Why One Should Invest in a 3 BHK Apartment

Everyone dreams of owning a house with all the modern facilities. However, when looking out for a perfect apartment, a number of potential homebuyers tend to hire experts to take care of the same. A home hunt is not easy as it seems to be. Various factors need your attention to ensure you get the best deal. Besides, it is not only about locality or the modern amenities it offers. One should also keep in mind the space aspect. A buyer is bound to get confused whether to invest in a 2 BHK or 3 BHK in Thane and around.

More and More Space

One of the greatest aspects of investing in a 3 BHK flat is that it is spacious as compared to a 1 BHK apartment. Everyone loves to reside in a home that is spacious. Besides, it works in favour of families by giving them extra space in case you have guests or friends staying over. If you do not make use of the third bedroom, you can easily convert the same into a home office area.

Size Does Matter

If you happen to look the space or the size of a 2 BHK apartment is somewhat the same as 3 BHK. While for 2 BHK you have two bedrooms, for 3 BHK you have three bedrooms. You also have the option to convert the third bedroom into any room you want. It does not have much difference in terms of sq.

Works Great for Large Families

If you have a large family, then investing in 3 BHK flats in Thane and around works great as compared to a 2 BHK or 1 BHK. You will have a lot of families having two or three apartments in the same building and on the same floor. Instead of the same, you can easily invest in a 3 BHK. In fact, it goes easy on your pocket too, instead of paying three different amounts for 1 BHK on the same floor.

Great Financial Solutions

Another amazing benefit of investing in a 3 BHK apartment is that it comes with amazing financial solutions. Getting a loan for your 1 BHK apartment may seem difficult as compared to a 3 BHK apartment. The former one is offered with higher interest rates. While 3 or 3.5 BHK apartments in Thane and around are offered on loans with low-interest rates.

All these aspects clearly show why investing in a 3 BHK apartment a great option as compared to 1 or 2 BHK.

Read More

Vital Things to Know About NRI Property Investment

For many, investing in real estate is considered to be a lucrative investment option. A Non-Resident Indian or NRI too consider this option to be a lucrative one and invest in various properties of India. An NRI can invest in any property, both commercial as well as residential. Besides, there is no restriction on the number of properties an NRI can invest in. One can invest in an agricultural land, a farmhouse or even plantations. However, the ownership of the agricultural land should be inherited.

Here are some things you should know about NRI investment in real estate:

No RBI Approval Required

One of the greatest aspects an NRI should know about property investment back home is that there is no approval required from Reserve Bank of India or RBI. In order ease the process of NRI investment, RBI has taken down the norms for the same. An NRI can directly invest in Indian real estate without any hassle. All thanks to the automatic route for NRI investment in India. Besides, this handling has gained immense popularity overseas, thus making India a great and lucrative investment destination. An NRI can own a property back in India by way of:

•    Gift from a person who is a resident of India
•    Inheritance from the person resident outside India who has acquired such a property in agreement with the foreign exchange law in force.

An NRI can Buy, Sell and Rent Properties

Apart from buying, an NRI can even sell or even rent an apartment. However, it is important to know that the rent proceeds should be credited to Non-Residential Ordinary Rupee (NRO) or Non-Resident Rupee (NRE) account only. Furthermore, all the rents received in these accounts can be freely and easily repatriated. In case, you do not have an NRE or NRO account; then the proceeds should be done directly abroad. However, for the same, an NRI should have an appropriate certificate from a chartered accountant that certifies al the taxes have been paid on time.

Tax and Registration

Now that you have decided to make NRI property investment ensure you know the charges incurred by an investor. It majorly includes stamp duty, property tax, and registration fees. In order to ensure all the paperwork is carried out smoothly, it is vital to hire an accountant. The expert will take care of all the paperwork and property tax.

These are some of the aspects every NRI planning to invest back in India should know. You can go through the NRI corner for more details.

Read More

Know the Impact of GST On the Maintenance Charges

With Goods and Services Tax or GST rolled on, there are a number of factors homeowners need to be aware of. As a homeowner, you are bound to wonder what will be the impact of GST will be on the monthly maintenance charges paid by them. To help you in the same, mentioned are some aspects that tell when and what components GST will be applicable.

When Is Goods and Services Tax Applicable On The Maintenance Charges?

As a homeowner, you definitely know that earlier, maintenance charges were subject to the levy of the service tax if the total of maintenance charges charged by the housing society exceeds Rs. 10 lacs in a financial year. However, under GST, the same has been increased to Rs. 20 lacs. For the same, the housing society is required to collect the GST from the homeowners. The housing society will have to get a registration under the GST for the same. However, as a member of the society, you should know, GST cannot be levied if the maintenance charges do not exceed Rs. 5000 per month, even if the registration is obtained.

There is no need to be registered under the GST if the aggregate of the charges levied does not exceed Rs. 20 lacs. Therefore, GST need not be levied on the maintenance charges. For flats of different sizes in the society, there is every possibility for a smaller flat to get a monthly bill less than Rs. 5000 and hence it is the levy of GST. However, the other homeowners of larger flats will still have to pay the GST.

GST Is Levied on What Components?

You should know, the housing society cannot collect GST on all the components. It will not recover GST for the homeowners in case of reimbursement of the expenses that are incurred by the society and is recovered from the members. This further includes different taxes that are paid by the housing society on behalf of the members. This majorly includes property tax, municipal tax, non-agricultural land tax, water bill and more. A number of housing projects like Neelkanth Woods do keep these aspects in mind to ensure the home owners do not face any problem.

Rate of GST

The housing society will levy GST at 18% on the maintenance charges that are recovered from the members. However, the society can benefit from the input credit for the GST paid on different supplies like payment of audit fees, security services and more. Though the society can benefit from the input credit for these items, it cannot reduce the GST rate. In case, the society is registered under GST; it is important to pay the GST under the reverse charge mechanism.

Do know these aspects before you pay the maintenance charges.

Read More

NRI Investment – Can an NRI purchase or Own a Property in India?

A non-resident Indian or NRI can purchase certain property types, while other property types will require special permission, under the guidelines of Reserve Bank of India or RBI. As an NRI it is important you are aware of various legal process and provisions that are related to purchase or owning an immovable property in India, under the Foreign Exchange Management Act (FEMA). NRI property investment is not easy as it seems to be. However, it is not that difficult once you get your base right.

Types of Properties an NRI Can Invest In

According to the circular passed by the Reserve Bank of India, RBI, an NRI can purchase any commercial or residential property in India. For the same, it is important for the NRI to seek any special permission or is required to send any intimation in this regard to the RBI. As per the existing permissions, an NRI can purchase end number of commercial or residential properties in India. Besides, even the income tax laws allow NRI to own and invest in any number of properties – residential and commercial. In case, an NRI is not able to come to India, the documents relating to the property can be executed by any person, only if given a valid power of attorney. Under the general permission of RBI, an NRI cannot purchase or invest in plantation property or agricultural land in India. Apart from this, an NRI cannot purchase farmhouses too. Hence, an NRI who wants to invest in a farmhouse or plantation, he/she is required to approach RBI for special permission.

Joint Ownership

A Non-Resident Indian can buy the property, either jointly or as a single owner. However, a resident Indian who is not allowed to invest in a property cannot be a joint holder for a property with an NRI. No matter what the contribution the second holder has in the purchase of the property.

Continuance of Ownership of Property, After Being An NRI

You are bound to wonder what will a person who already owns properties in India, becomes an NRI. Well, this person can continue to hold the property under his/her name. An NRI is allowed to continue to own agricultural land, farmhouse, or any plantation property that he earlier owned before becoming an NRI, which is otherwise not allowed after becoming an NRI. Besides, an NRI is also allowed to gift or sell an immovable property to any person who is the resident of India.

Read More

Aspects to Check Before Buying an Apartment

Planning to buy a property or apartment? Well, you have a long way to go. With a number of real estate companies in Mumbai making a wise and safe choice is a must. A background check plays a prominent role in helping you make a wise choice. There are several factors that require your attention. Some of the major things that require attention are:

Experience of the Builder

More often than not, buyers tend to believe on the builders blindly. However, this is one of the major mistakes and should be avoided at any cost. When you are buying an apartment, ensure you check the builder’s construction experience. After all, you definitely do not want to invest or buy a house that will come down with a minor jerk. You will find reputed builders and real estate companies tend to have the complete list of ongoing, upcoming and completed projects on the website. Go through the same as this will give you an idea and whether the builder can be trusted. You should also know, experienced builders, have a clear plan or the steps for every construction.

Ensure the Approvals are in Place

Now that you know the builder you are planning to buy your first 2 BHK in Thane or around is reliable ensure, the project has a clear legal title and all the approvals in place. The plans of the building will reflect largely on the usage of space whether commercial or residential. You are highly advised to avoid projects if the construction is not approved. This will later cause problems in getting the Occupancy Certificate (OC).

Structural Stability

Buyers can ask for the structural stability certificate copy that is issued by the structural engineer from the builder. This ensures that the building is designed and built according to the load estimated. Apart from this, as a buyer, you can also inquire about the thickness and the type of blocks that are used for the construction. Do not go for the apartment that has used the four-inch block for the external wall!

Project Specifications

Your search for a perfect apartment or property does not end here. As a home buyer ensure the project specifications offered by the real estate company are well endorsed in the sale agreement. Also, examine whether the electrical load meets the requirements and also the waterproofing for the bathrooms.

These are some aspects that need to be checked by a homebuyer for a safe home purchase. Happy house hunting!

Read More