Top 5 Tips for First Time Home Buyers By: Unknown No comments

A little confused, a little uncertain, a little excited: this is how a first time home buyer feels. If you are looking for a house to purchase, there are a few things that you should be first clear with. Here are the top five tips that you should consider:

1) Check the available finances and financing options

Your budget is the primary and most important factor in buying a home. If you have the entire amount saved up, then the process is simple – look for a house that fits your requirement and matches the amount you have. This, however, is not the case with a majority of people, as they borrow from banks or other financial institutions when buying a house.

If you plan on taking a loan, you should check your finance eligibility with a bank even before looking out for housing options. Your eligibility will be determined on the basis of your credit score, your past credit payments, and your overall credit history. Check with a bank to know what loan amount are you eligible for. Then compare interest rates of different banks.

2) Come down to micro-level calculations

The amount you are eligible for and the amount you can afford are not necessarily the same. For deciding your home budget, think about how much EMI would you be able to pay comfortably each month. For example, if you are eligible for 1.6X amount but you can comfortably pay EMIs for 1X amount, look for a home in a 1X budget and take loan for that. It might not be a good idea to pay a high EMI and struggle with other all other expenses.

Do not forget to take the down payment and additional home charges such as EDC/IDC, parking, PLC etc in to account when finalizing the budget.

3) Specify your requirement

Be sure of what you require and what the most important aspects are for you. Ascertain if according to your needs and budget you should go for an apartment or a row house or a villa etc. Then determine if a 2/3/4 BHK suits you. Then establish the finer requirements – larger rooms, larger kitchen, more storage, easy accessibility, green environment etc.

Also decide your preferences in order. If you will get a larger house that’s not in the city’s centre, will you go for it? If the perfect home has lesser storage, would you take it? If a home you like has natural surroundings but is in a developing area, will it be your choice? Know your selection preferences.

4) Consider the smaller aspects too

Locality, size of the home and its rooms, surrounding etc are macro aspects. Do not forget to keep in mind the micro features too. Sizes of the balconies, accessibility of the common areas, visitor parking slots are smaller features that should also be looked at.

These little things matter once you shift into your home. Consider them in advance. Also, if you believe in Vaastu Shastra, you might as well consider that too.

5) Inspect the home thoroughly

If you are buying a ready-to-move-in home, inspect it properly before purchase. If you are investing in a home that is under construction, check the sample flat/layouts thoroughly. Know well about the materials that will be used for construction, fixtures and fittings that will be employed, and sanitaryware that will be installed in the home.

A thorough inspection will assure you of what you are going to invest in.

Demystifying Changes: Gurgaon Master Plan 2031 Vs 2021 By: Unknown No comments

What is a Master Plan?

According to a government official website: "A Master Plan is the long term perspective plan for guiding the sustainable planned development of the city. This document lays down the planning guidelines, policies, development code and space requirements for various socio-economic activities supporting the city population during the plan period. It is also the basis for all infrastructure requirements."

How is the Master Plan Executed?

A master plan portrays how the city will appear once the execution is complete. The implementation of the plan starts 10-20 years earlier. On commencing, a priority order is followed – first the land is demarcated, then the drainage system is laid, then the construction of roads is commenced, followed by developments in the planned order of importance. The city stands completed/nears completion in the year stated by the master plan.

Current Status: Development of Gurgaon as per the master plan of 2031 already commenced in 2013, with a number of sub-projects already completed, and more in progress. The current status of completed and in-progress sub-projects can be checked on HUDA’s official website.

Gurgaon Master Plan 2021 Vs 2031

Reason for a new master plan for Gurgaon: According to the notification released by the Town and Country Planning Department of the Haryana Government, a large area measuring 4570 hectares had been earmarked for SEZs in the Gurgaon master plans of 2021 and 2025, which eventually found no takers. This was the primary reason for initiating a revision of the plan.

And while the allocation of this land was being revised, it was noted that all other Development Plans of major towns / cities in the State were being prepared for a perspective period of 2031 AD, which led to the revision of this development plan to be in accordance to 2031 as well.

Major changes introduced by the Gurgaon Master Plan 2031:

• Land from the SEZ category was changed to residential and commercial zone; total residential area increased by 11% and commercial area increased by 13%.
• Additional sectors 95A, 95B, 89B, 88B and 99A were introduced in Gurgaon as a result of the SEZ land change.
• Population considered was increased from 22 Lacs per hectare to 42.5 Lacs per hectare.
• Total area was changed from 37,000 to 33,700 hectares.
• The use of land, which was under acquisition by the Industries Department along KMP Expressway was to be converted to Agriculture Zone

Click to read: A list of all changes is available in the notification issued (Page 1 and 2)

Click to read: Notification for Master Plan 2021

What is means for you: There are no changes to existing units as well as development of the infrastructure around, owing to the new Gurgaon master plan. Infrastructure development will continue the same way as it was supposed to, as per the Gurgaon Master Plan of 2021.