24Jul

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.

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17Jul

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.

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10Jul

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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5Jul

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!

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30Jun

Tips to Sell Your Apartment in a Slow Market

Buying and selling an apartment is quite common in the real estate market. If you plan to sell your apartment, then keeping track of the market is of paramount importance. Besides, there are also other factors that sellers need to be aware of. You might have always been advised not to sell an apartment especially when the market is witnessing a slowdown. However, at times it can be unavoidable. The reasons are endless with you being shifted to another city, planning to buy a bigger and spacious apartment and so on.

While you are looking to sell your 2 BHK in Thane or 3 BHK in Thane or any other location, in a slow market, there are certain factors you need to keep in mind. Some of them majorly include:

Give It a Makeover

Every buyer who is planning to buy a house looks for something that is worth buying. This is where the importance of giving your house a makeover is felt. When talking about the makeover, it majorly includes leaking pipes, water seepage, broken window panes, cracked masonry and so on. Always remember that the makeover should not be elaborate but substantial only. Ensure all of these aspects are taken care of before you list your apartment for buying. You should know every buyer looks for a house that has less expenditure on the repairs and renovation.

Advertise the Right Way

It is always suggested that you advertise about your property locally. Not many know, but the people living in your area might be interested in buying your property, and hence it is important to advertise it locally first. After all, a lot of buyers tend to look for apartments that are in the same locality. You can take advantage of the same by advertising your property the right way.

Get in Touch with a Reliable Broker

You will do your best to find a potential buyer, but when it comes to widening your search and finding a potential buyer, it is always a broker that can help. This is one reason why you need to get in touch with a reliable broker for the same. Ensure you get in touch with a reputable one. These experts tend to have a larger database of potential buyers.

Get the Pricing Right

Before you put up a price for your property, it is of paramount importance to know the real estate market value of the same. There is every possibility of the prices being increased. As far as quoting the price is concerned, it is wise you gather the rates of the properties in the same area. As the real estate market is bound to fluctuate it is also vital to be flexible as far as pricing is concerned.

These are some tips that might come handy when purchasing 3 or 2.5 BHK flats in Thane and more.

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28Jun

5 Vital Amenities That Homebuyers Should Look for When Buying a House

What are the aspects you as a buyer will consider when buying a house? It definitely has to be price and location. Well, apart from these, there is also one major aspect that should not be neglected, and that is – Facilities. When talking about the same, facilities tend to change from one buyer to another. While you may be looking for a house with a nice and big swimming pool, there are some who want to invest in a house with top security solutions. To make your whole house hunting for 2 BHK in Thane and around process easy, here are some facilities you need to look for:

Open Space

One of the major aspects a buyer is bound to look for is open space. Understood, that being physically fit is every person’s choice. However, an elderly cannot hit the gym and do strenuous exercises. This is where the importance of having an open space in the building area is important. This is one reason why a number of under construction properties are now considering to have an open space that makes walking easy. This actually enhances the living for one can take a walk and breathe in the fresh and cool air.

Play Area

Just as having an open space important, so does play area. You will find a number of people now prefer investing in 2 or 2.5 BHK flats in Thane and around having a play area. This works in favour of children, for it helps them to indulge in different activities. Besides, these activities play a major role in the comprehensive growth of the child. Ensure the kids play area is safe and well equipped with needed facilities.

Parking Facilities

For homeowners who own a car, having the facility to park the car is important. A lot of buyers looking for buildings having covered parking facility. This is one reason why you will find companies offering this facility to its potential homebuyers.

High-End Security Solutions

Security is one aspect that cannot be given a deaf ear. You definitely want to invest in a house that ensures safety of your family. Ensure the property or apartment you are investing has high-end security options. It majorly includes, CCTV cameras, alarms, fire alarm, round the clock security guards and more.

Swimming Pool

A swimming pool at your own complex may seem like a luxury. However, nothing can be better than having a swimming pool that makes the whole hassle of going to a resort. However, ensure the company or the builder takes swimming pool maintenance seriously.

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22Jun

Know the Registration of Property Transactions in India

Buying and selling a property is not easy as it seems to be. There are a number of factors one needs to keep in mind. As far as sale or purchase is concerned, it is important to register the necessary documents. No matter whether you are investing in a ready-to-move in apartment or new residential projects in Thane and around, ensure you have the necessary documents ready. The law of registration of the documents is contained in the Indian Regulation Act. This law offers registration for a number of documents, to ensure the protection of evidence prevents fraud and assures title.

Documents Of Property That Required Compulsory Registration

As per the Section 17 of the Registration ACT, 1908, it is important for all the transactions that include the sale of an immovable property above Rs. 100 should be registered. In simple terms, all the immovable property should be registered, after all, no immovable property can be purchased for a mere Rs. 100. Apart from this, all the transactions of the gift as an immovable property and also lease for a period that exceeds 12 months should be registered. The term immovable property majorly includes land, buildings and all the rights that are attached to the property.

Documents Required and the Procedure Involved

It is of paramount importance to submit all the documents for registration to the office of Sub-Registrar of Assurances. Furthermore, it is vital for both the authorised signatories, for the seller as well as a buyer should be present along with two witnesses. It is vital for the signatories to carry their identity proof, which includes Aadhaar Card, PAN card, and Driving licence and so on. Besides, the signatories also have to furnish the power of authority, in case they are representing another person. Before the registration of the documents is done, the sub-registrar verifies the document along with the original ones and proof of payment of stamp duty. Keep these documents ready no matter whether you are purchasing a 2 BHK or 3.5 BHK flats in Thane and around.

Fee Payable and the Time Limit

Documents that are needed to be registered compulsorily should be presented within four months from the execution date, along with the fee. In case, the time has expired, you are required to submit an application to the sub-registrar for condonation of the delay. The registration fee for the documents is 1% of the property value.

In case the purchase agreement of the property is not registered, it could put you at huge risk. You should know, all the documents required should be registered, if not registered the same cannot be produced to the court as evidence.

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18Jun

Why Residential Projects Should Offer Open Spaces For Children?

There are a number of factors every home buyer tends to look into when buying a house. While space, amenities, school, pharmacy and so on, do play a major role in your home purchase, it is also vital to ensure the project offers open space for children. A lot of homebuyers tend to neglect on this aspect. Not much attention is given to open spaces for children to play. When you reside in apartments, children do not have access to open garden and spaces. This is why ensuring the residential project you are investing is has open spaces for children.

Lack Of Open Space Forces Parents To Look For Other Options

You will find a number of residential projects tend to have less or no open space for children. This further forces parents to look for other options like watching television, playing on mobiles and so on. While social development is of paramount importance, having enough open spaces ensures this option is fulfilled. Every sq.ft of space is put to use for construction purpose. This leads to no or less space for gardens or open spaces. This also forces the parents to indulge their children in other activities like football, gymnastics, and tennis and so on. However, as these activities are under the supervision of adults, it leaves no room for social interaction. Well, the same aspect is well taken care of by T Bhimjyani – a reputable real estate company offer various residential projects in Thane and around by having large gardens for children and senior citizens.

Importance of Play Areas for Children

The importance of play areas and gardens should not be neglected. After all, these areas help children to learn more about the surroundings and meet other children of the society. Apart from this, the slides, swings and more work towards building a sense of competence in them. This further helps in increasing the confidence level. Furthermore, when children are not in a structured environment, it allows them to let their imagination flow the way they want it to. Besides, it also helps them to meet and make new friends who are not possible if they live in a structured environment.

How can Developers Incorporate Needs of Children in the Projects

Every parent is concerned about the falls and scraped knees. But then, these are part of every child’s growth. Considering this aspect, it is important for parents to invest in the projects that have play area or garden. As far as incorporating the same is concerned, builders and developers can include the same in the project plan. A lot of renowned real estate companies  include the same in the plan whether for 2 BHK or 3 BHK in Thane and around. After all, they understand how important it is for children to play outside than staying inside.

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12Jun

How Will Altering Interest Rates Affect EMI of Home Loans

Interest rates do play a major part as far as home buying is concerned. Every home buyer needs to be aware of the same and should include in the home buying decision. The current interest rate on the home loans is around the 8% mark. This mark definitely looks attractive as compared to what it was some years back. No matter whether you are planning to take home loans for 2 or 3 BHK in Thane and other parts of Mumbai, knowing the interest rates is of paramount importance.

Know the Effect of the Home Loans in the Interest Rates Largely

You might have seen that a lot of home buyers prefer for a floating home loan rate. If the interest rates witnesses’ downfall after taking taken the loan, the borrower has to wait for a year for revision. The reason for the same is because most of the banks tend to have home loans on the 1-year MCLR rate basis. The tenure of the home loan ranges around 20 years which seems to be a long period. Hence, a slight increase or decrease in the same can have a great impact on the overall cost of the property.

The Outlook of Home Loan Interest Rate

Home loan interest rates are bound to fall even though the Reserve Bank of India or RBI did not cut the repo rate. As RBI has reduced the money that banks normally set aside as security for the home loans, from 0.4 to 0.25%, banks can lend more to home buyers than they used to. In simple terms, with the statutory liquidity ratio reduced to 50 basis points, the banks now have more of the capital to lend. This can further lead to lower home loan rates. A lot of banks are cutting home loan rates. It is believed, the rates may be reduced by 25-50 bps in the next 12 months.

How Much of EMI Should Home Buyers Pay?

As the EMI payment is concerned, it is vital for the home buyers to keep in mind two major aspects: current cash flow and future cash flow. Banks tend to keep it flexible by keeping lower EMIs in the initial year, while huge EMIs can eat up a large amount of your earnings. This further leaves no or less finance in case of any emergency.

How to Decide on the Home Loan Tenure

The tenure of the home loan can be decided on these following factors:

Income – Ensure the EMI is not more than 55-60% of your monthly income.
EMI Amount – EMIs tend to be higher if you choose lower tenure. If you can pay higher EMIs, then you can opt for lowest tenure.
Age of the Borrower – The perfect way to calculate home loan is 60 years, minus the borrower’s age.
Know the purpose – Know whether the property you are buying is for investment purpose or residence.

Make a wise home purchase with right interest rates.

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9May

What’s Trending in the Real Estate Market This Year?

These trends are sure to change the real estate market in the year 2017 and beyond. Global capital flow into the real estate market is on the rise and will increase consistently. India is in the fourth position in developing Asia for FDI inflows as per the world investment report 2016 by United Nation’s Conference on Trade and Development, and that is the highest levels of endorsement. Indian real estate has managed to attract $32 Billion in private equity till date.

The builders and developers are likely to change their business models completely – throughout the year 2016, the number of new constructions in Thane were much lower the units sold. Almost all the states were keen to see the launch of RERA, and now all of them will surely fall in line. The RERA happens to be a landmark law and will surely enforce the much-needed transparency and accountability on the part of the builders, and the home buyers will definitely benefit from it.

Not just RERA, there are other acts and bills passed that will directly impact the Real Estate sector. For instance the Goods and services tax(GST) and the Benaami Property Act. Residential demand os expected to pick up only towards the end of 2017. All of these new reforms are certain to affect the realty business of flats in Thane west.

The sun also seems to be rising on affordable housing finally! – Affordable housing in the country is finally set to get the much-needed infrastructure status. Until the year 2019, one crore houses are to be built in rural India and this vital sphere will also witness cheaper sources of finance that include the external and commercial borrowings. The housing loans too, are being remodelled by the national housing banks which can again give a lot of boost to the real estate sector. Much before the budget 2017-18, a new credit linked subsidy scheme was announced for the middle-income group with a provision of Rs 1000 crore in 2017-18. The tenure of the loan repayment was extended from 15 to 20 years under the Pradhan Mantri Awas Yojana and the budget that was allocated under the PMAy scheme also increased from Rs 15000 crore to Rs 23000 crore for rural areas.

The affordable housing had some qualifying criteria and these to were revised to 30 square meters and 60 square meters on the carpet instead of the saleable area in the four main metros and non- metros respectively. This actually tends the size of the affordable housing market, all throughout India.

With all these changes that are almost implemented and some of which are yet to be implemented, the sale of flats in Thane west is surely geared in for a revolution like never before. Now we have just to wait and watch on the repercussions of them all.

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