blog_banner blog_banner

Blog

We, at JP Infra, believe that building a home is not just about investing in property. Here we not only offer you various reasons to invest in property in Mumbai or why Mira Road is the best location for property investment in Mumbai right now, but also a list of innovative ways and unique quirks to transforming your house into a vibrant, lovely home.

admin

| October 21, 2023

A Comprehensive Guide to Buying Property in India as an NRI

India, a land of opportunities and economic growth, has become an appealing hub for Non-Resident Indians (NRIs) looking to invest in real estate. However, navigating the legal framework and understanding the documentation process can be intricate for those residing outside the country. In this detailed overview, we will deconstruct the legalities and documentation requirements, providing NRIs with a comprehensive understanding of the legal landscape when investing in Indian property.

  • Understanding the Legal Framework

Investing in Indian real estate as an NRI is governed by a set of laws and regulations, including the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India (RBI) guidelines. FEMA, a cornerstone of NRI property investments, regulates transactions involving foreign exchange and payments. The RBI, on the other hand, oversees the financial aspects of these investments.

Under FEMA, NRIs are generally allowed to purchase both residential and commercial properties in India. However, properties earmarked for agricultural purposes, including plantations, farmhouses, and agricultural land, are off-limits for NRI purchases. It’s essential for NRIs to be well-versed with these guidelines to ensure compliance during their property purchase. Additionally, FEMA stipulates the source of funds used for property acquisition, which must be through Indian banking channels.

NRIs have the flexibility to invest in multiple properties across categories—residential, commercial, and industrial. There’s no prescribed limit by the Reserve Bank of India (RBI) on the number of properties an NRI can own. While NRIs are unable to directly purchase agricultural land, plantations, or farmhouses under the automatic route, there are exceptions. NRIs seeking to acquire such properties can seek special permissions from the RBI, which may be granted after careful consideration of a range of factors. Additionally, NRIs have the option to inherit agricultural land from a resident Indian.

  • Documentation

To initiate the property acquisition process, NRIs need to provide specific documents.

  • Proof of Identity: NRIs must submit their passport, OCI/PIO card (if applicable), work permit of the country of residence, latest income tax returns and payslip for the last six months.
  • Proof of Address: Proof of address is required when you register the purchase of the property
  • PAN Card: A mandatory requirement for property transactions in India, a Permanent Account Number (PAN) card is essential for tax purposes.
  • Sale Agreement: A legally binding agreement between the buyer and seller, outlining the terms and conditions of the sale. This document is crucial, and NRIs should ensure it covers all necessary aspects to protect their interests.

Organizing these documents is crucial to ensure a smooth and lawful property purchase process.

  • Home Loans for NRIs

Financing a property purchase in India is facilitated through diverse options for NRIs. Funds can be remitted through NRE/NRO accounts or FCNR accounts, and NRI home loans can be secured from notified banks. Banks in India provide home loans specifically tailored for NRIs. Additionally, there are banking services designed to assist NRIs in managing their finances and investments effectively. However, it’s essential to issue EMI cheques from the NRI’s NRE/NRO account to comply with the guidelines.

Investing in Indian real estate as an NRI involves a comprehensive understanding of the legal framework and documentation process. Adhering to FEMA guidelines, establishing eligibility, and providing the requisite documents are vital steps. By gaining in-depth knowledge, NRIs can make informed decisions and navigate the Indian real estate market confidently, securing their investments and fostering a lasting connection with their roots.

For those considering an investment in Mumbai, North Garden City by JP Infra in Mira Road offers an excellent opportunity. Situated in a thriving suburb, this gated community is equipped with all the amenities and conveniences one would expect from a premium development. The proximity to the city and the strategic location makes it an attractive option for both personal use and investment purposes.

arrow
| August 31, 2023

Demystifying the Subvention Scheme in Real Estate

In the world of real estate, the journey from envisioning your dream home to owning it can be both exhilarating and challenging. Prospective homebuyers often encounter a myriad of enticing advertisements and hoardings with alluring slogans like “Buy now, pay later!” or “Pay 10% now & rest after possession” or even better, “Book now: No EMI till possession.” These captivating offers are part of what is known as the “Subvention Scheme”.

A subvention scheme is a financial arrangement between a homebuyer, the developer, and a financial institution that aims to ease the burden of purchasing a property. However, it is essential to comprehend its workings, benefits, and potential pitfalls. This blog aims to simplify the concept of subvention schemes, outlining its benefits, risks, and how it can be a game-changer for homebuyers.

What is a Subvention Scheme?

A subvention scheme is a financing arrangement where the builder or developer partners with a financial institution to assist homebuyers in acquiring a property. In this scheme, the developer bears the burden of paying the pre-EMI interest or a portion of the home loan interest on behalf of the buyer for a specific period. Typically, this period spans from the time of booking until the project’s completion or possession.

How does a Subvention Scheme work?

The subvention scheme process can vary slightly from one project to another, but the general framework is as follows:

Agreement between Developer and Lender: The builder and the financial institution enter into a formal agreement to offer subvention to homebuyers.

Homebuyer’s Application: The homebuyer applies for a home loan with the lender associated with the subvention scheme. Homebuyers need to pay a small percentage of the property value upfront (usually around 5-20% of the total cost) as a down payment.

Disbursement and Interest Payment: After loan approval, the lender disburses the loan amount to the developer in installments based on the construction progress. During the construction phase, the developer pays the pre-EMIs or interest on behalf of the homebuyer.

Possession and Handover: After the completion of the project or possession of the property, the buyer takes over the home loan, and regular EMIs commence.

 

Benefits of Subvention Schemes:

Eases Financial Burden: The primary advantage of a subvention scheme is that it offers considerable relief to homebuyers’ during the construction period. As they are not required to pay EMIs, it allows them to source money until the EMI starts, easing their financial burden during the initial phase of homeownership.

Safeguards Against Project Delays: Since the developer is responsible for paying the EMIs during construction, they are incentivized to complete the project on time. This aspect ensures that buyers are less likely to face delays in possession and can move into their new homes as scheduled.

Enhances Affordability: Subvention schemes widen the scope of potential buyers as it enhances the affordability of the property. It enables people who may not qualify for regular home loans due to financial constraints to own a property without immediate financial stress.

While the subvention scheme may seem like an alluring proposition, potential buyers should exercise due diligence and consider the following factors before committing to such an arrangement.

Credibility of the Developer: It is crucial to research and choose a reputable developer with a history of delivering projects on time. Examine the developer’s financial ability to meet their obligations. Avoid developers that are deeply in debt or are on the verge of bankruptcy.

Clarity on Terms and Conditions: Thoroughly understand the terms and conditions of the subvention scheme, including the period for which the developer will bear the EMIs and any associated charges.

Impact on Credit Score: If the developer fails to pay his EMIs on time, the bank will not hold him liable because, according to the bank’s records, the borrower is the homebuyer. Hence, it will have a negative impact on the buyer’s credit score and effect his future loan eligibility.

Subvention schemes have emerged as an attractive option in the real estate market, providing buyers with financial relief and other benefits during the construction phase. However, it is crucial for homebuyers to conduct due diligence and thoroughly understand the terms and conditions before entering into such agreements. With the right approach and the support of credible developers, subvention schemes can be a game-changer, making homeownership dreams a reality for many prospective buyers.

arrow
| July 14, 2023

Under Construction vs. RTMI: Your Guide to a Well-Informed Decision

Among the many choices you will face as a prospective homeowner, one important decision is whether to opt for an under-construction property or a ready-to-move-in (RTMI) one. This decision plays a significant role in your home-buying journey as it helps you conduct target-based research, narrows down your options, and helps you focus on specific areas such as size, location, and necessary amenities.

When it comes to deciding between an under-construction and ready-to-move-in (RTMI) property, there are a few key differences to keep in mind. In this blog post, we will explore these factors to guide prospective homeowners in making an informed choice that aligns perfectly with their requirements and preferences.

Under-construction properties refer to buildings or societies that are still being developed. Mumbai, being a city of constant development, offers a plethora of under-construction options for prospective buyers. These properties provide the advantage of customization, allowing you to have a say in the final layout and finishes of your home. However, drawbacks such as construction delays, potential discrepancies, and the need for patience while waiting for the completion of the project may affect your overall home-buying experience.

On the other hand, RTMI properties are completed projects that are ready for immediate occupancy. When you choose an RTMI property, you can physically inspect the apartment before making a decision. You have a clear understanding of what you’re buying, including the quality of construction, layout, and amenities. This option is particularly appealing to those who are looking for a quick and hassle-free move-in experience.

Since both these property types serve and suit different purposes and intents, it is imperative to weigh in the following key factors before making any decision.

  • Budget: Evaluate your budget constraints and consider the price difference between under-construction and RTMI properties. Under-construction properties often come with lower price tags, attractive payment plans, and pre-launch discounts, making them appealing for buyers on a tight budget. On the other hand, RTMI properties eliminate the need for additional rent payments during the construction phase.
  • Timeframe: Determine your desired timeframe for moving into your new home. If you have urgent housing needs or wish to avoid construction delays, RTMI properties are the way to go. You can immediately move in after completing the purchase. Under-construction projects may experience unexpected delays, potentially disrupting your planned timeline.
  • Appreciation Potential:  If you are considering the property as an investment, assess the appreciation potential. Under-construction properties often experience a rise in market value as they near completion, offering a significant return on investment.
  • Risks and Uncertainty: Understand the risks involved with each option. RTMI properties allow for physical inspection, reducing the risk of discrepancies or mismatched expectations. In contrast, under-construction properties carry the risk of discrepancies in the final product leading to the final product being different from what was shown at the time of booking. It’s crucial to thoroughly research the reputation and track record of the developer before investing in an under-construction property.
  • Immediate Rental Income: RTMI properties can provide immediate rental income as you can start leasing them out right away. Under-construction properties, on the other hand, have a longer wait time until you can start earning rental income. Consider your financial goals and cash flow requirements when deciding which option aligns better with your investment strategy.

Choosing between an under-construction property and an RTMI property involves a careful evaluation of personal priorities, financial considerations, and time constraints. By thoroughly assessing the above factors prospective homeowners can make an informed decision that aligns with their aspirations and requirements.

Remember to conduct thorough research, seek professional advice if needed, and make a choice that best suits your circumstances and long-term goals.

arrow
| June 5, 2023

Mira Road: The Suburban Oasis That Mumbai Can’t Get Enough Of

Mumbai, the city of dreams, is known for its fast-paced lifestyle, iconic landmarks, and bustling streets. But amidst all the chaos, there’s a suburban area that’s emerged as a true gem: Mira Road. Nestled in Mumbai’s north-western region, Mira Road is a place where affordability meets luxury, where suburban living meets city amenities, and where tranquil surroundings meets urban convenience.

With its strategic location, affordable housing options, and growing infrastructure, Mira Road is quickly emerging as one of the flourishing real estate destinations in Mumbai. 

Affordability is one of the primary factors driving Mira Road’s real estate market. Despite being a part of Mumbai, Mira Road offers a range of affordable housing options that are hard to find in other parts of the city. From cozy apartments to spacious villas, the area caters to all budgets and lifestyles. This makes Mira Road an attractive option for first-time homebuyers and those looking to invest in a property without breaking the bank.

Redefining luxury in real estate Mira Road enjoys some of the most luxurious and upscale properties in the city. Alongside the large apartments the state-of-the-art amenities provide families with a premium living experience in this suburban gem. Mira Road not only exhibits affordability but also offers luxurious options for those seeking a higher-end-lifestyle. From affordable luxury to exquisite luxury apartments and villas, the area has something for everyone. The area’s housing options make it an ideal location for first-time homebuyers and those looking to invest in properties with a lower budget, whereas the area’s luxury properties offer premium amenities and a high-end lifestyle for those looking for an upscale living experience.

Mira Road’s strategic location and connectivity to other parts of the city via road and rail networks makes sure its residents enjoy a convenient lifestyle with easy connectivity to the city center without being immersed in the tumult. The Western Express Highway, Mumbai’s arterial road, connects Mira Road to Mumbai’s suburbs and the city center. The Mumbai Suburban Railway’s Western Line also runs through Mira Road, providing easy access to other parts of Mumbai. The upcoming metro line, which is currently under construction, will further improve the area’s connectivity.

Mira Road has seen significant development in recent years, with several new infrastructure projects in the pipeline. Developers are investing in the area’s infrastructure, including new residential and commercial projects, which is expected to further increase the area’s demand. The area’s property prices have also seen steady growth, making it an attractive location for investors looking to invest in Mumbai’s real estate market. But investment opportunities don’t just stop at property appreciation. Rental returns can also be a viable investment option. With the area’s affordable housing options and diverse range of rental properties, investors can expect steady returns and a promising future in the rental market.

Mira Road’s social infrastructure is also an eminent attraction for homebuyers. It boasts a well-developed social infrastructure with a range of amenities that cater to residents’ needs and offers a well-balanced social life. The area has a plethora of entertainment options like shopping malls, restaurants, cafes, and multiplexes, providing residents with a diverse range of entertainment and leisure options. The locality also has reputed educational institutions, healthcare facilities, and other essential services, catering specifically to families in search of modern and comfortable lifestyle. 

Beyond its urban conveniences, Mira Road provides a chance to connect with nature and enjoy a serene lifestyle. The lush green surroundings, parks, and gardens create an ideal environment for children and adults alike, offering a peaceful respite from the city’s hustle and bustle.  With its city comfort and serene lifestyle, Mira Road becomes a perfect destination for families seeking a better living experience.

arrow
| May 5, 2023

A Beginner’s Guide to Home Loans

Buying a home, is a major milestone in life. It is a significant investment that requires careful planning and consideration, especially when it comes to financing. While it can be an exciting journey, it can also be a daunting task for many. However, it’s important to know that you don’t always have to break your savings or compromise on your daily expenses to achieve this goal, in fact, one of the most common ways to buy a new home is by obtaining a home loan.

A home loan is an amount of money that you borrow from a financing company, such as a bank or financial institution, in exchange for the house itself serving as collateral. The lender provides you with a substantial sum of money, which is to be paid back over a set period of time, usually ranging from 15 to 30 years. The loan is paid back in regular installments that include both principal and interest payments.

While the concept of home loans may seem straightforward, there are many factors to consider when choosing the right loan for your needs and budget. So, here we are unraveling everything you need to know related to housing loans so that you can make an informed choice.

It’s important to understand the different types of home loans available, each designed to meet the specific needs of borrowers. Hence it is equally important to compare the features and benefits of each type of loan and choose the one that best fits your financial goals and requirements.

  • Basic Home Loans: This is most common sort of loan where the buyer borrows money to purchase a property/home of their own choice. The lender may lend 80%-90% cost of property as home loan.
  • Home Construction Loan: Home construction loans are used for financing the construction of a new house or apartment. As per the status of the construction status, the loan amount is disbursed in phases.
  • House Renovation Loan: House renovation loans are used for financing the cost of renovating or repairing an existing house or apartment. The loan amount can be used for interior and exterior renovations, electrical and plumbing work, painting, and other repairs.
  • Home Extension Loan: Home extension loans are used to finance the cost of extending an existing house or apartment. The loan amount can be used for constructing more rooms, balconies, or other extensions.
  • Plot Loan: Plot loans are used for purchasing a residential plot of land on which you plan to construct a house or apartment. The loan amount can be used for purchasing the land or plot and financing the cost of construction.
  • Balance Transfer Loan: Balance transfer loans are used for transferring an existing home loan to a new lender for better terms or interest rates. This can help borrowers save money on interest payments and reduce their monthly EMI payments.
  • Top-up Loan: Top-up loans are used for financing additional expenses on an existing home loan. The loan amount can be used for home renovation, extension, or any other expense related to the house or apartment.
  • Composite Home Loan: Composite home loans are a combination of a plot loan and a home construction loan. The loan amount is disbursed in stages, based on the construction progress, and can be used for purchasing the land or plot or for financing the cost of construction.
  • Bridged Loan: Bridged loans are used to finance the purchase of a new house or apartment before selling an existing property. The loan amount is repaid once the existing property is sold.
  • NRI Loans: NRI loans are designed for non-resident Indians (NRIs) who want to purchase a house or apartment in India.

Overall, taking a home loan in India can be a wise financial decision. It not only helps you fulfill your dream of owning a home but also makes your home-buying journey smoother and more affordable. However, it’s essential to do your research, compare different loan options, and choose the one that suits your needs and financial profile the best. At the end of the day, the goal is to make an informed choice that aligns with your financial goals and helps you achieve your dream of owning a home.

arrow
| April 21, 2023

Beat the Heat: Simple ways to keep your house cool in hot summers

Summer can be a delightful time of the year, but it can also be unbearable when the heat becomes too much to handle. When the temperature rises, it can be challenging to keep your home cool without increasing your energy bills. Fortunately, there are plenty of simple and cost-effective ways to beat the heat and keep your house cool during hot summers.

In this blog, we’ll be discussing some tried and tested methods to keep your home cool that are both cost-effective and environmentally friendly. So, whether you’re looking to save money on your energy bills or just want to do your bit for the planet, these tips will help you stay cool and comfortable all summer long.

Change your ceiling fans’ direction: Setting your ceiling fans in a counterclockwise direction can be an effective way to keep your home cool and comfortable during hot weather. Ceiling fans help to circulate the air in your room, which can help to distribute cool air more evenly and efficiently. When your ceiling fan is set to spin in a counterclockwise direction, it will push air down towards the floor, creating a breeze that can help to cool you down. Overall, setting your ceiling fan to spin in a counterclockwise direction is a simple and effective way to stay cool and comfortable during hot weather while also saving energy and money.

Indoor Plants: Indoor plants are a great way to keep your home cool and fresh while also improving the air quality. Plants absorb carbon dioxide and release oxygen, which helps to purify the air and create a more comfortable living environment. They also release moisture into the air, which can help cool your home naturally. Some indoor plants, such as bamboo, rubber plants, and spider plants, are especially effective at keeping your home cool.

Reflect and Reduce Sunlight: One way to reduce the amount of heat that enters a room is by reflecting and reducing sunlight. This can be done by closing blinds, doors, and windows to block the heat from the sun. By doing this, you can reduce the amount of heat that enters your room and make it more comfortable to be in.

Use exhaust fans: Exhaust fans can be used to vent hot air from your home, especially in kitchens and bathrooms. They can help remove hot and humid air, making your home more comfortable and cooler. Exhaust fans can be installed very easily, and they are an affordable and effective way to improve ventilation and reduce heat buildup.

Make Sure You Have Cross Ventilation: Cross-ventilation is essential for keeping your home cool. It involves opening windows and doors on opposite sides of your home to allow fresh air to circulate. This can help reduce the temperature inside your home and improve air quality. Cross ventilation is especially effective in the early morning and late evening when the temperature is cooler.

Use soft, light, and pastel-colored fabrics: Soft and light-colored fabrics absorb less heat than darker colors,  making them an excellent choice for curtains, bed sheets, and tablecloths. These fabrics can help make your home feel cooler and more comfortable. Pastel colors are especially effective at reflecting light and heat, making them an ideal choice for real estate properties located in areas with high temperatures.

Use Heat-Reducing Films: Another way to prevent heat from entering your room is by using heat-reducing films. These are special films that can be applied to your windows and work by reflecting the sun’s rays back outside. They are often made of materials such as polyester or ceramic and can reduce the amount of heat entering your room by up to 70%. Additionally, they can help to protect your furniture and carpets from fading due to the sun’s UV rays.

Switch to Less Heat-Emitting Light Bulbs: Traditional incandescent light bulbs emit a significant amount of heat, making them less than ideal for the hot summer months. Switching to LED or CFL bulbs can help reduce the amount of heat emitted by lighting fixtures in your home. These bulbs are also more energy-efficient, making them an excellent investment for real estate property owners.

In conclusion, keeping your real estate property cool during the summer months is crucial for your comfort and well-being. By following these tips, you can create a comfortable and energy-efficient living environment without breaking the bank. Whether you live in a 1- or 2-bedroom house or a larger property, these strategies can help you stay cool and comfortable while being mindful of energy consumption.

arrow
| March 30, 2023

Understanding the Basics of Stamp Duty

Buying your first home is a complicated, step-by-step process that involves numerous hidden costs. Stamp duty is one example of such an expense. It is one of the costs associated with purchasing a new home. This cost is included in any property-related financial transaction in India. So, what exactly is it, and how can it influence your home-buying decision? Let’s take a closer look at why you need to account for it when purchasing a new home.

It is important to note that stamp duty and registration fees are not included in the home loan and must be paid by you. Thus, making it one of the major reasons why you should consider it in your home-buying decision.

Stamp Duty is a tax levied on the sale or transfer of the ownership of a property. Physical possession of a property does not constitute legal ownership. To be considered legally yours, the property must be registered in your name.

Stamp duty is collected by state government to legalise your registration agreement. State governments impose a tax on the sale or ownership of all property within their jurisdiction. A ‘stamp duty paid’ label on your registration document is required for it to serve as a legal record of your property ownership.

Unless otherwise agreed, the stamp duty is usually paid by the transferee. Stamp duty is due whether the property is under construction, finished, or resold.

Under Section 3 of the Indian Stamp Act, 1899, stamp duty is a tax levied by respective state governments on all property transactions within India. The Indian Stamp Act contains detailed provisions regarding stamp duty payment, valuation for stamp duty payment, mode of payment of stamp duty, and so on. Stamp duty is a state subject under the Indian Constitution (Entry 63 of State List-II), and it varies from state to state since it’s not constant. A properly stamped document or instrument has evidentiary value and is admissible in court of law.

As previously stated, stamp duty varies by state and is also determined by the value of the property or the circle rate, whichever is higher as determined by each State Government. It varies depending on the type of property, such as commercial or residential, rural or urban areas. Furthermore, there are numerous factors that influence the stamp duty on a specific property.

Factors Influencing Maharashtra Stamp Duty and Registration Fees

In Maharashtra, stamp duty and registration fees are calculated based on location and ready reckoner rates. The following are some of the major factors influencing Maharashtra stamp duty and registration charges.

  • Type of Property: The type of property affects stamp duty and registration charges in Maharashtra. For example, a buyer may pay less stamp duty on a residential property than on a commercial property.
  • Age of the Property: The age of the property is also important when calculating stamp duty and registration fees in the state. An individual investing in an old property may pay lower stamp duty charges than a person investing in a new property.
  • Age of the Buyer: The age of a property is a crucial factor in determining the stamp duty and registration fees in Maharashtra.
  • Property Location: The location of the property can also affect the stamp duty and registration charges in Maharashtra. Stamp duty charges in Maharashtra are based on reckoner rates that vary depending on the property’s location.
  • Gender of the Buyer: State governments in India are required to charge women a discounted stamp duty fee.
  • Amenities available in the property: Stamp duty charges are also influenced by the amenities available in a property. A building with more amenities is subject to higher stamp duty fees than one with fewer amenities.

Although stamp duty is a one-time fee, failure to pay on time may result in penalties. You might have to pay the overdue amount plus a penalty of 2% interest per month on the deficit amount or the fine could be up to 200% of the original liability.

How is it distributed to the government?

Prior to digitization, stamp duty had to be paid in person at the sub-registrar’s office, following a lengthy process. While this option still exists, it can now also be paid online, offering a more convenient and efficient method while also deterring counterfeiting.

Currently, Stock Holding Corporation of India Limited (SHCIL) handles all online registrations in India, apart from Mumbai. Online payment of stamp duty in Mumbai must be paid through the Maharashtra Government’s Government Receipt Accounting System (GRAS).

There are three options for paying the stamp duty on your new home purchase.

  • e-Stamping: e-Stamping is the quickest and most convenient way to pay online.
  • Non-Judicial Stamp Papers: One of the traditional methods of payment is to go to the nearest sub-registrar office.
  • Franking: Franking is the process of imprinting your sales contract with a red mark using government-approved automated franking machines.

You must pay it before the execution of your property document, or at the very least on the next working day of execution. By execution, we mean the signing of property transfer documents by the parties involved in the transaction.

Stamp duty and the additional taxes in Maharashtra:

There is a cess/surcharge payable in urban areas within Municipal Corporation or Municipal Council limits. This is 1% of the property value and is intended to be used to fund urban transportation infrastructure projects such as metros, bridges, and flyovers.

In rural areas under Gram Panchayat jurisdiction Zilla Parishad cess replaces the surcharge. This tax is also 1% of the purchase price of the property.

An extra 0.5% surcharge is applied to properties under the administration of the Nagpur Municipal Corporation (NMC) and the Nagpur Improvement Trust (NIT). This is in addition to the 1% cess/surcharge.

Stamp duty, cess/surcharge, and registration fees paid are eligible for income tax deductions under Section 80C of the Income Tax Act. Section 80C of the Income Tax Act of 1961 permits a total deduction of Rs. 1.5 lakh.

Conclusion :

Stamp duty is a tax under Section 3 of the Indian Stamp Act, 1899 that must be paid when registering a legal document with the government. It is applicable to all legal property transactions.

Stamp duty is levied on a variety of documents, including property sale agreements and rental agreements, among others, and serves as legal proof that the purchase of a property has been completed and registered in the owner’s name. The Stamp Duty rate varies by state. It is based on the current ready reckoner rates or the current market value or consideration value of a property, whichever is greater. There is also a list of factors that influence the stamp duty on a specific property.

Stamp Duty, being a mandatory charge that comes with the legal purchase of a property, has a significant impact on the overall cost of the property. As a result, you should familiarise yourself with the current Stamp Duty rates in the state in which you are purchasing a home.

arrow
| March 18, 2023

Significance of Location in Residential Real Estate

Are you looking for a new home in the Mumbai suburbs that fits your budget? Finding affordable flats in this bustling suburb of Mumbai can be challenging, but not impossible. With the right approach and guidance, you can find low-budget flats in areas like Andheri, Jogeshwari, Borivali, and Bandra as well.

It often happens so, that when we are searching for our new home, we consider an ample of factors like size, layout, and price. However, one factor that’s often overlooked is location. Where your house is located can have a big impact on your quality of life, your future resale value, and more. 

So, what constitutes a “good” location? Here are a few important factors to consider when determining the location of a home.

Easy Commute: When it comes to finding a flat in the suburbs of Mumbai, (e.g., Andheri, Ghatkopar, Parle, Kandivali etc) you want to prioritise properties that are located near public transportation, such as metro stations or railway stations. This will make your daily commute much easier and more convenient, saving you time and money in the long run. Additionally, properties that are located near major highways can also offer easy access to other parts of the city. So, targeting flats near railway stations or metro stations, which can provide you with the benefit of easy traveling will be feasible.

Lifestyle: Your chosen neighbourhood will reflect on your lifestyle preferences. By considering your personal needs and choices, you can ensure that the location of your new home aligns with your daily routine and enhances your quality of life.

Civic Amenities: If you are planning to live at this new house, you might want convenient access to services and facilities like hospitals, restaurants, local stores, outdoor gardens etc. A residence closer to these amenities will be favorable and which is one reason why location is so crucial in real estate. Social amenities such as schools, colleges, shopping centres, entertainment hubs should also be considered when looking for a property to buy. When considering purchasing a property, take into account how close it is to these important amenities.

Safe Neighbourhood: No matter which region or area of the city you are looking in, safety and security are top concerns for any home buyer. Be prudent about choosing the location for your home area to make sure that the property is located in a safe neighbourhood. You can also check online reviews and ratings to get a sense of the area’s reputation for safety.

Social Infrastructure: The quality of the surrounding infrastructure can also affect your convenience and property value. Flats that are located in areas with good road connectivity, public transportation, and social infrastructure can make your daily commute smoother and enhance your quality of life. Additionally, check for facilities like availability of water, electricity, and waste management, as in today’s time these are crucial for a comfortable living experience.

Lot Size: When we talk about size preferences in the suburbs or nearby areas, (e.g., Malad, Goregoan, Marol, etc) 1 BHK and 2 BHK flats are popular choices. These types of flats are majorly considered in comparison to the larger properties. As they are easier to maintain, easily available in those areas and can be a great choice for single professionals, couples, or small families. However, make sure to choose a flat that fits within your budget and doesn’t compromise on quality or safety.

Resale Value: While you may not be thinking about selling your new home right away, it’s important to consider the potential for future resale value. Under-construction projects or projects in developing areas with upcoming infrastructure projects have a higher chance of appreciating in value over time. Additionally, properties that are located near major commercial or business centres can offer great potential for appreciation.

Future Developments: Along with considering the immediate factors of purchasing a residential property, you must also diligently research the locality’s future development possibilities. Plans for schools, hospitals, public transportation, and other forms of public infrastructure can significantly boost property values in an area. Commercial development can increase the desirability and value of your property in the future.

In conclusion, finding low-budget flats in Mumbai is a process that requires careful consideration of various factors. By keeping in mind, the above factors, you can find a flat that meets your needs and budget. 

The area/part of the city of your flat is located can a crucial factor that can affect your lifestyle, commute, and investment value. Aim for flats that are located near public transportation services, as this can make your daily commute easier and less time-consuming. You can also save on transportation costs and avoid traffic congestion. A well-connected neighbourhood can also add to your quality of life.

For instance, JP Infra Pvt. Ltd.’s Codename Highway Touch is a promising project near Andheri East with 1 and 2 BHK flats that offer easy access to the Western Express Highway, metro stations, and offer a wide range of amenities at an affordable price.

arrow
| February 24, 2023

Making the Most of Your Space: Creative Home Renovation Ideas

In today’s world, space is often at a premium, especially in urban areas. Whether you are dealing with a small apartment or a compact home, it can be challenging to make the most of your living space. However, with the right renovation ideas, you can turn even the smallest of spaces into a comfortable, stylish, and functional living environment. 

In this blog, we will be sharing some creative and practical home renovation ideas for maximizing your space and making the most of every square inch of your home. Whether you are looking for clever storage solutions, multifunctional furniture, or innovative design concepts, we’ve got you covered. Whether you are an experienced renovator or just starting out, these tips and tricks are sure to inspire and guide you toward creating your dream home.

  • Multi-functional Furniture :  Multi-functional furniture is an ideal choice for those looking to maximize their living space in an Indian flat. These types of furniture items serve more than one purpose and are designed to be both functional and space-saving. By choosing multi-functional furniture items, such as a sofa bed or a coffee table with storage, you can keep your living area clutter-free and create a more spacious feel in your home.
  • Clever storage solutions : Clever storage solutions are another key aspect of maximizing space in your Indian flat. Installing shelves and cabinets that extend to the ceiling can help to create more storage space. You can also use under-bed storage containers, hooks, and hangers, and stackable boxes to help keep your home organized and clutter-free. This not only adds more storage space, but also adds an attractive element to your home. With the right storage solutions in place, you can keep your home looking neat and tidy, even in a small space. 
  • Wall-mounted furniture : Wall-mounted furniture can also be a stylish and modern way to decorate your home. It can also be a practical solution in small spaces where floor space is limited. By using wall-mounted furniture, you can make the most of vertical space and create an open, airy feel in your home. Additionally, wall-mounted furniture can be easily moved or adjusted, making it a flexible option for those looking to make changes to their living space.
  • Neutral colors : Choosing neutral colors for your walls, floors, and furniture can help to create a calm and spacious feel. Neutral colors, such as white, beige, or light gray, can help to create a bright and airy environment, which can help to make smaller spaces feel cohesive and connected, rather than broken up or cluttered. Bold colors and patterns can still be used as accent pieces to add interest, but neutral colors will keep your space feeling open and airy.
  • Smart lighting : Proper lighting can play a big role in making your home feel more spacious. The right combination of natural and artificial light can help to create a warm and inviting atmosphere. . By using a mix of ambient, task, and accent lighting, you can create a well-lit environment that feels bright and airy. You can also consider installing skylights or large windows to bring in more natural light, making your home feel larger and more open.  Consider installing dimmer switches for added control, allowing you to adjust the lighting to your mood and preference. By using smart lighting, you can create a welcoming environment in your Indian flat that feels bright, airy, and spacious.
  • Vertical gardening : If you have a small balcony or terrace, you can use vertical gardening to create a beautiful and lush green space. Vertical gardening is a great way to add a pop of color and create a more natural environment in your home. This can be accomplished with a simple wall-mounted planter or a more elaborate vertical garden system. Vertical gardening can also improve the air quality in your home by purifying the air and removing harmful pollutants. It’s a simple and effective way to create a greener and healthier living environment. In addition to being aesthetically pleasing, vertical gardening is also low maintenance. Vertical gardening is a great way to bring a touch of nature into your home and create a space that is both beautiful and functional.
  • Built-in cabinetry : Built-in cabinetry is a great way to save space and add storage to your home. Whether it’s in the living room, bedroom, or kitchen, built-in cabinetry can provide extra storage without taking up valuable floor space. Built-in cabinetry is an effective way to maximize space in a small home because it is designed to fit the exact measurements and specifications of the room. Unlike standalone furniture that takes up floor space, built-in cabinetry is integrated into the walls and provides additional storage without sacrificing valuable square footage. Additionally, built-in cabinetry can be customized to suit your specific needs and style preferences,
  • Sliding doors : Sliding doors can be a great solution for small spaces, as they take up less room than traditional swinging doors. By incorporating sliding doors into your home, you can create a more open and spacious feel, while still having the option to close off rooms as needed. Sliding doors are also a great option for closets and pantries, as they allow for easy access to your belongings without having to worry about door swing. They come in a variety of materials, styles, and designs, making it easy to find the perfect match for your home’s decor. 

In conclusion, with a little effort and a lot of creativity, you can make the most of your space and turn your Indian flat into a comfortable and stylish home. By incorporating these creative home renovation ideas, you can create a home that is not only functional, but also beautiful and reflective of your personal style. Whether it is through multi-functional furniture, clever storage solutions, wall-mounted furniture, neutral colors, smart lighting, or vertical gardening, there are many ways to maximize your living space and make the most of your home.

arrow
| February 17, 2023

Making the Move: A Guide to Saving for Your First Home

Saving money to buy a house can be a daunting task, especially in today’s economy where housing prices continue to rise. However, with a little bit of planning and determination, it is possible to save enough money to buy a home of your own.

In this blog post, we will discuss several practical strategies for saving money, including budgeting, reducing expenses, and increasing your income. Whether you are just starting to save or are well on your way to your goal, this guide will provide you with the information you need to make your dream of homeownership a reality.

  • Start early: One of the most important strategies for saving money to buy a house is to start as early as possible. The earlier you begin saving, the more time your money grows through compound interest. Compound interest is the interest earned on the initial deposit, as well as on the accumulated interest of prior periods. For example, if you were to invest 1000×0 at a 5% annual interest rate, after one year, you would have earned 500 in interest, bringing the total to 10500. If you were to continue to invest that same amount at 5% interest for another year, you would earn an additional 525 in interest (5% of 10500) bringing the total to 11025. As you can see, the amount of interest earned each year increases as the account balance grows. The more time you give your money to grow, the better. By starting early, you will be able to take advantage of compound interest and potentially save a significant amount of money over time.
  • Stick to the 50-30-20 rule: One strategy for effectively saving money towards buying a house is to implement a budgeting system known as the 50-30-20 rule. This rule suggests that 50% of your after-tax income should go towards fixed expenses, such as rent or mortgage, utilities, and insurance. Another 30% should be allocated towards discretionary expenses, such as entertainment, dining out and shopping, while the remaining 20% should be directed towards savings. This budgeting method can help you prioritize your expenses and make sure you are saving enough money to reach your goal of buying a house. It may require cutting back on certain luxuries or non-essential expenses, but the sacrifices made will be worth it when you have saved enough for your new home.
  • Check your eligibility for PMAY: The Pradhan Mantri Awas Yojna (PMAY) is a government initiative that provides financial assistance to individuals looking to purchase a home in India by offering subsidies on the interest paid towards a home loan. The subsidy is provided on an upfront basis, which immediately reduces the home loan amount and monthly payments. Eligibility for the scheme is determined based on the applicant’s annual household income and the value of the home loan. The subsidy varies between 6.5% to 4% to 3% depending on the loan amount and the annual household income. However, it’s important to note that the scheme does not provide any subsidies on loan amounts exceeding the subsidized amounts, and the maximum repayment tenure for a loan under the scheme is 20 years.
  • Diversify your investments: Investing in different types of investment instruments is an important strategy for saving money to buy a house. Diversifying your investments can help you spread the risk and increase the chances of earning a higher return on your savings. Popular investment instruments include stocks, real estate, bonds, and mutual funds. However, it’s important to be aware of the risks associated with these types of investments and to carefully research and consider the potential risks before investing. Diversifying your investments is a long-term strategy and it’s important to have a well-structured investment plan and to stick to it.
  • Invest in SIP: Another effective strategy for saving money to buy a house is to invest in a systematic investment plan (SIP). A SIP is a type of investment plan that allows individuals to invest a fixed amount of money at regular intervals, typically monthly, into a mutual fund or other investment vehicle. This can be a great way to save money for a house because it allows you to invest small amounts of money over time, rather than trying to save a large lump sum all at once. One of the main benefits of SIPs is that it enables you to invest in a disciplined manner. By committing to a fixed amount of investment at regular intervals, it helps to inculcate the habit of savings in an individual. It is important to note that SIPs are a long-term investment, and the returns are not  guaranteed. Therefore, it’s important to do your research and invest in mutual funds or other investment vehicles that align with your goals and risk tolerance.
  • Avoid high-risk investments: When saving money to buy a house, it’s important to be mindful of the types of investments you make. High-risk investments, such as stock market speculation or investing in cryptocurrencies, may offer the potential for higher returns but also come with a greater risk of losing your money. While high-risk investments may seem like a good idea at the time, the truth is that many of these investments are not suitable for long-term savings goals such as buying a house. This is because these investments tend to be highly volatile, and their value can fluctuate greatly from day to day. If the value of your investment drops, you could lose a significant portion of your savings, which could set you back in your goal to buy a house. In summary, when saving money to buy a house, it’s important to avoid high-risk investments that may put your savings at risk.

In conclusion, saving money to buy a house requires a combination of smart financial planning, budgeting, and discipline. It’s important to invest in different types of investment instruments to diversify your savings and avoid high-risk investments, invest in SIP’s. It’s also important to be mindful of government schemes such as the Pradhan Mantri Awas Yojna, which can provide subsidies on home loans for eligible individuals. And lastly, creating a saving plan and sticking to it will help you stay on track and achieve your goal of buying a house. Remember that buying a house is a long-term goal and it will take time and effort, but with the right planning and discipline, you can reach your goal of homeownership.

arrow