5 Tips Before Purchasing a Flat/Apartment in Thane

Thane, the city of lakes, has always remained an under-rated area in Mumbai. However, over the past decade or so, Thane has undergone a humongous transformation. The city has developed an urge amongst the high-end segment in India to purchase flats/apartments here. From the upscale residential projects in Thane to educational centres to hospitals to public transportation to essential amenities, everything has seen an uplift in Thane.

Thane maybe a prime spot to own a house today, however, there are certain tips homeowners should abide by before purchasing 1, 2, 2.5 BHK flats in Thane:

1)    Property price: Ascertain the budget and look for a property within that bracket. Some properties demand a considerable amount for the amenities they offer and the locality. Once the developer quotes a price, verify it with the neighbouring area’s properties. The property rates can be found in Thane’s supplement newspapers such as Maharashtra Times, Dainik Saamana, Navbharat Times and others, listed property portals and brokers in Thane.

2)    Builder-buyer agreement: The moment one books an apartment, they are provided a token amount. In return, the buyer receives an allotment letter. Then, the buyer, builder and the bank enter a three-party agreement to settle the remaining amount. This agreement is mostly in favour of the developer. So, the buyer should read the terms and conditions of the contract carefully. In case of any doubts, the buyer must clarify them at that point itself.

3)    Locality: Every buyer should thoroughly look around the area they will be eventually residing. This is crucial concerning the connectivity, malls, hospitals and other necessary facilities. For example, the Manpada area in Thane is in demand of late owing to the highway, Ghodbunder road, that connects to suburban Mumbai and the famous Viviana mall. One can find several 3 BHK flats in Manpada such as T Bhimjyani’s Neelkanth Woods or Neelkanth Greens, from where one gets access to the highway, best hospitals and entertainment.

4)    Flat possession: The possession of flat gets delayed, as the commercial and residential plan’s delay. Buyers should have a precise estimate of the timeline of the possession. Generally, developers ask for a grace period of 6 months. Nevertheless, builders must provide a valid explanation for the same.

5)    Hidden charges: Ensure to read all the documents and clauses carefully. Penalty levies on the builder if they do not provide the buyer with the apartment within the grace period. The buyer has to keep in mind the additional expenses such as GST, stamp duty, registration charges, home loan processing costs, and other charges before signing the agreement.
Buying a flat/apartment is a huge affair. Keep the tips mentioned above in mind before venturing into any residential projects in Thane.

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Shifting To Mumbai? 5 Best Localities That Home Buyers Should Consider

When it comes to metropolitan cities, two facts cannot be denied: unaffordable property market and dense population. Yet, the city of dreams, Mumbai, welcomes everyone with open arms. Mumbai has a place for everyone, irrespective of their social standing. Where one can find the costliest private property Antilla at a posh area like Worli, slums occupy a large part of the tinsel town.

No matter what you do, who you are, and how much you earn, every person can have a piece of Mumbai. Real estate companies have projects scattered across Mumbai, turning every home buyers’ dream a reality.

Following are the localities that every homeowner should consider:

1)    Andheri: Be it West or East, every income group can own a flat/apartment here. One can find the busiest local station in this locality. People can also enjoy class-apart metros, airports (domestic and international) and malls at proximity, wherever they are placed. It is also centrally located to two business hubs, Powai and Bandra-Kurla Complex (BKC). The real estate companies who are all set to launch their projects in Andheri are Oberoi Realty, Kanakia, Omkar Realty, Raheja, Lodha, Mahindra Lifespace and Pride Group.

2)    Thane: Once known as the pollution emission city, is today Mumbai’s top locality. Real estate companies in Mumbai like T Bhimjyani, Hiranandani Constructions, Godrej Properties, and Piramal Realty have realised Thane’s popularity and made luxury affordable. Its local station provides connectivity to Mumbai, as well as, the new suburbs. Plus, one can find the best educational centres, hospitals and malls, making every investment worth the penny. In fact, owning a flat in T Bhimjyani’s Neelkanth Woods is a matter of status symbol nowadays.

3)    Kharghar: Adjoining the Central Business District (CBD) in Belapur, facing the scenic hills and bound by two major highways is Kharghar in Navi Mumbai. It is primarily a residential township and home to several renowned educational institutions like NIFT, ITM and many others. The real estate investments in Kharghar is all set to take a new turn, thanks to the upcoming international airport in Panvel.

4)    Chembur: The real estate demand in Chembur has seen a rise in the recent past. Owing to the Eastern Express Highway that connects to South Mumbai and the Santacruz Chembur Link Road (SCLR) that takes people to BKC and airport quickly, real estate companies in Mumbai have recognised Chembur’s true potential. Many new home buyers are investing in this locality at an unprecedented pace.

5)    Wadala: It is an area snuggled between South Mumbai and the suburbs. This is one of the reasons that Wadala offers seamless connectivity through road and rail. Also, Wadala station is the first stop in the harbour line of the local trains. The monorail between Wadala and Chembur is an added attraction. Entertainment buffs can also enjoy high-quality movies at IMAX, making Wadala a ‘paisa-vasool’ investment.

Which area are you vouching for?

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Things to consider while buying a flat in Thane

Purchasing a property is a nerve-wracking task. There is just so much to think about. After all, buying a home is a life-long commitment, for most of us. With property rates sky-rocketing every single year, there are a lot of things to keep in account before we zero in, into the place we can call home. One popular area that is gaining attention for its affordable ownership homes is Thane in Mumbai. Here are some things you must consider if you are planning to buy a property for sale in Thane.

Thane is set for exponential growth:  An integral part of the Mumbai Metropolitan Region or MMR, Thane is set for major infrastructure development plans. The MMRDA has already approved several projects making it a central location for exponential growth. With evolving socio-cultural infrastructure and increased commercial and retail spaces, Thane has truly become self-sufficient.

Thane has grown over 400% in the last decade: In the last decade or so, Thane has become the venue of several popular art festivals in Mumbai. To top this, 5 hospitals and 9 shopping malls have come up in just 8 years. Despite being one of the most rapidly developing parts of Mumbai, Thane is also a great place to live in, for its abundant greenery and fresh air, thanks to over 30 lakes and 50 gardens in the area. If you consider buying 1, 2 or 3 bhk flats in Thane, chances are that you will be living in a locality which has all the above mentioned amenities at a walking distance.

Consider the locality: Most locations in Thane have a high potential for growth in the near future. In order to get a return on your investments, you must consider purchasing a flat in an area which has superb infrastructure such as broad roads, connecting highways and good residential and commercial complexes. You could consider buying a home in an area like Ghorbunder Road or Manpada where there are good facilities for healthcare and education.

Advantages of booking an under-construction property: When you book a property that is under construction, you have the advantage of entering the market at a lower price point. You can also choose a flat when it is ready for possession. The payment cycle is also spread over the years. A thing to remember though is to choose a reputed builder like T Bhimjyani Realty, known for their Neelkanth Woods Olivia project.

Advantages of booking a ready-made property: If you’re tired of paying huge rents and in in a hurry to become a home-owner, you can consider purchasing a ready-to-move in property. This gives you the edge of getting a first-hand view of your vicinity and also gives you the time to get to know your neighbours. You can find ready-to move-in, 3 bhk flats in Thane for sale, easily.

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3 Things You Must Do While Choosing an Apartment

There is no doubt that buying a home is one of the most crucial decisions an individual ever has to make. A lot of aspects need consideration before you finalise on one good apartment. It is natural to want everything to be perfect; after all it is an important investment costing lots of money. However, you should know, buying a flat is a lengthy process and overlookling or missing even a single aspect can prove damaging in the long run. If you’re considering buying a flat in Mumbai, flats in Thane are a good option. To help you choose the right apartment, here are some guidelines every home buyer needs to follow:

Think of the Future

Remember that real estate investments are directly linked with your future. You cannot just invest or buy a property that excites you at the first go. The demand for homes in India is ever increasing. Always think of the future when you decide to buy or invest in a property. Know whether the property you are investing in will yield returns later on, how the locality will grow, what amenities to expect etc. It is of paramount importance to access your needs, which includes current lifestyle, financial goals, and not to forget long-term family needs.

Your Locality Matters

If the property you purchase is meant to serve as your home, as opposed to renting it or flipping it for profit, knowing about the locality is essential. Choosing flats for sale in Thane is a wise decision because the area has grown to be a major residential hub. A lot of individuals are now shifting their base to Thane for it offers everything a buyer is looking for. Thane has been recognized as one of the most promising cities of India by FIRST Sm@rt Cities Council and Indicus Analytics, making it a perfect residential location. Apart from this, it is also home to some well-known schools, healthcare centres, shopping malls, entertainment centres and lots more. All this has made living in Thane a convenient affair.

Cross-check Developer’s Credentials

Ensuring the developer you have chosen has a good project delivery track record is vital as home investments are an expensive affair. You should opt for homes constructed by builders like Godrej Properties, Hiranandani Constructions, T Bhimjyani Realty, or Piramal Realty as they are veterans in the Mumbai real estate business and known for using good quality construction material. These industry giants are known for having a clean track record and for giving timely possession of residential projects in Thane and around.

Consider these aspects to make your whole process of choosing flats in Thane West easy and hassle-free.

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How Thane Has Emerged to be a Major Residential Destination

As far as buying a house is concerned, a lot of people prefer buying it for investment purpose. While there are some, who buy to shift their base. Whatever your choice, it is important to make a wise choice keeping in mind a number of factors. When talking about residential areas, it is Thane that has grown to be a major one. In fact, Thane is considered over other parts of Mumbai Metropolitan Region or MMR. Well, there are a number of reasons that show why Thane is growing to be a major residential destination. This has led to a number of upcoming and new projects in Thane.

Know the Benefits Thane Offers to Its Property Buyers

Well, there are a number of benefits that are associated with the growing popularity of Thane. Several factors have contributed towards making Thane a major residential area. To help you understand better, the list majorly includes:

  • Strategic Location
  • Rapid infrastructure development
  • Realistic and affordable property prices
  • Availability of land for housing

These are some vital factors that have contributed towards making Thane as a major residential location. In fact, it meets the needs of new-age home buyers. According to real estate experts, it is believed, Thane has evolved remarkably than what it was earlier. This is one of the major reason why people prefer shifting their base from Mumbai to Thane. Affordable rates for the property are one of the major reason among the others. It is found out that the rates of the property are much reasonably priced as compared to what you find in Mumbai. Apart from this, though reasonably priced, the real estate companies offer great amenities, greenery and open spaces.

As compared Mumbai Metropolitan Region, home buyers get bigger houses in Thane with all the modern facilities. Besides, home buyers, investors too can benefit with better returns.

Some Prominent Developers and Prime Areas In Thane

Knowing how potential home buyers are interested in investing in 2 or 3 BHK in Thane, real estate developers are taking advantage of this by offering new projects. A lot of builders and developers are making most of this situation by offering reasonably priced flats with all the modern amenities. Besides, the properties lie on some of the prime areas in Thane. This further works in the favour of home buyers. Apart from this, it also boasts of other facilities like schools, healthcare facilities, premium malls and more.

So, if you are planning to invest in a property, how about considering Thane?

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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.

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