Reverse Home Loan Book

After the liberalization policies undertaken by the Indian government, several sectors of India opened up to global investors and prospered despite the international competition that came into the country. The real estate industry is one of the thriving and exciting industries in India currently. The prospects of the real estate industry in the coming years looks promising with lots of foreign players looking to invest heavily in the sector.

The residential property in India is a thriving arm of the real estate sector where the demand for homes rising as the Indian economic prosperity increases and the growth is steady. With the improvement in the infrastructure and the availability of quality facilities that are on par with those found in any other part of the world, the residential property in India is increasingly in demand from people who are looking to invest in the sector. India is emerging as a major destination for foreign direct investment in all sectors of the real estate sector, from retail to commercial to residential property.

The major players in the sector are concentrating in the cities of Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Pune, Gurgaon, Kolkata and Ahmedabad, to name a few, in order to showcase some of their major projects in the market catering to the residential property in India. Some of the most ambitious property projects by all the reputed builders and developers of the country can be seen in these major cities.

India showcases a blend of the old and the new with the rich history as well as the present advancement in the economic spheres. With more than half its population below the age of 25, India is a vibrant market that targets its youth. The rise of knowledge economy has created a vast pool of young, well off demography that can afford the very best in terms of residential property in India. And, everyone knows the huge potential this group of affluent IT professional group of people offers.

As a result, the residential property in India is seeing developers venturing into the development of large scale projects with world class facilities and amenities on offer. Not only real estate developers from within India but also foreign investors and NRIs are also actively involved in the residential property sector. The growth of the IT, BPO and ITES sectors have had a cascading effect on all sectors of the real estate market in India with the demand for both commercial as well as residential properties growing substantially. Another side effect of this is the rise in the retail real estate market for malls and other retail stores due to the easy availability of disposable income of the Indian middle class.

Due to the growth in the demand for residential property in India, the sector provides employment for a large number of real estate agents and brokers. The easy availability of home loans provided by the various banks has also contributed to the growth of the sector. In the coming years, the market for residential property in India is bound to grow manifold and the infrastructural growth of the entire country is also trying to keep pace with the spurt in the real estate sector.

The demand for premium and exclusive residential properties has also been increasing over the years with people willing to fork out large sums of money for the privilege to own luxurious and plush properties with all the amenities in place. There is space for everyone in the real estate market in India with everything from affordable housing projects to luxury apartments finding takers.

By: Jeesh Muake

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Basically there are two ways to make money off your real estate investment. You can sell it at a higher price, or rent/lease it out.

Finding possible buyers is not much different than finding possible tenants for your residential property. You can place ads at apartment complexes, shopping centers, and the local newspaper. Then you can hold open houses, arrange appointments to view the property, and negotiate terms.

The most obvious benefit of renting out your residential property is that you earn money while still holding ownership over the property. Although it may sound great there can be problems. You could possibly get a bad tenant that skips payments or damages the property during his/her stay. Of course you have the authority to kick them out but the damage has already been done. You now have to deal with the costs of repairing the property, losing out on the earnings that would have been earned while you find another tenant, and the devaluing of your property because of the damage.

To avoid bad tenants you need to screen them by asking them to fill out a rental application form. You should ask for all the information necessary to do a background check, evaluate their ability to pay, and you can ask for information that could be used to track them down incase they damage your property and skip town.

After you’ve found your best candidate, you will need to legally protect yourself (and your tenant) with a Residential Lease. A Residential Lease is a form that lays out any terms and obligations you provide to the tenant or that you want your tenant to follow. Any policy(‘s) you have on things like rules on damages and repairs or your policy on subletting should be included in your Residential Lease.

The Residential Lease legally protects you from any squabbles that often occur between tenants and landlords. What if their pet ruins the carpet? What if your tenant damages the wall(s)? What if your tenant misses a payment? What if your tenant abandons the property? It’s best to clear these questions up immediately in your Residential Lease than argue about them later and not be able to do anything legally about them.

Having a Residential Lease will legally protect you and your property. The benefits of having one is obvious and the consequences of not having a Residential Lease are alarming.

By: Nick Fagan

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