting India or you can give this authority to the special power of attorney. But after the payment of the stamp duty, the PoA has to be registered in India.

From the above-mentioned details is very clear that an NRI can purchase as well as can sell property in India.

SBP Group has been serving its Indian and international customer base for a long time now and is renowned for its finest real estate offerings and is often recognized as one of Punjab’s leading real estate brands for its dedication and loyalty to effective execution and commitments.

We are striving to offer the essence of genius architecture and are creating a period of prestigious properties. We are known for our quality and timely delivery of planned, produced, and constructed projects with utmost detail and zeal. You can also visit our website and the different initiatives that are ongoing and delivered, marking achievement in every aspect to provide our customers with the best lifestyle & investment option.

They are usually a lot of doubts and queries for a person who decides to buy a property & we are always available for you to answer your every question & to give you proper information regarded real estate, property, investment & many more.

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Which One is a Better Option to Buy in 2020 – Ready to Move or Under Construction?

2020 has been a tough year for everyone as the whole world is under quarantine due to COVID-19 outbreak. This pandemic has made people realise the importance of owning a house as those who were living in a rented place or away from their homes has to face numerous difficulties to stay protected.

This has resulted in the demand of safe and premium quality condos. But before choosing to buy or not to buy a property, one must think of a lot of things. Everybody has his / her own desires and life-requirements that will help him/her determine whether to spend for residential or business purposes. Decisions often differ with the amount you can choose to spend on property transactions.

You can either choose ready to move or under construction property as per your requirement and situation. You need to have good knowledge about real estate before making any decision as with the changing environment especially in 2020 various market factors affects your decision.

To help you decide better for yourself, below are the details of the property and their use for different people and scenario:

Ready to Move Property: Generally, individuals who need a house to dwell decides for Ready to Move property as there is no compelling reason to sit tight for ownership. Simply complete the documentation, make the instalment for the level or Apartment you like and you are Ready to Move in your spic and span home you had always wanted.

Considering the current situation, it is advised for you to choose ready to move in apartment so that you can stay in the safety of your home as soon as you can.

The main reason for preference of ready to move flat is that you get what you see. You can select the society, location, area, amenities, accessibility etc as per your need along with it there is also tax benefits in Ready to Move houses or properties. Having top-notch amenities is very essential now as many people are staying home, working from home so you should not face any kind of discomfort.

For those who want to live in the house and are not intending to sell it, later on, choose to prefer ready to move property. If you want to buy a house for investment purpose than these flats can provide you with good rental value, but not so good resale value.

Under Construction Property: Perhaps the best way to satisfy the desire to own your home is by purchasing an under-construction property. These properties are primarily found in the non – structured parts of the city and thus have the ability to increase value because of future growth opportunities.

It is really a good option for those who wants to buy a property for investment purpose since the property price is less at the beginning and continues to climb with rising position demand. As building assets grow, their cost also increases, eventually benefiting the owner. They also offer high resale value in comparison to ready to move in property.

If you want to do a property investment at less cost, then the under-construction property is advised to you, but due to outbreak many of the projects are getting delayed, resulting in high chances of delay in possession in future.

It is rational to invest, after careful understanding of the project, including the permissions obtained, government dues, project plan, etc.

Besides this, there is some risk associated with Ready to move property and Under construction property:

• The downside is that the cost of ready to move house is greater than the cost of under constructing houses. It could be an old residential property which you purchase and not a brand-new house.
• Besides the risk of delay in possession of under-construction property, there is also a risk of being ineffable costs brought about on improvement charges, GST, the rise of construction materials cost and increase in lending rates etc.
• The end product delivered to you may not be the same as the promised project because of which you invested in the first place.
• You should also check that if the property is registered with RERA 2016 or not, you should NOT purchase any property with is not registered under RERA.
• Another essential point is that Title deed is the most important paper you need to ensure you are given by the developer. Also, make sure that the developer has necessary permissions from the appropriate authorities.

You need to take care of all these factors before making the decision of investing in either of property. You need to invest with the developer who has goodwill and has always fulfilled its customer’s expectations. The year 2020 is very crucial for everyone and you need to purchase a property which can provide you safety as it the most vital facility right now.

This time is very good for purchasing a house as a bank are offering loans with less interest rate, which gives you an advantage of owning a property at an affordable price.

A better option among both of these depends on your purpose of investment if you are looking for a safe property to enjoy your life with your family than ready to move property is good for you and if your main aim is to get good capitalistic value from the property in future than Under construction property investment is preferred.

SBP Group is the most trusted housing company who has delivered the premium quality houses timely and at affordable prices. Safety and a healthy lifestyle have always been the priority of our priority, which is why thousands of families trust us for providing them a superior way of life.

With our 12 years of experience in real estate sector, we have learned the needs of our customer and has fulfilled there every desire. In Chandigarh Tricity and nearby areas you can get premium Ready to Move or nearing possession flats. You can select what kind of property you want and can also connect with us at social media platforms for more information regarding any of our projects.

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Simple Energy Saving Tips For Homebuyers

Changing times have brought many things, otherwise unnoticed, to light. One of these being Global Warming and the changing climate. Our sustenance depends on our own actions. One of the most important things to consider is the consumption of non-renewable energy. Even though it seems like a major task, there are convenient ways one can contribute to the overall conservation. It is easy to make a difference, starting right from the comfort of your home.

There are many things we fail to take into account that we can simply avoid to conserve energy. Being a homeowner, there are various steps you can take to make sure energy isn’t being wasted unnecessarily. Top Real Estate Developers like SBP Group, ensure that energy-efficient appliances and hardware is installed in their housing projects to minimize any energy wastage.

Eco-sufficiency is vital for sustainability, for us as well as the generations to come. Energy conserved today is the energy that can be consumed in the future. If you are looking for property in Mohali, that is newly built like COD, make sure you consider whether or not the project is designed to help you contribute to the conservation of energy at home. City of Dreams (COD), one of the major luxury projects in Mohali, is landscaped artistically crafted with splendour. COD provides mid-rise apartments with the best of amenities; these amenities include 24/7 power back-up. With unlimited power, comes a responsibility to preserve it. If you live in a gated community, encompassing the best of amenities, make sure you try to minimize exploitation of energy.

There are many initiatives you can take to preserve energy as a homeowner.

Make sure you opt for certified energy-efficient appliances, give preference to ECO-star products verified by BEE (Bureau of Energy Efficiency). While selecting appliances, compare the alternatives and choose the most feasible one in terms of energy.
Change your light bulbs to LEDs – If there are alternatives that can help you conserve energy as well as money, why would you not avail it? It is highly efficacious.

If you are looking for a new home to reside in, supposedly in projects in Mohali by Developers like SBP Group, for instance, Gardenia, make sure you check specifics like whether or not the apartments provided are air sealed. Gardenia Wellness homes are nestled in the heart of lush greenery providing a green and clean environment providing 1/2/3 bhk flats in Mohali. An Eco-friendly ambience also helps one lead an eco-friendly life. Air sealing the homes further can also help one save further. If the project you invest in is not air sealed, you can do so yourself. Sealing cracks, gaps & leaks as well as adding insulation can help you save up to 10% on home heating and cooling costs.

Clean the filters in air-conditioners regularly, without any delay. Insulating walls and roofs can also reduce the load on air-conditioners as well as reduce your electricity bill. The best part about saving electricity is that you always save money. Hence, by benefitting the world you also benefit yourself.

There are also very minimalistic things you can do, effortlessly, to save energy.

• Whilst doing your laundry, run the washer just when there is a full load. Afterwards, dry the clothes in the sun instead of using the dryer.
• Use the microwave instead of the stove & don’t let the oven or microwave overheat or peek in the over. When you close the door back again, the energy consumed increases.
• Ensure that you unplug any battery chargers or adapters & switch off your devices. Listening to your parent’s advice is not such a bad idea after all, turn off the lights! Do so while leaving the house, also when not in use.
• Defrost your refrigerator and freezer to ensure they function smoothly & efficiently for longer. This also prolongs the appliance’s life.
• In the summertime, when the days get hotter, close the blinds, drapes and keep the rooms closed so that they can stay cooler. Similarly, during winters, keep the blinds open when the sun is out and about.
• Make the most of natural light during the daytime, especially when you don’t need the additional light from bulbs. Natural light helps brighten homes as well as is good for health.
• Do not let your air ventilator fan in the kitchen as well the washroom running when not in use. This will help immensely as it is absolutely unnecessary to keep them on when the two are not occupied.
• Replace your windows with alternatives that prevent them from overheating or freezing.

Energy conservation is of the essence in the meantime. The fact worth considering is that energy conservation does not need extra effort. It is just a few behavioural changes that you can make and little changes you make in your lifestyle. Being energy efficient just means that you are utilising less energy for the same jobs to reduce the overall usage of electricity or energy. You do not just save energy but also money, both of which help you. Times are changing & with the changing time; people are realising the importance of healthy and eco-friendly living. That’s the reason people are giving preference to a residential property in Zirakpur like GOD by SBP Group, because of the lush greenery that the projects are enwrapped with. However, just living in a green locality isn’t enough, one must make sure they are doing their part in conserving the nature as well as renewable energy.

Conserve Energy by Consuming Energy Carefully.

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