How do I plan finances before buying a home?

 

Whether you are a renter or someone with a smaller starter home, there is no denying that owning your dream home has become increasingly difficult. Despite this, many young people consider owning their own homes as one of their most important life goals. 

Here are a few tips on how you can find your dream home. 

1. Have a solid plan – Before even starting the house-hunting process, know what you are looking for. Make sure you have paid off all your previous debts and build up an emergency fund that can last for at least 3-6 months. Analyse your assets and income and set a budget. Decide how you are going to finance your dream home and have the amount needed for the down payment (usually between 10% to 25% of the house’s value) ready. 

You must practise strict financial discipline during this time. Cut out unnecessary expenses and invest your savings in profit-making instruments. 

2. Start early – Saving for and investing in your dream home is undoubtedly a long process. Therefore, the earlier your start the easier it will be to own your dream home. Starting early not only gives you more time to build up your savings but also reduces the amount you have to set aside per month.  

Moreover, at a younger age, you can work more or have more than one stream of income. The burden of providing for family and other needs is almost non-existent. Thus, you can save and invest more. 

3. Research your dream home (and be picky) – Before looking for your dream home, decide where you want it to be, and how big you need it to be, and consider whether the house will increase in value over time. Make sure the locality is one where you want to live. 

When looking for a home, do not settle for something “good enough”. Your dream home should match your needs and aspirations. Be patient and choose wisely. 

4. Compare home loans – Once you know what house you want, take time to compare all your loan options. Take into account the interest rates, processing fees, late payment fees, pre-closure charges, etc. 

Follow the general wisdom that your EMI payment should not be more than 25% of your take-home salary. Comparing home loans will help you find the plan which would be the cheapest for you over time. 

5. Set aside funds for the future – Finally, before you go all in, make sure you have enough funds set aside for EMI payments, any emergencies that may arise, any change in lifestyle, etc. Buying your home is going to be a long-term process so make sure you are financially secure before you commit. 

Joyville Homes by Shapoorji Pallonji has assisted a new generation in discovering their dream homes. Currently, numerous residential projects are underway in major cities across India. To learn more about these projects, visit – https://www.joyvillehomes.com/

Originally Published at - https://realestateandepc.wordpress.com/2023/07/11/how-do-i-plan-finances-before-buying-a-home/

What is the cut and cover tunnelling method for the underground metro project?

 

A rapid transit system that operates below ground level, typically in tunnels, is known as an underground metro. Although there are many ways to build an underground metro system, the cut-and-cover approach is one of the most popular. We will look at the cut-and-cover method, its benefits, and the steps involved in its construction in this article.

In this method, a trench is excavated following the metro line’s path, and then a concrete box structure is built inside the trench to house the metro station and tracks. The surface is then restored to its original condition by filling the trench with soil and pavement.

The cut-and-cover method has two variations: top-down and bottom-up. The roof slab of the station is built first when using the top-down method, which involves staged excavation. The station walls and floor are then constructed as the excavation under the roof slab continues. 

The disruption to surface traffic and utilities is reduced by using this technique. The station walls, floor, and roof are built from the bottom up using the bottom-up method, which involves performing the excavation in one go. While this strategy is more time and space intensive than the top-down approach, it is also quicker and less expensive.

Advantages of the Cut and Cover Method

Cost-effectiveness: 

The cut and cover procedure is a well-liked option for urban areas with complicated subsurface conditions because it is typically more affordable than alternative ways. It is more accessible and less expensive because it requires fewer specialised tools and resources.

Flexibility in design: 

The underground structure’s design is more flexible when using the cut-and-cover technique. Changes in alignment, station placements, and linkages to existing infrastructure can be accommodated more easily throughout the construction process. This adaptability allows for greater urban landscape integration and minimises interruptions to the already existing cityscape.

Underground metro systems have been built all over the world using the cut-and-cover technique. For densely populated urban regions, its affordability, architectural flexibility, and relative simplicity make it a desirable option. By using this technique, communities can increase the number of transportation options available to inhabitants, ease traffic congestion, and expand their transportation networks. We may anticipate more developments in the cut-and-cover method, which will eventually result in even more effective and creative underground metro systems as a technology and building methods continue to advance.

Barakhamba Underground Station Delhi, 2006 by Shapoorji Pallonji

Driving India’s transportation infrastructure, we excel in metro projects. With 4,500+ lane km of roads and 100+ km of elevated and underground metro rail, Shapoorji Pallonji is at the forefront. As trailblazers, we received the International World Quality Commitment Award, being the first Indian company to do so. Notable achievements include the Vallarpadam Rail Bridge, India’s longest railway bridge with a 4.62 km elevated structure built in a record time of 27 months. We also constructed the Nagpur Metro, featuring Asia’s longest double-decker viaduct (5.3 km) and India’s first four-level transportation corridor.

Originally Published at -

https://realestateandepc.wordpress.com/2023/07/04/what-is-the-cut-and-cover-tunnelling-method-for-the-underground-metro-project/

What is Harbour, Port, Terminal, Berth, Quay, Pier, or Jetty?

 

In this article, we will try to understand different hubs in porting and shipping. Each of them has its specific characteristics and functions. Let us explore them in detail.

Harbour: A harbour is a protected body of water where boats can moor, find cover, and perform loading and unloading operations. It offers defence against the open ocean and poor weather. Harbours can be either naturally occurring or man-made structures found along coastlines.

Port: A sea port or maritime port is a facility located on or near a coast or shoreline. It serves as a hub for maritime trade and transportation. It is a point of connection between land and water that helps cargo loading and unloading and helps transfer goods and passengers between ships and land-based transportation systems.

Terminal: A terminal is a dedicated space inside a port or harbour where certain operations like cargo processing, passenger embarkation and debarkation, and vessel maintenance happen. They can be specialised to handle particular types of goods (such as bulk, container, or oil terminals) or passenger traffic (such as cruise or ferry terminals).

Berth: An area within a port or terminal where ships moor or anchor is called a berth. It is a designated area with the necessary infrastructure and facilities for a vessel to dock, load or unload cargo, and receive services like maintenance or refuelling. Berths might vary in size and capacity, depending on the sort of vessel they handle.

Quay: A quay is a building constructed along the shoreline of a harbour or port. It is also known as a wharf or a waterfront. It functions as a platform for ships to dock next to one another and to load or unload cargo. Quays often have a solid and elevated surface to transfer cargo and people between the ships and the ground. Quays may include cranes, storage facilities, and other cargo tools.

Pier: Similar to a quay, a pier stretches perpendicular to the shore and is often smaller. It is an elevated structure that ships may dock alongside, supported by pillars or pilings. Piers are frequently used for passenger transportation, such as ferry terminals or recreational areas, although they can also handle a small number of goods.

Jetty: An object that extends into the water from the beach is called a jetty, and it often consists of a wall or a string of pilings. Jetties are utilised for protection, regulating water currents, or providing a harbour entry. They can construct navigable channels for vessels to enter a port or harbour and offer additional shelter.

Shapoorji Pallonji Energy (SP ENERGY) is a leading Indian FPSO company with expertise in design, engineering, and operations. They set global standards and achieve accolades in FPSO vessels and offshore production facilities. Committed to excellence and compliance, they support the transition to cleaner energy and have accomplished significant projects. Their FPSOs have received prestigious awards for environmental management and safety performance.

Originally published at http://realestateandepc.wordpress.com on July 4, 2023.

What is the cut and cover tunnelling method for the underground metro project?

 

A rapid transit system that operates below ground level, typically in tunnels, is known as an underground metro. Although there are many ways to build an underground metro system, the cut-and-cover approach is one of the most popular. We will look at the cut-and-cover method, its benefits, and the steps involved in its construction in this article.

In this method, a trench is excavated following the metro line’s path, and then a concrete box structure is built inside the trench to house the metro station and tracks. The surface is then restored to its original condition by filling the trench with soil and pavement.

The cut-and-cover method has two variations: top-down and bottom-up. The roof slab of the station is built first when using the top-down method, which involves staged excavation. The station walls and floor are then constructed as the excavation under the roof slab continues.

The disruption to surface traffic and utilities is reduced by using this technique. The station walls, floor, and roof are built from the bottom up using the bottom-up method, which involves performing the excavation in one go. While this strategy is more time and space intensive than the top-down approach, it is also quicker and less expensive.

Advantages of the Cut and Cover Method

Cost-effectiveness:

The cut and cover procedure is a well-liked option for urban areas with complicated subsurface conditions because it is typically more affordable than alternative ways. It is more accessible and less expensive because it requires fewer specialised tools and resources.

Flexibility in design:

The underground structure’s design is more flexible when using the cut-and-cover technique. Changes in alignment, station placements, and linkages to existing infrastructure can be accommodated more easily throughout the construction process. This adaptability allows for greater urban landscape integration and minimises interruptions to the already existing cityscape.

Underground metro systems have been built all over the world using the cut-and-cover technique. For densely populated urban regions, its affordability, architectural flexibility, and relative simplicity make it a desirable option. By using this technique, communities can increase the number of transportation options available to inhabitants, ease traffic congestion, and expand their transportation networks. We may anticipate more developments in the cut-and-cover method, which will eventually result in even more effective and creative underground metro systems as a technology and building methods continue to advance.

Driving India’s transportation infrastructure, we excel in metro projects. With 4,500+ lane km of roads and 100+ km of elevated and underground metro rail, Shapoorji Pallonji is at the forefront. As trailblazers, we received the International World Quality Commitment Award, being the first Indian company to do so. Notable achievements include the Vallarpadam Rail Bridge, India’s longest railway bridge with a 4.62 km elevated structure built in a record time of 27 months. We also constructed the Nagpur Metro, featuring Asia’s longest double-decker viaduct (5.3 km) and India’s first four-level transportation corridor.

Originally published at http://realestateandepc.wordpress.com on July 4, 2023.

How to reduce home loan tenure by increasing EMI?

 

Home loans are financial tools that enable people to realise their aspirations of becoming homeowners. While these loans give you the money you need, managing them can be difficult because of their lengthy terms and the significant interest they accrue. However, there are practical methods that borrowers can use to shorten the loan term and save money.

The Importance of Reducing Loan Tenure: 

Reduced loan terms are essential for several reasons. First, it enables you to get out of debt faster. Second, you can save money by taking out a loan for a shorter period and paying less interest over time. Borrowers can achieve full homeownership more quickly and feel financial relief by implementing strategies to shorten the loan term.

Increasing EMI Payments: 

One of the most effective ways to reduce loan tenure is by increasing your Equated Monthly Instalment (EMI) payments. EMI is the fixed amount you repay every month to the lender. You can expedite the repayment process and minimise the overall interest burden by paying a higher EMI.

Suppose you have a home loan of Rs. 50,00,000 with an interest rate of 8% for a 20-year period. The accurate monthly instalment, known as the Equated Monthly Installment (EMI), for this loan, is approximately Rs. 41,753.

Now, let’s consider that you decide to pay an additional 1% of the loan amount every month, which amounts to Rs. 418 per month. By making this extra payment, you have the potential to reduce the loan tenure by five months, bringing it down from 240 months to 235 months.

Use this tool to claculate –https://khatabook.com/calculator/loan-tenure/

Please note that these calculations assume that the additional payment is made consistently every month, and they are approximate values. The precise impact of extra payments on loan tenure may depend on specific loan terms and conditions.

More Ways to Reduce Loan Tenure: 

Borrowers also have more alternatives to shorten the loan term apart from increasing their EMI payments. 

Refinancing the loan is one of these techniques. Refinancing allows borrowers to benefit from cheaper interest rates given by competing lenders, effectively lowering the total interest paid throughout the loan.

Prepayment of the debt is another approach to think about. You can pay the principal in one lump sum if you have extra money, which would lower the overall debt. As a result, the tenure and interest payment reduces.

A balance transfer is a third option. When borrowers move the balance of their outstanding loans to a different lender with better terms and conditions, there can be more benevolent payback conditions, lower processing costs, or lower interest rates. Borrowers may be able to shorten the tenure and pay less interest overall by choosing to transfer their debt.

Tips for Choosing the Right Home Loan and Lender: 

It is crucial to assess several aspects to ensure the best loan and lender when considering a home loan. You can use the following to make an informed choice:

• Compare different interest rates: Compare and analyse the interest rates provided by various lenders to find the best offer.

• Understand your alternatives for loan terms: Examine whether it would be feasible to choose a shorter loan term from the start to reduce your interest payments.

• Explore prepayment fees: Find out the prepayment charges imposed by lenders. To have the freedom to shorten the loan term when you have extra money, choose a loan with lower or no prepayment penalties.

• Consult a professional: Consult with mortgage brokers or financial consultants who can offer professional advice and assist you in navigating the complexity of home loans.

Shortening the loan term can be a wise financial move that might result in more savings over time. Borrowers can reduce the loan term and pay off their debts sooner by raising their EMI payments, looking into refinancing possibilities, considering prepayment, or choosing a balance transfer.

Before selecting the ideal house loan, it is necessary to review the terms and conditions of several lenders. Borrowers can more easily attain their goals of becoming homeowners by putting these tactics into practice and making well-informed judgements.

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Shapoorji Pallonji Real Estate (SPRE) presents an array of residential projects in Mumbai, Pune, Bangalore, Kolkata, and Thane. These projects offer luxurious flats equipped with modern amenities, providing an elevated living experience.

Take advantage of this opportunity to book your dream home at a prime location. Explore the project details and seize the ongoing offers now. Experience the perfect blend of comfort, convenience, and sophistication with SPRE’s residential offerings.

Secure your future in style by investing in the luxury flats offered by Shapoorji Pallonji Real Estate today.

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

What is Builder Floor? A Low-Rise Alternative to Apartments

 

Builder Floors are residential projects that offer more privacy and independence than a High-rise Apartment but less maintenance and cost than an independent house.

Builder Floors are residential units in a low-rise independent building which is generally two to four floors high. Each floor has only one apartment unit, and such projects are developed by the builder on his own or in collaboration with the landowner under a joint development agreement.

What are the features of Builder Floors?

Builder Floors have distinctive features that make them different from other residential properties. Some of these features are:

• They are not part of a large housing society or complex and hence, do not have to follow the rules and regulations of a cooperative housing society (CHS) or a similar legal body.
• They offer more space and freedom to the owner, as each floor is a single residential unit with no common walls or shared amenities with other houses.
• They usually come with proportional ownership of the plot, which means the owner has more control over the design and construction of the property, as well as the possibility of future expansion or renovation.
• They do not have amenities like gyms, swimming pools, security assistance, etc., like in High-rise Apartments. However, this also means that the owner does not have to pay any monthly maintenance charges or shared area expenses to a society or association.

What are the pros and cons of Builder Floors?

Some of the advantages of buying Builder Floors are:

• They give more privacy and exclusivity to the owner, as there are no other residents on the same floor or adjacent walls.
• They are more affordable than an independent house or a villa, as it requires less land and construction cost.
• They are more suitable for people who prefer living in low-rise buildings that offer convenience and accessibility, especially for senior citizens and children.
• They can be customised according to the owner’s preferences and needs, as there is more flexibility in choosing the layout, design, fittings, etc.

Some of the disadvantages of buying Builder Floors are:

• They may not have adequate parking space, water supply, sewage system, power backup, etc.
• Less reputed builders usually construct Builder Floors projects.
• The property before and after construction could differ considerably.
• They may not have well-equipped security and safety measures, as there is no dedicated staff or guard.

How are Builder Floors different from an apartment?

An apartment is a residential unit in a high-rise building part of a large housing society or complex. An apartment has common walls and shared amenities with other apartments in the same building or society. An apartment has to follow the rules and regulations of a Cooperative Housing Society or a similar legal body that manages the affairs of the society or complex. An apartment does not have proportional ownership of the plot but only an undivided share in it.

Builder Floors is a residential unit in a low-rise independent building not a part of any housing society or complex. Builder Floors have no common walls or shared amenities with other apartments in the same building. Builder Floors do not have to follow any rules or regulations of a Cooperative Housing Society or a similar legal body. Builder Floors have proportional ownership of the plot, which gives the owner more control and flexibility.

Visit — https://shapoorjirealestate.com/residential/northern-lights

Shapoorji Pallonji Real Estate a leading real estate developer in India, has a legacy of over 155 years. Shapoorji Pallonji has several residential projects in Mumbai, Thane, Pune, Kolkata, & Bangalore cities in India, including High-rise Apartments, villas, townships, etc.

Originally published at http://realestateandepc.wordpress.com on June 15, 2023.

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