After delivering Nivasa Udaan and a long wait Nivasa Group has finally launched its new project NIVASA ENCHANTE.
All the Project details are Below.
|Project Size/Land (acres)
|No. Of Towers
|Building + Parking Floors
|Flats Per Floor
|Configuration(BHK) and Inventory(Units)
|Configuration(BHK) and Carpet(Sq.Ft.)
||2BHK 789 Sq.Ft., 2.5BHK 858 Sq., 3BHK 1041 Sq.Ft.
|Configuration(BHK) and Cost(Total Cost)
||2BHK-64 Lacs, 2.5BHK-74 Lacs, 3BHK-90 Lacs
|Sample Flat available(Yes/No) If Yes size
||Yes, 2.5BHK 858 Sq.Ft. 3BHK 1041 Sq.Ft.
|Work In Progress
|Booking or Token
|Open Space/Amenities Space
|Amenities on Ground/Podium/Rooftop
|Project Under (PMC/PCMC/PMRDA)
|Water Facilities (corporation/Borewell/Tanker)
Health and Safety
24 hr. CCTV surveillance.
Video door phone in every apartment.
Solar Water Heater.
Rain Water Harvesting.
Energy-efficient light fittings.
Sewage Treatment Plant.
Provision for electric charging points in a common area.
Organic waste converter.
CONVENIENCE & COMFORT
Attractive entrance with security cabin.
Attractive entrance lobby to each building.
Generator / Power backup for common area, lift, and pumps.
3 Elevators per Wing (A2,A3,A5,A8) & 2 Elevators per Wing (A1,A4,A6,A7,A9)
Common toilets for drivers and domestics.
Common DTH connection.
Intercom Telecom Connection.
Provision for the piped gas system.
Coronavirus- Boon or Bane for Indian Real Estate
The sudden spread of this global pandemic has had a severe impact on the running of most countries. Two months of complete lockdown has had a severe impact on economies and most markets and businesses were forced to come to a halt. COVID-19 has infected more than 7.55 million people worldwide and has claimed over 4.23 lakh lives across the globe. With the World Health Organisation (WHO) declaring it a global health emergency and pandemic on March 11, 2020, the sentiments of businesses worldwide have been severely impacted and are mostly negative in their outlooks. The crisis has not spared the Indian real estate sector either. Most real estate construction projects have been halted at the moment due to scarce labour and difficulty in procuring raw materials such as steel and other articles. Despite the uncertainty in the market, no timeline on when international trade and other businesses will be started up again, and the uncertainties of construction costs and returning labourers, there are very high hopes in the real estate sector that the property prices will experience corrections owing to a flawed buyer sentiment and panic selling in the resale market.
How Will Coronavirus Impact Indian Real Estate
NRI investment has always been a crucial part of the economy and the real estate sector. It has always held a special status for developers who aim to develop special projects to generate investment from non-resident Indians. Major sources of investments have been targeted to NRIs living in the Gulf and the US and it is greatly expected that they will play a significant role in reviving the real estate market after this crisis has passed. The latest trend is the interest in affordable and mid-segment housing. The inclination is mainly due to government incentives and the spike in demand for houses that offer assured rental income. The gap in the market is bound to have an impact on the already falling rupee which is expected to play a major role in attracting the attention of potential NRI investors for residential property along with the emotional connection to their homeland. Metro cities are also witnessing a demand for commercial offices due to growing industrialisation and IT parks which is another fantastic opportunity for NRIs to invest in. The ‘Make in India’ initiative is expected to give a boost to inland manufacturing will be another boon for commercial real estate since the businesses will likely want to expand their offices and equip them with the latest technologies due to the current lack of manpower. New, innovative, and faster entry models, facilitated by an improved ranking in the ease of doing business indices has resulted in accelerated market entry for foreign players intending to set up shop in India.
The Grhasara team has always prided itself on keeping up with the changing trends in the property buying market and is pleased to offer any advice you may need pertaining to the changing scenarios as we slowly emerge from this global crisis and try to return to a normal world. May it be investment advice or legal consult; our experienced team of advisors is always on hand to provide customized solutions for all your real estate needs. Contact us to discuss, compare, and choose from the best array of investment opportunities.
NRI Investment- A Major Contributor to Indian Economy
Non-resident Indians (NRIs) have been significant contributors to the real estate market in India. An NRI is someone who is still a citizen of India but no longer resides in the country and has moved to another country either for work, business, or marriage purposes. NRIs may wish to buy a property in India for two reasons; firstly as an investment since they have always found the returns from real estate investment to be rewarding as compared to any other investment, and secondly as an emotional connection to their homeland since they may wish to return to the country sometime in the future. Whatever the reason may be, NRIs have been major contributors to the growing Indian economy and the real estate market. But since these investors aren’t permanent residents of India, there are many rules which apply to them that may be different from those that apply to a resident of India. In order to attract more foreign investment, the Reserve Bank of India has made the rules simple for NRI investments. Real estate transactions fall under the purview of the Foreign Exchange Management Act (FEMA).
5 Important Rule for NRI Real Estate Investment
The depreciating rupee exchange value has always been a bonus for NRI investors since it allows them a great advantage when looking to buy a property. Since the simplification of rules, India has seen a huge rise in real estate investment which has had a positive impact on the Indian economy. However, there are some key points which global investors must be specifically aware of when planning to make a real estate investment in India.
1)Power of Attorney- NRIs need to give the power of attorney to a local Indian citizen if he/she cannot be personally present to complete the formalities for investment. The power of attorney empowers a local person to act on behalf of the NRI. It allows the person in question to manage all transactions pertaining to mortgage, lease, sell, collect rent and borrow, manage and sell disputes, perform acts required by banks and enter into contracts.
2)Income Tax- When a buyer (Indian resident or NRI) is in possession of more than one property globally, then according to the Income Tax Act, only one of these properties is self-occupied. On the other India properties, the income tax will be levied based on the rental income.
3)Types of Property- NRIs can invest in multiple residential and commercial properties. However, they are not permitted to buy agricultural or plantation lands unless they have inherited it or have been gifted.
4)Financial Transaction- NRIs can carry out all financial transactions via regular banking channels through their overseas account, issue a post-dated cheque, or use Electronic Clearance Service (ECS). However, they are not permitted to use traveller’s cheques or foreign currency notes or pay outside India.
5)Loan Eligibility- For any NRI to be eligible as a home loan applicant, he/she must have a minimum of two years of working experience in the country they are currently residing in. The maximum loan tenure is allowed up to 20 or 30 years.
Grhasara strives for the motives of trust, expertise, and innovation. Our team of legal advisors at Grhasara aims to provide excellent advice on home loans and other financial enquires which are well suited and customized to your needs. Contact us today for all your real estate investment solutions under one roof.