Why Concept Of Virtual Tour For Sample Flats Becoming Imperative In Real Estate Business

Virtual reality (VR) is currently limited to advanced gaming solutions but approaches many other aspects of human life in steady steps. Virtual 360-degree tours of properties have become a trend in the real estate business scenario, enabling buyers and sellers to get leaded technology benefits.
What is Virtual Tours?
Virtual Tours are simply a technology-powered 360-degree view of premises with a three-dimensional view. Developers use multiple panoramic images of homes and connect them for creating one virtual tour. For bestowing the probable buyers with a wholesome experience, developers often adjoin voice-overs, music, or animation with these tours. Due to this leaded technology approach, buyers now can check abodes they are thinking of purchasing without visiting the place. And as most renowned real estate companies are practicing this method, virtual tours are offered to purchasers looking to buy property in Kolkata.
Why are Virtual Tours Beneficial for Home Buyers?
⦁ Convenience in Accessing
Virtual tours offer home buyers the ability to look and feel the premises only using their mobile phones. They can look closely by zooming and roam around the premises without visiting the place. Hence, buyers can access properties from any part of the globe.
⦁ Saves Time and Money
Presume you are willing to buy a 2bhk flat in Kolkata, and you stay far in Mumbai. If you have to visit the site you want to buy physically, you need to travel to Kolkata all the way from Mumbai. Money and time need to be invested, but you can do the same without spending any effort and money with a virtual reality tour.
⦁ Transparency
Because of the virtual tours, property owners can show the house’s necessary amenities and features to the probable buyers. Experiencing these tours, buyers can also take prudent decisions after noticing the property’s ambiance and locality. Hence, the entire process happens under a sense of transparency.

Why are Virtual Tours Beneficial for Real Estate Developers?
⦁ It is Hassle-Free and Time-Saving
Property developers and dealers had to entertain every probable buyer with property visits and tours. It is always a time and resource-consuming process. However, having the experience of virtual tours in hand, it becomes entirely hassle-free, as they only would have to do the same for the shortlisted buyers. The latter has selected the property after experiencing the virtual tour of it.
⦁ Opportunity for Marketing
Property developers are now using virtual tours as their marketing tool. Through these 3D descriptions, they can showcase the best facets and amenities of their offered properties, which are often proved to be sufficient for convincing purchasers who want to buy flats in Kolkata or other cities of the country.

In a Nutshell
Virtual tours are incredibly beneficial for both developers and home buyers. Besides, as people’s virtual presence is growing day by day, the demand and productivity of these virtual reality tours of sample flats will increase in the near future.

Benefits Of Getting Your First-Home From Pradhan Mantri Awas Yojana

Having a home falls into the basic necessity of people. But, as India’s lands and houses are on a high rise, this necessity becomes a never-getable dream for many. PMAY or Pradhan Mantri Awas Yojana is a practical approach to making housing more affordable for all society sections. People who endeavor to buy property in Kolkata or anywhere in the country can benefit immensely from this government scheme, enabling people to become homeowners on simple terms.

Recently, the government has announced that the GST for the home loans will be reduced to 8% for buyers who have applied it through Pradhan Mantri Awas Yojna schemes. It is imperatively advantageous for first time urban home investors willing to buy flats in Kolkata and other parts of the country.
Benefits of PMAY Scheme

⦁ Every Citizen are Offered with Large Subsidy
The most significant benefit of purchasing a new property through the PMAY scheme is the government’s subsidy. However, as it is entirely focused on first-time homeowners, people who already have homes are not eligible for this subsidy. A credit-linked sponsorship based on your income will be offered by the government, starting from EWS/LIG to MIG 1 and MIG 2.
⦁ People from the EWS/LIG category eligible for getting a subsidized home loan interest of 6.5% with a tenor of 20 years.
⦁ Citizens enlisted in the Mid-level MIG category can obtain home loan interest reduced by 4% for a 20 years tenor period. The maximum loan amount in this category is 9lakh.
⦁ With a tenor of 20 years, loan interest would be subsidized by 3%, allocating up to12 lakh loan amount for citizens who come under the MIG 2 category.
⦁ Housing for all Levels of the Society
Property for sale in Kolkata will be more accessible to buyers since the government is about to build up to two crore houses in major urban areas. The work has already been initiated in many states, including West Bengal, Maharashtra, Tamil Nadu, etc. Expectedly, these houses will be able to improve the standard of living of many.
⦁ Advantages for Women and minorities
Homeownership of women is a mandatory clause in PMAY. The home needs to be registered in women’s names. This clause is also compulsory in cases where women aren’t buying it own. Besides, widows, salaried women, transgender people, minorities, disabled, and seniors will get preference in availing the Pradhan Mantri Awas Yojana. Senior citizens purchasing homes through PMAY are entitled to get ground floor accommodation, as it is a mandatory clause in the scheme to proffer seniors with more comfort.
A Scheme Spanning Over the Entire Country
This scheme’s offerings are not merely limited to urban areas of the country, but it is equally focused on developing low-middle income groups of rural areas. Along with improving the standard of living of low-income groups, the PMAY schemes are responsible for developing the rural real estate sector and industries connected to it.

Real Estate Business Strongly Bounced Back In The Post Lockdown Period

Agent, realtor, buyer.

Like all other industries, COVID-19 and the countrywide lockdown had ill effects on the real estate business. Its sales teams, marketing teams, and construction staff have been looking for a solution to minimize this phase’s impact. Topics like online marketing, rental situations, investment scenario, and revival of different segments were at the center of discussion.

Firstly, we have to understand that real estate has always been a necessity. It proffers homes for people and office spaces for corporate and commercial establishments. You can recognize its importance in GDP through the different guidelines that the government set for this sector during the lockdown period. The repo rate was minimized, which lowered the interest rate of home loans. And, the announced packages also helped the industry to run smoothly in that hash time.

Now, as the entire country is moving gradually towards the unlock phase, and expectedly people are about to buy property in Kolkata again, enough bloom signs can be observed in this sector. According to Knight Frank’s ‘India Reality Report’ for Q3 (July – September 2020), the sales rate and supplies were decreased when the economy went for a complete lockdown during Q2. But, an upswing has been witnessed in it during the Q3 period.
The report encompassed the top eight cities of the entire country, indicates the launches increased by four and a half times, keeping the sale growth at two a half times when it comes in comparison with Q2 of 2020. The residential market has portrayed a more than expected recovery rate during Q3 despite the resumption of lockdown and macro-economic challenges, which adversely affected all sectors of the economy. Hence, it is undoubtedly an excellent opportunity for people looking for property for sale in Kolkata.

While releasing the report on a zoom platform, GM of Knight Frank, Shishir Baijal asserted, the way the industry has bounced back in the quarter is quite promising, but still, there are spheres of recovery. A rise of 247% has been witnessed on a quarter to quarter basis while the launches were ascended by 45%. During September, Mumbai saw the most considerable rise as the Maharashtra Government stood for a 300 bps cut in stamp duty. Mr. Baijal also asserted that REITs’ success and the inclusion of new players in the sector would amplify investors’ long-term confidence for commercial spaces.

The reluctance to buy homes during this period resulted in declining demand has been a trait of this year. Besides, the residential sector has been affected negatively because of supply chain disruptions, constriction material cost rise, liquidity crunch, and more. However, the scenario is changing because of the fall of residential costs, aggressive marketing of ready inventory, proffering various discounts and freebies. People are gradually showing their interest in buying a 3bhk flat in Kolkata and other major cities. The home loan rates have been notably lowered, and the moratorium on loan investments has been extended, which also helped the industry bounce back from the unprecedented situation.

Reduction Of Market Value And Rate Of Stamp Duty In West Bengal West Bengal government offers 2% stamp duty rebate; slashes circle rates by 10%

In perhaps the most expensive residential real estate transaction in Kolkata and that too during COVID-19, a stockbroker purchased a 31,000-sq ft bungalow located in Judges Court Road for around Rs 100 crore.The deal was brokered by Sotheby’s International Realty.

West Bengal government on July 7 decided to offer a stamp duty rebate of 2% for registration of deeds and slashed circle rates by 10% as it presented its Rs 3.08- lakh- crore Budget in the assembly for fiscal 2021-2022.

Presenting the Budget, state industry minister Partha Chatterjee, who had placed the vote-on-account in the House on February, said the government has proposed to reduce stamp duty by two per cent for registration of deeds and slash circle rates by 10%. Finance minister Amit Mitra is unwell.
“We all are aware that due to COVID-19 pandemic our state along with the country as a whole is reeling under economic recession. This has resulted in curtailing the purchasing power of the people. The real estate sector also has been greatly affected due to this crisis. In this critical situation the state government is proposing to allow relief to the registrant public by reducing the rate of stamp duty for registration of deeds affecting sale/lease of land/house.sale etc,” the Budget document said.

“I propose to reduce the rate of stamp duty by 2% from the present rate for such deeds. The circle rate/market value for registration of deeds for land/house and flat etc has been proposed to be reduced by 10%,” it said.

Both the facilities can only be availed if the registration is completed within October 30, 2021, it said.
The current rate of stamp duty in the state is 7%.

Reacting to the announcement, Harshavardhan Neotia, chairman of Ambuja Neotia Group, said that the state government’s decision to reduce stamp duty by two per cent for registration of deeds, as also slash circle rate by ten per cent will boost the real estate sector in the state.
“It is heartening to see that the West Bengal Government has considered a long-standing demand for the real estate sector in West Bengal. We on behalf of the Credai West Bengal wholeheartedly welcome this move. We hope that it will help to boost the demand in the sector in this pandemic situation,” said Sushil Mohta, chairman, Merlin Group and president, Credai, West Bengal.

“The reduction in the rate of stamp duty should help the end-users and this should boost sales and help the sector further. We hope that the overall collection of revenues of stamp duty will also go up. This announcement of the state government would encourage real estate sectors to launch new projects and infuse fresh investments in the sector also. The consumers will also come forward to expedite registration process with this big relief to them,” he added.

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