READY-TO-MOVE-IN Apartments: The First Buying Choice

Under-construction properties have been a preferred choice among Indian homebuyers since the past decade. By investing in an under-construction project, a buyer gets to have a brand-new home for himself, at an affordable rate. The buyer also has a grand platter in front of him to choose from. From an investment point of view also, investing in an under-construction unit is more beneficial as the future prospects of a new property will certainly be brighter.durga-blog

However, as project delays became a defining feature of India’s real estate sector over the years, under-construction projects begun to lose their popularity among buyers.  

Data testify the same.

Data shows sale of ready-to-move in properties kept growing in the first half of the current financial year while the sale of under-construction properties fell during the same period.  In the second half of FY17, 16,750 ready-to-move-in units were sold. The number grew to 19,399 in H1 FY18. On the contrary, only 84,408 under-construction properties were sold in H1 FY18 against 94,043 units in H2 FY17. The numbers are based on home sales in nine major cities of the country which include  Ahmedabad, Bengaluru, Chennai, Gurgaon (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Noida (including Greater Noida and Yamuna Expressway) and Pune. Data also show that even in under-construction units, buyers are more interested in old projects than newly launched ones.

Essentially, any property that is set to give possession within 6 months of Purchase has become a hot favourite.

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Why ORR is the hub of property investment

Choose Eco House

Bangalore, has a multitude of localities that boast various kinds of services and ecosystems. In this city, the Outer Ring Road is one of the most sought after destination for commercial activities. Traditionally, the southern parts of Bangalore have been a residential hub and the outer ring road holds a crucial position due to the access it affords to and from the area. It’s a highly attractive position, boasting the presence of  45 percent of all office spaces that are established each year. This accounts for 5-6million square feet of occupied office space. The road is a prime prospect, due to the honor by association it garners through the many utilities located upon it.

The Outer Ring Road comes to mind as the first choice for office spaces for a number of reasons. The ring road was initially established as a way to address the chronic traffic problems the city faces. The ORR connects all major highways around the city and facilitates access to multiple locations due to the large area it circumscribes. The Central Business District of Bangalore is the area with a radius of 10 kilometers from Vidhan Soudha. This is the main commercial area of Bangalore. The ring road has easy access to this area on a good day with nominal traffic, as well as passing through areas like Koramangala and Whitefield. The ring road banks on this position to hold its value in the city.

Various builders and real estate developers are of the opinion that this highway holds value due to the flexibility of property prices on it over its large range. These are further compounded by the relatively stable economic situation that has been the status quo in this city in recent years. With the confidence resulting from this steady growth in the commercial sector, both global and domestic companies are pushing their boundaries and looking to expand. These range from real estate developers to private organizations.

The initial intent of the ring road’s establishment was soon outgrown by the city, however, which has led to the establishment of other partial ring roads. Other projects which are partially under way and have been touted for expansion are partial ring roads around Bengaluru as a part of the Bangalore-Mysore Infrastructure Corridor project and 3 more around the existing ring road. All these pale in comparison, however, to the integral position that the original ring road holds in the city.

Durga Petals, an upcoming property is located right on this road, and With Sarjapur, Marathahalli, Whitefield, and Hennur all around you at arm′s reach, the position is central and functional. This is considered a crucial spot on the IT corridor of Bangalore and has several specialized amenities and modifications to make it a catch that any IT oriented personnel can not afford to miss out on.

Service Tax & VAT in Real Estate!

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Project delays and cancellations are not the only issues that buyers of under-construction properties in India have to worry about. Their mathematical genius would also be put to test at each stage of tax calculations.  It has to be noted that you have to pay the service tax and the value-added tax (VAT) if you are investing in an under-construction property.

If you are buying a home in any city of Karnataka and want to know all about KVAT, you may be in for a fix and will have to use a lot of your imagination to decide which “schedule” the home-buying process falls into. It is all open to interpretation, and even chartered accountants may fail to point in one direction.

For example, your developer may ask you to pay VAT at 5.5 per cent under Schedule III, because material used in construction (bricks, sand, metal, etc.) are kept under this category. However, as the term construction is not clearly mentioned anywhere, you might be charged VAT at 14.5 per cent. This rate applies to things not covered under any schedule. What else? An end note adds that you will have to pay VAT of 14 per cent for “all other works contracts not specified in any of the above categories”. The developer may have his pick unless you carefully read the purchase agreement and ask for a correction.

It has to be noted that VAT is a multi-point levy, charged for any value that is added to a project. In case of real estate, developers have to pay this levy to the state government for the manufacturing part of the work. While the value of the land is excluded, services tax is levied on labour and other services.

Service tax, on the other hand, is a central levy and is uniform across the country and under the composite scheme, your developer will charge you service tax at 3.09 per cent of the total contract value. This means that service tax will be charged at 15 per cent of the total contract value, and if the service costs of the unit is kept at 25 per cent of the total value, you will have to pay the tax at 3.09 per cent.

Essentials for your new home

 

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Find the right decor– choose a decor that blends in the shades of your walls to maintain a healthy symmetry of design in your home.

Interior design– the right interior design will help you portray the best stories of your life

Modular Kitchen- create mouth-watering dishes with a well-equipped kitchen

Comfortable furniture– Don’t forget to add comfy cushions to your to-buy-list, or you will miss it when find it missing after a hard day’s work.

Add pictures-  Relive the memories of your past by showcasing some family pictures.

Tea tables and easy chairs-  the presence of a tea table or an easy chair will encourage you to enjoy a cup of coffee amidst the sight of a pleasant sunset.

 Old fashioned dim lighting– the addition of bell shaped lights with yellow bulbs will set the tone to a soothing ambience.    

“Because every home is a canvas where priceless memories are relived”

10 Ways in which RERA has protected the interest of homebuyers:

RERA-Act

1. Property developer is liable for compensating the homebuyer for any loss or damage caused due to incorrect/ false statement made in the prospectus or notice of advertisement.

2. Property developer is prohibited from taking more than 10 per cent as advance from the buyers without entering into a written agreement for sale.

3. Interest payable by the property developer and the buyers in case of default to be specifically mentioned in the agreement for sale. Also, the interest rate is to be as per rates prescribed which is being benchmarked based on SBI prime lending rate.

4. Any structural alteration/ addition to the sanctioned plan to be made only after obtaining a written consent of at least 2/3rd of the buyers (other than the developer).

5. Transfer of real estate projects to third parties would now require written consent of 2/3rd of the buyers and RERA.

6. Any failure on the part of the property developer to hand over the possession of the property in accordance with the agreement for sale would empower the buyers, at their will, to withdraw from the project and demand refund of the amount paid along with prescribed interest.

7. Developer will now be responsible for fixing structural defects in the property for five years after transferring the property to the buyers. Also, such repair work needs to be completed in a prompt manner within 30 days of receipt of written complaint from the buyers.

8. Any loss caused due to defective title would have to be compensated by the developer.

9. Real estate agents will also be required to be registered under RERA.

10. Non-compliance of provisions of RERA will attract a penalty or/ and imprisonment up to a maximum of three years.

The intent of RERA is loud and clear – satisfaction of homebuyers and providing them value for their money.  The only show stopper is that the State Governments have been given the right to frame rules under RERA and notifying the RERA authorities for the respective states.  The State Governments have been extremely slow in this aspect.

Durga Petals: A Symbol of Your Achievement

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“Achievements First”! The defining motto that oversees everything that we do and defines everything that we are. Achievements can take many forms and complexities. It could be something as simple as starting your first exercise routine to getting a promotion at work. Regardless of the type of achievement, the inert nature of achievements is that it acts as a confidence booster and provides a learning experience no matter how simple it is. The very fabric of achievements is that they act as success enablers in our life. They are with us all the time, sitting on our shoulders as crown jewels signifying and reminding us that it’s not the last and there are miles to go.

You’re a successful professional, a winner by your own right. You’ve earned a good place in your life. All you need now is an address to match. Fostering Urban Achievers, Durga Petals is the celebration of your achievements, spread over 5 sprawling acres, finished with 8 towers. Petals are the wings to your achievements, your zeal to achieve more and an address that truly mirrors the winner in you. Situated at Marathahalli Outer Ring Road, laced with 40+ amenities, the apartment complex has up to 70 percent open spaces and is finished with various zones catering to everyone’s needs. The 2.5 and 3 BHK apartments are a true reflection of your aspirations. Designed for comfort and crafted for quality, the towering apartment complex is the first digital healthcare enabled residential complex.

With 504 success stories to the house, Petals has got all the ingredients for a bestseller compilation. Stepping away from adjustments, the residential apartment complex is, by all means, an address to your achievements. At Durga Petals we don’t just present you with keys to your home, but rather a ‘Lifetime Achievement’ award as a celebration of the milestones achieved by you.

For more information on investing in Bangalore’s booming Outer Ring Road, visit us at our Experience Centre in Doddenakundi or click on www.durgapetals.in

Digital Health Enabled Apartment Complex: A Win-Win Deal For Everyone

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Finding a good apartment is difficult, but narrowing down on your dream home that is a perfectly suited environment for you and your family could be a hard task to accomplish. It’s imperative that the apartment complex is built to suit all your needs, especially healthcare needs which is the life line of your family.

Healthcare has been focussing on the administrative efficiency and the affordability of treatment for patients. wing to the need for a disruptive healthcare system, Durga’s first Digital Health Enabled Residential complex, Durga Petals provides an unprecedented view into an individual’s personal health choices and physiologic response. This care-enhancing feedback system enables patients to better manage their health, allowing for a more effective collaboration with the clinicians, all while enabling a new information-based innovation.

What Apple did with music, and Amazon did with books, Durga Petals does with the healthcare system. It establishes a highly collaborative, creative space designed to bring together unparalleled network of clinical healthcare professionals working together to make meaningful change in health through scalable and innovative technology.

Situated on the Equator of the IT corridor, Durga Petals is one of a kind residential complex. Enabled with telemedicine facilities on the go, the feature is poised to have a ground-breaking impact on the life quality of the residents regardless of their age group. Let’s understand how.

(Hypothetical situation)

Sameer Arora (39), Vice-President (Flipkart) lives with his wife Bhavna (33), son Abish (7) and father Mohan Arora (71) in a 3 BHK apartment at Durga Petals. He has migraine issues and his father is diabetic.

Relevance of Durga Petals’ Digital Healthcare System for:

Working Professionals: Owing to Sameer’s migraine issues, his physician recommends a diet and an exercise regime, but his busy life and his lack of time to schedule his appointments with his physician deteriorates his health. With the help of Petals Telemedicine Centre, his schedules are set by the telemedicine provider, medicines reach to his doorstep on time, and he gets timely notifications to get his check-ups done regularly.

Children: Abish, son of Sameer gets injured while playing with his friends one fine day, and requires first-aid assistance. The residents report the injury to the Telemedicine Centre, which arranges for medicines from a nearby medical shop prescribed by the doctors digitally, and supplies it to their home to help Abish recover sooner.

Durga Petals aims to bring technology to the rescue, scale healthcare, and improve the relationships between the triangle of professionals, institutional facilities and patients to help them bring a movement of change.

Durga Petals: – Nurturing Dreams with Passion

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The untarnished nature of a petal represents a strong symbol of positivity. Spreading the essence of calm and serenity, they reflect beauty that transcends from an ordinary life. At Durga Petals, the walls are built to set you free, to nurture your growth and the surroundings you live in. A project created with the mindset of not just delivering you an apartment, but a home, a reflection of your dreams. In there, lies the fruit of realisation of aspiring for a home that’s built to revolve around you and your needs.

Located at the centre of the IT corridor, the project is amidst close proximity of IT parks, Malls, Restaurants, International Schools and Natural spaces. With over 70 percent open spaces, the project is crafted after you. Designed to cater to all your needs and at the same time to provide you with an apartment that is an exemplification of a legacy and years of industry experience in providing top class projects; the end objective, is to offer ‘People’s Projects’.

Durga Petals was the recipient of some of the prestigious awards last year, “Emerging Developer of The Year” and the “Most Admired Upcoming Luxury Project” at the Global Real Estate Brands Awards 2016 by Deccan Chronicle, PNB Housing and Silicon India Real Estate Awards Bangalore 2016.  Recognizing the quality, and the dedication that goes behind the construction of Durga Petals, a mix of timely construction, best in class amenities and the intricacy that goes behind outlining every need of yours.

Spread over 5 sprawling acres, built across 8 towers and over 40+ amenities, Durga Petals is a hall-mark of luxury and comfort, built on an understanding that your home is a long-time investment. The aluminium form work technology enables durability at the same time delivering your dream house on time.  Carefully thought out amenities like day care centre, work from home office cubicles, games room and much more is specifically designed to meet the needs of all groups from kids to senior citizens. Designed around your conception of a dream home, these amenities are built to provide you with uninterrupted recreational experience regardless of the age group. Providing you dream homes, Durga Petals is a project Crafted for You, Built for the Future.

visit us at our Experience Centre in Doddenakundi or click on www.durgapetals.in

Moving into a new house? Take a moment…

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Moving into a new house could be a whirlwind of excitement and nerves! A decision that brings you extreme happiness, but also adds a tinge of confusion. Are you completely ready? Have you got all the essentials together? Is your transport and settling plan in place? These are few pointers that you need to consider before moving into your new house. Here’s a walkthrough on all the essentials your checklist needs to have: –

  • Consider moving in as a good reason to weed out all the things that you haven’t used for years, which is languishing somewhere inside your house. Getting trapped in the mindset of ‘could be a future use’, could cost your precious time and money, and may also impact the freshness and vibe of your new house.

 

  • Prioritize your packing, starting with the things that you seldom use and label them accordingly. This could help you save precious unpacking time and get you going before you’re finished with unloading and settling down.

 

  • If you’re going to use a moving company, get your estimates as soon as you can. The slots could fill up quickly, considering how everyone is clamoring for the same spot either at the beginning or at the end of the month.

 

  • Start saving up on newspapers, let the hoarder in you come alive! These could be used for packaging. Also, be sure to procure small boxes against big ones, this helps to avoid heavy lifting.

 

  • Don’t buy perishables if your moving date is near. Packing a fridge full of food could leave you in the danger zone. Be sure to empty out your fridge before transporting it to your new house.

 

  • Plan an email blast to all your friends, relatives and colleagues, be sure to intimate your bank and post office about the change of address.

 

  • Moving into a new house could be quite stressful for your kids, moving away from friends and the locality could leave an impact on them. Take a stage by stage approach in informing them about the relocation. This could help them get prepared mentally and keep them reassured.

Once you have this checklist implemented, you are good to go

Check out the latest offering from Durga properties: Durga Petals.