Understanding the Real Estate in Delhi

In simple word, Real Estate is someone’s interest in land. It can be either a leasehold or ownership interest. Basically Leasehold interest only exist when an actual owner of property (land) pass certain rights of the land to a tenant in exchange of money as rent.At another side of real estate, Ownership interest is the interest of an investor who is given the full right of land. The investor takes the whole responsibility of land like paying the taxes of land, claiming the losses due to the different natural disasters, legally using the land. If you have a home that you own, you are said to have an ownership interest in that home. But if you rent an apartment, then in real estate you are supposed to have leasehold interest.

The business of real estate is renting, selling or buying building, lands or housing .The property that includes land and all the resources available in it whether it is natural resources or buildings in it.

Real Estate in Delhi

In India, Delhi real estate is looked in context of the economic situation of India in wholesome. The Indian economy is boosting with growth rate of GDP 8.5-9% making a group of highly dynamical investor who have significant income. Most of the investor are highly concerned to invest in housing mainly in metro cities. As a result, there are enough residential units sufficient for the next decade, the price is believed to get increase 10-15% in coming five year. Since the salary is not going to increase within five years of this time, if any middle class family is planning to buy a house in real estate of India then they will end up paying their 20 years of salary in order to have their own house. That is very high price to be paid in compare to any of the western part. The lower middle class family with end up looking for rented houses due unaffordable housing resulting the pressure on rental. Thus, the government and the tax office needs to look after and control the selling part in real estate.

Major development of real estate in Delhi, compare to properties in ahmedabad, area is the migration of people to the capital. Since Delhi is the commercial center as well as center of bureaucratic power of North India. Due to the development of different service industries and job opportunities in government sector has resulted the migration and raise in economy of Delhi. Thus to meet the demand of housing of migrated population and office space, it has led to establishment of National Capital region which includes National Capital Territory of Delhi along with selected urban area from the neighboring states of Haryana, Uttar Pradesh and Rajasthan. This region scales total area of 34144 Kilometers.

Out of the numerous regions of National Capital, Noida and Gurgaon has become the micro –market to Delhi. Many investors’ destination has been this satellite town to start real estate activity due to the connectivity of road, availability of large lands, access to talent pooled

Main Categories of real estate in India:

Condominiums

Builder flats

Co-operative Housing Societies

Chawls

Villas

Kothis

Havelis

Independent floor

Lal Dora

Growing Trends of Real Estate Investments in Chennai

India is the country with high economic prospects and possibilities. Among various metropolitan cities of India, “Chennai” which was also known by the name of “Madras” until 1996 can be considered as the fourth largest city among the entire metropolitan city all over the India. It is exactly located on the coast of Coromandel and also known as the capital city of Tamil Nadu. As the overall industrial activities and economy of the place are growing with rapid succession, a large number of people is migrating in the Chennai from various areas of India as well as Tamil Nadu. Demography shows that PGR or population growth rate of the place is about 7.77%. And the very place has a connection with quadrilateral system highways where the metro project is known as” CMRL” is also in construction process with the link in different cities. The economy of Chennai is very well balanced as there is a steady balance between service sectors and manufacturing with diversification in software, automobiles, healthcare, automobiles, financial sectors, and hardware manufacturing industries etc. Likewise, infrastructure projects are going very well with rapid progress. Real estate in Chennai has bright future comparatively properties in Ahmedabad and another tier 2 cities.

Real Estate Investments in Chennai

Residential properties in Chennai are progressing rapidly and evoke around 7% price appreciation every year. There has been massive growth in price supply as well. There are some peripheral parts such as properties in GST, OMR, Maraimalai Nagar with rapid progression. Likewise, other areas like Rajiv Gandhi Sala, Guindy, Velachery, and Paramania supposed to possess large demand for large residential supply as there is the lack of residential lands in central parts of the city. It has been observed that there are about 45,162 properties which are for sale and distributed around 17 % commercial, 80% residential and rest 3% goes for retail. There are other rental commercial areas like Nungambakkam, T Nagar, and Anna Nagar. These micro markets have rent ranging from ninety rupees to hundred fifteen rupees per square feet. In Ambattapur, price per square feet is 4210 inQ3-2013and high rent of nine and low often. Likewise, the price for Adambakkam is 5910 and rent are eleven for high and 14 for low. Advani has the price of 12330 with low rent of 30 and high rent of 24. Similarly, Anna Nagar has the price of 9080 with rent of nine and sixty-four each for low and high. Charges are set by the government with property registration charges and electricity or water supply charges. There is stamp duty about seven percent. And one percent charge of property rate. Agreement value for VAT is seven percent whereas service charge is three percent. Electricity charges can be defined according to units. There is no any doubt that real estate is doing wonderful progress and all kinds of commercial, residential and retail markets are growing with progress. Not only that, it has been promising splendid and productive results in upcoming days. It has proved to be one of the most popular trade centers of India. Educational institutes or universities are spreading widely. Some of the major real estates of Chennai are Amir castle, Srivari Villas, RC Houston, Green City Extension, Asthma Abhinav, Green Meadows(GVSPL), Akshaya, Maya apartment, Mathru Krupa, KVR Anandham, Maurya apartment, Sri Shakti apartment, Mahalakshmi Apartments, loyal nest, Sri Suprabatham etc.

How to be Successful in Real Estate Business

The real estate business is no doubt very challenging and money fetching but it involves a lot of risks too. It is the efficiency of the real estate agent to prove himself in the market when it is full of so many competitors in the market. It is very important to reach the customer and satisfy them. So it becomes essential to have good communication skills. Studying at Northeastern University you can get the best communication skills you always wanted to have.

real estate business

 The buyers today are very clever and informative hence need to understand their needs and meet the level of satisfaction is the duty of any real estate agent or firm. It is very important to win the trust of the customers by providing the best quality product keeping in view their interest and financial status. There are few following successful steps to build positive and result from giving relations with the customers:-

Advertisement: –    Make use of social media and print media to reach your customers. You can also arrange seminars to gather potential buyers of your property by this you not only know about your clients but also give them chance to know about you as well. These types of seminars help to bring a better understanding of your listing and act as a bond of trust. This face to face talk gives you chance to explain your all projects and give real pictures of your listings.

Make yourself Unique; – In the competitive market of today you got to stand out from your competitor, then only you can hope the customer to prefer you over others. You got to think of methods to make your customers to come back to you. Must keep your database up to date with recent information and let your customers have the quality experience with you.

Gifts and Incentives: – Customers prefer to have incentives and gifts, try and give them a deal which is beyond their expectation and unique from your competitors. You must assure them that you fulfill your promise made to them.

Innovation and changes: – It is a very important to point to take care of changes are the continuing processes in any business one should not sit back and relax. Thinking process and innovation should be part of your business to meet the expectations of your customers. Continue survey of the market is must understand the behavior of customers and simply the changes in your business to attract customers.

Take help of real estate agents; – It is rightly said producing an item is easier than selling it, so if needed do not hesitate to take the help of experienced agents to dispose of your property. By doing this you not only get better buyers but also save your time to concentrate on your other projects or business. These agents are full of tricks to attract customers.

Last but not the least is the reputation of the firm which matters a lot and one must take care to meet the promises made to the customers whether it is delivering the project on time and the quality of the product. This way you not only built the trust but also your customers act as ambassadors for your future business

Information when looking for Waterfront Properties in the Bahamas

Properties in the Bahamas

Are real estate agents and brokers licensed in The Bahamas?

Yes; brokers and agents are licensed by taking a written test administered by The Bahamas Real Estate Association (BREA), which is an international member of The National Association of Realtors.  Many BREA members hold various accreditations, but the public is urged to ask for and only use the services of brokers and agents who are BREA members.

How do you establish residency in The Bahamas?

There are two categories of permanent residency in The Bahamas.  The categories are permanent residency with the right to work and permanent residency without the right to work.  The government of The Bahamas has set specific guidelines that allow for non-Bahamians to establish permanent residency in The Bahamas.

How long can you stay in The Bahamas without establishing permanent residency?

Visitors are permitted to reside in The Bahamas for as long as 8 months at a time provided they can show proof about their financial support for the time they’re in The Bahamas and have a return ticket to their home country or some other country that would be willing to accept them.  Visitors may reside in The Bahamas but are not allowed to engage in any kind of activity that would be considered gainful employment without first obtaining a work permit.

What costs are involved when buying and selling real estate in The Bahamas?

Typical sales of property are considered “gross” sales, in which it is assumed that the seller will be responsible for payment of the following costs:

  • If an agent is involved, commissions are paid as follows:  6% of gross sales prices on developed residential property and 10% of gross sales price on undeveloped property.
  • Government Stamp Duty is a tax on the conveyance of real property, payment for which is split between the seller and buyer.  The Stamp Duty tax is graduated and calculated as follows:  4% when the value of the consideration is less than $20,000; 6% when the value of the consideration is more than $20,000 but less than $50,000; 8% when the value of the consideration is more than $50,001 but less than $100,000; 10% when the value of the consideration is more than $100,001.
  • Seller’s legal fees for a sale or purchase are based on the property value and are generally 2 ½% of the first $500,000, 2% of the next $500,000, 1% of the next $4,000,000 and ½ % of amounts larger than that.

The purchaser of real property is responsible for payment of the following costs:

  • One-half (1/2) of the Government Stamp Tax as outlined above;
  • Purchaser’s legal fees, as outlined above, which include the attorney’s opinion on the title to the property and is considered the same as a title search
  • Court recording fees of $3.50 per page for property conveyances and other closing documents that have to be recorded;
  • Payment for the permit issued under the International Persons Landholding Act (if applicable).

If the property sale is considered a “net” sale, the purchaser will be responsible for payment of all of the fees outlined above.

Are there qualified architects, engineers and contractors available to construct residential or commercial property or make changes to existing structures?

Yes, there are many qualified individuals who were educated in the United Kingdom, Canada or the United States and have international accreditations.  A local Board of Architects licenses architects and the leading contractors employ only civil engineers with international accreditations or have certified engineers on staff.  Electrical, civil and mechanical engineers were also educated in other countries and are licensed by their respective local Boards.  These qualified professionals have international accreditations from the countries in which they attended school.  The construction industry is regulated also, but applies less rigorous standards regarding qualifications.

Can I use the services of a non-resident architect or engineer? 

Yes, but that person must obtain a permit to work in The Bahamas.  All building plans must be submitted to the Town Planning Board and the Ministry of Works document must be signed-off by a local, licensed architect or engineer.  Local procedures and customs vary, so it is highly recommended that you utilize the services of the local professionals.

Do I need approval to build on property or make changes to existing properties?

Yes, you need approval of the Town Planning Board and a building permit that is issued by the Ministry of Works.  A local architect or engineer can assist you with permits.

What are the costs of construction?

Most homes that are built in The Bahamas are made of poured concrete construction or concrete block and must meet very strict building codes.  Building costs vary widely depending on the building site and materials used.  The cost to build a modest house of concrete block with timber roofing and asphalt shingles is between $100 and $150 per square foot.  Average houses with top of the line features like marble floor tile or Corian countertops cost between $200 to $400 per square foot and you can expect to pay upwards of $500 per square foot for luxury homes with the finest finishes and details.  Costs for this type of home will be approximately 40% more in The Bahamas than a similar house in southern Florida, mostly because of freight, delivery and duty costs to the site, which represent about 65% of the F.O.B. material costs.  Building standards in The Bahamas are, however, higher than they are in southern Florida.

Things You need to know when looking for Bahama Properties

Is local financing available to non-residents?

Yes, but the lending company might only be giving United States dollars at international rates and down payments are typically 40% of the property value.  

Bahama Properties

What taxes can I expect to pay?

The Bahamas has no income taxes, no capital gains taxes, no inheritance taxes and no sales taxes (except for those levied under the government Stamp Act for property conveyances).  The government of The Bahamas receives most of its revenue from customs duties on all goods imported into the country, which include 7% on lumber and computer-related goods, 75% on luxury cars, 160% on raw tobacco products and 210% on cigarettes.  With the additional 7% stamp duty charged on each of these imported goods, the typical customs duty charges total around 35%.

Property Taxes

The taxable value of property in The Bahamas is based on the most recent sales price.  With respect to undeveloped land, the property owner is responsible for reporting the value of any improvements made.  If you have annual homeowners permit, you may consider the property owner occupied as your primary residence.

Taxes on owner occupied properties:

  • The first $250,000 is exempt from taxation;
  • $250,000 to $500,000 – tax rate is 0.75%
  • More than $500,000 – tax rate is 1%
  • Maximum amount of annual tax is $50,000

Taxes on vacant land owned by non-Bahamians:

  • On the first $7,000 of property’s market value — $100
  • On $7,000 to $100,000 of property’s market value – 1.5%

Taxes on other property, including commercial:

  • On the first $500,000 of property’s market value – 1%
  • On property values over $500,000 – 2%

Are there advantages for establishing permanent residency status in The Bahamas?

There are significant tax advantages for citizens from other countries that impose high personal and corporate income taxes, as well as inheritance taxes.  The savings vary depending on the country in which citizenship is established and the laws applied there.

Can I become a citizen of The Bahamas?

Citizenship in The Bahamas is possible, although it is a long and drawn out process.  Favor is usually given to long-term residents and spouses of current residents of The Bahamas.

Is financing available?

Most major banks and life insurance companies offer mortgages with terms up to 25 years with as little as 10% down payment for properties valued up to approximately $100,000.

Have recent changes affected the tax haven status of The Bahamas?

The market in The Bahamas is affected more by the stock market in the United States and economic conditions internationally than by any changes made in its own banking laws.  Recent changes in banking laws that affect financial reporting and compliance have caused some customers that are not willing to comply with the new laws to take their business elsewhere, although there are now very few places in the world where the wealthy can go to avoid paying taxes!

 

Commercial Real Estate Information To Help You Succeed

If you want to enter the commercial real estate market, have some idea about what type of commercial property you are considering. You can lose a lot of money if you make an ill-advised choice in commercial real estate property. The advice in this article will assist you how to make the purchase of commercial real estate.

Prior to making a large investment on a property, look at the local income, unemployment rates, and how much hiring and firing nearby businesses are doing. If the building is near certain specific buildings, employment centers, universities, or large companies, you might be able to sell it faster and for more money.

You can’t be too informed about the subject, so never stop looking for ways to obtain more information!

Location is just as important factor in choosing a commercial real estate as it is with residential properties. Think about the community a property is located in.Look at similar neighborhoods to determine the likely growth of areas that are similar. You want to know that the area will still be decent and growing a decade from now.

You might have to spend a lot of time on your new investment at first. It will take time to find an opportunity that is profitable, and afterwards, it may need repairs or remodeling. Don’t give up just because the process that gobbles up large portions of your time. The rewards will be much greater at a later time.

Make sure the property you have sufficient utility to access to utilities. Every business has unique requirements, but at a minimum, electric, sewer and water services.

You have to think over the neighborhood where a piece of commercial real estate is located. If the business you run caters to a lower-income demographic, then purchase in an area where there are more buyers suited to your business.

As the above information makes clear, you can successfully invest in the commercial side of real estate when you take the right approach to it. However, your success depends on research, knowledge, expertise, and just a hint of luck. Not every single person will be successful, but if you follow the above tips, your chances of success will be greatly improved.

The Best Advice On Working With Home Mortgages

The idea of taking on a home loan can be rather intimidating. It’s a smart idea to go to your bank with knowledge prior to going to the right decisions. The following article will help you down the right path when it comes to home mortgages.

Don’t spend too much as you are waiting for approval. Lenders recheck your credit in the days prior to finalizing your mortgage, and they may issue a denial if extra activity is noticed. Wait until after the loan is closed to spend a sure thing to make any major purchases.

Know what terms you want before you apply and keep your budget in line. No matter how much you love the home, if you cannot afford it, trouble is bound to ensue.

There are some government programs for first-time homebuyers.

Make sure that you collect all your financial paperwork on hand before meeting a home lender. The lender is going to need income proof, banking statements, and every other financial asset you have in document form. Being well-prepared will speed up the application process.

You might want to look into getting a consultant to help you through this process. A home loan consultant can help make sure you navigate the process. They can also make sure that you’re getting a fair deal from everyone involved in the process.

Look out for the lowest interest rate possible. Banks want you to pay a high rate whenever possible.Don’t be a victim to this. Make sure you do some comparison shop and give yourself multiple options.

Make extra monthly payments whenever possible. The additional amount will be put toward the principle.

This usually includes closing costs as well as whatever fees you are responsible for. While a lot of companies are honest about the money they collect, some may hide charges that you won’t know about until it’s too late.

If you are having problems with your mortgage, get help. Counseling is a good way to start if you are having difficultly affording the minimum amount. There are agencies that can help. These counselors offer free advice that will show you prevent a foreclosure. Call or look online for a location near you.

Try to keep your balances below 50 percent of your credit limit you’re working with. If you can get them under thirty percent, having a balance below 30 percent is even better.

Once you have secured financing for your home, you should try to pay extra towards the principal each month. This lets you repay the loan more quickly. Paying only 100 dollars a month on your loan can actually reduce how long you need to pay off the loan by 10 years.

Home mortgages are very complex. Thankfully, the information here is valuable and will help make you aware of what you need to know. Use this advice when looking for a home mortgage.