MJK Real Estates

Technology and Planning in Real Estate Business Becoming an entrepreneur involves various plans, decisions, and economic conditions. It requires continuous effort and hard work as the foundation. In today's era, where numerous business opportunities are abundant, the real estate sector has a traditional business background.  Adapting to Modern Technology At the same time, it has adapted itself to modernized technological methods. According to experts, in the past few years, the structure of the real estate market has evolved into various subdivisions based on commercial and civilizational changes.  Emotional and Legal Aspects of Real Estate The real estate sector is not just a commercial transaction between buyers and sellers. It involves the emotional process of transferring the ownership of various immovable properties like houses, plots, land, and plantations from one person to another, based on economic valuation and legal procedures. Therefore, those who wish to venture i...

Key Considerations for Real Estate Agents & Builders When dealing with real estate, whether it involves houses, plots, land, or plantations, business transactions must be based on clear and precise documentation, such as title deeds, patta, and encumbrance certificates.  Accountability of Builders and Developers Builders and developers must ensure that they are accountable to the customers during business transactions.  Evolution of Real Estate The real estate industry has transitioned from merely dealing with concrete structures and sales to a service-oriented business model based on the essential living needs of customers. In the future, builders, developers, and real estate agents can achieve success by crafting business strategies that consider not only market conditions but also the general mindset of people, through a well-structured real estate business plan.  Considerations for Builders Builders must certainly take into account the global technological advance...

36% Decline in Office Leases: Major Issue for Big Cities!  Significant Drop in Office Leases In India's top 7 major cities, office leasing volumes dropped by approximately 36% in the January-March quarter compared to the previous year. As a result, only 5.5 million square feet of office space has been reactivated, according to JLL.  Impact of the COVID-19 Pandemic Due to the COVID-19 pandemic, most employees in India have been working from home, making office spaces redundant for many companies. Employees have been working from home for almost a year without any adverse effects on business operations.  Cost Reduction As a result, companies have not only reduced but also closed many office spaces. From large corporations to small businesses, companies are reducing expenses and providing convenience to employees by continuing to have 60 to 80 employees work from home.  Decreased Demand for Offices Consequently, the demand for office spaces in major cities has significa...

Real Estate Tycoons Set to Make a Comeback with Budget Boost Delhi: The interim budget has provided significant encouragement to the real estate sector, which had been adversely affected by central government measures like GST implementation and demonetization.  Impact of Demonetization and GST There were allegations that the number of home buyers had significantly decreased due to actions such as demonetization and GST. Consequently, the real estate industry faced severe impacts, and economic experts pointed out that the construction sector's decline led to job losses.  Real Estate Budget Speech Until a few years ago, real estate tycoons and brokers were a common sight not only in cities but also in villages. However, due to demonetization and GST, the presence of real estate tycoons dwindled. In this context, the current government's budget speech included several key decisions to stimulate the real estate sector.  Rental Income The tax exemption limit on income from ho...

 Buying a Home Now Made Much “Easier” - Real Estate Bill Passed in Rajya Sabha New Developments in Real Estate Regulation Delhi: The Real Estate Bill, passed in the Rajya Sabha, brings various benefits for prospective homebuyers. The bill for establishing the Real Estate Development and Regulation Authority was initially introduced during the United Progressive Alliance (UPA) regime. After the National Democratic Alliance (NDA) led by Modi took charge, some amendments were decided upon. Key Amendments Two significant amendments are noteworthy. Previously, homebuyers were required to pay 70% of the amount as an advance. This has now been reduced to 50%. Additionally, the bill was originally designed to regulate only residential construction companies. Now, the central government intends to include commercial construction companies under this regulation as well. Transparency and Financial Regulation Companies will now need to open a separate bank account for construction-related tran...

 How RERA Affects Homebuyers Key Provisions: 1. Notification of Changes: Any minor additions or alterations must be communicated to the allottees. 2. Approval for Major Changes: Any other additions or alterations require the consent of two-thirds of the allottees. 3. No Pre-Registration Advertising: No advertisements or releases before registering with RERA. 4. Transfer of Majority Rights: Approval of two-thirds of allottees is required to transfer majority rights to third parties. 5. Project Information Sharing: Sharing details about the project plan, layout, government approvals, land title status, and sub-contractors. 6. Timely Completion: Increased emphasis on completing projects on time and handing them over to consumers. 7. Quality Assurance: A five-year defect liability period has led to improved construction quality. 8. Formation of RWA: Creation of the Residents' Welfare Association within a specified time or within three months of selling the majority of units. Uni...

 Is This the Right Time to Buy a Home? The Real State of the Real Estate Sector Impact of the Pandemic on Real Estate The real estate sector was one of the major sectors that came to a standstill due to the COVID-19 pandemic and the subsequent lockdowns. Experts argue that the slowdown began as early as 2016. Financial Crisis Since Demonetization Since the demonetization initiative, the real estate sector has been facing financial crises. Following that, the introduction of GST and other issues compounded the problems. Economic Struggles During COVID-19 Currently, many people are struggling to meet basic needs due to the pandemic. Many have lost their jobs, leading to a halt in all non-essential investments. However, the economy is now gradually recovering. Standstill in Real Estate As a result, sales of properties, including homes and offices, have come to a complete standstill. Unsold houses remain empty, and many under-construction homes are stalled due to financial issues. Give...

 Chennai Residents Ready to Move In! Government Initiatives The Indian real estate sector faced significant setbacks due to the COVID-19 pandemic and lockdowns. In response, the central government announced various incentive schemes to boost the sector. Similarly, several state governments, notably Maharashtra, introduced benefits such as tax reductions and fee waivers to encourage real estate business. Major Shift in Real Estate Sector Due to these measures and the changing preferences of Indian people, there have been substantial changes in the real estate sector. Real Estate Business Typically, in India, a real estate project gets sold out within a few months of its announcement, especially if it's a project by a well-known company.  Changes Post-2020 However, post-2020, there has been a significant shift in the perspective towards real estate business among people. Particularly, those planning to buy houses in 2020 and 2021 were not willing to take risks. Ready-to-Move Hom...

 L&T Achieves Milestone by Constructing India’s First 3D Printed House in Tamil Nadu Introduction of 3D Printing in Construction While countries like the USA, UK, and Russia have been researching the use of 3D printing technology to construct houses quickly with various technological aids, L&T has successfully completed the construction of a house using 3D printing technology for the first time in India, specifically in Tamil Nadu. L&T Construction Company The $21 billion L&T Construction company has, for the first time in India, constructed a sturdy house using a 3D printing method with a cement mixture. This G+1 house, which includes a ground floor and an upper floor, marks a new revolution in the real estate sector in Tamil Nadu. 3D Printing Method Under the central government's plan to build 60 million homes by 2022 as part of the initiative to provide housing for all, L&T's construction using 3D printing technology is expected to create significant oppo...

 What NRIs Should Consider When Investing in Real Estate Non-Resident Indians (NRIs) are known for exploring ways to invest their hard-earned money in India. Some prefer to diversify their investments into various types of properties, while others invest in properties like homes to live in post-retirement. Regulations and Simplifications To increase foreign capital flow into India, the Reserve Bank of India (RBI) has simplified certain regulations for investments by NRIs. The Foreign Exchange Management Act (FEMA) governs real estate transactions for NRIs. Here are five essential rules NRIs should know before investing in Indian real estate. Type of Property NRIs can only invest in commercial or residential properties. They cannot acquire agricultural land (including farmhouses and plantations) unless inherited or gifted. Additionally, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan cannot purchase any immovable property in India without prio...

 IT Employees Leaving Bangalore: What’s Happening? Impact of the Pandemic The impact of the coronavirus has brought significant changes to people and the country, especially in major cities. In Bangalore, a city filled with IT companies, people have made many crucial decisions following the pandemic. These decisions are poised to turn the real estate industry upside down. Work from Home Trend Millions of people in Bangalore have been working from home since the arrival of COVID-19. Many IT companies are planning to have 50 to 75 percent of their employees work from home permanently to cut costs post-pandemic. Shift to the Outskirts As a result, both tenants and potential homebuyers are opting to purchase homes outside the city instead of within the city limits. Changing Mindset Most employees in Bangalore work in IT or related digital trades. Despite the pandemic, 80 percent of work continues efficiently because everyone is working from home. With IT companies planning to offer per...

  What is the Right Age to Buy a House? Things Young Adults Must Definitely Consider... A house is one of the most essential needs. If it's your own house, you can live as you wish, and you can accommodate as many people as you want.  Freedom and Flexibility You can paint on the walls, scribble, and sing loudly. You can't do that in a rented house; the landlord might evict you. Then you'll have to search for another house again. Investing in a house or land means you are paving the way for a more independent life. A Dream for Everyone Owning a house is a dream for everyone. Living in a house that is built on our own land or bought with our own savings brings unparalleled joy compared to renting. Investing in a house can be considered both a source of happiness and a wise decision. The sooner you start saving for a house, the more beneficial it will be for you. Home Loan To achieve the dream of owning a house, you can take a home loan. It helps you realize your dream easily....

 Should You Buy a House After Retirement? Follow These Tips..! When your friends were investing in properties, you might have been dealing with other issues. Your responsibilities might have been different.  No matter the past, now that you are retired, you definitely need a house. However, saving money is extremely difficult, and property prices are skyrocketing.  By saving money in various ways, you can make your dream home a reality within your budget. Here is a list of ways you can manage money when planning for your dream home after retirement. Size Generally, after retirement, it's just you and your spouse. Therefore, a smaller-sized home is recommended. A smaller property requires less money, which means your budget will be less. Additionally, maintaining a smaller house costs less compared to a larger one. Location The location of the property you buy determines its price. Senior citizens are often better off staying away from the bustling city life. This has two ...

 Super Idea for Setting Up a Low-Cost Swimming Pool! If you have enough space in your home, setting up a swimming pool is definitely a great idea. Having a swimming pool at home not only provides great entertainment but also increases the value of your house when selling it. If you are planning to set up a swimming pool without breaking your budget, follow these cost-saving methods. Vinyl-Liner Swimming Pools Among the three types of swimming pools available in the market—vinyl liner, fiberglass, and concrete—vinyl liner pools are known for their affordability, ranging from Rs 1,00,000 to Rs 3,00,000. Although inexpensive, these pools require frequent maintenance and have a shorter lifespan of 7-15 years. Shallow Pool If you want a swimming pool without spending a lot of money and within a small area, opt for an in-ground pool design with a shallow depth. This design is cost-effective to implement and offers long-term durability, saving you significant money. A small and shallow po...