Quick moving tips for first & second-time home buyers

 

Moving to a new home is a significant milestone, filled with excitement and challenges, especially for those embarking on this journey for the first or second time. Whether it’s upgrading to a larger space or downsizing for more manageable living, a well-planned move is crucial. Here’s a quick guide to ‘the big move’ for first-time and second-time home buyers.

Planning and Preparation

1. Create a comprehensive moving plan

Start the moving process well in advance by creating a detailed moving plan. This plan should encompass all aspects, from packing to logistics and scheduling movers, to ensuring a well-organised and stress-free transition.

2. Embrace downsizing

Prior to packing, consider decluttering and downsizing your belongings. Downsizing not only streamlines the moving process but also allows you to enter your new home with a fresh perspective.

Should you hire professionals or opt for a DIY move?

1. Hiring professional packers & movers:

Research moving companies thoroughly if you choose the professional route. Ensure the companies are reputable, reliable, and possess the necessary licences and insurance. This step guarantees a smooth and secure transition of your valuable possessions.

2. The DIY move:

For those on a tight budget or who prefer a hands-on approach, the do-it-yourself move is a viable option. However, be prepared for the additional personal time and effort it may require.

Efficient packing and clear labelling

1. Adopt a systematic approach

Pack room-by-room and label each box with its contents. This not only simplifies the unpacking process but also ensures quick access to essential items.

2. Pack your essentials separately

To make the first few days in your new home more comfortable, pack a separate bag or box with essential items like toiletries, a change of clothes, and important documents.

Let everyone know about the move

1. Inform utility companies and service providers

This includes your internet providers, utility agencies, and other service providers that frequent your home. This ensures a seamless transition of services, allowing you to settle into your new home without disruptions.

2. Update your address

Notify the post office, banks, insurance companies, and other vital institutions about your change of address. Updating your address on official documents, subscriptions, and accounts helps avoid any potential disruptions.

Additional insights

As a trusted name in real estate, Shapoorji Pallonji Real Estate goes beyond the move itself. We understand that a new home is not just a physical space but a canvas for creating lasting memories. The journey to a new home should be as seamless as possible. By incorporating these tips into your moving strategy, you can transform the transition into a smooth and stress-free experience. 

Explore the diverse and thoughtfully designed properties by Shapoorji Pallonji Real Estate to find a home that perfectly complements your lifestyle. Visit our website at https://shapoorjirealestate.com/ to embark on your journey to a new beginning.

Originally published at http://realestateandepc.wordpress.com on November 27, 2023.

What is a Reverse Mortgage Loan?

 

Reverse Mortgage Loans (RMLs) have emerged as a financial lifeline for senior citizens, aged 60 and above, providing them with a unique opportunity to access funds while retaining ownership and occupancy of their homes. These loans, offered by Primary Lending Institutions (PLIs) such as Scheduled Banks and Housing Finance Companies, are designed to cater to the specific needs of the elderly.

Key features

• Reverse Mortgage Loans do not involve monthly repayments, as borrowers are not required to service the loan during their lifetime. The loan amount is determined based on the property’s value, the borrower’s age, and prevailing interest rates. Payments can be received through various disbursement options, including lump-sum, periodic payments, or a line of credit.

• The maximum loan period is 20 years, during which the borrower can utilise the funds for purposes like home improvement, medical expenses, and more. However, speculative or business-related use is not allowed. Property valuation occurs at least once every five years, potentially leading to adjustments in the loan amount.

• RMLs offer a ‘no negative equity’ guarantee, ensuring that borrowers or their heirs will never owe more than the property’s net realisable value, provided loan terms are met. In the event of the borrower’s death or permanent departure from the property, the loan is repaid along with accumulated interest, either through the sale of the property or voluntary repayment by the borrower or heirs. Prepayment is also an option without any associated levy.

Taxation 

Addressing taxation concerns, the Income-tax Act has been amended to exclude reverse mortgage transactions from the definition of a transfer, preventing the imposition of capital gains tax. Additionally, the loan amount received is considered a capital receipt and is not included in the individual’s total income. Income tax, in the form of capital gains, becomes applicable only when the mortgaged property is alienated for loan recovery purposes.

Conclusion

Reverse Mortgage Loans stand as a secure financial tool for senior citizens, offering a means to unlock the value of their homes without the burden of immediate repayment, coupled with tax-friendly provisions that safeguard their financial interests. With features like flexible disbursement options, property valuation, and a ‘no negative equity’ guarantee, these loans offer a secure avenue for elderly homeowners to meet their needs. 

For those looking to explore homes in Pune, Mumbai and Howrah, Joyville Homes by Shapoorji Pallonji stands as a trusted name in the industry. To discover the exemplary properties they offer, visit – https://www.joyvillehomes.com/

Empower your financial journey and secure your future with the right blend of financial instruments and real estate possibilities.

Originally published at http://realestateandepc.wordpress.com on November 27, 2023.

Shapoorji Pallonji’s Landmark Projects in Africa

 Shapoorji Pallonji is a name synonymous with some of the most iconic constructions all around the world. With a strong presence worldwide for over 155 years, Shapoorji Pallonji has built megastructures and iconic landmarks that are a testament to Shapoorji Pallonji’s expertise.

Shapoorji Pallonji And Company Private Limited is a diversified organisation of about 15 major companies across six business segments. Shapoorji Pallonji’s focus has always been to design innovative and sustainable projects and surpass levels of engineering excellence. The organisation has a presence in over 40 counties and a dedicated workforce of over 40,000 employees.

Shapoorji forayed into Africa in 2009 and has built some of the most stunning projects in Africa since. Let us look at some projects undertaken by Shapoorji Pallonji in Africa:

Seat of Government & Presidency, Ghana, 2009

Image Source: https://shapoorjirealestate.com/history/2000-2010/Seat-Of-Government-Presidency/

The Seat of Government & Presidency in Ghana was Shapoorji Pallonji’s first design-build project in Africa.

Cruize Mauritius Berth, Mauritius, 2009

Image Source: https://www.shapoorjipallonji.com/project/Cruize-Mauritius-Berth

Shapoorji Pallonji’s Afcons division executed the Cruize Mauritius Berth marine project in 10 months to maintain its record of consistently delivering projects on time.

Admiralty Evercare Hospital, Nigeria, 2021

Image Source: https://www.shapoorjipallonji.com/project/admiralty_evercare_hospital

Shapoorji Pallonji built a 165-bed hospital complex that includes the hospital building, car park building, and ancillary buildings.

Douera Maternity Hospital, Algeria, 2018

Image Source: https://www.shapoorjipallonji.com/project/Douera-Maternity-Hospital

Shapoorji Pallonji’s Engineering and Construction division built this 150-bed hospital for the Directorate of Health and Population in Alegria.

Assure Immo Housing, Algeria, 2015

Image Source: https://www.shapoorjipallonji.com/project/Assure-Immo-Housing

Shapoorji Pallonji designed and constructed multi-storey residential buildings with 2000 homes for Assure Immo, a company owned by CNEP Bank in Algeria.

Bauxite Handling Facility, Guinea, 2019

Image Source: https://www.shapoorjipallonji.com/project/bauxite_handling_facility

Built on a turnkey basis for Guinea Alumina Corporation S.A., the Bauxite Handling Facility in Guinea is one of the country’s largest and was completed in complete compliance with GAC standards, Equator Principles, the International Finance Corporation Performance Standards, and other regulatory requirements of the Guinean government.

2×35 MW Peat-fired Thermal Power Plant, Rwanda, 2021

Image Source: https://www.shapoorjipallonji.com/project/2x35_mw_peat-fired_thermal_power_plant

Shapoorji Pallonji’s EPC division constructed a 70 mW Peat Fired Plant at Gisagara District in Rwanda which included Bubbling Bed boiler technology from Finland.

New Owendo International Port, Gabon, 2019

Image Source: https://www.shapoorjipallonji.com/project/new_owendo_international_port

Shapoorji Pallonji’s Afcons division completed the construction of the New Owendo International Port at Gabon in a record time of 18 months.

Lusaka City Roads Decongestion Project, Zambia, 2021

Image Source: https://www.shapoorjipallonji.com/project/lusaka_city_roads_decongestion_project

Shapoorji Pallonji completed the Lusaka City Roads Decongestion Project in Zambia six months ahead of schedule.

Tema-Mpakadan Railway Project, Ghana, ongoing

Image Source: https://www.shapoorjipallonji.com/project/tema-mpakadan_railway_project

Shapoorji Pallonji completed Ghana’s largest railway project which includes the longest railway bridge in Ghana which passes over lake Volta.

Alausa Power Plant, Nigeria, 2015

Image Source: https://www.shapoorjipallonji.com/project/Alausa-Power-Plant

Oando Group from Nigeria handed Sterling and Wilson the project of setting up a power plant of 2×3.3 mW Gas Engines and 2×2.5 MW diesel Engines to provide power to the Governor’s office at Lagos.

Originally published at http://realestateandepc.wordpress.com on November 22, 2023.

EPC Contracts: How good are they?

 

EPC stands for Engineering, Procurement, and Construction. An EPC contract, also called a turnkey contract, is an agreement between a project principal/owner and a contractor where the contractor is responsible for the completion of the project and handover to the principal.

An EPC contract covers the entire lifecycle of a project. Therefore, as the name suggests, the EPC contractor or the contracting company is responsible for handling the engineering design, procuring the necessary materials, building the facility, and delivering it to the principal/owner.

Why are EPC contracts preferred?

EPC contracts are an excellent risk mitigation tool as the contractor is responsible for everything in the project. An additional benefit of EPC contracts is that lenders are more likely to finance a project if there are fixed timelines and prices.

What are the advantages of an EPC contract?

• A single point of responsibility: An EPC contractor is responsible for taking up all the work in a project, including designing, procurement of materials, commissioning, and handing over the finished project. Hence, the principal would only need to convey any issues to the contractor. Furthermore, the contractor will be responsible for any defects and rectifications to the agreed-upon project expectations.
• Fixed prices and dates: EPC contractors submit and adhere to a fixed price and completion date for all the phases. Any cost overruns or delays will have to be compensated by the contractor.
• Performance guarantee: EPC contractors provide performance guarantees to the principal backed by performance liquidated damages which are payable by the contractor for any losses or damages suffered due to the contractor’s actions.
• Limited involvement in the project: With EPC contractors assuming full responsibility, principals do not need to get involved in all the aspects of decision-making for the project, and the contractor is responsible for the appointment of subcontractors and completion of the project with quality and efficiency.
• Security: EPC contracts protect principals from potential financial losses due to the transfer of project responsibilities, financial undertakings, and project completion to the contractors.

What are the disadvantages of EPC contracts?

• Less involvement: The principal only oversees and approves certain aspects of the project. Therefore, it allows the principals limited participation and intervention in the project.
• Reduced flexibility: EPC contracts are not very flexible once the scope of work is decided. Change in the scope of work may result in extra charges for the principal.
• Higher costs: As the nature of payments in EPC contracts are usually lump-sum or fixed price, the principals may have to shell out a high initial cost to contractors. The contractors charge a premium on the services to account for uncertainties.
• Complex documentation: Principals enter into complex agreements that require proper and thorough understanding and negotiation.

In conclusion, EPC contracts are popular as they provide a single point of responsibility, certainty, and efficiency. The drawbacks are present but could be minimal if the right EPC contractor is selected. Shapoorji Pallonji’s EPC division has consistently been one of the best EPC contractors in the world and has completed large-scale turnkey projects over the years.

You can read more about SP EPC at www.shapoorjipallonji.com/company/SPEngineeringProcurementAndConstruction.

Originally published at http://realestateandepc.wordpress.com on November 22, 2023.