• Oxford of the East
• Detroit of India
• India’s best city to live in
• India’s 7th largest in terms of GDP
• One among India’s few cities that due to its location has clean air and water year-round
• One among India’s few cities that had a hoary past and is destined to make the future of India bright

No prices for guessing which this city is. Of course, it HAS to be Pune!

And while you admire these reasons for their merits, be informed that each of these goes a long way in making life beautiful, meaningful, and peaceful in India’s best and most liveable of cities. Pune

Today we give you five reasons for buying real estate in Pune, be it a residential property or commercial property!

1. It’s got the best services and amenities that go towards making a good work-life balance

There are cities in India that are far cheaper, less crowded, and very Indian in every sense. Yet, they don’t make the cut when it comes to buying a property in Pune. Why? Because they lack the coming together of the basics of life without which life isn’t worth living. It includes a mix of a good place to live (and do that for ages), great neighborhoods, jobs, education for children starting from school to college and beyond, safety for everyone, more so the young, women and the old, weather including water and air quality, to name some.

Close your eyes and contemplate for a minute about a city in India that gives you these in ample quantities. Your mind would stop at ONLY one. PUNE! Buy property in Pune and you would find all the positives of life in India!

2. Pune is getting better connectivity courtesy the Metro which shall improve the quality and time taken in travel within the city and suburbs

The smartest city of India is getting its share of metro-rail that snakes thru the city in various directions. Predominantly on three lines which would cover all the important suburbs and the center of Pune, it would be the one project which besides increasing FSIs for some existing structures, would result in making hitherto places in Pune more accessible from different directions and increase real estate value in Pune. Real estate in Pune and suburbs along these routes as also nearby would be the ‘hot cakes’ of the near future which ought to be procured at the earliest. These besides, there are already plans to extend existing routes to touch more places and bring prosperity to Pune and its seriously extended suburbs.

3. Increase in demand for better living and greener area post the COVID 19 pandemic:

The Covid-19 pandemic has shown us the worth of living in places that’s not too crowded and have more than their share of green areas. Pune has both of these and has them in substantial numbers as per PMC’s own study in the year 2015. As against the government’s norms of 25 lac trees for the city, Pune has in excess of 38 lacs! Pune in fact has some of the best and more happening of suburbs which stretch all across the city in a circular pattern and takes care of urban settlement in an equitable manner.

4. Cosmopolitan living spaces and environment

Pune is one of modern India’s cities that has the right mix of educational institutions and industries. In the former, it’s called the Oxford of the East. In the latter, the automotive and engineering hub of India. Put together, it’s one of the most powerful magnets that attract people from not just their modest corner of India but the world! They come in droves and bring with them their culture, language, food habits, and most of all, their stories in thoughts. Being in substantial numbers, they give Pune a very composite culture that speaks and thinks in many languages and mediums. They also create a very cosmopolitan environment that demands world-class living spaces. And for once, this city provides it in numbers!

5. Safety

Pune is one of the safest cities in India. As per authoritative sites and entities close to 80% of women have no problem going around all parts of the city during the day and most parts of the evening. With the city’s growth going through the roof, things do turn less than nice at times but thankfully those happen only once in a while and people friendly and helpful as they remain close to help. With a strong cultural and linguistic influence, the natives of Pune make it a point to take up contentious issues with their elected representatives to find solutions.

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By taking the correct precautions, sellers and buyers alike can still effectively conclude deed of sales through the assistance of an estate agent and transferring attorney notwithstanding the current national lockdown. Herewith are some “do’s and don’ts” when it comes to making an offer to purchase immovable property during the lockdown period. Buying a House During Lockdown.

As all Indians are confined to their homes for the next three weeks, the signing of a deed of sale can be problematic. The Alienation of Land Act stipulates that no sale of land will be of force and effect unless it is contained in a written deed of alienation signed by the parties or their duly authorised agents. Accordingly, parties to the agreement must physically sign the document. Electronic signatures of whichever nature will therefore not constitute a legal binding deed of sale.

However, parties can sign a deed of sale separately which will constitute a legally binding agreement. A deed of sale can also make provision for by including a clause which reads along the following lines:

SEPARATE SIGNING

The parties hereby acknowledge that this purchase agreement can be signed on different locations and on separate documents, which documents together, signed by both the SELLER and the PURCHASER, will form a complete and binding agreement.

It is also worth noting that it is not a legal requirement for witnesses to sign the deed of sale. Witnessing however is advisable should a dispute arise regarding the authenticity of a party’s signature. The banks usually also require signature of witnesses should the buyer be applying for bond finance.

Potential buyers will not be able to view and inspect properties prior to signing the deed of sale during lockdown. The good news is that by making a deed of sale subject to viewing, buyers do not have to wait until the lockdown has been uplifted before making an offer. The subject to viewing clause is a suspensive condition, which basically means that the deed of sale is suspended pending fulfilment of the condition. In other words, should you as buyer once you have viewed the property, decide that you do not want to purchase the property, the deed of sale will lapse and be of no further force. The wording in the deed of sale can read along the following lines:

SUSPENSIVE CONDITION:

1.1 This agreement is subject to the purchaser physically viewing the property on or before …… (Insert date). On date of viewing the purchaser must confirm in writing by way of notice to the seller or the estate agent that he/she is satisfied with the condition of the property, in which case this suspensive condition will be fulfilled.

1.2 Should the purchaser not wish to proceed with the transaction after viewing, written notice to that effect must be provided to the seller or the estate agent, in which case this deed of sale shall automatically lapse.

1.3 Should the purchaser fail to view the property and provide the seller or the estate agent with his/her written notice on or before the date stipulated in clause 1.1 above, the purchaser will be in breach of this deed of sale.

Buying a House During Lockdown, We will be very happy to help you and assist you in your search. Feel free to call us, mail us.

BHATNAGARS REAL ESTATE – INDIA

Address: F-28, Shanti Kunj, Opp. G.P.O, Sadhu Vaswani Road, Pune 411 001, Maharashtra, India

Email: info@bhatnagars.co.in

Mobile: +91-8055894455

Reach us On Whats App: +91-9158896683

Monday-Friday: 9:00 AM to 6:30 PM

Saturday: 9:00 AM to 5:00 PM

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Renting Vs. Buying A Home: Which Is Right For You?

Differences between renting vs. buying

Renting vs. buying a home isn’t a matter of ownership. Here are other key differences between the two options.

• Buying a house can build equity

Homebuyers can capitalize on the equity their home accumulates over time. That means if the home’s value goes up, you’ll cash in on the higher value when you sell. Plus, with a fixed-rate mortgage, you won’t have to worry about rising rents.

“Interest rates are so low now,” Hopson says. “That means borrowing money is very inexpensive today. In Dallas, where rents are high, it can almost be as affordable to purchase as to rent in many parts of the city. If you can qualify for a home and build some equity that ultimately makes more sense than renting.”

• Tax implications

Another factor for buyers to consider is whether you will be able to deduct the mortgage interest at tax time. Tax laws allow those who itemize their taxes to write off their mortgage interest payments. However, not everyone is eligible to itemize deductions, and changes to the tax laws  means that more people won’t be able to deduct as much of their mortgage interest and property taxes as they used to.

• Home maintenance costs

Homes need repairs and maintenance over time, and when you’re renting, those costs are generally the landlord’s responsibility. For instance, in an apartment, if the HVAC system or refrigerator breaks, the landlord has to fix it. On the other hand, as a homeowner, you’ll be on the hook for those repairs and ongoing seasonal maintenance, and they can add up fast.

• Want flexibility? Rent

If you’re moving to an unfamiliar city, have an unstable job situation or don’t know what neighborhood will feel like home, renting for a period of time can be a great option.

“During that rental period, people really get a sense for what they like or don’t like, and we can also start exploring different purchasing options during that time,”

• Consider your life stage and goals

While no one has a crystal ball, it’s important to evaluate your current life situation and how much it’s likely to change in the immediate future.

Clients who are going through life changes, like divorce or downsizing, to rent as a way to decompress before making a large purchase that may not be right for their new lifestyle.

For clients who have a changing personal situation, such as getting married or planning to have a child soon, we encourage them to look at properties they’re not going to outgrow quickly,” Another consideration: Can you afford a home that will fit your lifestyle in the next few years, or will a tight budget limit your options?

“It may be better to wait or rent for a little while until you can afford the home, you can live in for some time or grow into with their family,”

• Bottom line: Choose what’s right for you

It may be helpful to talk with a trusted real estate agent to help you think through the decision to rent vs. buy a home. Here’s a list of pros and cons to help you on your way.

Renting vs. Buying a House: Pros & Cons

Pros of buying:

1. “Average house prices have been consistently rising faster than the average income in most developed countries.”
2. “Buying a home provides you with certainty; there’s no risk that you’ll be displaced by a landlord.”
3. “Living in your own home also allows you the freedom to renovate and decorate your home as you please.”
4. “Greater privacy.”
5. “You may then be able to use the equity to fund an investment such as shares or a managed fund.”
6. “There’s pride in homeownership, which also closely ties you to your community.”
7. “Mortgage payments, in general, don’t vary that massively over the life of the loan, while rent payments keep going up.”

Cons of buying:

1. “When you buy you’re effectively leveraging your savings to invest in property. You could just as easily do this with shares or some other investment class. So when people tell you that it’s the only way to become financially independent, they’re wrong. Shares are normally a better long term investment than property, albeit with greater volatility.”
2. “Homeownership can be more expensive when you factor in rates, building insurance, cost of repairs, and strata fees. Maintenance on a property you own is as much “dead money” as rent. Council rates, water service rates, land tax, etc. – all equally “dead money”.”,
3. “People should put aside costs of about 1% a year of the capital value of the house to maintain it properly.”
4. “If you buy a house and pay it off over ten or twenty or longer years you still have to pay insurances, rates, bills, maintenance, fees, etc.. For as long as you live in that house.”
5. “When you buy a house (and if you are like me i.e. normal bloke with normal working wages and partner stays at home) then you go under this massive debt and next 15-20 years of your life is spent on thinking how to reduce this loan and all your efforts are spent on that. All our money is tied up paying the loan off.”

Pros of renting:

1. “With renting you have way more flexibility to move location, to walk away after a lease and to save for other assets.”
2. “Renting gives you an opportunity to live where you want without the major commitment that a purchase would entail.”
3. “Investing in index funds is much easier, safer, and cheaper than housing.”
4. “It’s less initially outlay, you have a greater choice to live in a nicer suburb (than if you bought), you have freedom, but at the end of the day, you have no asset. Yes, you can put your money into something else but the best you can get from a relatively safe asset (e.g. bonds is around 4% at the moment).”
5. “If you are renting and saving as you go along, you will be able to make decisions more wisely and perhaps have multiple sources of income rather than saying that this extra money that I have should go into my loan account.”
6. “Lifetime renting is the norm in many other parts of the world.”
7. “Can easily upgrade to a nicer place, downgrade to a smaller place, or readily change location.”

Cons of Renting:

1. “If history is a past indicator, the cost of renting will steadily increase over the years due to inflation and a rise in property prices.”
2. “To make renting more effective than buying you need to be investing the money in higher-yielding bonds/shares etc. rather a savings account.”
3. “In short, paying rent is dead money.”
4. “If you’re renting, but not investing the extra money that you otherwise would have put into a mortgage, then obviously you’ll end up with nothing.”
5. “Can’t modify the house too much (unless you have a decent Landlord).”
6. “Regular inspections.”
7. “A problem for retirees renting is that as their income dwindles – and many folks are worried they won’t have enough in retirement funds to continue their previous lifestyle – market rents tend to keep increasing with inflation.”

If you are looking for property for Rent or Buy in Pune just call BHATNAGARS. We are the top real estate agency in Pune.

We will be very happy to help you and assist you in your search. 
Feel free to call us, mail us

Charu:        +91-8055894455
Ajay:         +91-9370317908
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Monday to Friday- 9:00 AM TO 6: 30 PM
Saturday:          9:00 AM TO 5 PM
Sunday:   By prior appointment ONLY

info@bhatnagars.co.in

www.bhatnagars.co.in 

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it’s important to plan towards this important purchase by taking the following steps to ensure you understand your financial position and borrowing power.

What Things to Do to Get Ready to Buy Home?

1. Review / Assess your financial position:

At the time of buying the house, we did not think about financial a situation happens in future. We exhausted all our savings for the down payment while buying the house. House is one of the biggest investments you make, but it may not always be the best investment. You need to assess this asset class on the metric of affordability and future serviceability of any loan you take. Here are few factors that should help you decide if you are ready.

Unlike financial assets that are liquid—you can redeem your mutual fund units and realize the money in a few days. Any financial plan starts with ensuring a solid emergency corpus that will take care of any unforeseen circumstances. One should ensure that they have at least 6-9 months of emergency funding in liquid options. Make a list of your expenses—both monthly and annual. Also, note down the near term (up to 3-5 years) goals and funds you need for these goals. Whether you can afford the loan or not is a serious question you need to ponder upon. Your current financial position without touching your emergency corpus or disturbing your other financial goals—short- and long-term—should allow you to make a decent down payment

2. Arrange finance and seek formal pre-approvals:

It’s not a formal or unconditional approval, a home loan pre-approval gives you an accurate idea of your borrowing power.

By knowing your price range, you can spend time looking at properties that you could realistically afford.

You’ll also have the confidence to make an offer on a property and have the upper hand in a highly competitive real estate market.

It’s often the buyer with a pre-approval that gazumps ill-prepared buyers because the vendor or seller has more confidence that the buyer is serious and ready to act.

In some cases, the vendor will even take the sales listing off and accept an offer below the asking price knowing they can make quicker sale than dealing with someone with no pre-approval. 

3. Understand the current market, what it’s likely to do, so you can make informed decisions:

When the local real estate market is on the verge of popping, many homebuyers and sellers can get wrapped up in the hype and throw caution to the wind. Understanding the market where they live or plan to buy can help them make an informed decision about when is the best time to purchase a home or sell the one they own.

While real estate agents can provide plenty of support and guidance, homebuyers and sellers can do a little research of their own to find out whether a local market is hot or cooling with rapid tepidness.

4. Call Us at BHATNAGARS REAL ESTATE, Pune’s most experienced REALTORS – +91 8055894455. / +91 20 26122293

How we help you be ready to buy a house?

1. We’ll answer any questions and guide you through the purchasing process.
2. Connect you with our recommended Loan Market Broker who will work with you to make sure you are in the best possible position to make an offer.
3. Give you an end to end solution with your property buying process

Related Blogs : 

1. FIRST TIME HOME BUYER YET CONFIDENT
2. BUY PROPERTY – NO FEAR!
3. WHAT ARE THE BENEFITS TO HIRE REAL ESTATE AGENT?
4. GAINING FROM REAL ESTATE

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