SPRUCE UP YOUR HOUSE, EARN GREAT RENTALS

By Namrata Kohli 

How can a landlord get the best returns for his property in a slow market? A little bit of effort, time, and money spent in the right direction will go a long way in ensuring that you get better than expected returns. 

There is little one can do about the location of one's property and its direction - sunfacing or west-facing - once the purchase has been made. But there is enough room for improvement inside the house and one can play around with features inside the four walls. It's important to keep the focus right, straight and simple, and to know where to invest and where to save. 

The more functional you can make your property the better rent you can ask from your prospective tenant. Imagine that you are going to stay in that house, ask yourself what additions would make your stay in it more comfortable? There is no point in spending a lakh on a chandelier - a tenant is far more impressed by a good modular kitchen, storage space, shoe-rack, and other practical add-ons rather than superficial fancy features. 

Storage is a big issue in any house and, if it is an apartment, it can never be overemphasized - so build a new loft to increase the storage space in your property. Investing in airconditioners is a great idea. Adding a chimney to your kitchen can be a good addition to keep the smoke away from the house. The more one can make prospective tenants feel that their needs are met, the more rent one can expect. 

An obvious thing for landlords to do, but which they sometimes overlook, is repair work. Repair is necessary to keep the property in habitable condition. It could be about replacing cracked floor tiles or repainting a room to repairing the roof to something as basic as changing the door knob! 

Amrita Bhargava, a media professional, speaks about how she can never forget the nightmare of seeing the conspicuous seepage on the wall of a sample flat by a prominent city builder! Impressions like these should be totally avoided - always show a spruced up house to your prospective tenants. Painting the walls is a must and part of the 'hygiene' factors. It is advisable to choose neutral colours like beige or lemon or cream as wall paint, as they safely match with any type of furniture and furnishings brought by the tenant. 

Home improvement, which is more intensive than repairs, yields good returns. These improvements involve greater cost but they also extend the life of the property and upgrade it. This includes adding central airconditioning, installing a security system, replacing all existing electric items or renovating the kitchen. 

Alex, VP marketing of Greenply, says: "Landlords should make discreet choice of where to spend - especially in plaster of Paris (POP), an investment of roughly Rs 30,000; whitewash, costing around Rs 70,000; woodwork in the rooms, costing around Rs 3 lakh, as well as creation of kitchen storage, better modular kitchens, which will cost anything between Rs 50,000 and Rs 2 lakh. Investment in sanitary wares will go well with most occupants and this will cost the house-owner anything between Rs 50,000 and Rs 2 lakh. With all this in place, you can safely expect 20-25 per cent premium over the market." 

There are some things for which the tenant is willing to go an extra mile and pay a premium. Working couples with kids will find the facility of a creche or kid's play area very attractive and may choose one apartment over the other, solely over these facilities; again things like having a separate service lift and separate room for maids and drivers is attractive to another set of buyers and they may choose one condominium over the other, based solely on these criteria. 

Manu Garg, director of LandCraft Developers and vice-president of Credai, Delhi NCR, says he has a checklist that he bears in mind while designing or structuring an apartment: "Storage space is very important. Also, the kitchen needs to be spacious, with lots of cabinets. A balcony attached with each room is a desirable feature for occupants. A separate room for the drivers or the maids and wide lifts in multi-storey buildings is another feature that attracts homebuyers. Security is vital." 

To reap good returns on your house, you have to invest but invest wisely. Else you may receive an endearing letter, like my friend, who received one from her tenant: "Writing on behalf of my sink, which is running away from the wall..."

source:- http://economictimes.indiatimes.com/spruce-up-your-house-earn-great-rentals/exposhow/21455958.cms

WORLI, PRABHADEVI AND DADAR EMERGE AS MATURED REALTY MARKETS

Considering the infrastructure and location, these areas can offer very good returns on investment

    Realty prices in Mumbai continue to tread higher than the national average. Localities situated in south and central Mumbai like Worli, Prabhadevi and Dadar west are no different. These areas are seeing high prices owing to soaring demand. As they are located in the same neighbourhood, these areas are noticing similar real estate trends. "These locations are seeing significant demand-supply on the property front (residential and commercial) and a consistent rise in the number of transactions and values for quite some time now. The commercial and residential values have witnessed an 8-14 per cent rise in the past six to seven months," says Ganesh Trivedi of Mumbai Propertywala. 
    Worli is a premium locality situated in south Mumbai and fetches higher capital and rental values. It has become a prime location for residential property seekers as well as retail outlets and commercial establishments. "Its proximity to Prabhadevi, which is the primary IT/ITeS hub of Mumbai, has done much to maintain the demand here," adds Trivedi. The locality, strategically placed to bridge the north-south divide in the island city, has managed to maintain its momentum. A few major projects being developed in Worli are Palais Royale, Indiabulls Blu, Orchid Turf View, K Raheja Viveria and Omkar 1973, among others. What makes this locality unique is its proximity to the CBD (Nariman Point) on one side and the Bandra-Kurla Complex (BKC) and the airport on the other. 
    Prominent companies having a base here are the RPG Group, Siemens, the Tata Group, HDFC Bank, Yes Bank, Deloitte, GSK Pharmaceuticals and Novartis. The planned monorail is expected to boost direct connectivity to suburban locations and reduce travel time. Other proposed projects like the Peddar Road flyover which will improve connectivity to the CBD, will also help the location. The proposed Worli-Nariman Point-Cuffe Parade sea link will further enhance transportation in Worli. 
    Prabhadevi and Dadar west, on the other hand, have emerged as upscale commercial and residential destinations on the central corridor of Mumbai. These upmarket localities are surrounded by the residential area of Shivaji Park on the northern side and Worli in the south. According to Vibham Kumar from Ganesha Associates, "Mumbai is just waiting for the next economic boom cycle and the moment that happens, all the launches which have taken place will surely see an upside in prices." The west side of Dadar enjoys close proximity to the western and central railway lines. While the western railway is about 800 metres away, the central railway is just one km away. Due to this, the locality is well-connected to Mumbai, Thane and Navi Mumbai. Both, the central and western railway stations are conveniently located in this area. 
    Several bus routes ply frequently and even taxis are available easily in Dadar west. This locality is home to some of the best-known hospitals including Hinduja, Shushrusha and Jain Hospital. The expanding IT/ITeS-BPO sectors have transformed the property market at Worli, Prabhadevi and Dadar west areas. "Central Mumbai is quite set, with infrastructure coming up and in the long-term, this area will give very good returns," adds Trivedi. The ease of transport and commuting has further propelled high-rise residential properties, along with retail outlets and commercial office spaces. The upcoming Metro project is also one of the contributing factors to the booming realty market of these localities. Prabhadevi houses some reputed builders such as Lodha Group, Chaitanya Group, Omkar Group, among others. On the other hand developers such as Ekta World are present in Dadar west. 
    As per MagicBricks.com research, the prevailing rate on the stretch of Worli-Prabhadevi-Dadar west is Rs 29,000-40,000 per sq ft. Considering all the factors, the Worli-Prabhadevi-Dadar west stretch offers a lot of scope for real estate development and for yielding returns. It not only enjoys a perfect mix of residential, commercial and retail components but has also emerged as a matured market. 

source:- http://epaper.timesofindia.com

WALK-IN WARDROBES FOR MEN: THE LATEST FAD IN LUXURY

From lavish dress-up rooms to hi-tech luxurious chill-out zones, walk-in wardrobes for men mark a generational shift and are redefining luxury. DEBAJYOTI SAMAL takes a sneak peek

    Remember Carrie Bradshaw's much-admired fantasy walk-in closet in the movie 'Sex and the City'? The 400-sq-ft guest bedroom transformed into the famous walk-in wardrobe, not only stunned movie audiences the world over but also coined the term 'shoe-gasm': the closet held more than 400 pairs of designer shoes. That was her. Contrary to popular notion, men too invest a lot of time and effort in their appearance, a fact which has today evolved into a luxury statement. 
    In India, although women's fashion gets all the attention, Indian men's wardrobe style has undergone the same transformation over the years. "Men have become more stylish, following the trends of time. This is especially true about accessories like belts, shoes, watches, fragrances, cuffs, ties and even eye-wear. Men today, are equally style conscious and love being pampered," says architect and designer Prashant Chauhan of Zero9, a Mumbai-based architectural design firm. 
    Once a privilege reserved only for women, walk-in wardrobes have now become objects of desire for Indian men too, whose idea of dressing up in style includes pampering sessions combined with utmost luxury. The humble storage space, as it was perceived earlier, is now taking centre-stage and has become an envious accessory. Today, men's walk-in wardrobes can be equipped with features that must surely be a dream concoction of every man: breakfast areas; sound systems; library-style stacking shelves for shoe and bag collections; secret jewellery safes camouflaged by mirrors; LED-illuminated cases filled with couture clothing; elegantly-designed silk or velvetlined drawers for accessories like sunglasses; climate-controlled coat cabinets; and lavish décor with crystal chandeliers and marble vanities, among others. Then there is the envious display of luxury: wine refrigerators, television areas and cigar humidors. Some international luxury goods companies have even gone to the extent of incorporating private entertainment rooms. 
    "The idea of a closet has changed from being just a space to stack clothes, to a fully-loaded styling room. It can host a mini-spa, a dressing zone with a fulllength mirror, well-stacked options of fragrances, bags and belts. Watches demand special care and attention. The idea of 'less is more' is a thing of the past. These days, it's the concept of 'the more the merrier' which rules," Chauhan opines. 
    Although the makers of such luxurious joys aim to create dressing rooms with utmost elegance, functionality is paramount too. For men, walk-in wardrobes are evolving into high-tech chill-out zones that merge beauty with functionality. These walk-in wardrobes mark a generational shift - from custombuilt dressing rooms. "Introduction of technology and automation has been the current trend, which keeps these suave businessmen (read between lines: gadgetfreaks) excited. Take the instance of a mirror which has an inbuilt television screen - you can get dressed while you get your sports update; that's what excites men of today's times," Chauhan points out. 
    LED lighting is the latest innovation that has been added to walk-in wardrobes. In order to identify the colours of business suits, designers insert streams of LED lights below hanging areas and overhanging shelves, so that clothes are illuminated from both, above and below. "Motion-controlled lighting is in demand, backed with special task lighting to highlight apparels, making it easier to choose suits for different occasions," informs Chauhan. 
    Library-style coding is another inclusion in the luxurious walk-in wardrobes segment, with encyclopaedic wardrobes becoming more popular by the day. For such wardrobes, designers install a specially-designed app in their client's phone and iPad, which takes photographs of his favourite clothes and matches them with shoes, belts, watches, wallets, etc. It then stores them with the help of codes and hanger numbers, in such a way that the client can search for a complete look or browse through individual clothing items and accessories. "Organised automated shelving systems for ties, jackets and suits, are the desire of every man today. You need not dig into the depths of your closet today to find that favourite LV belt. With system fittings available today, those belts and ties can be easily organised or stacked," Chauhan elaborates. 
    The advent of a rich class of businessmen who are well-travelled, gadget-savvy and do not mind splurging for their comfort, is emerging in India. This has not only brought new dimensions of luxury to the forefront but has also introduced new phenomena like walk-in wardrobes, which promise to redefine the concept of luxury. 
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    THE IDEA OF A CLOSET HAS CHANGED FROM BEING JUST A SPACE TO STACK CLOTHES, TO A FULLY-LOADED STYLING ROOM. IT CAN HOST A MINI-SPA, A DRESSING ZONE WITH A FULLLENGTH MIRROR, WELL-STACKED OPTIONS OF FRAGRANCES, BAGS AND BELTS. 
    MOTIONCONTROLLED LIGHTING IS IN DEMAND, BACKED WITH SPECIAL TASK LIGHTING TO HIGHLIGHT APPARELS, MAKING IT EASIER TO CHOOSE SUITS.

source:- http://epaper.timesofindia.com

GIVING WIVES A SHARE IN ANCESTRAL PROPERTY

The new proposed amendment in the alimony law related to inherited property, clarifies the rights of women and outlines the various situations where the wife can claim ownership of the husband’s ancestral property. VIBHA SINGH reports

    Divorce is a trauma, which a woman faces both, socially and financially. Keeping the welfare of women in consideration and to give them their rightful due, the union cabinet has proposed a change, which aims to give the wife a share in the inherited or inheritable marital property of her ex-husband. This change comes at a time when laws related to division of property in divorce cases are confusing, at best. Shobha Jagtiani, a prominent laywer in the city, explains how "Ancestral property is an important concept in Hindu law. The law recognises a wife as a member of the Hindu Undivided Family (HUF) but does not give her the status of a co-partner, whereas the husband and the children are co-partners and have the right of partition in the HUF and to take their share. In contrast, a wife can get her share only upon a partition taking place at the insistance of the co-partner. If the HUF assets are undivided and not partitioned, then she cannot claim a share." 
    Fazaa Shroff-Garg, another city-based lawyer, opines that "The amendment bill refers to inherited or inheritable marital property, becoming a subject of compensation for a wife upon divorce. On studying the complete text of the bill, it will become clear as to how the aforesaid properties will be divided between the husband and the wife. Whether the compensation payable to the wife will become a charge on the aforesaid properties or whether the aforesaid properties will be divided between them, is to be considered. Further, if the divorce is the triggering point for the division of properties, then the future second marriage of the husband and the welfare of the second wife and his future family, will need to be considered." 
    At present, the USA is undergoing an alimony reform wave, as can be seen from the Florida amendment, which is challenging the concept of 'permanent alimony' by one spouse to the other, till remarriage. The proposal in the bill is similar to the present 'permanent alimony' prevalent in the US. The bill also raises several questions about inherited property, vis-a-vis joint family property, ancestral property and properties in joint occupation as residence. The proposal to give the court the discretion to determine the quantum needs to have some guideline principle with regards to the share. There cannot be unbridled discretion, which does not give any guidance to the court or the litigants. 
    It has been stated in the amendments that the rightful share of a woman in the inherited property will be decided by the court. Garg adds, "I am certain that the existing equitable principles, relating to 'standards', which the woman is used to during the marriage and before the marriage, will also be applicable for deciding the share of the woman in an inherited property." 
    Jagtiani agrees, saying, "In many HUFs, substantial property is in the form of inherited property and not self -acquired property. For example in cases where it is in the business of the HUF. In such a scenario, if a divorce were to occur, the wife would not be entitled to any property whatsoever. Thus, the proposed amendment is welcome in this regard." 
    However, the bill at present, does not talk about any nexus between the length of the dissolved marriage and the share to be given to the woman upon divorce. The lawmakers have to consider that in a situation such as 'no fault divorce' or 'short-lived marriage', if the properties have to be divided between spouses, then the just and equitable principles will be seriously impaired whilst doing justice to both the spouses. 
    Garg opines, "Some formula of the duration of the marriage, remarriage of spouses, dissolution of the marriage due to adultery by the female spouse, etc., should proportionately affect the share entitlement, which needs to be prescribed. The aforesaid observation is with the intent of having a balanced amendment, and not to have excessive provisions, which may be classified as being 'gender biased'." 
    It is also proposed in the bill that self acquired property be considered as an asset class held by the husband, for computing the share of the wife upon the dissolution of the marriage. The complex web of trust and companies holding the properties indirectly will be invoked and spouses will 'launder away' their properties to insulate any claims from the spouse in the event of a potential divorce in the future. 
    Jagtiani feels that if divorce is sought merely for obtaining the husband's ancestral property, it may result in the marriage being turned into a commodity. Also, considering that a wife shall be entitled to take a share in the HUF property, her children from this marriage may lose out on the ancestral property, if the wife takes away a chunk of the property and then remarries. This would also mean that the 'ancestral property' shall start getting depleted, instead of being passed on from generation-to-generation. The cabinet had decided against the earlier proposal of equal share for wives in their husband's property in divorce cases, since it was felt that division of inherited property may lead to further litigation. 
    Garg concludes by saying that "The bill will have to be seen in light of existing provisions for maintenance, under the Criminal Procedure Code read with tacit provisions of the Domestic Violence Act, related to protection against eviction of women and provision for maintenance and alimony, as upheld in various decisions. Unlike popular belief, the provisions of the bill will not remain restricted to Hindus but will affect the parties who register their marriages or marry under the Special Marriage Act, irrespective of their caste, religion or ethnicity. The review of the legal position with regards to the law relating to alimony was overdue and the move by the government is progressive and necessary." 
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BYTES KEEPING THE WELFARE OF WOMEN IN CONSIDERATION AND TO GIVE THEM THEIR RIGHTFUL DUE, THE UNION CABINET HAS PROPOSED A CHANGE, WHICH AIMS TO GIVE THE WIFE A SHARE IN THE INHERITED OR INHERITABLE MARITAL PROPERTY OF HER EXHUSBAND. 
THE LAW RECOGNISES A WIFE AS A MEMBER OF THE HINDU UNDIVIDED FAMILY (HUF) BUT DOES NOT GIVE HER THE STATUS OF A CO-PARTNER, WHEREAS, THE HUSBAND AND THE CHILDREN ARE COPARTNERS AND HAVE THE RIGHT OF PARTITION IN THE HUF AND TO TAKE THEIR SHARE.

source:- http://epaper.timesofindia.com/

BRAND REALTY IN VOGUE

Demand for branded residences is proportional to the uniqueness of the concept and the synergy it shares with the consumer. ANURADHA RAMAMIRTHAM examines this trend

    With strong economic growth in the last decade and the Indian consumers' increasing exposure to global standards of living, the luxury residential category is just about coming of age in India. Over the last eight years, Indian consumers have started discovering the art of fine living and designer residences. With the foray of top international luxury brands, the global Indian is aware of which car he wants to own and which style of clothes he wants to wear. He now seeks the same branding experience in his home too. According to R Karthik, chief marketing officer, Lodha Group, the market size for luxury real estate is Rs 7,500 crores, which is 25 per cent of the total luxury market, and is growing at 20 per cent year-on-year. 

    The concept of branded residences isn't a new one internationally or even nationally; however, it is an emerging segment. "Luxury aspirations in India's financial capital are obviously geared towards brands, which is why Swiss watches and designer jeans sell well, even if their high-quality but indigenous counterparts don't," points out Anuj Puri, chairman and countryhead, Jones Lang LaSalle India. 

    While conceptualising a branded residence, the developer typically evaluates parameters like unique experience, functional delivery and consumer acceptance. When it comes to using international brands in the context of any product, the first and foremost requirement is the legal right to do so. This does not come by easily and involves an extensive approval process to be completed with the brand owner. "Part of this process is the brandowner's requirement for the product in question to measure up to the stature of the brand. Developers of branded home projects cannot afford to cut corners on quality for this reason alone. The most important aspect of such a relationship therefore, is the developer's ability to deliver on the quality requirements and the overall image of the brand," elaborates Puri. 
    
An established and recognised brand not only inspires confidence in the project but also ensures that features like comfort, quality and status symbol are attached with the project. Branded residences epitomise aspirational living and are hence, expected to attract customers automatically. "Recognition of the pressing need for children to give up e-age gadgets and engage in a more healthy life is what inspired us to tie up with Walt Disney for our 23-acre project Sunteck City in Goregaon west. The Disney character appeal transcends all ages. Whether it is mickey mouse, spiderman or a princess, these characters do not merely showcase a project but also instill the right childhood environment that kids must grow up in," says Kamal Khetan, CMD, Sunteck Realty Ltd. 

    A report on 'Branded Developments' by Knight Frank highlights the fact that branded residences are witnessing increasing demand globally and command an average uplift of 25 to 40 per cent compared to equivalent non-branded schemes. "A similar situation is seen in Mumbai, with 'the yoo inspired by Starck residences' at Lodha Evoq commanding a premium of 27 per cent over other non-designer products within the New Cuffe Parade project; while Lodha Fiorenza with 'signature residences by Jade Jagger for yoo' is selling at a premium of almost as much as 50 per cent compared to other projects in the area," informs Karthik. 
    "We focus on bringing the best to our customers by working with renowned names in design, architecture and lifestyle services. Armani/Casa, the interior design studio founded by Giorgio Armani, is a fitting addition to the list of professionals associated with the World Towers project. Philippe Starck is renowned across the world as the 'God of Design' and his bold, eclectic designs show us why. Lodha Evoq is Philippe Starck's first project in Mumbai and he has designed the residences and common spaces. Lodha Fiorenza features designer residences by Jade Jagger for yoo. It fuses Jagger's aesthetic of contemporary design with jewelled tones and rich textures inspired by India's grand heritage," shares Karthik. 
    India's appetite for super luxury residences is increasing, with the growing number of HNIs. Pune too, has a sizable market for luxury homes with buyers being accustomed to real estate offerings across the globe. "The first branded project with Trump was recently launched in Pune with Panchshil Realty. The project is beautifully designed and is a great offering for the Pune luxury market," explains Kalpesh Mehta, partner, Tribeca. 
    Along with the brand and design, the buyer also needs to be impressed with the tangible benefits of luxury homes. "The trend in luxury homes is no more just in terms of quantity of space but also quality of space, value additions and details. For example, earlier the definition of luxury was anything around 4,500 per sq ft, which is now defined by not the size but the offering. Like in the Swarovski-branded project Amanora in Pune, a 2,000 sq ft well-designed 2/3-BHK is more appreciated and fits the requirement of the end-user," opines Anmol Haval, head-sales and marketing, City Corporation Ltd. 
    Luxury homes are commonly perceived to be more driven by the interiors of apartments whereas, the architecture of the building plays an equal or higher role to create a sense of uniqueness and pride in owning the apartment. For instance, Amanora has collaborated with architect MVRDV of Holland to design and deliver the Future Towers. The Gateway Tower (Swarovski) by the same realty company has an association with P&T, Singapore and holds the distinction of being the tallest tower in Pune and the first real estate residential project in the world by Swarovski. 
    Luxury cannot be perceived in isolation; just like a Ferrari is useless without good roads to drive on, the location and the environment play a major role for luxury residential projects. Basic infrastructure like road, water, electricity, traffic movement around the project and its landscape are crucial for the project's success. Buyers of branded luxury homes can expect to pay a premium of 25 per cent or more over the luxury residential rates for a given location. Again, the premium will depend on the brand's international stature, for which there is currently no scale of reference when it comes to real estate. A buyer is expected to pay for the privilege of a brand and in return, he expects to get what he has paid for, and more.


source:- http://epaper.timesofindia.com/