A thousand brick wall is just a house or apartment.A home is where family members gather after a long day at work, or even if you are a bachelor living away from your family, to accomplish something or for personal reasons. It is only when you and your friends get together for a get-together, a house party, or just to talk with each other that you feel comfortable.
Today I will write about a small RK apartment that feels like home where my friend lives. The apartment is in a high-rise building with a beautiful view.
The RK apartment I refer to is a fully furnished studio apartment in Greater Noida.
This studio apartment is 435 square meters, fully furnished with a blue-untarnished theme.
I have been there 2-3 times and always felt at ease.
The apartment has a convulsive door at the entrance, a kitchen on the left, a bathroom on the right, a few steps leading to the room, a Double bed, paintings on the walls, and a television on the right wall. A blue-designed almirah is just beside the decorative slap, a dressing table is on the opposite side of the almirah, and just after the bedroom, there is this sliding door and a balcony with a perfect view to spend the evening.
The view from the balcony is breathtaking, with hundreds of villas connected by beautiful paths. I have always wanted to take a night walk on those paths, and maybe one day I will.
The balcony is ideal for relaxing with a cup of coffee in the evening or watching the sunrise in the morning. I never did any of these, but someday I want to.
The theme is blue-untarnished, which is how I want my apartment to be.
When I think of the room’s amenities, I remember a small white refrigerator, a microwave oven, a television, drawers, an almirah, cute white lamps, scenery, and an induction stove. Security guards on duty 24 hours, guard chambers, lifts, etc.
Social marts, pharmacies, food yards, and management offices are all examples of businesses.
The flat is large enough to accommodate two people; simply put, it could be a good option for a migrant arriving from their home city, couples, or newlyweds.
Finally, with its modern design and isolated location, My friend’s apartment is an ideal home. The commute and travel are a hassle. He probably enjoys his surroundings.
The routine of waking up with responsibility, following the rules, navigating congested traffic, and meeting deadlines continue throughout the typical day. After overcoming the challenges of daily life, a home provides comfort and safety. So why settle for an abode that fails to take the day out of your mind?
Metro cities only offer the two options of “splurge-or-adjust,” where you can spend a lot of money to get a large home or stick to a tight budget and settle for a cuboid.
In contrast, greenfield projects in cities like Hyderabad, Pune, Chennai, and Ahmedabad have emerged with luxurious apartments and low-density complexes with large acres.
In addition, Hyderabad currently leads the top eight Indian cities in terms of the number of housing sales per year as of 2022. A benefit is that cities that offer affordable housing are now more in demand!
A few benefits of renting a Lakeview County apartment are as follows:
A Fresh Breath of Air
Polluted air, deteriorating health, and an intolerably hot climate are all costs of city life. However, when there is a water body nearby, it sends cool breezes your way. This lake breeze comes from regional variations in the wind that travel from water to land due to a temperature difference, typically from a lake or an ocean.
Lakeview County apartments can be an excellent option to stroll along the shore for the utmost tranquility. Living in such an environment only has a few benefits, such as rejuvenation and good mental health.
Most lake-view County apartments have limited separation, creating the impression that each unit is a singular space. The Lake View County apartments are conveniently isolated from the demanding and crowded areas of the focal city. As a result, you can anticipate more carpet space than in other projects with comparable configurations.
Imagine waking up to serene waters that frame your small world and serve as a constant reminder that, despite the daily grind, all you need to get through the day is a brief moment of peace.
Beyond aesthetics, living by a lake is considered a form of luxury. You can feel your inner energy rising by sipping tea while taking this ethereal view from your balcony.
Property tax reduction
Every owner of the property is required to pay property taxes. We all want to spend as little tax as possible while maximizing our income. That is why living in a lake-view county apartment is an outstanding choice. It is so because the property tax for a piece of land is significantly less than that for an apartment or an item of commercial property.
Passive Income Stream
A Lakeview County apartment is related to the type of vacation as well. As a result, many households and working professionals prefer to rent cozy apartments with intriguing scenery. Such apartments get steady returns for homeowners.
We hope you know more about the main justifications for renting a Lakeview County apartment. Every type of person can find the best Lakeview apartment at a fair price.
While looking for your ideal home, you’ll come across several real estate-related terms. “Flats” and “apartments” will probably be used frequently. Flat and apartment are often used interchangeably but don’t mean identically.
In general, “flat” and “apartment” refer to private living spaces that can be rented or purchased. A much larger building typically consists of a predetermined number of rooms on the same floor. But when you dig deeper, you find some differences between the two.
Before going any further, let’s understand the meaning of “flat” and “apartment.”
What is a flat?
A flat is a dwelling place in a housing society. The word “flat,” used more often in the UK, comes from the old English word “Flett,” which means the floor or a dwelling.
Multiple houses were constructed on a single floor before high-rises became popular, giving community housing projects’ units the nickname “flats. ”
What is an apartment?
In the US, an apartment is also known as a “flat’ more frequently. Simply put, a flat is what a British apartment would be in America.
An apartment is defined as “a set of rooms for living in, typically on one floor of a building” by the Oxford English Dictionary.
The word “apartment” is derived from the Italian word “appartamento,” which refers to a group of rooms used solely by one person in a home. In the case of large establishments, the term “apartment” is also used to convey the meaning. A room in a house, particularly a large or well-known home, is known as a “flat” in the UK.
Differentiation of a “flat” and an “apartment” in India
The only distinction between the terms “flat” and “apartment,” as you can see from the definitions above, is how they function and whether they are perceived geographically. Thus, we should end the day with the same name. Contrarily, there is something else you should be aware of that is likely unnecessary if you live in India.
In the US, for example, a rented residential unit in a multi-unit building is called “an apartment.” They are known as “condos” if they have a private owner. It is referred to as a “townhouse” or “duplex” if there are only two residences in a single building and no other people live above or below your residence unit.
Instead, a “two-flat” refers to two identical Chicago apartments in the same building. In British culture, however, an apartment is a luxury that only the wealthy can afford. While a flat is for those with little money, a council flat is a rented home, whereas an owner-occupied home is a residence.
While “flat” and “apartment” are often used interchangeably in India, British usage may be more accurate. In India, residences are likely to be more “affordable” apartments than “lavish.” while “vilas” are available within the same community but are independent of one another. Contrary to US usage, renting a residential unit does not alter the unit’s definition. Even though a flat is usually more spacious than a flat, there isn’t much difference between the two in India.
Comparison between a “flat” and an “apartment”
Tips for purchasing a flat or an apartment
Set a budget and stick to it. Knowing how much you want to spend on your ideal home is critical to making the process go more smoothly. You won’t have too much to chew on before it’s over. Therefore, this is the most essential phase of your home-buying process.
Ask questions regarding the carpet area, super built area, etc.
Verify loan approvals with the banks.
Ask the relevant authorities for all the necessary documents regarding approvals and conduct a legal check.
When you’ve made the token payment, agree with the builder.
The boon and bane of purchasing an apartment or a flat in India
The tax advantages associated with property ownership and home loans are substantial. It is an excellent example of an investment that will help you save money and pay off.
The only disadvantage of an apartment is that you cannot customize it. You are limited to customizing the look of your home with the help of home furnishings or home decor items, but you cannot change the size of your living room. You may have been able to do this if you were constructing your house on a lot of land you own.
You have nothing to be concerned about regarding the safety and security of you and your family members. Guards and cameras provide round-the-clock security to ensure the children’s safety in the play area and corridor.
Your children develop strong interpersonal skills as a result of the large population in the area. You have the option of meeting up with friends in the park or relaxing by yourself at your convenience.
Host of amenities
Apartments include a variety of amenities, making it simple for you to access them, from the gym to the swimming pool. While their grandparents can provide them with a lush park or reflexology trail, your kids have a fantastic playground.
Which one to choose?
Before you start the search for your dream home, it is crucial to understand your needs. There are essential factors to consider, such as whether it is for your use or potential investment.
Apartments and flats are similar enough to be interchangeable. The main difference between apartments and flats is that apartments are part of specific buildings, while flats are part of housing societies. All spaces are the same except for their linguistic context and location.
In 2000, the late Atal Bihari Vajpayee, the then prime minister of India, initiate a committee to draft new indirect tax law and i.e. GST which stands for Goods and Services Tax. It was launched to replace multiple indirect taxes in India. Such as excise duty, value-added tax (VAT), services tax, purchase tax, octroi, entry tax, luxury tax, and so on. Here, propertywala brings every fact and figure that you should know about GST in real estate.
The Goods and Service Tax Act was driven in Parliament on 29th March 2017 but it came into effect on 1st July 2017. It is the only tax that applies all over India and imposes on the supply of certain goods and services. However, GST does not replace customs duty, which is still required on imported goods and services. Different categories of products and services attract different tax rates under GST.
Now, we will go ahead with the GST regime which is given by our Honorable Prime Minister Shri Narendra Modi, In his words, the Goods and Services Tax (GST) is “a path-breaking legislation for New India”. Then, GST is not just a tax reform but a milestone in realizing Sardar Vallabhbhai Patel’s dream of building ‘Ek Bharat – Shrestha Bharat’.
GST APPLICABILITY IN REAL ESTATE:
1. It is applicable to under-constructed flats only. 2. It is because the GST does not cover the real estate sector under its range. Therefore, the tax rate applicable on a property is charged under ‘work contracts.
NOT APPLICABLE –
1. GST does not apply to ready-to-move-in flats, plots, and lands. 2. Upon completion and receiving the occupancy certificate i.e.(OC), the property is categorized as ready to move in. That is why a developer cannot charge GST on selling ready-to-move-in homes.
GST RATE ON REAL ESTATE 2022:
Everyone has a dream of a house. Well! It is fine if you are planning to buy a property. Because buying the right property is one of the biggest achievements in life. So, home buyers in India have to pay GST on the purchase of under-construction properties such as flats, apartments, and bungalows. Before hurrying on to the process, the foremost thing you must ask yourself is,“what is the GST rate on real estate?”
GST RATE FROM APRIL 2019
1% without ITC (Input Tax Credit)
5% without ITC
According to the table, if the property is affordable, the GST rate from April 2019 is only 1% without ITC. Also, for non-affordable housing, the GST rate is 5% without ITC.
WHAT IS ITC?
Input Tax Credit refers to the tax already paid by a person on any purchase of goods and/or services that are used or may use for business. Therefore, it is available as a deduction from tax payable.
AFFORDABLE HOUSING AS PER GST:
According to government norms, housing units worth up to Rs 45 lakhs are referred to as affordable housing in metro cities in which carpet area measures up to 60 sq. meters. The Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, the Mumbai-Kolkata are categorized as metropolitan regions. A housing unit in non-metro cities barring to be an affordable house, if it costs up to Rs 45 lakhs and has a carpet area of up to 90 square meters as mentioned in the given table.
Carpet AREA (SQ/M)
up to Rs. 45 lakhs
SOME FACTS TO BE NOTED WHEN CONSIDERING GST IN REAL ESTATE:
It does not subsume the stamp duty and registration charges, which you still have to pay.
Seller increases the cost of ready-to-move-in properties to factor in the GST cost. So, overall the under-constructed properties are still cheaper than ready-to-move-in properties.
That’s all you need to know about GST when it comes to real estate.
Vadra, Son in Law of Congress Prez. Ms. Sonia Gandhi, is a much popular name among the politicians than the real estate dealers. Accusation of building a real estate empire with the help and support of DLF made his name known and discussed among the real estate field. Documents of IAC showed that Vadra’s real estate empire is built on soft loans handed out in unusual circumstances. This rumor shook his real estate empire but was not able to haul it down. Continue reading →
Indian developers are all geared up to offer NRI investors a wide choice of properties across India at an exhibition which is going to start on 16th March 2012.
It is the 20th India Property Exhibition in Doha on Friday which will showcase more than 100 projects spread across New Delhi, the National Capital Region, Jaipur, Mumbai, Pune, Goa, Hyderabad and several other cities.
The $12 billion realty market in India is on a high growth curve, because of the fast growing economy, increased participation of global players in the Indian market and new technological innovations.
According to organisers – Indus Fairs and Events (India) and Apex Business Solutions, Doha – the investment portfolio includes apartments, independent houses, bungalows, luxury villas, farmhouses, commercial properties, beach resorts and plots.
Jaypee Group has announced its new project “Krescent Homes” in Wish town at Noida. As per the announcement Krescent Homes is a complete residential community with over 80% green area dotted with a Chip & Putt Golf Course and landscaped spaces. In addition, there are recreational spaces exclusively for the residents to relax in, sports facilities to enjoy and multiple shopping & entertainment spaces. The project has 2/3/4 BHK Luxurious Apartments starting at Rs 36.12 Lakhs and is located right on the Noida-Greater Noida Expressway.
Khinvasara Group of Companies has recently emerged as one of the major players in development of the residential and commercial properties in Aurangabad (Maharastra). One of the companies of the group has played a major/ key role in the real estate in building modern cement spaces of Aurangabad since last 50 years.
Till now the company has constructed more than 3.5 L sq.ft of commercial and residential spaces. Land development is yet another of forte. And as on date the company developed in excess of 100 acre land within Aurangabad.
Some of the earlier projects by The Khinvasara Group are Ulkanagri, Khinvasara Park, Khinvasara Nagar, Vardhaman Residency etc. And now they are coming up with their new Residential project Khinvasara Estates near Walunj, Aurangabad (Waluj). It consist 100 flats and row houses in an area of 7 acres. The project will consist of 1/2 BHK Flats/Apartments costing 11 to 14 lacs and row houses (3 BHK) will cost Rs 20 to 30 lacs.
The builder Jaypee Group has announced the launch of its new residential apartments, Jaypee Greens Kensington Boulevard, in Sector 131, Noida. This will be a part of the Jaypee Greens Wish Town project and will features 1, 2, 3, and 4 bedroom flats ranging from 550 to 2700 sq feet. The tentative rate is Rs 3330/- per sq. feet.
Towards the end of 2009, remarkable appreciation in values has been observed by the residential markets across big cities of India. Report by Wakefield and Cushman informed that in the two key residential markets in India, Mumbai and NCR, this trend is most prominent. In these areas, as compared to the same period of last year, values in Oct-Dec 2009 were appreciated.
Since Mumbai and NCR are one of the high demanded markets, both from the investors and consumers, it witnessed a faster recovery than other cities. As a result of economic slowdown, these investors were backing out their requisites which had brought a kind of uncertainty in the job markets. But on the other hand, this slowdown brought affordable housing to the consumers which in turn led to sharp upward correction in the capital values and strong recovery in the economy.
Since in NCR, a large number of projects were sold out as soon as they were launched, it can be concluded that the demand for the housing which seems to be affordable, i.e., ranging from 20 to 40 lakhs was quite high. Recently, 500 flats offered by Supertech in Noida at a cost of 9.75 lakhs are sold out just after its launch. Due to the new trend, volume of transactions has been aggrandized.
However, this trend can continue only if the government takes back the extra burden of the 10.3 percent service tax which was announced in the budget 2010 on the sale of flats before there completion. This may make the projects under construction more attractive.
Photo by paul goyetteIndia`s one of the leading Real Estate Developers,Emaar MGF Land, recently announced the launch of a new mid-income family housing project `Palm Hills` in NCR.
It will be located on NH-8 at a prime location in Sector 77, Gurgaon. The total investment will be Rs 500 cr on an area spread over 29 acres with the scenic view of the Aravalli Hills.Palm Hills are located at only a 20 min drive from Delhi`s International Airport and surrounded with green landscaped areas with Spanish styling architecture.
Palm Hills offers to house about 1250 units with an expectation to rise up to Rs 3,850 cr. With a starting price of Rs 48 lacs the company has already sold 650 units in the first phase. These apartments will give a feeling of a villa with unique features that no other developer serves. These will include 3BHK and 4BHK apartments with 1450sq ft to 1950 sq ft per villa. The villas have efficient floor plans and offer the choice to make amendments to maximize living space.
“The launch of Palm Hills marks the obligation of Emaar MGF to continuously develop properties with modern design concepts and gives the experience of living in a gated master planned community a new definition.” Said Mr. Shravan Gupta, Executive Vice Chairman and Managing Director of Emaar MGF. He further added that “The exhilaratingresponse on the very first day of the project launch is an indication to the predominating huge demand for quality housing in the mid-market segment”.
The rocketing success of Emaar MGF can be guessed by taking a look at their reserves. They have a land bank of 11,340 acres including the Commonwealth Games Village. They are currently working on 29 projects.
Emaar MGF which is a joint venture between domestic firm MGF and Dubai-based Emaar Properties is planning to utilize Rs 1,972 cr for part re-payment of debt of over Rs 5,800 cr. It will also be investing Rs 276.8 cr in paying development and license renewal charges in the coming year.
Jaypee Group (JPSK Sports Private limited) announces yet another new residential project “Lake District” under its new sports themed township Sports City along Yamuna Expressway in Greater Noida (Gautam Budh Nagar). The project is so names as it will feature an artificial lake in line with international standards. The project will offer luxury living at affordable rates. The lake district project will have 2BHK (2 bedroom), 3BHK (3 bedroom) with optional worker rooms (servant quarters), and 4BHK (4 bedroom) with worker rooms (servant quarters) residential apartments.