Real Estate

• admin
• Real Estate
• December 20, 2019

Tax Benefits All Homebuyers Should Know

Investing in property is one of the most important financial decisions. The value of owning a house has remained unchanged for decades. The prima facie fact that demand and value of the properties are ever growing, makes it one of the most preferred financial investments of all times. It is a great way to accumulate wealth and have increased cash flow. Investing in real estate has many advantages as the value of the property appreciates over the period of time, recurring cash flow by monthly rentals and most importantly tax benefits. Let us break it down for you:

Section 80C

Under section 80 C you can claim tax benefits on the amount paid as repayment of the principal amount of the home loan. The maximum tax benefit is Rs. 1.5 lakh allowed after the completion of the construction and receipt of the completion certificate.

Section 24

This section allows homebuyers to claim tax benefits on interest paid on home loans. The maximum tax benefit of Rs 2 lakh can be availed under Section 24 B for properties that are self-occupied or vacant.  However, if the property is not self-occupied and is rented out then the entire home loan interest is allowed to be claimed as the deduction. The deduction of 2 lakh is reduced to Rs. 30,000 if the construction is not completed within 5 years from the end of the financial year in which the home loan was availed. The deduction can only be claimed in the financial year in which the construction of the property is completed.

Section 80EE

For first time home buyers, section 80EE provides tax benefit of up to Rs 50,000 per financial year over and above the deduction of Rs 2lakh under Section 24 and Rs. 1.5 lakh under section 80C. This can be claimed every financial year until the home loan is fully repaid. The deduction could be availed only if the value of the property is less than Rs 50 lakh and the value of home loan is less than Rs 35 lakh. The benefit can be availed from 2016-2017 financial year onwards.

Capital Gains

Capital gains are the profits you receive from the sale of the property. Just like any other income, the amount received from selling of property is liable to be taxed. However, it comes with a few tax benefits. Short term capital gains are treated and taxed as ordinary income depending on the tax bracket you fall into. However, long term capital gains would depend on your income plus marital status. If you have earned from the sale of the residential house you can avail an exemption from taxation by depositing the amount of gain in the capital gain scheme account. You need to invest in a residential house within a span of 2 years of the receipt of the gain.

If the property purchased is sold within 5 years, the tax benefit availed for the principal amount of the home loan will be reversed and would be considered as your income. Deduction for interest amount is not reversed.

The above tax benefits are the game changers if utilized correctly and can make you a savvy investor. Mohali is the potential real estate destination with an impressive rate of development. The city has set the example of other areas in Punjab. 4 bhk flats in Mohali are one of the premium residential developments at affordable prices. They are equipped with modern amenities and luxurious features.

• admin
• Real Estate
• December 12, 2019

Future of Real Estate

One of the sectors in the country that shows promising growth and innovation is the real estate market. Earlier the properties were just mere a combination of walls and doors. Today, the builders are building homes that offer comfort, warmth, and customization for the families. The dream of owning a home at an affordable price is coming true. The real estate is redefining the way we work and live. In recent times, the smarter way of living is what every individual considers. The future of real estate will unleash endless possibilities through the use of technology and artificial intelligence. The challenges like poor infrastructure, lack of social connectivity, traffic congestion, safety flaws and etc have always been the points of concern.

The new-age townships bring the unique features of intelligent mobility, unparalleled amenities, and sustainable living. Many developers aim at building business avenues which consist of modern co-working spaces, residential complexes, high-street retail spaces. Some of the leading builders are coming up with Hypermarkets, multiplexes and several family entertainment options in the next few years. The recent government initiatives and as well as the proactiveness of real estate developers have kept green homes as the first priority. A cleaner environment where one can breathe in the freshness of the air is what makes a dream turn into reality.

As per the recent report by IBEF, it is expected that the real estate market of the country to reach the financial figure of 1 trillion (US dollars) by 2030. Along with this, the contribution of the real estate in the country’s GDP is expected to rise to 13% by 2025. This could only be possible with the aid of numerous innovations and advancements using the technology. The modern technology aims at simplifying various processes like buying process, property searching, reviews, builder’s reputation, pros and cons of a specific location and etc. There is no doubt that the effective utilization of technology can play a major role in the growth of real estate in India.

The next generation of digitalization in the real estate market is giving a competitive edge. The customer experience is being amplified and the engagements have got improved. The mobile-centric mobility, 3-dimensional view of the property, chatbots for quick queries and online presence of the builders are taking the real estate to its next level. The IBEF report also states that the demand for SEZs and Industrial parks would increase in the next few years. The office workspaces are going through a transformational change. The plug and play facility (I.e short-term agreements wherein businesses can utilize service for the required period of time) in the working environment has encouraged entrepreneurs and new start-ups to invest in real estate.

The national mission of building Smart cities is focused to bring revolutionary changes in the overall real estate segment. The world is adapting to modern technologies and with machine learning and artificial intelligence, automation is the new future of real estate. One should consider real estate as a major investment option.

The close proximity of Mohali with the city beautiful Chandigarh has led to an increase in demand for residential projects in the city. The area has lush green open spaces with amazing air quality. It is far less crowded than its surrounding cities and maintains the great quality of living. Invest in 4 bhk flats in Mohali for comfort living at great prices.

• admin
• Real Estate
• December 6, 2019

Advantages of RERA Act For Homebuyers

Real Estate Regulatory Authority (RERA) Act was introduced in 2016 to add transparency and safeguard the interest of homebuyers. With the introduction of this act, buyers are empowered and can feel secure with their purchase. It has refined the processes of Indian Realty and has induced a sense of accountability in the system. Reputed builders have also benefitted from RERA as more buyers are now investing in the residential real estate due to the standardization it has brought to the real estate market. We are now looking at an efficient, structured and accountable phase of Indian Real Estate due to RERA.

Let’s Take a Look at the Major Benefits of The RERA Act:

Timely Possession

With the RERA Act in place, builders won’t be able to delay the projects and hence buyers can enjoy the possession of the properties. Under this act, the builder needs to share the delivery date of the possession of the flats; any delay in the possession will lead to a penalty for the builders.

Right to information

Buyers are entitled to know all the information about the project. From plan layout to the status of completion, builders need to disclose every detail to the buyer. This is one of the major benefits RERA has provided relief to the buyers looking forward to early possessions with timely updates for them to plan their finances.

Standardization of Carpet Area

Earlier every builder had a different method to calculate the carpet area which led to a lack of clarity and disappointment at the time of possession. However, RERA Act has now clearly defines the carpet are i.e.‘the net usable floor area of an apartment, excluding the area covered by the external walls, exclusive balcony or verandah area,  areas under services shafts,  and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’.

Since the carpet area is clearly defined builders need to calculate the area as per the standard calculations ie. Cost of property = Carpet Area x Rate per square feet. This clarity has left no room for manipulation in the calculation of the carpet area.

Reduction of bankruptcy risk of the builder

Under the RERA Axt builder is liable to deposit 70 percent of the funds realized in for the project in a separate account, which can only be withdrawn on the completion of the projects. This has led to better fund management form the builder’s end as they now have to keep funds for completion of one project before diverting them to any other project.

Defect after possession

If there is any structural defect or fault in the construction, the builder needs to rectify the defect within 30 days with no extra cost. The builder is liable if the defect is discovered within 5 years of the possession of the property. In-case of non-compliance to the above practice, the buyer is entitled to claim compensation from the builder.

Grievance Redressal

In case of any grievance, the buyer can approach the state authority set up under RERA. In case of dissatisfaction with the order, one can also appeal to the Appellate Tribunal against the order of the authority.

RERA has uplifted the demand for residential projects in real estate. Most of the upcoming projects by reputed builders are now RERA registered and bringing a transformation in the Indian realty estate market with enhanced transparency.

The midsegment group is moving towards the suburbs. They are looking for affordable and modern housing solutions and they are ready to move away from the hustle-bustle of the main city. 3 bhk flats in Chandigarh and the surrounding areas are dreams come true for aspiring homeowners.

• admin
• Real Estate
• November 25, 2019

Thoughtful Housewarming Gift Ideas

Moving into a new house is the best feeling ever and joyous occasion to celebrate. It could be overwhelming and exciting at the same time. Whether your friends are first time home buyers or shifting into a new place, a thoughtful housewarming gift could ease off the pressure and help them embrace this new phase quickly. Since it is more than just a gesture, it is best to assess the gifting options carefully for making it a present to remember.

Housewarming gift needs to be useful and aesthetically pleasing at the same time. Something the new homeowners will enjoy and cherish. Here are some thoughtful gift ideas for new homeowners that they will appreciate:

Kitchenware

One of the most useful housewarming gifts could be cooking appliances or utensils. You can make the homeowner feel excited about appliances like coffee machines, air fryer, a blender or a sandwich maker. Opt for healthy cooking accessories for your friends, a blend of utility and designer kitchen gadgets. When it comes to Kitchenware you can also go for luxurious cutlery sets like dinner set, tea set or silverware which could be the best gifting solution in this category.

Plants and Herbs

Another trending option for housewarming gifts is potted indoor plants. They are not only good for maintaining better indoor air quality but also give a serene vibe to the house along with the fresh leafy scent. Indoor plants and herbs are low maintenance and need less watering as compared to outdoors plants. Besides the green aspect, plants like money plants and bamboo plants are considered auspicious from health and wealth perspective, thus making them the ideal option for a housewarming gift.

Artwork

The most conventional gifting solution yet the most popular option is the artwork. Artwork and antique items are loved and appreciated by everyone. Starting from wall decor like paintings, wall clock, mirror or a photo frame to art sculptures like pottery or an antique vase, gifting solutions in this category can uplift any space in the house. Hence, you can never go wrong with this housewarming gift. To add a touch of personalization and thoughtfulness, you could either gift a creatively designed handmade or a customized engraved item.

Bed linens

If you want to move towards more useful gifts then go for household items like bed linens, cushion covers, and other bedding items. It is the most useful and everyday item that is required at a greater quantity in any household. With people opting for apartments with multiple bedrooms, bed covers and blankets are the most convenient gift item with great utility. From cashmere to faux fur, you can choose from a wide range of fabrics for bedding and blankets.

Smart home devices

Apart from kitchen appliances, you could select from the electronic gadget category. It consists of a wide range of variety with a flexible price range as per the brand selected. With such technological advancements, smart home devices have spread into our living spaces. The most trending options include AI-based tools, ultra-smart Bluetooth speakers. You could also select from household gadgets like the vacuum cleaner, light panel kits, smart home fragrance diffusers, air quality monitor, etc.

These housewarming gift ideas will take you one step ahead of the gifting game and make your loved ones remember it for your thoughtfulness and effort put in to select just the perfect present for them.

Rental incomes are on the rise in cities like Chandigarh, Panchkula, and Mohali. If you are looking for good returns on your investment then buy flats in Mohali. Due to development by the authorities and entrance of multinational brands, the region has attracted people from all over India to settle in the city which has led to a rise in the rents.