Tag: TMR Group

How Technology Has Helped Minimize COVID-19 Spread in Gated Communities

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In recent times, the pandemic has been surging and peaking across India and numerous cities have already started preparing for the potential third wave in spite of the existing lockdowns. There has been a major emphasis on getting vaccinated all across the news platforms and media and while there is slight control in the cities, the cases in the rural areas are reaching new heights on a day-to-day basis and due to poor infrastructure, the scenario could turn worse.

Along with the waves of the virus came to a wave of change and the definition of normal has changed in the dictionaries of many people and the only thing keeping us up with this change is the advancement of technology to guide us through this bleak time.

Significance of technology during COVID

Just imagine if COVID-19 had appeared on earth before the inception of the internet. It is a hypothetical situation that has the potential to send chills down your spine. Technology is the unstated reason why pandemic has been in control; may it be the technological advancements in medicine or the advancements in the aspect of the internet and digital platforms. During the first lockdown of the pandemic, the uncertainty of the situation had reached the minds of the public, but due to the advancements in technology and adapting to the situation, many jobs are taking place online on ICS (Interactive Communication Software).

Technology has answered all problems during this period of the pandemic and the entire world has gone digital. Online consultations have helped counter the requirement of physical presence. AI and high-performance computing have accelerated research into understanding the virus and developing targeted therapeutics to treat infection and stop transmission. Automated customer service definitely came in handy due to the implementation of physical distancing all over the world. Even while adapting to the pandemic scenario, public officials consider technology’s role and still seek opportunities to supplement and improve on traditional approaches. Online portals for vaccination have also smoothened the procedure. While there is still scope for improvement, the pandemic has highlighted technology’s importance to public health security and has definitely led to sharp improvements overall.

Technology as the key to minimizing the COVID spread in gated communities

Gated communities have access to all essentials that avoid the need for travelling to public spaces.

  • Improvement in technology has resulted in the provision of contact-less deliveries and online payments have countered the need for cash payments
  • Computerized temperature monitoring helps control the chance of infections
  • Remote working plays a significant role in the control of cases
  • Increased transparency due to the total digitization of the world
  • Innovative mobile contact tracing apps like Aarogya Setu that preserve patient privacy and civil liberties in response to public concerns while indicating the average number of infections around you have created new opportunities for privacy-sensitive technologies that aid efforts to prevent and control outbreaks
  • Management of domestic help with thorough health, checks reduce the possibility of spread
  • A total screening takes place before letting any visitors enter with the aid of thermal scanning and oxygen readings

At TMR Group, we believe that technology is what keeps the world up and running these days. Though the threats and challenges pertaining to technology are aplenty, so are the advantages and strengths. With the lockdown still in effect, TMR Group intends to spread awareness on health and safety of the people first. If you wish to know more about who we are and what we do, visit www.tmrinfra.com now.

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.

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.

All about the new RRR: Regional Ring Road

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Unlike the period action drama that the maker of Baahubali is making, RRR is nothing similar to what we are about to discuss. This RRR stands for Regional Ring Road – the nod for which has already been given by the Central government for Hyderabad. Let’s talk about this particular RRR in detail, shall we?

THE ORIGIN

For the last several years, the Telangana Rashtra Samithi (TRS) MPs have been representing the central government and seeking permission for Regional Ring Road (RRR). The central government had already approved in principle, for the RRR project way back in 2018, but later failed to make any further announcements on the project.

In the initial phase of the project, the union government had issued a gazette notification to commence work for 166 kilometres of the Regional Ring Road in 2017. The stretch connected Sangareddy, Toorpan and Choutuppal.

The financial viability of the project came into question by the Union Road Transport and Highways Ministry in 2019. That’s when a fresh Detailed Project Report (DPR) was called for and the Telangana government duly complied. When the report was submitted, the second phase of the project was lost in oblivion.

It was only when yet another fresh representation by the TRS delegation was made recently and the Union Minister informed the delegation that the second phase of the RRR project connecting Choutuppal, Shadnagar and Kandi has been approved.

ALL ABOUT RRR – REGIONAL RING ROAD

The overall length of the 6-lane RRR project would be 338 km while the width would be 500 feet. The state government has agreed to share at least 50% cost towards land acquisition to execute the project that’s estimated to cost about INR 13,000-crore. The land acquisition for RRR has been completed by the state government and the project is awaiting clearance from the forest department to invite tenders. The RRR is said to come up beyond the existing Outer Ring Road (ORR) and is expected to play a significant role in the economic development of Telangana.

The Regional Ring Road would be connecting Sangareddy, Narsapur, Toorpan, Gajwel, Choutuppal, Bhongir, Jagdevpur, Ibrahimpatnam, Chevella, and Shankarpalli.

TELANGANA PLANS FOR RRR

In order to boost the economic advancement of the state, the Telangana government plans to develop 50 acres within the 30 to 40-kilometre wide strip between ORR and RRR into satellite townships. The state hopes that the RRR will help uplift the infrastructure investments, employment opportunities between the circular roads and reduce congestion in Hyderabad.

It is also said that the Union Minister has given his approval for expansion of the 31.8-km Kodad-Khammam National Highway to 4 lanes under the Bharatmala Pariyojana programme. The Minister for Road Transport & Highways, Mr. Nitin Gadkari has also confidently responded to the demands for the completion of several highway projects as promised under the Andhra Pradesh Reorganisation Act.

At TMR Group, we believe that these kinds of developments not only help the state to prosper and grow economically, but they offer numerous opportunities for businesses to mutually progress along with the state as well. While we, at TMR Group, have constantly been contributing to the cause, we feel that the Regional Ring Road, just like the title and the maker of the movie suggests, would be a huge blockbuster.

How is DTCP different from HMDA?

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You might have heard of these terms – DTCP & HMDA, everywhere whenever you encountered a real estate consultant. Why do they sound so similar? What’s the difference anyway? This blog will elaborate on the details as to why there are two distinct regulatory authorities overlooking the same field (pun, intended).

Let’s begin with knowing what they actually mean – DTCP stands for Directorate of Town and Country Planning, and HMDA stands for Hyderabad Metropolitan Development Authority.

Director of Town and Country Planning

The primary duties and functions of the Director of Town and Country Planning can be bifurcated into three categories – technical statutory functions, technical non-statutory functions and advisory functions.

Technical statutory functions:

  • DTCP prepares General Town Planning Schemes (Master Plans)
  • It is also responsible for the preparation of Indicative Land Use Plans (Mandal Master Plans)
  • DTCP gives all the technical approval of layouts and buildings plans (Group Housing), commercial complexes
  • DTCP is responsible for the preparation and approval of the different type of designs for community and public buildings
  • DTCP approves all sorts of technical clearance of installations (Industries), and road development plans
  • It provides NOC for cinema theatres / multiplexes

Technical non-statuary functions:

  • DTCP is responsible for the allocation of IDSMT funds. The scheme is no longer available as it was already closed in 2005 and the work of approved components are in progress.
  • DTCP sanctions approval of designs for public and community buildings and also suggest variations to the sanctioned master plans

Advisory functions:

DTCP is Advisor to Urban Development Authorities, Telangana Housing Board, Telangana Industrial Infrastructure Corporation, Telangana Pollution Control Board, Telangana Swagruha Housing Corporation and Government on planning matters. It also advises on the selection of sites and services of Municipal Councils.

DTCP overall has certain rules similar to HMDA. Now let’s have a look at the primary roles of HMDA.

Hyderabad Metropolitan Development Authority

The purpose behind which HMDA was set up was basically for planning, coordination, supervising, promoting and securing the planned development of the Hyderabad Metropolitan Region.

The development activities of the municipal corporations, municipalities and other local authorities, the Hyderabad Metropolitan Water Supply & Sewerage Board, the Telangana Transmission Corporation, the Telangana Industrial Infrastructure Corporation, the Telangana State Road Transport Corporation and other such bodies are coordinated by HMDA. Here are some of the many primary roles of the Hyderabad Metropolitan Development Authority.

  • HMDA basically prepares the entire plan for the Metropolitan city. It undertakes the preparation of metropolitan development and investment plan, revision of the plan and prioritizes its implementation.
  • It maintains and manages the Hyderabad Metropolitan Development Fund and allocate finances based on the plans and programmes of the local bodies for undertaking Development of amenities and infrastructure facilities
  • HMDA also monitors and exercises financial control over the budgetary allocations concerning development works made through it to the various public agencies, local bodies and other agencies
  • HMDA creates and manages the Hyderabad Metropolitan Land Development Bank and takes up land acquisition every year as may be necessary for various public uses, township development, infrastructure development, etc.
  • It approves the land acquisition programmes /proposals of the local authorities, other departments and functional agencies in the metropolitan region
  • HMDA acquires any movable or immovable property by purchase, exchange, gift, lease, mortgage, negotiated settlement, or by any other means permissible under any law

TMR Group is proud to have a wide range of plots in Hyderabad approved by both DTCP and HMDA so that our customers can invest in our property without any worries and strongly reinforce the trust factor in the customers. When they get to invest in a plot that gives them a sense of reliability and transparency that TMR Group has to offer, we get inspired to serve even better.

Source:

  1. http://dtcp.telangana.gov.in
  2. https://www.hmda.gov.in