Sotheby’s International Realty report shows that India’s wealthy are considering real estate investments

Posted on January 22, 2024 by supriya

High-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) showed substantial economic optimism in the India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024, with a staggering 79% expressing confidence in the country’s positive trajectory for 2023-24, up from 59% the previous year.

This positive outlook also applies to the real estate industry. 71% of respondents stated they intended to purchase real estate in the next 12 to 24 months, demonstrating strong confidence in the market despite a nearly 40% increase in property prices over the previous 24 months and an increase in mortgage rates.

The main reason for real estate investment (44%), capital appreciation, has surpassed lifestyle upgrades. It indicates that investors are returning to the market with an emphasis on long-term appreciation.

India is more confident than ever in directing its destiny. The International Monetary Fund projects that by 2027, the fifth-largest economy in the world will rise to the third rank. The country’s central bank, the RBI, forecasts 7% GDP growth in 2024. An all-time high in the stock market and record-breaking home sales in Indian real estate in 2023 are indicators of the growing economic momentum. The top end of the real estate market will benefit the most over the next 12 to 24 months. Goldman Sachs Group Inc. projects that the number of people in the affluent class will almost double to 100 million over the next three years. India’s ultrawealthy are growing. The ranks of the ultra-rich have continued to rise due to the strength of strat-up ecosystems and the increasing number of unicorns. Amit Goyal, MD of India Sotheby’s International Realty. “Our Luxury Outlook survey results show a renewed and heightened interest among investors who now view real estate as a compelling avenue for long-term wealth creation.”

“The resilience and potential of the Indian economy are reflected in the remarkable shift in economic sentiment we are witnessing. The significant rise in fresh luxury project launches in the top seven cities in 2023 is unsurprising. Additionally, attitudes are changing consistent with real estate’s enduring value and potential for long-term financial growth. “We think investors are strategically positioning themselves for wealth accumulation and creating multi-generational wealth through real estate investments,” says India’s Sotheby’s International Realty CEO Ashwin Chaddha.

Regarding home loan interest rates, the Reserve Bank of India (RBI) plans to begin lowering rates in 2024, according to 56% of HNIs and UHNIs, indicating a promising future for mortgages and financing.

A startling 83% of wealthy Indians, according to the survey, own several luxury homes, indicating a trend of diversified real estate portfolios among the affluent.

In addition to their primary residences, 34% of respondents showed off their commercial real estate, 25% their vacation homes, 21% their agricultural land, and 20% their farmhouses.

Other noteworthy results showed that Goa was the preferred destination for 35% of holiday home buyers, indicating the long-lasting appeal of Goa’s lifestyle to Inia’s affluent. The desire to purchase real estate abroad stayed steady at 12%, with the USA and Dubai, United Arab Emirates, continuing to be the top destinations.

A desire to consolidate their portfolios and concentrate on higher-quality properties and assets that generate income was indicated by 43% of UHNI and HNI respondents. To research and view properties, 34% of UHNIs and HNIs have switched to using digital tools, such as walkthroughs and 3-D virtual reality, highlighting the impact of digital transformation even at the top of the luxury housing market.

A beginner’s comparison between investing in Indian real estate and the stock market

Posted on January 17, 2024 by supriya

Purchasing financial instruments has been a method for people to increase their wealth. The stock market and real estate are India’s two main investment options. Each has advantages and disadvantages of their own. Let us compare investing in real estate and the stock market for beginners in India in this article, considering key elements like growth potential, taxation, liquidation, flexibility, emotional connection, control, and return on investment (ROI).

Return on Investment (ROI)

Real estate:

Investing in real estate frequently offers a steady, growing return over time. Growth in property values and rental income affects the overall return on investment. Nevertheless, the return might be slower in contrast to other investment options.

For instance, investing in a residential property in an expanding area may result in rental income and future value growth.

Stock market:

A more rapid return on investment is possible by investing in the stock market, which also offers dividends and capital gains. However, unpredictability of volatility can also result in a decline in investment.

Example: Investing in reputable businesses with a record of paying dividends can increase stock value and provide income.

Prospects: If investments happen at the right moment, the stock market could yield faster and possibly higher returns, but market trends are unpredictable. Real estate is a long-term wealth-building option because it provides stability and tangible assets.

Ease of liquidation

Real estate:

There is more liquidity in stocks than in real estate. Stocks are more liquid than real estate. A house may take a while to sell, and there may be legal complications. The state of the market may take a while to sell, and there may be legal complications.

The state of the market may also affect how long it takes to find a buyer. However, if you have invested in a suitable property, the market slowdown might not affect it.

Example: Outside variables like market demand and economic conditions can affect how quickly you sell your real estate investment if you need to liquidate it.

Stock market:

Due to their high liquidity, stocks enable investors to buy or sell shares quickly. Online trading platforms also facilitate quick transaction execution.

Example: Selling stocks is a way to offer liquidity during a financial emergency.

Prospects for the Future: Stocks are a good option for investors who value quick access to their money because of their superior liquidity.

Taxation :

Real estate:

Several taxes, such as capital gains tax, registration fees, and stamp duty, apply to real estate transactions. Although there are deductions for rental income, rental income itself is taxable.

For instance, if a property sells after being owned for two years, long-term capital gains tax currently at 20% with indexation may be applicable.

Stock market:

The taxation of stock market gains varies depending on how long they remain invested. The tax rate on short-term gains (held for less than a year) is higher than that on long-term gains.

For instance, short-term capital gains from equity investments are subject to 15% tax, whereas long-term capital gains are tax-free up to a certain amount.

Prospects: There will be significant tax ramifications, and real estate and the stock market are complex. Investors should consider their tax liability based on their investment horizon.

Flexibility:

Real estate:

Compared to stocks, real estate investments are typically less flexible. It takes time and work to sell a property, and diversification can be difficult for smaller investors.

In the real estate industry, for instance, managing several properties or modifying investment strategies might necessitate more work.

Stock market:

Investing in the stock market offers low entry barriers and great flexibility. Investing in mutual funds or buying and selling various stocks allows investors to quickly diversify their portfolios.

As an illustration, an investor can quickly reallocate their portfolio in response to shifts in the market or their goals for their investments.

Prospects for the future: The stock market offers more flexibility, enabling investors to better manage their portfolios and adjust to shifting market conditions.

Emotional connect:

Real estate:

Investing in tral estate frequently involves tangible assets like residential or commercial buildings, which evoke strong emotions. Making decisions may be influenced by this emotional connection.

Example: Even though it might be financially wise, an investor may be find it difficult to sell a family home or vacation property due to sentimental value.

Stock market:

Investing in the stock market can be less emotional and more abstract than owning physical assets. Market trends and financial analysis are often the driving forces behind decisions.

Example: Performance metrics, not sentimental attachments, are usually the basis for stock selling decisions.

Prospects for the future: Depending on the objectives and circumstances of the investor, the emotional attachment to real estate can be either an asset or a liability.

Control:

Real estate:

Investors in real etate have more direct control over their holdings. They are capable of making decisions about maintenance, renovations, and property enhancements.

Example: A real estate investor may choose to upgrade a property in order to increase its value and rental potential.

Stock market:

Stock market investors have little control over the management and business practices of the companies in which they invest. Because corporate management and market forces have a significant influence on decisions, there is very little that you can do about it.

Example: The company’s executives run things on a daily basis, but at annual meetings, share holders have the opportunity to vote on certain issues.

Future prospects: Because real estate allows for more hands-on control, it may appeal to investors seeking for a tangible, actively managed asset.

Factor of risk relative to the asset:

Real estate:

In general, real estate is thought to be a less risky investment than the stock market. Long-term property values are typically more stable, and the tangible aspect of an asset lands security.

Example: The risk of large losses can be reduced in a growing economy by the steady appreciation of real estate values.

The stock market:

Because of this inherent risk, investing in stocks is riskier. Stock prices can be impacted by a number of variables, such as world events, industry trends, and economic conditions.

Example: A sharp drop in stock prices may be caused by external factors like a global economic downturn.

Future Prospects: For investors who are risk averse, real estate presents a more stable investment environment. The possibility of greater returns in the stock market is accompain by greater risk, though.

Potential for growth:

Real estate:

Investing in real estate offers the possibility of capital growth and rental income. Well-located properties can see significant value appreciation as demand is driven by urbanization and population growth.

Example: As infrastructure develops and demand rises, real estate investments in developing areas can result in significant growth.

Stock market:

The stock market has the potential to expand significantly and quickly, particularly in developing industries or when there are strong individual stocks.

As an illustration, investing in technology stocks during a time of industry innovation and expansion can result in a sizable increase in portfolio value.

Prospects for the future: Growth is possible in both the stock market and real estate, but the stock market might yield larger return faster.

When contrasting real estate and stock market investments in India, each path has particular benefits and drawbacks. An investor’s preferences, risk tolerance, and financial goals will determine which option is best for them. While the stock market offers flexibility and liquidity, real estate offers stability, emotional connection, and control. To capitalize on these advantages and reduce risks, a well-balanced investment portfolio may include a combination of stocks and real estate. For wealth management to be successful in India, it will be essential to stay informed and adjust tactics as market conditions and investor preferences change.

Do you invest in real estate? Check this out

Posted on January 17, 2024 by supriya

Over $5.8 billion in institutional investments were made in 53 deals in the real estate sector in 2023, a 14% increase from 2022. Demonstrating India’s resilience in the face of global economic headwinds. Investor confidence in the Indian growth story is expected to persist through 2024, according to JJL India report titled “Investing in Tomorrow: The Real Estate Journey of 2023.”

With a 63% stake in the total investments in 2023, foreign institutional investors made up the most contributors. The Americans, historically the most to investments, saw a sharp decline to 23% of total investments from a peak of 43% in 2022.

Nonetheless, domestic investors saw a sharp rise in market share, with 37% of all investments made, up from an average of 19% over the preceding five years.

With 81% of all real estate investments made, equity remained the predominant type of investment. Non-core assets make up 53% of all transaction volumes.

According to the report, the office sector will continue to be the most favored industry in 2024.

With a 52% share of the investment pie, the office sector by a wide margin. Residential and warehousing came in second and third, respectively, at 13% and 16%. The amount of capital flowing into the office sector increased by 61% in 2023, from $1.8 billion in 2022 to $3 billion in 15 deals.

Emerging industries to draw capital

In the upcoming years, many institutional investments will go toward emerging industries like student housing, data centers, and warehousing. Institutional investors in India have been paying more attention to student housing as an asset class. There is a big chance for institutional investment in this space because of the rising number of students going to college and the rising need for high-quality housing.

Institutional investments in India in 2023 appeared unaffected by inflation or unclear global economic trends. The trend of investments surpassing $5 billion has persisted since 2018. The US and Canada’s investment activity has decreased due to various rate increases in the Americas. Nonetheless, the APAC area made a sizable contribution in 2023. The outlook for the Indian economy is still favorable, and we anticipate this positive trend will last into CY 2024, according to Lata Pillai, senior managing director and head of capital markets at JLL India.

Pillai continued, “The India growth story will continue to be robust, driven by its inherent strengths and continued focus on economic development, even though the upcoming elections may cause delays in decision-making.”

Platform Assertions

Furthermore, $2.8 billion in platform commitments to invest over the following few years was made public in 2023. Platform commitments decreased significantly (by 38%) from 2022, the year with the most growth in platform deals—a 174% rise from 2021.

The global economic slowdown has impacted investor sentiment toward long-term commitments despite increasing investments. With an investment capacity of more than $1.8 billion, Ivanhoe Cambridge and Mapletree struck the largest platform commitment deal in the history of technology-led offices in India last year.

Exploiting public market opportunities with REITs.

Real estate businesses and investors now have more ways to access public markets in India thanks to the introduction of REITs, which provide regulated investment structures and liquidity.

The first retail Real Estate Investment Trust (REIT) in India, Nexu Select Trut REIT, was listed in 2023. Anchor investors responded favorably to the IPO, absorbing 45% of its total size.

The last two REITs, Brookfield REIT and Nexus Select Trust REIT saw a rise in participation from domestic institutional investors, indicating a growing level of interest and confidence in the Indian REIT market. In 2023, Blackstone sold its 23.5% stake in Embassy Office Parks REIT for $850 million, or Rs 316 per unit, and left the REIT.

Bain Capital, ICICI Prudential MF, and Capital Group were the top three purchasers, acquiring stakes ranging from 7 to 9%. The robust reaction from institutional investors suggests that this real estate investment tool is becoming increasingly popular and that real estate is beginning to institutionalize.

2024

The nation’s growth trajectory has generally benefited from the government’s efforts to advance infrastructure development and bring structural reforms. Experts in the market believe that this growth will continue and that investors will continue to feel optimistic about India’s growth story.

Shortly, the outlook for private equity investment in the Indian real estate market is anticipated to remain positive, having recently improved.

However, it will be crucial to closely monitor the trends in capital flows going forward into 2024. The capital flow slowdown observed in the fourth quarter suggests the potential cautious approach investors, especially those with foreign experience, may take in 2024.

Investors may become more risk-averse and careful when making real estate investments due to long-term uncertainty and monetary tightening in developed countries. The upcoming elections may cause delays in decision-making, but overall market sentiment remains positive.

Artificial Intelligence’s effects on real estate

Posted on January 16, 2024 by supriya

The application of intelligent technology that can complete tasks with little assistance from humans is the focus of the multidisciplinary field of artificial intelligence (AI). AI has always had the potential to transform businesses, societies, and industries. Recent developments have propelled AI from a niche field of study to the forefront of widespread use. The ability of AI to write, draw, code, and compose, among other tasks, has led business executives to carefully consider the advantages and disadvantages of AI for their organization.

It is clear that strategically embracing AI could result in revolutionary changes in the commercial real estate industry. It is according to investors, developers, and corporate occupiers. AI and generative AI are among the top three technologies that will most likely have the most impact on real estate over the next three years, according to JLL’s 2023 Global Real Estate Technology Survey. Regarding the precise ramifications of AI for the sector, there is still uncertainty, though. Respondents displayed the lowest understanding of AI and generative AI compared to other surveyed technologies such as blockchain, virtual reality, and robotics. Artificial Intelligence (AI) has applications in commercial real estate, such as predictive analysis for market analysis, intelligent property search and recommendation, property management and maintenance, and improved marketing and advertising. Leaders in the real estate sector are aware of the impending changes and are actively investigating ways to capitalize on AI’s revolutionary potential despite the uncertainty surrounding it.

The use of AI in the real estate industry represents a dramatic change in the purchasing, managing, and real estate. Real estate professionals are aware of the benefits and opportunities presented by AI technologies, but they also recognize the importance of using data to drive profitable outcomes. By using machine learning techniques to exact valuable insights from data patterns, artificial intelligence (AI) tools enable better-informed decision-making. Artificial intelligence has many uses in the real estate industry, such as investment analytics, process optimization, and improving client experiences. Artificial intelligence has many uses in the real estate industry, such as investment analytics, process optimization, and improving client experiences. Brokerages optimize their listings, and machine learning helps agents handle customer inquiries more quickly and effectively. We will see benefits such as enhanced lead generation, data collection, and sales process optimization. By employing AI to collect information on customer preferences, behavior, and feedback, agents and brokers can improve their marketing and customer service strategies and make more informed decisions. AI-powered automated valuation models compete with traditional appraisers, and mortgage lenders utilize AI for risk assessment calculations. Developers rely on AI platforms for predictive analytics, which provide location recommendations based on local zoning laws, market trends, pricing, and demand to help them make better decisions.

By concluding the massive amount of real estate data available, artificial intelligence (AI) enables professionals in the real estate sector to make well-informed decisions. Artificial intelligence (AI) algorithms offer insightful analyses of past sales data, market trends, and other vital variables. These analyses help to create data-driven approaches ranging from spotting possible investment opportunities to setting competitive property prices.

By utilizing data, artificial intelligence (AI) in real estate creates opportunities for increased efficiency, better customer support, and more informed decision-making. As this technology advances, the real estate industry can anticipate a plethora of growth prospects and a means of potentially revolutionizing the industry as a whole.

Will the Mumbai-Trans Harbour Link increase the cost of real estate in Navi Mumbai?

Posted on January 16, 2024 by supriya

While some real estate analysts think the MTHL project will raise prices, others believe they will stay low as more becomes available.

Prime Minister Narendra Modi opened the 21.8-kilometer Mumbai Trans Harbour Link on January 12. The goal of the sea link is to reduce the several-hour travel time between Mumbai and Navi Mumbai to 15 to 20 minutes. Additionally, it should shorten travel times to major cities like Pune and Gia. Given that it is the location of a mega port and an upcoming international airport in Navi Mumbai, it may also promote economic growth in the area.

As with most new infrastructure projects, the question that needs answering is whether this will change the course of Navi Mumbai’s real estate market and drive up property prices. It’s worth noting that the 11-kilometer Navi Mumbai Metro Line 1, which runs between Belapur and Pendhar, began operating in November of last year and has contributed to an increase in real estate prices in nearby markets like Kharghar, Belapur, and Taloja.

While some real estate experts believe that new infrastructure projects in Navi Mumbai will cause prices to rise by 10-15% over the next two to three years, others believe the cost will remain low because more land will become available along the MTHL corridor. An increased demand for upscale real estate in Alibaug could result from improved connection.

Starting in Sewri, South Mumbai, MTHL goes north across the Thane Creek of Elephant Island and ends in Chirle village in Navi Mumbai, close to Nhava Sheva. The goal of the MTHL is to reduce the two-hour travel time from South Mumbai to Ulwe to just twenty minutes. Dronagiri, Ulwe, and Panvel are the other areas expected to gain from the direct connection.

The infrastructure development will improve accessibility throughout MMR, generating affordable opportunities in several developing residential hubs, according to global real estate consultancy Colliers. New residential communities, such as Panvel, Ulwe, and Kharghar, are expected to be developed because it’s this close to Navi Mumbai’s edge.

Panvel: Remember that Panvel is 20 minutes from the under-construction Navi Mumbai International Airport, and the MTHL project is only 15 to 20 minutes away. Affordable housing is the main focus of this market. According to local brokers, the price of an apartment with two or three bedrooms in Panvel can range from Rs 8,000 to RS 15,000 per square foot.

Ulwe lies in Mumbai’s Navi. This place can set you back a crore for 2 BHK. They claim the prices were between Rs 25 and Rs 30 lakh approximately eight years ago. Right now, Dronagiri fetches between Rs 5,500 and 6,000 per square foot.

The Ulwe end of the sea link is expected to see the development of a “Third Mumbai,” according to discussions. The Mumbai Metropolitan Regional Development Authority (MMRDA) is responsible for developing this. Part of its mandate is to create a second business hub like the Bandra-Kurla Complex on a 150-hectare plot at Kharghar in Navi Mumbai. The Third Mumbai project includes the towns of Ulwe, Pen, Panvel, Karjat, and Alibaug in the Raigad district.

Ulwe and Panvel are and will continue to be the beneficiaries of the MTHL project in Navi Mumbai, according to data supplied by Anarock. Not only that, but the two areas are already benefiting from the concurrent construction of the international airport and MTHL, and they will continue to do so. The areas of Seawood and Kharghar have also benefited.

As of Q3 2023, the average price of real estate in Navi Mumbai was over Rs 8,300 per square foot, according to ANAROCK Research. With an average price of Rs6,650 per square foot in Q3 2015, real estate prices had increased by over 25%. In the next 2-3 years, the city will see average prices between 10-15% due to various infrastructure projects that will improve connectivity with mainland Mumbai and MMR.

Will the value of real estate increase?

The senior executive director of Knight Frank India, Gulam Zia, has an alternative viewpoint.

“Most of the real estate in these areas has already expanded and changed. The juice has already been squeezed out of it financially. Prices in Ulwe started at Rs 2000 nearly ten years ago, and before the link went into service, he said, they reached Rs 5000 per square foot.

“We expect a consistent price increase of 7 to 10 percent in all areas that fall under this corridor,” he said.

Could control the price of real estate

Prime Minister Narendra Modi officially opened the 17-kilometer priority section of the Regional Rapid Transit System (RRTS) train, also known as RAPIDX, a few months ago. The country’s first mass rapid transit system dedicated to regional connectivity. Between the stations of Shaibabad and Dubai Depot was this. The 82.15 km connector between Delhi and Meerut is projected to reduce the travel time to just under an hour.

Bangalore’s top 5 weekend getaway locations

Posted on January 16, 2024 by supriya

Bangalore has been a significant metropolis for many decades. People’s interest in weekend homes in the surrounding suburbs as their desire to own a home grows. Look into the ones that aspirational homebuyers have given the most significance.

The Bangalore-Chennai Expressway, the Bangalore Peripheral Ring Road, and the partially opened Bangalore-Mysore Road are just a few of the connectivity improvements that have taken place. These developments in connectivity are opening up new areas of the city and creating opportunities for once-offbeat locations to become popular vacation spots.

Better infrastructure, including internal roads, flyovers, highways, streetlights, and water supply, has also been ensured by new outlying areas within the boundaries of Bruhat Bengaluru Mahanagara Palike (BBMP). Due to this, investing in real estate in the outside of town is now more feasible than before. The city’s steadily rising real estate costs are another factor at work, which drives prospective homeowners to the outskirts where larger homes are available at more affordable costs.

The fact that buying a vacation house outside of a city is thought to be a lucrative way to increase one’s investment portfolio is not surprising. Look at the top five-weekend getaway spots in and around Bangalore.

Mysore

One of the most popular weekend getaway locations near Bangalore is Mysore. Aspiring homeowners favor this town, about 160 km from the city center via NH-948. The Bengaluru-Mysuru Expressway, currently under construction, has improved connectivity between the two cities. In addition, the availability of public facilities like markets, hospitals, and schools makes Mysore an ideal choice for weekend residences close to Bangalore.

Homegrown developers, such as Sankalp Group, Brigade Group, Damdan, and Pathak Developers, offer land parcels, villas, apartments, and builder floors in different parts of Mysore. Remarkably, average land prices in a few localities—JSS Layout, Hebbal, and Najangud Belavadi—have risen 30 to 35 percent in the last few years.

In Mysore, 1,200 square feet of residential land typically cost Rs 30 lakh. A 4-bedroom villa with 1,700 square feet of space starts at Rs 75 lakh.

Mangalore

Karnataka’s favorite weekend getaway destination is Mangalore, about 350 kilometers from Bangalore. Mangalore offers beach homes, flats, residential plots, and more; it is accessible via the NH-75 and short aviation trips. This growing city in Karnataka has many social facilities, including schools, hospitals, markets, well-trafficked internal roads, properly installed sewage lines, and more. The city is home to several local builders, such as Mohtisham Complexes, Raheja Universal, and Northern Sky Properties, who provide residential land, apartments, and villas. The real estate market in Mangalore has been growing recently, partly due to well-built roads that facilitate intercity travel and overpasses and underpasses close to the airport.

Ooty

For those who want to invest in real estate and become homeowners, Ooty is a popular weekend getaway location close to Bangalore. Situated approximately 375 km farther from Bangalore and reachable through NH-44, Ooty is roughly 85 km far from Coimbatore and offers flight connectivity to the city through NH-181. Because Ooty is a developing city, it has a good road network, markets, malls, schools, and hospitals. Future initiatives, such as the flyover on the Mettupalayam-Ooty National Highway, are anticipated to improve traffic from Coimbatore to Ooty, Mysore, Coonoor, and Mettupalayam.

Pondicherry

One of the most relaxed travel destinations is Pondicherry, with its serene surroundings and stunning view. Due to its popularity, it is an ideal weekend home destination near Bangalore. Pondicherry, which is about 350 km away from Bangalore and accessible by NH-48 and an hour’s flight, offers residential lots and apartments for real estate investors. The city provides numerous social amenities, and its well-designed road network makes getting around the city easy.

Thanks to several proposed and upcoming projects, such as the flyover between Indira Gandhi and Rajiv Gandhi Squares, the grade separator, and East Coast Road between Mahabalipuram and Puducherry, the real estate market in Pondicherry has been moving upwards.

Kannur

Mysore Road and Thalassery-Mysore Road will take you to Kannur, which is about 300 km away from Bangalore and a well-liked weekend destination for Bangalore residents. Connected to the airport, Kannur is a relaxed city with all the social amenities close by, including markets, entertainment venues, hospitals, and schools. The airport lies approximately 25 km from the city center.

Though Kannur is a small town mainly visited mostly visited by tourists. NH-66 provides good access to neighboring cities and a well-developed road network. Programs for government subsidies are also promoting the growth of the region and drawing in more homeowners.

There are several developers in the city that have residential projects: Sreerosh Developers, Rainbow Developers, and Asset Homes. The most in-demand areas for housing are Payambalam and Kuthuparamba.

Mangalore Property Tax: All-Inclusive Guide

Posted on January 16, 2024 by supriya

The Mangalore City Corporation (MCC) has raised the rates of property taxes in Mangalore for both residential and vacant land plots. There have been many complaints to the authorities about the increased tax rates on undeveloped land and plots. If you own a home in Mangalore, read this article for the most recent information on property taxes, deadlines, and rebates.

Property taxes are one of the sources of revenue for the Mangalore City Corporation (MCC). These revenues support infrastructure growth and also the efficient operation of public facilities. These revenues support infrastructure growth and also the efficient operation of public facilities. The unit area system serves to calculate taxes for homes in Mangalore.

The MCC has recently written to the Karnataka government requesting a reduction in the tax increases for vacant plots under the Self-assessment Scheme (SAS). There was opposition to the government’s decision to impose a 0.2-0.5 percent tax on vacant land. It is because the Mangalore property tax regime has a determined effect on low-income families, who own over 50% of the undeveloped land outside of the city.

You can review the previous revisions to the property tax for residential and commercial properties made by the state authorities below:

Mangalore’s MCC property tax rate in 2024

The Mangalore property tax is set for each property type by the Mangalore City Corporation (MCC). The properties fall into three categories: non-residential or non-commercial use, commercial, and residential. The corporation reports that property taxes range from 0.20 to 1.50 percent.

Type of Property	Mangalore property tax rate
10A residential use	0.50 percent
10B commercial use	1.50 percent
10C non-residential/commercial use	1 percent

How can I pay my property tax online in Mangalore?

The steps that follow are available to pay the property tax in Mangalore online:

Step 1: Go to MCC’s official website.

Step 2: Click the “Pay Property Tax” link on the home screen.

Step 3: Enter your registered mobile number and submit the OTP in the corresponding field.

Step 4: Select the door and ward numbers at this point, then look for the property. Select “Pay Tax” to proceed to the following page.

Step 5: To find out the applicable tax value for the current fiscal year, applicants can utilize the calculate tax button.

Step 6: Select “Yes” or “No” to indicate whether the property has changed.

Step 7: Examine the comprehensive summary of the SAS to comprehend the property details and the estimated tax amount.

Step 8: Choose the method of payment from the available options. After making the last payment, download the challan for your records.

What is the deadline for Mangalore’s property taxes?

The final week of April 2024 is when the Mangalore property tax is due online.

What is Mangalore’s property tax rebate?

According to the most recent order, a 5 percent rebate is available to anyone who pays their Mangalore property tax online before the deadline or in advance. The rebate will be equivalent to the property’s entire value.

Mangalore property tax calculator

The online calculator on the official website calculates the total tax on a property in Mangalore. These steps can help streamline the Mangalore property tax calculation process.

Step 1: Go to the MCC official website at https://www.mccpropertytax.in/WebPortal/

Step 2: Select the ‘Pay Property Tax’ link from the home screen.

Step 3: Enter and send in the mobile number you registered.

Step 4: Look over the details of your property and click the “Calculate Tax” button.

Step 5: At this point, provide information on the homepage, including your mobile number, email address, property ID, select village, street name or number, Katha number, survey RS number or survey TS number, locality or company name, and pincode.

Step 6: Choose the rented or self-used property and press “Yes” or “No.”

Step 7: Select the property type and then the category type.

Step 8: Enter the plinth factor, total build-up factor, area of land occupied in square feet, and site area in cents.

Step 9: Select the type of property, door number, slum status, and status of exempt property.

Step 10: To calculate property tax, add the floor details, construction type, market value, and year of construction.

Mangalore property taxes are due in advance.

In Mangalore, paying property taxes in advance allows one to do so before the annual deadline. A five percent rebate on the total value is the primary benefit of paying tax in advance. Current regulations also state that individuals who pay advance tax after the tax rate is revised will have their payments adjusted in the following fiscal year.

How to amend your name on your Mangalore property tax

The procedure for renaming the asset may begin by submitting several documents. The supporting documentation includes a copy of the associated housing society’s No-Objection Certificate (NOC), the most recent property tax receipt, and an attested copy of the sale deed. After submitting the request, the officials will review the supporting documentation and grant approval within 15 to 30 days.

How can I get a receipt for my property taxes paid?

Residents of Mangalore can download their property tax receipts from the official website.

Step 1: Go to https://www.mccpropertytax.in/WebPortal/, the official MCC website.

Step 2: Select the ‘Pay Property Tax’ option from the homepage.

Step 3: After posting this, type in your registered cell phone number and send it in.

Step 4: Click the search button after entering your door and ward number.

Step 5: Print the property tax payment receipt for your records at the end.

The most recent information and news regarding Mangalore’s house tax

The guidance value of immovable property is to increase by thirty percent, per an order from the Karnataka government. This rate is subject to annual revisions in the Property tax in Mangalore.
Upon adding 30,000 properties to the tax net, Mangalore City Corporation will have a total of 2.13 lakh properties to tax.
MCC will levy taxes on vacant land in March 2023 equal to 0.3 to 0.5 percent of the total land value by the state government’s revisions to the property rates in Mangalore, which had been set at 0.5 to 1.5 % of taxable capital.

In conclusion, timely property tax payments in Mangalore contribute to the upkeep of a spotless record in the official records. Property taxes can be paid online or at the physical municipal centers that have been designated as such. Taxpayers’ overall burden is lessened by obtaining rebates and discounts when they pay their taxes ahead of schedule.

Why do homebuyers favor low-rise buildings over high-rises?

Posted on January 16, 2024 by supriya

Homebuyer’s preference for low-rise properties has grown, indicating a shift away from the tall buildings that characterize urban landscapes. Living in one of these is usually more personal and focused on the community because the buildings are typically smaller in number. Low-rise housing provides a welcome diversion from congested, airless urban areas! This trend is here to stay!

For many years, high-rise projects have dominated the urban building typology; however, lately, this has quickly changed, with low-rises emerging as the preferred option. The urban building typology was dominated for a long time by high-rise projects, but in the last few years, low-rises have become the more popular choice. Low-rise housing arrangements have seen a significant resurgence since the COVID-19 pandemic due to the growing demand for large homes, a laid-back lifestyle, and community living. Developers are capitalizing on this trend at a rapid pace. Unquestionably, buyers remain attracted to amenities, but they also value privacy and a caring environment for their loved ones, two things that low-rise buildings provide.

Let us examine in more detail the growing appeal of low-rise projects.

According to the Indian Building Code, low-rise housing technically refers to buildings up to 15 meters tall with ground plus four floors (G+4). In contrast to high-rise complexes, low-rise buildings house fewer people and have fewer towers. Low-rise buildings offer residents a more personal and community-focused living environment because of their smaller height and fewer residents. These often include extra-large living rooms, distinct entrances, and sometimes even private outdoor areas like patios and gardens.

Low-rise developments are typically small-scale endeavors performed primarily by local or homegrown developers. Given the new circumstances, homebuyers have demonstrated a striking shift in preference for these projects, demonstrating that quality and renown are not the only factors. Low-rise projects are rapidly gaining favor because buyers are now more interested in the community living, amenities, and exclusivity that these projects offer.

One developer based in Delhi NCR that has several noteworthy low-rise projects on the Golf Course Extension Road is the Nitara Group. The developer has several builder floor projects open in 3 BHK, 4 BHK, and 5 BHK configurations. With sizes ranging from 342 square yards to 1200 square yards, these residential projects have Simplex, Duplex, and Triplex builder floors.

Within Sector 63A of Gurgaon is a noteworthy project of Nitara Homes called Nitara Projects Anantraj. With a carpet area of 1950 square feet, it offers 4 BHK apartments. The building has four levels, and each floor has four units. These residential units have a starting of Rs 3.25 crore.

Growing popularity of low-rise housing

While high-rise buildings have urban settings, luxury low-rise real estate is rising among Gurgaon buyers. Let us investigate the cause of this change.

Security and Safety

The increased security and safety of low-rise housing is one of its main benefits. Because gated communities are less vulnerable to structural damage than tall high-rises, they assure natural disasters like earthquakes. In high-rise buildings, elderly and young people may encounter difficulties navigating the staircase if elevators are malfunctioning or undergoing maintenance. This problem virtually vanishes because low-rise housing arrangements have limits to four stories. Low-rise developments also have far more controlled and thorough entry and exit security checks because fewer people reside there.

In all of its housing projects, Nitara Group provides features like seismic zone IV-complaint structures and three five-tier security systems to allay residents’ fears about their safety.

Elevators may become stuck, people may fall from great heights, etc. Low-rise housing is the best choice in these situations because it allows them to remain close to the ground without making them feel uneasy or afraid.

Greater value at resale

Low-rise buildings frequently have higher resale values than high-rises. Low-rise living offers privacy and exclusivity, which appeals to buyers and makes these properties more desirable in the resale market. These homes’ ongoing needs contribute to their increasing value over time.

Reduced upkeep expenses

Since low-rise housing is more energy efficient, it also has lower maintenance costs, which is another factor that works in its favor. Against high-rises, which create extreme weather conditions that need constant maintenance, like air-conditioning and higher electricity usage, low-rises ensure a balanced temperature and less energy consumption. Also, other maintenance costs are typically easier to handle in a building with fewer floors and a smaller footprint. Homebuyers who want to benefit from homeownership while reducing long-term costs will find this appealing.

Natural views and housing with low-density

Compared to high-rise structures, low-rise developments provide a low-density living environment where residents have more space and fewer neighbors. It produces a calm and serene atmosphere that appeals to people who prefer a more sedate way of life away from the bustle of busy skyscrapers.

Additionally, these arrangements offer greater exposure to nature than high-rise communities, where many towering buildings obstruct the views of the outdoors. Although low-rises have existed for ages, buyers are now taking notice of them due to the chaos of the city, the high pollution levels, and the health risks associated with COVID-19. It has forced them to settle in environmentally friendly properties.

Large Room

The abundance of large rooms is one of the benefits of living in a low-rise. Low-rise projects have comparatively larger spaces than high-rise projects, where rooms are typically ten by 10 with built-in amenities like wardrobes in many cases. Nitara homes, for example, have rooms that measure 13’3x 10’6” and 11’6 x 13’6”; However, they do not include large balconies that are 6’ broad. The lobby areas outside the apartments are large and spacious, with wide walking passages, because they have fewer units per floor.

Specifically, residents benefit from larger living spaces, which make their homes feel more comfortable and accommodating on each floor. Those looking for space to live and unwind will find this feature appealing.

Cohabitation in gated communities

Many low-rise housing projects, like Nitara Homes, prioritize community living within gated societies. These communities frequently have common areas, shared resources, and a feeling of community among the people living there. In addition to promoting social interactions and a sense of community, this creates a close-knit environment.

Range of personalization

One more advantage of low-rise homes is that they are adaptable. Real estate buyers can personalize their living spaces by putting in gardens or outdoor spaces. This level of personalization allows residents to tailor their homes to their preferences and way of life.

Reduced strain on infrastructure

Because fewer people use the parks, elevators, lounges, clubhouses, swimming pools, and parking spaces, among other amenities, high rises to low rises put less strain on the infrastructure. An area’s population growth would inevitably result in more traffic and a burden on public services.

In conclusion, the growing popularity of low-rise housing is a reflection of consumer’s shifting tastes. For those looking for a unique, more customized living experience, low-rise living is appealing because of its safety, security, large rooms, community living, lower maintenance costs, higher resale value, and customization options.

The best places to buy a house in Greater Noida

Posted on January 16, 2024 by supriya

In the Delhi NCR, Greater Noida is a shining example of contemporary living. Greater Noida is still a thriving residential market because it offers an array of amenities, an abundance of homes for sale, reputable developers, and multiple IT hubs. The approval of Phase 2 of the New Noida project has also recently increased the desire among the surrounding Greater Noida region’s residents to purchase a home. Permit me to present the list of the top five Greater Noida neighborhoods. Jaypee Greens, Techzone 4, Sector-1, Sector 1 6 B, and Sector Chi 5 are a few of these.

Greater Noida’s Jaypee Greens

A posh neighborhood in Greater Noida called Jaypee Greens has many rental options. Jaypee Greens is strategically close to the Yamuna Expressway (5.8) and the Noida-greater Noida Expressway (4km), being next to the central market of Sector 27, Delta 1, and Alpha 2. The two developers in the area offering residential projects are Gaurs Group and Jaypee Group.

In Jaypee Greens, the average cost of a home is approximately Rs 11,150 per square foot, and monthly rentals range from Rs 23,000 to Rs 1.4 lakh. The Jaypee Greens neighborhood would become even more livable when it gets a metro line from Knowledge Park 2 to the future Jewar Airport, reducing the travel time from 25 to 41 minutes. In addition, Knowledge Park 3 and Noida will gain from building a link road and six additional power substations. With home values in the area rising by more than 100% in the last three years and likely to rise further due to planned developments, investors considering investing in Greater Noida might want to take a closer look at Jaypee Greens.

Greater Noida West, Sector 1

Greater Noida West’s Sector 1 is a posh neighborhood with plenty of pre-construction and ready-to-move-in residential apartments; the former is the most popular. Though the area is still popular, it is five kilometers from Knowledge Park V and Artha SEZ (Techzone-4). The proximity of the Taj Highway and the Faridabad-Noida-Ghaziabad (FNG) Expressway enhances the area’s allure for buyers and tenants.

Sector 1, Greater Noida West, has an average property rate of approximately Rs 7,050 per square foot, following a startling 113 percent increase in the previous five years. The planned commercial complexes in the neighboring Techzone 4 will help improve the housing and rental trends in Sector 1 by creating additional job opportunities. The residential market here consists mainly of 2 and 3 BHK apartments, with monthly rentals ranging from Rs 10,000 to Rs 18,500.

The people who live in Greater Noida, Sector 1, have rated this locality with an impressive 4.2 out of five stars. Four criteria determine the rating: environment, safety, lifestyle, and connectivity. While many locals praised the area’s accessibility, proximity to markets, and tranquil surroundings, poor parking management is still an issue.

Tech Zone 4, West Greater Noida

Techzone 4 is an independent neighborhood with an excess supply of 3-BHK apartments. Situated approximately 22 km from Knowledge Park 5, Techzone 4, one of the best locations in Greater Noida, is home to business hubs such as Artha SEZ and Airvil Intellicity. The eight-kilometer Taj Highway connects to NH-9, making traveling to different parts of Noida easy.

Property purchase prices in Techzone 4, Greater Noida West, range from Rs 6,100 per sq. ft to Rs 40,000 per month, following a nearly 65 percent increase in the preceding five years. In the area, the number of ready-to-move-in homes is at capacity. ABA Corp, Gaurs Group, and JM Housing Builders are a few prominent developers that increase the area’s supply of homes. This area will become more livable with the proposed FNG Expressway and the expansion of the Noida Metro’s Aqua Line. While the expressway will facilitate better access to Faridabad, the metro extension will connect Techzone 4 to the renowned Ecotech.

Greater Noida’s Sector 16 B

There are a variety of residential options in Sector 16 B. Almost half of the stock consists of apartments, with separate homes and developable plots. The most number of 2 BHK and 3 BHK layouts are available in this area, the prices per square foot averaging about Rs 5,570. Rentals and 2-BHK apartments remain the most popular; their monthly costs range from Rs 16,000 to Rs 26,000. SKA Greenarch, Anthem French Apartments, and Panchsheel Greens are a few of the neighborhood’s housing developments.

Sector 16 B’s proximity to the Noida-Greater Noida Link Road, which links it to NE-03 and leads to Ghaziabad and Meerut, drives demand for housing in the area. It is also close to Techzone 4, which is the location of Artha SEZ, and it is only 12 km from Sectors 62 and 63 in Noida, which are commercial areas. B’s connectivity should improve further with the planned underpass at Gaur Chowk and the upcoming Aqua Line metro extension.

Sector Chi 5, Greater Noida West

An important micro market, Sector Chi 5 has an ample supply of high-end homes, especially 3 BHKs. Sector Chi 5 is located near the Yamuna Expressway and is less than five kilometers from the Noida-Greater Expressway. Sectors 135, 132, and 142 in Noida are the closest commercial hubs, at about 17 km, while Surajpur and Ecotech 2 & 3 industrial estates are around 15 km away. A new commercial complex in Sector Chi-Phi and the Film City near the Yamuna Expressway is likely to increase demand for housing and employment in the area.

In Sector Chi 5, Greater Noida, the average cost of a property is approximately Rs 7,000 per square foot, and monthly rentals can range from Rs 11,000 to Rs 90,000. Purvanchal Royal City, Nimbus Express Park View 2, and Express Park View 1 are a few housing societies in Sector Chi 5. Sector Chi 5 received an acceptable four out of five stars by locals. A local tenant commenced the area’s lush green parks, quiet neighborhoods, and well-kept roads. Also, traveling here is a breeze due to metro connectivity. But markets are far away, and parking improperly is a big problem.

Without a doubt, Greater Noida is a thriving center of compromising neighborhoods, each with benefits. Here are several residential investment options available to potential buyers. Before funding any project, in-depth market research is necessary to identify potential issues.

Would you rather live in the city or the suburbs?

Posted on January 16, 2024 by supriya

The needs and goals the suburbs of major cities, affordable housing, better lifestyle options, enhanced infrastructure, and the emergence of well-known developers are drawing in both investors and end users. However, space saturation and price inflation harm neighborhoods near the city center.

ou have for real estate should determine whether you decide to buy in a city or a suburb. It makes more sense to look for a house in the town if you want to purchase a property for your use. Let us say, though, that you would like to buy a home as an investment. Then, suburbs may yield a higher return because of lower “ask” prices about the housing stock in the city. Let us examine each of the two options separately.

Investing in cities

Established social and physical infrastructure and solid connectivity are benefits of city investment. Therefore, if you buy in a city, ensure your area is well-connected and has all the amenities nearby, including banks, schools, and hospitals. Attempt to invest in a redeveloped area. If you own a property in the city, you might have to pay for maintenance and repairs, which might help you avoid them.

Remember that you would almost certainly have to make do with a city resale property. Therefore, while haggling over the “ask” price with the seller, be nostalgic about the property’s age.

If money is tight, you may search for homes on the outskirts of desirable areas. This way, you can reach a fair agreement and stay in touch with the city center.

Investing in Suburbs

The suburbs are a more sensible choice if you buy a house as an investment or long-term residence.

Due to urban saturation, the suburbs and peripheries of practically every major city have recently become hot real estate markets. Still, most residential projects are in the construction phase, as well as in the infrastructure. It allows for a reasonable appreciation of the capital invested.

One of the main advantages of investing in the suburbs is affordability, particularly for those close to major cities. Suburban real estate is more affordable than urban real estate without compromising the quality of the property. Because land is readily accessible, projects on the outskirts of town provide better amenities like swimming pools, clubhouses, gardens with landscaping, and more open space.

Another advantage of investing in the suburbs is the availability of new properties compared to the cities, where one typically has to settle for re-sale housing inventory.

Institutional real estate investments in India reached a five-year low in 2023.

Posted on January 16, 2024 by supriya

Institutional investments in the Indian real estate market decreased by 12% in 2023 to $ 4.9 billion in 2022. According to data released on Thursday by workplace solutions company Vestian, it is the lowest investment in the sector since 2019, when it was $ 6.5 billion.

It emphasized the caution investors demonstrate in the face of global challenges. From $3.9 billion in 2022 to $2.7 billion in 2023, foreign investments decreased by 30%. Its portion of institutional investment overall fell from 79% to 65% in the previous year.

With 72% of their investments in this sector, foreign investors concentrated more on commercial assets. The industrial and warehousing sectors came in second, accounting for 15%.

Nonetheless, domestic investors remained confident in the industry; total investments doubled to $1.5 billion in 2022 from $ 687 million. The share of domestic investors increased to 35% in 2023 from 14% in 2022.

Domestic investors allocated 42% of their investments to commercial assets. Thirty-nine percent of residential projects came next.

“The optimism of domestic investors kept the real estate market buoyant as they continued to show confidence in India’s growth story,” said Shrinivas Rao, chief executive officer at Vestian.

In part, due to the cautious nature of foreign investors, the co-investment also saw a 95% decline, from $360 million in 2022 to $18 million.

Previous data from Colliers revealed that institutional investments in the industry decreased during the October-December quarter. During the quarter, these investments totaled $822.3 million, a 37% decrease from $1,299.40 million during the same period last year.

Vestian anticipates that institutional investments will return in 2024 due to the Indian economy’s robust pipeline of planned infrastructure projects.

New asset classes are causing the Indian real estate market to explode. As the market expands, so does the need for funding. Rao believes that an increased need for capital could lead to a high return on investment for investors.

“As investors anticipate high returns, they may inject capital into the sector, resulting in further growth and expansion, thereby driving the need for higher capital investments.”

How can a registered mortgage help the borrower as well as the lender?

Posted on January 16, 2024 by supriya

Can you imagine buying or refinancing a home in today’s day and age without a mortgage loan? What happens if the borrower does not make loan payments as agreed? Banks and other financial organizations now require collateral for every loan to prevent these undesirable circumstances. It is where the idea of filing for a mortgage becomes relevant. A registered mortgage: what is it? We are here to explain.

The days of banks authorizing large loans without any inquiries are long gone. To safeguard their investment and best interests, banks today need security. As a borrower, you give your banks a Deed of Trust when you register a mortgage, enabling them to invest in you and your property without concern. By now, you must be eager to find out more about registered mortgages and the hazards involved. The advantages and disadvantages of registering a mortgage, as well as the steps involved in applying for and removing one, will all be covered in this article.

A registered mortgage: What is it?

“Registered mortgage” refers to a legal document that serves as loan security. In other words, banks have more control over the collateral or real estate when a mortgage is registered. Lenders can protect their investment by obtaining a claim on the property if the borrower defaults on the loan. In India, details about the property are in the land records, and the mortgage is filed with the regional Registrar of Assurance.

Upon registering a mortgage, what happens?

A registered mortgage charges for the property, giving the lender the right to sell it to recoup the balance owed on the loan. Paying a fee determined by the property’s value and submitting the required paperwork is part of the registration process.

However, the benefits of mortgage registration extend beyond the lender. The borrower can use this as proof of ownership and reliability while it guarantees the lender a legal claim.

How does one register for a mortgage online?

With the advent of online registration, the mortgage registration process in India has become more convenient and easy. Nowadays, people can register their mortgages online, doing away with the need for paper documents and trips to government offices, are as follows:

Step 1: Register for an account

Make an account on the relevant authority’s official website. Fill out the necessary information and finish the registration process.

Step 2: Complete the application.

Enter the required information, including the tenure, interest rate, loan amount, and property details.

Step 3: Add files

Provide the scanned copies of all the necessary paperwork, such as proof of address, proof of identity, proof of income, and proof of property.

Step 4: Remit the fees:

Make the online registration fee payment now. The loan amount and property value determine how much the fee is.

Step 5: Acceptance and confirmation

Following the application’s submission and payment of the necessary fees, the relevant authority will review the information and supporting materials.

Following the completion of the verification, they will approve the mortgage registration.

How Can a Mortgage Registration Be Removed?

The crucial step of removing mortgage registration is to release the property from the mortgage and all encumbrances. To delete your mortgage registration, follow these steps:

Step 1: Get a certificate of no objection (NOC)

You must first receive a No Objection Certificate from the lender. This document attests to the fact that the loan has been fully repaid and that there are no outstanding balances.

Step 2: Gather the necessary documentation

Assemble the required paperwork, such as the loan agreement, the original sale deed, and the NOC. Ensure that every document is in multiple copies.

Step 3: Go to the Office

Go to the Sub-Registrar’s Office, the location of the mortgage registration. Send the paperwork and cover the necessary costs to start the removal process.

Step 4: Await authorization

The Sub-Registrar will conduct a thorough examination and verify the documents. They will authorize the removal of the mortgage registration if everything is in order.

Step 5: Make record updates

It is imperative to promptly update the property records with the updated status following the removal of the mortgage registration. It guarantees that there are no encumbrances on the property.

You can successfully remove mortgagee registration and obtain a clear title to your property by these steps.

Let us now answer the initial question: What is a registered mortgage? As long as the borrower and the lender have documentation of the collateral and the payments made against it these mortgages are legally enforceable. A registered mortgage does not provide total security and protection from assets.

Property values and market conditions constantly shift, and legal proceedings to retrieve the money or asset could result from a loan default. We advise speaking with a real estate or tax specialist before applying for any mortgage.

Income from agriculture: Overview, taxation, computation, and more

Posted on January 10, 2024 by supriya

As the name implies, partially agricultural income is the kind of income that doesn’t just come from farming. It is not subject to the same taxes as agricultural income because it is not solely reliant on cultivation. What precisely is income from agriculture, and how is it taxed? How should tax returns for partial agricultural income be filed?

Most of its people work in agriculture or related fields and have a thriving agricultural economy. Farmers receive tax breaks and other benefits from the government as a means of encouraging the agricultural sector. However, it is essential to know the difference between income from agriculture and revenue from partially agricultural sources before moving on to tax rebates.

Income derived partially from agriculture: A summary

The term “partially agricultural income” describes revenue derived from related but not wholly reliant activities in agriculture. This idea is essential to India, where the economy relies heavily on agriculture.

Daily farming income is one type of partial agricultural income. Raising cattle and selling milk and milk products are two aspects of dairy farming. It is associated with agriculture because it needs land for gazing and the growth of fodder. It is not exclusively reliant on agriculture because it also involves other activities like the processing of milk and the care of animals.

For those engaging in such activities to comply with tax laws and make wise financial decisions, they must comprehend the notion of partially agricultural income.

How is income from agriculture taxed partially?

The taxation of income derived partially from agriculture in India is contingent upon several factors.

Differentiating between income from agriculture and non-agriculture

It is critical to divide the income into components related to agriculture and non-agriculture. The Indian Income Tax exempts agricultural income from taxation. Non-agricultural income, on the other hand, is taxable as per the applicable tax rates.

Calculating the revenue from agriculture

The nature of agricultural activities, such as land cultivation, crop growth, dairy farming, poultry farming, etc., is considered when determining agricultural income. These activities yield income that fails under agricultural income.

Revenue from agriculture that is partially subject to tax

The regular income tax slabs apply to the non-agricultural portion of the income from a partially agricultural source. There are still no taxes on the agricultural portion.

Keeping accurate records

Accurate records and documentation are necessary to differentiate between earnings from agriculture and non-agriculture. It facilitates the precise computation and disclosure of taxable income.

Income from agriculture: Which ITR should I file?

Which Income Tax Return (ITR) form to file if you receive agricultural income is probably on your mind. The total cash earned during the fiscal year determines which ITR form is appropriate for agricultural income.

ITR-1 (Sahaj): If your total income from agricultural activities does not exceed Rs 5,000, you are eligible to file an ITR-1. This form is appropriate for people who make money from wages, real estate, and other sources outside of agriculture.
ITR-2: You must file an ITR-2 if your capital gains or agriculture surpasses Rs 5,000. Individuals and Hindu Undivided Families (HUFs) who receive income from other sources besides farming are also eligible to use this form. No matter how much your agricultural income exceeds Rs 5,000, report it on the “Schedule El” listed under ITR 2.

It is significant to remember that in India, income from agriculture is exempt from income tax up to Rs 5,000. To be transparent with the tax authorities, you must report the income from agriculture on your ITR form.

Income from agriculture: Is agricultural income reported in ITR-1?

By following these steps, you can ensure that your agricultural income appears in your ITR:

Step 1: Determine your income from agriculture and non-agriculture.

You must determine the total amount of money received from agricultural activities to report agricultural income in ITR-1. It can include the money from buying or selling an agricultural product, including crops and livestock. The following table illustrates the calculation of tax liability for agricultural and non-agricultural income.

Step 2: Include both agricultural and non-agricultural revenue in your ITR.

In the “Income Details” section of the ITR-1 form, there is a dedicated field for entering agricultural income. Fill in the details of your agricultural income accurately.

Step 3: Present corroborating documentation

When filing your ITR 1, you must have the supporting documentation for your agricultural income. These may include purchase invoices, sale receipts, and other pertinent documents.

Filing your taxes should be simpler now that you know about the tax ramifications of partially agricultural income. For professional advice and to confirm the accuracy of your financial data, you should speak with a tax advisor or chartered accountant. You should capitalize on these opportunities to lower your tax liability by working with a professional to find appropriate solutions.

In 2024, find out more about the Vande Bharat Express

Posted on January 10, 2024 by supriya

The central government has been working on an ambitious plan to improve the country’s railway infrastructure and convenience, known as the Vande Bhart Express train initiative, since 2019. These relatively fast trains seek to shorten travel times while offering reasonably priced amenities on a flight. On September 20, 2023, PM Modi inaugurated nine additional Vande Bharat trains, bringing the total to 34.

The number of operational Vande Bharat lines has reached 34, with the launch of nine new trains in September 2023. This quantity additionally comprises the initial saffron-hued Vande Bharat for Kerala. Read on for information on the route, schedule, and other recent developments regarding this semi-high-speed railway project as the country gets closer to its goal of building 75 Vande Bharat Express trains.

Vande Bharat Express?

The Vande Bharat Express is a semi-high-speed railway project initially launched in 2019 on the New Delhi-Varanasi route. Indian Railways is in charge of these trains, also known as Train 18. Super indigenous “Kavach” technology, a train collision avoidance system (TCAS), is used in the Vande Bharat Express trains.

Among the amenities on these trains are automated doors, an infotainment system, and reclining seats similar to those on airplanes. Though they travel at a rate of 160 kn/h, their maximum speed is 180 km/h. The coaches on the train also have fire direction and communication systems installed.

Trains on the Vande Bharat Express will begin service in September 2023.

Prime Minister Narendra Modi officially opened nine Vande Bharat trains on September 24, 2023, marking the first time in the nation.

City of Udaipur-Jaipur Vande Bharat Express

Except on Tuesdays, the Udaipur City-Jaipur Vande Bharat Express operates six days a week, covering a distance of approximately 435 km in about six hours. Trains leave at 7:05 am from Udaipur City Station and arrive at Jaipur Junction at 2:05 pm. The journey back begins at 3:45 p.m. and arrives in Udaipur City at 10:00 p.m. This route of Vande Bharat will pass through some of the most visited tourist destinations, such as Ajmer, Bhilwara, Chittorgarh, and Kishangarh.

MGR Chennai Central-Vijayawada Vande Bharat Express

The 516-kilometer MGR Chennai Central-Vijayawada Vande Bharat Express stops at Tenali, Nellore, Ongole, and Renigunta. It takes less than seven hours to complete. The train, which runs from Vijayawada to its destination at 12:10 p.m., connects the states of Tamil Nadu and Andhra Pradesh. It leaves at 5:30 a.m. At 3:20 p.m., the return trip departs from Chennai and arrives in Vijayawada at 10:00 p.m.

Tirunelveli-Egmore, Chennai Vande Bharat Express

This Vande Bharat route, which ends at Tirunelveli, connects Chennai, Tiruchirappalli, Madurai, Dindigul, and Virudhnagar. It lies entirely in Tamil Nadu. It operates every day of the week except Tuesday and travels a vast 630 km in less than eight hours. This Vande Bharat train runs from Tirunelveli Junction to Chennai Egmore from 6:00 a.m. to 1:50 p.m. and from 2:50 p.m. to 10:40 p.m. on the return trip.

Vande Bharat Express Kacheguda – Yesvantpur

The Kacheguda-Yesvantpur Vande Bharat Express, the third Vande Bharat train operating in Telangana, travels 609 km in approximately eight and a half hours. The train leaves at 5:30 am from Kacheguda Station and travels through Mahbubnagar, Kurnool City, Dharamavaram Junction, and Anantapur before arriving at Yesvantpur Junction at 2:00 pm. The return timings are from 2:45 pm to 11:15 pm. Except for Wednesdays, the train operates every day of the week.

Vande Bharat Express Patna-Howrah

The Patna-Howrah Vande Bharat Express travels 532 km from Patna to Howrah Junction in about six and a half hours. The train stops at Mokama, Asansol, Jasidih, Jamtara, Luckeesarai, and Durgapur. Except Wednesday, it runs six days a week from 8:00 am to 2:35 pm in Patna to Howrah and from 3:50 pm to 10:40 pm in the other direction.

Vande Bharat Express Ranchi-Howrah

Between Ranchi and Howarh, the Vande Bharat Express (number 33) and the West Bengal (number 4) travel through Muri, Purulia, Chandil, Tatanagar, and Kharagpur. Operating six days a week (excluding Tuesdays), it covers the 458-kilometer distance in slightly more than seven hours. The train leaves Ranchi at 5:15 a.m. and reaches Howarh at 12:20 p.m. It takes 3:45 p.m. to 10:50 p.m. to return.

Vande Bharat Express Puri-Rourkela

The Puri-Rourkela Vande Bharat Express, which runs 505 km in seven hours and forty-five minutes, serves Orissa’s key cities. Along the way, stop at Cuttack, Bhubaneswar, Dhenkanal, Anugul, Sambalpur, Tlacher Road, and Jharsuguda. Six days a week, except Saturday, it operates from 5:00 a.m. to 12:45 p.m. in Puri-Rourkela and from 2:10 p.m. to 9.40 p.m. in Rohela-Puri.

Thiruvananthapuram- Kasaragod Vande Bharat Express

A journey of 573 km, or roughly eight hours, is completed by the first Vande Bharat of India, colored saffron, and the second Vande Bharat for Kerala. It links Kollam, Alappuzha, Ernakulam, Tirur, Shornaur, Kozhikode, Kannur, and Kasaragod with the state capital of Thiruvananthapuram. Six days a week, excluding Tuesday, it is open from 7:00 a.m. to 3:05 p.m. (Kasaragod to Thiruvananthapuram) and from 4:05 p.m. to 11:55 p.m. (Thiruvananthapuram to Kasaragod).

Jaipur-Ahmedabad Vande Bharat Express

The Vande Bharat Express train, number thirty-first, links Ahmedabad, located in central Gujarat, with Jamnagar, in the west. The route will serve the state’s major cities, including Rajkot, Wankaner, Surendranagar, Sanand Viramgam, and Sabarmati. Except for Tuesday, the train will run every day.

Train service for the Vande Bharat Express began in July 2023.

Lucknow-Gorakhpur Vande Bharat Express

Through Ayodhya Junction, the Gorakhpur-Lucknow Vande Bharat Express will travel more than 300 km in less than four hours. Now, it will only take the passengers two hours to travel from Lucknow to Ayodhya. There is one executive chaircar and seven AC chaircars on the train. At 6:05 a.m., the Vande Bharat Express train will depart from Gorakhpur and arrive at 10:20 a.m. Beginning at 7:15 p.m. in Lucknow, the return trip will arrive in Gorakhpur at approximately 11:25 p.m. The train links popular tourist destinations like Sant Kabir Nagar, Siddharthnagar, and Kushinagar.

Vande Bharat Express Jodhpur-Sabarmati

The Jodhpur-Sabarmati Vande Bharat Express connects Jodhpur, Rajasthan, and Ahmedabad, Gujarat. The train connects Pali, Abu Road, Palanpur, and Mehsana. The train leaves Ahmedabad at 4:45 p.m. and arrives in Jodhpur at 10:55 p.m., or roughly six hours later. The return trip will depart Jodhpur at approximately 5:55 a.m. and arrive in Ahmedabad at approximately 12:05 p.m. Except for Tuesdays, the train will run six days a week, cutting travel time by approximately two hours.

TDS on cryptocurrency in India in 2024: A guide

Posted on January 10, 2024 by supriya

Notwithstanding the uncertainty surrounding their legality in India, the government recently declared TDS rates for cryptocurrency transactions. The present regulations stipulate that cryptocurrency transactions. Current regulations state that cryptocurrency will be subject to a one percent TDS deduction. Nevertheless, transfers between wallets are not subject to the TDS; it only applies to transactions. Continue reading to learn more crucial details about TDS (a cryptocurrency).

In India, numerous transactions are subject to tax deduction at source (TDS), and Bitcoin is the latest addition to that list. The Finance Bill 2022, also known as 194S of the Income Tax Act 1961, was amended to include TDS deductions for all virtual digital assets (VDA). Tokens, NFTs, cryptocurrency, and similar items are deemed virtual digital assets under Section 2(47A) of the Income Tax Act.

What is TDS for Indian cryptocurrency users?

Tax Deducted at Source (TDS) is a law that applies to many financial transactions in India, including cryptocurrency. The tax taken away from payments made in connection with cryptocurrency transactions is known as TDS.

The buyer must deduct TDS at the rate of one percent if the value of a single cryptocurrency transaction exceeds Rs 50,000 in a financial year, as per the Indian Income Tax Act of 1961. It implies that you must deduct one percent of the transaction value as TDS and send it to the government if the ownership of any cryptocurrency worth at least Rs 50,000 changes.

It is crucial to remember that TDS on cryptocurrencies does not apply to wallet transfers; instead, it only covers cryptocurrency transactions. The objective is to all cryptocurrency asset purchases and transaction information. The buyer is deducting and remitting TDS, and noncompliance with the TDS requirements may result in fines and legal ramifications.

It is essential for people and companies engaging in significant cryptocurrency transactions to comprehend TDS. You should consult a tax advisor or financial specialist to ensure compliance with TDS regulations and avoid any legal issues.

Is there a TDS rule in India for cryptocurrency?

Depending on the four main scenarios for cryptocurrency transactions, TDS’s applicability varies:

Buying cryptocurrency with Indian rupees: When paying with Indian rupees (INR), there is no need for transaction fees.
When selling cryptocurrency and receiving an Indian rupee, 1% of the transaction value is subject to a transaction duty (TDS).
Buying cryptocurrency but paying in with another cryptocurrency: At the point of sale in this transaction, 11% TDS applies. For example, you used 3000 Ethereum to purchase Rs 3000 in Bitcoin. One percent of three thousand Ethereum, or roughly thirty Ethereum, must be paid in TDS.
Trading one cryptocurrency for another: Let us say you want to trade in your Dogecoin for Bitcoin. The TDS is one percent of Dogecoin’s value in Indian rupees.

Through comprehension and adherence to the TDS regulations about cryptocurrencies in India, individuals and businesses can guarantee appropriate financial management and legal compliance.

Penalties in India for failing to pay TDS on cryptocurrency

It is essential to comprehend the repercussions of not paying TDS (Tx Deducted at Source) on cryptocurrency transactions in India. The Income Tax Department has been stepping up its crackdown on cryptocurrency-related tax evasion, and noncompliance with TDS rules can result in harsh fines. An individual or organization may be subject to the following sanctions if they neglect to pay TDS on cryptocurrency transactions:

The Income Tax Act of 1961’s Section 271C states that a sum plus a fine is TDS.
If a delay occurs, a fine imposed by the joint commissioner may result in an annual interest charge of 15%.
A conviction under Chapter XII-D or XVII-B 276B carries a maximum sentence of three to seven years in prison and a hefty fine.

What are the TDS regulations regarding cryptocurrencies in India?

The applicability of TDS varies depending on the four primary scenarios for cryptocurrency transactions:

Buying cryptocurrency with Indian Rupees: Using INR to purchase cryptocurrency carries no transaction fees.
Getting Indian Rupees in exchange for selling cryptocurrency: One percent of TDS is subtracted from the total amount of the cryptocurrency transaction.
Purchasing cryptocurrency but using another cryptocurrency to pay: One percent TDS is in place at the sale point of this transaction. For instance, you bought Rs 3000 worth of Bitcoin using 3000 Ethereum. You will have to pay one percent of 3000 Ethereum. You must pay one percent of 3000 Ethereum or about 30 Ethereum as TDS.
Trading one cryptocurrency for another: Let us say you want to trade in your Dogecoin for Bitcoin. The TDS is one percent of Dogecoin’s value in Indian rupees.

Through comprehension and adherence to the TDS regulations about cryptocurrencies in India, individuals and businesses can guarantee appropriate financial management and legal compliance.

Penalties in India for failing to pay TDS on cryptocurrency

It is critical to comprehend the effects of not paying TDS (Tax Deducted at Source) on Indian cryptocurrency transactions. The Income Tax Department has been stepping up its crackdown on cryptocurrency-related tax evasion, and noncompliance with TDS rules can result in harsh fines. An individual or organization may be subject to the following sanctions if they neglect to pay TDS on cryptocurrency transactions:

By the Income Tax Act of 1961, Section 271C, a penalty equal to the amount that should have fallen as TDS.
In the event of a delay, a fine imposed by the joint commissioner may result in an annual interest charge of fifteen percent.
An imprisonment sentence of three to seven years on probation and a hefty fine are possible outcomes of filing a prosecution under Chapter X11-D or XV11-B 276 B.

Four real estate markets in 2024 where you might want to invest

Posted on January 10, 2024 by supriya

By 2024, new highways, airports, and metro lines will significantly impact housing demand. Infrastructural developments will continue to dominate in 2024 and influence housing trends. The success of the residential and commercial real estate sectors will probably be determined by the construction of new metro connectors, motorways, and airports, whether they are currently operating or not.

In the influence zones, the upcoming infrastructure renovation will boost residential activity. The capital value of the catchment areas along the project corridors will likely increase significantly, drawing in both investors and end users.

According to Colliers India CEO Badal Yagnik, “peripheral areas will become integrated with central and suburban areas as infrastructure projects get completed throughout 2024, resulting in homogenization of activity across key residential pockets of respective cities.”

It is also probable that real estate developers will branch out into new areas.

Organized residential real estate is well-positioned to enter the next phase of growth in markets such as Vadodara, Nashik, Lucknow, Jaipur, Chandigarh, Coimbatore, Mysore, Kochi, Indore, Bhubaneshwar, and Guwahati. It is due to unrealized potential and growing preference for comprehensive offerings in gated communities of tier 2 and 3 markets.

The cities with more upside potential than Tier 1 cities will attract more and more investors seeking residential real estate. In addition to the outskirts of large towns, developers will likely add high-quality supply to these emerging markets, according to Yagnik.

Homebuyers and investors should be aware of these markets.

Gurgaon

Those looking to buy real estate in Gurgaon near the Dwarka Expressway might find it interesting.

New sectors by the Dwarka Expressway in Gurgaon include 113, 112, 111, 110, 109, 108, 107, 106, 104, 103, 102, 99, 88B, 37D, 36A, and 36B. With an extension to the Dwarka Expressway close to Sectors 101-104, the metro line will eventually link the old and new Gurgaon by the Union Cabinet in 2023.

Along this stretch, there are several upscale and mid-range housing complexes. Local brokers claim that property rates in the area vary from Rs 8000 to Rs 20,000 per square foot, depending on the project and location. Rentals in the area start at Rs 20,000 per month.

The international real estate consulting company Savills India reported. Over the past five years, the average capital values of completed and under-construction properties have peaked, with 36% and 25% YoY growth recorded at the city level in Gurgaon, respectively. The average capital value of both completed and under-construction properties increased by 12% to 45% year over year.

New Gurugram and Dwarka Expressway were the top-performing micro markets, with annual growth of 45% and 21% in average capital values of under-construction properties, respectively.

Noida

Sector 150, Greater Noida West, and a few residential areas along the Yamuna Expressway that are reasonably close to the future Noida International Airport are some of the most well-known markets in Noida.

In 2024, prospective homeowners and investors also want to look at Greater Noida West or Noida Extension.

In the area, the price range for a 2BHK unit is Rs 60 lakh to Rs 80 lakh, while a 3BHK unit can cost over a crore. Depending on the size and location, monthly rentals for two-bedroom housing units can cost anywhere from Rs 15,000 to Rs 20,000, while 3BHK apartments can cost anywhere from Rs 17,000 to Rs 25,000. According to local brokers with ties to the area, there will also be a few serviced apartment developments.

Mumbai

The Navi Mumbai Metro, which began service a few months ago, is located in several areas of Mumbai that prospective homeowners and investors might want to look into.

The route passes through these micro markets, which include Taloja, Pendhar, Kharghar, and Belapur. Most of Taloja’s real estate costs between Rs 6000 and Rs 8000 per square foot on average, and it will continue to increase due to the metro connector. Local brokers state that the starting rent is approximately Rs 10000 per month.

Ulwe, a posh neighborhood in Navi Mumbai, is another place to be on the lookout. Through this area runs the 22-kilometer Mumbai Trans Harbour Link (MTHL), which links Mumbai and Navi Mumbai. Because of this new infrastructure, capital rates have increased in this area to the point where two-bedroom apartments for more than Rs one crore. According to local brokers, rents can range from Rs 10,000 to Rs 20,000, contingent on the location and type of apartment building. The proposed Navi Mumbai International Airport will impact the property values in the Navi Mumbai area. The proposed Navi Mumbai International Airport will impact the property values in the Navi Mumbai area.

In 2023, South Mumbai—known for its apartments and bungalows in Malabar Hill, Malabar Hill, and Walkeshwar—closed most of its high-end transactions. In 2024, the trend is going to continue. There are also several redevelopment initiatives in these areas. In addition to K Raheja Corp and Kalpataru, prominent players in the listed real estate market include Lodha and Godrej Properties. Most opulent residential apartments range from Rs 35,000 to Rs 1.50 lakh per square foot. Rents can start from Rs 1 lakh, depending on the property’s location.

The demand for rental properties has risen with the opening of metro lines 2A and seven between Dahisar and Andheri, particularly in the Western Suburbs micro market. According to a Savills India report, the student population traveling by metro to colleges in Andheri and Vile Parle locations created a significant demand for rental properties in Kandivali and Borivali. It led to an 8% YoY increase in rental values.

Bengaluru

In Bengaluru, the Purple Line went fully operational in 2023. The segment between Whitefield and Kengeri, West Bengaluru, was completed and operational in October.

Local brokers say properties along this corridor are an ideal investment option for personal use and rental income.

They claimed that the prices have already increased by 20-30% in places like MG Road, Whitefield, Koramangala, and Indiranagar.

The sources also suggest that the outskirts of KR Pura and Whitefield might be considered, given their increasing popularity in the wake of the metro’s opening.

According to a report by Savills India, rental growth in premium residential developments in South and North Bengaluru is the highest, with 6-7% YoY growth. Average city rents increased by 5.8% YoY.

All the information you require regarding SUC in real estate taxes

Posted on January 10, 2024 by supriya

With initiatives like the Swachh Bharat Abhiyan taking the world by storm, India is looking at more progressive ways to maintain its cleanliness and environmental sustainability. SUC, or Street Waste Management User Charges, is one such program run by the regional government. This article will examine the meaning, objectives, advantages, and modifications of SUC in property taxes.

Restructuring effective waste management practices has long been a top priority in India. Street Waste Management User Charges, or SUCs, are an efficient solution devised by local municipal or governing bodies to control this expanding issue. However, what is the state of waste management in India’s cities for residential and commercial properties? What prospective homeowners and property owners should know about SUC in Indian property taxes is provided here.

Property tax SUC: Interpretation

The charges imposed by the Indian local government for collecting and disposing of waste produced by homes and businesses are known as “usage fees for street waste management.” The purpose of these fees is to guarantee city cleanliness and encourage appropriate waste management practices.

It is significant to remember that these fees are only applied to waste management services and are not related to property taxes. User fees generate revenue to fund waste collection vehicle maintenance, hire sanitation staff, and carry out waste segregation and recycling programs.

SUC in real estate taxes: Advantages

Among the advantages of putting SUC into practice are:

Environmental sustainability: User fees help create a kinder, healthier environment by supporting waste management programs. Effective waste management reduces pollution, halts the spread of disease, and safeguards the environment.
Cost-cutting: Efficient waste management minimizes the workload for municipal governments and lowers the total cost of removing waste. It could lead to lower taxes and more efficient use of public funds for other development projects.
Job creation: A sizable portion of the population can find work in the waste management industry. The money from user fees funds employment in facilities that handle waste treatment, recycling, and collection.

SUC for real estate taxes: City Specific fees

In India, different cities have different user fees for managing street waste. Here are a few significant numbers:

Mumbai

Depending on the type of property, users in Mumbai are responsible for paying for the management of street waste. For instance, monthly fees for residential properties are approximately Rs 60, whereas commercial property fees are contingent upon the use of the property.

Delhi

In Delhi, the built-up area of the property determines the user fees for managing street waste. The MCD states that the monthly cost for residential properties ranges from Rs 50 to Rs 200, and for commercial properties, it can range from Rs 100 for street vendors to Rs 5,000 for clinics, marriage halls, exhibitions, and the like.

Bangalore

Bangalore uses a different strategy of user fees for street waste management. Residents of Bangalore pay their user charges combined with their monthly electricity bill instead of choosing a separate user charge. The monthly fee for residential properties ranges from Rs 30 to Rs 500, whereas the cost of commercial properties varies from Rs 75 to Rs 1,200.

Chennai

Based on the annual rental value and the purpose of the property, user fees for street waste management vary in Chennai. Monthly fees for residential properties can range from Rs 10 to Rs 100. Commercial or religious buildings (such as temples or wedding halls) can cost anywhere from Rs 300 to Rs 15,000, depending on their intended use.

It is crucial to remember that these fees could alter depending on the rules set forth by the local municipal corporation. It is best to speak with the relevant municipal corporation or a real estate advisor for the most accurate and current information.

SUC in real estate taxes: 2016 revision

The Ministry of Environment, Forests, and Climate Change in India introduced the new Solid Waste Management Rules (SWM) in 2016 in response to the nation’s growing concerns about solid waste management. Unlike the SUC rules, the amended regulations concentrate more on donations that cross municipal boundaries. Among the new regulations’ primary points are:

Separation at the source

The regulations stress how crucial it is to separate waste at the source. It facilitates material recycling and rescue while also helping in effective waste management.

Processing and handling of waste

The SWM regulations promote the construction of facilities for the processing and treatment of waste. By assisting with the appropriate handling and disposal of waste, these facilities lessen the load on landfills.

Extended producer responsibility (EPR): This encourages manufacturers to adopt eco-friendly packaging and recycling practices.
Waste-to-energy facilities

Additionally, the rules encourage the construction of waste-to-energy facilities. By converting waste into energy, these plants lessen reliance on fossil fuels and help to maintain a cleaner environment.

In conclusion, many Indian urban areas that have struggled with waste management have found that introducing user fees for street waste management has been a godsend. In addition to the SUC property tax levies, solid waste management laws have the additional purpose of improving how effectively waste management and disposal. We advise contacting the local municipal authorities to learn more about the expenses and rules governing waste management in your neighborhood.

Vision for 2024: Booming prospects in the Indian real estate sector

Posted on January 10, 2024 by supriya

With its diverse news and aspirations, the Indian real estate market is a vibrant tapestry set to grow even more in 2024. There are numerous opportunities for investors, developers, and stakeholders in this ever-changing landscape. To maximize potential benefits and navigate this complex environment, one must be well-versed in the developments, forecasts, and challenges to come.

Residential: Meeting a range of requirements

In 2024, the residential sector– the cornerstone of the Indian real estate market— is anticipated to keep growing. The need for affordable housing will increase due to a growing middle class and rapid urbanization, particularly in tier 2 and 3 cities. In response, developers emphasize smaller units, adjustable payment plans, and integrated townships that provide a full range of lifestyle choices.

Environmental awareness also fuels the trend toward sustainable housing solutions. Green buildings, which are gaining popularity, use eco-friendly materials and energy-saving technologies. These buildings appeal to investors and consumers who want to find a way to reconcile modern living and environmental responsibility. Proptech is one of the key players in the way that technology is further revolutionizing the residential market. Finding and managing properties is becoming more and more convenient thanks to innovations like virtual tours, online booking tools, and AI-powered property management systems. These innovations are also improving the buyer experience and streamlining procedures.

Commercial: Adjusting to a transforming environment

The demand landscape for commercial real estate is shifting due to changing consumer behavior and evolving business needs, resulting in a paradigm shift in the market. The emergence of flexible workspaces, which meet the demands of established companies, freelancers, and startups looking for adaptable and affordable solutions, is one of the most noteworthy trends.

Furthermore, the demand for intelligent buildings like features like data centers, automation systems, and high-speed internet connectivity stands by the need for seamless connectivity and advanced technology. It enables companies to meet the increasing demand for technology-driven solutions while operating more profitably. In reaction to the growth of internet shopping, retail solutions while operating more profitably. The retail landscape is evolving due to the surge in online shopping. To draw customers and create a distinctive shopping experience, malls, and retail spaces are introducing dining, entertainment, and leisure options. There is a move away from the mere consumption of products and toward an immersive experience.

Industrial: Advancing the economy

In 2024, the industrial real estate market— vital to India’s economic expansion—will undergo several significant changes. The growing e-commerce sector is driving the need for logistics and storage facilities. In response, developers are constructing contemporary warehouses with effective floor plans, cutting-edge technological integration, and proximity to transit hubs to guarantee quicker and more effective deliveries.

Government programs like “Make in India,” attracting foreign investments and supporting the manufacturing sector, contribute to the increasing need for industrial land and production facilities. The influx of capital will help strengthen India’s claim to prominence in the global manufacturing landscape.

Technological developments encourage automation and robotics in the industrial sector, causing a rise in demand for specialized facilities capable of handling cutting-edge technologies. Higher output and efficiency will solidify India’s position as a vital participant in the global manufacturing industry.

Opportunities and challenges: striking a balance

Despite the positive trends, the Indian real estate market will struggle in 2024. Complex regulations and bureaucratic processes may impede market expansion and investment activity. Simplifying bureaucratic procedures and streamlining regulatory processes are imperative in creating a setting that’s better suited for market expansion. Infrastructure deficiencies can restrict market accessibility and growth potential, especially in tier 2 and 3 cities. A more equitable and inclusive growth trajectory and the realization of the full potential of the real estate market will depend on investments in infrastructure and development, particularly in emerging cities.

Interest rate increases and changes in the world economy can affect investor mood and market liquidity. The preservation of economic stability and the execution of policies that foster investor confidence are imperative to mitigate the effects of exogenous factors and guarantee the ongoing expansion of the Indian real estate market.

Conclusion: A cooperative strategy

In 2024, the Indian real estate market offers a vibrant environment with plenty of room for expansion. To realize its full potential and support the nation’s economic development, the Indian real estate market has to embrace technological innovations, adjust to changing demands, and tackle pressing issues.

To influence the future of the Indian real estate market, stakeholders, investors, developers, and the government must collaborate. By working together and embracing innovation and adaptability, stakeholders can ensure the market’s ongoing success and realize its full potential to promote economic growth and create a dynamic and sustainable future for the Indian real estate industry.

Experts predict that in 2024, India’s real estate market will reach new heights

Posted on December 27, 2023 by supriya

Due to high demand and plentiful supply, India’s real estate market, which resumed last year following a two-year hiatus caused by the pandemic, broke records in 2023. Sales across all segments and new launches experienced notable growth in the year.

Strong demand and plentiful supply in the residential market during 2017 point to its revival and sustained growth. Ninety-one percent of all sales in 2022 were residential, with 196,227 units sold in the first nine months of 2023, according to a study released by real estate consultant JLL.

The market for luxury homes expanded at a rapid rate. Sales between January and September of 2023 by prices in the mid-segment (Rs 50-75 lakh). Nonetheless, the premium segment’s share (above Rs 1.50 crore) grew from 18% in 9M 2022 to 22% in 9M 2023. In the premium segment, the first nine months of 2023 saw the highest sales in Delhi, NCR, and Mumbai.

What Industry Insiders Have to Say

“As the final curtain descends in 2023, the real estate industry witnesses an impressive surge, with Gurugram’s mid-housing sector taking center stage,” stated Pradeep Aggarwal, founder and chairman of Signature Global (India) Ltd. The year-end reflection reveals an upward trend from year to year and demonstrates a strategic ability to satisfy the growing demand for reasonably priced yet high-quality homes.”

“In 2023, the Indian real estate sector experienced significant prosperity, particularly in the luxury real estate segment, witnessing a remarkable 97 percent surge in luxury home sales,” stated Aditiya Khushwaha, CEO and director of Axis Ecorp. It emphasizes the luxury real estate market’s tenacity and appeal.”

He believes that through 2024, there will still be a growing demand for luxurious real estate and vacation rentals.

Rise Infraventures Limited co-founder and MD Shantanu Gambhir, “Gurgaon’s real estate saw a remarkable price appreciation in 2023, outshining Bengaluru and Noida.” Despite a surge in real estate prices, the city saw a startling 28.9 percent increase in demand quarter over quarter, surpassing the national average. We anticipate that this trend will carry over into 2024.”

The real estate market in Tier 1, 2, and 3 cities made significant progress in 2023, and this promising trend ought to continue through 2024, according to Mohit Goel, MD of Omaxe Group. Cities like Lucknow, Chandigarh, and Dwarka, as well as other areas, became important centers for high-end residential and commercial developments, adding to the appeal of these places. The year ahead anticipates an elevation in the real estate landscape, promising substantial returns on investment and robust job creation.”

He says government policies have played a role in this growth by driving demand, launching new products, and aligning consumer behavior with changing supply dynamics. He also says that demand from cities alongside tier 2 and tier 3 towns shows how aspirational living spaces are becoming increasingly popular, thus changing the real estate market.

“In 2023, real estate developers strategically expanded into tier-2 and tier-3 cities, acquiring 1,461 acres of land, primarily for residential developments,” stated Radheecka Rakesh Garg, director of Rajdarbar Realty. This pattern emphasizes how important non-metropolitan markets are becoming, particularly for low-rise and plotted formats.”

According to Garg, 2024 will see even more dynamism in the real estate market, satisfying the hopes of India’s smaller cities as developers look into unexplored growth areas.

The real estate market in India saw exceptional growth in 2023, particularly in the luxury home market, according to Nayan Raheja of Raheja Developers. Luxury and large living spaces were significant responses to changing urban tastes.

With a startling 216 percent increase in sales of luxury homes, Delhi-NCR became a hotspot. Positive economic indicators drove this spike in NRI investments. Raheja went on to say that in 2024, there will be no letting back in the upscale housing market.

Causes, Symptoms, Prevention, and Waterproofing options for roof leaks

Posted on December 27, 2023 by supriya

Water damage poses a silent threat to the integrity and strength of your property. Before you know it, it quietly approaches and quickly does significant harm. Therefore, now is the moment to take action if you see any indications of a roof leak. You have two options for fixing it: do it yourself or hire experts. Either way, continue reading to learn about the causes, symptoms, and contemporary fixes for roof leaks of water.

Any homeowner fears the prospect of water seeping through the roof. It may begin as a minor problem, such as a moldy patch close to the roof or peeling wallpaper, but quickly worsens. Large-scale water leaks from the ceiling pose a health risk but cause general inconvenience and irreversible property damage. What are the typical reasons and indications of water leaks? Which waterproofing solutions are reliable?

Reasons for roof water leakage

It is possible to prevent water leaks by being aware of their causes. These are a few typical reasons:

Water may seep through roof shingles that are old and damaged. Shingles that are missing or cracked should be replaced promptly to stop leaks.
Clogged gutters: Water can overflow and seep into the roof when gutters is clogged with leaves, debris, or dirt. Gutter maintenance and cleaning are crucial.
Poor roof installation: Poor roof installation can result in cracks and openings where water can seep in. For a proper installation, you must hire a professional and experienced roofer.
Problems with flashing: Over time, which acts as a seal against water intrusion, can deteriorate. Water leaks may occur from roofing that is damaged or installed incorrectly.
Issues with roof ventilation: Inadequate attic ventilation can lead to condensation, causing water leaks. Insulation and adequate ventilation can help avert this problem.
Damage to the structure: Any holes or cracks in the roof’s structure could let water seep in. The integrity of the structure depends on timely repairs and routine inspections.
Severe weather: Excessive pressure from snow, rain, or storms can result in leaks on the roof. Frequent upkeep and prompt repairs can lessen the harm that severe weather can do.

By fixing these common causes of roof leaks, homeowners can safeguard their assets and guarantee a dry and secure living space.

Current techniques for waterproofing a roof to stop water leaks

Keeping a roof strong and long-lasting requires regular roof waterproofing. We now have sophisticated techniques for efficient roof waterproofing thanks to the development of modern technology.

Membranes for waterproofing made of polymers

Using waterproof membranes made of polymers is one of the most prevalent techniques. These membranes have outstanding resistance to water penetration because they are composed of premium polymers. They provide long-term leak protection and are simple to install.

Waterproofing coat made of acrylic

Applying a uniform coating of acrylic paint to the roof will help achieve a sleek and tidy appearance while meeting waterproofing requirements. Acrylic’s high tensile strength and resistance to UV light ensure that the structure will not break easily.

Liquid coatings for waterproofing

Liquid waterproofing coating application is another contemporary method. These liquid coatings are applied to the roof surface to create a seamless, protective layer. They can tolerate harsh weather conditions and are very flexible.

Nanotechnology for Coatings

The use of nano-coating technology is a cutting-edge method of waterproofing roofs. It entails applying nanoparticles, which pierce the roof’s surface and form a hydrophobic barrier. This innovation offers the best defense against water damage.

Green roof installations

Green roof systems are a sustainable approach to waterproofing a roof. These systems entail covering the roof with a waterproof layer and planting vegetation. They have to insulate qualities, improve air quality, and provide excellent waterproofing.

Drainage systems

An efficient drainage system must be installed for roof waterproofing to work. It assists in directing precipitation away from the roof, averting possible leaks and water buildup. The long-term sustainability of a roof depends on the careful design and maintenance of drainage systems.

Typical indicators of roof leakage of water

Knowing the typical indicators of roof leaks will help you take the appropriate measures to stop additional damage. Here are a few crucial signs:

Watermarks on walls and ceilings

Water stains on your walls and ceilings are one of the easiest ways to identify a roof leak. These stains, which could resemble streaks or discolored areas on the roof, might indicate that water is leaking through it.

A musty or damp smell

It may indicate roof leaks if you detect a lingering musty or moist smell in your house. The moisture from the leak may cause mold and mildew to grow and smell bad.

Paint or wallpaper peeling.

Your walls’ paint or wallpaper may peel or bubble due to roof leaks. It happens when water leaks into the walls, weakening the adhesive used to apply paint or wallpaper.

Broken or Absent shingles

Examine your roof to see if any shingles are missing or damaged. Water can seep through shingles that have become loose or dislodged due to weather-related events like strong winds and heavy rain.

A drooping or protruding roof

Should you observe any areas of your ceiling sagging or bulging, there might be a serious leak on your roof. The ceiling may distort due to the weight of the accumulated water.

You need to fix roof leaks right away if you want to prevent further damage to your house. If you notice any signs or roof damage, you should act swiftly. For more significant repairs, consider hiring a qualified roofing contractor to assess and resolve the issue; for minor fixes, consider attempting the work yourself.

UP has India’s second-largest economy, accounting for 9.2% of GDP

Posted on December 27, 2023 by supriya

Uttar Pradesh has become the nation’s second-largest economy, a swift keep toward Chief Minister Yogi Adityanath’s goal of reaching the $1 trillion mark by 2027, according to a report by well-known online blogging platform Soic.

According to the stock market and investment tracking platform, UP has the second-highest GDP share in the nation, behind Maharashtra.

Only Maharashtra (15.7%) has a larger share of the nation’s GDP than Uttar Pradesh (9.2%), according to the report shared on X. So far, UP was in third place.

West Bengal (7.5%), Tamil Nadu (9.1%), and Gujarat (8.2%) have all trailed behind Uttar Pradesh. These include states like Madhya Pradesh (4.9%), Karnataka (6.2%), Rajasthan (5.5%), Andhra Pradesh (4.9%), and so forth.

Yogi Adityanath, the Chief Minister, has led Uttar Pradesh to rapid progress in all areas during the last seven years. The state currently has zero organized crime, and the industrial sector is developing quickly. According to a government spokesman, UP has also moved from the 14th to the second spot in the “Ease of Doing Business” rankings.

Furthermore, due to advancements in infrastructure, connectivity, and law and order, the state has been presented with investment proposals worth over Rs 40 lakh crore through GIS 2023, which will come into effect shortly. It will generate over one crore new jobs in the state, he said.

The state currently exports goods valued at close to Rs 2 lakh crore. He claims that the ratio of bank loans to deposits has increased from 42-43% to 60%. P is now a revenue surplus state, with 56% of its population employed.

There are currently 96 lakh MSMEs in existence. UP, which had a reputation as a BIMARU state, is now leading the way in the race for development thanks to CM Yogi, he said.

Homeowners’ Calculated and Tax Set-off for House Property Losses

Posted on December 16, 2023 by supriya

Many homeowners still need a loss from house property and other related terms on their records. Comprehending the property taxation landscape is essential to protect your home from financial loss. This article thoroughly explains loss from residential property, including its calculation method, tax set-off, and potential causes. Read on and learn and avoid probable financial losses.

A treasured accomplishment that offers security and stability is becoming a homeowner. Homeowners may face some financial difficulties at different times, such as losing their property. To prevent and minimize further losses, homeowners must pay attention to this situation.

What is property loss from a house?

The term “loss from house property” describes a financial circumstance in which the costs of property ownership outweigh the rental income received from the asset. A situation where the expenses of owning a property exceed its rental revenue. It is known as a “loss from house property.” This loss is an adjective frequently used in income tax computations, where income or loss from residential property counts as a separate category under tax laws.

How do you compute a loss on real estate?

The following is a simplified method for figuring out how much you lost from your home:

The amount of rent you would get if you rented out your property is called the gross income value, or GAV. The GAV is 0 if it is your own house.
Deduct Property Taxes: You can deduct property taxes from GAV if you are required to pay them. You now have the Net Annual Value (NAV) as a result.
NAV equals GAV (rent or zero if the property is self-occupied)- property tax.
Use the standard deduction method, deducting 30%of NAV. By Income Tax Act section 24, this is a standard deduction.
Deduct home loan interest: If you have a home loan, subtract the internet paid during the year. It is also deductible under Section 24 of the Income Tax Act.

Result- Income or loss: The final number you get is your income or loss from the property. At your applicable income tax rate, this is taxable. The GAV for self-occupied property is typically zero, which means you will lose money, particularly if you have a mortgage. If there is a loss, the tax rule allows you to use it to reduce your overall taxable income from other sources.

Property loss from a home: Set-off taxes

The conditions for taxation set off loss from residential property are as follows:

You can use the loss on your house property to offset any income you receive from other sources (salary, business, capital gains, or other sources) if you incur a loss on your house property.
It has changed to house property losses, which will go into effect for the 2018–19 fiscal year.
The maximum amount of loss from residential property eligible for deduction from other sources of income is Rs 2 lakhs per fiscal year.
After set-off, the remaining loss can carry over for additional set-off in the following fiscal year.
In the same fiscal year, set-offs for losses on residential property can offset any other source of income.
Only in the ensuing years may the loss, if carried forward, be deducted from income from residential property.
A taxpayer cannot carry over the remaining loss for over eight years.
If any year has income from real estate, the taxpayer must deduct the loss in that particular year.

Causes of home property loss

Two main factors contribute to this scenario when it comes to the loss of house property:

Self-contained real estate:

GAV is 0 if you are the owner of the property and you reside there. For income tax purposes, the paid property taxes and loan interest amount to a loss from house property because there is no rental income. The maximum deduction for a home loan interest under section 24 of the Income Tax Act is Rs 1.5 lakhs. It implies that, even though your house loan may have accrued interest, a loss may occur from a lack of rental income.

Rental property losses:

GAV is not zero when a property is under lease. There is a loss from house property if all of the claimed deductions (such as standard deductions, property taxes, and home loan interest) exceed the rental income. The taxpayer may receive some relief from this loss by deducting it from other sources of income.

In conclusion, homeowners who want to secure their financial future must study “Loss from House Property. It can be easier to control future costs if you understand its calculation techniques and potential causes. Tax set-off assists in reducing the impact and easing the burden of such situations. It is always advisable to proactively look into and educate oneself on such terms to ensure financial well-being.

Property prices in this category are among the highest in India.

Posted on December 16, 2023 by supriya

India moved up eighteen places to take 14th place in the third quarter of 2023 on Knight Frank’s global house price index. The nation’s home prices rose 5.9% annually, creating a notable upward momentum.

In September 2023, the average annual growth rate for home prices in the 56 markets that compose Knight Frank’s Global House Price Index was 3.5%. The previous quarter saw a 2.2% increase in worldwide home prices.

According to Knight Frank, India’s steady economic growth is the reason behind the country’s rising residential market despite obstacles like increasing home loan rates and inflationary pressures. State and federal governments offered assistance during the pandemic, which sparked the market.

As per Shishir Baijal, CMD of Knight Frank India, “strong internal economic fundamentals, rising aspirational qualities of residential real estate, and an elevated interest cost environment brought on by elevated levels of inflation are driving heightened demand among homebuyers in prominent residential markets within the country.”

Emerging residential hubs in India’s urban centers are made possible by the increased momentum infrastructure development is receiving from the country’s increasing urbanization, according to Bajijal.

The Indian housing market has been strong despite price increases. Compared to 3.65 lakh units in 2022, as many as 3.49 lakh units were sold in the top 7 cities by the end of the third quarter of 2023.

At the same time, the total sales value of the sold housing stock increased marginally to Rs 3.48 lakh crore. The value of all residential property sales in the first nine months of 2023 is already 7% more than the entire year of 2022.

After a five-to-six-year period of stagnation, real estate value began to decline in 2013. It was a period of tepid demand. But after COVID, we saw a significant resurgence in demand that exceeded the previous peaks, according to Poulomi Estates MD Prashant Rao.

Pent-up demand, the need to upgrade, and a willingness to pay for newer features were key factors driving up property prices. Property prices also rose due to infrastructure development and improvements in the economic environment. Even though real estate prices increased dramatically across the nation, Hyderabad consistently outperformed other top cities year over year. It’s since the city has seen an increase in corporations moving their headquarters there. We anticipate this trend continuing.

The first quarter of 202 saw Turkey at the top of the rankings. With an annual growth rate of 89.2%, this is another year of record growth. The top five rankings belong to countries in southeast Europe, including Greece (14%), Croatia (13.7%), and North Macedonia (11%).

With 6.3% annual growth, Japan leads the Asia-Pacific region, followed by India with 5.9%.

Given the rising costs for mortgage borrowers, the resilience of global house prices is surprising; however, market supports include solid savings, pay settlements above inflation, and a shortage of stock available for purchase. The main problem facing the housing markets in 2024 will continue to be low market liquidity, with sales volumes falling by up to 25% from their recent peaks. “Only a move toward lower interest rates will boost sales activity,” stated Liam Bailey, Knight Frank’s global head of research.

NCLT Mumbai authorizes the sale of RCom shares and real estate

Posted on December 16, 2023 by supriya

According to a regulatory filing on Wednesday, the telecom company Reliance Communications’ sale of a portion of its real estate holdings has received approval from the insolvency tribunal NCLT Mumbai.

An order of the National Company Law Tribunal’s Mumbai bench was attached to the application filed by Reliance Communications (RcOM)’s resolution professional, asking for permission from the NCLT to go ahead and sell some of the company’s unencumbered assets.

“After submission of the resolution plan for approval by this Tribunal, the Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor under Regulation 29 of the CIRP Regulations,” the NCLT order dated December 7 stated.

As per the directive, resolution specialists have the right to divest company assets after they submit the resolution plan for tribunal approval.

By Regulation 29 of the CIRP Regulations, “This Tribunal accords its approval to the Applicant to conduct the sale of the corporate debtor’s assets, “the order stated. “The sale proceeds shall be treated as unencumbered assets of the corporate debtor and be distributed during the implementation of the approved resolution plan or in liquidation, as the case may be.”

871.1 square meters of land in Pune; office space in Bhubaneswar; an investment in Champion Properties shares; an investment in Reliance Realty shares; the Chennai Haddow Office of RCom, which consists of land and a building, and an office in Ambattur, Chennai, all have been identified as assets up for sale.

Homes under Rs 50 lakh in Delhi NCR

Posted on December 14, 2023 by supriya

With its towering housing stock and upcoming infrastructure projects, the National Capital Region (NCR) presents an intriguing lure for prospective homeowners. This area has numerous housing options, from affordable homes to opulent, high-end residences. Nonetheless, Propertywala.com offers you a list of some of the best locations to invest in Delhi NCR for less than Rs 50 lakh, all while keeping your budget in mind.

Many new locations have gained prominence lately as the Delhi Metro expands into far-flung parts of the National Capital Region (NCR). Other factors that have contributed significantly to growth include the launch of affordable housing projects, better road connectivity, and a greater emphasis on infrastructure. “National Highway (NH)-24, Greater Noida, Greater Noida West, and Yamuna Expressway are some of the best locations for homebuyers in Delhi NCR,” says Suresh Garg, CMD of Nirala World and Secretary of CREDAI Western UP. End users are now driving the market, so developers are concentrating on keeping it going by providing affordable homes in these areas. Infrastructure development has also had an impact on real estate expansion. “For those looking to purchase a home in Delhi NCR for less than Rs 50 lakh, these are the top five neighborhoods.

NH-24 (National Highway -24)

NH-24, sometimes known as “the lifeline of Ghaziabad,” has been an essential catalyst for growth in several communities along its path. “Siddharth Vihar, close to NH-24, is a developing area that meets the demands for homebuyers at reasonable costs,” continues Garg. Housing societies long NH-24 have average property values of approximately Rs 3,700 per square foot, following a nearly 15% YoY price rise. The region has grown by almost 18% over the previous five years, and its potential will continue to increase even more with the impending metro extension in Indirapuram.

Noida Extension (Greater-Noida West)

Greater Noida West, formerly known as Noida Extension, is now a popular option for reasonably priced real estate. The extension of the metro link from Noida to Greater Noida has been one of the primary factors driving the region’s growth. Additionally, some of the earlier worries of home buyers have been put to bed by the resolution of land acquisition issues. Prominent developers, including Gaurs Group, Mahagun Group, and Ace Group, have created several affordable housing projects in the region, and the pace at which the infrastructure is developing there is astounding. The development of Jewar Airport and the connectivity provided by the Noida-Greater Expressway have improved the area’s positive aspects. “The proposed commercial development, the metro terminal at Bodaki, and the Delhi-Mumbai Industrial Corridor (DMIC) project promise to create a lot of job opportunities in the region, which would further boost its real potential,” states Ashudeep Batra, vice president of operations at Exotica Housing.

The most popular configuration is the 2 BHK, with average prices rising by nearly 50%, from Rs 4,500 per sq ft square to 5,800 per sq ft.

New Gurgaon

Sectors of New Gurgaon are suitable for end-use and investment due to their strategic location and connectivity via NH-8. In addition, building the Delhi-Mumbai Industrial Corridor (DMIC) could contribute to the region’s expansion. Between Sectors 81 and 95, the entire area is currently seeing the construction of numerous residential and commercial projects. As the city’s civic infrastructure improves, New Gurgaon will likely become one of the most sought-after neighborhoods. The home values in the micro-market have grown annually by more than 45% and are currently between Rs 5,000 and Rs 6,300 per square foot. The State government’s decision to relocate Kherki Daula Toll Plaza to Pachgaon would help alleviate the area’s heavy vehicular traffic.

The Raj Nagar Extension

The extension of Raj Nagar, like many other parts of Ghaziabad, has been developing quickly. “Over the past few years, Raj Nagar Extension in Ghaziabad has attracted many home buyers looking at quality housing but unable to afford a property in NCR, “says Anuj Goel, Executive Director of KDP Infrastructure. Raj Nagar Extension is a haven for homebuyers thanks to its many upcoming infrastructure projects, better connectivity, and affordable housing developments. It is the hub of industry, commerce, and education in the western United Provinces and has excellent road connectivity. The Raj Nagar Extension links NH 91 and NH-58 via the six-lane Meerut Bypass. In addition, an elevated road connects the township to Delhi. The green belt beside the Hindon River is another major draw.”

Faridabad

Many of the previously remote areas of Faridabad no longer have connectivity issues thanks to the Delhi Mtero’s extension of service from Badarpur to Escorts Mujesar. Investors are showing a renewed interest in exploring different sectors in Faridabad. Nehar Par is one of the neighborhoods experiencing rapid growth, with an average property price of Rs 4,100 per square foot.

Your first-time home-buying checklist in Delhi NCR

If you have this home-buying checklist handy when closing a deal, investing in real estate in Delhi NCR can be profitable! What you should know is as follows:

Delays in possession

Possession delays in metropolitan real estate are a well-known problem. In Delhi NCR, whether you are opening a store in a business district or purchasing your first house, be ready for delays in possession. When there are delays, the builder or developer usually requests an extension of six months. But this problem primarily affects impending and new housing developments; it rarely affects properties for sale.

Potential for resale

Opportunities for real estate are plentiful in a bustling city like Delhi NCR. New developments with better features, amenities, and handy locations. Before completing the purchase of your first property, research the property’s potential for resale and determine whether selling it at a good time will help you financially.

Building Caliber

Shocking footage of a 20-year-old, four-story building collapsing in the Bhajanpura neighborhood of Delhi-NCR flooded media channels in March 2023. Even though no one was hurt, this incident raised questions regarding the quality and standards. Nonetheless, trustworthy developers and builders with proven designs are accessible in Delhi NCR. The three most important factors to consider when buying a property in Delhi NCR are construction quality, development review, and brand value.

The NCR region has seen tremendous change in recent years due to new highways like the Dwarka Expressway and Greater Noida Expressway, along with metro extensions like the Aqua Line and Rapid Metro. Before making a choice, prospective homeowners should perform extensive research and due diligence because the listed area’s popularity is due to numerous factors.

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