Ace Realty

  Buying a home can be challenging for a first-timer. After all, there are so many steps, tasks, and requirements, and you may be anxious about making an expensive mistake. But first-time homebuyers actually enjoy some special advantages created to encourage new entrants into the real estate market. To demystify the process so you get the most out of your purchase, here is a rundown of what you need to consider before you buy and what you can expect from the buying process itself, plus tips to make life easier after you buy your first home. Key Takeaways First-time homebuyers, as defined by the  U.S. Department of Housing and Urban Development (HUD) , can get help from state programs, tax breaks, and federally backed loans. Before you begin looking, consider the type of residence that will serve your needs, what you can afford, how much financing you can secure, and who will help you conduct your search. Buying a home involves finding the property, securing financing, making a...

  he seller usually pays the real estate commission Most people who buy or sell a home do so with the help of a licensed real estate agent. These professionals know their local markets, have superior negotiating skills, and can generally make the entire buying and selling process easier. In exchange for their expertise, real estate agents earn a commission. Here's a look at how real estate commissions work and who pays these fees. Real estate commissions are always negotiable but are often between 4% and 6%. If two agents work on a real estate transaction—one for the buyer and one for the seller—the commission is usually split down the middle. The real estate brokerage takes a cut of the commission to help pay for things like advertising and office space. How Do Real Estate Commissions Work? Real estate agents and brokers typically don't charge buyers and sellers by the hour. Instead, they take a cut of the sales price—in the form of a commission. The contracts buyers and selle...

  The real estate sector plays a multiplier effect in the development of the economy and is expected to reach a market size of USD 1 trillion by 2030, accounting for 18-20 per cent of India's GDP, Niti Aayog CEO Amitabh Kant said on Friday. Virtually addressing an event organised by industry body CII, Kant further said the last 18 months have been challenging for India and the economy in general, and the real estate sector was not left untouched. "However, we see a silver lining as the vaccination rate has picked up and the infections are slowly coming down," he said. Kant noted that the real estate sector and its stakeholders also play a critical role in supporting the 'housing for all' initiative of the government. "The real estate sector plays a multiplier effect in the development of the economy and the ecosystem of the country. The sector is expected to reach a market size of USD 1 trillion and contribute 18-20 per cent of the country's GDP by 2030,...

  Mumbai Around 10% of the 3,371 projects termed “expired” by MahaRERA may get extension two weeks after the real estate regulatory authority issued orders for regulating the “lapsed projects”. The developers have been told to submit necessary documents for seeking extension that will allow them to carry on with the projects. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had put out a list of projects that expired with the promoters not applying for extension and also not uploading Form 4 from the architects on completion of the projects on the website. A new circular issued last month, laying out conditions to regulate these expired projects, has seen developers of 99 projects submitting the documents. On the other hand, 286 projects have been directed to seek an extension. “As many as 99 projects will be deleted in the next two days from the earlier list of 3,371. Others have been told to apply for extension till their date of Occupancy Certificate (OC). The names o...

  THANE: The ambitious Thane-Borivli twin road tunnel project has gained some traction with the Thane Municipal Corporation proposing to de-reserve around 34 hectare (ha) of landwithin its ambit for the project in coming days. A recent survey had revealed that around 8.4 ha in the Majiwada-Manpada administrative ward was required for access to the Thane-Borivli road, while another 25.6 ha was required for the underground tunnel link. A proposal has been moved before the Thane general body for changing the current reservation on the lands, explained officials. A majority of the land is currently reserved for a botanical and zoological park, Thane transport depot and road development plan. There are also a few residential patches and a green zone in Borivade that will need to be altered to suit the project. It may be recalled that a study of the possible entry-exit points for the six-lane highway was conducted a few months ago by multiple agencies, including the MMRDA, and is now bei...

The partnership would enable users of MyGate's newly-launched property platform, MyGate Homes, to simultaneously list their properties on Housing.com Realty portal Housing.com, which is owned by REA India, on Tuesday said it has announced a tie-up with community management app MyGate to facilitate larger reach for their customers. The partnership would enable users of MyGate's newly-launched property platform, MyGate Homes, to simultaneously list their properties on Housing.com. It would also Housing.com to expand customer base. "With an existing base of close to 3 million homes in the 25,000 gated communities on MyGate, this tie-up is well positioned to benefit consumers of both MyGate and Housing.com," according to the statement. The partnership with Bengaluru-based MyGate is one of the many strategic tie-ups Housing.com, has announced in the past one year to expand its services portfolio and consumer base. Commenting on the partnership, Dhruv Agarwala, Group CEO, H...

  The centre’s draft environment impact assessment (EIA) notification lays down rules and process for granting permissions for proposed developments and industrial projects. The Ministry of Environment, Forest and Climate Change (MoEFCC) released the new draft Environmental Impact Assessment Notification, 2020, on March 23, 2020. This draft EIA notification replaced the earlier EIA notification 2006. The draft was released at a time when the country was going for a nationwide lockdown following the outbreak of the COVID-19 pandemic. The new iteration of the environmental law outlines the procedure and requirements for infrastructural and industrial projects related to prior environmental clearance (EC). The draft was initially made available for public comments for two months and later extended up to August 11, 2020. In 2019, the centre, in its modified notification on the environment impact assessment (EIA), had said that construction in areas between 20,000 and 50,000 sq metres w...

"The total residential sales of the top eight markets under review during Q3 2021, reached 104 per cent of 2019 quarterly average," the consultant said, adding that sales have breached pre-COVID levels. NEW DELHI: Housing demand has breached pre-COVID levels with 92 per cent year-on-year growth in sales during July-September period units across eight major cities, mainly on the back of stable prices, very low mortgage rates, property consultant Knight Frank India said on Monday. Releasing its India Real Estate Update for Q3 (July-September quarter) of the 2021 calendar year, the consultant reported that housing sales increased to 64,010 units from 33,404 units in the same period last year. In the previous April-June quarter, 27,453 residential units were sold. "The total residential sales of the top eight markets under review during Q3 2021, reached 104 per cent of 2019 quarterly average," the consultant said, adding that sales have breached pre-COVID levels. Addres...

The registration of properties across Maharashtra in the second quarter of the ongoing financial year has outpaced the number of registrations in the corresponding quarter in the pre-pandemic 2019-20 fiscal. PUNE: The registration of properties across Maharashtra in the second quarter of the ongoing financial year has outpaced the number of registrations in the corresponding quarter in the pre-pandemic 2019-20 fiscal. As per data available with the state registration department, Rs7,507 crore was collected in revenue during the July-September quarter, slightly higher than the Rs7,112 crore earned during the same period in 2019. Registrations are the largest source of revenue for the state exchequer. The state’s inspector-general of registration and stamps, Shravan Hardikar, told TOI that high-value registrations during the second quarter primarily helped boost revenue. “We registered many government projects, mortgages and even land transactions of a higher value,” Hardikar said, addin...

The decision is also expected to make way for the redevelopment of a large number of eligible housing societies and slums, as these areas can now get a floor-space index (FSI) or permissible development equal to that for the rest of the city. he Union environment, forest and climate change ministry has approved the Coastal Zone Management Plan (CZMP) for Mumbai and its suburbs, a move that will boost real estate development in the country’s commercial capital and adjoining areas. The decision is also expected to pave the way for the redevelopment of a large number of eligible housing societies and slums, as these areas can now get a floor-space index (FSI) or permissible development equal to that for the rest of the city. “Mumbai and its suburban areas face the challenge of a large number of old, dilapidated buildings and existing slum dwellings. The redevelopment of these has posed a challenge, as a result of the existing norms,” said Niranjan Hiranandani, national vice chairman, NARE...

  Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement. NEW DELHI: Registration of housing properties in the Mumbai municipal region increased 35 per cent year-on-year to 7,556 units during this month on rising demand, according to Knight Frank. The registrations for September 2021 were 87 per cent higher compared to the pre-pandemic period of September 2019. "Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement. The registration data is till 9 am morning. The consultant highlighted that 94 per cent of p...