Tag: Plots

The rising demand for plots near suburban areas

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Owning a space that is away from the chaotic city life has been a dream for many. After COVID-19, this started to turn into a reality as work from home was a common sight. From offices to educational institutions, the world had virtually come closer which resulted in the demand for independent spaces. People started to move out from Tier-I cities to the suburbs or even smaller towns for spacious accommodation.

In Hyderabad, the value of plotted properties rose to 21 percent between 2018 and 2021, indicating a sharp increase in the demand for such properties.

Here are some of the reasons which have contributed to the increase in demand for plots in suburban areas.

Low population:

Most people prefer plotted development projects in city suburbs, as they have a low density population. They seek to live in a peaceful environment and hence make a switch to such parts of the city.

Flexibility in construction:

A piece of land offers the freedom to design the house in the way you like. It can help you express individuality and fit your way of life. Hence, the flexibility of construction is chosen over the restrictions in an apartment.

Affordable land rates: 

Low-priced plots in the outskirts of Hyderabad are a preferred option, as it allows a better scope for price appreciation. The increased land rates in the city have contributed to the affordability.

Quality of life:

The growing popularity of Hyderabad has contributed to the development in the real estate sector. With ample resources like water, land, electricity and the freedom to utilize them, the quality of life in the suburbs is preferred.

People have started flocking away from the hustle-bustle of the city towards the suburbs, where the peace and slow life is loved.

TMR Group ensures the best of tranquil living experience and vibrant city life.

To know more visit our website https://tmrinfra.com/

Tips to avoid land frauds while investing in plots!

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Like any other industry that involves heavy transactions, real estate is also susceptible to frauds and scams. Investing in real estate is a life-changing decision that takes up a big chunk of your hard-earned money and obviously, you wouldn’t want to get scammed. There’s immense pressure on you to make the right decisions regarding your investment and avoid frauds simultaneously. Since the introduction of RERA (Real Estate Regulatory Authority) in India, the number of frauds and scams has reduced by a lot but still, it’s important to know the different types of scams or fraud attempts that you can come across.

Types of Land Frauds

  • Delay in the time of delivery is one of the more common types of fraud where the project is not completed as per the promised time
  • Uninformed changes in the specifications mentioned in the agreement
  • When sale and deeds are executed before the necessary licenses and permissions for the construction of the building are procured
  • Hidden clauses in the agreement that could affect the buyer
  • Disputes in the ownership of the land ultimately put the buyer’s investment in jeopardy
  • Real estate agents may overcharge for a property under false promises of high returns and quick development
  • There are times when the same property is sold to numerous buyers
  • Sometimes a random person might pose as the owner and execute the sale

Tips to Avoid Land Frauds

  • Never rush into a real estate investment. Do your research. Tally the real estate rates from multiple sources and make sure you are being quoted the right price for the property. Real estate developers may cunningly tell you that there are only a few units left and you need to quickly decide, or offer you discounts for booking quickly. However, it is at your discretion to take your own time to check and decide.
  • While choosing to invest in an underdeveloped area, make sure that the area is going to develop in the future. You can check the potential of the land by calculating its distance from the airport and its proximity to growing industrial sectors as some areas do not develop even after two or three decades.
  • There’s no harm in taking advice from experts in the market
  • Never buy the property because the images online or the brochures look good. Make a visit to the site and see for yourself and speak to the locals of the area like shopkeepers and petrol pump executives.
  • Check the track record of the developers thoroughly and don’t shy away from asking for references of previous buyers as it helps you confirm their reliability. Online reviews are a big help too.
  • Ensure that the project is approved by banks for loans as that indicates authenticity because banks only approve the projects after a thorough inspection
  • Ensure that the ownership of the land is clear and ask for copies of permissions, approvals for the project, as well as that of the title deed
  • Examine the documents carefully, multiple times, and understand every clause and its implication. Have the documents read by a legal expert who can help you out and if any discrepancies are found, speak to the developer to get them changed or back out from the deal.
  • Ensure that the timeframe of the construction is clearly mentioned along with a delay clause that benefits you if the project is delayed
  • Most importantly, always purchase properties from reputed builders and ensure that the projects are regulated by the respective authorities such as RERA, HMDA, and DTCP as this adds an extra layer of security, protecting you from frauds and scams

At TMR Group, we offer clear-title open plots in Hyderabad. The projects are registered under RERA. The well-planned layouts accommodate DTCP and HMDA approved plots in Hyderabad. We prioritize the quality of development and complete our projects’ top-class amenities that are likely to improve your ROIs. Our projects are thoughtfully placed in locations that have tremendous potential to grow and are well-connected to the airport and the rest of the city. Visit www.tmrinfra.com to know more about us and book a site visit today!

Home Loans for NRI’s

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Real estate developers have always considered NRI’s as an important part of their target audience and the NRI crowd also prefers investing in India because when a comparison is made with the foreign real-estate, India offers much better properties at a much reasonable price making it an ideal choice for NRI’s.

NRI’s Investment Market in India

NRI’s have always played a crucial role in the Indian real estate market. The main reason for their investment is generally either sentimental value to their origin or as a backup plan just in case they ever plan on moving back to India. Generally, they just buy and put up properties for rents assuring a steady sum of the amount coming to them with definite safety and increment in their investment. The currency advantage due to the depreciating rupee plays into their favor, raising their purchasing power. To smoothen the pot, NRI’s can also apply for home loans and they get similar tax benefits like the Residential Indians with respect to repayment and interest rate if they meet a few criteria. Foreign Exchange Management Act 1999, defines an NRI as someone who resides outside India for, “employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period”. It also says that an individual will also be considered NRI if his/her stay in India has been less than 182 days during the preceding financial year and anyone meeting these criteria can apply for home loans in India. 

Benefits for NRI’s Investing in India

NRIs can be benefitted from the tax deductions only if they have an income that is taxable in India. If they have taxable income in India, they are eligible to claim deductions on the repayment of interest and the principal amount from the taxable income as per Section 24, 80C and 80EE of the Income Tax Act.

Here’s a list of all the benefits NRI’s can get while investing in real-estate in India if they are defined under FEMA:

  1. An NRI home loan can be availed to meet all of the property-related requirements, including purchasing a house, constructing a house and renovating an existing property in the country.
  2. The difference between the value of foreign currencies like dollar or euro in comparison to rupee give a great advantage and raises purchasing power.
  3. The application process is hassle-free and barely takes up any time.
  4. With most banks, a candidate can apply for an NRI home loan online. The process is easy and transparent. The tracking of the application is also very easy, from anywhere in the world.
  5. Almost all banks provide a prepayment facility for either none or very little extra fees.
  6. There is no restriction on the number of properties NRI’s can purchase in India. However, agricultural land, plantation land, or a farmhouse cannot be purchased, only residential and commercial properties.

Home Loan Interest Rates for NRI’s

Most banks offer NRI home loans that have attractive interest rates on a monthly reducing basis. The candidates also have the option to choose between fixed or a floating interest rate but the candidates must be under the following regulations:

  • Age: 18-70 years
  • Nationality: Indian, Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are all eligible. Overseas Citizens of India (OCIs) are also eligible except citizens of Afghanistan, Bangladesh, Bhutan, China, Iran, Nepal, Pakistan and Sri Lanka.
  • Work Experience: At least two years of experience in the company he/she currently works for
  • Loan Amount: The amount depends on an individual borrower’s profile and differs from person to person
  • Loan Tenure: Most banks allow a loan tenure of up to 30 years
  • Prepayment Charges: The prepayment charges for most lenders are 0%-2%
  • Late Payment Charges:For most lenders, late payment charges are 1%-3%
  • Other Prerequisites: NRIs require an Indian resident to be a co-applicant, co-borrower or co-owner of the respective house or property
  • Interest Rates: Interest rates vary for different banks, like SBI and HDFC offer 6.70%-7.00%pa, ICICI offers 6.70%-7.95%pa, LIC Housing Finance offers 6.90%-7.30%. The overall range of the interest rates is 6.70%-8.90% in 2021.

TMR Group believes that every NRI is still as much Indian as the rest of us. Therefore, all our projects offer the best deals on home loans for NRIs. They have excelled in their field and are making India proud overseas. It is our humble way to say – thank you and offer them NA plots in Hyderabad with the best returns.

Senior Citizens’ Plot Buying Woes

Senior Citizens’ Plot Buying Woes

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Senior citizens are always caught in the eye of the storm for various reasons. Firstly, it is their deteriorating health that takes a toll on their peaceful living. Secondly, the volatile government rules and regulations and tax reforms which are sometimes unfathomable by the senior citizens. All these challenges create an impediment for the senior citizens when they consider buying a property at that age. This blog will explain all the scenarios and situations that cause these problems to senior citizens.

The Pandemic Aftermath

The senior citizens were already going through so many issues when suddenly COVID-19 made a horrid entry into their lives as a nightmare. Senior citizens, who make up for approximately 10% of our population, are concerned due to the persistent warnings that the virus tends to be more hostile among the elderly. Not to cause any alarms, 51% of deaths in India in the range of 60 years and above. However, the potential virus was never their primary concern in the first place. Some senior citizens were secluded, some were instructed to constrain from moving from one place to another, and some faced financial crises. For senior citizens to tackle these issues, here’s a list that needs to be checked out.

Elevators

When you age, there are some lifestyle diseases or age-related diseases that tag along as complimentary ailments. That’s the reason why senior citizens should consider buying a property that has elevator services.

24×7 Security

This is a major requirement when it comes to senior citizens. The reason being senior citizens are prone to forgetfulness. And when they are living in a society without security, their safety is prominently compromised. That’s why it is imperative for senior citizens to live in a building that’s guarded 24×7.

Transport

Senior citizens are those who mirror the characteristics of children or babies for that matter. They do not like to live like they are on house arrest. That’s the reason why easy transport facilities to the places of their likings, such as temples, convenient stores, hospitals, and so on, is very important.

Parks & Recreation Facilities

Senior citizens are generally fond of spending their spare time in peace. That’s the reason why gardens and parks play a significant role. Be it for a leisurely stroll, a serene walk down the serpentine walking tracks, or be it for green lawns, these simple, yet essential amenities power their pastime.

Affordability

Senior citizens, by the time they are retired, would have made a considerable amount of savings as security. If they were to invest that amount, it would be in something that would fetch them returns and secure their old age. Buying an expensive home at that age would definitely not be a thing on top of their mind.

At TMR Group, we make sure that all our projects are senior-citizen-friendly. They do not have to bother about living away from home or living disconnected from their loved ones or living an expensive, unhealthy life. All our projects are equipped with world-class amenities, 24×7 security and has hassle-free documentation processes so that their investment and their lifestyle are secured and they can live a carefree and peaceful life.

All you need to know about Reverse Mortgage!

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Quite often in the movies and in families we have seen and heard about the term ‘mortgage’. We see how a parent has to mortgage their assets to get a loan from the bank to make funds available for their children’s education or the wedding of their daughters. Well, this blog will speak in detail about the furthermore specific aspect of a mortgage, and dwell deep into the concept of ‘Reverse Mortgage’. So, let’s begin with some basic questions.

Reverse Mortgage or Forward Mortgage?

Mortgage, in simple terms, means ‘loan’. The lender can either be a bank or a financial institution or an individual. The purpose of a mortgage can be as simple as to own a property. It might be possible that the mortgage amount can cover the entire cost of the property, but commonly the loan amount can be secured up to 80% of the value of the property.

What ‘Reverse Mortgage’ is somewhat similar to a loan for senior citizens who lack a regular source of income. Imagine a 62-year-old father who owns a house. There’s a considerable amount of home equity line of credit attached to it what we know as HELOC. That amount can be withdrawn at any time. However, the home acts as collateral.

On the other hand, a forward mortgage is a type of fixed-rate mortgage. Compared to a normal kind of mortgage, a forward mortgage proves to be quite expensive. The lock-in period for the interest rate can be planned way ahead even before the mortgage term begins. This is helpful when you intend to own a property in the future. Forward-thinking, isn’t it? That’s why they are called that way.

What you can take away from this is that a reverse mortgage requires you to be 62 years or older to take benefits of the loan amount and they do not require a monthly payment or balance unless the property owner or the borrower dies, or sells the property or moves to a different location.

How does Reverse Mortgage work exactly?

This is the next big question of every layman who doesn’t understand these terms. Well, it’s not a complicated process. The borrower pays to the lender and the lender makes payments. However, in the Indian context, senior citizens tend to transfer their property in the name of their children and later get a bit doubtful whether or not to mortgage the property to a bank or some financial institution. There’s no need for a minimum income amount to qualify for a reverse mortgage as it doesn’t require monthly payments. Even if the borrower doesn’t have an income, they are eligible to qualify for a reverse mortgage.

However, the value of the house they own will be ascertained by independent valuation through property valuation methodologies generally accepted in the industry. A provision for periodic evaluation and consequent loan adjustments would be made once in 5 years, but the loan amount would be fixed based on the present market value of the property and not the future value.

How is reverse mortgage beneficial?

Reverse mortgage is not that convoluted as it seems to be. It has its own perks and senior citizens these days are very much in favour of it. Here are a few benefits of choosing a reverse mortgage.

You are still the owner: Contrary to the popular belief that you lose ownership of your home once you mortgage it, reverse mortgage is nothing like it. As long as you comply with the terms of the loan and pay your property taxes and homeowner’s insurance, the ownership stays with you.

The income is completely tax-free: the income that you receive from a reverse mortgage is exempt from tax. This indicates more savings for you. Not just that, you can even claim deductions on your home repairs and renovation expenses under a reverse mortgage.

It’s a new kind of income source: Moving away from traditional investment options such as fixed deposits, post office schemes or national savings certificate, reverse mortgage proves to be a supplementary source of income.

At TMR Group, we ensure that our customers are aware of all the terms that can help them invest in the right place, the right way. Our objective is not only to sell products or services but also to keep our customers informed about all the market-related terminologies that can help them make better investments and allow them to prosper. That’s how we believe, we can build a better bond and set better examples for the future generation.