RERA – or the Real Estate Regulation Act – is finally becoming a reality. Though it is yet to be notified in Karnataka, and plenty of hiccups can be expected in its implementation, it should be kept in mind that RERA is a process, not an event.
Meanwhile, the foremost question in property buyers’ minds is – should they wait until the RERA process is streamlined, or can they go in for home purchase now? This is very fair and valid question.
And to address these questions we had a conversation with Mr. Ramesh Kumar, GM Customer Care & Marketing who shares his perspective on whether one should buy their home now or wait for RERA to be implemented.
Here’s a video which will help you make the right decision . Do not miss watching this.
Real estate market in Bangalore has many horrifying stories of customers complaining. They end up paying EMI and rent both at the same time because of delay in construction.
Where many people are giving up hopes of getting possession of their homes on time ; We are glad that we have kept our commitment yet again. Our motto has always been customers first and our team has just proved it once more.
We are delighted to announce that the construction of Vakil Daffodils is over before time and we have started with registrations of the property.
Registering the property in ones name is a moment to cherish for every home buyer. We made sure that this special occasion in their life was made memorable so that they could preserve it always.
This time we had Mr. Mohsin Ali Vakil, Chairman of Vakil Housing and Mr. Purushotham Reddy, CFO congratulate the customers for owning a flat at Vakil Daffodils.
We have captured some pictures of these moments to share with you
Mr. Mohsin Ali Vakil (CMD) handing over gifts to Mr. & Mrs Hari Mangal Singh, VDD – A 202
Mr. Purushotham Reddy handing over gifts to Mr & Mrs. Kuruvila. VDD -E 029
Mr. Purushotham Reddy handing over gifts to Mr & Mrs Shubashish. VDD -A 101
The perfect picture of our Happy Customers with Vakil Housing Team
Here’s what our customers had to stay after their registration :
The journey for searching cost effective house have been never so easy. The Vakil team has been fantastic overall approach towards converting our dream into reality. Me and my wife are happy to be the customer of Vakil group. Last but not the least I have found the Vakil group very much ethical in their approach which is difficult to find in today’s real estate.
-Shramik Vats, Vakil Daffodils A-204
This is my first property purchase in India and am greatly impressed by the professionalism and politeness of all Vakil staff. Their enthusiasm was infectious and knowledge of their subject excellent. My wife and I are also reassured that Vakil would take care of all legalities which is a great burden off our mind allowing us to concentrate in planning our move. I for one would certainly recommend Vakil to anyone who is looking to buy properties in Bangalore. Thank you Vakil Constructions.
-Amit Halder, Vakil Daffodils A-103
We feel motivated when we receive such feedback, we will continue to do our best to bring happiness to our customers and make their home buying journey easy.
We reached another milestone, a very important one!
We completed the construction of Vakil Daffodils before time and soon we will start with the registrations of flats in the name of owners.
Recently in April we did the car parking allotment for all owners of Vakil Daffodils at Vakil Whispering Woods Clubhouse.
We had a lottery system for car parking allotment, where we will put the numbers in a bowl and each customer will come and pick a chit. More than 80+ customers came with their families to pick their Car Parking number.
On behalf of those who were not present, two owners Mr. K. Navaneetha Krishnan (Flat No.D 023) & Mrs. Shamla Balalji (Flat No.E 129) volunteered to draw from the lot.
Here’s a small video that gives a glimpse of the event.
These little moments become tomorrow’s precious Memories.
Vakil Daffodils are 2 & 3 BHK Apartments, just 10 minutes from E-City. Enjoy your apartment with Free Furnishing which includes Queen Size Beds , Wardrobes, Kitchen Cabinets and many more .
Vakil Daffodils has a long list of ready amenities in a 120 Acre Township.
Buying a home is a dream for most people. It’s what we aspire to, sometimes all our lives.
Yet, when the booking has been done, it’s common for most people to feel buyer’s remorse.
This is actually a well-known phenomenon, resulting from human nature to over-think decisions once they’ve been made.
Buyer’s Remorse is Real
For instance, a buyer might feel that maybe they rushed through the buying process. Sometimes, talking to friends and family who are experienced in these matters can also create doubts.
A buyer might begin to feel that maybe they paid more for the property. Maybe they could have got it for less if they’d bargained a little more or better.
Overall, the idea and process of buying a home can be overwhelming on many levels. It is undoubted, the biggest decision you will be making for a long time. It also involves big money and the idea of meeting loan requirements and making EMI payments can be daunting as well. All these thoughts become more prominent once you’ve booked your home.
All these factors add up to creating buyer’s remorse which can lead to a huge sense of dissatisfaction. Don’t let it reduce your happiness.
If you’ve recently bought a home, and you’re feeling the first twinges of buyer’s remorse, here’s how you can deal with it.
1. Make a list
Sometimes, nothing works as well as the good old pen and paper list. Sit down and make a list of all the reasons that had attracted you to this home.
Was it the affordability? The location? Was it an offer that would have gone away soon?
Whatever the reason, this was why you felt that pull towards the home.
These same features are still valid. Unless of course, you’ve made some big compromises with what you want and what you bought.
Sit back and think of what you wanted in your dream home. Compare it with the list in your hand. If they match more or less, then buyer’s remorse will dissipate once you settle in the home.
2. Stop looking at more homes
A home is a lifetime commitment. Once you’ve made your choice, then stick with it. The more you keep looking at other homes, you will continue feeling dissatisfied with what you have.
Undoubtedly, there will be another home out there which might have better features. But there is also a good possibility that there will be yet another which is even more exciting. The best option would be to stop looking at more homes.
3. Understand the process
Most often, people are overwhelmed by the very idea of buying a home. Ideally, they should educate themselves about the different processes involved before they start considering their options.
They can do this by talking to a reputed realtor or doing their due diligence. By doing this, they will have a clearer picture of the process of buying a home.
This will help them make a wise and informed decision eventually. When buyers are aware of how things work, there’s no place for remorse because they know they have made the right decision.
4. Don’t overshoot your budget
Suppose you want to buy a phone. You look up your favorite model online and then just as you’re about to buy, you see a phone with better features for a higher price. What do you do?
You might decide to skip your budget and buy the more expensive phone. Mostly because your pocket can handle it.
But in the case of real estate, if you extend your budget, you’re looking at a lifetime of EMIs that you have to shell out. EMIs that are much higher than you had anticipated or planned for.
Overshooting your budget is the easiest way for buyer’s remorse to kick in. Don’t give in to temptation. Stick to your original budget.
5. Get your life back
Often when people want to buy a home, they put their life on hold. Everything that is considered normal goes out of the window.
Everywhere they turn, there is something related to real estate.It could be in their email or in the conversations they have with people.
Once they do buy the home, it becomes almost anti-climactic.You can stop this from happening to you by going back to your routine from before.
Pick up your hobbies where you left them.Go on morning walks. Have conversations with your family. Get your life back. Once you do this, there’s no time for buyer’s remorse to creep in.
Buyer’s remorse has led to several people trying to undo the work of a lifetime so they can assuage their doubts. But in the end, it’s their loss if they are not satisfied. Don’t let buyer’s remorse wreck your happiness. Work your way through it and enjoy your hard earned haven.
As a property investor, your primary concern is to make money from your investment. It could either be in the form of regular cash flow or property appreciation.
In either case, you must know that Vastu is an important element to consider. Whether you subscribe to Vastu as a concept or not, most prospective buyers or renters will.
This definitely affects their decisions and will affect you in the long run.
Let’s consider two scenarios – one where you want to rent out your property and one where you want to sell it. Here’s what could happen if your property is not Vastu compliant in either scenario.
Scenario 1 : Investors looking to Rent out their Property
These are investors who are looking to increase their cash flow. They want to ensure that they get their rent regularly and ideally want it to continue without interruptions. If their property is not Vastu compliant, here are the problems they could face.
Narrows the list of good tenants
Finding good tenants is a problem for most people, irrespective of Vastu issues. Nevertheless, finding good tenants who do not care about Vastu is a bigger hurdle. If your property is not Vastu compliant, you are narrowing the list of people who would be interested in renting your property.
Property could get stigma attached to it
Let’s suppose a tenant who does not care about Vastu moves in. If something unfortunate or bad happens, even such skeptics can easily be converted to believers by ‘well-meaning’ friends and acquaintances. They will convince them that it is the fault of the home they have recently moved into and your tenant might decide to leave.
Becomes increasingly difficult to rent out property
It’s easy to destroy the reputation of a home with just a few well chosen words. If previous renters advertise to others about problems they may have supposedly faced in your property, it will become increasingly difficult to rent it out.
If you’re unable to rent out your property, you’re sitting with a dead investment, something that is not yielding any cash flow to you. No investor wants this to happen. Meanwhile, let’s look at the other scenario.
Scenario 2 : Investors Looking to Sell their Property
Many investors today buy property with the hope that it will appreciate favorably. They want to ensure that they get good profits. However, if their property is not Vastu compliant here’s what they could undergo.
Buyers become astute negotiators
Once a prospective buyer finds out that the property is not Vastu compliant, they could use it as leverage to negotiate a better price for themselves. This could significantly lower the value of your property and you could stand to suffer a loss.
Reluctant buyers find fault easily
Once a buyer learns the Vastu issues with your property, they’re going to become reluctant to buy. Either they may completely reject the property or find other things to fault in it. Word of mouth by such buyers could portray your property in a negative light. Eventually, you will be left with property that does not get sold.
You don’t have to believe in Vastu yourself but seeing as others might, you might have to make your property Vastu ready before you start looking for buyers or renters.
There are a few elements that you would need to take care of, particularly the house entrance along with location of kitchen, master bedroom and the toilets.
In our earlier blog posts there are many tips through which you can incorporate several prominent Vastu elements in your property.
It bears repeating that Vastu is one of the primary concerns for most buyers and renters before they make their big decision. Whether you like it or not, you have to understand that Vastu is here to stay.
The sooner you incorporate it into your property, the better your profits will be.