Real Estate News | Kolkata Real Estate | Kolkata Property

New Real Estate Marketing Trends in 2018

For a long real estate market in India is awaited for a complete restoration. While an increased market price and unreliable market sentiment made the buyers fence-sitters, policy changes and structural reforms made the slowdown even nutrient. Right now, real estate market is betting big on 2018 to have a modified arrangement with better transparency. It requires a modification in the marketing strategies of the developers to bring in complete standardization in the real estate business practice as the developers need to dispense their on-hand inventories for making their financial ranking stable as well as speeding up the overall market sales.

First things first– buyers are no longer gullible. They know about all the forums and platforms to be knocked while having a quick and effective redressal. Thus, developers need to uphold the quality and the actual offerings of the buildings rather than focusing on marketing strategies. For real estate purchase buyers have a comprehensive, online market study before visiting the seller/agent. Followed by the overall change in market behaviour real estate companies have to adapt to the changing market demands. Online promotion is an effective marketing strategy for the builders. Through all their online promotional activities an approach should be innovative enough to hook up the buyers.

Here are potential new trends that might replace the traditional marketing strategies in this year–

Personalization of property– People are running out of time these days. So a property seeker likes to visit multiple projects in a single day. Thus, developers should adopt Personalized messages or images of the property in order to leave a positive and unique impact on the buyers’ mind.

Emerging market behaviour– With so many power boosters “affordable housing sector” is showing the prospect of growth. As government needs to provide 2 million low budget homes by 2022, developers will have a huge investment opportunity lies before them. Thus, they need to employ both the online and offline marketing channels to pull the mass target audience.

Brand videos on YouTube– Visual media platforms have a huge role-play in luring buyers. It takes just a few minutes for a video to get viral. Nothing is more effective than a 360° property video to attract the prospective buyers.

Sponsored events– Sponsored events and more collaboration with the related industries are majorly required for brand development and reach to the buyers.

Emotional connect with the brand image– No advertisement with an emotional backdrop has succeeded ever for brand image establishment. The uniqueness of the proposition attracts the buyers the most. Unconventional advertisements are the biggest crowd-pullers.

“It’s not easy to distract the buyers with over-sized promises against an average offering. Effective marketing strategy along with honest offering is the mantra of ruling the market. Either one of these can’t be taken for granted,”- said Mr Mahesh Somani, Chairman- National RERA Committee, National Association of Realtors India (NAR-INDIA).

–LNN (Liyans News Network)– Buy property in Kolkata. Check out available residential/commercial offerings of the city and suburbs. Buy/Sell/Rent properties across 100+ cities in India. Currently showcasing 8 lac+ real estate listing.

NCDRC Nullifies Bizarre Claims From Developer For Delay In Possession

Real estate major Unitech has finally been shown the exit by the National Consumer Disputes Redressal Commission (NCDRC). Warding off all the presented facts by the company in its claim for delay in handling the property, the Authority asked them to deliver the possession to the suffering home-buyers within due time along with an interest charged for the delay. The company had even cited that shortage of the labour and raw material caused by the 2010 Commonwealth Game in Delhi was the cause for the delay in deliverance.

On Jan 29, 2018, NCDRC Justice V. K. Jain arbitrarily superseded all such strange claims and ordered the realty major to pay penalties adhere to the deal executed by both the parties.

Monika Pal Sood, the complainant, had filed a petition where it was denoted that she and few other home-buyers booked flats with Unitech in a project named “Exquisite”, Nirvana Country-2, Gurgaon. Each of the sales was agreed to be of more than Rs 1 crore and the complainants were issued allotment letters.

Followed by the buyers’ agreements the allotment had clocked in. According to the clause 4(a) of the buyers’ agreement, the developer was likely to deliver the possession within a period of 36 months from agreement date which the developer could not fulfill.

Despite defending such allegations made by the home buyers the OP (Unitech) had conceded that the company had decided the allotment to the complainants as well as the receipt of the consideration from them. In a written consideration the OP mentioned several bizarre reasons supporting the company’s inability to project allocation-

1) The development work had to face a severe shortage of available labour and supply of the raw materials due to then ongoing Common Wealth Game in 2010.

2) The unfavoured economic condition generated a massive slowdown in real estate market which had reduced the supply of labour and raw materials significantly.

3) Several rural policy implementations such as- National Rural Employment Guarantee Scheme (NREGS) and Jawahar Lal Nehru National Urban Renewal Mission (JNNURM) are also significant causes behind the labour shortage in the market.

4) A previous written order of the Punjab and Haryana High Court dated 16th July 2012; it had imposed a restriction on the consumption of the groundwater for the building purpose.

5) Limited availability of bricks followed by the restrictions was made by the Ministry of Environment and Forests dated 14th September 1999. Followed by which the production of bricks was stopped within 50 km surrounding of the Coal and Ignite Thermal Power Plans without mixing at least one-fourth part of ash with soil.

6) An Environment Clearance notification was issued by the Ministry of Environment and Forests based on the National Environment Policy which was sanctioned by the Government on 18th May 2006 which was published on 14th September 2006.

Having not received the possession the home-buyers moved the commission seeking justice with respect to the possession allotment or the substitute recompense on the context of which the commission ordered the Unitech Group to provide one and the same ready-to-move residential units in the same locality or restitution of an amount calculated at Rs. 10,000 per sq ft. of the area of the flat as per the fair market value of the similar projects. The complainants also called for an interest at the rate of 12% per annum from the date mentioned a date of the possession in the agreement until the date of actual allocation other than the exemption from the enhancement of overall cost and the service taxes.

“Real estate stakeholders should follow certain code of conduct to maintain fair practice in the industry. This outcome of the judgement will act as a reference to many future cases related to Real Estate disputes and this will definitely act as a reminder for the parties to uphold transparency in their operational behaviour.” said Mr Mahesh Somani, Chairman- National RERA Committee, National Association of Realtors India (NAR-INDIA).

–LNN (Liyans News Network)– Secure double investment return. Invest in low budget flats in Kolkata. Check out the available projects online and send us your real estate requirement fast. Available 1/2/3bhk flats in convenient locations.

How To Select The Right Real Estate Developer?

Most would agree with me that the best way to have a secure property investment is to select a property, developed by an established construction company. A thorough research on operating developers in the current market is the first and foremost step that a future buyer should do while considering a home purchase. For instance- there are many real estate houses in Kolkata at present with alluring offerings. Running after those tempting promises is the most common mistake that the potential homebuyers often do. Here are few tips to choose the right realty developers in Kolkata-

1. Check the background and past construction report– You should keep all the required information about the developer of your chosen real estate unit. Check out the market reputation of the builder along with a genuine market report regarding the past 5 completed projects of the company. It’s always best to have the knowledge about the structure of the project. Choose a developer company that has years of market experience. Visit the company website and mark the public reviews about it.

2. Ask for the necessary project approvals– Surely, nobody would want to have future litigations against their property investments. Check the necessary approvals by the local civic authority and financial institutions to avoid future legal hassles.

3. Financial stability of the developer– A delay in project deliverance and using inferior construction materials could be a consequence of lack of fund availability to the developer. It is advised to have a close look at the financial stability of the builder. For that, you might go over business reports of the company or you can ask the bankers or the stockbrokers regarding the financial data of the real estate company. Also, the information of past project success and sale statistics will give you a rough idea of the financial condition of the real estate house. Check out the portfolio of the developer and run a quality check of the construction before investing in it.

“Buying home brings an absolute sense of pride and ownership. Choosing the right real estate developer brings a significant difference in your success. Buying home is a major decision of lifetime, choosing a genuine builder with years of realty experience can save them from a series of unpleasant consequences in future. It’s really important that potential buyers should check the due diligence and market reputation of the builder, before the investment,”- said, Mr. Mahesh Somani, Chairman- National RERA Committee, Head- East Zone, National Association of Realtors India (NAR – INDIA).

All these tips are to be followed to confirm the best real estate company for your project development. If you need any realty help put your requirements under post your property requirement in Kolkata category and avail free expert solution regarding property buying/selling/renting.

–LNN (Liyans News Network)– Avail complete realty solution. For property posting upload property image and fill up a simple online form under post your property in Kolkata. We offer completely free listing service.

Indian Real Estate Sector is On Its Recovery Path

Starting from the end of 2016 to the entire 2017 Indian real estate industry had witnessed some significant policy changes and reforms. These have changed the face of the industry and will set to benefit the industry in long-run with global-scale performance. With the transparent transaction process and better accountability, the sector is expected to increase investment opportunity riding on better consumer confidence and strict transactional security.

The reforms began with an abrupt demonetization announcement of the PM. As soon as the announcement was aired, all the higher currency notes (500 and 1000) have been wiped out of the market. Among the other major sectors, real estate was the worst affected sector as a large number of real estate transactions used to get performed in cash. This is one major reason why the sector had been largely criticized as the haven space of black money parking.

Then the elephant arrived in the room, the Real Estate (Regulation and Development) Act 2016 (RERA). This is supposed to be the biggest reformation Act, exclusively formed for controlling the real estate business process. The Act came into effect from May 1, 2017. Being a consumer-centric Act, RERA promises to minimize project delivery delays, abrogate fly-by-night developers and agents and provide home buyers with the detailed information about the project features and progress of the projects they have invested in.

RERA was followed by the introduction of the goods and services tax (GST) which a unified tax that subsumed all the 12 existing indirect taxes into one. Until then, both the developers and the consumers had to pay multiple and often varying taxes which caused confusion. GST brings clarity to the transactional process. With input tax credit benefit to the developers, it has reduced the cost of construction as well.

The sector will also benefit from the amendment of the Benami Transactions Prohibition Act. It aims to prohibit the black money circulation in real estate. Along with which the central government is aiming to make Aadhaar linkage compulsory for all property transactions for keeping the sector free from the unaccounted inflow.

The affordable housing scheme of PMAY also looks promising. Named as “Housing for All by 2022” a successful execution of this programme is projected to contribute $1.3 trillion to the Indian economy in the coming time. The affordable housing program is till date the biggest government incentivized housing sector and it will generate a large volume of employment along with the construction progress. All these new policies, if implemented well then will return the biggest ever revolution in the sector.

“One of the most important features of this revived realty market is top-of-the-line investment security for the homebuyers which will boost the market sentiment and inflow respectively. Real estate industry will be reaping benefits of the reform-driven environment and several positive institutional drives. It’s expected that the improved investment flow will return healthy gains to the stakeholders as well,”- said Mr. Mahesh Somani, National RERA Committee, Head- East Zone, National Association of Realtors India (NAR).

–LNN (Liyans News Network) – Complete GST waiver on selected luxury apartments. Invest in on-hand luxury residential property in north Kolkata. Explore all the on-hand and upcoming projects in north Kolkata. Explore available 2/3/4bhk hi-end apartments in multiple locations.

New Year Surprise: SBI Cuts Base Rate by 30 bps to 8.65%

State Bank of India has slashed its Base Rate – an earlier lending benchmark by 30 basis points to 8.65% which means loan borrowers can now lend money from the banks at a cheaper rate. This is a surprising move at the onset of the year and is likely to be carried out by other banks too in the coming days. Yet the bank hasn’t made any changes in its existing benchmark. Thus there will be no change in the marginal cost of the lending rate (MCLR).

From the banking source, it is revealed that over 80 lac borrowers are likely to get benefited from this reduction. On its website, SBI declared, “Base rate reduced from 08.95% p.a. to 8.65% p.a. w.e.f. 01.01.2018.” The bank has also lowered the BPLR (Benchmark Prime Lending Rate) from 13.70 percent to 13.40 percent.

The Base Rate is the minimum lending rate below which banks can’t lend money. The reduction in the Base Rate will definitely benefit the active borrowers, who had borrowed money as home loans from the bank before April 2016 and also people who rose at floating rate. Additionally, the bank has also decided to extend the active waiver on home loan processing fees till March 31 2018, for the new customers who are willing to purchase home and people who want to switch their loan account to SBI.

“This surprise move is likely to usher in more residential property sale throughout the country. A large number of people, willing to buy their dream home in Kolkata and other cities can actually avail easy to repay home loan accessibility. Additionally, the waiver on home loan processing fees will translate in bigger sales and credit growth for the mortgage lending financial institutions, – said Mr. Mahesh Somani, Head- East Zone, National Association of Realtors India (NAR).

However, along with this latest announcement SBI has become the lowest among the other mortgage lenders. Earlier, the bank has reduced its Base Rate by 5 basis points from 9% to 8.95% in September 2016 which had been followed by the other financial institution until this latest announcement. This reduction is an effort of SBI to certify the transmission of reduction in the policy rates in the recent past. However, around 30-40% loans in the industry are still linked to base rates.

According to the latest market predictions, lending rates are an unlikely trend downward unless there is a steady resurgence in credit growth and higher loan volume ad-lib for lower rates.

-LNN (Liyans News Network)- Interested in north Kolkata apartments? Explore luxury residential property in north Kolkata here. Get project details, location map, floor plan, price list and other details explained. Buy/Sell/Rent properties across 100+ cities in India.