What is Vaastu Shastra? Why should my building be Vaastu compliant?

Posted on March 4, 2015 by Anukampa

Vaastu Shastra is an ancient science, which helps one to get the natural benefits freely offered by the five basic elements of the universe in which we all live. These basic elements are Akash (Sky), Prithvi (Earth), Paani (Water), Agni (Fire), and Vayu (Wind). Vaastu Shastra can be applied by keeping in harmony with these basic five elements of nature.

Sometimes, one might feel that the wheel of family life is not moving smoothly and there is lack of peace, harmony, affection and well being in one’s family. One should always choose a house that is Vaastu Shastra compliant, to expect good results and well-being gradually and steadily.

Vaastu Shastra is the traditional Indian system of architecture and design of Vedic origin. Vaastu means the dwelling of humans and Gods. Many Vaastu rules are derived from ‘Vaastu Purusha Mandala’, which is depicted as a man lying with his head pointing northeast, in a grid of usually 64 squares. The different directions and sectors are assigned to different Gods and Guardians. It aims at providing guidelines for proper construction. Vaastu orientates, places and dictates the proportions of every detail in building lines, skylines, elongations, levels, slopes, water (underground and overhead), kitchen, bedrooms, toilets, staircase, heights of ceilings and roofs, entrances, loci of doors and windows, compound walls and so on. Vaastu is affected with positive power of three elements: the earth, the water, the fire (the sun).

Vaastu Shastra cannot be directly linked with prosperity. It only suggests ways in which we can live in tune with the laws of nature so that we can be healthy and peaceful and work efficiently. The ancient texts of Vaastu Shastra have probably claimed to bring prosperity, as an indirect consequence of being able to perform well at home and work.

Benefits of investing in Property

Posted on February 18, 2015 by Anukampa

The market of real estate is booming with every passing day. Today, investing in realty has become a common investment choice. Many people are investing in properties, rather than opting for any other investment option. Although, there are many opportunities available for making good profit, but the real estate business is flourishing constantly. For this reason, many people prefer to invest in real estate to obtain capital profits and regular cash flows. Since last few years, investing in real estate has becoming a trendsetter in India. Because of its huge benefits, it has become a major investment choice of many people. There are many benefits associated with investing in real estate, such as

•Leverage: It is one of the major advantages of investing in real estate. It allows you to get a much higher return on your investment. By using leverage on your real estate transaction, you can have a positive impact on your financial statements.

•Appreciation: When the value of property increases over time, as a result of supply, demand, capital improvements, inflation or other factors, it is called appreciation. There are many investors who invest in real estate due to diverse reasons. When looking at the advantages of renting or buying a home, many people prefer to buy a home, as it can increase their net profits through appreciation.

•Tax Benefits: Another big advantage of investing in real estate is tax benefits. There are many tax benefits offered, when you own a property. All HOA dues, repair interests involved in it are tax deductible.

•Capital Growth: The value of property is increasing at a very rapid pace. By investing in real estate, you will not only get benefit of a steady capital growth, but can also earn a good rental income every month. It is a long-term cash flow that strengthens and increases over time.

As compared to any other kind of investment, investing in real estate is the best option that offers huge cash flows and profitable returns. The process of investing in real estate is very straightforward and easy. The only thing you require is sufficient knowledge in the real estate investment field. Apart from all these aspects, it is a more profitable mode of investment, as compared to stocks and shares.

Health at your Home!

Posted on February 11, 2015 by Anukampa

‘Health is a state of complete physical, mental and social well being, and not merely the absence of disease or infirmity.’

In times of supersonic lifestyles, it is critical to give due importance to good health. A healthy lifestyle means a longer life. Which is why it is important to have a home in a place that helps us lead a healthy, wholesome lifestyle. A place that assists you to perform to the best of your ability, in every sphere of your life.

Here are some of the things you can consider while choose a place to reside, so you can maintain a healthy, happy lifestyle – no matter what stage you life you may be in:

Swimming pool: Swimming is a great workout because it keeps your heart rate up but takes some of the impact stress off your body.

Indoor games Room: Games are a good hobby as they can help you relax after work or on weekends and take away stress.

Modern, well-equipped gym: Going to the gym every day puts you in contact with people on a regular basis and enhances your social life as well as the way that you feel about yourself. You will stay fit, in shape and sleep better if you exercise each day.

Kids play area: Don’t underestimate the importance of children’s playtime. It may look like leisure time, but when children are playing house, fighting imaginary dragons or organizing a game of hopscotch, they’re actually developing crucial life skills — and preparing their brains for the challenges of adulthood.

Sports facilities like lawn tennis, cricket practice net, basketball court, etc.:Sports stress on the positive effects of participative learning, the important life skills of goal setting and time management combined with enjoyment; the development of a strong sense of morality; and appreciation of diversity.

Skating ring: Skating is a great way to participate in a fitness activity that benefits both your body and your mind.

Jogging tracks: Jogging is a popular form of physical activity. Regular running builds strong bones, improves cardiovascular fitness and helps to maintain a healthy weight.

Landscaped parks: You may find stress relief and healing when interacting with nature. Plants lower blood pressure, reduce muscle tension related to stress, improve attention and reduce feelings of fear and anger or aggression.

What are the types of Home Loans available?

Posted on January 15, 2015 by Anukampa

Land Purchase Loans: Land purchase loans are taken to buy a plot of land on which a borrower wishes to construct his house. Most banks offer up to 85 percent of the price of the land. These loans can be availed for residential as well as for investment purposes. Almost all leading banks offer this loan.

Home Purchase Loans: The home purchase loans are the most popular and the most commonly available home loan variants. These loans can be used to finance the purchase of a new residential property or an old house from its previous owners. In this type of loan also, lenders usually finance up to 85 percent of the market value of the house. These loans are provided either on fixed interest rates or floating interest rates or as hybrid loans. All banking institutions and housing finance companies provide this type of loan.

Home Construction Loans: These loans can be availed by those individuals who want to construct a house according to their wishes rather than purchasing an already constructed one. The loan application and approval process for home construction loans are somewhat different from those of the commonly available housing loans. The plot of land on which the borrower wishes to construct the house should have been bought within a year for the cost of the land to be included as a component for calculating the total price of the house. If the plot has been purchased more than a year ago, then the above clause is not applicable. The borrower has to make a rough estimate of the cost that will be incurred for the construction of the house and then apply for the loan with the same amount. The lender then takes over from there and analyses the application to decide whether or not to sanction the loan. The approval or disapproval of the same is intimated by the lender to the applicant. The loan amount may be disbursed at one go or in several installments according to the progress in the construction of the house.

Home Expansion/Extension Loans: Home expansion or extension loans are useful in situations when people want to expand their existing house. Expansion includes alteration in the current structure of the residence to add extra space such as constructing a new room, a floor, a bigger bathroom or enclosing a balcony. Though many banks provide loans for these purposes as part of home expansion loans, some banks lend for the same purposes as part of their home improvement loans. It depends on how a bank has categorizes its loans.

Home Improvement loans: Home improvement loans are availed by individuals who already own a house but lack the funds to renovate it. All kinds of renovations and repair works can be financed using this variant of home loans such as internal and external painting, external repair works, electrical work, waterproofing and construction of underground or overhead water tank etc.

Home Conversion Loans: Those borrowers who have already purchased a house by taking a home loan but now want to buy and move to another house opt for the home conversion loans. Through these loans, they can fund the purchase of the new house by transferring the current loan to the new house. There is no need to repay the loan on the previous home. Though useful, this segment of home loans is accused of being quite expensive.

NRI Home Loans: NRI home loans is a specialized home loan variant which has been developed to assist non-residents in acquiring housing finance to buy residential property in India. These loans are meant exclusively for the non-resident Indians. The formalities of availing this segment of home loans is similar to the regular home loans, which are offered to residents, only the paperwork is a bit elaborate. Almost all public and private sector banks provide NRI home loans.

Balance Transfer Loans: Balance transfer option can be availed when an individual wants to transfer his home loan from one bank to another bank. This is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing lender and wants to switch to another lender.

Stamp Duty Loans: Stamp duty loans are provided to pay off the stamp duty charges on the purchase of a property. The amount from this loan can be used solely for this purpose. This segment of home loans has yet not gained much popularity.

Bridged Loans: Bridge loans are short-term loans, which are meant for people who already own a residential property but are planning to buy a new house. It helps borrowers to fund the purchase of the new house until a buyer is identified for the old house. It is extended for a period of less than two years and requires the mortgage of the new house with the lender.

What is a Home Loan? Can I apply for it?

Posted on January 7, 2015 by Anukampa

Home Loan is a secured loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.

If you are planning to buy your own house, it may be a good idea to apply for a home loan, rather than trying to arrange the entire purchase amount at once. It is also a good way of tax planning. And if you’re wondering whether or not you’re eligible for a home loan, please go through the following guides. Please note that the guide is only for assistance and may not be absolutely exhaustive, as criteria may differ slightly from one financial organisation to another.

Any adult individual with a source of income can apply for a Home Loan, if he/she meets the criteria of the Banking Financial Corporation / Non Banking Financial Corporation norms and eligibility criteria of the same.

You may NOT meet the criteria for getting a Home Loan if any of the following is true:

Suite filed or written off cases reported in the Credit Information Report [CIR]. This is indicated in the ‘Account Status’ section of your CIR.
Payment history trend – if there has been any default or amount overdue. This is indicated in the ‘Days Past Due’ [DPD] field of your CIR.
Company profile where you work – the banks generally have an approved list to whom they extend loan / credit card.
EMI to Income ratio: if your current total EMI exceeds your monthly salary by more than 50% then chances of getting a loan are reduced.

What is rainwater harvesting? Why do you need it in your building?

Posted on December 24, 2014 by Anukampa

Rain water harvesting

Rainwater harvesting is a technology used for collecting and storing rainwater from rooftops, the land surface or rock catchments using simple techniques such as jars and pots as well as more complex techniques such as underground check dams. Commonly used systems are constructed of three principal components; namely, the catchment area, the collection device, and the conveyance system.

Why do you need it?

Buildings with the facility of rainwater harvesting seldom face issues in water supply. The technique provides an independent water source used to supplement the main supply. It does not only provide water in case there is a short supply, but can also help mitigate flooding of low-lying areas, and reduce demand on borings and wells, which may enable ground water levels to be sustained. It also helps in the availability of potable water, as rainwater is substantially free of salinity and other salts. Thus, it helps you live in an eco-friendly, sustainable environment.

Advantages

Rainwater harvesting is an accepted freshwater augmentation technology in Asia. The bacteriological quality of rainwater collected from properly maintained rooftop catchment systems, equipped with storage tanks having good covers and taps, is generally suitable for everyday use, and frequently even meets WHO drinking water standards. Notwithstanding, such water generally is of higher quality than most traditional, and many of improved, water sources used in our cities. Contrary to popular beliefs, rather than becoming stale with extended storage, rainwater quality often improves as bacteria and pathogens gradually die off.

As a residential society, buildings often execute higher pressure on the regular water supply in that area. Thus, making sure the building you live / move in has an alternative clean water supply system of its own, such as rainwater harvesting, assures an uninterrupted supply of fresh water throughout the year.

How are Maintenance Charges Calculated?

Posted on December 16, 2014 by Anukampa

There are different procedures or methods adopted by an association or society for collecting monthly maintenance fee. Some of the important practices that are prevalent are following.

Flat monthly fee:
Under flat monthly fee, apartment owner’s association or society calculates sum or total maintenance charge and divides equally among all flat owners. This system is generally followed where apartments are of the same size.

Per Square feet rate:
Under this method, rate or fee varies depending on square feet owned by apartment owners. Larger the square feet owned, higher will be the monthly maintenance fee. This is widely practiced in Apartment societies with different sizes of apartments.

Partial flat rate:
Under this method, association or society charges flat rate for a limited square feet and each additional unit will be charged extra. For e.g.: Flat owners who owns up to 1000 sq ft will be charged fixed rate and for addition of 100 sq ft, will be charged 2 per cent extra. In this case, all flat owners with 1000 sq ft pay equal amount but flat owners of 1100sq ft, 1200 sq ft and 1500 sq ft pay different amount towards monthly maintenance fee.

Mixed approach:
It’s a central approach to maintenance charging. Generally followed in apartment societies with variable sized apartments. Here there is a per square feet charge, which is generally low plus total expenses divided equally among the flats.

The common expenses will include the amounts determined to be payable as such by the Society or Association. It includes expenses such as expense of administration, maintenance, repair or replacement of common areas and facilities. So long as there is no dispute, any system acceptable to all the apartment owners can be implemented on the basis of agreement or consensus.

Method of calculating maintenance fee varies depending on the agreement or byelaw of an association.

What are Maintenance Charges? Why should I pay them?

Posted on December 10, 2014 by Anukampa

In real estate, the residents or owners of a property in a specific area are charged for maintenance and operations of the commonly owned property areas. This charge is called maintenance charge.

Maintenance charge is generally levied periodically. It is required to fund operations related to upkeep, maintenance and upgradation of such areas, which are not directly under any individual’s ownership.

The main charges levied by the society can be categorised as -

(i) Property Taxes

(ii) Water Charges

(iii) Common Electricity Charges

(iv) Contribution to Repairs and Maintenance Fund

(v) Expenses on repairs and maintenance of the lifts of the society, including charges for running the lift

(vi) Contribution to the sinking fund

(vii) Service charges

(viii) Car Parking Charges

(ix) Interest on the defaulted charges

(x) Repayment of the installment of the loan and interest

(xi) Non-occupancy charges

(xii) Insurance Charges

(xiii) Lease rent

(xiv) Non-agricultural tax

(xv) Other charges.

How are Built-up and Super Built-up Areas calculated?

Posted on December 2, 2014 by Anukampa

In our blog last week, we defined the calculation of the carpet area of a property, which is essentially the area between the walls of a property.

Built-up Area or BUA consists of this carpet area along with the area covered by walls (thickness of external walls, internal walls and columns) and additional areas mandated by the authority such as flowerbeds, dry balcony etc. It is typically 10-20% more than the carpet area and is also sometimes known as the plinth area.

Super Built-up Area or SBUA consists of BUA and the proportionate area under the common spaces of a building. This includes area covered by common amenities, such as the area of lift shafts, lobby, and corridor, proportionately divided among all flats using those amenities. The common usable areas, such as a swimming pool, garden and clubhouse, may also be included in it.

Image: Anukampa Platina Terraces

To calculate the cost of a property, per square foot rate quoted by the developer is typically applied on the super built-up area. This is the reason super built-up area is also sometimes referred to as the saleable area.

A builder can place anywhere from 65%-85% of the super built-up area as carpet area. That means, if the price is quoted as Rs.1000 per sq. ft. super built-up area, the carpet area could be anywhere from Rs.650 per sq. ft. to Rs.850 per sq. ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mentions it in the sale deed.

Invest in Jaipur, invest in the future.

Posted on November 18, 2014 by Anukampa

The Pink City of Jaipur is being viewed by experts as the closest alternative to Gurgaon! The city, while imbibing all the benefits of a big city, also shuns the drawbacks of big cities like pollution, traffic jams and land saturation.

The city is expected to emerge as one of the ten mega-cities of India’s Future.

It has already become a favourite of national and international IT firms and even the major Indian and international MNCs are setting up their feet here.

Prestigious projects including, Mahindra’s 3,000 Acre SEZ, Anil Ambani’s Mega City Development Plans and Hero Honda’s INR 700 Crore plant are in the city’s developmental pipeline!

Several international hospitality chains including Marriott, Radisson, and Hilton have already established themselves here.

What more, by also becoming a major centre of educational excellence and the setting up of schools, colleges and universities of national repute, it has become a perfect platform to grow and nurture talent for the collective growth of the city.

The Advantage

Jaipur is very strategically located at a 4-hour drive from Delhi on the Delhi-Mumbai Highway. With an efficient transport network that offers connectivity via all means of transportation, and the development of the metro link, it serves as the perfect destination to set up shop with both national and international operations.

With the positive development and rich future potential, Jaipur is seeing a massive boom in the real estate sector, which is collectively benefitting the builders and investors of the region. This presents you with the perfect opportunity to invest in property, and watch your investment grow manifold.

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