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Importance of a CIBIL score for home loan

CIBIL score

Banks rely on credit bureaus to provide them with useful data to rate a borrower’s creditworthiness. Assigned through a score, this rating is more commonly known as a borrowers’ credit or CIBIL score in India.

Banks offer housing loans to prospective borrowers, based on their capability to repay the debt. Financial institutions ascertain the loan applicant’s creditworthiness by checking various data related to his/her financial history and the manner in which she/he may have dealt with debts, so far. Banks depend on credit bureaus to provide them with this data, which is more commonly known as a borrowers’ credit or CIBIL score.

What is a credit score?

Credit scores are assigned by credit bureaus to borrowers in India, based on the latter’s banking/payment history, on a scale of 300 to 900. Banks offer home loans easily to borrowers with credit scores of 700 and above. Borrowers with poor credit scores have to pay a higher interest rate.

What is CIBIL score?

Even though the term CIBIL score is considered synonymous with credit score, note here that CIBIL is one of the four credit bureau companies in India that provide credit information. The four companies are:

  1. TransUnion CIBIL
  2. Equifax
  3. Experian
  4. CRIF Highmark

Any of the four companies can provide your credit history. However, a credit score generated by TransUnion CIBIL is known as a CIBIL score.

What is a CIBIL score range?

Based on the credit history of the user, credit bureaus assign the following scores:

CIBIL score of 700+: A score above 700 is considered a no-risk zone for the financial institution. This means that the lender will be willing to offer you the loan, at their lowest interest rates. Note that 79% of loans are sanctioned to borrowers with a score higher than 750.

CIBIL score between 600 and 700: Lenders will also be willing to offer loans to a person with a score in this range, which is considered as a less-risky zone. You may, however, have to pay a higher interest than those with a better score.

CIBIL score of 300-600: A person with this credit score is considered to be in a risky zone. Banks shy away from funding people in this category.

CIBIL score 1-5: This credit score is assigned to people with less than six months of credit history.

-1 credit score: This credit score is assigned to people with no credit history. This rating is assigned to first-time borrowers with no loan or credit in their names.

Fee to get a credit report / CIBIL score check

While a borrower can check credit score for free from any credit information company once in a calendar year, under the rules prescribed by the Reserve Bank of India (RBI), credit bureaus might charge a nominal fee for the same. The borrower will always have to make a payment to get a credit report along with his credit score check.

To get more than one free credit score in a year along with the credit report, the borrower will be charged a fee as listed below by TransUnion CIBIL:

Basic credit report with credit score: Rs 550 (one report in a year)

Standard credit report: Rs 800 (two reports in a year)

Premium credit report: Rs 1,200 (four reports in a year)

Credit score vs CIBIL score

Owing to the wide popularity of TransUnion CIBIL in India, (TransUnion CIBIL was India’s first registered credit bureau company), credit scores are often referred to as CIBIL score.

Formed in 2000 by a group of financial institutions, CIBIL (Credit Information Bureau (India) Limited) was acquired by US-based TransUnion, earning the name TransUnion CIBIL.

How is CIBIL score calculated?

Credit bureaus arrive at credit score ratings, based on four prime factors. These include:

  • Repayment history
  • Existing loan and credit utilisation
  • Type of loan and tenure
  • Number of credit inquiries

While the first two parameters are invariably given the highest weightage when assigning a credit score (typically in the range of 30%-35%), different credit bureaus might give different weightages to each parameter.

How much time does it take to get a CIBIL report?

Your CIBIL report and score will be sent to your e-mail address within three to five working days, if you are applying online. In case you apply for a credit report offline, CIBIL will take a week to issue the credit report after verifying the documents.

How to check credit score?

  • To check CIBIL score and receive it in your mailbox, visit the CIBIL website, www.cibil.com.
  • Select a subscription from among basic, standard and premium.
  • Key in details such as your name, email address, ID proof, etc., to create an account.
  • Make the payment based on the subscription type.

Credit score for home loan

Almost all banks in India offer their best rates of interest to people with a credit score of over 750. This means that if a bank is currently charging, say, the lowest interest of 5.80% on its housing loan, it will offer this rate only to those with a credit score of over 750. Borrowers with lower scores will have to pay a higher rate of interest.

Is there a difference between credit ratings of different credit companies?

Since each company uses its own specific methodology to assign credit scores to individuals, using the same data provided by banks and financial institutions to each one of them, the rating assigned by one credit bureau to a borrower may be different from the score assigned by another credit bureau.

Nine assumptions that will harm a home buyer’s credit score

Banks and housing finance companies (HFCs) thoroughly examine the credit profile of the applicant, along with several other factors, before approving any home loan. This scrutiny by financial institutions is likely to grow more rigorous, if the defaults on home loan repayments increase, owing to the impact of the Coronavirus pandemic on individual incomes and businesses.

In a scenario like this, wrongly-held notions about your credit score could reduce the chances of buying your dream home, at a time when property prices in most big cities are at a low.

“Conversations with our customers over the years, have revealed some extremely grave myths they have about the credit score,” says Radhika Binani, chief product officer, Paisabazaar.com.

Here are some of the commonly-held, inaccurate beliefs pertaining to the credit score and its impact on your home loan borrowing capacity.

1. Staying off credit is good 

Thinking that banks will be impressed by the fact that you have never depended on credit to meet any of your financial needs, is ill-founded. In the total absence of a credit history, banks will have to go through a more rigorous scrutiny process, to figure out your credit-worthiness and repayment capacity. Hence, they will be more cautious, while examining your home loan application.

2. I can quickly improve my credit score

Since you know that the absence of a credit history is actually a bad idea, you may be tempted to quickly apply for credit cards and small loans, to create a history. This would be a bad idea, because such attempts make it obvious to the credit institutions that you are trying to hurriedly create a credit history, to get a huge loan subsequently. This would also reflect poorly on your credit score.

3. It is okay to touch the upper limit on your credit

Among the facts based on which your credit score is prepared, is how much of your available credit you are using. Your payment history, loan amount, length of credit history and credit mix, are other key factors.

Maxing out the credit limit sanctioned on credit cards, pushes up the credit utilization ratio (the ratio of your outstanding credit card balance to your credit card limit). In simple terms, credit utilization shows the amount of available credit a borrower is using. The lower the ratio, the better.

Suppose your balance is Rs 20,000 and your credit limit is Rs 50,000, the credit utilization for your credit card is 40%. Now, a move that increases your repayment obligations would hurt your credit score.

4. Being a guarantor to a loan is fine

A friend or a relative may have asked you to be a guarantor, in his loan application and you may have agreed, considering it to be a harmless request. However, this impacts your own credit worthiness in two ways:

  1. If the friend defaults on his loan, you are legally obliged to meet the liabilities.
  2. Your own borrowing limit might be constricted by the outstanding loans for which you are a guarantor.

5. My credit report is up-to-date

On full repayment of a loan, the bank, which lent the money to you, will provide you with a clearance report immediately. However, it may take around 30 to 60 days for this information to be shared with the credit bureaus, who actually prepare your credit score. The changes in your credit balance would reflect on your credit score, in due time and not immediately.

“Everyone needs to check and track their credit scores, at least once every three months, even if you do not need a loan in the foreseeable future. This is because crisis and uncertainty can strike anytime and you may need to take a loan,” says Binani. Credit reports may also contain wrong information, fed erroneously by the lender or due to clerical errors on the credit bureau’s part.

“These errors can adversely affect one’s credit score and thereby, his future credit card and loan eligibility. The only way to detect such errors, is to fetch the credit report at regular intervals and report inaccuracies, if any, to the bureaus for rectification,” she adds.

6. Delays are fine, as long as I pay the EMI

Credit bureaus do not assign ratings, only on the basis of whether or not you have been able to repay your loans. They are in fact more interested in gauging how diligently you do that job.

Delayed credit card payments and EMI defaults, will convince them of a lack of financial discipline on your part, even if you ultimately repay the loan. In fact, ratings are assigned based a variety of factors, and will be impacted in case the bureau finds out your  source of income is impacted in any manner or form. 

It is pertinent to mention here that credit bureaus slashed ratings of numerous borrowers who avail of the benefits of the government’s six-month loan moratorium, announced by the RBI in March 2020 in order to offer relief to consumers in the aftermath of the coronavirus pandemic.  While announcing the moratorium, the RBI had categorically said applying for the moratorium will not have any impact the credit rating of the beneficiaries.

See Also : Effect of Coronavirus on Indian Real Estate

7. I should close old accounts

As credit cards are considered unsecured loans, some of you may hurry to close an old account, with the notion that it would reflect positively on your credit score. This might, in fact, have the opposite effect on your credit rating. An old credit card account with a good repayment history, would help your prospects as a borrower.

Since credit bureaus also factor in the length of your credit history while assigning you a rating, an active old credit card account, would only be helpful towards building your credit worthiness.

8. Settled loans do not find a mention in my records

Each and every financial transaction has a mention in your credit history. These include the number of times you might have called a bank, to enquire about home loans or credit cards.

See Also : Home Construction Loans

9. A bad credit score is permanent

A bad credit report today could be completely turned into a good one by the borrower, by way of adopting financial discipline. Pay your bills on time, pay off your debt, do not apply for too much credit in a short span and check out your credit score regularly, to get any errors in your credit report corrected. By doing so, in good time, you can completely transform a bad credit score into a good one.

See Also : Lucky Plants For The House

How to improve your credit score for a home loan

By Content Consultants

Improving one’s credit score has many advantages. Not only does it make it easier to obtain a loan, but it can also help the applicant to get an attractive rate of interest

August 4, 2018: It is advisable for home loan seekers to obtain a credit report, before applying for a large loan, such as a home loan. This report, which provides a person’s credit score, can be obtained from any one of the four credit bureaus operating in the country – CIBIL, Experian, Equifax and Crif High Mark. A score between 750 and 900 is considered as excellent. However, if the score is below 675, one may need to improve the credit score before applying for a home loan.

See Also : Home Loan Income Tax Benefits

“A good credit score can help you get a loan at a more attractive rate of interest. This can lower your interest burden by lakhs of rupees, during a loan tenure of 15-20 years,” asserts Sujit Kumar, a Delhi NCR-based lawyer, who improved his credit score, before applying for a home loan.

Immediate tips to improve your credit score

When it comes to improving your credit score, first check for any error in your lender’s record books. While you may have repaid a loan, the bank’s records may still be showing some credit outstanding against your name. Rectifying such mistakes, will improve your credit score.

Disagreements between a lender and a borrower may also be the cause of a poor credit score. Resolving such disagreements, paying the dues and closing the loan account can boost your score.

The most important thing for a good credit score, is to make all the payments on time. If you have missed a particular payment, make amends right away by paying up.

Consolidating your credit will also help. You may have taken five personal loans. Consolidating all these loans, into a single one, will look better on your records, by indicating that you are not excessively credit-hungry.

Also, when it comes to credit card bills, many borrowers pay up only the minimum amount and revolve the rest of their credit card loan. This is a bad practice, as the rate of interest on credit card loans is very high. If you have been doing so, replace the credit card loan with a personal loan, which will bring down your interest charges and enable you to meet your dues.

See Also : You should know about National Generic Document Registration System (NGDRS)

Long-term tips to improve your credit score

In case you have a delinquent loan against your name and you don’t have the ability to repay right away; this is a situation that can only be remedied over a period of time. If you have a high proportion of unsecured loans, vis-à-vis secured loans, you should try to alter the mix over a period of time.

Another behavioural change that you must make, is to avoid shopping for loans excessively. In trying to bag the best possible deal, do not apply or make enquiries at 15-20 banks. Each time you make an enquiry, it gets registered against your name and indicates that you are credit-hungry.

Arun Ramamurthy, director, Credit Sudhaar Services stated that if a person is too hungry for credit, it reflects poorly on his credit score.

Suppose that your credit card provides you with a credit limit up to Rs 2 lakh, don’t use up the entire limit as this is also perceived as a sign of credit hunger.

Despite your best efforts, if you are not able to achieve a good credit score on your own, then, there are professional agencies that you can turn to, such as Credit Sudhaar, etc. These agencies can help you to achieve the right mix of secured and unsecured loans.

They tell you about the right number of credit cards you should own, given your economic status. They also inform you about the maximum percentage of credit on your credit card, beyond which you should not go.

See Also : Claim for Tax Benefits on Joint Home Loans

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You should know about National Generic Document Registration System (NGDRS)

(NGDRS)
The NGDRS is a state-specific platform, where property buyers and sellers can pay stamp duty and registration charges and book an appointment with the SRO for property registration

In order to move towards digitization and promote ease of doing business, the government of India launched the National Generic Document Registration System (NGDRS) as a pilot programme, under which property registration facility would be available online across the country. From NGDRS payment of stamp duty to online appointment booking at the sub-registrar’s office (SRO), the entire process has been made seamless with the help of the system.

Importance of NGDRS

The NGDRS represents a major shift from the existing manual registration system to an online system, for all types of transactions, including sale, purchase and transfer of land. Initially, the system was piloted in Punjab, Rajasthan and Maharashtra but later, more states joined in, including Jammu and Kashmir and the Andaman and Nicobar Islands. The system will also encourage the offices working in geographically remote areas, to adopt technology and digitisation and reduce manual effort, thereby, reducing errors in land records.

See Also : Effect of Coronavirus on Indian Real Estate

NGDRS in states

Several states have adopted the National Generic Document Registration System:

  • Punjab
  • Rajasthan
  • Maharashtra
  • Goa
  • Andaman and Nicobar Islands
  • Bihar
  • Jharkhand
  • Manipur
  • Mizoram
  • Himachal Pradesh
  • Andhra Pradesh
  • Madhya Pradesh
  • Kerala
  • Uttarakhand

Property registrations through National Generic Document Registration System

The National Generic Document Registration System NGDRS has made property registrations simple and quick. Here are the steps to follow on states’ registration portals, to register your property purchase/sale:

1) Citizen registration

  • Enter a valid 10-digit mobile number and enter a username of your preference.
  • Then enter a password (the password should contain at least one uppercase, one lowercase, one digit and one special character).
  • Enter the characters from the captcha image in the given field and click on ‘submit’ to save the records. (If the record has been saved successfully, a success message is displayed.)
  • By clicking on the ‘cancel’ button, the user will be redirect to the homepage.

See Also : Lucky Plants For The House

2) Property valuation

Property valuation uses a combination of property usage, valuation rules formulated by the state government authority, development zones, construction type, depreciation if any, road connectivity, etc. Here’s how to do property valuation using the National Generic Document Registration System:

Factors used by NGDRS for property valuation

  • Rate chart prepared by the department considering
  • Location-wise major usage factors
  • Government regulations and activities
  • Economic activities and trends
  • Future benefits
  • Age of the property and construction type
  • Area of construction
  • Area of land
  • Parking area
  • Area of non-cultivated land

Step-by-step procedure of property valuation

1: Open the National Generic Document Registration System site of the respective state where the property is located.

2: Register as a citizen for National Generic Document Registration System login. Use the citizen credentials to login to the system.

3: Select the financial year. Citizens can select the previous financial year, so that the valuation for a particular year is also possible.

4: Select the district, taluka and corporation/municipal council.

5: View survey number for a particular location.

6: Select property usage.

7: Select the construction type.

8: Select the age and road vicinity.

9: Click ‘Calculate & Save’.

10: The valuation report will appear on the screen.

See Also : Guidance About Waterproofing Your Home

Documents required for property registration through National Generic Document Registration System

  • Valid citizen user credential
  • Property location details
  • Valuation zone details
  • Property usage

FAQs

What is full form of NGDRS?

National Generic Document Registration System.

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Lucky Plants For The House

Lucky Plants
We list some plants that home owners can grow, which, according to Vast and Feng Shui are believed to bring good luck, harmony and prosperity

Lucky Plants are crucial in channeling the natural flow of positive energy. They also purify the environment by absorbing carbon dioxide and provide relief from stress.

Nitien Parmar of Vastu Plus, Mumbai says that lucky plants dispel the stagnant and stale energies from the home. They subconsciously connect us to the colour green, which has therapeutic qualities.

According to Vastu Shastra, healthy growing plants placed in the right directions, enhance the ability to attract abundance into one’s life and improve relationship.

Lucky Plants that bring good luck, harmony and prosperity

Tulsi

According to Vastu shastra, one of the most powerful, sacred and auspicious plants that enhances positivity at home, is the Tulsi or holy basil.

Parmar says that this shrub, which has great medicinal value, can purify the atmosphere and keep mosquitoes away. Tulsi can be grown at the front or the back of the house, in the balcony or windows, wherever it can be exposed regularly to sunlight.

Bamboo plant

The lucky plants bamboo (Dracaena Sanderiana) is from south-east Asia and both, Vastu and Feng Shui, associate it with good fortune and health. The number of stalks in the plant has a big impact on the meaning of a particular lucky bamboo plant.

For wealth, for instance, it should have five stalks; for good luck six; seven stalks for health and 21 stalks for health and great wealth. Bamboo plants also act as air purifiers and remove pollutants from the surroundings. Preferably, keep the bamboo plant in the east corner.

Areca palm

Areca palm plants, according to Feng Shui, lead to health, peace and prosperity. It eliminates negative energy and attracts positivity. This leafy plant can be grown anywhere in the house, in indirect sunlight.

It has an ability to remove common pollutants from the air and also improves humidity.

Jade plant

Jade plant, with its small rounded leaf, is known to bestow good luck. According to Feng Shui, the Jade plant is the epitome of good luck and favourable positive energy and hence, can be placed in the house or office.

Jade symbolises growth and regeneration and the shape of the leaves bear a resemblance to jade stones. However, avoid keeping the jade plant in the bathroom, experts suggest.

Money plant

This plant (pothos) is known to bring wealth and good luck to the house and helps in overcoming financial obstacles. It act as natural air purifiers, as they filter the toxins out of the air.

This requires very little maintenance. It is said that keeping a money plant at home can help to achieve success in both, personal and professional fields.

Rubber plant

The rubber plant represents wealth and fortune in Feng Shui, as its rounded leaves resemble coins. When placed in the home, it is believed to provide abundance. Also, the rubber plant improves indoor air, as it is a natural air purifier.

Areca palm

Areca palm plants, according to Feng Shui, lead to health, peace and prosperity. It eliminates negative energy and attracts positivity. This leafy plant can be grown anywhere in the house, in indirect sunlight. It has an ability to remove common pollutants from the air and also improves humidity.

Flowers that bring good luck

Jasmine

This represents appreciation, love and good luck and creates positivity in relationships. Jasmine (mogra) has a delicate sweet fragrance and is known to reduce anxiety and bring tranquility.

Srilata Krishnan from Mumbai says that in today’s chaotic world, one needs a calm and peaceful home to recharge and plants help us to relax.

He has jasmine flowers in his balcony, which are the favourite flowers of Lord Shiva. After a day’s work, he enjoy the delicate whiff of blooming jasmine in his balcony and forget all the stress.

Lotus

Lotus is a symbol of wealth, peace, purity, harmony and spirituality. The lotus, which also has medicinal value, is considered an auspicious flower as it is linked with Goddess Lakshmi, as well as Lord Buddha.

Placing it in front of the house is most beneficial but it can be kept inside the house too. A water pond with lotus in it, is ideal in the north-east or north or east direction of one’s garden.

Peace lily

Peace lilies are a great addition to any room, to help clean the air and evoke a sense of harmony. Feng Shui says that nurturing peace lilies, help to bring about good luck and affluence and it wards off negative energies. Since the plant attracts good vibes, it is also good for emotional wellbeing. It improves the flow of energy in the home by cleansing the air.

Orchid

Orchids are associated with good luck and prosperity. In Feng Shui, orchids symbolise good relationships, happiness and fertility. Ideally, it should be placed in the north direction.

Lotus

Lotus is a symbol of wealth, peace, purity, harmony and spirituality. The lotus, which also has medicinal value, is considered an auspicious flower as it is linked with Goddess Lakshmi, as well as Lord Buddha.

Placing it in front of the house is most beneficial but it can be kept inside the house too. A water pond with lotus in it, is ideal in the north-east or north or east direction of one’s garden.

Lucky herbs for home

Mint

This herb keeps bad vibes away and is ideal for attracting wealth and prosperity. The aroma of mint leaves helps calm one’s nerves and is believed to revive one’s hopes. It also helps in relieving stress stressed muscles and has medicinal value.

Ajwain (carom)

This herbal plant is considered auspicious for wealth. It does not require too much sunlight or water. The beautiful ribbed leaves of the plant are edible and an easy home remedy for an upset tummy.

Lucky trees for the garden

Neem tree

Neem tree creates positivity, a healthy environment and according to Vastu, is auspicious. As it has great medicinal value, the Vedas called the Neem as sarva roga nivarini (the curer of all ailments). Neem trees act as an efficient natural air filter, absorbing pollutants.

Coconut tree

The coconut tree, which is called the ‘kalpavriksh’ or the sacred tree, is said to fulfil all desires and bring good fortune and positive energy. The ideal direction to plant it is in the south or south-west.

See Also : Effect of Coronavirus on Indian Real Estate

Banana

The banana plant is a sacred plant worshiped in India. It is considered a harbinger of good luck and signifies prosperity, good health and mental peace. This plant should be placed in the north-east.

Ashoka tree 

Ashoka, the evergreen tree with fragrant flowers, is believed to remove suffering and bring joy. This ‘tree of happiness’ brings positive energy and prosperity.

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Tips to grow and take care of plants that bring good luck

  • Select healthy plants with vibrant foliage, to create beneficial energy.
  • Trees like neem and mango, provide good results in all directions.
  • For any house, it is auspicious to have a Gooseberry tree in the north-east direction, pomegranate in the north-west, banyan in the east, gular (cluster fig) in the south, peepul in the west and pakad (ficus) in the north direction.
  • In your kitchen garden, besides growing turmeric which is associated with prosperity, grow herbs such as coriander, thyme and rosemary.
  • According to Vastu, a citrus plant, besides emanating a fresh smell, helps in creating a happy atmosphere.
  • Remove dried and decayed leaves, flowers and weeds, as they attract negative energy.
  • Grow hibiscus, champa and marigold flowers in the garden at home as they are considered auspicious.
  • Except for a few medicinal plants, avoid plants with thorns, as they give rise to tensions in the environment.
  • Do not grow plants in chipped or cracked pots or vases.
  • According to Vastu, growing creepers with support on the house wall, is not recommended.

See Also : How To Pay Property Tax in Pune

FAQs

Which plants are unlucky for home?

Avoid Cacti & plants that have thorns.

Are fake plants bad luck?

As per Feng Shui, Artificial plants are not good.

Where should I keep the Bamboo Plant at home?

You can place the Bamboo plant in a place in a house that received low and indirect light.

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Effect of Coronavirus on Indian Real Estate

coronavirus
The drastic increase in the number of new Coronavirus cases in India in 2021, could adversely affect the demand for residential real estate in India, which was just beginning to show signs of recovery.

Surge in Covid-19 cases may derail real estate from recovery path

Amid a dramatic spike in the number of new Coronavirus cases in India, the demand for residential real estate in India might be thrown off track, says head of industry body CREDAI.

As on date, India’s share of global active Coronavirus cases stood at 13.08%. It is the second most-affected country by active cases, at present. On June 2, 2021, India’s total caseload stood at to 2,83,07,832 while total fatalities from the virus reached 3,35,102.

The surge in cases during the COVID-19 second wave, has resulted in large parts of India, especially in Delhi, Maharashtra, Rajasthan, Odisha and Gujarat, now being under restrictions which include partial lockdowns, weekend lockdowns, night curfews, etc.

CREDAI national president Harsh Vardhan Patodia said that they are worried about the second wave of the COVID-19 pandemic. If logistics and supply chain support are available and migrant labour is on sites, he do not think there will be a problem. In case of a complete lockdown or loss, the (buyer) sentiment may get impacted. COVID-19 may turn out to be a short-term dampener.

The demand for housing in India might also impact amid a change in stance in the banking system.

According to a recent report by QuantEco Research, the second wave of COVID-19 would hit the Indian economy by prompting people to save, rather than spend. This is in contrast with the first wave in 2020, when the contraction in economic growth was driven primarily by supply disruptions due to a prolonged nation-wide lockdown. This would particularly impact home purchases in the country that require big-ticket investments.

QuantEco Research economist Yuvika Singhal said that expectation of consumption snag looks more palpable now than last year. In contrast to a V-shaped recovery, consumption redux could look more U-shaped this year, while downgrading India’s FY 2022 growth forecast by 150 basis points to 10%.

Unless the government decides to lower the tax burden on home buyers, the demand for residential spaces might take a severe hit, despite the consumers’ positive outlook towards this asset class in the aftermath of the pandemic.

According to Niranjan Hiranandani, national president, NAREDCO and founder and MD  of Hiranandani Group, the demand for real estate had always been huge, the short-term disruptions caused by the Coronavirus pandemic notwithstanding.

He said that it is the huge costs involved in the purchase process that discouraged buyers from investing. One has to keep in mind that buyers end up paying 33% of the total purchase value in various government taxes. So, it might be wrong to point out that there is any deceleration as far as the demand is concerned.

The stakeholders just have to gauge where the demand actually is and supply accordingly, while the onus is on the government to lower the burden on home buyers by offering stamp duty waivers, says Hiranandani.

Meanwhile, the impact of the monumental surge in the number of Coronavirus cases has become visible on India’s office markets, as well. Reports by two global property brokerage firms, show that net leasing activity during the January-March period of 2021 showed a decline, because of the prevailing  situation.

While a report by Cushman and Wakefield showed that the net leasing of office spaces across seven major cities reported a 48% annual decline in this period, another research report by JLL India said a 36% decline was witnessed in net leasing activity during the quarter in these markets.

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Vaccine rollout to restore normalcy in India’s Corona-hit housing segment

Pune-based Serum Institute of India Ltd, the world’s largest vaccine manufacturer by volume, which has been enlisted by the government in India to manufacture a billion doses of AstraZeneca’s Coronavirus vaccine, started distribution across locations on January 12, 2021.

As India kicks off the race to vaccinate its over 1.3 billion people in mid-January, the positive impact of what could be termed as one of the world’s biggest inoculation programmes, will also be seen in the country’s residential real estate segment, the sector that employs the largest number of unskilled workers.

With a massive vaccination drive underway, risks to the recovery may abate and economic activity is expected to gain momentum in the second half of 2021, India’s banking regulator, RBI said that while announcing its monetary policy statement on February 4, 2021. RBI governor Shaktikanta Das said that financial markets remain buoyant, supported by easy monetary conditions, abundant liquidity and optimism from the vaccine rollout. Growth is recovering and the outlook has improved significantly, with the rollout of the vaccine programme in the country.

Amid expectations of the launch of the inoculation programme, green shoots of revival have, in fact, already become visible, with this same being reflected in the quarterly housing sales and new supply numbers.

After touching a record low during the previous two quarters amid a dramatic rise in the number of infections – as on January 12, 2020, India has reported nearly 10.5 million COVID-positive cases and 1,51,000 deaths due to the virus infection – home sales in India’s eight prime residential markets touched 58,914 units in the October-December period of 2020, showing a 68% quarterly increase, according to a recent report by property brokerage firm by PropTiger.com. New supply numbers also showed a significant uptick, registering a 173% quarter-on-quarter (Q0Q) growth.

Dhruv Agarwala, group CEO, Housing.com, Makaan.com and PropTiger.com that all factors considered, the sector has shown remarkable tenacity in 2020, against unprecedented odds that have caused the economy to contract and impacted consumer spending. The fact that housing sales in India’s key markets have started to bounce back, in spite of the general gloom caused by the pandemic, shows the immense potential of the real estate sector, which employs the highest number of unskilled workers in the country.

The sector’s performance seems particularly impressive, says Agarwala, considering that the pandemic has impacted the income-generating capacity of a large number of people.

While this could be seen as the start of a full-fledged and slow yet steady recovery process, a lot will depend on how efficiently Asia’s third-largest economy, with its limited heath and transport infrastructure, manages the daunting task of making available the vaccine to its large number of people amid supply-side concerns.

The same factor would have an impact on the overall economic recovery scenario, which, in turn, would be instrumental in shaping the future for India’s residential realty segment. So, India’s economy is far from being out of the woods.

Even in the best-case scenario, India’s gross domestic product growth, according to government projections, is estimated to contract by a record 7.7% during 2020-21 with the pandemic severely affecting the manufacturing and services segments.

In contrast, global agencies and think-tanks have forecast a much steeper contraction. In fact, the International Monetary Fund (IMF) in its World Economic Outlook released on January 26, 2021, predicted India’s economy to contract at 8% in the current financial year, higher than the 7.7% decline projected by the government’s advance estimates.

The IMF has, however, pegged expects the economy to grow at 11.5% rate in the next financial year before slowing to 6.8% in 2022-23. This means India would continue to be the fastest-growing large economy in the world in the two years. The international agency also stated that it was surprised by India’s second quarter growth numbers. As against the predictions of a double-digit contraction, India’s GDP growth contracted by 7.5% in the quarter.

According to the World Bank Global Economic Prospects estimates, India’s economy will contract by 9.6% in FY 2021, amid a drastic decline in household spending and private investment. Growth is expected to recover to 5.4% in 2021. The International Monetary Fund has also projected India’s economy to contract by 10.3% in FY 2021, forecasting an expansion of 8.8% next year.

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Housing market in India’s top 8 cities (April-June 2020)

SalesDown 79%
Project launchesDown 81%
Inventory738,335 units

Housing affordability seen increasing

As India continues with its Coronavirus vaccination drive, the positive impact of the inoculation programme will also be seen in the country’s real estate segment.

If the improving housing affordability is any cue, India’s residential real estate sector is likely to witness better sales and supply in the January-March period of 2021, the lingering impact of the Coronavirus pandemic on the sector notwithstanding.

Amid the RBI continuing to keep the repo rate unchanged at 4%, home buyers can currently get home loans for as low as 6.65% annual  interest. This is in contrast with the average home loan interest rate of 8% seen in January 2020. Price growth in the housing segment has also been under pressure in the past one year, due to the impact on demand.

In a report titled ‘India Real Estate Outlook – A new growth cycle’, property brokerage firm JLL India has also indicated that new housing supply in 2021 would continue to be in the affordable and mid-segment, with developers attempting to reap the benefits of strong pent-up demand.

With most rating agencies making an upward revision in India’s growth forecast, the recovery in the country’s housing sector may also be better and earlier than expected.

On March 24, 2021, Fitch Ratings revised India’s growth estimate for fiscal 2021-22 to to 12.8%, from its previous estimate of 11%, saying that ‘a stronger carryover effect, a looser fiscal stance and better virus containment’ have led to the upgrade in growth projection. Many other rating agencies and global think-tanks, including Moody’s Analytics and the Organisation for Economic Co-operation and Development (OECD), have also made upwards revisions in India’s growth forecasts, amid the domestic inoculation programme against the virus picking up pace.

With the economy picking up and employment witnessing stability, the existing momentum in housing sales could sustain in the year 2021, the brokerage firm opined.

Indian housing market’s initial reaction to COVID-19

Much has changed with the Coronavirus hit the world in December 2019. Amid countries applying extreme measures to contain the pandemic, businesses came to a grinding halt across the world, forcing monetary agencies to slash growth forecasts for the global economy, India included.

In its World Economic Outlook October 2020 report titled, ‘A Long and Difficult Ascent’, the International Monetary Fund (IMF) has said that the Indian economy would grow at a -10.3% rate in 2020 – a downgrade of -5.8 percentage points from the agency’s June estimate.

After the gross domestic product (GDP) numbers for the first quarter of FY21 showed a decline of 23.9% over the same quarter last fiscal earlier, global rating agencies S&P, Moody’s and Fitch also projected Indian economy to contract by 11.5% and 10.5%, respectively, in the current fiscal.

S&P Global Ratings, on September 14, 2020, cut its FY21 growth forecast for India to -9% against -5% estimated earlier, as the number of infections in the country touch record levels. “One factor holding back private economic activity, is the continued escalation of the COVID-19,” S&P Global Ratings Asia-Pacific economist, Vishrut Rana said.

While the adverse effects of the pandemic are already being felt across the world, varying opinions are emerging on COVID-19’s impact on the real estate sector, a health emergency that force-launched the biggest ever work-from-home experiment globally, putting a question mark on the relevance of workspaces in a post-Coronavirus world.

In India, where the economic contraction indicates towards a delayed start of the long-arduous road to recovery, a prolonged lockdown — which started from from March 25, 2020, and was eventually extended till June 7, 2020, amid a dramatic rise in the number of infections — worsened the situation in Asia’s third-largest economy.

As is evident, research agencies are predicting a near-term halt in growth of real estate in India. PropTiger.com data show housing sales in India’s eight major cities declined by 66% in the period between July-September 2020.

Dhruv Agarwala, group CEO, Housing.com, Makaan.com and PropTiger.com says while the Chinese economy has been reeling under the impact of the Coronavirus contagion since December 2019, the situation started to get worrisome in India only in March 2020. The lockdown, which virtually brought to a standstill most economic activity in the country, has hurt all sectors, including real estate. The adverse impact of the Coronavirus is visible on housing sales in the last quarter of the last fiscal because March is usually one of the biggest month for sales.

Although deal volumes in office space in India increased 27% year-on-year in 2019, to an all-time high of over 60 million sq ft, the growth momentum in India’s commercial segment is also likely to get derailed due to the virus attack.

Any positive predictions about its growth made before the sudden outbreak of the global calamity stand retracted, as the government gets busy devising plans to stop businesses in general and the economy in particular from sinking deeper into a slump, amid impending fears of the rupee declining to a low of Rs 78 against the US dollar.

While the real extent of the damage is hard to grasp in a scenario where every day is making a great difference, one thing is for certain – India’s real estate sector will suffer short-term shocks on account of the contagion.

He said that with several macro-economic indicators showing a positive trend in September, we may well be on the road to a more sustained recovery and the upcoming festival season will be critical, in determining the growth trajectory in the sector over the next twelve months.

COVID-19 impact on home buyers in India

If low interest rates (home loan interest rates are at below 7% now) and high tax exemption (rebate against home loan interest payment is as high as Rs 3.50 lakhs per annum) were going to make a change in the consumer behavior, the Coronavirus outbreak is likely to halt that shift, at least in the near to medium term.

With property seekers unwilling or unable to undertake site visits, this could result in the postponing of purchase decisions. Hiranandani says with the Coronavirus pandemic impacting all sectors of the economy, the troubles have compounded for India’s realty sector, which has been dealing with a ‘challenging scenario’ since the economic and policy reforms were introduced. The slowdown since February-end is apparent and while site visits are almost non-existent, the decision-making process is hugely delayed.

The fact that businesses would scale down their workforce would also force many prospective buyers to wait for clarity on their job security, before making a final decision on property purchase.

Even though the RBI has announced several rate cuts, bringing the repo rate down to 4%, any positive effect of the move on buyer sentiment would be seen only in the medium to long term. The step, however, would come as a major support for existing buyers, who might struggle to pay EMIs in the short-term or medium-term, because of the lockdown or in the event of job loss.

However, the pandemic has also made buyers realise the value of home ownership, thus, giving a sold sentiment boost to residential real estate.

In a survey conducted by Housing.com in collaboration with NARECCO, 53% respondents said they have put their plans to buy a property on hold only for six months and plan to return to the market after that. Nearly 33% respondents in the survey also said they would have to upgrade their homes, in order to work from home. In a renters’ survey, 47% respondents said they would like to invest in property if it was rightly priced.

Rangarajan says that they are seeing increasing digitization of real estate with significant growth in online demand, as developers and buyers adopt products such as virtual tours, drone shoots, video calls and online booking platforms. They may be seeing a shift in the real-estate sector, where technology will play a significant role in property renting and buying and property registration may move online in some states. 

While physical site visits will remain important, buyers will use technology to discover new homes with some buyers booking online and buyers will likely make fewer site visits than before.

COVID-19 impact on builders in India

Slump-hit builders were pinning their hopes on government support to shed the increasing unsold stock even as an ongoing crisis in the country’s non-banking finance sector, a key source for housing sector funding, made borrowing extremely difficult, jeopardising their plans to deliver projects within the promised timeline.

Developers were sitting on an unsold stock worth approximately Rs 6 lakh crores, as of September 2020, show PropTiger.com data. A near-halt situation on construction activity amid a lockdown in India to contain the virus and delay in supply of manufacturing material and equipment from China, will further push delivery timelines of ongoing projects, consequently increasing the overall cost for developers.

Through furious efforts, China, the country where the virus originated, has been able to rein-in the pandemic, with workers returning to offices. However, amid tension between the two neighnours, builders here will be forced to postpone orders.

Several measures announced by the government in its Coronavirus-specific stimulus package and the EMI holiday for developers during the crucial period are some steps that might offer some relief to the builder community.

“The pandemic menace has hit at a particularly sensitive time. Across realty companies, this is the time when statutory payouts and streamlining of balance sheets happens,” Hiranandani added.

COVID-19 impact on Indian housing market

The Coronavirus spread has further delayed a recovery that might have seemed possible, because of various government measures to revive demand, even though, right now, it does not seem like prices will go down immediately.

Niranjan Hiranandani, national president, NAREDCO, states that “Salvaging Indian realty, the second-largest employment generator is critical, not only from the GDP growth perspective but also for employment generation, since the sector has a multiplier effect on 250-plus allied industries.”

The centre in the recent past had announced higher tax breaks and lower interest rates on home loans to make purchases more lucrative, apart from setting up an Rs 25,000-crore stress fund for stuck projects.

The demand slowdown in the residential segment has already curtailed housing sales, project launches and price growth in India’s residential realty sector, which has been reeling under the pressure caused by mega regulatory changes, such as the Real Estate Regulatory Authority (RERA), the Goods and Services Tax (GST), demonetization and the benami property law.

According to rating agency ICRA, the pandemic, if not contained soon, would not only significantly impact the economy but also adversely hit developers’ cash flows and project delivery capabilities.

“In case of a longer outbreak though, the impact on overall economic activity is likely to be deeper and more sustained, which would result in a more significant impact on developer cash flows and project execution abilities, giving rise to wider credit-negative implications,” ICRA said in a recent note while also adding that the three-month moratorium announced by the RBI on March 28 on loans will provide some comfort to builders. This moratorium, which was subsequently extended by the RBI, on May 22, 2020, till August 31, 2020, may see further extension as the economic situation is seen deteriorating.

“The injected liquidity of Rs 3.74 lakh crore (by the RBI) along with the moratorium on all term loans by financial institutions will alleviate short-term liquidity concerns and help developers, as well as home buyers . It is a big relief for developers and buyers to help them mitigate the challenges faced by them currently,” says Ramesh NairCEO & Country Head of JLL India.

Expecting delays in project completion and extending support to the builder community, the the government has also said developers could get project deadlines extended by six months through the RERA citing the force majeure clause.

“Due to the lockdown announced on account of the COVID-19 outbreak, both, construction and sales activity, have come to a complete halt across the entire real estate sector. On several sites, construction workers, too, have gone back to their home towns. Even after the lockdown, activity will only recommence gradually, which will cause project delays of anywhere between 4 to 6 months at the least,” said Sharad Mittal, CEO and head, Motilal Oswal Real Estate Funds.

“Delivery of existing projects may get pushed back, depending on how quickly the input supply-chain and labour availability are restored.  So, the fall in new supply may continue for the next few quarters, as developers wait for demand revival,” says, Mani Rangarajan, Group COO, Elara Technologies. 

See Also : You should know about Panvel Municipal Corporation (PMC)

COVID-19 impact on office space in India

Even though people are gradually coming back to work in sectors where working from home is not an option, remote working continues to be the main way of functioning for companies as of now.

“During the lockdown, India coped very well with the shift in workplace and has continued to do so with limited re-opening. We do believe that going forward, the workplace will no longer be a single location but an ecosystem driven by locations and experiences, to support convenience, functionality and wellbeing,” says Anshul Jain, MD – India and SE AsiaCushman & Wakefield.

Earlier, as infections increased drastically, companies worldwide announced remote working for employees to contain the virus spread, triggering a debate if work-from-home could replace office spaces in future. While the answer to that question depends on the ultimate level of success achieved by businesses through remote working, a near-term jolt to the commercial real estate segment in India is unavoidable.

Even though developers in this segment remain optimistic, because of better access to liquidity and lower risk of defaults, the impact of the virus is visible on the office space, too. According to international property brokerage JLL, net leasing of office space fell by 50% in the quarter of July to September 2020, across seven major cities to 5.4 million sq ft as corporates and co-working players continued to defer their expansion plans following the pandemic.

The net absorption of office space stood at 10.9 million sq ft in the year-ago period across seven cities, including Delhi-NCR, Mumbai, Kolkata, Chennai, Pune, Hyderabad and Bengaluru. During the January-September period of 2020, the net office space leasing fell by 47% to 17.3 million sq ft from 32.7 million sq ft in the same period in 2019. The remote working concept contributed to the fall in demand for office space, JLL said. “Increased office space consolidation and optimization strategies of corporate occupiers, resulted in subdued net absorption levels, which could not keep pace with new completions. This resulted in overall vacancy increasing from 13.1% in Q2 2020 to 13.5% in Q3 2020,” JLL said in a statement.

Experts, however, expect the pre-COVID-19 growth momentum in this segment to get restored eventually.

According to a report by global property brokerage Knight Frank,  in fact, of the total private equity investment of USD 2.31 billion across 11 deals in the first nine months of 2020, the office sector claimed 81% share, followed by warehousing at 10% and residential with 9%. “Private equity investors have taken advantage of this period of economic slowdown to scout for Grade A assets with strong growth potential, for investments.

As a result, assets in the office segment saw positive investment activities. The average deal size for office investments was also seen to be remarkably higher in 2020 so far, as compared to full year 2019,” said Shishir Baijal, CMD, Knight Frank India.

While stating that the sector continues to attract investors, because of its strong fundamentals, the report also pointed out that investment in this asset class will remain positive in the medium-to-long term.

While stating that the work-from-home run was a reaction to the nationwide lockdown to contain the Coronavirus outbreak and it is unlikely to become a permanent concept in real estate strategies, Anshuman Magazine, chairman and CEO, India, south-east Asia, middle east and Africa, CBRE, says the demand for commercial real estate will remain robust. “This is due to challenges such as psychological impact on employees, data security and monitoring productivity,” Magazine was quoted in the media as saying.

According to numbers available with CBRE, gross office space absorption touched a historic high of 63.5 million sq ft in 2019, nearly 30% higher than 2018. Office stock across seven leading cities is expected to cross 660 million sq ft by the end of 2020.

See Also : How To Pay Property Tax in Pune

COVID-19 impact on warehousing in India

On the assumption that e-commerce will grow significantly in the post-COVID-19 world, there have been projections that the warehousing sector in India would stand to gain immensely. More importantly, this growth will not be limited only to the big cities but it will be spread across smaller cities, as well.

According to property consulting firm Savills India,  the supply of new warehousing space in 2020 could be only 12 million sq ft as against the earlier projection of 45 million sq ft. However, as the demand grows in
the long term, a significant capacity increase  could be expected in 30-35 new tier-2 and tier-3 cities.

COVID-19 impact on mall developers in India

A total of 54 malls were expected to be launched across India in 2020. These projections were, however, made before the Coronavirus pandemic struck. As a result, only five news malls started operations in some of the leading cities of the country, including Gurugram, Delhi, Bengaluru and Lucknow. This also reflects the state of crisis in India’s retail segment.

The anxiety surrounding the virus spread resulted in footfall in malls in India reducing by half before the government ordered a complete lockdown. This segment continues to suffer even though the government has lifted restrictions, allowing malls to operate, albeit by following strict  rules. A survey by the Retailers Association of India (RAI) showed that lockdown relaxations did not benefit retailers as business remained lacklustre.

“Low footfalls and subsequent closure of malls will impact developers’ debt servicing against the project. Even a relaxation from banks for the short-to-medium term should not have a big impact. However, if the virus scare continues beyond one to two quarters, debt servicing challenges may last for a longer period,” points out Rohan Sharma, research head, Cushman and Wakefield.

See Also : Guidance About Waterproofing Your Home

“Eventually, footfalls will limp back to normalcy as people will take time to regain confidence to throng public places in large numbers. This will also bring a fundamental shift in how mall owners will now look at their properties. An increased focus on air quality, improving hygiene and sanitisation and awareness is what will bring back people to their malls,” Sharma adds.

“The impact of COVID-19 in the form of shutdown of retail outlets and malls as also entertainment and fitness centers has put commercial real estate deals on a wait-and-watch mode,” points out Hiranandani.

According to Nair, mall operators have been the most affected, and they would have to act reasonable to tide over the crisis amid projects of rising vacancies in shopping malls.

Outlook for Indian real estate in 2021

Even though the pandemic drastically impacted the sector in 2020, better days are expected in 2021. Amid growing importance of home ownership among buyers and investors, the demand for residential real estate would be high in the coming year.

“In these extraordinary times, stakeholders across sectors have an opportunity to structurally re-imagine their strategies, to ensure sustained recovery. Doing so, would require shifting from traditional approaches and embracing new, transformational methods — which would be accelerated by widespread tech adoption, sustained policy impetus and accelerated investor interest in India,” says Anshuman Magazine, chairman and CEO, India, South East Asia, Middle East and Africa, CBRE.

Indian real estate after Coronavirus: Top 11 projections

  1. Site visits to drop, impacting sales numbers.
  2. Project deadlines to extend, pushing completion farther.
  3. Overall cost of project to increase amid delays and supply constraints.
  4. Inventory levels to increase, intensifying pressure on builders.
  5. Prices might move slightly upwards despite the slow demand.
  6. Home loan interest rates to fall after repo rate cut to 4%.
  7. Remote working to gain traction in future as businesses embrace work from home culture.
  8. Higher investment likely in future office spaces to make them better prepared for crisis situations.
  9. Occupancy levels in office spaces to decline in the near term as remote working picks up.
  10. NRI investment in real estate may improve amid rupee fall.
  11. Cases of builder insolvency might increase as liquidity situations worsens.

FAQs

Will COVID-19 impact property prices?

Prices may not undergo any significant change as the overall cost of projects is likely to increase.

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Guidance About Waterproofing Your Home

Waterproofing
Incessant rain can damage your house, if the waterproofing is not done right. Here is everything you need to know about waterproofing.

For any home constructed using concrete, steel and cement, waterproofing is one of the important processes that has to be done during the construction phase. It is done, to prevent damage to the interiors of the house from water seepage. Using the right kind of waterproofing chemical is as important as the process itself. Some of the common problems, such as water seepage problems during the monsoon, water in the terrace, etc., occur due to lack of waterproofing or usage of poor materials or absence of waterproof paints. To help you avoid such situations, here are a few things that you should understand about it.

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What is waterproofing?

In simple words, it’s the process of making a structure waterproof or water-resistant, in order to keep it unaffected by water and increase its resistance against water under different conditions. Waterproofing of structures helps in reducing humidity inside the house and minimizes damage due to water exposure. According to experts, this is also important for improving the longevity of the building.

Types in products / chemicals

Grout and epoxy

This compound can be used in existing structures that are already in use and have developed cracks. These chemicals are required to be injected into the cracks, or by drilling holes into the surface to insert the material. A sealant is formed, which results in creating a water-resistant barrier.

Vinyl ester resin

These compounds are used on concrete surfaces as a way to prevent acid and corrosion damage. The resin creates waterproof membranes that guard against moisture and water damage.

Polyurea

Considered as one of the most resilient and flexible protective coatings, polyurea is known for being water resistant, abrasion resistant and very strong. This compound also contains antibacterial properties.

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Poly acrylic

This is one of the most common and superior qualities of material used for concrete structures. This chemical solution is used to seal leakages on walls and for terrace waterproofing. Only experts and highly trained professionals can do this type. This compound is often mixed with cement in the final step to seal the cracks.

Polyurethane

This chemical is used for roof waterproofing. This is one of the most expensive chemical waterproofing methods available in the market.

Bituminous

Bituminous, also known as asphalt coatings, is the best for waterproofing concrete foundations. It’s properties are dependent on the polymer grade used & fiber added to the chemicals.

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Advantages

There are several benefits and advantages for your structure:

  • It prevents unwanted moisture from seeping into your walls.
  • It prevents damage caused due to seepage which may ruin the structural strength of the house.
  • Seeping moisture and water can cause metals to rust and wood to decay. This methods can avoid such damages.
  • Foundation waterproofing prevents the foundation from getting weak, improving the value of your house in the market.

FAQs

What materials are used for waterproofing?

Different types of waterproofing with chemical compounds are used to make the structure waterproof.

What is the best waterproofing product?

It depends on the type of cracks. You may need to seek expert advice from waterproofing contractors, to truly understand the exact needs.

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How To Pay Property Tax in Pune

Pay Property Tax
Property tax is a recurring charge that homeowners have to pay every year. However, the tax amount varies from one location to another. This is a guide to paying property tax in Pune.

Owners of residential properties in Pune, are liable to pay property tax every year to the Pune Municipal Corporation (PMC) or the Pimpri Chinchwad Municipal Corporation (PCMC), based on the location of their property. Property owners in Pune can also pay the property tax online, through the official portal of Pune Municipal Corporation. Here is how to proceed with it.

How to calculate property tax in Pune

The property tax is a percentage of the actual value of the property, which is based on the ready reckoner that is used to calculate stamp duty by the revenue department. The PMC offers an online property tax calculator, in which you can enter the following details and ascertain the amount of tax you need to pay on your property:

  • Peth(location)
  • Area
  • Usage
  • Type
  • Total plinth area
  • Construction year

Property tax = Tax rate * capital value

Capital Value = Base value * built up area * usage * building type * age factor * floor factor

How to pay property tax in Pune online

The PMC invites property tax payments at its Citizen Facilitation Centre, bank partners (ICICI Bank, Bank of Maharashtra, Cosmos Bank and many more), self-pay tax payment kiosks, as well as online payments on its website. Online payments are your best option, as you can avail of the 2% rebate offered by the PMC and avoid extra charges.

1st Step: Visit the PMC website (click here). You will see the following options on the home page:

2nd Step: Click on ‘Pay online’ or ‘NEFT/RTGS payment’ as per your choice.

3rd Step: Enter property details and click on ‘submit’.

4th Step : Verify the property owner details and also property tax dues that are displayed.

5th Step : Enter the amount you wish to pay, verify the mobile number and email id and select the gateway of payment, such as internet banking, debit/credit card, UPI, PhonePe, or digital wallet, as per your choice and make the payment.

Note: Payment by way of debit/credit card may incur additional charges.

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How to check property tax bill in Pune?

Follow these steps to check your pending property tax bill in Pune:

Step 1: Visit the PMC website (click here).

Step 2: Select the’ Tax Bill’ option from the fourth column. You will be redirected to a new page.

Step 3: Mention the details such as Section-ID, Peth ID and account number. The results will be displayed on the screen.

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Other charges

If you choose to pay the property tax with your credit, debit or cash card, you will need to pay additional charges on the amount due. However, there are no additional charges, if you pay the tax through internet banking.

The property tax should be paid to the PMC by June 30, every year, to avoid a 2% fine for every month of delayed payment. Also, ensure that the system updates your record and no outstanding amounts are shown against your account. If there are any errors, have them corrected immediately.

Pune property tax: Latest updates

June 2, 2021

In a recent announcement, the PMC has extended the rebate for property tax payers till June 30, 2021. Under the rebate scheme, all property tax payers are eligible to get a 15% discount on their tax bill. Earlier, the scheme was valid till May 31, 2021.

However, due to the ongoing COVID-19 pandemic, the civic body decided to extend the scheme for a month.

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In a bid to automate the entire property tax assessment process, the PMC began geo-tagging properties all over the city. In July 2017, it was reported that of the eight lakh properties under its purview, 2.5 lakh had been mapped, using the Geographic Information System (GIS) technology.

All properties were expected to be mapped, by January 2018. This exercise is expected to help the PMC to quickly identify unassessed and illegal properties and defaulters who have not paid their property tax and in turn, significantly increase the revenue for the municipal body.

In its annual budget proposal for 2017-2018, the PMC introduced a new initiative to encourage the timely payment of property taxes. According to the proposal, all regular payers of property tax, with no gap in payment years or outstanding payments, would be eligible to receive a Rs 5-lakh accident claim insurance from the PMC. This scheme is also expected to encourage slum residents to pay their ‘seva kar’ tax.

In April 2017, the civic body also announced a discount in property tax. Property owners who paid their tax by the end of May, could avail of a 10% discount on an amount below Rs 25,000 and 5% discount for amounts over Rs 25,000. It also offered an additional 2% discount, for making the payment online, on the PMC’s website.

See Also : You should know about Panvel Municipal Corporation (PMC)

FAQs

How can I reduce my property tax in Pune?

You can pay your property tax before 30th June, 2021 to get 15% rebate on your tax bill.

How can I check my property tax in Pune?

You can check property tax bill on PMC website as we mentioned above.

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You should know about Panvel Municipal Corporation (PMC)

Panvel Municipal Corporation (PMC)
Spread over 110 hectares, Panvel has a population of five lakh people

After over two decades of demands being made by locals, the Maharashtra government, in September 2016, issued a notification declaring Panvel a municipal corporation. The Panvel Municipal Corporation (PMC) came into existence from October 1, 2016.

The notification to convert Panvel into a corporation was first issued in 1991 but the attempts did not materialize. The formation of the PMC resulted in India’s first municipal council in Panvel becoming a municipal corporation – the Panvel Municipal Council was established on August 25, 1852, as the first municipal council in India by the British. It is also Maharashtra’s 27th and Raigad district’s first municipal corporation.

Areas under the PMC

The Panvel Municipal Corporation has jurisdiction over Panvel city and 29 villages. The 29 villages under the PMC include Taloja Panchnand, Kalundre, Kharghar, Ulwe, Devicha Pada, Kamothe, Chal, Navde, Tondare, Pendhar, Kalamboli, Khidukpada, Roadpali, Padghe, Walvli, Pale Khurd, Tembhode, Asudgaon, Bid, Adivali, Rohinjan, Dhansar, Pisarve, Turbhe, Karvale Budruk, Nagzari, Taloje Majkur, Ghot and Koynavele. The areas under the PMC also cover Taloja MIDC, CIDCO areas and several gram panchayats.

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With effect from October 1, 2016, the whole of Panvel Municipal Council smaller urban area and the areas specified in the schedule, shall be a larger urban area known by the name of the Municipal Corporation of the city of Panvel.

Spread over 110 hectares, Panvel has a population of five lakh people, according to the Census 2011.

Property tax bill Panvel Municipal Corporation online payment

On the homepage, towards the right side you would find the ‘Know and Pay Your Property Tax’ tab. Click on the same to proceed with property tax payment in Panvel.

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Citizen services on Panvel Municipal Corporation website

Quick links on the PMC portal that help citizens avail of various services and information include the ‘Know and Pay your Water Dues’ and ‘Birth, Death Register Certificate’. You can also pay the Local Body Tax (LBT) on the portal.

PMC launches online payment option for property tax

In March 2021, the civic body launched an online Panvel Municipal Corporation property tax payment option. Since this was the first time that the PMC would collect property tax since its inception in 2016, it would levy the property tax retrospectively.

See Also : In 2021,10 Home Decor trends will rule

FAQs

What comes under Panvel Municipal Corporation?

The Panvel Municipal Corporation includes Panvel city. 29 villages, Taloja MIDC, & CIDCO areas and several Gram Panchayats.

When did Panvel Municipal Corporation come into existance?

The Panvel Municipal Corporation was established in 1852 and the Panvel Municipal Corporation came into existence on 1st Oct, 2016.

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You should know about (DMRC) Delhi Metro Rail Corporation

Delhi Metro Rail Corporation
DMRC is one of the leading metro rail agencies in the world, which has been involved in metro rail and monorail projects across countries

Delhi Metro Rail Corporation (DMRC) is one of the pioneer organizations in India that paved the way for developing the country’s biggest metro rail network.

Apart from planning and developing new metro route extensions in the national capital, the technical expertise of the DMRC is actively sought by various bodies, domestically and internationally. Started in 1995, the Delhi Metro Rail Corporation (DMRC) is a state-centre public sector company, which is also responsible for operating the day-to-day functions of the Delhi Metro Rail Corporation (DMRC).

DMRC objectives

According to the DMRC official portal, here are some mission statements that the agency works on:

  • To cover all of Delhi and its adjoining areas with a Delhi Metro Rail Corporation (DMRC) network.
  • For serving ‘differently abled’ commuters with passion.
  • To offer a top-quality transportation system in Asia, in terms of safety, reliability, punctuality, quality and responsiveness.
  • For making the Delhi Metro network self-sustainable.

Delhi Metro Rail Corporation (DMRC) network

Delhi Metro Red Line

The Delhi Metro Red Line commercial operations began in 2002. This was the first line to become operational. The entire route was made operational in five phases. The first phase was between Shahdara and Tis Hazari, followed by Tis Hazari-Inderlok, Inderlok-Rithala and Dilshad Garden-Shahdara. The latest phase between Dilshad Garden and Shaheed Sthal became operational in 2019. The Red Line now connects Shaheed Sthal in Sahibabad with Rithala.

Delhi Metro Blue Line

There are two routes under the Blue Line. One connects Dwarka with Noida Electronic City and other with Vaishali. This line was also made operational in multiple phases and links with a number of other metro routes along the corridor. The Blue Line operates as one between Dwarka and Yamuna Bank and diverges towards Noida and Vaishali from here. This line was first operationalized in 2005.

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Delhi Metro Green Line

This route connects Inderlok (Red Line) with Mundka. It has now been extended till Bahadurgarh. The line also has connectivity to the Blue Line through an interchange at Ashok Park main. The latest extension was made operational in 2018. It is connected Delhi with the outskirts of Haryana, giving a major push to real estate markets along the corridor.

See Also : All you need to know about Duplex Houses

Delhi Metro Yellow Line

The Delhi Metro Yellow Line connects HUDA City Centre with Jahangirpuri. The route was made operational in six stages, starting with Vishwavidyalaya-Kashmere Gate. The route is followed by Kashmere Gate-Central Secretariat, Vishwavidyalaya-Jahangirpuri, HUDA City Centre-Qutab Minar, Central Secretariat-Qutab Minar and Jahangirpuri-Samaypur Badli. The first route began in 2004 while the last stretch was started in 2015. This route connects two different ends of Delhi NCR and is one of the longest routes on the DMRC network.

Delhi Metro Pink Line

This is one of the recent metro routes to become operational under the Delhi Metro Phase-III. The Delhi Metro Pink Line is a circular line that links all the networks and will connect Majlis Park with Shiv Vihar. Currently, a small section between Mayur Vihar Phase-1 and Trilokpuri is under-construction. Therefore, the line is being made operational in two tranches – Mayur Vihar Phase-1 to Majlis Park and Trilokpuri to Shiv Vihar. The line is expected to be completely operational in the next few months.

Delhi Metro Magenta Line

The Delhi Metro Magenta Line is another route that connects Noida with the south and western regions of Delhi. The Magenta Line connects Botanical Garden with Janakpuri West via south Delhi, unlike the Delhi Metro Blue Line that passes through Central Delhi. The Magenta Line became completely operational in 2018.

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Delhi Metro Violet Line

The Violet Line connects Kashmere Gate (Red, Yellow Line) with Faridabad, another NCR town in Haryana. The route was first made operational in 2010 and since then, seven major extensions have come up on the corridor. The latest extension was opened between Badarpur and Ballabgarh in 2018.

Delhi Metro Grey Line

This is the shortest route on the Delhi Metro network. The Delhi Metro Grey Line currently connects Dwarka with Najafgarh, an urban village on the outskirts of the NCR. It has three stations, which becam operational in October 2019.

Delhi Metro Phase-IV

Approved in 2018, the much-awaited Phase 4 of the Delhi Metro includes six corridors. Out of which three have been listed as ‘priority’ corridors. These three corridors are:

Tughlakabad-Aerocity

Janakpuri-RK Ashram

Mukundpur-Maujpur

There will be 17 underground and 29 elevated stations in the three corridors. Whose total length will be 61 kms (22 kms underground and 39.320 kms elevated).

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Airport Metro Express Line

This is one of the fastest lines on the network, which connects the New Delhi railway station with the Indira Gandhi International Airport Terminal-3. The Delhi Metro Airport Line became operational in 2011. It is also called as the Delhi Metro Orange Line. This route offers the fastest way to reach the airport from central Delhi.

FAQs

How many routes are open in Delhi Metro?

There are 9 metro routes which are currently operational on the Delhi Metro network.

Is DMRC government or private?

DMRC is a government organization, with equal participation from the Central & State government.

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All you need to know about Duplex Houses

duplex house
Let us find out what a duplex is and how it is different from two-storey homes

Although they have become quite common in Indian real estate, a lot of confusion still persists, with regard to duplex house meaning. As they are often confused with two-storey homes, let us find out what a duplex is and how it is different from two-storey homes.

What is a duplex house?

A duplex house is a residential building constructed on two floors. It has a single dining room and a single kitchen. It has a common central wall and consists of two living units, either side-by-side or on two floors, with separate entries. While there are two floors, it is sold together and owned by an individual. It may have separate entry points for both floors.

In India, duplexes generally have a kitchen, hall and bedrooms on the lower floor while the upper floor houses the master bedroom. A duplex always has two floors and never three or four floors, in which case it would be called a multiplex.

In western countries, duplex homes may even house two families, where each floor is a separate dwelling altogether. Duplexes can provide healthy rental returns, because the owner family can always rent out one section of their property to tenants. In such cases, the entrance will be separate and a common wall will divide the large house into two.

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Difference between duplex and villa

A villa may or may not be a two-storeyed property and is usually larger than a duplex house. Both are used for residential purposes but a villa is considered as a plush purchase, when compared to a duplex. A villa is generally the first choice for those who want total privacy. In fact, the villa concept dates back to the Roman era, when the rich and the famous moved to the countryside during the summers. Today, villas may be independently owned homes in a plot of land but yet are within a gated community. Villas also offer amenities such as a clubhouse, gym, pool, etc., unlike a duplex.

Difference between duplex and penthouse

Unlike a duplex that is a two-storeyed property, a penthouse is always located in the top floor of a multi-storey building or apartment. These units are expensive, as they offer a good view and are generally the only unit on that particular floor design. All the units that were supposed to be on this floor, are consolidated into one.

Difference between two-storey house and duplex

A duplex house is always a two-storeyed structure but all two-storeyed buildings may not be categorised as duplexes. In duplexes, the floors are connected through a staircase, while two-storeyed properties may be independent of each other and may or may not be connected.

Difference between duplex and independent house 

The term ‘independent home’ is used interchangeably to refer to villas, duplexes and the like. An independent house may have as many floors as desired but a duplex essentially has two floors.

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What is better: duplex or flat

While both kinds of properties have their own pros and cons, a duplex property will come with more responsibilities than a flat. The property would need more maintenance and upkeep and this means more expenses. For flats, while the maintenance would be less and there will be fewer responsibilities, the experience would be limited to the space inside, as you would have to share the open spaces with other society members. Nevertheless, liquidating an apartment property would be easier than selling a duplex property.

Is it easy to find buyers for a duplex property?

Most property buyers who opt for duplex houses, prefer to invest in it for end-use. For some reason, if they wish to resell the unit, finding the right buyer may be tough. The exact location, demand for such homes, pricing and the city, also matter. However, this does not mean that selling a duplex house in the secondary market is impossible. There are many buyers looking for properties other than apartments.

One of the common concerns about the purchase of duplexes is the safety factor. Unless it is within a gated community, you should take some efforts to ensure safety in and around your property.

Are duplexes common in India?

Duplex units are more common in places where there is considerable land bank. Most Indian cities have now given way to high-rises due to limited land bank. Southern cities, most noticeably, parts of Kerala, Hyderabad and Bangalore, still have duplex properties. Duplex properties are also not uncommon in other parts of the country.

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Risks involved in investing in a duplex

A duplex is often an aspirational lifestyle choice but if you are looking to reap returns from it, you must be careful.  Popular and prime localities across Indian cities are mostly saturated. This means that if you are looking to construct or invest in a duplex, you may have to look at the suburbs and peripheries. The risk sets in if you are looking to earn a handsome rent out of it, which may not be possible in the peripheral areas. Therefore, be mindful of the fact.

Another common risk is that of overpaying for a duplex. Since apartments are what city-dwellers are used to seeing, duplex houses, at first sight, may look like a novelty. Use real estate formal indices and research content online, to quickly crosscheck the demand for such homes in the specific locality and ongoing prices. You will be in a better position to negotiate and make the best deal.

What is the cost of building a duplex house in India?

Depending on the exact location and city, a duplex construction may cost anywhere above Rs 1,500 per sq ft if you go in for basic finishing materials.

FAQs

What is the difference between a two-storey house and duplex?

A duplex is a two-storeyed structure but all two storeyed building s may not be categorized as duplexes. In duplexes, the floor are connected through a staircase while two storeyed properties may not be independent of each other and may or may not be connected.

What is the difference between Apartments & Duplexes?

Apartment units are usually part of a high-rise, unlike a duplex which is essentially a two storeyed structure, which may have two living units and two different entry points, as well.

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In 2021,10 Home Decor trends will rule

Home Decor
In 2021, here is what will remain hot in the home décor world.

In 2021,10 Home Decor trends will rule for spectacular view of the house. As we come closer to the dawn of New Year 2021, after spending the majority of 2020 cocooned at home, it is time to freshen up the home with the 10 interior design trends likely to rule in the new year.

Workspace at home

Due to the pandemic, work from home and home schooling have become the new norm. There is a rise in demand for flexible spaces which can function as comfortable and productive home offices and study areas.

According to Prashant Chauhan, creative director of Zero 9 design firm, Mumbai, with space constraints, innovative and flexible solutions, especially mini-study nooks, are being integrated at home. Well organised working space with ergonomically designed office chair, shelves, proper lighting, attractive backgrounds for video meetings and also a folding chair.

It helps for digital detox after the work, are need-based trends that will dictate the home interiors and will continue to evolve, in the coming year.

Nurturing nature

One of the impacts of the imposed lockdown is the reduced accessibility to open and green spaces. As a result, the need to bring the greens into the home has increased. People will like to nurture a kitchen garden in their balcony, window sill or terrace, to add a dose of freshness and enliven the spaces.

The addition of indoor plants in corners or table tops will increase. Vegetable gardens are trending at the moment, so one would see Tulsi, curry leaves, mint, aloe vera, etc., blooming in container gardens at home in 2021. Be it indoor plants or a vertical garden, green plants known for their numerous benefits will make a big impact in the interior home decor.

Pop of colour

It is a known fact that colours make us feel more positive. In 2021 one will see cheerful hues dominating the home. It could be a yellow or bright cherry accent wall, or bright floral sofa upholstery or a bright impressive artwork that will break the monotony of the space.

Accent furniture and statement pieces

Since people are forced to entertain and have social gatherings at home, interior spaces are going to be reflective of personal style. Prioritising the design of one’s home is a definite trend.

According to Natasha Aggarwal, interior designer and founder, NACL (Natasha Aggarwal Creative Living), the post-pandemic client will look at interior design and especially homes as not just living spaces but spaces to express themselves. Besides, people have been moving towards accent or statement pieces of furniture that are nestled amongst subtle unobtrusive monotone schemes over- elaborate design schemes.

A similar trend is also seen amongst artwork and artefacts as clients prefer to place one statement artwork on a wall other than populating the wall with artefacts.

Earthy materials that are organic, sustainable and recyclable

Earthy colour shades and materials that are sustainable and recyclable are not only a trendy option but also a responsible choice. According to Aggarwal, one should look out for earthy colour tones mixed with monochromes as the new minimal and modern trend.

Earthy tones also create warm and cosy spaces that can be inhabited easily for long periods, a necessity due to the pandemic. Design with conscience is sure to catch up.

Comfort and functionality over aesthetics

With the lockdowns, people have been confined to their homes. Since most people had to rely on themselves for domestic chores, the need for a simplistic, functional and easy to maintain home is a growing trend for the coming year.

Aggarwal stated that houses are now required to meet multiple needs such as that for entertainment, work, exercise, flexible and adaptable spaces will gain priority over aesthetic, high maintenance spaces. Zones that reinforce opportunities to prioritize self-care are more important now than ever in home offices much like our spaces, home owners want the furniture to be flexible and multi-purpose too.

According to Modsy’s Trend Report, in 2021, people are likely to prefer sofas, sectionals and armchairs that have a comfortable look and feel — something that you could really curl up on and binge-watch TV or read a good book. Apart from this, furniture pieces that are less minimal or mid-century and instead, are more traditional, with simple decorative carvings and knotty wood surfaces, would really make a difference.

Technology will be embraced in a big way

Demand for home automation has increased with penetration of smart devices and affordable internet. Technology will play a crucial role in the way we work, practically revolutionising home spaces.

Smart home technology will increasingly appeal to buyers and one will see a rise in dishwashers, robotic vacuum cleaners and AI-enabled kitchen appliances and gadgets controlled through voice commands or remote commands be it music, TV, heating and cooling, lighting or security.

Wellness decor

The pandemic has made people realize that the home is the sanctuary and the focus is on wellbeing. Now, the main aim would be to create a soothing aura through sound-proof windows, fountains and fragrant candles. So, there will be a rise in yoga and meditation areas, restful hobby corners, and spa-style bathrooms with rainfall or jet spray systems.

According to Chauhan, uncluttered and clean open space, less distraction to the eye, minimal sleek furniture, stylish storage will be in vogue. Disinfecting devices, home cleaning equipment antibacterial and antimicrobial surfaces will be in demand. People will like to infuse homes with things that promote peace, calmness and positive energy —such as maximizing daylight, wind chimes and indoor plants to de-stress the mind and body.

See Also : Concept of Modular Kitchen Installation

Light up

Besides natural light, creative lighting is sure to dominate homes in a big way. A flexible lighting setup can brighten the home decor. Chauhan said that as they are all spending much more time at home. There is much consideration given to light home offices and work spaces and relaxation areas. One will see growing demand for lights with settings for brightness, colour, and transitions.

Advances in lighting controls and fixtures offer energy-efficiency and light-emitting diodes (LEDs) flexible fixtures, portable lamps and automated controls via mobile applications, in homes allow better adjustments for essential lighting and decorative illumination.

Local lure

People will explore indigenous products that blend the traditional and contemporary elements to create a vibe in modern homes. Designs rooted in the Indian culture but with a modern appeal will be in vogue.

Locally made furniture, handmade crafts will be back – ethnic lampshades, traditional lamps, Jharokha murals, exquisite hand woven furnishings with embroidery, natural textiles, paisley pattern, kalamkari, ikat, terracotta, Madhubani artwork, are surely making their way into urbane homes.

January 1, 2018: As the year 2017 comes to an end, here’s a look at the home décor trends that are likely to be popular in 2018 and what will become outdated

Sustainable designs in 2018

The year 2018 is likely to witness a change in design scenarios, with sensible and sustainable designs taking precedence.

Prashant Chauhan, creative director of Zero 9 design firm, Mumbai said that they are in an age of limited resources and we need to make the best of it. Inclusion of nature and natural materials, will become trendier.

Eco-friendly home decor will become the norm, as more people opt for energy saving devices, natural, biodegradable materials and solar panels.

Green elements will remain an integral part of décor, with architects and interior designers focusing on providing ample greenery in buildings and atriums, through vertical gardens, terrace gardens, vegetable gardens, etc.

Multiple styles

According to Shantanu Garg, founder and creative director of Shantanu Garg Designs, interior décor in 2018, is likely to focus on specific objects. Objects like art pieces, chandeliers, sculptures and artifacts of various styles, will be used and blended together, for a homogenous setting. There will be a contrast of multiple styles, on a modern backdrop, said by Garg.

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Dark themes

Home owners are likely to have greater acceptance of dark tones in the new year.

Shades of grey and taupe will act as neutral colours, while turquoise, pink, green, blue and violet will be used as accents. Also with home decor trends focusing on a fusion of contemporary and traditional styles. Metal accessories will become an obvious choice, to add glamour to a space.

Metals like copper, brass and steel and silver and golden accessories and different metal techniques (leafing, gilding, cladding, etc.). It is used on furniture and walls, will be in vogue.

Smart homes will be in vogue

Chauhan said that digital technology will impact home décor in a big way, influencing our choices and lifestyle. With several companies offering ‘home assistant’ technologies, transforming a home into a smart home within a budget range, will become possible.

According to Garg, from home automation to kitchen appliances, people will turn to technology. Décor trends will be ruled by lifestyle, from having ultra-modern kitchens with organic gardens, to party spaces & wellness spaces.

There will be a more unconventional approach, towards designing bathrooms, kitchens and layouts. The choice of furniture will also be towards pieces that offer comfort, as well as aesthetics.

Made in India

Chauhan mentioned that now a days, the clients want a slight desi touch, in the home decor. Hence, we will see more of Indian furniture and crafts, in contemporary avatars, in 2018. There will be an increase in awareness about furniture, crafts and textiles that are indigenous to India.

With greater sensitivity among consumers, towards the artisans who spend hours creating handmade products, ethnic influences in modern homes, will increase. Designers too, are striving to create home décor products using ethnic crafts and art forms.

Garg claimed that home furniture in 2018, is likely to have a ratio of 1:2:3, in terms of traditional: classic: modern. People may also do something off-beat,. Just like having modern international furniture but upholstered with fabric which is traditional Indian.

Ultimately, home owners need to remember that good design never goes out of trend and they should choose their home décor, keeping this basic principle in mind.

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FAQs

Is Brass coming back in style in 2021?

Yes, Brass is trending these days and is being used to add warmth & style to overall space.

What decorating style is in for 2021?

The year 2021, will see wide and varied decor trends taking over. This includes pop of colour, lots of greenery, accent of furniture & statement pieces.

Are accent walls out of style for 2021?

Accent walls have been replaced by pop of colours which breaks the monotony of the space.