Category: Learn

Categories
Learn

Use RERA to your advantage when buying a Mumbai home

The RERA is a veritable boon in the hands of flat buyers in Mumbai. We explain how it helps bring greater transparency in the flat-buying process.

The real estate sector in India has been seeing some curious trends in recent years. On the one hand, there is a constant refrain from buyers that realty is too expensive to invest in at the moment. On the other hand, the luxury housing sector continues to show stable growth! Amidst talks of a slowdown in Indian realty year upon year, came the ambitious RERA (Real Estate Regulation and development Act) that was promulgated all over the country in 2017.

The RERA was created to bring in greater transparency in the house purchase process for buyers. Using RERA helps buyers become privy to all the important information they must necessarily know – flat and real estate developer credentials, project timelines, construction progress, reasons for delay, etc. The RERA is aimed at helping buyers make well-informed decisions about buying Mumbai properties and investing in the right projects.

Are you a first time homebuyer looking to invest in an under-construction property? Here’s a lowdown on how RERA can help you pick the right flat for sale in Mumbai:

* RERA assures you that everything is laid out in black and white. The primary thrust of the RERA is complete transparency, which means that buyers must be privy to all the information they seek whenever they seek it. The Act has been worded to include every facet of the process, from initial construction to final handover of the completed Mumbai property. It also specifies the legal and construction standards that developers must uphold per project, starting with taking a RERA project number that must be clearly mentioned across advertisements, brochures, project plans, etc. This number helps buyers keep online and offline track of the project’s progress. Prior to starting the construction, the developer must give written specifications, include copies of municipal approval, land title and reservation, project timelines, etc. and adhere to the same or furnish written reasons for delays.

* New constructions are more professionally handled from now on. Since RERA specifies stiff legal penalties for inordinate and unexplained delays, developers are now more cautious about using their available funds and giving completion timelines. Smaller players in realty were earlier quite glib about several parameters, which led to delays, stoppages and huge losses for buyers. But the RERA weeds out the unscrupulous developers from the professional ones. Since real estate developers must specify problems and delays in writing, there is no scope for buyers to be left high and dry with stalled projects, or builders abruptly stopping their rent payments (in case of redevelopment projects), etc. Thus, developers are now more accountable for their projects, leading to faster completion.

* Projects are now securing funding much faster. Buyers are now confident about investing in 1 BHK flats in Mumbai, or luxury 2 BHK flats in Mumbai, since every new project must be licensed and approved by RERA. In turn, an approved project automatically increases its own chances of getting home loan funding. This is good news for those buyers who wish to secure home loans for buying flats for sale in Mumbai. Meanwhile, real estate developers are also able to secure funding to start and finish the construction when there is RERA certification for the project.

(Featured image courtesy https://blog.ipleaders.in/stalled-projects-rera/)

Categories
Learn

Buy the right health insurance in 2023

Healthcare costs rise every year in India – as do infectious diseases and lifestyle disorders. Instead of shelling out money from your pocket to pay high hospital and medicine charges, you could have a good health plan backing you up. A good health insurance policy allows you access to quality treatment witout delay, and you don’t have to pay the high costs of surgery, hospital room rent, medicines, doctor fees, and so on.

Mulling over buying a new health policy this year? Read on.

What to consider

  • If you’ve selected the best policy: Always choose reputed health insurance companies (a quick Google search will show you the year’s Top 5). This is important whether you buy an individual plan or a family one. Reputed companies offer competitive premiums, easy buying processes and faster pay-outs when you raise a claim.
  • Choose the right coverage amount: The best plan is one that gives you and your loved ones sufficient coverage when a health emergency strikes. Here’s a rule of thumb when it comes to deciding the coverage amount: it must be at least 10 times your annual income at any point in time. The health insurance plan must allow you to revise the coverage to account for future inflation and/or changes in your family’s needs. If buying a high coverage plan results in a high premium that you cannot afford, then choose a coverage you can afford this year and invest in a super top up plan from the same insurance provider. The super top up offers additional coverage with affordable premiums.
  • Check the claims process and settlement ratio: The insurance provider must offer an easy settlement process – you will not have the time or inclination to jump through several hoops to get your claim settled while you battle a health emergency – and a high claim settlement ratio. A Google search will reveal the companies with the highest claims settlement ratio (this should be as close to 100% as possible). Also check if the company pays the coverage amount only after hospitalisation or immediately after an ailment is diagnosed.
  • The waiting period: Every health insurance plan in India has a waiting period during which no claim is paid. The waiting period comes right after policy purchase, and may range from one month to three months to even one year.
  • Hospitalisation cover limits: The health policy document will list if there are any limits on pre- and post-hospitalisation expenses, and what they are. Check carefully before buying health insurance this year.

(Picture courtesy https://navi.com/blog/wp-content/uploads/2021/12/best-health-insurance-plans.jpg)

Categories
Learn

All You Need to Know About Two-Wheeler Insurance and What it Does

You cannot ride a two-wheeler without an insurance policy in India. Here’s looking at what the policy entails and covers.
By a staff writer | editor@themetrognome.in

If you own a bike in India, you cannot use it without having valid two wheeler insurance. And if you’re caught riding without two-wheeler insurance, you will attract substantial financial and legal penalties. As most Indians commute on busy and chaotic roads, the need to have bike insurance becomes all the more important.

As unfortunate road accidents are on the rise, many riders have been subjected to enormous financial obligations to the road accident victims, but luckily their insurance covered the expenses. Not investing in comprehensive two-wheeler insurance can prove to be a grave money mistake in the long run.

What is Two-Wheeler Insurance?

A two-wheeler insurance policy covers bike owners against potential financial losses due to accidents, natural calamities, and man-made disasters. It can also save you against financial claims made by a victim after a road accident.

Just like you plan and work on your financial health in advance to safeguard your senior years, you should also plan to protect your finances arising out of potential road accidents. If you are yet to get two-wheeler insurance for a bike, you’ll get to choose one between the two types of two-wheeler insurance discussed below:

  • Comprehensive Bike Insurance

Riders looking for complete protection should go ahead with this bike insurance. As the name suggests, comprehensive insurance offers full or comprehensive coverage to the vehicle.

Whether your two-wheeler met an accident, got stolen, was damaged due to man-made disasters like riots, or got damaged due to natural calamities, like flood or fire, your insurance provider will cover against financial losses arising from any of these instances.

Just like you invest in relationships to keep things going, you need comprehensive two-wheeler insurance to keep things going smoothly on the road.

  • Third-Party Insurance

Two-wheeler third-party insurance or limited liability insurance covers the insured against third-party liabilities developed due to a road accident. Even if your bike accidentally hit a person or damaged his vehicle, you can be sued for the damages caused.

If you have valid third-party insurance in place, you will be saved from huge financial strains, as the insurance company will pay off the expenses.

In the past, many people have been an eyewitness to road accidents, and things can take an ugly turn if the rider responsible for accident refuses to pay for the damages caused to the victim. If you want to keep your finances unaffected by third-party claims, go ahead with two-wheeler third-party insurance.

Benefits of Two-Wheeler Insurance

Whether you invest in comprehensive insurance or two-wheeler third-party insurance, both can save you from financial losses arising out of a potential road accident.

Though the two differ in terms of coverage, riders do get general benefits from both. If you don’t have two-wheeler insurance yet, you’re missing on the following benefits:

1 Cashless Repair at Network Garages

With so many known insurance providers in the market, it is not difficult to find bike insurance that offers cashless repair benefits at network garages. In case your two-wheeler got damaged due to accident, man-made disaster, or natural calamities; and it resulted in heavy repair expenses, you can get your vehicle repaired at zero or minimal out-of-pocket expenses (subject to exceptions) by taking your two-wheeler at a network garage.

2 Safety Against Third Party Obligations

Whether you’re living in one of India’s best cities or towns, the chances of road accidents cannot be overlooked. The road conditions at some places make you more vulnerable while riding, resulting in road accidents. If you end up damaging a person’s property or endangering his life, you will be liable to pay compensation for the same. Having insurance with maximum coverage can save you from such conditions.

3 Coverage for Own Damage

If you have to ride daily through narrow yet crowded lanes that make you prone to accidents, it is best to get yourself insured. Even if a minor accident can damage your vehicle and you may be subjected to physical damage too. Having insurance with the right coverage will pay for your bike repair expenses and your medical bills, saving you from significant out-of-pocket expenses which you wouldn’t be prepared for.

When you’re getting peace of mind and a worry-free riding experience against some premium, it is the best deal anyone can ask for.

(Featured image courtesy https://indiacsr.in/what-should-you-check-in-your-two-wheeler-insurance-policy/)

Categories
Learn

Mumbai gets country’s first digital training centre for the disabled

Helen Keller Institute and NASSCOM join hands for country’s first NDLM centre to impart digital literacy training to the disabled.
by The Editors | editor@themetrognome.in

The Helen Keller Institute for Deaf and Deaf-blind (HKIDB) and NASSCOM Foundation yesterday jointly opened India’s first ever NDLM centre dedicated to training Persons with Disabilities in Digital Literacy. This will also be the first NDLM centre based out of Mumbai.

HKIDB will facilitate the training infrastructure and the trainers at the centre. Special care has been taken to make sure that it remains accessible to Persons with Disabilities. The computers inside the centre have been loaded with the latest accessibility hardware and software like Job Access with Speech (JAWS), speakers, mics, power braillers – braille keyboards and braille embosser (braille printer) etc. The course material has been fully tested for W3C level 2 accessibility level.

The centre will have beneficiaries trained on all digital devices, specifically, computers and mobile phones. Once trained, the beneficiaries will be able to send emails, connect on social media, buy from e-commerce websites, and even use the Internet to avail various Government services such as registering for Aadhar cards, ration cards, PAN cards, and others.

On the occasion, Yogesh Desai, CEO, HKIDB said, “Our aim is to develop the Deaf & Deaf-blind into self-sufficient human beings and integrate them into the regular stream of society to perform to the best of their abilities. The NDLM centre will address digital literacy needs of persons with other disabilities also. WE believe that no one is incapable of being taught and no one can do without education.”

Shrikant Sinha, CEO, NASSCOM Foundation said, “Inclusion of Persons with Disabilities has been one of the top priorities for NASSCOM Foundation. We are attempting to close the digital divide by helping Persons with Disability to harness the power of computers and mobiles and develop necessary skills to start using them with confidence.”

Categories
Learn

All in one preparation for study abroad

Are you planning to study abroad? Read on to know a few rules for cracking the admissions and moving process.
by Adarsh Khandelwal, Co-founder, Collegify

In recent years, studying abroad has become an increasingly attractive option. While many dream about it, only a few make these dreams a reality.

Planning is the key to the entire process. One can significantly increase his chances of making it to a great university abroad by simply focusing on the right things at the right times. There’s no point of spreading oneself out too thin and resorting to multiple sources at once. You are only likely to be overwhelmed and confused with all that comes toward you. The first thing you need to do is gauge whether a foreign education is for you – academically and otherwise.

Do your research

Talk to students, alumni and possibly professors from the institutions you are considering to acquire an understanding of what you might be getting yourself into. Accordingly, gauge whether you would be interested in pursuing the option further. Next, talk to your parents and make your goals and plans clear to them while explaining to them the details, merits and demerits of the programs. You and your family need to take a hard look at yourselves financially and ascertain whether you will require external financial assistance or not.

Find professional help

Now that you’re firm on studying abroad, you need to strategise. For this, find an educational consultant who understands you and your goals and is committed to helping you realise them. The ideal counsellor will give you a comprehensive understanding of the application process, help you identify the best institutions for you, and assist you with the preparation of a timeline for standardized tests (SATs, GRE, GMAT, LSAT, TOEFL, IELTS, etc.) and essays. Prepare well for the standardised tests but account for time that may be required for a second or third attempt (with high costs, you should look to avoid them as much as possible). Essays are a crucial component of the application and you will need time to write and perfect multiple drafts.

Build your profile

Universities abroad seek holistically developed individuals, so you’re going to need a lot more than just good test scores and recommendations. You will need to start building your profile from a young age by pursuing your strengths and interests. A typical profile includes project work, summer internships, extra-curricular activities and volunteer work. If you already know where you want to go professionally, you could also start networking with individuals in the industry to understand the skill set required to succeed and begin working on developing those skills. This could help you land valuable summer internships in college that could lead to full-time jobs upon graduation.

The application process

Understand the details of the application process very well. Sometimes, colleges have nuanced differences in their application processes that might need to customise your application accordingly.

Help your school/college understand how to draft transcripts and recommendation letter that would portray you in the best possible light. Don’t hesitate to contact admissions committees with doubts. They are always happy to help and might even share information that may not be on their websites. Not just that, you might also gain an edge over competition by creating some recall value for your self in the committee.

Work on your applications in such a way that you have a month’s time to go over all your details and possibly edit some essays as well. Once satisfied with your work, compile all documents and mail them out or submit them online well in advance of the deadline. An early submission of an application gives you a better chance of being interviewed and sharing a side of yourself you were unable to in the applications. Also, if you achieve or do something significant in the period between submission and decisions, make sure you contact the admissions office and update them.

Once the course begins

Don’t be too hard on yourself when it comes to adjusting socially and making friends. Try – as much as possible – to be yourself. The more you try to put up an appearance, the more awkward and different you will appear to others. It’s okay if you’re not dressed like everyone else, or not in the popular clique. Relationships take time to develop and you can’t expect to forge ties like the ones you had with your friends back home within weeks.

Studying abroad is not about the fun, games, glitz and glamour of being in a first-world country. It is a serious life decision. You’re there for a reason – to grow to become an independent and resilient individual and push yourself to discover and realise the potential that may have never known you had. It is a once-in- a-lifetime opportunity offering exciting experiences ranging from learning about new cultures, speaking a new language, making new friends from diverse socio-economic,political and ethnic backgrounds, to discussing issues you might never have considered. With each of them, you can discover a new side of yourself, but it’s down to you to seize every moment.

(Picture courtesy www.youthincmag.com. Image is used for representational purpose only)

Categories
Learn

New lens takes the sting out of cataract surgery

Pharma company Abbott has developed a new lens that corrects presbyopia and inferior quality vision problems after cataract removal surgery.
by The Editors | editor@themetrognome.in

The term ‘cataract surgery’ often conjures up scary images of elders and grandparents wearing spectacles, straining to read small text and having trouble with bright lights at night. Cataract surgery is one of the most common surgeries in India, with over 6.2 million procedures done in 2013-14.  The condition is also the leading cause of blindness, according to the National Programme for Control of Blindness (NPCB).

Cataracts require replacing the clouded natural lens in the eye with an intraocular lens (IOL). Intraocular lenses (IOLs) today may correct presbyopia (poor ability to focus on near objects), or offer quality vision only at distinct distances, such as near and far, while vision between these distances may be reduced. With almost a third of the world’s cataract procedures estimated to be occurring in India, and with elders having more active lifestyles, the demand for newer technologies that offer better functional vision and independence from spectacles is increasing.

Intraocular lensHowever, the problems associated with cataract surgery cannot be ignored: patients often complain of experiencing a ‘halo’ around light sources, or a glare in bright lights. This does not allow them to see as clearly as they should. .

Help is now at hand to combat these issues. Yesterday, the pharma company Abbott announced the launch of its revolutionary technology, the TECNIS Symfony® Extended Range of Vision IOL in India, enabling doctors to offer people with cataracts a continuous range of high-quality functional vision for far, intermediate, and near distances, with a reduced incidence of halo and glare, comparable to a standard monofocal lens.

The TECNIS Symfony® IOL is a first-of-its-kind presbyopia-correcting lens designed to reduce the need for spectacles and provide a significant advancement over traditional IOL technologies. The lens is designed to increase the distance over which an object appears in focus across a continuous range of distances, without sacrificing a person’s visual clarity or contrast.

“As people age, the inability to focus and see clearly is a major challenge. Constantly handling glasses can be cumbersome. This new technology offers vision correction for life. Post cataract surgery, patients have reported getting back vision which mimics the vision they had in their youth,” said Dr Ramamurthy, Chairman, The Eye Foundation, Coimbatore.

Studies in Europe and New Zealand have demonstrated significant improvement in visual acuity with this lens, where a majority of people reported being able to perform daily activities without spectacles, at far, intermediate and near distances.

“The people who come to us for cataract surgery are mostly in their 50s and 60s. They still have an active lifestyle, drive regularly, use computers every day and rely on mobile devices. For them, this technology provides better clarity at near, intermediate and far distances, without having to wear spectacles.” said Dr Sri Ganesh, Chairman and MD, Nethradhama Super Speciality Hospital, Bangalore.

(Pictures courtesy Abbott, en.wikipedia.org)

Exit mobile version