Home buyer’s complaint list runs real long. There are many issues, many grievances, repressions and denials. If you are one of them you will be ignored, harassed, delayed and left spent on your venture to have that perfect dream home.

But why?

Probably because your developer’s phone is switched off and it’s impossible to track him down.

Second possibility is that your developer will speak to you so indignantly that you feel disgusted.

Third they will shout on you and will treat you as if you are from the charity mob.

Well it’s hard to reason out why!

No Judicial or legislative laws can punish these cheats. As a home buyer you have minimum rights to exercise against such criminals who will suck on you hard earned money and leisure it out on irrationality.

Sima Roy, a housewife bought a flat at Purbachal two years back, “When I shifted in everything was quite fine. Then I started noticing that our complex runs out on water mostly at mid-days. The water reservoir is always empty and there was so response to our daily queries. The developer’s spokes person vanished. And they promised us running water 24*7. Just imagine! Now I have to spend an extra 180/ month on the bhari who fetches me water from the nearest tube-well!”

With Partha Kanti Mondal (name changed) things have been worse. He booked up a flat in the interiors of N.S.C Bose Road, with what he says a “reputed builder” three months ago. Initially he was shown a different blue print of the area-plan. “The plot ratio was different then, I am sure that they have changed the actual print” complains Mondal. But well he cannot enquire; “There is no body to answer me, whenever I come here, I meet the dalal and he knows nothing!” is what Mondal has to say.

There are probably many out there like Mrs. Roy and Mondal who has got the same thing to say to perspective home buyers “Watch out and stay away from frauds”. Well customer services in real estate sector is pathetic; but hold on Central government proposed some distinctive and quick changes. We are awaiting the “Poriborton”(change)!

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Luxury Homes in Kolkata

The concept of weekend Luxury homes get-away is quite new to Kolkata. The demand for such property entails therefore is slow, sometimes repressed. But HAPPENING. In the wake to transform the real-estate “look” developers are trying best to promote new kind of projects. Green-home, eco-apartments, luxury-homes are three major names on their cards.

Luxury homes are detailed with modern appliances and facilities in the model of a boutique hotel. Swimming pool or a sauna, recreational and work out stations, mini-bar counters, lounge, lawn and oversized garage and parking facilities are some major aspects that distinguish a luxury home from that of a bungalow or leisure homes.

 “Luxury homes” are indeed an investment treat. Reasoning affordability, such projects are out of reach of middle-class community. Even the affluent might consider cutting down on extra frills and budget corners. Then why the demand?

 This has been adequately justified. Luxury homes in cities like Kolkata focus on rental gains. This in real estate term is profitable, attractive and AFFORDABLE. Yes! Weekend trips to Raichawk’s Radisson Fort would be no cheap. Then why not rent Luxury homes within the heart of the city? Developers are positive on the future of luxury properties. “A quite private weekend at such a place makes you feel posh” and psychologically nothing would deprive Kolkatans from responding to their innate royalty. 

This isn’t much of sarcasm. Rentals for marriage purpose, lodging, posh private privates, product

Interior of a Kolkata Luxury Home

 launch, conference and private rentals pull up initial invested amount in such projects. The main source of income however comes from the NRIs. Foreign direct investment in boutique real estate plans the like of malls and multi-facility clubs have increased over the past few years. Real estate is no longer confined to making “look-alike” apartments and condos, in present time the demand for commercial properties and luxury real estate projects have escalated. 

Luxury homes in another decade or so will be high in demand. Inland areas in Greater Kolkata promises huge prospect for such projects. While much of it relies on future economic swing, however project certainty is affirmative. Majorly builders of national and international repute will undertake such projects. Some interiors of greater Kolkata is all ready to flaunt, like areas adjacent to “Aquatica”.
 The Bengal government along with private enterprises plans to expand all possible infrastructural facilities that will boost the real estate market and keep investment flowing to Bengal soil.

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• Budget: Money is a big factor when it comes to relocating abroad. Overseas relocation will demands huge savings. Hold on with the purchase plan and analyze whether you will be able to afford the daily maintenance cost, servicing, taxation etc. evaluating your savings and assets is one important step. Best hire a finance adviser who can help you tidy the matter.
• Fluctuation in currencies: this aspect will also directly influence your oversea home-purchase deal. The net amount payable will be calculated as per dollar rates. If there’s a fall in Indian rupee rate then you might as well have to end up paying double the proposed amount. Therefore count on the best time to pay for your foreign-house.
• Appointing a real estate brokerage firm: contacting a reliable and authentic real estate agency is one of the most important considerations when it comes to carrying out your overseas home investment plan. To gather information on property sites, to screen authentic papers, to deal with mutation and land registry needs you got to get hold of a committed real estate agent.   
• Severing ties: Will you be able to stay away from friends and family for long years? Pause, think and think over. Will you have adjustment issues? Will you be able to mix well with the foreign crowd and culture? Such issues though trivial will matter once you start living your life in a foreign land without known friends and relatives around to support you.   
• Amenities and allowances: Standard of living in foreign countries is way higher than what it is in India. A proper assessment of available amenities and allowances is therefore a must.  Know what’s the health-care structure is like, whether you can avail medi-claim policies, other  insurances and tax break plans to help you survive in the expensive society. 

Buying a home abroad can be a boon and can also turn to be a disaster. It depends on how exactly you tackle situations and resolve problems. Generally people who live out abroad put their Indian homes, apartments on rents. This is an extra source of income in retirement days. In case you have had enough of living abroad and want to come back to your native land then you can always re-settle at your previous residence.

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Rising Green Building Concept

According to the Indian Green Building Council the market for LEED rated green buildings in India is projected to increase to $5 billion by 2012. India’s Green Building footprint has grown from 20,000 square feet in 2001 to projects covering 888 million square feet till date
A green building can be defined as ‘environmentally responsible’ and ‘resource efficient’ building. The term ‘resource ‘refers to the natural and elemental materials like water and energy. The basic characteristic features of a green building are:
• It saves energy, water and other natural resources.
• It provides a better indoor quality and thus protects occupants’ heath
• It reduces environmental degradation and pollution
• It provides a healthier and pollutant – free indoor air quality.

In India there are two major organizations working upon green building construction program and planning.

• Indian green building council in this regard regulates rules of constructions for green homes, green factory buildings and other energy efficient constructions.
• LEED India, on the other hand is an internationally recognized benchmark for high performance green building construction and design. Its deals with energy efficiency, water savings, sustainable site development, material selection and indoor air quality; as specified by their website.

According to the Indian green building council, unlike conventional constructions, a green building uses improved technology. It saves bio- degradable natural element like water and promotes its preservation. The definition of green building as laid down by this council enhances this fact. According to dictates, a green building is efficient to save
20- 30 percent energy and 30-50 percent water than any

Beautiful Green Patch House

 conventional construction. Apart from this, it provides a healthier living space for the occupants. Green building technology aims to provide a better indoor quality; that will save people from sickness caused by the variant pollutions.

 Briefly therefore it can be said that Green building focuses on environmental and natural conservation. The concept of conserving natural elements was prevalent in ancient Indian civilizations, as the Vedas and the Puranas say. However, in modern days, the concern had a come-back and India is not lagging behind. There are great many  Leadership in Energy & Environmental Design (LEED) certified buildings here. The major LEED certified buildings constructions incorporates great energy and resource efficient buildings.

In recent years, India is showing greater zeal to be one of the top advocators of green buildings. According to the current LEED report; India is second in global ranking. 

According to the latest report of LEED India, 1262 registered buildings and 195 certified buildings are under green building footprint. In respect of dimensional measurement, India possess 887.13 million sq ft green building footprint. According to LEED India report, ‘green buildings’ market in India is projected to have $ 5 billion growth by 2012. A large number of companies are eager to take onto green building construction. If things go well, experts are of the opinion that the market would go three fold, resulting $ 30 billion in the coming four years.

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Real Estate Concerns

The Indian real estate market will scheme slow and repressed in the forthcoming year (2010); predicts real estate consultant Jones Lang LaSalle. India’s residential and commercial market is likely to remain watchful in the gloomy phase that trails steadily towards economic recession accelerated much by global uncertainties. This will definitely downsize Indian developers and builders and will confine FDI policies to Tier I cities, mainly Mumbai, Delhi and Bangalore.

The scene is reminiscent of 2008 when the US and European debt crisis reached its nadir and heated up the Indian real estate and commercial sector. The Indian economy was left crushed and bruised under its effect.  According to Jones Lang LaSalle’s India Real Estate Forecast 2012 reports, the escalating global liquidity issues would again reflect in the real estate and financial profile of Indian economy.

 Jones Lang LaSalle also predicts a probable hike in interest rates

Serene Indian Real Estate

of RBI (Reserve Bank of India). It will compel them to decrease their debt-to-equity ratios and developers will in all likeness keep on postponing their project completion deadlines. As a result, there will be an increased stock of unsold houses. This critical condition would lead the realtors to offer new projects at a discount rate.  In agreement Ramesh Nair, Jones Lang La Salle India managing director, says that the pre-launched real estate projects are witnessing a discount of 10 % to 15 % in comparison to other projects in the same area. Also the domestic realtors, those that have small project resource /capital feel it a better choice to hand over their pending projects to larger builders to secure relief. This however causes a great deal of inconvenience for the proposed buyers as they face a huge price jump.

However, the only light of hope is that, mid –end housing segments

Emerging Indian Housing

 are supposed to be safe during this last quarter of 2011 up to first half of 2012. Another fact, Jones Lang LaSalle’s report predicts is a stable demand status. As far as the commercial real estate is concerned, industries and foreign investors have not emptied the scene. Rather the influx in high and the demand for land is going to rise by the end of 2012, it is hoped. As such, Ashutosh Limaye, head of the research and real estate intelligence service, JLL India, predicts a chance of stability in commercial real estate demands.

The JLL report forecasts that international luxury brands are going to restrict their expansion plans to prime cities like Delhi, Mumbai and Bangalore, during this upcoming year.  On the other hand, a robust demand in the retail fronts is highly expected.  According to the report, most of the major Indian retailers are opting to implement their business in Tier II and Tier III cities, in 2012.

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The first point of concern is that the new land acquisition bill is to replace a century old set rules / rights that deliberated land acquisition laws ever since  1894. The new bill documents
• That all builders and private companies should buy land with the consent of the landowners
• That private companies should offer relief and rehabilitation packages
• And that the penalty charges of the privates companies will be calculated as per four times the highest bid accounted in past three years.

While the first law is surely to guide-in some sensible transactions the second stricture only assures a steep ascent in the price and value of lands. How?
Well to meet the penalty charges (just in case) it is comprehensible that the private developers will increase the total cost of set-up for industrial establishments, infrastructural projects and townships. This will be a sharp blow to the dreams of middle class families who aspires to buy their own homes in the forth coming years.

Some developers also feel that in case the bill is activated then the real estate sector will suffer slow progress. High cost and project delays will be an extra burden for the commoners. Thus there are many discrepancies in the new bill said a source.

This bill is inappropriate for an industrial sector as that of India, and if the government insists then the dream of housing everyone will much remain a dream.

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Home buying is a tough task and all of us are keen to make a safe home investment. This article shall provide you with tips on how to make a safe home investment.

• Always be the one to lead conversations. Every builder nurtures the notion that because you are a consumer, you know little of the whole scheme. This should not be the case – before you go to meet a builder do your home work on the project and make an informed buy.

• Start up by enquiring upon the legitimacy of a builder. A Licensed builder will have approval certificates registered with official authorities of the state. Be sure you check them before reaching onto an agreement. A face to face meeting at the developer’s office can give you a fair idea as what to expect.

• The property site should be well inspected. A local enquiry about

 “value” and “rates” is not a bad idea. When you plan your house with a builder you might be charged a slight premium than the actual rate. Nonetheless you must exactly know the difference and judge for yourself whether you have a fair bargain or not. Rates should be properly documented as per the plan. Consider payment on the carpet area. Cases of builders selling flats on super-built area are not rare. Therefore be on your guard while negotiating for the property.

• Check property documents and related papers like title deeds, plan approval sheets, encumbrance certificate among others.  A title deed declares builder’s right to sell the property. Examine it to see that the property is free from other legal claims. Plan approval documents on the other hand deals with municipal grants sanctioned on construction plans. Never forget checking this part. Dubious Builders often flout the approved plan and expand towers on the initial layout without the buyer’s knowledge or permission. This definitely is illegal and you are well within your right as a buyer to complain to Municipal Corporation if such an act happens. 

• Contractual clauses are important factors to consider. Before you pay for your property you are required to sign a contract paper that will have in writing of payment terms and conditions. Scrutinize those carefully and ascertain the terms are just before you make the payment.

Keep in mind house buying needs to be an aware and informed decision for you to make a safe investment.

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Investing in a home is anytime a big challenge and more so with the fiscal market becoming incomprehensible. A proposition was presented in the parliament, that official bodies form and regulate consumer protection laws regarding real estate transaction, exchange, buy or sell program. Currently a draft concerning the same, has been released to collect public opinion. And what best if a reasonable people vote for it then this winter new doors open to secure home buying.

But the matter of fact is that the government at earlier times similarly vouched to do something for the people but kept it postponing. 2006 winter records a similar event when the initiation of protecting consumer market was stalled very much in the middle of the progression. This journey nevertheless was alive with the winters of 2008 and 2009. So whether the government will implement the draft into laws this time still very much remains a question. 

In case the real estate regulation bill does come into effect this time then it will be a breath saver for all future home buyers. This is for sure. Most of realty problems will be substantiated and the recklessness of the developers curbed to considerable extents.
While earlier buyers had to run from post to pillar to extract important information on the registration of the property, the identity of the builder and the developer and on other major issues; all these problems can rest when the realty law be actuated.

No builder can promote their projects without having attained land registration certificate under this act. This will mean that buyers will no longer be cheated with money as a builder cannot leave his project pending after having collected the advance money. And in case they do they will be levied hefty penalty charges. In case of delay in completion of projects, the site will be handed over to an association of buyers. Now this is what you call the blow of an axe on those developers who cheat upon their customers.

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One of the most important focuses of the seasoned market was that consumer market seemed less floating. The city not only witnessed several praiseworthy projects but it also showed continuity in its market returns. Investment portfolios reflect that clients, ranging from high networth investors, to commercial entrepreneurs and retailers have fluxed to the city from other metropolis and states. Owning to reasonable “land value” purchases were made and deals were struck in a rapid fashion and so the growth in the real estate market continued unabated. What served an impetus to the people here is the confidence that investing in land / properties can hardly be a flawed decision. There is little to fear about and more to gain seems to be the common mindset and so investments in real estate continued despite crash in other parts of the country.

Another important factor that contributed to the growth of real estate sector is easy land mutation reforms introduced by the government. The registration fee, the process timing, and in fact the complete hassle of owning a house has been well organized making house owning in this part of the country easy.

Another major reason why real estate flourish has continued in this region is because it has witnessed good developers functioning in the real estate scenario.  One major problem that customers had was client servicing. Many homeowners complained that after they booked on a project, the builder as no longer available to answer queries. Quality builders took due notice and worked upon better ways of communication.

Overall – various factors have ensured that buying home in Kolkata is a hassle free and worth while investment and so the boom in real estate scenario has continued unabated in this region.

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The reason is that the people are ignorant as they do not know what they are buying, and probably a real estate dealer would yet further confuse their ideas with price quotes on carpet area, built up area, super built up area etc. however what is likely to sound impressive does not mean that it will actually stand as the correct choice. a promised 1500 sq foot pricing on the super built area might tend to shorten after the purchase.

But well this is no magic this is a superposed strategy of the builders to make money from real estate enterprise. Now to understand the underlying mystery a buyer should first prepare thoroughly about the actual area that he will be buying as an apartment. This is the carpet area. It is best to ask for the price quote separately considering the area of the rooms and bathroom and kitchen or anything that comes within the direct property ownership papers.

The super built up area on the other hand is the entire complex area inclusive of the corridors the parking lot etc. so if the dealer would quote a price on the total super built up area then one can easily calculate the carpet area and see how much extra the charge is and then compare it to other possible alternatives.

Sometimes rates are pulled up without any proper justification thus the clarity becomes very much necessary. So what is recommended is that one should not give to only calculating the carpet or the built-up area. Considering the super built up area is also very necessary, this is because until and unless a buyer is able to make comparison in the open economy a judicious investment is not possible.  

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