Urbanization of Delhi NCR and Affordable Houses

As per 2011 census, the urban population in India is increasing at a rate of 2.8% per year. The increasing concentration of people in urban areas has led to the problems of land shortage, housing shortfall, congested transit and has also severely stressed the existing basic amenities such as water, power and open spaces of the towns and cities. Haphazard urbanization has forced people in Middle Income Group to live in slums for years. Housing companies were mostly involved in luxurious housing for better premiums and profits and government was providing affordable housing for only economically weaker sections of the society till now.

But recently, the scenario is changing. With the advent of innovative ideas and newer technology, developers are changing the definition of affordable housing in Gurgaon. “Affordable” is a relative concept with several implications in different income groups. Whereas, previously it was associated with economically weaker sections in want of roof and security. Today, it’s a whole new segment in the real estate industry catering to needs of several income groups. With the government providing subsidies for Middle-Income Groups, the dream of a home for the fence-sitters is becoming a reality.

Also, in a step to fulfill the Prime Minister’s vision to provide “Housing for All” by 2022 the private players are now becoming active to provide residential houses in Gurgaon for office goers in Delhi NCR. The people who were paying heavy rents in Delhi NCR can opt for a house which is affordable according to their pocket with a convenient EMI.

Affordable Housing – a key growth driver in realty sector of Delhi NCR can be broadly defined on four parameters:

The minimum volume of the habitation: As architecture is moving vertically due to increasing in population density and shortage of land. Instead of area standard, affordable housing takes in purview volume standard and how to minimize it with expertise in architecture.

Provision of basic amenities: Provision of basic amenities such as sanitation, adequate water supply, and power to the dwelling unit is crucial while defining affordable housing. Maybe, the housing society doesn’t have a swimming pool or a gym but it is mandatory for the society to be accessible from a different part of the city especially if we talk about flats in Gurgaon. Delhi NCR being a cosmopolitan area calls for easy access and prime addresses. Also, provision of community spaces and amenities such as parks, schools, and healthcare facilities, either within the project or in the neighborhood, are desirable depending on the size and location of the housing project.

The cost of the house: While accessing the cost of a house it is always important to consider the buying cost as well as the maintenance cost. Affordable housing in India has become more desirable after the advent of Real Estate Act as it makes first five years of possession maintenance free. A thought should also be given to the kind of vehicle which is necessary for the accessibility. If the society is too remote higher transportation cost will lead to migration again.

Location of the House: Entailing from the points already made above residential projects in Delhi NCR should be well connected to the workplaces, marketplaces and fun centers. The lower land cost may provide cheaper housing possibilities but if housing and transportation costs burn a hole in the pocket of the resident, the possibility to regulate slums and residential colonies to decongest the national capital won’t be possible.

Affordable houses in Gurgaon can change the way people looked at townships and residential projects towards a cumulative growth of Delhi NCR. This is a systematic approach which will not only ease the tight realty markets but will also curb the problem of congestion by decentralizing things. The Middle-Income Groups who were forced to compete with each other for renting scarce homes in the national capital can have an affordable nest of their own.

Tips to Navigate the Real Estate Sector Post-Demonetization

What seemed like a hibernation of at least five years, the real estate sector gradually seems to be finding attention among home buyers again. In a recent survey conducted online, it was found that more than 60% of the respondents are likely to buy a property in the next one year period. In the wake of the rate cuts by the RBI, 16% of the respondent said that they will buy a real estate. This optimism is more pronounced in Hyderabad, Pune, and Mumbai whereas cities like Bengaluru and Delhi NCR were lagging behind. In these cities, high inventories & prices have not yet uplifted the dampened spirits. It is likely that the real estate prices are likely to increase, and the returns from investments may lack consistency. In such a scenario, caution displayed would be the ideal move.

Although real estate has continued to be a substantial investment in India, buyers have been aware of the financial crunch especially after demonetization, which has led to mounting inventories and unfinished projects. In some cases, delays have ranged anywhere between 5-6 years. This trend has caused buyers to choose ready-to-move-in properties rather than the under-construction projects and pre-launch offers. Even with the Real Estate Regulation Act 2016, buyers do not feel confident that the act guarantees the buyers’ interests. So what does one do in a market like this? Experts have the following suggestions:

Experts believe that it is best to research well regarding real estate properties, a basic rent vs. buy analysis should help one decide what step to take. For instance, it is not within everyone’s capacity to spend extravagant EMIs such as INR 80,000 for a premium luxury project but the same can be afforded for a cheaper rent. Likewise, even in cities where buying a property would cost more, there are renting options such as those available under affordable housing in Gurgaon and NCR.

One should also consider the cost of settling down with a property, which significantly reduces the chances of upgrading to other cities, and lucrative job opportunities. Especially true for young people who are still building their careers, it is advisable to not become tied down because of mortgage. That said, experts do point that in cities like Hyderabad and Pune, it is still possible to buy properties, where the EMIs are roughly equivalent to the rent being paid – not a bad choice to create assets for the loan borrower.

Respondents have also claimed that the biggest hurdle for them when buying a property is the high interest rate on home loans and reduced tax benefits. It seems that along with this reason, there are other factors that potential buyers are considering, one being their estimation of their income increase. Some other reasons include rate cuts on home loans ranging between 2% – 12.8%, decline in property prices between 10% - 57.2%, and more payment options afforded by the builders.

Respondents also believe that they would prefer to go for loan options where they can seek the maximum loan which is available to them, which ranges anywhere between 70% - 80% of the property value. This suggests that although there are buyer sentiments which incline toward buying properties, the environment plays an important role in the decision-making.

Experts suggest that for such buyers, consolidating the available finances would help them understand how much they can afford to pay off as the down payment. After all, the bigger the down payment amount, the lower the EMI that would greatly stabilize the monthly budget.  However, they caution that buyers not to look into savings which are meant for education, retirement, or marriage. More importantly, experts advise that maintaining a good credit score will help lenders and banks to consider the best option available for the home loan. This includes keeping expenses low and not revolving credit card dues. 

Even though the real estate sector is lifting itself up out of the slump, the trick to survive and own a dream house is to be careful and research well. The wait will pay itself off.

Signature Global is a reputed name in the real estate sector in India dealing in affordable housing projects. Signature Global’s residential flats in Gurgaon include their massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). At present, Signature Global’s Signum project offers retail shops in Gurugram in sector 36, 95A, 93, 103, 71, 81, and 107. The upcoming projects include The Millennia (sector 37D) and Solera Phase 2, (sector 107).

How To Buy Affordable Housing in India

In the last few years, growing urban population and shortage of housing has shot up the demand for affordable housing in Gurgaon India. This demand led to the launch of “Housing for All by 2022” Mission for urban housing. The Budget 2017 has accelerated this ambitious mission by bringing affordable housing under the infrastructure category, allowing developers to access cheap financing, and by offering incentives to homebuyers.

If you’ve always dreamed of buying a house for yourself, this is the best time to plan for it. Signature Global – a leading player in the real estate sector is all geared up to support the government’s plans toward affordable housing. The company has launched several affordable housing projects in the millennium city of Gurugram.

To apply for Signature Global’s housing projects –

1.       Go on to www.signatureglobal.in and click on “Apply Online” at the top of the home page.

2.       You will find two upcoming housing projects – “The Serenas” (Sector 36, South of Gurugram) and “The Roselia”(Sector 95A, Gurugram). Wrapped in lush greenery yet in proximity of high-rise residential and commercial projects, both Serenas and Roselia are well-connected to major locations in the city.

3.       Choose the housing project for which you wish to apply and click on “Fill Application Form”. You will be navigated to a new page and will be required to fill out basic applicant information and select the type of housing unit you want based on the carpet area. Once you select the type of housing unit, the total booking amount (5% of the house cost plus Rs. 1000/- for application form) will be displayed on the screen. Signature Global accepts payments in cheque/demand draft/ banker’s cheque/ NEFT/RTGS. At this stage, you also have the option of Earnest Money Deposit (EMD) Finance whereby you can get the Booking Application financed by EMD finance companies. For this purpose, you can choose Signature Global Capital – one of Signature Global’s EMD finance partners.

4.       As per Haryana Affordable Housing policy, Signature Global will allot flats to applicants based on a draw. The draw will be carried out within the completion of three months from the date of closing of applications.

5.       As soon as the date for the draw gets decided, advertisements shall be published in newspapers by Signature Global concerning the particulars about date, time and venue of the draw.

6.       If you receive a successful allotment, you would be required to deposit the next installment of 20% of the total cost of the house within a period of 15 days from the date of allotment. Additionally, if you had paid for the booking amount through EMD financing, then you shall immediately repay the loan amount within 15 days of the draw.

At this stage, you could also get a home loan from your bank, and if you’re eligible for the PradhanMantriAwasYojna (PMAY) scheme, you can avail subsidy on home loan interest rate –

Home loans up to 6 lakhs – 6.5 % subsidy on rate of interest
Home loans up to 9 lakhs – 4% subsidy on rate of interest
Home loans up to 12 lakhs – 3% subsidy on rate of interest

7.       In case of non-allotment, Signature Global will return the booking amount to you through cheque delivered to your correspondence address.

8.       The remaining 75% of the apartment cost will be paid in regular installments before the completion of the house.

9.       The completed house will be delivered within four years from the date of the draw.

Signature Global’s latest projects under the Haryana Affordable Housing in Gurgaon include over 2,000 housing units in (Apply Online) in Serenas  Sector 36 and in (Apply Online) in Roseli Sector 95A. 

Why Choose Signature Global?

Signature Global is a 21^st century real estate and infrastructure development company with offices in Delhi, Gurugram and Mumbai. Established in 2013, Signature Global focuses on affordable housing to meet the needs of low and mid income groups.

In Delhi-NCR, Signature Global has created a niche for itself in the field of affordable housing, and after closely following the affordable housing policy in Haryana, it became the first company to launch seven projects in Gurugram under the policy. These projects include Solera (Sector 107), Synera (Sector 81), Andour Heights (Sector 71), Orchard Avenue (Sector 93) and Grand Iva (Sector 103). The recently launched projects in the region are Roselia (Sector 95A) and Serenas (Sector 36). These residential projects also include retail complexes under a common brand name “Signum”.

With an aim to become a key player in the government’s vision of “Housing for all by 2022”, Signature Global has several affordable housing projects in the pipeline to be replicated in other parts of India.

Signature Global works with a team of experienced architects, master planners and designers who are among the best in the industry. It has partnerships with several leading financial institutions and also provides Earnest Money Deposit (EMD) facility to homebuyers. In addition to its robust booking through MBDAs and BDAs, the company also takes great pride in growing its reach of customers by taking in direct online applications.

The company emphasizes on use of new and innovative techniques to aid mass construction activity. One such technology it uses is “Mivan shuttering” – a fast-paced construction technique which offers strength and durability to a building by use of aluminium formworks.

Signature Global promises timely and transparent processes with completion of the projects within 3.5 years from project conceptualization.

Bookings are currently open for Signature Global’s Roselia in Sector 95A Gurugram and Serenas in Sector 36, South of Gurugram. 
Apply online on www.signatureglobal.in

All You Wanted To Know About Pradhan Mantri Awas Yojana (PMAY)

What is PMAY?

The Pradhan Mantri Awas Yojana (PMAY) was launched in June 2015 with an aim to provide affordable housing with facilities of water, sanitation and electricity at all times.

Originally, the PMAY scheme was meant to provide housing help to only the Economically Weaker Section (EWS – with an annual income up to Rs 3 lakh) and the Low Income Group (LIG – with an annual income up to Rs 6 lakh).However, Budget 2017 revised the scheme by bringing in Middle Income Group (MIG – with an annual income up to Rs 12 lakh) under its cover as well.

The PMAY comprises four major aspects:

1. Collaborating with private real estate developers to transform slum areas by building homes for slum dwellers.
2. Providing credit-linked subsidy to weaker, low and mid income groups on home loans.
3. Government provided financial assistance for affordable housing projects created in partnership with the State/Union Territories for the EWS.
4. Offering direct financial assistance of Rs 1.5 lakh to the EWS.

Why is it important?

Indian real estate has often catered to the needs of affluent home buyers in big cities. There is an estimated need of 20 million housing units for the urban and rural poor within a budget of Rs 5 lakh to Rs 15 lakh. However, several unsold residences in metropolitan cities range from Rs 50 lakh onwards. The PMAY is addressing this gap between the need of low-income home buyers and the millions of unsold housing units.

Eligibility

1. A person applying under this scheme must not have a pucca house in any part of India under his/her name or under the name of a family member.
2. A person applying under this scheme must belong to the EWS, LIG or MIG groups.

Subsidised Interest

If you fall in the EWS and LIG category, you can avail a loan up to Rs 6 lakh with an interest subsidy of 6.5 per cent. For loans between Rs 6 lakh to Rs 12 lakh, MIGs will get an interest subsidy of 3 per cent to 6 per cent.

All loan tenures for all income slabs have been raised to 20 years as opposed to the earlier 15 years.

Signature Global is a reputed name in the real estate sector in India. Its recent projects on affordable housing in Gurugram are Roselia (Sector 95A) and Serenas (Sector 36). 

Apply online on:-  www.signatureglobal.in  with PMAY.

How Gurgaon’s Real Estate Can Gain From Budget 2017

The Budget 2017 has boosted the slowed real estate sector in India especially by announcing infrastructure status to affordable housing, which has served as the backbone to the sector for long. Its impact on real estate developer in Gurgaon will be worth noting. Gurgaon – a big player in India’s real estate sector – has been grappling with difficult times especially since 2015, and in 2016 the sales volumes for propertiesin Gurgaon further went down and new unit launches were limited in the city.

Further, demonetization during the end of 2016 further affected real estate developers in Gurgaon like in the rest of the country. There was stability noticed in quoted prices and discounts were still available, but people stayed away from buying residential flats in Gurgaon. Gurgaon saw a fall in investment in the residential properties as residential buyers, much of whom were primary end users were on the lookout for ready-to-move-in flats and were wary of promises of future infrastructure or property. Overall, Gurgaon’s real estate market saw a great dip recently.

With the new budget placing affordable housing under the category of infrastructure, the government plans to get closer to its goal of providing affordable housing for all by 2022. This newly-granted infrastructure status also makes available cheaper funding options from real estate builders who can now access funds at a borrowing rate less than 10% for developing affordable housing, leading to a subsequent and definite reduction in purchase costs for homebuyers.

About 95% of the demand in the real estate sector has been of affordable housing. With reduced borrowing rates, the real estate developers can now focus on constructing housing projects where a major demand lies, and look forward to a healthy growth in this segment.

The budget has benefitted the end users the most. With enormous tax benefits offered to people in the lowest income bracket as a significant tool to push affordable housing, the dream of many to own a house now seems to get closer to realization. Also, with demonetization, banks have been further flooded with funds, and there are speculations that banks will low interests rates further and come out with affordable and attractive home loans. Future home-buyers have been watching the market carefully.

As a real estate market, Gurgaon has great chances of recovering from the downtime in the recent past. One of its driving strengths has been its ability to churn out high quality office spaces, and now while building on this strength, if the real estate developers in Gurgaon prioritize constructing and launching ready-to-move-in affordable housing projects that end-consumers place high value on and subsequently reward, then Gurgaon will soon rise up as a strong real estate provider meeting the housing needs of its residents.

Signature Global is a reputed name in the real estate sector in India. In Gurgaon, Signature Global is already constructing five housing projects under Haryana government’s affordable housing policy, is all set to invest Rs 500 crore in two more projects of affordablehousing in Gurgaon.

Tips for First-Time Home Buyers in Gurgaon

Gurgaon is one of the most vibrant and exciting destination for real estate investment. If you have been long considering buying your first home in this growing city, then we have some helpful tips for you to demystify the overwhelming process of buying a home in a fast and hot real estate market.

Things to consider before you buy:

1. What type of home best suits your needs?
   There are numerous options of residential properties in Gurgaon. Be clear about your homeownership goals and look for the type of properties that best align with those goals.
   
   
   
2. Are there any features you would want your home to have?

Buying a home is one of the biggest purchases people make in their life. So you deserve a place that comes as close to your ideal home. Make a list of features that go with your needs and wants. Your list could include your desires around the appliances your kitchen should come fitted with, or the bathroom layout, or the type and size of neighbourhood.

3. What is your budget?

You’ll want to look into all possible costs that could affect your first home-buying experience in Gurgaon. So pay great attention to the total cost of the house, how much loan you can get from your bank, the down payment amount, monthly instalments, interest rates, property tax, insurance costs, and also how much you can afford spending on renovating or maintaining the house. If you’re on a low budget, look for affordable housing in Gurgaon.

4. Who will you buy your home from?

Get a trusted real estate agent who can help you find your first home and who will deal with the seller, and also guide you through the paperwork and several difficulties in the process. You may also want to approach real estate developers in Gurgaon who will offer you attractive infrastructure and several other facilities inside the building complex.

5. Get a house inspection

Irrespective of how much you like a house, it is always a good idea to inspect the conditions of the house before buying it. Consider the structure of the house, electricity and water supply, the condition of the paint, and make sure there aren’t any water leakages. If you’re not satisfied with something, you can bring it to the notice of the seller. If you would need to repair things yourself, then negotiate and bring down the cost of the house.

 Signature Global is a reputed name in the real estate sector in India. Their residential flats in Gurgaon include the massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). Find your ideal home in Gurgaon through Signature Global.