Senior Citizens’ Plot Buying Woes

Senior Citizens’ Plot Buying Woes

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!

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.

All about the new RRR: Regional Ring Road

Unlike the period action drama that the maker of Baahubali is making, RRR is nothing similar to what we are about to discuss. This RRR stands for Regional Ring Road – the nod for which has already been given by the Central government for Hyderabad. Let’s talk about this particular RRR in detail, shall we?

THE ORIGIN

For the last several years, the Telangana Rashtra Samithi (TRS) MPs have been representing the central government and seeking permission for Regional Ring Road (RRR). The central government had already approved in principle, for the RRR project way back in 2018, but later failed to make any further announcements on the project.

In the initial phase of the project, the union government had issued a gazette notification to commence work for 166 kilometres of the Regional Ring Road in 2017. The stretch connected Sangareddy, Toorpan and Choutuppal.

The financial viability of the project came into question by the Union Road Transport and Highways Ministry in 2019. That’s when a fresh Detailed Project Report (DPR) was called for and the Telangana government duly complied. When the report was submitted, the second phase of the project was lost in oblivion.

It was only when yet another fresh representation by the TRS delegation was made recently and the Union Minister informed the delegation that the second phase of the RRR project connecting Choutuppal, Shadnagar and Kandi has been approved.

ALL ABOUT RRR – REGIONAL RING ROAD

The overall length of the 6-lane RRR project would be 338 km while the width would be 500 feet. The state government has agreed to share at least 50% cost towards land acquisition to execute the project that’s estimated to cost about INR 13,000-crore. The land acquisition for RRR has been completed by the state government and the project is awaiting clearance from the forest department to invite tenders. The RRR is said to come up beyond the existing Outer Ring Road (ORR) and is expected to play a significant role in the economic development of Telangana.

The Regional Ring Road would be connecting Sangareddy, Narsapur, Toorpan, Gajwel, Choutuppal, Bhongir, Jagdevpur, Ibrahimpatnam, Chevella, and Shankarpalli.

TELANGANA PLANS FOR RRR

In order to boost the economic advancement of the state, the Telangana government plans to develop 50 acres within the 30 to 40-kilometre wide strip between ORR and RRR into satellite townships. The state hopes that the RRR will help uplift the infrastructure investments, employment opportunities between the circular roads and reduce congestion in Hyderabad.

It is also said that the Union Minister has given his approval for expansion of the 31.8-km Kodad-Khammam National Highway to 4 lanes under the Bharatmala Pariyojana programme. The Minister for Road Transport & Highways, Mr. Nitin Gadkari has also confidently responded to the demands for the completion of several highway projects as promised under the Andhra Pradesh Reorganisation Act.

At TMR Group, we believe that these kinds of developments not only help the state to prosper and grow economically, but they offer numerous opportunities for businesses to mutually progress along with the state as well. While we, at TMR Group, have constantly been contributing to the cause, we feel that the Regional Ring Road, just like the title and the maker of the movie suggests, would be a huge blockbuster.

All you need to know about plots

All you need to know about plots

When it comes to buying a plot in India, the formalities and the rules and regulations are aplenty. India is a land (quite literally) predominantly of farmers and businessmen or farmers-turned-businessmen, and rarely the vice-versa is true. Therefore, the need to grow from a regular agricultural land is quite normal. In this blog, we would speak in detail about different kinds of plots and how they fare in today’s market.

Agricultural Plots

Also known as farm plots or open land, these land parcels are used exclusively for agricultural activities. Agriculture, being the major contributor to the Indian economy, the amount of agricultural land available in our country is humungous. Keeping the controversies aside, the recent farmer’s protests might have also brushed up our knowledge in this particular area.

There are certain dos and don’ts when it comes to buying or selling agricultural lands. You are prohibited to develop residential or commercial projects in that plot. You are not allowed to sell it to anyone who is not a farmer. If you intend to sell it to someone who isn’t a farmer, you must put your land up for N.A. (Non-Agricultural) conversion and then once the conversion is done you may sell it to anyone. This brings us to the next kind of plot.

NA Plots

Just as the previous sentence said, NA refers to Non-Agricultural land and these plots can be used for residential or commercial purposes. By default, every land in India is defined as “Agricultural Land” unless until it is defined by some other purpose. In case the land is defined as NA, it’s not just for residential purposes. It can be classified further into these categories –

NA – Commercial

NA – Warehouses

NA – Resort

NA – IT

NA – Residential

Caveat emptor: Many real estate builders use deceptive terms such as “Proposed NA” to lure buyers into a honey trap. There are quite a number of cases where the land has taken more than 10 years to get the NA status.  Let’s dive deep into the NA – Residential plots as there are many other categories where the land can be divided.

Residential Plots: These plots are unique for those who wish to build an independent home as per their taste.

Apartments: The real estate builders who wish to construct a cluster of the housing complex usually in high-rise or low-rise buildings can choose this category.

Villas/Row Houses/Bungalows: These residential plots come under the premium category as they are spacious and luxurious projects available at a higher rate than the usual because of space, location, etc.

Builder Floor: This allows a person to own an entire floor for independent living. These kind of spaces cost a bit higher than apartment floors and a bit cheaper than the bungalow plots.

With a legacy of more than 15 years in plotting, TMR Group has become a renowned brand in and around the region of Hyderabad. The brand offers clear title agricultural and NA plots for everyone in the country and even overseas to invest, make a living and progress with prosperity. The gated community projects ensure that your plots are safe and secure and you do not have to worry about their maintenance for at least a decade. That’s the TMR promise.

What you need to know before relocating

Reasons for relocating to a new place can be many. To make it one of the best moves, one must consider several points that make moving to a new place easy and worthwhile. Here in this blog, we are going to throw some light on aspects that can make you shift swiftly.

Getting Familiar through Research

Shifting to a new place is a toiling task. And living in an unknown place can be more pounding. Before relocating to a new location, one must thoroughly research the surroundings like – stores, malls, medical facilities, connectivity and more. Knowing the existence of such facets can help in more swift functionality when you move into a new space. Such preparation would help you save time and energy and would also help you keep focused on carrying out different essentials.

Measuring the time period

When relocating to a new place, one must chalk out for how long one plans to stay in that particular place. Having that done, it gets easier to plan properly for the given tenure. Having a long-term plan of staying at a place helps you develop a sense of belonging. One can gel with neighbours, try to customise the space, build something new and do so much more. The time period for one’s stay is an essential touchpoint that influences various other factors.

Best time to shift

One must properly assess the best time to shift to a particular home. As it changes the area of your current residence, various other elements play an important role. A new region can have a different climate as compared to the existing space where one is residing. These factors seem very minor but have a great impact on your experience and the lifestyle you would aspire to lead. Studying these touchpoints and then making a move would be more benefitting than just planning at random and trying to execute them.

Cost Estimation

Moving to a new place involves additional cost. Firstly, it’s about assigning packers and movers who can effectively pack all your belongings and transport them to your newly selected home. The process is time-consuming and at times, highly confusing with a lot of things to be shifted and rearranged to a new place. One must map all the costs that would be coming your way when planning to relocate. Also, one has to properly calculate the deposit, maintenance and other such charges. Having a proper map of such essentials, help in carrying out such processes with ease and comfort.

Eliminating the junk

There can be various items which would be of no use at the new place of residence. One must try to do a property tour to the new place and assess what material can stand insignificant there (as mentioned in the earlier blog). Such items should be omitted from transportation in turn saving your time, energy and extra cost it includes. Lack of storage space also can make you throw some items which were a right fit at your previous residence. These items should also be discarded from transportation.

At TMR Group, we make sure all these points are checked. When you visit the site to assess the plot, all the parameters such as location, amenities, cost, etc. are taken care of so that you get a value for money deal and your choice to relocate to a new location is justified. TMR Group offers you a plethora of options to choose from across various prime locations in Hyderabad. So, if you are planning to relocate to the City of Pearls, you better make a gem of a choice.