Tag: Plots for Sale in Hyderabad

Senior Citizens’ Plot Buying Woes

Senior Citizens’ Plot Buying Woes

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Senior citizens are always caught in the eye of the storm for various reasons. Firstly, it is their deteriorating health that takes a toll on their peaceful living. Secondly, the volatile government rules and regulations and tax reforms which are sometimes unfathomable by the senior citizens. All these challenges create an impediment for the senior citizens when they consider buying a property at that age. This blog will explain all the scenarios and situations that cause these problems to senior citizens.

The Pandemic Aftermath

The senior citizens were already going through so many issues when suddenly COVID-19 made a horrid entry into their lives as a nightmare. Senior citizens, who make up for approximately 10% of our population, are concerned due to the persistent warnings that the virus tends to be more hostile among the elderly. Not to cause any alarms, 51% of deaths in India in the range of 60 years and above. However, the potential virus was never their primary concern in the first place. Some senior citizens were secluded, some were instructed to constrain from moving from one place to another, and some faced financial crises. For senior citizens to tackle these issues, here’s a list that needs to be checked out.

Elevators

When you age, there are some lifestyle diseases or age-related diseases that tag along as complimentary ailments. That’s the reason why senior citizens should consider buying a property that has elevator services.

24×7 Security

This is a major requirement when it comes to senior citizens. The reason being senior citizens are prone to forgetfulness. And when they are living in a society without security, their safety is prominently compromised. That’s why it is imperative for senior citizens to live in a building that’s guarded 24×7.

Transport

Senior citizens are those who mirror the characteristics of children or babies for that matter. They do not like to live like they are on house arrest. That’s the reason why easy transport facilities to the places of their likings, such as temples, convenient stores, hospitals, and so on, is very important.

Parks & Recreation Facilities

Senior citizens are generally fond of spending their spare time in peace. That’s the reason why gardens and parks play a significant role. Be it for a leisurely stroll, a serene walk down the serpentine walking tracks, or be it for green lawns, these simple, yet essential amenities power their pastime.

Affordability

Senior citizens, by the time they are retired, would have made a considerable amount of savings as security. If they were to invest that amount, it would be in something that would fetch them returns and secure their old age. Buying an expensive home at that age would definitely not be a thing on top of their mind.

At TMR Group, we make sure that all our projects are senior-citizen-friendly. They do not have to bother about living away from home or living disconnected from their loved ones or living an expensive, unhealthy life. All our projects are equipped with world-class amenities, 24×7 security and has hassle-free documentation processes so that their investment and their lifestyle are secured and they can live a carefree and peaceful life.

All you need to know about Reverse Mortgage!

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Quite often in the movies and in families we have seen and heard about the term ‘mortgage’. We see how a parent has to mortgage their assets to get a loan from the bank to make funds available for their children’s education or the wedding of their daughters. Well, this blog will speak in detail about the furthermore specific aspect of a mortgage, and dwell deep into the concept of ‘Reverse Mortgage’. So, let’s begin with some basic questions.

Reverse Mortgage or Forward Mortgage?

Mortgage, in simple terms, means ‘loan’. The lender can either be a bank or a financial institution or an individual. The purpose of a mortgage can be as simple as to own a property. It might be possible that the mortgage amount can cover the entire cost of the property, but commonly the loan amount can be secured up to 80% of the value of the property.

What ‘Reverse Mortgage’ is somewhat similar to a loan for senior citizens who lack a regular source of income. Imagine a 62-year-old father who owns a house. There’s a considerable amount of home equity line of credit attached to it what we know as HELOC. That amount can be withdrawn at any time. However, the home acts as collateral.

On the other hand, a forward mortgage is a type of fixed-rate mortgage. Compared to a normal kind of mortgage, a forward mortgage proves to be quite expensive. The lock-in period for the interest rate can be planned way ahead even before the mortgage term begins. This is helpful when you intend to own a property in the future. Forward-thinking, isn’t it? That’s why they are called that way.

What you can take away from this is that a reverse mortgage requires you to be 62 years or older to take benefits of the loan amount and they do not require a monthly payment or balance unless the property owner or the borrower dies, or sells the property or moves to a different location.

How does Reverse Mortgage work exactly?

This is the next big question of every layman who doesn’t understand these terms. Well, it’s not a complicated process. The borrower pays to the lender and the lender makes payments. However, in the Indian context, senior citizens tend to transfer their property in the name of their children and later get a bit doubtful whether or not to mortgage the property to a bank or some financial institution. There’s no need for a minimum income amount to qualify for a reverse mortgage as it doesn’t require monthly payments. Even if the borrower doesn’t have an income, they are eligible to qualify for a reverse mortgage.

However, the value of the house they own will be ascertained by independent valuation through property valuation methodologies generally accepted in the industry. A provision for periodic evaluation and consequent loan adjustments would be made once in 5 years, but the loan amount would be fixed based on the present market value of the property and not the future value.

How is reverse mortgage beneficial?

Reverse mortgage is not that convoluted as it seems to be. It has its own perks and senior citizens these days are very much in favour of it. Here are a few benefits of choosing a reverse mortgage.

You are still the owner: Contrary to the popular belief that you lose ownership of your home once you mortgage it, reverse mortgage is nothing like it. As long as you comply with the terms of the loan and pay your property taxes and homeowner’s insurance, the ownership stays with you.

The income is completely tax-free: the income that you receive from a reverse mortgage is exempt from tax. This indicates more savings for you. Not just that, you can even claim deductions on your home repairs and renovation expenses under a reverse mortgage.

It’s a new kind of income source: Moving away from traditional investment options such as fixed deposits, post office schemes or national savings certificate, reverse mortgage proves to be a supplementary source of income.

At TMR Group, we ensure that our customers are aware of all the terms that can help them invest in the right place, the right way. Our objective is not only to sell products or services but also to keep our customers informed about all the market-related terminologies that can help them make better investments and allow them to prosper. That’s how we believe, we can build a better bond and set better examples for the future generation.

How is DTCP different from HMDA?

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You might have heard of these terms – DTCP & HMDA, everywhere whenever you encountered a real estate consultant. Why do they sound so similar? What’s the difference anyway? This blog will elaborate on the details as to why there are two distinct regulatory authorities overlooking the same field (pun, intended).

Let’s begin with knowing what they actually mean – DTCP stands for Directorate of Town and Country Planning, and HMDA stands for Hyderabad Metropolitan Development Authority.

Director of Town and Country Planning

The primary duties and functions of the Director of Town and Country Planning can be bifurcated into three categories – technical statutory functions, technical non-statutory functions and advisory functions.

Technical statutory functions:

  • DTCP prepares General Town Planning Schemes (Master Plans)
  • It is also responsible for the preparation of Indicative Land Use Plans (Mandal Master Plans)
  • DTCP gives all the technical approval of layouts and buildings plans (Group Housing), commercial complexes
  • DTCP is responsible for the preparation and approval of the different type of designs for community and public buildings
  • DTCP approves all sorts of technical clearance of installations (Industries), and road development plans
  • It provides NOC for cinema theatres / multiplexes

Technical non-statuary functions:

  • DTCP is responsible for the allocation of IDSMT funds. The scheme is no longer available as it was already closed in 2005 and the work of approved components are in progress.
  • DTCP sanctions approval of designs for public and community buildings and also suggest variations to the sanctioned master plans

Advisory functions:

DTCP is Advisor to Urban Development Authorities, Telangana Housing Board, Telangana Industrial Infrastructure Corporation, Telangana Pollution Control Board, Telangana Swagruha Housing Corporation and Government on planning matters. It also advises on the selection of sites and services of Municipal Councils.

DTCP overall has certain rules similar to HMDA. Now let’s have a look at the primary roles of HMDA.

Hyderabad Metropolitan Development Authority

The purpose behind which HMDA was set up was basically for planning, coordination, supervising, promoting and securing the planned development of the Hyderabad Metropolitan Region.

The development activities of the municipal corporations, municipalities and other local authorities, the Hyderabad Metropolitan Water Supply & Sewerage Board, the Telangana Transmission Corporation, the Telangana Industrial Infrastructure Corporation, the Telangana State Road Transport Corporation and other such bodies are coordinated by HMDA. Here are some of the many primary roles of the Hyderabad Metropolitan Development Authority.

  • HMDA basically prepares the entire plan for the Metropolitan city. It undertakes the preparation of metropolitan development and investment plan, revision of the plan and prioritizes its implementation.
  • It maintains and manages the Hyderabad Metropolitan Development Fund and allocate finances based on the plans and programmes of the local bodies for undertaking Development of amenities and infrastructure facilities
  • HMDA also monitors and exercises financial control over the budgetary allocations concerning development works made through it to the various public agencies, local bodies and other agencies
  • HMDA creates and manages the Hyderabad Metropolitan Land Development Bank and takes up land acquisition every year as may be necessary for various public uses, township development, infrastructure development, etc.
  • It approves the land acquisition programmes /proposals of the local authorities, other departments and functional agencies in the metropolitan region
  • HMDA acquires any movable or immovable property by purchase, exchange, gift, lease, mortgage, negotiated settlement, or by any other means permissible under any law

TMR Group is proud to have a wide range of plots in Hyderabad approved by both DTCP and HMDA so that our customers can invest in our property without any worries and strongly reinforce the trust factor in the customers. When they get to invest in a plot that gives them a sense of reliability and transparency that TMR Group has to offer, we get inspired to serve even better.

Source:

  1. http://dtcp.telangana.gov.in
  2. https://www.hmda.gov.in
Future Ready Hyderabad

Future Ready Hyderabad

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Hyderabad – the capital and largest city in the state of Telangana stands tall with its unmatched legacy. The city established by Muhammad QuliQutb Shah in the year 1591 shimmers with its stunning charminars, tantalizing food, warm people and a superrich history. Hyderabad is located 400Kms away from the center of India and has its own geographical advantages that make it one of the most important cities to have an association with. The city of Hyderabad is getting ready to host a brighter tomorrow and we are going to have a look as to what the city holds for everyone.

The Employment Hub

Cyberabad–also known as ‘HITEC’ city is a host to several multinationals and lakhs of IT working professionals. This has led to an unprecedented boom and development of social infrastructure. Cyberabad now also hosts multiple high-end restaurants, night clubs, malls and other entertainment essentials. The area is well-maintained, highly secured and has been given a unique identity of itself. By becoming an employment hub, the city also witnessed a rise in daily commute which is now being addressed by metros. The metro lifestyle has added more value to the functioning and charm of the city.

172% growth in 5 years

The commercial real estate of Hyderabad has seen a 172% growth in the last 5 years according to a report by Knight Frank India. The report also suggests that residential prices have grown by a significant 5.3% compounded annual growth rate (CAGR) in 10 years, and even during the present pandemic crises, rents continue to remain steady. Another interesting fact that grabs eyeballs is – Hyderbad jumped from a rank of sixth in 2014 to second in 2019 in terms of annual office space demand across key cities in the country.

Investments and other highlights

Telangana IT/ITeS exports observed 18% annual growth in the year 2019-2020 and contributed revenue of Rs 1.25 trillion against Rs 1.9 trillion in 2018-19. The city is the second-largest contributor to the revenue from IT exports in the country and is home to global bigwigs like Google, Amazon, Microsoft, and Facebook. Hyderabad, being the distribution hub in Telangana is also seeing increased traction in the warehousing segment. The state has already garnered an investment of Rs 25,000 crore for data centre mega projects. Recently, Flipkart opened its data centre in Hyderabad, second after Chennai, to support its core operations. In the last four years, Telangana attracted investments of over Rs 10,000 crore in the life sciences industry. To give a further boost to this industry, the state government has released the Life Sciences Policy of Telangana and launched vital projects such as Genome Valley 2.0, Hyderabad Pharma City, and Medical Devices Park in Sultanpur.

Owning land in Hyderabad

With such prospects, owning land in Hyderabad can be a truly rewarding asset. The city has no restrictions of growth as it is having limitless land to sprawl across and host a bright future. Investing in real estate is the most reliable form of investment and to strengthen your decision, is the city of Hyderabad which has the limitless potential for growth. Value appreciation of land is impressive and hence one must consider this city for wealth growth and parallel aspects.

At TMR Group, we strategically lock locations that would give high returns in all aspects. To buy and build or to invest for wealth growth, these plots are ready to serve you all that you aspire.  At TMR Group, we offer clear title residential plots across different locations in the city that are ready for growth and offer you growth for your lifetime.

Challenges and how to overcome them while buying a plot

Challenges and how to overcome them while buying a plot

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Buying land is the most preferred and most reliable form of investment when it comes to investing in the real estate industry. Also, due to the outbreak of the pandemic, demand for plotted developments has skyrocketed as self-owned homes, villas, or row houses, provide better social distancing as compared to apartments. People wishing to buy land for their personal use or as a form of investment have to be aware of certain factors that help make the process of buying simple.

Paperwork

Paperwork can be complex owing to new terms and due to indulgence in never before like experience. However, it is one of the most significant processes to ensure secure ownership of land. The very important paperwork you’ll be needing to take care of is – Title deed. This document ensures that the seller of the property has undisputed legal ownership of the land to be sold. Having a clear title helps you own a property through an authentic process. Be it agricultural land, residential plot or commercial investment plot ensuring no unclear deeds is a must. A clear title deed once received should be checked, scrutinized thoroughly and one must not accept a photocopy of the title deed. The land must be in the name of the seller and must be checked for having full rights to sell the land. One can cross-check the authenticity of the document by running a ‘title search’ on the registration website of the state government. A lawyer can be consulted to ensure the same. Another document that helps you confirm if the land has any legal dues pending is – Encumbrance certificate. One must check the encumbrance certificate for at least 30 years. A resale certificate is issued by the bank which ensures that the seller has cleared all the loans on the property. Having this certificate improves the credibility of land being debt-free.

Land use

One of the biggest risks that buyers usually face is whether they are buying agricultural land or one which is meant for residential projects. Cities often expand rapidly with no master plan and subsume the suburbs including vast agricultural lands. Agricultural lands are usually closer to the city and are priced lower which should be alarming. So, one must check with the revenue office of the zone before one chooses to sign any land deal.

Purpose and location

Different purposes of buying land set parameters for deciding the location. One panning to build a home should strategically lock a location that is near the workplace. A farmhouse or weekend getaway home can be constructed far from the city. One planning to develop the land for commercial purposes must consider hotspots in the city. Varied structures serving various purposes demand different locations and hence one should be clear with the purpose of buying land.

Transaction obstructions

Usually, circle rates do not match market rates of the area and hence land transactions may demand high cash component. This can leave you in a challenging situation as banks may not fund the entire cash required for the transaction, in case you are taking a loan to buy land.

Lack of tax benefits

Banks offer loans mainly for residential plots located within the municipal limits; even there, they offer only 70% of the total value of the land and the buyer has to arrange the rest.

At TMR Group, we uphold the value of transparency to not just have a transaction with our customers but to build an everlasting bond. We understand the significance of legal processes and hence our team ensures that each of our transactions happens through proper guidance. Even if a new buyer is not aware of the terms and functionality, our team members spell each term for them to understand and take steps accordingly to ensure seamlessness. Having premium plotting sites at Hyderabad, we have been able to establish healthy bonds with our buyers who are getting benefitted from their association with TMR Group. Come, join us and multifold your growth journey!