Investing in a property is a good idea as it gives way for wealth creation, passive income, and many other benefits. Recently, the government has also passed the Real Estate Regulation Act (RERA) to protect the interest of the buyers.
Currently, the real estate market of Navi Mumbai is very popular as it is a thoroughly planned initiative of the City and Industrial Development Corporation of Maharashtra and is quite close to the bustling city of Mumbai.
Want to know whether real estate investment is good or not? Check out these reasons:
Investing in a Property in Navi Mumbai or any other locality in the country can assist in generating passive income till you hold the ownership of the property. Given the rapid development of the Navi Mumbai suburbs with excellent facilities for transport, necessities, and entertainment, which will raise the value of the property and also increase the rental rate of the apartment.
Many Real Estate Developers in Navi Mumbai are choosing to field their world-class projects in this planned city as it has the potential to gain capital appreciation the coming years due to notable infrastructural facilities such as the Navi Mumbai international airport and the Mumbai Trans Harbor Link.
Buying a property from Builders in Navi Mumbai also results in getting tax benefits under Section 80C, 24B and 80EE of the Income Tax Act, 1961. These sections help the home buyer to claim tax deductions on the principal amount of home, the interest paid towards the loan or for costs incurred during a home renovation. If you are first time home buyer, you can also take advantage of the Pradhan Mantri Awas Yojana scheme and receive the subsidy amount from the government.
The government of India has introduced the Real Estate Regulation Act (RERA) to protect the interest of property buyers. The law stipulates the builders need to be registered under the RERA act and need to display their registered number on their company website. The legislation aims to protect the buyer’s interest and against fraudulent builders.
Investing in real estate is very beneficial as it not only provides income but is also a means for wealth creation. It is a tangible asset that holds value, and it never loses value even when the market is in a swing. Moreover, currently, the real estate market of Navi Mumbai is very affordable for everyone. Given the market infrastructural and locational advantages of Navi Mumbai, it is the right time to purchase a property in Navi Mumbai.