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2025-01-08
Home Buying Guide

Common Home Buying Myths of Todays Homebuyers

Let us dive straight into it. Debunking home buying myths with common sense and knowledge.

Home search is the first step.

The first thing first time homebuyers do is start looking for online listings of current and upcoming projects. This is a waste of time and homebuyers should follow a plan before starting their homeownership journey. The first step is to assess the financial state and calculate available funds. If a loan finances the purchase, then the EMI payout for the loan and downpayment amount need to be reserved and estimates must be made accordingly. This is a practical approach if the homebuyer is serious about investing in a property.

Rent vs Owning.

Both renting and owning a home have their pros and cons. While renting can save the downpayment amount and a part of the EMI payout, depending on the rent, a home loan will permanently solve the problem of shifting homes and provide the proverbial roof over the head. Also, the rent can serve as an EMI payment if the downpayment can be arranged. This is a scenario where sufficient income makes it possible to pay the EMI and manage other obligations.

Home maintenance is expensive.

Maintaining a home is an investment that every property owner must make. As the property value and rentals appreciate, investment in maintenance to improve the property value is essential. Regular inspections and nipping the problems in the bud will save significant costs. If problems are ignored, then repair costs increase. So, the difference is not significant and it should not come in the way of owning a home.

Large down payments

The common myth is that home loans require large downpayments. This is not true as many banks offer special provisions to reduce the downpayment amount. Builders and developers offer attractive schemes for home buyers which reduces the downpayment amount.

Glamorous builders are reliable

Never judge a book by its cover Advertisements and brochures should not be blindly believed. Many builders are vying for a large piece of the real estate pie but not all of them can deliver. It is important to research builders and their past projects before considering their projects. The information is available online. It can also be obtained by speaking to experts from the industry like brokers, agents etc.

Home buyers and investors who want to buy property in Mumbai must keep the above points in mind.



Home Buying Guide

High Rise And Low Rise Buildings, Which is Better?

Highrise buildings were rare found only in the prime localities of metro cities like Mumbai. However, cities like Mumbai have geographical constraints and the rising urban population and limited land availability made vertical growth necessary. In 2019, the state government of Maharashtra reduced FSI premium making highrise construction financially viable for developers. This resulted in the development of highrises all over the Mumbai Metropolitan region to accommodate the rising demand for housing. Living in high rises is now a trend as it is perceived to be premium. However, it has its own pros and cons. In this blog, we will compare living in highrise and lowrise buildings. High Rise buildings Buildings that have more than 10 to 15 storeys are classified as highrise buildings. Pros Panoramic Views – This is the most obvious reason that makes highrise buildings desirable to most home buyers. Highrises give panoramic views of the horizon due to their height. Highrise flats in Dahisar East give beautiful views of the Sanjay Gandhi National Park and surrounding hills. Increased density – Highrises can accommodate many residents which is required in densely populated cities like Mumbai. Amenities – Highrises are categorized as premium properties and often come with luxurious amenities and premium facilities Security – Highrises are modern structures with advanced security systems like CCTV surveillance access control and security personnel Cons Costly – Highrise buildings are expensive to build and maintain increasing the monthly expense Elevators – It is inconvenient to move up and down highrises without elevators. If the elevators break down it can cause difficulty for residents Noise and Disruption – Construction of highrise buildings causes severe noise and air pollution Emergency evacuation – Evacuating highrise buildings is a challenge during emergencies and may result in damage to life and property Low Rise buildings Low rise buildings are buildings with less than 7 to 8 storeys Pros Lower cost – Lowrise buildings are easier to build and maintain Better accessibility – The staircase is an option during emergencies reducing the stress and difficulty Peaceful – Lowrise buildings do not create noise and air pollution during construction Easy Evacuation – It is easier to evacuate a lowrise building during emergencies Cons Limited Views – Lowrise buildings do not offer spectacular views like highrise buildings Lower density – Lowrise buildings offer accommodation to fewer people which is a disadvantage in dense locations Amenities – Lowrise buildings have lesser amenities since they cannot include amenities on highrise floors The choice between lowrise and highrise buildings is a personal one and residents must choose as per their preferences. ...
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Home Buying Guide

Real Estate Terms To Know Before Investing

Investment in real estate is currently one of the most lucrative modes of investments. Dahisar is a suburb of Mumbai and is one of the upcoming real estate hubs in the city. Dahisar East has all the ingredients that any home buyer wishes for. It has the best connectivity, social infrastructure and a thriving urban life in the heart of the metropolis. Investing in a property in Dahisar East would be a lucrative decision assuring excellent returns. But before investing, investors must know basic real estate terms without which it would be very difficult to make informed decisions. Carpet Area The definition of carpet area remains the same for all the flats in Dahisar East. It includes: 1. The complete floor area covered in a carpet was to be laid on it. 2. The thickness of the walls between the rooms. 3. Staircase, if any, only inside the property. It does NOT include: 1. Area covered by the external walls. 2. Areas under service shafts. 3. External areas like the Balcony, veranda, terrace, and flower beds Built up Area. The Built Up area is the sum of the carpet area and the area covered by the separating walls and the balconies. The builtup area is usually 20% to 30% more than the Carpet area. An easy formula to calculate the Built Up Area can be: Built Up Area = Carpet Area + Thickness of the external walls + Balcony area + Exclusive Corridor area Super Built Up Area or Super Area A Super Built Up or super area is a total saleable area that includes the built up area and common areas like the staircase, lobby, corridors, lifts, and amenities like gardens and a clubhouse within the confines of the building property. So if you were to invest in 2 BHK apartments in Dahisar East the carpet area, built up area and super built up area are important terms to know. Loading Factor The difference between the propertys super builtup and carpet areas is known as the loading factor. To calculate loading factor, we use the formula: Super built up area = Carpet area *(1 Loading factor) So, if the loading factor is 1.3 then the 0.3 component of the loading factor constitutes the outer walls and amenities of the building. To make it simpler, it is also expressed as a percentage. If for instance, the loading is said to be 30 percent, it means the developer has added 30 percent of the carpet area to the construction. As per RERA (Real Estate Regulatory Act), the property prices should be based on the carpet area and not on built up or super built up areas. Developers often confuse property buyers with jargon. By understanding the key terms and their usage, investors can be assured of their investments in the upcoming property in Dahisar East. ...
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