Monthly Archives: May 2023

Understanding the Key Differences Between Villas and Independent Houses

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You must know that almost everyone dreams of owning a home. But the biggest issue that people have when looking for a home is whether to choose independent houses or villas. 

There are many reviews on this subject; villas or single homes have advantages and disadvantages, and the choice largely depends on the faction. Depending on their needs and requirements, they can choose anything. 

Before buying a villa or an independent house, you should consider a few factors, including your budget, available space, capacity, location, and environment, as well as other factors. 

So carefully consider the differences between villas and independent houses before deciding. 

Independent Houses 

Independent houses are typically the ones that are built on their land, have boundary dividers, and belong to the person who owns them. Separate houses are usually freestanding and have a private plot of land. These detached homes are situated on unclaimed land. All occurrences and maintenance tasks are entirely the owner’s responsibility. 

Independent homes are more akin to traditional dwellings, where the development and upkeep are the responsibility of the purchaser or homeowner. 

Boon and bane of Independent houses 

An independent house is built on a large plot with many advantages and disadvantages. The benefits and drawbacks of living in independent homes are as follows:

Benefits 

  • A separate home allows for complete privacy. 
  • You could have the house built to your tastes and preferences. 
  • You can alter the home to suit your requirements and needs, for example, by adding more floors as needed to an independent house. 
  • When necessary, the area could be expanded. 
  • You will have enough room for all your chores, and you can also start a small garden or do anything else that fits your style.

Drawbacks 

  • Living in an independent house may raise serious security concerns. 
  • The maintenance fee is high because you must install all the required appliances, such as the air conditioner, refrigerator, and power backup. 
  • The land’s price may increase if you need to build an independent home, making it less likely that you can afford it. 

Villas 

The easiest way to represent a home that is significantly more opulent and luxurious than the partner of a line house is through a villa. They are beautifully finished and come with modern, top-of-the-line amenities. Due to their direct road access and lack of shared walls with other homes, villas are typically independent structures. 

Villas are also exceptionally well-kept homes; they are designer estates with private swimming pools, furnished porches, sun decks, double-height porches, and other extravagant amenities for the owner. Due to their size and other amenities that set them apart from similar structures, villas typically cost more than duplexes or independent houses. 

Benefits and drawbacks of Villas 

Many people may aspire to live in a villa, but you should know its advantages and disadvantages before moving in. 

Benefits 

  • Living space is a luxury found in villas.
  • They have adequate privacy, and no one can easily invade your privacy. 
  • There is no overcrowding as it is exclusive. 
  • If you own a villa, you also acquire ownership of the land. 
  • Villas are scalable and represent a person’s distinct identity. 
  • The area and the surroundings of the villas are excellent and very tranquil. 

Drawbacks 

  • When compared to other independent houses or duplexes, villas are more expensive. 
  • A villa requires much more maintenance than another home, which increases the cost. 
  • Villa dwellers may have serious security concerns and may need private security. 

Key Differences between Villas and Independent House 

Location 

In upscale housing colonies with gated communities, where residents from comparable social strata live, villas are located on pre-delineated plots. On the other hand, independent houses are standalone structures that can be constructed anywhere. They may be built in residential areas or tucked between commercial buildings. 

Design 

Villas and independent houses are stand-alone buildings that offer comfortable and ample living space. They both stand on the plots that came with the building, but it’s not about the similarities between the ends. Villas are often modern in design, double-story, and offer all the latest in lavish lifestyles, while independent houses (also known as bungalows) typically offer traditional living space designs. 

Lifestyle 

Villas have private interior walkways, paved walkways, and meticulously maintained gardens, lawns, and hedges. You can walk or jog with your dog in these areas without worrying about being hit by a car or having your dog pushed by one because they are clean, safe, and less polluted. Independent houses constrained by their boundary walls do not offer such lovely advantages. It might be expensive and inconvenient for independent homeowners to include these extras. And, as one might expect, peaceful evening strolls or early-morning jogs on public streets for owners of independent housing may quickly become nightmares. 

Neighborhood 

Independent homeowners cannot rely on having like-minded neighbors, but you may be sure of living among individuals who share your social position. When you stay in a villa, you can be sure of the type of neighbors around you. Almost everyone will be in the same social class as you. It may not be a sure thing when it comes to independent houses. 

Security 

Most villa projects are located on secure campuses with round-the-clock security measures. When owners are away at work or on vacation, they can be confident that their property is safe. Conversely, independent residences are more prone to damage and theft. Only a few independent homeowners incur the cost of hiring security for themselves because it can be expensive. In-villa complexes where other residents share the price, 24/7 security is cost-effective. Security services make a significant difference between a house and a villa.

Amenities 

The luxuries that come with each must be considered when comparing houses and villas. One significant feature of a villa home is the abundance of opulent amenities. There could be amenities like tennis courts, jogging trails, swimming pools, gyms, and swimming pools outside. All the villa community residents have access to these amenities, which the developers provide for their villa communities. Due to the potential expense, single-family independent houses cannot afford to furnish their property with these features. 

Conclusion 

You should now understand that villas and independent houses offer a comfortable and extrinsic lifestyle. As we can see, while independent residences typically offer traditional floor plans for living spaces, villas are usually contemporary, double celebratory, and have every opulent way of life. 

We can infer from the distinction between independent houses and villas that the two remain on their respective lots and share a place with the property owner. Additionally, that is where the similarities between the two closures are found. Here’s a glance at the contrasts between these sorts of homes. 

On the other hand, separate homes could be constructed according to your needs in areas with roomy villas. Therefore, consider all aspects discussed in the article before deciding whether to buy or build a home. 

Fully Furnished Commercial Office Space for Rent in Noida

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Are you looking for fully furnished commercial office space for rent in Noida? Or searching for a prominent location in Noida? If so, read this article for a few options without leaving the house. We have collected all the data about the fully furnished commercial space in Noida for rent. 

Noida has developed into one of the most commercially focused areas. Multinational corporations and even SMEs are eager to find the best fully furnished commercial office space in Noida for economic and financial advancements because of the city’s high-end amenities and magnificent commercial lifestyle. 

Let’s take a quick look at how purchasing a fully furnished commercial office space in Noida may be beneficial.

  • In Noida’s well-known business district, rental yields are higher, and capital growth is a bonus. Rental rates in commercial real estate are considerably higher than those for homes. Due to numerous multinational corporations expanding their offices here with new businesses growing steadily, there is a significant increase in the demand for commercial office space. Noida is the hot spot for firm investors. 
  • Low Vacancies: It is essential to ensure that a property is not vacant for an extended period when investing in office space. Noida stands out as the business hub thanks to the constant demand for office space, which reduces the likelihood that the office will be vacant for an extended period.
  • Another element that makes life convenient for employees and employers who must commute to their place of employment every day is the connectivity of office space to other surrounding areas. 

Fully Furnished Office Space for Rent in Noida: Amenities 

There are many amenities available in Noida’s fully furnished and high-end office spaces, like: 

  • Conference rooms 
  • Video conferencing 
  • High-speed internet 
  • Printing and scanning services
  • Reception 
  • 24/7 Security 
  • Cafeteria

Why rent fully furnished office space in Noida 

Prime locations 

A great location is a crucial element that significantly affects your company’s reputation. One of India’s most modern and well-planned cities, Noida has cutting-edge infrastructure. 

Compared to other Indian cities, Noida’s well-planned roads are much better and have less traffic, saving travelers time. Nearly 20% of Noida is covered in greenery, providing your office with fresh air, a livelier atmosphere, and a captivating view. 

Connectivity 

Now, everyone needs to have good connectivity. Noida is regarded as one of India’s most well-planned and convenient cities, with simple access to essential locations. People who work in Noida’s stunning international offices can travel easily between places thanks to the city’s 21 metro stations and five magnificent expressways. By providing your staff with convenient access from home to the office, simple transportation can improve the efficiency of your company. Additionally, the Indian government is promoting the use of wide roads and highways, the Delhi Metro, and the Noida Metro Rail Corporation (NMRC) to increase connectivity. 

Availability of a large workforce

Economic and technological advancements have created a wealth of skilled job opportunities. Numerous well-known businesses have established themselves in the IT and ITES industries, creating employment opportunities for people. As a result of this opportunity, people have moved to Noida in search of work, boosting the city’s thriving workforce. 

News reports claim that Noida received a staggering INR 64,000 crore in investment, the most of any district in India. The city now has more than 4.5 lakh job opportunities thanks to this significant investment. 

Boosting Market Demand

Regarding commercial real estate, Noida has recently been the most popular trend. Purchasing office space in Noida can be incredibly profitable because of how much its value has grown over time. Office space is in high demand as India’s economy continues to grow. With some significant launches of high-end amenities and projects, impressive growth has been observed, adding further demand for commercial real estate properties in Noida.

 Top Office Micro markets in Noida 

  1. The high-quality office space and fantastic connectivity to other areas of Noida and Deldi make Sector 62 a well-known micro market. Numerous contemporary office complexes and coworking in the area thanks to recent significant development. 
  2.  International companies can be found in Sector 125 along the Noida-Greater Expressway. Excellent infrastructure and access to a skilled workforce are provided in the area. 
  3. Sector 132: This small market has excellent access to other areas of Noida and Delhi and is close to the Noida-Greater Expressway. Numerous startups and IT companies are based in the area. 

Depending on the location, size, and amenities provided, different premium office spaces in Noida have different rental prices. However, because they do not require upfront capital expenditures, they cost less. 

Fully furnished and premium office spaces in Noida are suitable for businesses, including startups, small and medium-sized enterprises, and large corporations. These spaces are ideal for companies that want to establish a professional presence in Noida without committing to a long-term lease or investing in expensive infrastructure. 

Bottomline 

Businesses looking to establish a professional presence in the Delhi-NCR region have options, including fully furnished and upscale office space for rent in Noida. Noida is an excellent location to expand your business in 2023 and beyond due to its first-rate connectivity, superb amenities, and flexible lease options. 

Best Property Dealers in Greater Noida Uttar Pradesh

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In difficult times, most people seek out every opportunity to reduce expenses. Who wouldn’t want to save an additional 3% on a home purchase, or $3,000 per $100,000 sale price? Buyer’s agents typically earn that amount on real estate deals, and many experts believe it is money well spent. 

Anyone can look at houses and tour them without formally working with a property dealer in Noida. A property dealer, however, can match you with the ideal property much more quickly if you make home hunting a part-time job. 

Let’s say you desire a pool or choose not to have one. You may want a kid’s playroom in the basement or a dog’s enclosed yard. If you have a specific home in mind, a property dealer is best suited to determine whether such a home exists and will also guide you through the purchasing process. 

Let’s examine some of the top advantages of working with a property dealer to purchase a home in Noida. 

Experience: 

If you want to purchase a property in Greater Noida, hire a knowledgeable and experienced dealer. He will successfully guide you through buying a property by securing a loan, arranging for the inspection and repairs, concluding a title search, and other steps due to his experience and knowledge. 

Information on market conditions: 

Market conditions determine the selling and buying prices; real estate agents know the market history and current conditions. The agent knows the average price per square foot of comparable homes, the median and average sales prices, and the ratio of supply to demand in the local micro markets.

Negotiation skills 

Unlike most buyers and sellers, property dealers can detach themselves from the feelings of the transaction, which allows them to negotiate effectively. They can evaluate the worth of a house based on their experience, so they can tell if the seller is asking for more. Some others think the agent only thinks about his commission, but this is untrue. He has a job to perform, and it’s up to him to get you the best deal on the house you want. He’s paid for it, and he understands it very well. 

Neighborhood knowledge 

When you need to learn more about a property’s neighborhood, a dealer can help. They can tell you everything from the selling history of the house across the street to information about the schools in the area. They can forecast the best-selling price of a property using their extensive database. 

Property dealers work as buffers.

When you show up or visit the property, dealers remove the spam. If you’re a new home buyer, your agent will draw a sword and keep the builder’s agents at a distance so they can’t bite you or nibble at your heels. If you’re a seller, your agent will screen out calls and work to get only serious buyers to submit an offer right away. 

Characteristics of an efficient property dealer in Greater Noida 

An efficient real estate agent can easily facilitate a successful transaction. Different roles for a property dealer include consultant, marketer, business manager, analyst, advocate, and negotiator, among others. The followings are the best qualities and distinguishing traits of a property dealer in Greater Noida:

  • Problem-solver: While there may be multiple problems, a successful property dealer can quickly find an original solution. They are adept at resolving real estate issues and have developed creative marketing plans to attract the right clients.  
  •  Self-driven: To succeed, a property dealer needs to be highly driven and able to make intelligent decisions.
  • Integrity: In a career as a property dealer, you need a solid professional reputation. A reputation can be demonstrated, such as by upholding high moral standards.
  • Hustle: It takes a lot of energy to succeed as an excellent property dealer. To have a happy client, real estate agents should be driven to follow up on every lead they receive throughout their careers. Working efficiently is just as important as putting in the necessary time. An efficient real estate agent should know every proper practice needed to close the deal.
  • Building a network of contacts within the real estate industry is one of the property dealer’s successful traits. Home inspectors, buyers, sellers, brokers, and other industry officials should be on the list of connections. 
  • The phrase “knowledge is power” is well-known. Property dealers will attract more clients if they stay current on all estate-related topics in their local markets.

An agent is your ally, whether you’re buying or selling a home. As you can see, using a real estate agent has many advantages. Remember that the growth of agents’ and realtors’ businesses depends on referrals. In other words, they’ll go above and beyond to ensure you’re happy and satisfied with their service so you can tell your friends and family about them. Additionally, the agent you choose will be there for you when you need to sell or purchase another property. This is an additional benefit and a further justification for hiring a real estate agent.

Income from House Property Problems and Solutions: Expert Proven Solutions for Landlords

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Income from a property that includes any building or land attached to it is taxable under the heading “house property.” House property is divided into three categories to calculate income under this heading: let-out, self-occupied, and deemed let-out house property. 

Based on its annual value, a house property’s income is calculated. An annual value is determined by considering a variety of variables, including municipal valuation, fair rent, standard rent, and actual rent. Even if a property isn’t rented out throughout the year, its annual value is calculated on a notional basis and, as a result, taxed. However, the yearly value of any two of these properties is considered “nil” if they are both self-occupied or the owner can’t occupy them because of his employment, business, or profession at another location. 

As per Section 14 of the Income Tax Act of 1961, there are several ways through which 

a person can earn an income. This income is taxable. For the computation of taxes, these methods are broadly categorized under five heads. Income from house property is one such source.

  • Self-occupied residential property: In this situation, no income was made. 
  • Let out house property: In this scenario, the income earned is the actual amount of rent received. 

How do we determine the income from housing? 

To calculate the income from housing, follow these steps:

  • The gross annual value of the property (how to determine the gross annual value of real estate) – A self-occupied home has no yearly value. It is the income received for a home’s rent from an occupied rental property. After that, the article will respond to a frequently asked query about how to calculate the salary for a self-occupied home. 
  •  Reduced Property Tax: The GAV of the property is reduced when a property tax is paid. 
  • Net Annual Value (NAV) = Gross annual value – income tax
  • Section 24 of the Income Tax Act permits a deduction of 30% of NAV, which can be reduced to the standard of the 30% limit; other costs like painting and fixes are not eligible for tax relief. India has strict case laws governing income from residential property.
  • Reduce house loan project: Under Section 24, mortgage interest paid during the year is also deductible. 
  • Find your house property income by multiplying the resultant value by 100. This is subject to tax at the appropriate slab rate. A self-occupied house’s annual value fluctuates according to the housing market.
  • Loss from house property: Since a self-occupied home has no GAV, taking the home loan interest deduction will result in a loss from house property. Carefully calculate the income from a residential property. 

How do you figure out a house’s gross annual value?

The amount of money the assessee earned in a given year because of the land the person or she owned is known as income from house property. The gross annual income is calculated differently for each category. The different types are listed below. 

Category 1: Residential property leased or rented over the previous 12 months

In the following situations, the gross annual value of a home that was rented out in the previous year is higher:

a. Expected rent, also known as deemed rent, is determined by using the higher of the municipal valuation or the fair rental value.

b. The exact rent amount that the assessee receives from a property that is either entirely or partially rented out.

According to the clause, the amount of rent received must be considered the gross annual value of the real estate if it exceeds the anticipated rent. If the amount of rent collected falls short of what was expected, the anticipated amount is equal to the gross annual value of the real estate.

The higher the expected/deemed rent, the higher the municipal or fair rental value. 

Category 2- Residential property partially rented or let out during the year

If a home was rented out for a specific amount of time but is vacant for the remainder of the year, there are two possibilities. 

Case 1: Despite the vacant period, the total rent collected is higher than anticipated. In this case, the actual rent paid matches the gross annual value of a house property. 

Case 2: Due to the vacant time, the total rent collected is less than the deemed rent. In this case, the actual rent received equals the gross annual value of a house property.  

Case 3: A residential property was used as a rental for a portion of the year but was otherwise self-occupied.  

In this case, the time the house property was used for the taxpayer’s use is unimportant. The higher the actual rent paid for renting out a property for a specific period or the planned rent for the entire year, the higher the gross annual. 

What is self-occupied property? 

Self-occupied property is real estate an assessee uses as their primary residence for the entire year. Even if the taxpayer’s spouse, parents, or children live there while the individual is away for personal or professional reasons, it would still be considered self-occupied property.

How is a Self-Occupied house property’s tax liability fixed?

Due to the amount of loan repayment and property tax repayment, the owner of a self-occupied home incurs a loss when there is no income from the property. The tax exemption on home loan interest for a self-occupied property is up to Rs. 2 lakhs under Section 24(b) of the Income Tax Act. Up to Rs. 1.5 lakh of the principal amount of a home loan is exempt from taxes under Section 80(C).

Residential Flats for Sale in Salt Lake Kolkata

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Salt Lake, known as Bidhan Nagar, is one of Kolkata’s planned satellite towns. It is also the city’s IT hub. The municipality of Bidhan Nagar is located in North 24 Parganas. The territory is divided into sectors I through V and then into blocks. It is a well-developed neighborhood on the city’s northeastern outskirts. 

Other well-known areas nearby are Salt Lake City, Kestopur, Lake Town, South Dum Dum, Baguiati, and Ultadanga. Much is horizontal construction, like detached homes and modest apartment buildings. 

Salt Lake City is well-liked because it offers the best commercial and residential space. This area is always in high demand from prospective homebuyers from India and abroad because it has a wide range of residential units and upgrades with all necessary infrastructure. For many years, Salt Lake City observed the expansion of Kolkata’s real estate. 

Are you looking for a home in Salt Lake City? An area with easy access to local hospitals and schools, good connectivity, and appropriate surroundings. 

Reasons for investing in Salt Lake City in Kolkata 

Connectivity 

The E.M. Bypass links Salt Lake City to southern communities, and state buses connect all major routes. The Netaji Subash Candra Bose Airport and Bidhannagar Railway Station are also nearby and easily accessible via all forms of public transportation.

Infrastructure

The infrastructure of Salt Lake City is operated and developed by the KDMA (Kolkata Metropolitan Development Authority). It is also close to reputable hospitals, educational institutions, shopping malls, amusement parks, restaurants, retail spaces, and banks. Upcoming metro railways are also contributing to the growth and demand in this sector. 

Landscape 

Salt Lake City has all the nearby areas, such as the city center, and it’s enriched with residential units like independent bungalows and top-notch flats with all the amenities where people want to live their most comfortable lifestyle. Because it has the most reasonably priced residential flats and rental apartments, this area supports working professionals and students from other states. The most convenient location for living is there, and property values are rising. The region is split into several sections, including Salt Lake Sectors 1, 2, 3, 4, and 5. Sector 5 business centers support working professionals, whereas the other sectors have housing options for all demographics. The New Town and Rajarhat are both the closest to this location.  

IT Hub 

The numerous office buildings in Salt Lake City house all the top IT centers, including Tech Mahindra, Genpact, HCL Technologies, Siemens, TCS, and Wipro. While there is severe A-grade office space in cities like Bangalore, Chennai, and Mumbai, Salt Lake City has a sizable area for providing commercial spaces that are highly regarded by reputable technical players from India and abroad. 

Places to Visit in Salt Lake, City Kolkata 

Mother’s wax museum 

It is known as the Madame Tussaud’s of Kolkata. It has gained popularity among both locals and visitors. Taking pictures next to life-size models of various personalities is entertaining. You’ll find wax statues of freedom fighters like Mahatma Gandhi, Subhas Chandra Bose, Jagdish Chandra Bose, Rabindranath Tagore, Kazi Nazrul Islam, singers such as Manna Dey, Lata Mangeshkar, and Kishore Kumar, actors such as Shahrukh Khan, and Salman Khan, sports legends like Diego Maradona and Sachin Tendulkar, and hugely popular movie characters including the likes of Harry Potter, Jack Sparrow, or the entire Avtar ensemble. 

Eco Park 

Eco Park is Kolkata’s largest park and offers a variety of exciting activities. If you come here the next time you’re looking for something to do, your day will be planned. You can play on trampolines, go biking or boating, take a toy train or even a buggy tour of the entire park, or just try to do it on foot. There is a sizable body of water where you can go kayaking, speed boating, and water and land zorbing. You can also practice ice skating, archery, and rifle shooting. A few cafes and restaurants are located within the park’s grounds where you can get a quick snack. 

Central Park

Central Park, situated in Salt Lake City, is a beautiful green space. There is a trail that resembles a forest in the park that is practically unheard of elsewhere. It is a peaceful area, ideal for a stroll. When strolling, keep an eye out for a beautiful sunrise. The park is built around a sizable lake that offers boating access. Central Park is stunning with its never-ending, enormous, lush green lawns and variety of wildlife. Numerous aquatic birds, including egrets and lesser whistling ducks, live there. It also has some themed gardens, including a vibrant butterfly garden and a well-kept rose garden.  

Salt Lake Stadium 

Vivekananda Yuba Bharati Krirangan (VYBK), also known as Salt Lake Stadium, is a multi-use stadium in the Salt Lake neighborhood of Bidhannagar, with an 85,000 capacity. According to seating capacity, it is India’s second-largest stadium. There is nothing like enjoying a football game here. Everything is beyond anything you may have encountered, including the mass, the hollering, and the snacking.

Things to do in Salt Lake City, Kolkata

Get away with virtual reality.

Nothing’s better than VIREL if you are bored and want to escape into the virtual world. With their head-mounted display and special effects, VIREL, or virtual reality entertainment and leisure gaming cafe in Salt Lake, will ensure you experience the adventures of the closest possible reality with zombies, space monsters, and even army expeditions. This may become your favorite spot to hang out with friends and engage in new-age adventures. 

Shopping 

Salt Lake is one of Kolkata’s best shopping destinations when looking beyond the city’s vibrant market scene. The AMP Vaisakkhi Mall and City Center Mall are in Salt Lake City. Both of these malls offer many different establishments for a satisfying shopping experience. The food court and other restaurants also

offer delectable fare. While hanging out with your friends, watch a movie at the theater, play video games at the arcade, or just window shop. 

Eat at the top international restaurants.

Since Salt Lake is one of Kolkata’s affluent neighborhoods, it makes sense that there are excellent restaurants there and nearby. Kolkata’s oldest and most popular Bengali restaurant is at 6 Ballygunge Place in Sector 1. You get to eat in a heritage bungalow over a century old, with walls covered in images of Calcutta. When in Salt Lake City, you should also check out Oudh 1590. This restaurant offers some of the best Mughlai food in the city and has an old charm. 

Weekend Celebration

This neighborhood holds some of the city’s hottest new bars and nightlife venues. It’s only natural to want to end your day with some drinks and good music on the weekend. Raize the Bar has a microbrewery with four different types of craft beer. The venue’s large dance floor and live music are an excellent choice for a fun evening. You can also watch sports and mingle with a lively crowd. Check out our 10 Downing Street and Backstage pubs for guaranteed top-notch music, food, and drinks. 

Communities to purchase residential flats in Salt Lake City

Ideal Aquaview, Salt Lake

Type of flats: 2, 3, 4 BHK
Area per flat: 1050-1950 sq. ft.

Ideal Aquaview is a beautiful residential community in Salt Lake City, Kolkata. It is a well-planned society with all of the necessary amenities. This property is part of an integrated township that encompasses 9 acres. In terms of the surroundings, it is very well maintained and clean.

The Ideal Aquaview is outfitted with all the modern amenities and facilities required to live a comfortable lifestyle. For the convenience of its residents, amenities such as a banquet hall, jogging and strolling track, outdoor tennis courts, flower gardens, guest accommodations, a kid’s play area, a library and business center, a meditation area, and multipurpose courts are available.

2. Karunamoyee Housing Society, Salt Lake

Type of apartments: 2, 3 BHK
Area per apartment: 680-1100 sq. ft.

Karunamoyee Housing Society is a well-thought-out residential development in Salt Lake City. It is a large-scale housing society of the highest quality. The proximity to major public infrastructures such as malls, educational institutions, and hospitals is the highlight of this society. It is also close to top consulting and IT firms in Salt Lake, which form the economic backbone of Kolkata.

Karunamoyee Housing Society provides basic amenities such as a clubhouse, security, maintenance staff, and a kids club to its prospective residents to offer comfort and convenience.

3. Sourav Abasan, Salt Lake

Type of apartments: 2, 3 BHK
Area per apartment: 892-1100 sq. ft.

One of Salt Lake City’s most aesthetically pleasing residential communities is Sourav Abasan. It is a relatively compact property with a 1-acre lot. The location is peacefully surrounded and designed to offer comfort. Sourav Abasan provides affordable residential apartments. Especially given the low cost of the housing.

This society includes all the amenities and facilities required for a simple modern lifestyle, such as a lift, reserved parking, security, visitor parking, maintenance staff, flower gardens, power backup, waste disposal, jogging, and a strolling path, to name a few.

4. Sun Helios Mansion, Salt Lake

Type of flats: 1, 2, 3 BHK
Area per flat: 464-1458 sq. ft.

Salt Lake City’s Sun Helios Mansion is a top-notch housing complex. This magnificent residence has been thoughtfully constructed and equipped with all the contemporary amenities required for a relaxed and comfortable lifestyle. As the name suggests, Sun Helios Mansion apartments are light and get a lot of sun during the day. It is also well-ventilated and airy.

To give potential residents a convenient place to live, Sun Helios Mansion includes amenities like a 24-hour water supply, 24-hour power backup, CCTV surveillance, covered parking, indoor games, a landscaped garden, a lift, a party area, rainwater harvesting, and security personnel.


5. GPS Meena Avalon

Type of flats: 2, 3 BHK
Area per flats: 902-1387 sq. ft.

GPS Meena Avalon is a residential society located in Salt Lake City. The many benefits of this property make this house a fantastic choice. It is enhanced by a prime location, a luxurious lifestyle, top-notch amenities, and healthy surroundings, making it even more alluring and impressive.
The interiors are equally stunning due to the designer tile flooring, granite countertops, contemporary sanitary fittings, and large windows for adequate lighting.

GPS Meena Avalon offers a variety of facilities, including a landscaped garden, earthquake resistance, CCTV surveillance, a gym, a play area, a lift, a clubhouse, parking, fire safety, a jogging track, 24-hour power backup, drainage and sewage treatment, table tennis, security, and  24-hour water supply. In addition, suitable security equipment is installed to guarantee the residents’ safety every day, every week. 

Explore Finest Flats in Delhi for Rent: Renting Made Easy

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There are many flats for rent in Delhi, but when looking for your “first apartment,” a few questions arise: which apartment should you choose? Which one best suits my lifestyle? Which flat would be the most accommodating for you?

Choosing how the space will be used and organized is crucial because every flat is alike, and each offers its residents a different experience. Here are many apartment types broken down by size: These suggestions will assist you in selecting your ideal flat for rent in Delhi that will serve as your new residence.

  • Sharing a flat is contrary to doing so in a room! It is similar to a house where several people live together. The use of shared flats is intended to save money on rent. It also enables a company to be run by a single individual, reducing maintenance. Independent workers who frequently travel without their families want this kind of apartment. 
  • Most bachelors favor closed-studio apartments, as the most prevalent type, for their privacy and sense of security. This type of Delhi flat for rent can comfortably accommodate two to three people or one significant other. As a result, it is a long-term option for single bachelors seeking freedom and stability. 
  • Getting an apartment to rent and turning it into an office has become common, if not downright profitable, in the modern world of startups. A shared office is a collaborative work environment where entrepreneurs, consultants, start-ups, and freelancers can work independently, create projects, and projects, and network with coworkers. 

Finding an ideal apartment to rent in Delhi can be challenging at first, but if you concentrate on what you need from this apartment, you will find it easier as you go. Be sure to get consulting from Propertywala. We’re ready to help you find the perfect place to stay.  

Where to move in?

Old Delhi, also known as Purani Dilli, and New Delhi, also known as Nayi Dilli, are the two distinct neighborhoods that make up the capital city. While the congested and winding streets of Old Delhi are well known for their eateries, historical sites, and rich culture, New Delhi offers a fresh alternative. 

Here are a few quick tips if you are wondering where to start looking for a place to stay. 

Locality 

It can be challenging to relocate, especially if you don’t know which neighborhood to choose. Unlike Pune, Delhi offers a wide variety of housing because they are dispersed throughout the city. In most areas of Delhi, there is a high likelihood of pollution and poorer air quality. To ensure your safety, you should purchase an air purifier. 

Try to find a flat, preferably in a gated community or a safe area, closer to your place of employment, even though Delhi has a high cost of living because it is the capital and is close to other states. That will make your commute shorter and cheaper while keeping you safe. 

Amenities 

Take time to walk around and explore the area after choosing a place to stay to get a sense of the neighborhood. If you need anything later, it’s always a good idea to scope out the closest pharmacy or grocery store. Delhi offers all the benefits that come with living in a big city. Make the most of your new city life using apps like BigBasket, Dunzo, and Grofers. 

Delicacies 

Delhi will be a foodie’s paradise if you love to eat! Delhi is like a street food buffet. Delhi’s street food is to die for, with multiple dishes ranging from paranthas at Chandni Chowk to chicken specialties at Purani Dilli, chaats, and spicy momos. Go on, munch away!

Daily commute 

Delhi has an excellent metro system, making getting around the city relatively simple. Delhi’s metro system is reasonably priced and has nearly eliminated the difficulties of using public transportation on the roads. With the metro line expanding each year, there are plenty of options close by if you still need to travel by car. It is easy to locate a DTC bus, an auto rickshaw, or a cycle rickshaw anywhere in the city. 

Before moving in…

Finding an ideal place to live in a new city is harder than adjusting to the work culture of the new workplace. 

Searching for a rental apartment has become a skill a person coming to a new city should learn. So here are a few pointers to keep in mind while searching for a rental accommodation so that you don’t just land a place to crash but rather to live! 

  • Rent: The most essential factor to consider when looking for housing is the rent. 

Always consider your income and the expenses related to the rent, such as the water bill and maintenance. 

  • Water Supply:  Water supply is a serious issue today, particularly in urban areas like Delhi, Bangalore, etc. Landing in a desirable location is useless when there’s no adequate water supply. Water is one of the essential commodities without which we cannot survive; hence, it will do you more harm than good. 
  • Power backup: Lack of access to WiFi, air conditioning, and other amenities can result from power failure. When your boss tells you to leave because you can’t finish the work from home, it can feel like a curse from your landlord and a nightmare. So make sure you have a reliable backup system. 
  • Security deposit: An expensive security deposit is a pain. In cities like Bangalore, you must submit a security deposit as large as the rent ten months in advance. So consider this factor and try to negotiate it as much as possible. 
  • Furnished: High rent, staying in a partially furnished apartment wastes your time and money. Spending a lot of cash on new furniture for your apartments is not a good idea. 

Planning to rent a flat in 

North Delhi 

The National Capital Territory is located in North Delhi, giving it special status as Delhi’s administrative district. The Town Hall, Tis Hazari, and Mutiny Memorial are well-known landmarks in North Delhi, where it has historically been the major tourist destination. North Delhi is home to the Delhi School of Economics and quaint, historic markets like Sadar Bazaar, Khan Market, and the Bazaar. The Delhi School of Economics and charming, old markets like Sadar Bazaar and Khan Market can be found in North Delhi. If you love shopping, there’s something for every budget at Sadar Bazaar. Recommended! Finding a place in Rohini Sector 18/19, GTB Nagar, Model Town, or Kamla Nagar is a deal if you want to relocate here. Because of its level of connectivity and other significant factors, north Delhi also has residential status. 

South Delhi 

Regarding the standard of living in Delhi, the New Delhi Municipal (NDMC) could be the best option, but South Delhi is a close second. Some of Delhi’s best restaurants, nightclubs, and tourist attractions are in South Delhi. South Delhi is the location of all significant properties and housing options, and it is renowned for its quiet neighborhoods and convenient access. Qutub Minar, Humayun’s Tomb, Lotus Temple, and Hauz Khas are other famous landmarks in this area. 

It’s best to look for a place near Malviya Nagar, Rohini (Sector 24), Lajpat Nahar, or Greater Kailash if you’re looking for a place to settle down in South Delhi. Saket and Malviya Nagar due to its proximity to Gurgaon, major city landmarks, and shopping centers. 

East Delhi 

East Delhi, a significant area of Delhi along the Yamuna River, is now a necessary component of Delhi because it houses its administrative and commercial hubs. One of the most upscale residential areas, shopping centers, and elegant restaurants are all located in East Delhi. 

Preet Vihar in East Delhi is a well-liked neighborhood because of its educational institutions and popular hangout spots. If you want to move to East Delhi, several areas have affordable housing options, including Mayur Vihar, Preet Vihar, New Ashok Nagar, and Laxmi Nagar. Mayur Nagar is a highly recommended neighborhood for families and single people due to its proximity to Noida and other essential parts of the city. 

West Delhi 

West Delhi is another option if you’d like to rent a flat in Delhi. Additional security measures are in place because this area is a part of the National Capital Territory of Delhi. West Delhi has excellent access to all of Delhi’s districts and a moderate cost of living. 

This is a fantastic choice because it has many amenities like convenience stores and several restaurants. You can find any type of housing that fits your budget in this area because the cost of living is quite reasonable. As a result of its large neighborhood and selection of low-cost housing. Dwarka is a highly recommended location. Depending on your needs, look at the apartments near Janakpuri, Rajouri Garden, or Tagore Garden. 

Explore Lucrative Plots for Sale in Hyderabad: Invest Wisely & Secure Your Future

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Are you interested in investing in plots for sale in Hyderabad? Real estate is one of the main things that attracts inventors’ attention. People believe real estate is the safest investment because property prices rise frequently. So, who doesn’t want a return on investment?

Furthermore, real estate can be used to generate rental revenue, which is another reason why many people consider it an investment. People may consider investing in real estate for many reasons, which may explain why demand is increasing. The buyer and seller are the only ones who care whether the property is an office or a residence. The need for residential plots is skyrocketing.

Plots have undoubtedly become the go-to choice for investments in the post-pandemic real-estate marketplace. 

Popular plot features in Chennai 

If you’re looking for residential plots for sale in Hyderabad, many of the available lots include the usual amenities, such as:

  • Internal roads and footpaths: Most plots in Hyderabad include internal roads and paths to facilitate travel within the neighborhood. 
  • Gated community: To ensure safety and peace of mind, most residential plots are part of a gated community with security guards. 
  • Water Supply: To make life easier, all residential plots include a reliable water supply. 
  •  Sewage System: For safe living, most residential communities have sewage systems. 
  • Electricity: You can be confident that every plot will have a continuous power supply.
  • Gas supply: Cooking gas is also supplied to many residential areas in Hyderabad. 

To live comfortably in your new neighborhood, it’s crucial to consider all of this when choosing your plot. 

Factors to consider when purchasing a plot in Hyderabad

Here are a few things to consider before purchasing a residential plot in Chennai. 

Building Restrictions and Zoning Regulations

Be sure to familiarize yourself with all building restrictions and local zoning laws before doing anything because they will dictate what can be situated on the property. If you want to create something specific for commercial or residential use in the future, knowing what kinds of buildings can be erected in advance can save you a lot of trouble later on. 

Size 

When buying a plot in Hyderabad, you should also think about the plot’s size. The plot’s dimensions must be appropriate for the property’s intended use and financial constraints. A larger area might incur higher maintenance costs, while a smaller area may force you to give up space and comfort. Pick a size that fits your needs after carefully considering them. 

Location 

Before making a purchase, it’s critical to understand the neighborhood and determine whether it meets your needs. Do your homework and look into the area, amenities nearby, accessibility, and available public transportation. You can use this information to decide if this is the perfect place to live. 

Benefits of investing in plots in Hyderabad 

  • Lower Investment cost: Particularly in India, unoccupied plots are less expensive than standalone villas and apartments. Furthermore, property taxes for plots are lower than those for houses. Additionally, the cost of maintaining the land will not be prohibitive. 
  • Higher Return on Investment: If open plots are located in areas that are anticipated to experience growth in the future, their prices will typically rise more dramatically than residential assets. For instance, a plot’s value will undoubtedly increase if it is close to a highway or in an area where significant resources are being invested in building necessary infrastructure, bringing profits to the owner. 
  • Provisional choice and flexibility: People have much more leeway when pieces of land according to are more affordable. Plots can also be used for a variety of purposes. Some people build people homes on lots, while others prefer to create farms and henhouses. You can design your home as you make it on your build to suit your needs. Independent homes or apartments with distinctive designs are up for sale. Depending on your preference, you can also choose the neighborhood of your choice. 
  • Easily Manageable: It is also easy for owners of uninhabited lands to manage their properties much better, even from distant locations, than homeowners, as their properties do not attract maintenance overheads, unlike individual homes or apartments.  

In Hyderabad, there are 665 residential lands to buy on Propertywala.com, with prices ranging from Rs. 1.39 lakh to Rs. 30.6 crores (an average of Rs. 18,282 per square meter). Shadnagar, Kothur, and Ibrahimpatnam are locations where people go most often. 

Plots in Kothur, Hyderabad 

In Kothur, Hyderabad, there are 44 residential lands for sale on Propertywala.com, with prices ranging from 4.7 lakhs to 88.67 lakhs (or, on average, Rs 12,722 per square meter).  The plots provide features like a clear title, freehold land, a plot boundary wall, a society boundary wall, a corner plot adjacent to the main road, a green belt facing, water connection, electric connection, and connectivity to hospitals, schools, and shopping malls. 

Plots in Ibrahimpatnam, Hyderabad

In Ibrahimpatnam, Hyderabad, there are more than 40 residential lands for sale on Propertywala.com, with prices ranging from 5 lakhs to 80 lakhs (on average of 1089 sqft). The plots are near well-known towns, hospitals, or schools and adjacent to the main road.  

Conclusion

It’s a good idea to familiarize yourself with the various localities, amenities, and social infrastructure. If you’re looking for residential plots for sale in Hyderabad. To make the best choice when selecting an area, you can also look into the zoning laws and the city’s development plans and become familiar with the market rates and other pertinent information.

Finding the ideal plot in Chennai can be difficult, but with the right advice and investigation, you can make a wise choice. You can find the perfect location for your future home among the assortment of residential plots offered for sale in Chennai.

THE FUTURE OF INDIAN REAL ESTATE BY 2040

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A small look at the real estate industry:

The word “real” is derived from the Latin root rex, which means “royal,” since the kings, in the past, used to own all land in their kingdoms. It is said that real estate is one of the most globally acknowledged sectors in the world. If we know real estate in terms of business, it means the game of producing, buying, and selling property. According to all the sectors of the economy, the construction industry ranks third among the 14 major sectors in terms of direct, indirect, and induced effects.

In India, after the agriculture sector, the real estate sector is to be considered the second-highest employment generator, and it is also expected that this sector will sustain more non-resident Indian (NRI) investment for the short term and the long term. Bengaluru is the top city that is expected to be the most recommended property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun. 

The market size of the real estate industry by 2040:

The real estate market will grow to Rs. 65,000 crores (US$ 9.30 billion) from Rs. 12,000 crores (US$ 1.72 billion) in 2019 by 2040. In India, this sector is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021, and it will contribute 13% to the country’s GDP (gross domestic product) by 2025. India’s growing infrastructure is much needed to grow, as retail, hospitality, and commercial real estate are also growing significantly. Within a year, India’s real estate sector saw over 1,700 acres of land deals in the top 7 cities. In the commercial real estate sector, foreign investment was at US$ 10.3 billion from 2017-21. 

According to the report of ICRA (Investment Information and Credit Rating Agency of India Limited), Indian firms are expected to boost >Rs. 3.5 trillion (US$ 48 billion) through infrastructure and real estate investment trusts in 2022. According to the Savills India report, the real estate demand for data centers is expected to increase by 15-18 MSF in the year 2025, whereas in 2021, around 40 MSF were delivered in India. Now, It is expected that the country will have a 40% market share within 2-3 years, and India is looking to deliver 46 MSF in 2022. In India, a total of 55,907 new housing units were sold in the 8 micro markets between July 2021-September 2021, which means there is 59% growth year over year, whereas, in the third quarter of July-September 2021, new housing supply stood at 65,211 units, and increased by 228% YoY across the top 8 cities when compared with 19,865 units launched in the third quarter of 2020. When it comes to commercial space in Gurugram, it is expected to record increasing investments in 2021-22. 

According to the Economic Times Housing Finance Summit, about 3 houses are built per 1,000 people per year, compared with the required construction rate of 5 houses per 1,000 people. The current shortage of housing in urban areas is estimated to be 10 million units. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the country’s urban population.

Growth of Real Estate Portals

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With the onset of e-commerce, most retailers and sellers prefer to sell their products online, so it is only natural that, for the time being, the real estate market would follow the trend. Online property portals guarantee to be a noteworthy decision, offering an ample market with a much more hassle-free experience for all the peeps who are looking to buy, sell, or rent. 

In the past few years, real estate portals have evolved, in a nutshell. Gone are the days when exploring was confined to a particular region or developer. Real estate property portals are now supported by verified, extensive data analysis of every micro market, along with detailed property descriptions. These online portals are not only a one-stop destination for buying, renting, and selling, but also provide advice on getting financial loans and legal particulars.

Our significant center of attraction is to seek the answers to some questions, as- What is the Indian consumer searching for? The ways he is using it, the constraints he is facing, etc. And answering these inquiries with tech-driven solutions appears to be the route ahead in creating a robust business for the future. 

In India, the online real estate market is on the rise, with more and more people turning to the web for their property research. According to the statistics, over 5 million people are using the internet to research properties. And there are a few of its advantages, which are mentioned below: 

  • For migrants moving to a new city, online portals enable them to access information in one go. 
  • Listing your property online is normally free.
  • Both purchaser and dealer have immediate access to data that avoids the hassle of various phone calls and site visits. 
  • Purchasing, renting, and selling property is possible without contacting any real estate agent.
  •  All properties will be verified by the site itself to guarantee that no forged postings are available. 
  • Most sites permit photographs of the land which makes it easier for the potential buyer to have a sneak peek at their desired project.
  • Online property portals consist of filter options that provide the means to the customer to match their exact requirements. 

As the growth of the online real estate portal is our fundamental goal, in order to achieve that, we need to take care of our customers’ needs and dig deeper into how to make the market rise and our buyers happy.

Property tax for buyer

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India is the world’s second-largest country by population and one of the most rapidly growing economies, making it a hotbed of real estate investment activity. The Indian real estate market is estimated to be worth US$180 billion and is expected to grow to US$1 trillion by 2030. The Government of India levies taxes on real estate transactions. 

Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax Deducted at Source (TDS) on the property is applicable when the value of the property is more than Rupees 50 lakhs. The buyer is required to deduct 1% of the value of the property as TDS, which is to be deposited with the Income Tax Department. Then submit TDS online by the 30th of next month in which TDS is deducted. Buyer is not required to take a TAN. Buyers can fill the form 26QB available on www.T I N – N S D L.com and deposit the government TDS. The buyer is also required to provide the seller with a TDS certificate in Form 16B as proof of payment. It is applicable on all properties except agricultural land.

Let’s have a look at some of the points to be noted:

  1. TDS is calculated on the base amount excluding GST.
  2. If the amount is paid in installments by the buyer, deduct 1% from each installment.
  3. In the case of a home loan, TDS is deducted at the time payment is made to the seller, not at the time when EMI is paid to the bank.
  4. In case there are two buyers and the individual purchase price is less than 50 lakhs but the combined purchase price is more than 50 lakhs, then TDS will be deducted.
  5. This is also applicable when the buyer is a nonresident Indian.
  6.  If the seller does not provide PAN, then TDS is to be deducted @20%.

In case of default to deduct or submit TDS

If the buyer does not submit TDS, the sub-registrar will not register your property, and you will not be able to get the property transferred to your name. TDS is a mandatory document and must be submitted to the sub-registrar. You can get a notice from the tax department as well. In some cases, officers can impose a penalty of Rs. 1 lakh as well.

If a buyer does not deduct TDS, the interest charged will be approx @1% per month.

And if a buyer deducts TDS but does not deposit it, interest can be around 1.5% per month.

Now the amount to be deducted would depend on the residential status of the seller, and the residential status of the buyer would not be considered.

TDS applicability if a Seller is an Indian resident

If the seller is an Indian resident, as discussed above, deduct TDS of 1% of the entire sale value and deposit the same with the government.

If the Seller is a Non-Resident Indian (NRI)

Here, TDS is to be deducted regardless of purchase price, it must be deducted on all properties.

This TDS will be on capital gains tax, which is the sale price minus the purchase price minus the expenses.

Nature of Capital GainsDescriptionTDS Rate on Sale of Property by NRI
Long-Term Capital GainsProperty held for more than 2 years20%
Short Term Capital GainsProperty held for less than 2 yearsIncome Tax Slab Rates of Seller

So, if the property is sold after 2 years, TDS will be deducted by the buyer at 20%. There will be a surcharge, for health, and education of 20%, depending on the budget of the property sale price. If the property is sold in less than 2 years, the nature of the capital gains will be short-term capital gains, and the TDS will be as per the IT slab for NRIs. 

The buyer will submit Form 27Q online and the TDS online. The buyer will give proof that TDS is deducted from the seller by giving Form 16A-NRI. If TDS is not deducted or deposited, the government will catch hold of the buyer, and the buyer must deposit it.

PMAY – Pradhan Mantri Awas Yojana

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What is PMAY?

PMAY is Pradhan Mantri Awas Yojana – Urban, which was proposed to serve housing for all in urban areas by the year 2022. This is a flagship Mission of the Government of India being applied by the Ministry of Housing and Urban Affairs (MoHUA). It was launched on 25th June 2015. This is also known as Housing for All.

In this mission, the lack of houses in urban areas is among the Economically Weaker Section (EWS) or Low Income Group (LIG) and Middle Income Group (MIG) groups including the slum occupants by ensuring a pucca house to all urban households who are eligible for this scheme when the Nation completes 75 years of its Independence in 2022.

In the execution and success of PMAY(U), State Level Nodal Agencies (SLAs), Urban Local Bodies (ULBs)/ Implementing Agencies (IAs), Central Nodal Agencies (CNAs), and Primary Lending Institutions (PLIs) are the main contributors, and plays an essential role in it.

According to the guidelines of PMAY(U), the size of a house for EWS could be up to 30 sq. meters of carpet area, however, States/UTs have the flexibility to increase the size of houses in approval and consultation with the Ministry.

PMAY(U) EXTENDED TILL 31, DECEMBER, 2024:

According to the government statement, everyone knows that this scheme was launched in 2015 with the target of constructing over 1.12 crore homes in urban areas by August 15, 2022, but the Cabinet approved an extension till December 31, 2024. So, the houses already approved are completed. This is because while the initial order for houses was 1.12 crore, the Housing and Urban Affairs Ministry has approved 122.69 lakh houses, of which 102.59 lakh have been grounded and 61.77 lahks have been delivered as on August 1. 

As per the statement of the Lok Sabha on July 21, Housing and Urban Affairs Minister of State Kaushal Kishore had said: “A proposal seeking extension of the mission up to March 2024, to complete all houses authorized under the scheme up to 31 March 2022 without changing the funding pattern and implementation methodology, is under consideration. Meanwhile, a temporary extension of 6 months for all verticals except Credit Linked Subsidy Scheme has been granted.”

MISSIONS AND FACILITIES UNDER PMAY(U):

The mission covers the whole urban area, including statutory towns, notified planning areas, industrial development authorities, development authorities, special area development authorities, or any such authority under state legislation that is authorized by the functions of urban planning and regulations. Under PMAY (U), all houses have amenities like toilets, electricity, a water supply, and a kitchen.

ELIGIBILITY CRITERIA FOR PMAY (U)?

This mission provides ownership of houses in the names of the female members or in a joint name to promote women’s empowerment. Although, preference is also given to differently-abled persons, senior citizens, STs, SCs, OBCs, minorities, transgender people, single women, and other vulnerable and weaker sections of society. 

The eligibility criteria for the Pradhan Mantri Awas Yojana are as follows-

  • The Applicant’s Family must not own a house in any part of the country.
  • PMAY is accessible for an economically weaker section (EWS), LIG (Low Income Group), MIG-I (Middle Income Group I), and MIG-II (Middle Income Group-II) sections of society.
  • The family should not have a pucca house in their name or any family members.
  • The subsidy is notifying both banks and housing finance organizations.

Legal documents to be checked before buying property

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Today, we will discuss the 12 legal documents we must check before purchasing a property. What are those legal documents, let’s have a look. We have often heard cases of people buying a property that is owned by somebody else or has been mortgaged to the bank. Eventually leading to money getting stuck on the buyer and leading to unwanted court cases. So, to save your time, and money and have peace of mind, always check the below legal documents before buying a property. 

TITLE DOCUMENT: The first document is the title document. The meaning of the title document is from whom you are buying this property. In short, it refers to ownership of the property. Insist on seeing the original, and not a copy of the title deed because it will also tell you whether the seller owns the property legally or not. A buyer should check the original documents either the sale deed (it means the person who sells the property to you from where he gets that property, you have to look into that sale deed), gift deed (sometimes in such cases there is no sale deed of the property, the seller has got it from someone as a gift, so check the gift deed of that property), or conveyance deed ( conveyance deed, means the seller has bought it from any UID or corporate instruments). Although, the conclusion of all these deeds is to check and verify the property. 

CHANNEL DOCUMENT:  The second document is channel documents also called hawala documents. It means when the property is sold from ‘A’ person to ‘B’ and then from ‘B’ to ‘C’. so, whenever the property is sold out and a registered deed is built or any trail is built on, then you have to check everything in it. That’s why it is also known as a hawala, where the property is transferred from one person to another person. So, in this document, you have to check all channels.

ENCUMBRANCE CERTIFICATE: The next and most important one is the encumbrance certificate. This certificate tells you whether the property has any tax or is mortgaged, or has any penalty on it. Generally, we don’t look at this certificate but for safety purposes, you should go to the sub-registrar office, and fill out form number 22, it is almost in every state but it can vary in every state. So, you have to pay those nominal fees and you will get every information about that particular property. Like; who has bought this property, who sold it, taxes on the property, or any pending penalty or not. Therefore, if there is nothing pending then through form number 15, you will get it back and otherwise they answer back every pending detail of the property. But, there is also one limitation, if the registry department has no information available then they are also not able to provide any information to you. So, you must not depend completely on this as well. 

OCCUPANCY CERTIFICATE: The fourth one is OC. Normally, if anyone buys a property from a developer, then in that case they get the OC from a particular UID or the local government. Also, look at the other sanctioned plans from the builder. 

POSSESSION LETTER: The fifth one is the possession letter or it is also called the allotment letter. If you are buying any flat or property then you must check whether the builder has the possession letter of that particular property or not. This letter is given by the government when all the rules and regulations are followed.

 MORTGAGE: Next one is the mortgage, in which you have to check whether the property you are buying has any type of mortgage/loan or not. Although, if the property is mortgaged then the property should not be bought by the buyer.

TAX RECEIPTS: It is on every land purchase. The municipality takes land taxes. The only thing you have to check is to see whether the previous owner of the property has completely paid the taxes or not because it helps you to save your liabilities and you also get to know who owns the land. 

UTILITY BILLS: The next one is utility bills. You have to check whether the previous owner has paid all the utility bills or not. For example, electricity or water bills.

CAR ALLOTMENT LETTER: The ninth one is the Car Allotment Bill which means if you are buying any flat or property in the metropolitan area, there is a letter for a car parking area. So, you must check whether you get the car allotment letter or not from the owner. If the owner has no car allotment letter then you have to face some problems regarding it in the future.

RESIDENTS WELFARE ASSOCIATION (RWA): This point is for those people who take any property or flat or used to live in a building where the residential welfare association is already made. So, you have to look for NOC whether the previous owner has NOC or not because usually, people don’t pay the maintenance charges of the society and then the next owner will have to pay those liabilities.

MUTATION: The next document is mutation also called JAMA BANDI. It is additional evidence. In this document, you have to check whether the government documents have the previous owner’s name registered or not, and the day when you buy a property then you must register it in your name.

Conversion Certificate: The last and most important document is the conversion certificate. Mainly, there are two types of land- one is agricultural land and the other is non-agricultural, Therefore, you must not buy residential/commercial property built on agricultural land, and you must verify if the seller has converted the property to non-agricultural from agricultural if it can be done. Therefore, it is important to look for the conversion certificate.

India’s 5 most expensive houses

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Reliance Industries Limited chairman, a business tycoon, Mukesh Ambani is one of the wealthiest men in India. Therefore, a man who currently holds the title of 11th richest person in the world lives in Antilia, the most expensive private residence in India.

  • It is located at Altamount Road, Mumbai, Maharashtra
  • The area of Antilia (in sq. ft) is: 4 lakh sq. ft
  • Total no. of floors: there are 27 floors
  • Mukesh Ambani’s house has approx. 600 staff
  • Other vital features: It has 9 high-speed elevators, a Private movie theater, 3 -helipads, a hanging garden, an ice-cream parlor, a salon, and a gym. Apart from this, there is a parking space for 168 cars with 6 floors of car parking.
  • House price: 15,000 Crores Approx. ( The price of the house is approximately 15,000 crores).

Gautam Vijaypat Singhania, the chairman, and MD of the Raymond Group, the world’s largest producer of suiting fabric. He has a mansion that is called JK House, which will be a combination of a private residence and a textile showroom.

  • The location of the house is: Altamount Road, Mumbai, Maharashtra, located next to Antilia
  • The area of the house ( in sq. ft) is: 16,000 square feet 
  • The total no. of floors is: 30 
  • Parking floors are: 6
  • Some other features: 2 swimming pools, a spa, a gym, and 1 helipad.
  • The price of the house: 6000 crores.

A top businessman in India and the Chairman of Reliance ADA Group Mr. Anil Dhirubhai Ambani’s property offers luxurious and 7-star hotel amenities. This luxury villa is known as Abode. Let’s have a closer look at this magnificent property.

  • It is located at Pali Hill, Mumbai
  • The area of the house ( in sq. ft) is: 16,000 sq feet 
  • The total no. of floors is: 17
  •  Other vital features are a: Swimming pool, gym, 1 helipad, parking space, and lounge area displaying Ambani’s car collections.
  • The price of the house is 5,000 Crores.

Jatia House is also one of the most expensive houses. It is owned by the chairman of Aditya Birla Group, Mr. Kumar Mangalam Birla who is also a Chartered Accountant.

  • Jatia House is located at Little Gibbs Rd, Malabar Hill, Mumbai.
  • The area of the house (in sq. ft) is:  30,000 square feet 
  • The total no. of floors is: 3 
  • Some other features of Jatia House are a grand garden, a pond, a central courtyard, and 20 bedrooms.
  • The price of the house is 425 crores.

The King Khan of Bollywood, Shahrukh Khan is one of the most loved stars in the Hindi film industry. His house, Mannat, is a famous landmark in Mumbai city. His house looks very glamorous and has become a tourist place for his fans.

  • The address of the house is Mannat, Land’s End, Bandra, Mumbai.
  • The area of Mannat (in sq. ft) is: 27,000+ square feet
  • There are: 6 floors
  • Other vital features in Mannat are multiple bedrooms, living areas, a gym, pool, a library, a private movie theater, Shahrukh’s office, an impressive terrace, and a bar. 
  • The house price is: estimated to be around Rs 200 crores.

PRECAUTIONS TO BE CONSIDERED WHEN BUYING A PROPERTY

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  1. Clear title is a necessary prerequisite and thorough due diligence when
    purchasing a property:     It means when a home with a clear title is transferred to
    someone else, that person becomes the sole undisputed owner, and no other
    the party can make any kind of legal claim to its ownership. See the titles of the
    document of the last 40 years.
  2. No encumbrances or liens: such as taxes and loans: please check that the
    property has no previous taxes pending or previous unpaid loans.
  3. Make sure that the sale deed includes no conditions: It is important that the
    the seller clearly states whether or not there are any conditions attached to the sale of
    the property, such as a no-return policy or other contingencies.

DESCRIPTION

To make sure that you get a good deal when you buy a property, there are certain
factors that you should consider and precautions that you should take. A clear title,
along with no encumbrances or liens. To ensure thorough due diligence when
purchasing a property, make sure that the sale deed includes no conditions such as
restrictions on future mortgage payments or other restrictions on the use of the property.

Unforeseen Charges in Buying a Property

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  1. PLC (PREFERENTIAL LOCATION CHARGES) – It is applicable between 150-
    200 per square foot.
  2. PARKING CHARGES – It is 5%-7% of the base price.
  3. INFRASTRUCTURE DEVELOPMENT CHARGES (IDC) – It is 6%
  4. EXTERNAL DEVELOPMENT CHARGES (EDC) – It is 5%
  5. CORPUS FUND/ IFMS – It is anywhere between Rs 50,000
  6. POWER BACK-UP – It is between 1 lakh to 1.5 lakhs.
  7. AMENITIES AND CLUB CHARGE – It is around Rs. 50,000 to Rs.1.5 lakhs.
  8. STAMP DUTY AND REGISTRATION CHARGES – They are 5-10% of the
    property’s value.
  9. GST – The effective GST rate is 12%.
  10. BROKERAGE – Brokers charge a 1-2% fee on the property’s final value.

Assuming the basic price of a property is Rs. 45 lakhs, the final payment would be
around. 58 to 67.5 lakhs which include the extra charges.

What is carpet area and what is included in it?

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When you are buying a residential property, you may hear terms such as carpet area,
built-up area, and super built-up area. These terms describe the size of an apartment.
Understanding these differences can help you make an informed decision about
whether a particular property is right for you. This short video will help you understand
the differences between these terms.

There have been some changes as the internal walls were not included in the carpet
area but after RERA, these walls which divide the room are included in this term.
Though Load-bearing walls are not included in carpet area calculations.

How to calculate the Super built-up area

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When you purchase a property, there is the term “super built-up area”. It means the build-up area of a flat and plus pro rata common area. For example, the total common space is 8000 square feet among 8 flats in a complex, so the pro rata common area of a single flat will be 1000 square feet.

So, the loading factor is the difference between the Super built-up area and the carpeted area.

Let’s assume that on the fifth-floor society, Ajay owns an apartment with a built-up area of 1,000 square ft. On the same floor, Darkshit owns an apartment with a built-up area of 2,000 square ft. The total common area on the floor is 1,500 square ft. 

Now let’s calculate the super built-up area of these two apartments. To do this, we divide the ratio of their built-up area from 1 to 2 and add 500 square ft extra space in Ajay’s total built-up area and 1,000 square ft extra in Darkshit’s built-up area. These calculations give us a total super built-up area for Ajay’s apartment of 1,500 square ft and for Darkshit’s apartment of 3,000 square ft.

BEST TIPS TO HIRE A BROKER IN INDIA

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Real estate is one of the largest industries in India. There are several companies of real estate agents who work as intermediaries between buyers and sellers of property. Finding an agent for real estate can be a difficult task. There are so many different qualities and attributes that you might want to look for, and finding someone who has them all is impossible. However, there are some basic qualities that you should look for in any potential agent.

Whenever we hire a broker for our real estate transaction, we must list our requirements clearly. For example, what type of property you want, locality, etc. As brokers don’t specialize in the entire area. So, they might show options that they’re selling. So, make it your job to be clear about what you want to purchase.

If you are looking for a real estate broker, choose a registered one. This will provide you with another level of trust and credibility. This is because the Real Estate (Regulation and Development) Act, 2016, (RERA) requires real estate brokers to be registered with the state RERA authority.

You should always ask about the latest pricing and gauge the broker’s market knowledge. Excelled brokers always know about the locality from when the area has been created, the future of development of the area, and capital rates of the area. They should have good interpersonal skills and find out how good they are at conversing with clients.

You need to find out how many years they have been in the real estate business, their record on selling the property, the number of deals they cracked, what their credentials and qualifications are if they have experience, etc. Ask all brokers you are communicating with for details on previous clients and speak to the clients so that they can also give their reviews on that particular broker.

Always find an agent who is willing to spend enough time with you until you find the property that suits your desires. A broker should understand the nuances and will advise you accordingly.

Buyers need to find a broker who has good intentions and should be thinking about your benefit.

HOW TO SEARCH BROKERS

You can also search online on platforms like propertywala.com.

Try to talk to at least two to four brokers before finalizing, and try to discuss all talked-about matters with expectations.

Try to connect on call, see his office, and have a meeting with him for your trust.

CARPET AREA, BUILT-UP AREA, AND SUPER BUILT-UP AREA

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When you go to buy a property, you may hear the term carpet area, built-up area, super built-up area, and so on. This can be confusing for many buyers. Propertywala has put together this handy guide with definitions of these terms.

CARPET AREA – A carpet area in simple words is the area where we can lay our carpet. It is an area in between external walls; it includes rooms, a kitchen, a toilet, a bathroom, and a staircase within the unit. Balconies, service shafts, and common areas are excluded from the carpet area. There have been some changes in the carpet area after RERA (REAL ESTATE REGULATIONS AND DEVELOPMENT ACT) came into effect in 2016. The internal walls were not included earlier under the carpet area but now after RERA, the walls which are used to divide the room are included in this term.

Next, there is some point to be noted for the buyers—before purchasing a property—to see the exact carpet area in the approved layout. This can help you understand how much carpeting will be included in your new home. So, before buying a property, ask your builder about the approved layout. And next is to compare two properties based on carpet area only for a clear understanding of the rate. 

The formula for calculating carpet area is – The total area of the inner wall and floor is the carpet area.

BUILT-UP AREA – Now we will discuss the meaning of the Built-up area. The built-up area refers to the entire area covered by carpet plus inside weight-bearing walls and outside walls if any. In short, included areas are external walls, attached balconies, verandahs, a service shaft area, and a servant room. Excluded areas are terraces, and common areas like lifts and stairs, etc. 

Walls adjoining other apartments will be factored in at 50% of your apartment’s build-up area. Built up area generally is approx 10% higher than the carpet area.

SUPER BUILT-UP AREA – When you purchase a property, you will hear about the term “super built-up area”. It means the build-up area of a flat and pro rata common area. For example, the total common space is 8000 sq feet among 8 flats in a complex, so the pro rata common area of a single apartment will be 1000 sq feet. Therefore, the common area includes built-up space like a lobby, lift shafts, staircases, pipe ducts, air ducts, and other covered common facilities. And the area which is not included in the common area is the roof terrace and open areas like parks and play areas as well as driveways. The approximately super built-up area is 25% higher as compared to the carpet area. Generally, it varies from 20% to 40% of the carpet area.

To convert the super built-up area into carpet area, calculate the loading factor, and subtract that from the Super built-up area.

LOADING FACTOR – The difference between the super built-up area and the carpeted area is referred to as the loading factor.

For your information, section 61 of the Real Estate Regulatory Authority Act (RERA) stipulates that promoters can be fined up to 5 percent of the total cost of the real estate project for giving false information or selling on the super area. It should be sold in the carpet area.

SALE DEED

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WHAT ARE THE STEPS IN THE PROCESS OF BUYING A PROPERTY?

Let’s first discuss the steps in buying a property. When purchasing a property, the first step is negotiating the price with the seller. Once you have negotiated the price and as a buyer, you are okay with it then you have to pay an advance to confirm the booking (a 10% deposit paid and a booking form signed in case the property is purchased from a builder). Then buyer and seller get into an agreement to sell, which also includes terms and conditions, and the time period in which money is paid (generally 2-3 months for ready-to-move-in properties, plots, or land). But this is not a sale deed. When the entire amount involved in the transaction is paid, then comes the sale deed. Then the ownership rights are transferred from the seller to the buyer. It is valid when it is registered with a specific state authority.

WHAT IS A SALE DEED?

A sale deed is a legal and final document used to transfer ownership of a property. It describes the terms and conditions of the sale and it is signed by both the buyer and seller. A sale deed may also be called a purchase deed or sales-mortgage deed, depending on their purpose. A sale deed is governed by Common Law, Contracts Act, Transfer of Property Act, etc. It uses certain terms that are standard across all jurisdictions, but certain details relate more specifically to the Indian context such as consideration (usually the same as the amount paid).

BENEFITS OF SALE DEED:

Protects Parties – A well-drafted deed will help protect both the buyer and the seller by preventing ambiguity and minimizing legal risks.

Defines The Area – Buyers find it helpful to have a well-defined description of the property they are purchasing, including the square feet and located on the paper.

A sale deed is a legal document that concludes a sale. It is enforceable by law.

CLAUSES / ELEMENTS IN THE SALE DEED:

Details of the party – The details of the party include the names and ages of both buyers and sellers, as well as their addresses.

Details of the property – The location of the property, the description of the property which includes details such as the area of the property and construction details.

Payment details – Payment details will show you the price of your property, which has already been paid for ( advance payment of the property), and the date of payment. It also lists the mode of payment like a credit card (Visa, MasterCard, Discover) or direct transfer from a bank account to the specified account number. 

Handing over the original papers of the property and the possession details.

No dues on the property – On the property, no dues, such as loans, tax, liability, and other dues.

Indemnity clause –  An indemnity clause in a sale deed provides protection for the buyer’s interests. It must be drafted with care to avoid future disputes. Indemnity clauses under the sale deed seek compensation from the seller should there be any losses or expenses in the future.

WHAT IS THE PROCESS FOR EXECUTING A SALE DEED?

Draft sale deed – To execute a sale deed, you need to first draft a sale deed. This document records all of the property owner’s rights, duties, and interests in the property. This includes details like encumbrances, liens, loans, taxes, and mortgages on the property as well as deeds to neighboring properties if they are not owned by the same entity.

Pay Stamp Duty – Stamp duty is a tax paid to the government of India when he or she sells a property. It is generally paid by the buyer and varies from state to state. For more details see our detailed video on stamp duty.

Signed – Both buyer and seller must sign the sales deed. This document ensures that they have both agreed to the terms of the sale transaction. The deed must be formally registered within four months of the date it was signed in order for it to be valid.

Registered – A sale deed serves as both proof of ownership and an essential legal document required for taxation purposes. It is an affidavit signed by both the seller and buyer. This is submitted to the revenue department when registering property under several tax laws. It must be registered within 4 months of signing the document. If this deadline is exceeded, you risk losing your right to purchase the property.

The seller gives the original documents – The seller delivers the original documents, and the buyer pays the necessary amount in order to execute the sale deed.

THE ENTIRE PROCESS OF REGISTRATION OF A PROPERTY

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In today’s videos, we’ll discuss some of the main points on the entire registration process of a property in India. Although this process is quite complex, it may require a lot of time and effort from the registry office. So let’s start registering property in India with Propertywala.

Here, 

  1. The first step is to choose the property and look for all the details in the property. Negotiate with the seller. Pay 10% booking amount. Then we have an agreement to sell. This means the buyer will pay the seller according to the agreed sale price. In this way, the seller will sign a deed of sale as per the discussed amount in the agreement to sell.
  2. Buyers should check that there are no liens or other encumbrances on the property before they make an offer.
  3. Calculate Stamp Duty. Stamp Duty is the tax levied on the transfer of real property in the state. The stamp duty calculated varies from state to state, and it’s calculated on either the circle rate or the market rate, whichever is higher. It’s generally 3-10% of the property value and 1% is the registration charge.
    • Now, we’ll discuss the method of payment for stamp duty-

So, there are 3 methods to pay a stamp duty which are given below:

Method 1 – Non-Judicial stamp paper (picture). If stamp duty is 1 lakh, buy papers worth Rs 1 lakh. The sale deed will be printed on stamp paper.

Method 2 – Franking method – Print the sale deed on plain paper. Pay stamp duty in the cheque, cash, online, or dd draft. Then the bank attests to the sale deed.

Method 3 – E-Stamping (picture) – it will mention all details – generated online – Go to Stock holding corporation of India – www.shcilestamp.com. This will be paid at authorized centers only like. Collect e-stamp then.

Now, buyers should also be aware of the Stamp duty calculation. They should also know that this tax is payable when they register their property.

First, you must calculate the property’s value. 

For example, if the actual value is Rs. 40 lakhs and the circle rate is Rs. 50 lakhs, then you have to pay stamp duty at the highest rate out of the two. Hence, in this example, because the circle rate is greater than the actual rate then you have to pay a stamp duty of Rs. 50 lakhs.

And in another case, let’s assume that you bought a property in India with a market value of Rs 90 lakhs and the circle rate was Rs 80 lakhs. In this case, you would have to pay a stamp duty of Rs 90 lakhs. Therefore, you can calculate your stamp duty. In addition, you can also estimate stamp duty online because it varies differently and is higher in large cities and towns than in small towns or cities.

  1. The next thing is a draft and print sale deed or conveyance deed, or gift deed. It mentions all details like name, address, age of both the buyer and seller, etc. It also has details about payment like it is done through cheque, cash, or any other method. After that, you have to print the sale deed on stamp paper and then sign each page of the sale deed. Two witnesses also have to sign the last page of the sale deed.
  2. After drafting and printing the sale deed, you must register it at the sub-registrar office. The office should be located in a fixed zone of your property’s locality. To schedule an appointment online or to obtain a token number, contact the sub-registrar office by phone or in writing. Both buyer and seller should attend the registration; witnesses should be present as well. If either of them cannot attend, they must appoint someone to act on their behalf with power of attorney. All parties should bring documents such as an Aadhaar card, an identity document, and three photographs that will be attached to the sale deed. Then signatures will be taken in the presence of the sub-registrar; fingerprints will also be taken for security purposes.
  3. After that, you have to collect the registered sale deed. The deed can be collected within 15-20 days. If you took a bank loan, the bank will collect the original deed.
  4. Now that the registration process is over and the property transfer is complete, you need to change the name in the land records. This process is called a mutation. If your property is located in a rural area or outside municipal limits, you will have to change the name in land records. The mutation is named differently in different states. For example Jamabandi in Haryana, Punjab, and Rajasthan; Khatauni in Uttar Pradesh; 7/12 in Gujarat and Maharashtra; and Khatian in Orissa, West Bengal, and Bihar. After registering your property in your name, the whole process of registration of your property is done.

Therefore, this is the process to register a property.

OTHER CHARGES WHEN BUYING A HOUSE

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When you start your property search, you will be amazed by the extra charges involved in buying a house or investing in property. There are two options: buying a ready-to-move-in property or an under-construction property. However, most people prefer to buy a ready-to-move-in property because it is less risky than an under-construction one. So, let’s assume that a property is coated at Rs. 3000 per square foot—this is its basic rate—but there are also other charges on top of that that people often fail to consider and that can be more than 40% to 50%. Let’s discuss all the additional charges so that you can make an informed decision about the total price of any given property before agreeing to purchase it. 

Let’s consider an example

Suppose a property’s basic price rate is Rs. 45 lakhs. When we make the final payment for this property, it will be around Rs. 58 – 67.5 lakhs—which includes the basic price of the property and the extra charges. We will discuss all these charges in detail below:

First comes the basic charge. It is the charge excluding all the extra costs. Before RERA Act came into force, properties used to be sold in the super built-up areas; after the enactment of the RERA Act, properties are supposed to be sold based on the carpet area. For example, if the property has a carpet area of 1500 square feet and the rate per square foot is Rs. 3000, then its total essential cost would be Rs. 45 lacks. And this is just the essential cost; you will also have to pay multiple charges for it, as mentioned below.

PLC (PREFERENTIAL LOCATION CHARGES) –  PLC is charged according to the property’s location. Like; a corner flat, park-facing, sea-facing, lower floors, or higher floors. For example, sea-facing view residences have higher PLC charges than non-sea-facing. Therefore, if you own any such property there is a PLC charge coated. Generally, PLC charges are Rs 150-200 per square foot. 

PARKING CHARGES – When you buy a property, you will be charged a parking fee of 5-7% of the base price of the flat. For example, if you purchase a property for Rs. 45 lakhs, you will be charged Rs. 2 to 2.5 lakhs for the parking facility. 

INFRASTRUCTURE DEVELOPMENT CHARGES (IDC) – An infrastructure charge usually consists of complete internal infrastructure within a complex. For example, water and electricity supply, as well as sewage treatment plants may be charged separately. Developers usually charge these services together because it costs less to do so. However, if we add them together in one place according to IDC’s input-demand curve, there will be an IDC charge added at around 6% of the base price of the flat or house. 

EXTERNAL DEVELOPMENT CHARGES (EDC) – In some cities, there is also an external development charge. For example, in Gurgaon and Faridabad. This charge goes to the government and includes the infrastructure of a complex—for instance; road facilities, sewage, water, and electricity. The EDC charges are applied to all these expenses so it is approx. 5% of the base price of a flat. And here if we talk about their total cost, IDC and EDC are charged about Rs. 300 to 400 per square foot. 

CORPUS FUND/ IFMS – Builders collect corpus funds, also called IFMS. It is interest-free maintenance security, similar to an emergency fund, and not like regular monthly maintenance. To purchase a property costing Rs. 45 lakhs, builders can collect from Rs. 50,000 to Rs. 1,00,000. 

POWER BACK-UP – The next charge for power backup is provided to each flat on a per KVA basis. The backup is provided from 3KVA to 5KVA, ranging from 1 lakh to 1.5 lakhs.

AMENITIES AND CLUB CHARGE – These charges apply to luxury flats with a clubhouse, swimming pool, and gym. The developer will charge you for these amenities at a lump sum of Rs. 50,000 to Rs. 1.5 lakhs.

STAMP DUTY AND REGISTRATION CHARGES – In this case, stamp duty varies from state to state. So you must pay the stamp duty according to the state. Therefore, stamp duty and registration charges are 5-10% of the property value.

GST – In an under-constructed property, both stamp duty and GST are levied where GST is 18% on ⅔ of the property cost. Therefore, the effective GST rate is 12%.

BROKERAGE – Most deals for resale property or ready-to-move-in property are closed through a real estate agent or broker, who charges a 1-2% fee on the property’s final value. 

Modern Mandir Designs for Small Flats: Transforming Limited Spaces

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Without a puja room, Indian homes are incomplete. It is our custom to pray to God daily, and having a puja room in your home is essential. There is a great deal of product available that can be used to create a small, elegant pooja room without breaking the bank. 

In ancient times, every home had a massive room dedicated solely to their gods, but in today’s modernized urban lifestyle, most of us live in small box-like flats. As a result, mandir designs for small flats with limited space and simple puja mandir designs for walls are popular today. 

Small puja room designs in apartments must be innovative and modern to provide a calm atmosphere with a smaller footprint. For this purpose, many people are experimenting with ready-made tiny mandir designs. Others, in contrast, are attempting to create trendy small puja room designs for their homes.

Portable Mandir 

When you have limited space and need to make room for different events, such as festivals and more, tiny portable mandir designs can be helpful. You can move this small mandir to your home as needed. 

Home wall puja mandir 

If you don’t have enough space for a whole wall for puja, you could have a puja mandir mounted on the wall. This is one of the most well-liked small pooja room designs for studio apartments. What makes it unique is your personal style and decorating sense. Layouts for small puja rooms that maximize space are helpful in homes. They also complement any decor. You can also use various-sized wall-mounted mandirs to ensure room for every accessory you need inside the small designs. 

Ornate background mandir 

To fit the area for pooja, another contemporary mandir design for small flats uses floor-to-ceiling wooden paneling. The elaborate background may include, among other things, a two-step wood and marble platform, hanging bells, wooden panels, and floor seats. 

This results in a delightful small mandir for your home. 

Corner mandir for flats 

Apartment dwellers can create small pooja room designs by dividing the space from the living room with a cheap barrier. A small mandir that also has a chest of drawers for your belongings. 

Wooden traditional mandir

You can install a single wooden pooja mandir at your house if you want a separate mandir. One of the most common designs for pooja rooms in apartments that many people are experimenting with is this one. These patterns will make it appear as though you have your unique puja room. With tiny doors, known as jaali, you can even enhance these small temple designs for your house. Visitors will find it even more appealing because of these. Other backdrop ideas can be used with this mandir design. 

Carved stone columns 

This traditional mandir design is ideal for those who want to add a touch of India to their home. The elaborate wall and ceiling decoration creates a stunning and meditative atmosphere, and the carved stone columns enhance the room’s grandeur. 

Discover Quality Resale Flats in Pune: Your Key to Affordable Housing

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It’s not easy to purchase a flat for the first time in Pune, especially on your own. Several factors should be considered, such as price, location, EMI burden, neighborhood, amenities, distance from the office, etc. It can be challenging to foresee how a place will change. Their objective is to make us believe that every neighborhood has a lot of potential, that there will soon be six new schools and a dozen new tech parks nearby, and that investing in a home in what they’re suggesting will have virtually no downside! 

Uncertainty, however, is the issue for a home buyer. Often, infrastructure projects are delayed, new tech parks are not built, and the roads are frequently flooded, defeating the whole purpose of investing in an “up and coming” area. 

This is when purchasing a flat off-market makes sense. A resale property is one where the seller is a homeowner rather than a builder; the seller has already lived in or rented out the property and is considering selling it. Many people are wary of purchasing a resale flat in Pune because they believe it might be full of issues. While there are workarounds for this, let’s examine the benefits and drawbacks of purchasing a resale flat in Pune. 

Benefits of purchasing a resale flat in Pune 

When it comes to purchasing a home that is ready to move into, resale properties are considered more financially viable due to several factors, including the property’s age, the asset’s final cost, depreciation over time, the need for renovations, etc. There are numerous advantages to purchasing a resale apartment, including the following, regardless of what motivates you.      

Save on tax 

You will pay less tax if you purchase a resale flat in Pune. You are eligible for a tax exemption of up to Rs. 1 lakh under the Income Tax Act (Section 80C of the Income Tax Act allows for on-principal EMI). A tax deduction of up to Rs. 5 lakh is also available for home loan interest under Section 24B.   

Moving in ready 

You don’t need to wait for the building to be finished or stress about connecting your internet, cable, gas, etc. These facilities will all be available. The previous owners likely already have almost everything in a house that you’ll need to install and make functional. 

Location 

These older homes may be found in the city’s older neighborhoods. On the outskirts of cities, as well as in newer or developing areas, are new apartments. These areas are thoughtfully designed and already have everything you could want nearby. 

Drawbacks of purchasing a resale flat in Pune

The limited appreciation of resale apartments is a big issue. Compared to resale apartments, new apartments increase in value much faster in the first few years. When purchasing a resale flat in Pune, you pay the increased value! However, moving in and starting to live in the apartment is your main priority. 

The limited appreciation of resale apartments is a big issue. Compared to resale apartments, new apartments increase in value much faster in the first few years. When purchasing a resale flat in Pune, you pay the increased value! However, moving in and starting to live in the apartment is your main priority. 

Factors to consider before purchasing a resale flat in Pune 

When purchasing a resale apartment, there are many things to watch out for. Among them are: 

Rules and regulations

There is always an association that controls what happens in society if you purchase a flat there. The type of modifications that can be made to the house you are buying has to be confirmed with them. Some societies will have regulations governing the kinds of renovations permitted, the times that may be done, etc. Check with the building association for permission before searching for a home that needs significant renovations. 

Down payment and homeowners insurance 

When purchasing a resale flat in Pune, you should be aware that the insurance payout will be less than it might be if you had to buy a brand-new residence. For a resale flat, you must put down a minimum of 20%, higher than the down payment required for brand-new homes. 

Pending dues 

An essential thing to look for is all unpaid debts that the home’s owners are still paying. Late utility bills, such as those for water or maintenance, may be considered a debt. In some cases, the owner might not be willing to provide this information. 

When was the property built?

The question is: how old is too old? It is best to avoid any land at least 40-50 years old. At this point, you might have noticed significant structural damage to the home and building. You need to spend more money than planned because of the necessary remodeling and the additional repairs. 

Essential documents to see before purchasing a resale flat in Pune 

A house, apartment, flat, villa, or other resale property can’t be purchased without property documentation. When buying a resale flat, the following documents are required for resale flat registration:

  1. The primary legal document is the sales deed.
  2. The building plan will tell you if the structure has been sanctioned and approved.
  3. The occupancy certificate certifies that the building is fit for human habitation.
  4. Certificate of Encumbrance: the house has no liabilities.
  5. Tax Receipts: There are no outstanding tax payments, and everything is current.
  6. Access to all previously registered agreements under the Mutation Deed
  7. NOC: Certificate of No Objection
  8. Possession Certificate: from the builder to the owner and finally to you.

What are the charges for purchasing a resale flat in Pune? 

The bank does not typically factor in stamp duty and registration fees when you purchase a resale apartment. Stamp duty on a resale flat typically ranges between 5% of the gross transaction value with a registration fee of  Rs. 30,000/-

Hiring the right team to assist you may appear to be a waste of money, but when these fundamentals are not in order, you may cause far less.

Explore Finest Flats in Delhi for Rent: Renting Made Easy

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There are many flats for rent in Delhi, but when looking for your “first apartment,” a few questions arise: which apartment should you choose? Which one best suits my lifestyle? Which flat would be the most accommodating for you?

Choosing how the space will be used and organized is crucial because every flat is alike, and each offers its residents a different experience. Here are many apartment types broken down by size: These suggestions will assist you in selecting your ideal flat for rent in Delhi that will serve as your new residence.

  1. Sharing a flat is contrary to doing so in a room! It is similar to a house where several people live together. The use of shared flats is intended to save money on rent. It also enables a company to be run by a single individual, reducing maintenance. Independent workers who frequently travel without their families want this kind of apartment. 
  2. Most bachelors favor closed-studio apartments, as the most prevalent type, for their privacy and sense of security. This type of Delhi flat for rent can comfortably accommodate two to three people or one significant other. As a result, it is a long-term option for single bachelors seeking freedom and stability. 
  3. Getting an apartment to rent and turning it into an office has become common, if not downright profitable, in the modern world of startups. A shared office is a collaborative work environment where entrepreneurs, consultants, start-ups, and freelancers can work independently, create projects, and projects, and network with coworkers. 

Finding an ideal apartment to rent in Delhi can be challenging at first, but if you concentrate on what you need from this apartment, you will find it easier as you go. Be sure to get consulting from Propertywala. We’re ready to help you find the perfect place to stay.  

Where to move in?

Old Delhi, also known as Purani Dilli, and New Delhi, also known as Nayi Dilli, are the two distinct neighborhoods that make up the capital city. While the congested and winding streets of Old Delhi are well known for their eateries, historical sites, and rich culture, New Delhi offers a fresh alternative. 

Here are a few quick tips if you are wondering where to start looking for a place to stay. 

Locality 

It can be challenging to relocate, especially if you don’t know which neighborhood to choose. Unlike Pune, Delhi offers a wide variety of housing because they are dispersed throughout the city. In most areas of Delhi, there is a high likelihood of pollution and poorer air quality. To ensure your safety, you should purchase an air purifier. 

Try to find a flat, preferably in a gated community or a safe area, closer to your place of employment, even though Delhi has a high cost of living because it is the capital and is close to other states. That will make your commute shorter and cheaper while keeping you safe. 

Amenities 

Take time to walk around and explore the area after choosing a place to stay to get a sense of the neighborhood. If you need anything later, it’s always a good idea to scope out the closest pharmacy or grocery store. Delhi offers all the benefits that come with living in a big city. Make the most of your new city life using apps like BigBasket, Dunzo, and Grofers. 

Delicacies 

Delhi will be a foodie’s paradise if you love to eat! Delhi is like a street food buffet. Delhi’s street food is to die for, with multiple dishes ranging from paranthas at Chandni Chowk to chicken specialties at Purani Dilli, chaats, and spicy momos. Go on, munch away!

Daily commute 

Delhi has an excellent metro system, making getting around the city relatively simple. Delhi’s metro system is reasonably priced and has nearly eliminated the difficulties of using public transportation on the roads. With the metro line expanding each year, there are plenty of options close by if you still need to travel by car. It is easy to locate a DTC bus, an auto rickshaw, or a cycle rickshaw anywhere in the city. 

Before moving in…

Finding an ideal place to live in a new city is harder than adjusting to the work culture of the new workplace. 

Searching for a rental apartment has become a skill a person coming to a new city should learn. So here are a few pointers to keep in mind while searching for a rental accommodation so that you don’t just land a place to crash but rather to live! 

Rent: The most essential factor to consider when looking for housing is the rent. Always consider your income and the expenses related to the rent, such as the water bill and maintenance. 

Water Supply:  Water supply is a serious issue today, particularly in urban areas like Delhi, Bangalore, etc. Landing in a desirable location is useless when there’s no adequate water supply. Water is one of the essential commodities without which we cannot survive; hence, it will do you more harm than good. 

Power backup: Lack of access to WiFi, air conditioning, and other amenities can result from power failure. When your boss tells you to leave because you can’t finish the work from home, it can feel like a curse from your landlord and a nightmare. So make sure you have a reliable backup system. 

Security deposit: An expensive security deposit is a pain. In cities like Bangalore, you must submit a security deposit as large as the rent ten months in advance. So consider this factor and try to negotiate it as much as possible. 

Furnished: High rent, staying in a partially furnished apartment wastes your time and money. Spending a lot of cash on new furniture for your apartments is not a good idea. 

Planning to rent a flat in 

North Delhi 

The National Capital Territory is located in North Delhi, giving it special status as Delhi’s administrative district. The Town Hall, Tis Hazari, and Mutiny Memorial are well-known landmarks in North Delhi, where it has historically been the major tourist destination. North Delhi is home to the Delhi School of Economics and quaint, historic markets like Sadar Bazaar, Khan Market, and the Bazaar. The Delhi School of Economics and charming, old markets like Sadar Bazaar and Khan Market can be found in North Delhi. If you love shopping, there’s something for every budget at Sadar Bazaar. Recommended! Finding a place in Rohini Sector 18/19, GTB Nagar, Model Town, or Kamla Nagar is a deal if you want to relocate here. Because of its level of connectivity and other significant factors, north Delhi also has residential status. 

South Delhi 

Regarding the standard of living in Delhi, the New Delhi Municipal (NDMC) could be the best option, but South Delhi is a close second. Some of Delhi’s best restaurants, nightclubs, and tourist attractions are in South Delhi. South Delhi is the location of all significant properties and housing options, and it is renowned for its quiet neighborhoods and convenient access. Qutub Minar, Humayun’s Tomb, Lotus Temple, and Hauz Khas are other famous landmarks in this area. 

It’s best to look for a place near Malviya Nagar, Rohini (Sector 24), Lajpat Nahar, or Greater Kailash if you’re looking for a place to settle down in South Delhi. Saket and Malviya Nagar due to its proximity to Gurgaon, major city landmarks, and shopping centers. 

East Delhi 

East Delhi, a significant area of Delhi along the Yamuna River, is now a necessary component of Delhi because it houses its administrative and commercial hubs. One of the most upscale residential areas, shopping centers, and elegant restaurants are all located in East Delhi. 

Preet Vihar in East Delhi is a well-liked neighborhood because of its educational institutions and popular hangout spots. If you want to move to East Delhi, several areas have affordable housing options, including Mayur Vihar, Preet Vihar, New Ashok Nagar, and Laxmi Nagar. Mayur Nagar is a highly recommended neighborhood for families and single people due to its proximity to Noida and other essential parts of the city. 

West Delhi 

West Delhi is another option if you’d like to rent a flat in Delhi. Additional security measures are in place because this area is a part of the National Capital Territory of Delhi. West Delhi has excellent access to all of Delhi’s districts and a moderate cost of living. 

This is a fantastic choice because it has many amenities like convenience stores and several restaurants. You can find any type of housing that fits your budget in this area because the cost of living is quite reasonable. As a result of its large neighborhood and selection of low-cost housing. Dwarka is a highly recommended location. Depending on your needs, look at the apartments near Janakpuri, Rajouri Garden, or Tagore Garden.