Author Archives: supriya

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.

GST on Flat Purchase: A Guide for Home-Buyers

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GST, or the Goods and Services Tax, on home purchases, flats, and apartments is one of the many taxes buyers must pay when purchasing a home. 

In this article, we look at how the GST affects real estate and how it affects homebuyers and flat purchases in general. In addition, we’ll talk about the GST rate on flat purchases and the GST rate on land purchases in 2022.

GST on flats 

On February 24, 2019, the 33rd GST Council Meeting introduced new GST rates that will go into effect on April 1st for residential flat purchases. 

The new proposed GST rate for flat purchases for residential (real estate) transactions is as follows: 

  1. 5% GST charges on a flat purchase will be paid on residential properties outside the affordable housing segment without an input tax credit (ITC).
  2. A 1% GST without an ITC will apply to residential properties in the affordable housing segment. 

The GST on under-constructed flat purchase rates is 12%. The sale of completed homes or the resale of older properties is exempt from the GST for flat purchases. Under the current GST framework for buying flats, builders receive an input tax credit on goods from suppliers or contractors, intending to pass it along to homebuyers. As a result, the current GST on flat purchase systems concerning real estate may alter. 

Input Tax Credit (ITC) 

Understanding input tax credits (ITCs) is crucial before learning about the GST. You can use the ITC to reduce the output tax you pay. You can only pay the final Rs 200 in taxes if you claim an input tax credit of Rs 300. The GST Act permits producers, suppliers, agents, aggregators, e-commerce operators, etc., if the tax on your final product (the output) is Rs. 500 and the tax paid on the purchases (the input) to make the final product is Rs. 

Utilizing the GST Input Tax Credit

Before claiming the ITC, keep the following things in mind:

  1. You must possess the tax invoice for the purchase or the debit note issued by the registered dealer. 
  2. You should have received all the goods and services. 
  3. The supplier must pay the government tax on your purchases in cash or by claiming input credit. 
  4. GST returns filed by suppliers 
  5. The supplier has uploaded the invoice for their GSTR-1, which must reflect in the GSTR-2B of the company.

The positive impact of GST on flat purchase 

  1. Low-Cost Construction:  GST on a flat will lower the rate of things like cement, steel, and other building materials, resulting in dramatically lower construction costs. Lower real estate prices will eventually help middle-class buyers. 
  2. ITC (Integrated Taxation Solution): A unified tax base is critical in the real estate market, but recently builders and developers have been taxed even on the raw materials they purchase. GST on purchases solves these problems by unifying all taxes. 
  3. Zero income rate: The real estate sector’s fiscal operation is not subject to VAT or service tax rules. 

In 2023, how do you calculate the GST on a flat purchase?

Starting on April 1, 2023, GST is applicable on the purchase of an apartment. And if you ever find yourself in a situation where you need to figure out how much GST you will have to pay on a flat purchase, follow these steps: 

Steps for Calculating GST on a Flat Purchase in 2023 

  1. Calculate the apartment’s total cost before GST is applied. It involves accounting for all additional costs like stamp duty, registration, and legal fees.  
  2. Add 5% GST to get the total price. 
  3. The amount after the GST deduction from the total will be your final payment. 

It’s important to remember that this only applies to apartments purchased starting on April 1, 2023. For any flats purchased before April 1st, no GST will apply to the purchase price. 

With the aid of this guide, estimate the amount of GST you’ll have to pay when buying your next apartment and guarantee a smooth transaction!

How do I avoid GST on flat-rate purchases?

When purchasing a flat, you can avoid paying GST by 

  1. Purchase a completed and constructed flat. 
  2. Purchase a flat that has an occupancy certification. 
  3. Purchase a second-hand flat.

The amount of GST enabled for building services would be less if the land’s worth was removed from the total weight. If you want to know how to avoid GST on flat purchases, the deduction would always be beneficial when the value of the land represents a percentage of the total value greater than 33.33 percent. 

The impact of GST on the real estate market 

The GST has been one of the most significant reforms in the real estate market. The developer already pays customs duty, VAT, excise duty, legal expenses, service taxes, permission fees, etc., hampering their tax processes and burdening homeowners. 

The GST simplified the property tax. The new GST regime increased the real estate tax rate to 12% and lowered property buyers’ burdens. Taxation impacts developers and property purchasers. The 34th Council meeting held in 2019 announced new GST rates.

Conclusion

In general, the subject of GST on flat purchases is difficult to understand. When purchasing a flat, buyers must be aware of the fundamentals of GST and seek current advice from a reputable expert to ensure that they’re making the right choices. 

Be sure to understand any applicable GST at the time of a flat purchase, as well as what the GST rate will be and how to calculate the GST payable. It’s essential to confirm your eligibility for any applicable GST exemptions. 

Home buyers can ensure that their purchase is compliant and legal, fully understand GST on flat purchases, and protect themselves from any unpleasant surprises in the future by carefully reading this guide and doing additional research. 

Exploring the Fundamental Differences Between Flats and Apartments

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While looking for your ideal home, you’ll come across several real estate-related terms. “Flats” and “apartments” will probably be used frequently. Flat and apartment are often used interchangeably but don’t mean identically. 

In general, “flat” and “apartment” refer to private living spaces that can be rented or purchased. A much larger building typically consists of a predetermined number of rooms on the same floor. But when you dig deeper, you find some differences between the two. 

Before going any further, let’s understand the meaning of “flat” and “apartment.” 

What is a flat?

A flat is a dwelling place in a housing society. The word “flat,” used more often in the UK, comes from the old English word “Flett,” which means the floor or a dwelling. 

Multiple houses were constructed on a single floor before high-rises became popular, giving community housing projects’ units the nickname “flats. ”

What is an apartment? 

In the US, an apartment is also known as a “flat’ more frequently. Simply put, a flat is what a British apartment would be in America. 

An apartment is defined as “a set of rooms for living in, typically on one floor of a building” by the Oxford English Dictionary. 

The word “apartment” is derived from the Italian word “appartamento,” which refers to a group of rooms used solely by one person in a home. In the case of large establishments, the term “apartment” is also used to convey the meaning. A room in a house, particularly a large or well-known home, is known as a “flat” in the UK. 

Differentiation of a “flat” and an “apartment” in India 

The only distinction between the terms “flat” and “apartment,” as you can see from the definitions above, is how they function and whether they are perceived geographically. Thus, we should end the day with the same name. Contrarily, there is something else you should be aware of that is likely unnecessary if you live in India.

In the US, for example, a rented residential unit in a multi-unit building is called “an apartment.” They are known as “condos” if they have a private owner. It is referred to as a “townhouse” or “duplex” if there are only two residences in a single building and no other people live above or below your residence unit. 

Instead, a “two-flat” refers to two identical Chicago apartments in the same building. In British culture, however, an apartment is a luxury that only the wealthy can afford. While a flat is for those with little money, a council flat is a rented home, whereas an owner-occupied home is a residence.

While “flat” and “apartment” are often used interchangeably in India, British usage may be more accurate. In India, residences are likely to be more “affordable” apartments than “lavish.” while “vilas” are available within the same community but are independent of one another. Contrary to US usage, renting a residential unit does not alter the unit’s definition. Even though a flat is usually more spacious than a flat, there isn’t much difference between the two in India.  

Comparison between a “flat” and an “apartment”

Tips for purchasing a flat or an apartment 

  1. Set a budget and stick to it. Knowing how much you want to spend on your ideal home is critical to making the process go more smoothly. You won’t have too much to chew on before it’s over. Therefore, this is the most essential phase of your home-buying process. 
  2. Ask questions regarding the carpet area, super built area, etc. 
  3. Verify loan approvals with the banks. 
  4. Ask the relevant authorities for all the necessary documents regarding approvals and conduct a legal check. 
  5. When you’ve made the token payment, agree with the builder. 

The boon and bane of purchasing an apartment or a flat in India

Tax benefits 

The tax advantages associated with property ownership and home loans are substantial. It is an excellent example of an investment that will help you save money and pay off. 

The only disadvantage of an apartment is that you cannot customize it. You are limited to customizing the look of your home with the help of home furnishings or home decor items, but you cannot change the size of your living room. You may have been able to do this if you were constructing your house on a lot of land you own. 

Security 

You have nothing to be concerned about regarding the safety and security of you and your family members. Guards and cameras provide round-the-clock security to ensure the children’s safety in the play area and corridor. 

Interpersonal Skills 

Your children develop strong interpersonal skills as a result of the large population in the area. You have the option of meeting up with friends in the park or relaxing by yourself at your convenience. 

Host of amenities 

Apartments include a variety of amenities, making it simple for you to access them, from the gym to the swimming pool. While their grandparents can provide them with a lush park or reflexology trail, your kids have a fantastic playground. 

Which one to choose?

Before you start the search for your dream home, it is crucial to understand your needs. There are essential factors to consider, such as whether it is for your use or potential investment. 

Bottomline 

Apartments and flats are similar enough to be interchangeable. The main difference between apartments and flats is that apartments are part of specific buildings, while flats are part of housing societies. All spaces are the same except for their linguistic context and location. 

Stylish Door Grill Designs for Flats: Enhance Your Home’s Security and Aesthetics

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A strong and durable door is one of the most essential components of your home. You can create a private space that combines security and beauty with the right grill door design. Attractive main door grill designs for flats may increase a home’s resale value and provide safety in addition to restricting access. 

The main door grill layout can operate in many different ways, depending on the design and materials employed. Automatic electric gates are cheaper, but manual gates require less maintenance because they don’t need a power source. 

Things to consider while choosing a stylish grill door 

Type of material: The main gate designs should be strong enough because security is the main reason for making the main gate areas. Aluminum, steel, and iron often create house gate designs. Due to their versatility, these materials allow for customized main gate designs while offering good strength and durability.

Designs: The main gates are attractive due to their shape and design style. Making a great first impression means selecting a form and style that can blend flawlessly with the outside of the home. 

Aspects of functionality: You can select the main gate’s functionality based on the available space. Depending on its purpose, the main gate may be a sliding gate, a swinging gate, a pivoting lift gate, or an automated gate. 

Security: Make sure the doors satisfy your property’s security requirements before deciding on the design of the main gate. Doors that are strong and long-lasting are the best options in terms of security and lifespan. 

Current styles for main door grills 

  1. Natural wooden main doors are popular among homeowners due to their classic appearance. A simple grill wooden door has an earthy warmth. 
  2. Paneled grill doors will stay in style. The paneled door grills, which feature geometric shapes, woven designs, and glass pieces, add visual interest. 
  3. Front doors with excessive height and width have gained popularity. They give homes a grand appearance. If there is enough space, the door design can extend to the ceiling and both sides of the walls. 
  4. Steel grills are becoming popular as new metal stamping and embossing techniques enable steel doors into unique shapes and patterns.
  5. Bronze and chrome finishes are popular grill colors. Instead of installing the decorative grill in the center of the door, install it on both sides. 

Type of stylish door grill designs 

Here is a list of some of the most well-liked door grill design options for houses. 

Simple metal grill design 

Simple vertical or horizontal bars reinforce and safeguard the main door’s metal frame. Vertical metal bars that are fastened to a base and used to make simple grills with patterns resembling bricks can be experimented with. Tiny horizontal bars sit in between the vertical bars. Simple design that blends in with any home’s decor, made from steel, iron, or aluminum.  

Modern metal panel gate

The most attractive front-gate concepts and designs often are the simplest. Glass surrounds this modern metal panel gate, which works together to give the house a unique, posh, and stylish appearance. 

Doors with glass 

Glass and grill make an elegant combination that may appear ancient and modern. Rather than the typical square or diamond grill, choose one with a large metal leaf pattern and frosted glass underneath. Stained glass can add color to the front door. Use a textured or etched glass with ornamental motifs and elaborate grills to add a subtle touch of glitz. The beveled glass that has been polished and shaped can have edges with thin lead to produce striking, three-dimensional patterns. Try out some eccentric geometric patterns. Vibrant-colored glass flowers also go well with modern designs. 

Wood and grill doors 

Grills and wood can be combined to create a beautiful door design. For grills, one can use wood, plywood, or laminates. Spanish-style curlicues can give the wooden-framed doors a lovely texture. Paint in powder blue or yellow adds a splash of color. Make the ceiling and the wall panels close to the door unique to match the patterns and colors of the grill to make the entrance grand. You could choose a finely carved piece of wood for the top of the main door or even hang a lovely lamp in the center of the ceiling panel to make the entrance look opulent.

Stainless steel safety door 

Steel main door grills are highly durable and resistant to corrosion. Steel grills come in a variety of shapes and patterns. Steel looks lovely when cut into floral designs or patterned circle grills. A steel door design with a zigzag pattern grill, an asymmetrical design, or an intricate design inspired by nets will be a good choice for your fashionable and contemporary home.

The aluminum safety grill door 

The decorative patterns and numerous color options for powder coating the aluminum grill are available. The entire door can consist of aluminum and a grill may be made in a flattened or mesh pattern and combined with a wood or plywood door. Glass and an aluminum door grill have a clean, modern appearance. A French door made of aluminum with glass panels and a basic grill frame adds a subtle touch of drama. 

Arch Door 

Arch doors have a majestic appearance and enhance the vintage appeal. Many wood types, single or double doors, elliptical or classic arches, and glass inserts with or without iron grills are all on hand. The wooden main door’s design lends the room a medieval feel too. A floral grill and wooden arches combined with a plain door can transform it into a warm area. Any entrance can benefit from the artistic addition of glass arches with a combination of wooden grills. 

Sunmica grill door 

Depending on the house’s design, a single-door grill can be entirely made of steel, iron, aluminum, bronze, or any combination of these materials. You can paint one grill door any color you like, and it can be floral, geometrical, abstract, etc. A flat’s single grill door may have laminate (Sunmica) on both sides and intricate metalwork in the center. 

Buy Ready Possession Flats in Pune: Affordable Housing

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Are you looking for a flat in Pune? But are you overwhelmed with all the research to find your perfect apartment? Don’t worry! We are here to help you. Pune is a highly desired city in India, as it is the second-largest IT hub in the country and the top FDI destination. 

The incoming professionals in Pune expect a life of luxury and a comfortable standard of living. The demand for flats for sale in Pune is rising. The need for a luxurious lifestyle has already caught up with supply, putting pressure on the developer community to move away from outdated standards and create new ones to satisfy the demand. 

In prime areas like Baner, Anudh, Hinjewadi, Balewadi, and Bavdhan, Pune is now a perfect model neighborhood for sustainability and livability that meets international standards. 

Most of us consider buying a home a significant and emotional decision. We ask questions when we decide to buy a home. When you live in a city like Pune, where the cost of living is very high, it is difficult to make this decision. 

Advantages of buying ready-possession flats in Pune 

Every buyer of a home must choose between a unit that is ready for possession and one that is still underway. It is a significant decision that demands serious consideration. Even though buying ready-possession apartments requires having a lump sum of cash on hand, it also has its own set of benefits. 

Cost considerations 

Ready-possession apartments are great because you can move in and save money on rent. The builder may also agree to a price reduction and waive the floor rise. Thus, you get a much better deal. 

Immediate Possession

For under-construction homes, buyers have to wait to get their dream home in hand. It induces a sense of uncertainty and the fear that the money may get stuck if the builder faces any problems. With ready-possession flats, the process is smoother-complete the required paperwork, pay the amount, get possession, and move in whenever you want. There is no fear of delayed delivery. 

Quality

You get to see the finished product when you purchase ready-possession apartments. Before choosing an option, you can examine the construction quality, space allocation, required amenities, and other details. There are no concerns about overstated features, layouts, or amenities. 

Immediate ROI (return on investment)

If you purchased it as an investment and choose not to live there, you can sell it as soon as it suits you. Families, young professionals, and students are keen on ready-possession apartments. Your rental income thus begins. It is a great help if you are paying the EMIs on the loan. 

The disadvantages of purchasing a ready-possession flat in Pune 

 Payment schedules are rigid

Unlike projects still in the planning stages, the payment schedules for ready-to-move properties are stout. All payments, including the down payment, stamp duty, registration fees, maintenance fees, etc., must be made in one go. 

More legal work and documentation: 

When buying a property already ready to move into, much more legal work and paperwork are required than when purchasing a property under construction.

Fewer customization options

When the apartment builds, it’s possible to fully customize the rooms and home to suit your needs and preferences. But this option isn’t available if you purchase a ready-to-move property. You have to buy and stay in a home that is already complete. 

Inflated Price 

Compared to projects still in the planning stages, ready-to-move-in units are expensive from a price perspective. 

Why invest in ready-possession flats in Pune?

Low-Risk 

All under-construction property is hard to sell, especially if its delivery is postponed or embroiled in litigation. Most of the time, real estate developers don’t sell apartments until the entire project is done, and even then, they’ll charge you a hefty premium. You can avoid this risk by purchasing a ready-to-possess flat in Pune. 

Save on rentals.

For ready-possession homes in Pune, you immediately start getting rent if you are not planning to move into your new home. Many homeowners prefer renting their homes if they invest in other cities. Each location typically has a fixed rent structure based on the amenities it offers and how recently it was built.

No down payment 

The main advantage of a ready-possession flat is that the buyer only needs to pay the home loan’s EMIs before they can move in. Since the EMI won’t begin until the home loan and the rates may change, the homebuyer may be required to pay a higher interest rate for an under-construction property if the developer experiences any delays. The buyer might experience financial hardship and decide to back out of the deal to buy the property. 

Documents to verify when purchasing ready-possession flats in Pune

Do you have any plans to move into a ready-possession flat in Pune? Have you located your ideal home? Furthermore, we understand that the ease of moving in as soon as possible may be the most essential aspect of it all, but research is necessary to make the process easier for you and your loved ones. It’s always the best choice to be aware of the essential documents you’ll need and to confirm them before moving to make the experience convenient. 

Tax-paid receipt 

The buyer verifies with the appropriate groups that the seller has settled all outstanding debts. Buyers should always request the seller’s original, most recent tax-paid receipts. The payment date, taxpayer name, and owner name must all be confirmed. However, every buyer should always verify that all documents and bills, including the water and electricity bills, are current and include names and area codes. You are making this property your own, so you must attend to every last detail. 

Sale deed 

The most important document on the checklist is a sale deed because it’s evidence of the sale and the transfer of the property’s title from the seller to the buyer. Before signing the contract, it is advisable to read the fine print and confirm that all terms and conditions are accurate and appropriate. 

Occupancy Certificate

When a builder requests this certificate, the authorities inspect the requirements. The builder can obtain the certificate once it has received official approval. This certificate, a witness to the project’s readiness for occupancy, is essential for the buyer when purchasing a property or applying for a mortgage. 

Completion Certificate

The municipal government issued this certificate. It demonstrates the completion of the project and that all requirements were satisfied. This document is essential when looking for a mortgage and buying real estate. Additionally, this certificate certifies that the property is fit for habitation when constructed following approved codes and other laws. 

Locations in Pune to buy ready-possession flats 

Kondhwa 

The Kondhwa is among the most notable locations in the southeast. Along with residential developments, this includes industrial entities. The distance from important city destinations and information technology hubs increases its value. Mohammedwadi, Undri, and Wanowrie are places that surround Kondhwa. Kondhwa is the renowned National Institute of Bank Management (NIBM). A wide range of contemporary civic amenities, including schools, colleges, hospitals, clinics, superstores, and other necessities, are also present in the Kondhwa area. 

Hinjewadi 

Thanks to the creation of corporate offices by foreign companies at Infosys, Wipro, Cognizant, etc., Hinjewadi is Pune’s largest IT hub. The presence of these MNCs in the area has benefited a variety of factors, including employment, real estate, connectivity, and social infrastructure and amenities. 

Tathawade 

The neighborhood of Tathawade, which is close to Hinjewadi, is a top location for investment and daily life. Tathawade is for homebuyers because of its luxuriant green surroundings, social infrastructure, and other features. Unique projects are being built in this suburb daily to provide upscale urban living. Hinjewadi, Pimpri-Chinchwad, Pimple-Saudagar, Wakad, and Ravet are nearby. Tathawade enjoys unrivaled capital appreciation as a result of its exceptional locational advantages. 

Balewadi 

On the outside of the city, in Pune’s northwest, is a neighborhood known as Balewadi. It houses the Shiv Chhatrapati Sports Complex, popularly known as the Balewadi Sports Complex. Balewadi enjoys proximity to Baner, Aundh, and the Mumbai – Expressway. Pearly White Dental Clinic, Apex Eye Care Clinic, and Life Line Hospital are the major hospitals in Balewadi. Balewadi High Street is famous for its bars, restaurants, and nightlife. Plus, it’s easy to find plenty of greenery in the surrounding area. 

Know your neighborhood. 

You can learn everything in advance when you reserve ready possession flats in Pune, including the layout, designs, and the neighbors you will have. It’s important because you would be surrounded by them every day. Other aspects of the house are subject to your control or modification, but you can’t alter the neighbors nearby.

A ready possession enables you to speak with potential neighbors and learn more about them and their way of life. You can also discuss the local schools and the caliber of the education with the parents who reside there.  Verify that the parks and other amenities look satisfactory to you by inspecting them. You can plan your children’s commute to school or university, the best shopping malls’ accessibility, etc. 

Create the Perfect Name Plate Designs for Flats

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Home is more than bricks, stone, or sand; it is a sanctuary filled with love and care. You invest a lot of time planning the interiors and the decorative aspects of your home, and one such thing you should pay heed to is the idea of nameplates.

Don’t worry; we are here to enlighten you with suggestions that enable you to select the ideal nameplate. 

You must first understand the significance of a nameplate and how it alters the viewpoint of your home’s entrance. A nameplate is a small piece of wood hung at the front door or the address entrance of a house. 

A nameplate provides the public with information about a person or location, making it possible to identify them based solely on their nameplate. 

Nameplates are incredibly informative, warmly welcoming, and creatively personalized. They reveal your emotional connection to the house through your feelings. 

A nameplate contains vital information like the owner’s name, family surname, and building name. It may also include location, designation, or a company’s name. 

Most of you may not find it an essential commodity, but it gives your home or company recognition in the locality or neighborhood. It can also be easily recognized based on a nameplate. 

A fancy house nameplate improves the appearance of your home’s entrance as a decorative element. It conveys your lifestyle’s attitude, sense of style, and personality. 

A nameplate identifies your home and makes it stand out from the rest of the neighborhood, which is the first thing visitors to your home notice when they arrive.

Knowing the correct address will make it easier for guests to locate your home and the people they want to meet.

A nameplate can symbolize the warmth and comfort with which you welcome guests. 

Visitors will remember your nameplates for a while if they are unique enough or bear small, well-wishing, positive quotes. 

Things to consider when installing a nameplate at the entrance 

  1. Ensure that the nameplate is in an area with adequate natural light. 
  2. The nameplate and the front door should coordinate and look good.
  3. The nameplate’s writing must be legible from two to three feet away. 
  4. You must set aside time to clean it occasionally if you want it to look brand new. 
  5. It’s essential to exercise caution when adding too many details, engravings, and designs to the nameplate. 
  6. The nameplate needs to be large enough to accommodate the necessary details. 

How to make nameplates more attractive

  1. The font used for the writing on a nameplate is essential because it needs to be legible and inventive to be understood. 
  2. Nameplates can be made more noticeable by using a bold and large font. 
  3. Images can convey more information and make the addition of graphic designs more appealing. 
  4. You can read more quickly with a border (26% faster).
  5. The nameplate can attract interest and curiosity by using different colors. 
  6. You can add a few special effects to your house nameplate design to increase the likelihood that people will notice it. 

Nameplate Ideas

Modern homeowners prefer personalized nameplates.

Traditional nameplate 

Nameplates with religious themes are popular. Religious symbols or images of God are the most popular choices among the many house nameplate ideas. 

Personalized nameplates 

Personalized home nameplates are an option for those who want to add a special touch to their nameplates.

A professional can give you a revised idea and design it as specified. For example, if you like nature and want to incorporate it into the nameplate, it will give the nameplate a touch of your personality. 

Wooden nameplate 

Plenty of possibilities exist for wooden nameplate designs for your home, from deep brown to soft hues. Additionally, homeowners favor engraved wood nameplate designs. 

Besides wooden nameplates, the other materials preferred by people today are glass, marble, acrylic, ceramic, steel, or stone. 

Marble nameplate 

When used, stone gives a home’s exterior design a rustic appearance. The stone nameplate gives the front door of the house a distinctive look. 

Metallic nameplate 

Use stainless steel to give the exterior of your home’s entrance a metallic feel. Stainless steel is a material that is ideal for outdoor use. Use stainless steel to provide the exterior of your home with a metallic look. Stainless steel is a material that is ideal for outdoor use. Steel nameplates come in a variety of designs for the main gate. To add a touch of luxury, choose personalized designer options when selecting name plate designs for the main gate’s steel entrance. 

Understand the Maharashtra Ownership of Flats Act: Explain Your Rights!

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The Maharashtra Apartment Ownership Act was published in the Maharashtra Government
Gazette on February 19, 1971. This Act was established for individual ownership, making it a heritable and transferable asset. It is important to note that the Act only applies to property.
According to the Act, the owner must file a declaration, which must be duly executed and
recorded.


The Maharashtra Apartment Ownership Act led to similar legislation in other states. An
example is the Karnataka Apartment Ownership Act of 1972.
According to the Maharashtra Apartment Ownership Act 1970, apartment owners have the legal right to fully own their homes, including their proportionate share of the apartment’s undivided common areas and amenities.

It also makes apartment ownership transferable and heritable, allowing owners to secure
mortgages. Apartment owners and builders benefit from this because they can use the freed-up money to start new projects.


Along with this, the Act facilitates the formation of associations among apartment owners, who take responsibility for ensuring residents’ welfare and advancing their rights. Although there are apartment owner’s associations that are not registered, it is always advisable to protect your association’s legal rights in the event of a later dispute.

The Act gives the owner complete ownership of the apartment and the power to organize a
group of other apartment owners to set the building’s bylaws.
All the apartment owners are legally protected, as disputes that arise due to conflict in the said association of apartment owners shall be governed under the civil jurisdiction of the law.

The key features of the Act

● According to the Maharashtra Apartment Ownership Act, you will be
considered the owner of a particular apartment in the building with a
proportional share in the undivided common areas and facilities. In
other words, in addition to having all the rights of an owner, you become the sole
owner of your apartment or the entire building.


● The apartment will also become heritable and transferable, from which you can
raise capital. You have the right to transfer ownership of your apartment to
anyone you choose, provided that you follow the bylaws.

● Among other Maharashtra laws, the Cooperative Societies and Companies Act
considers a flat part of the building and a unit owned jointly by the company or
society. While a flat is a unit of the building, the Maharashtra Apartment
Ownership Act of 1970 views it as a separate unit of ownership.

You can form an association with apartment owners.

● All apartment owners willing to join the association need to come together in one
place to complete the formalities.
● The association must have at least seven members over the age of 18.
● A Memorandum of Association includes information such as the names and
addresses of the organization and the occupations of all association members.
● Along with the Memorandum of Association, the association’s rules, and
regulations, or bylaws, must be filed.
● One or more buildings must contain at least five apartments to qualify to form an
association.

Understanding the terms used in the act


Common Expenses
These expenses are sums of money rightfully levied against apartment owners for
administration, upkeep, and repair, modifying communal spaces and amenities.
Common areas and facilities
Common areas and facilities include the land on which the multi-story apartment building is
situated, gardens, cellars, parking areas, or other similar structures, as well as all the structural components such as lobbies, corridors, fire escapes, beams, and columns.


Memorandum of Association
The name and purposes of the organization are listed in the Memorandum of Association, along with the location of the organization’s registered office, the names, addresses, and occupations of the members of the governing body, as well as the signatures of those who have subscribed to the document.


Conclusion
The Maharashtra Apartment Ownership Act of 1970 gives apartment owners the right to full
ownership of their units, which includes an equal share of the undivided common space and
amenities. As a result, the apartment owners are charged with ensuring the welfare of the
residents of the building and advancing their rights. The apartments are heritable and
transferable, allowing the owner to obtain a mortgage for the particular apartment.

Rajiv Swagruha Flats: The Ultimate Choice for Luxurious Living in Hyderabad

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Are you getting bored living in the same house and watching the same view every day, or are you planning to buy a new flat in a new locality? If so, then you are at the right place, as Rajiv Swagruha Flats is offering you a great chance to make your dream come true. 

Rajiv Swagruha has built 15 clusters of residential towers at Bandlaguda and eight in Khammam, with different sizes of apartments at convenient prices. 

The locality and amenities provided by Rajiv Swagruha Flats are reasons to choose these luxurious flats. Today we will explore why Rajiv Swagruha Flats are the ultimate choice for luxurious living in Hyderabad. 

Overview of Rajiv Swagruha Flats

Rajiv Swagruha Flats are located in the west zone of Hyderabad and are a luxurious residential complex that offers an upscaling experience in your life. These flats are nearby the city’s hospitals, schools, commercial centers, and recreation areas. 

These luxurious flats are available in 1-BHK to 4-BHK, ranging from 523 square feet to 1477 square feet, with security, a clubhouse, a swimming pool, and landscaped gardens.

Registration can be done by paying only Rs. 1,000 as a non-refundable application fee with their application form. Buyers can purchase these apartments through Mee Seva centers, the Swagruha Corporation Limited website, or the mobile application. 

While many realtors are excited to buy these flats for resale, they were hesitant to buy them when the state government placed them up for auction in groups a few months ago.

As per the sources, the buyers are making reservations with different names to seize these flats and then put them up for sale. They are also interested in buying these flats at discounted rates.

The availability of ready-to-move-in flats for these projects is another factor. These apartments are well-equipped and fully furnished.

However, these flats are slightly more expensive than the average market price. For fully prepared flats, the price is around Rs. 3,000 per square foot, and for semi-finished flats, they are priced at around Rs. 2,750. 

There are apartments available that are within your budget range and affordable for all classes. You can easily check the price and cost per square foot of these flats online.

The state government is trying to generate revenue through the sale of these buildings. This should make it easier for the government to pay its bills. These towers were built with loans from the state government, and maintaining them costs a lot of money. Therefore, it is an ideal option for the government to sell these towers and use the proceeds for other purposes.

Location Advantages of Buying Rajiv Swagruha Flats

In the city of Hyderabad, Rajiv Swagruha Flats provides a living experience. Do you want to know why? because of the unbeatable location benefits!

Central Location

These famous apartments are located in Jubilee Hills, a desirable neighborhood close to important business districts and IT hubs. Therefore, if you are a young professional working in the city, these apartments are perfect.

Connectivity

These luxurious apartments have excellent connectivity and accessible options like buses, trains, and autos. They are close to the Outer Ring Road, one of the city’s main roads, making it simple to travel quickly and efficiently.

Shopping and entertainment hubs 

When you need some leisure time after a hectic day, you have lots of options. The Forum of Sujana Mall, Hungama City Entertainment Park, and the International Convention Center are just a few of the top shopping and entertainment destinations in Hyderabad that can be found in Jubilee Hills. 

There’s no denying it—these Rajiv Swagruha Flats provide a lavish lifestyle in an unbeatable location with excellent connectivity and plenty of shopping and entertainment options nearby. If you’re looking for luxurious living in Hyderabad, this is worth considering!

Amenities 

There are many different kinds of apartments available for purchase in the town. Some flats are fully furnished, and some of them are semi-furnished and ready to move into. These luxurious flats are great for families who want a cozy home. 

There are 2-BHK flats for sale in Chandanagar, NH-9. These flats are very spacious and beautiful, with the latest technology. 

The prime location and closeness to many important areas It is only a short distance from Chandanagar Railway Station. The township also offers a swimming pool, CCTV surveillance, and round-the-clock security. In the neighborhood, there are also basketball and cricket courts, as well as numerous opportunities for social interaction.

Price

To raise revenue, the Telangana government is selling 2,746 apartments constructed under the Rajiv Swagruha scheme, but the scheme has failed to generate much interest. Out of 2,746 apartments built over nine years, only 500 have been sold. 

The Hyderabad Metropolitan Development Authority (HDMA) planned to sell these flats for a fair price. HDMA plans to sell these flats at an average price of Rs. 2,500 per square foot. They are also providing bank loan facilities to prospective buyers. 

After the state government decided to list several government land parcels for sale in various locations, this initiative was taken. The government hopes to earn Rs. 13,000 crore by selling these flats. 

The government portion also intends to auction off a portion of the unfinished Rajiv Swagruha towers at Gajularamaram and Pocharam. This is due to the towers’ inability to bring in enough money to cover the government’s debts. 

As per the Telangana Today report, the HDMA is prepared to start selling these flats online starting next month. First come, first served will be the process, and preference will be given to present government employees.

The government also decided to assign the flats via a draw of lots in addition to the electronic auction. On June 27, 2023, this procedure will start in Bandlaguda and Pocharam.  

This is a fantastic opportunity to purchase these affordable, ready-to-move-in flats in a luxurious location. These apartments are in a gated community and come with all the necessities for a comfortable life.  

The cost of the apartments is approximately Rs 18 lakh. This also includes a parking space that can be reserved for a small advance fee of Rs. 50,000. 

The HDMA also intends to sell unfinished Rajiv Swagruha towers in Pocharam and Gajularamaram through draw lots. To pay for its welfare programs, the government will be able to generate revenue from this. 

The HMDA has also arranged for the sale of unfinished Rajiv Swagruha towers in Pocharam and Gajularamaram through a draw of lots. This will help the government generate revenue to fund welfare programs.

Floor Plan

Rajiv Swagruha flats for sale in Hyderabad are great investments that give you access to a lovely home with all the amenities you require. These flats are located in a peaceful society that is close to important hospitals, educational institutes, shopping malls, and recreational areas. 

It is important to consider the flat floor plan as a crucial aspect. It helps you decide whether to purchase a one-bedroom apartment, a two-bedroom apartment, or a three-bedroom apartment, depending on how much space you require. It also helps you decide the size of the furniture. 

A one-bedroom apartment is best for a single person. It provides you with plenty of space for cooking, sleeping, and living. If you have a family, it is preferable to select a two-bedroom apartment. 

You can think about a three-bedroom apartment since it has enough space for a large family. It is also a good choice for people who require additional space for their home office or storage area. 

A four-bedroom flat is another option, which is a good choice for families with kids. It has enough space for everyone and is a wonderful place to spend time with your family. 

The HDMA is now selling the remaining 2,240 flats in Bandlaguda and Pocharam townships after they were allocated to applicants last month through a lottery process. Those who couldn’t pay the full amount by the due date now have the opportunity to pay a small advance before October 26.

Conclusion

Rajic Swagruha Flats are the best option for a good life. Not only are they luxurious, but they are also located in a comfortable location. These luxurious flats come with top-of-the-line amenities and offer great value for money. Whether you are looking for a primary residence or an investment option,

Rajiv Swagruha Flats are the ideal option if you’re looking for a primary residence or an investment opportunity. Don’t pass up this opportunity to live a contemporary, luxurious lifestyle in the center of pulsating Hyderabad if you’re looking for a luxurious living experience.