Property in Navi Mumbai

5 Mistakes to Avoid While Investing in the Real Estate Property in Navi Mumbai

Owning a piece of property is possibly the biggest dream of an individual. Real estate investment also has the ability to offer passive income in the form of rent or lease. Nowadays there are many Real Estate Developers in Navi Mumbai offering their projects at competitive prices.

However, before investing in the real estate sector, the buyer should keep some points in mind and avoid these mistakes.

1.Lack of research:

Research is the essential criterion when considering investments. It can also be termed as the golden rule. Research can help the buyer in making an informed decision about a good investment and save them from a wrong choice. When looking to invest in Projects in Navi Mumbai, the buyer should pay attention to the following points in the checklist.

  • Location
  • Locality type
  • Proximity to other areas
  • Connectivity to basic facilities
  • Property rates including neighborhood properties
  • The ongoing rental rates if the property is not going to be used by the owner
  • Resale value of the property

2.Verify the documents:

Many buyers make the mistake of the not verifying or reading the documents of the property provided by the builder. In the haste to make the purchase, the end up ignoring the essential checks. The buyers have to check whether the Property in Navi Mumbai is RERA approved with necessary checkpoints of safety and building regulations. They should also check the legitimacy of the documents and see whether it is up-to-date.

3.Investment limit:

When looking to invest in Navi Mumbai, the buyer should be well-aware of their affordability. They should set an investment limit and check for Builders in Navi Mumbai that offer homes with amenities as well within their budget. If they buyer oversteps their investment boundary they can end up being liable for a whole lot of amount and also incur heavy losses.

4.Skipping the little details:

Most often, in a bid to complete the project, the buyer will end up the skipping the “fine print” or the clauses inserted by the seller in the sale agreement which can end up being detrimental to buyer’s interest. The buyer should also look for the hidden cost that can end up draining their financial resources. When searching for real estate developers in Navi Mumbai, it is a prudent decision to stick with builders who offer a transparent dealing, adherence to building codes and regulations and also offer competitive prices along with amenities.

5.Time the purchase:

When planning to invest in property, the decision of zeroing on a seller should happen in a no-rush process. To pull in buyers, many builders would advertise massive discounts or offers for apartments. It is best to consider the offers and pick the one that suits not only the buyer’s needs but also their budget.

Owning a property is a huge part of a common man’s life, and the decision to own property should not be taken. Remembering these few simple points can help the buyer to make an informed decision and make the best investment.

Real Estate Developers in Navi Mumbai

Tax Benefits of Investing in a Residential Property in Taloja

Owning a home is one of the most significant financial decisions of an individual’s life. The government offers tax benefits for home buyers which vary according to the type of property, nature of construction and the amount availed as a home loan.

Presently, Navi Mumbai is witnessing a rapid boom in its real estate sector, and the area of Taloja is becoming one of the preferred destinations in Navi Mumbai. Real Estate Developers in Navi Mumbai are offering many world-class projects at competitive prices.

If the buyer is using the means of a home loan to invest in the Property in Taloja, they can claim tax benefits under Section 80C, 80 EE, and 24B.

Section 80C:

Under this section, the repayment of home loan’s principal is eligible for a tax deduction in Income tax. The maximum tax benefit under this section is Rs.1, 50,000 lakhs. The section 80C allows a deduction for the following schemes of PPF account, tax-saving fixed deposits, equity-oriented mutual funds, National Savings Certificate, and Senior Citizens’ Saving Scheme. The home buyers can avail the tax benefit only when the construction has been completed and the completion certification received by the taxpayer.

If the taxpayer has availed the loan for renovation and extension of their Property in Navi Mumbai or their Property in Taloja; the interest for that add-on loan can be deducted from this Section provided the construction is complete.

Section 80EE:

This income tax rebate is available for first-time home buyers. For example, if the taxpayer is investing in the projects of Builders in Navi Mumbai, the taxpayer can avail an additional deduction of Rs 50,000 above the tax deduction of Rs 2 lakh under section 24 and the default Rs 1.5 lakh under section 80C. This deduction and rebate are available from the financial year of 2016-17. To claim this deduction and rebate, the cost of the house should not be more than Rs.50 lakhs and the maximum loan availed should be Rs.35 lakhs. The duration of this section is available till the repayment of the home loan.

Section 24:

Section 24 deals with the interest paid by the taxpayer towards the home loan. If the owner occupies the property, the maximum deduction is Rs.2 lakhs. However, the loan can be availed for the purposes of construction, reconstruction, repair, renewal, or purchase of a residential property.

If the owner has not occupied for the property nor has given it for rent, then there is no maximum limit, and the whole interest can be deducted from the gross income of the taxpayer.

Joint home loan:

If the buyer has availed a joint home loan for purchasing a Property in Navi Mumbai, then they get the benefit of claiming a deduction on interest of the home loan up to Rs 2 lakhs separately. The stipulation for claiming the benefit on the joint home loan is that the:

  • There must be a co-owner in the property
  • There must be a co-borrower for the loan

These are some of the tax benefits available for home buyers when purchasing a property in Taloja or with real estate developers in Navi Mumbai. To provide affordable housing for all, the government has given the above-detailed tax benefits to the common man. Buy your dream house today and avail of these benefits to become a proud home owner.

Real Estate Developers in Navi Mumbai

Some Known Facts About Navi Mumbai’s Current Real Estate Market

Navi Mumbai is rapidly becoming one of the fastest developing suburbs of Mumbai. The strategic location and the schemes implemented by the local government are fueling the rapid increase of Real Estate Developers in Navi Mumbai.

Here are some of the facts about Navi Mumbai’s current real estate scenario:

1.Residential and commercial status:

The City Industrial and Development Corporation of Maharastra is the primary authority that recognizes the city limit as commercial and residential subdivisions. Navi Mumbai comes in both these categories, and it makes a very attractive place for Builders in Navi Mumbai to take advantage of this rapid development. The areas of Ulwe, Kharghar, and Panvel are witnessing a rise in the housing projects.

2.Commercial advantage:

Navi Mumbai has many commercial advantages that have huge opportunities for employment and income generation in many channels. The commercial advantage of Navi Mumbai is the upcoming International airport that is to be built on a budget of Rs.16,700 crores and over 2,268 hectares of land. The Special Economic Zone with particular attention to IT and financial services is all set to create a pool of job opportunities at all levels is set to be developed on 2,140 hectares.

By way of the sea, the Mumbai Trans Harbour link is an under-construction 21.8 km, freeway grade road bridge connecting the Indian city of Mumbai with Navi Mumbai. Once completed, this bridge would be the longest sea bridge in the country.

This infrastructural development of Navi Mumbai is one of the facts that keep Navi Mumbai a preferred area for investment. This rapid commercialization has also led to a rise in many housing Projects in Navi Mumbai.

3.Social attractions:

When investing in a housing project in Navi Mumbai, the buyer will decide the location based on the amenities of the project along with the locational advantage of hospitals, parks, recreational centers like malls, theatres and many more. All these advantages are available in Navi Mumbai and the areas of Panvel, Kharghar, and Ulwe boast these amenities on a grander scale.

Capital appreciation is also very evident in Navi Mumbai. There are reports suggesting that there has been 8% appreciation of rental income in Navi Mumbai. The area of Navi Mumbai presents affordable housing when compared to the expensive apartments of Mumbai. The Navi Mumbai is also known as the Satellite city owing to its growing footprint of grade-A, and superior grade-A, office developments. It also has an established IT and BFSI-backend corridor. Geographically, Navi Mumbai is also in very close proximity to Mumbai and Pune thereby making it very advantageous for people to enjoy the benefits of both the cities.

These are some of the facts of the current real estate market in Navi Mumbai. These reasons point out to the fact that investing in Navi Mumbai is beneficial and advantageous for middle-class buyers.

Property in Navi Mumbai

7 Ways to Save Money When Buying Your Next Home in Taloja Projects

Navi Mumbai is now bustling with real estate developments in every quarter. The areas of Taloja, Kharghar, and Ulwe are bustling with world-class properties. Taloja is one such area that has been witnessing rapid growth.

If you are a buyer looking to invest in Taloja Projects, here are some ways that will help save money on your purchase.

1.Save more for downpayment:

Usually, when planning to buy a home, the buyers typically avail the home loan to finance the purchase. The buyer has to upfront the downpayment, and the balance amount can be availed as a loan. If the buyer is able to pay a downpayment of more than 10% or 20% of the purchase amount, then the loan amount availed will be less, therefore, resulting in lower Equated Monthly Instalments and lower tenure. When paying the monthly EMI’, you can also pay a little more to reduce the loan tenure.

2.Check multiple lenders:

Many Real Estate Developers in Navi Mumbai are offering their world-class projects with amenities, and reputable lenders also tie up with these builders and offer competitive interest rates to their customers. However, the buyer should also check with other lenders who can offer better interest rates and any other benefits.

3.Increase your credit score:

Increasing the credit score of the buyer raises their chance of obtaining the loan process. The credit score is essential in proving the buyer’s credibility and also asserts that they are a safe investment to the banker. Settling up your outstanding debt or your credit card bills can help you earn a good credit score when looking for a loan to buy a Property in Navi Mumbai.

4.Research the market:

When looking for a property purchase, it is prudent to research all the options available in the market. As there are many builders offering property in Taloja, the buyer can find the apartment that fits their budget.

5.Inspect the property:

Before completing the sale transaction, the buyer has to check the unit and see if there are any discrepancies. An inspection will help the buyer to find any costly repairs or any other problems. It will also give the buyer the advantage of negotiating the price with the builders.

6.Get a second opinion:

When buying a house, the decision should not be taken in haste. Buying a home is a very emotional decision for the individual, so obtaining a third-person view can help the buyer to know the pros and cons of their decision.

7.Have an emergency fund:

When being a first home buyer, you may run into many kinds of expenses that can rattle your monthly budget. Having an emergency fund can prepare you for any surprises that may come up after the purchase of the residential unit.

Builders in Navi Mumbai have many properties across Taloja for sale, and it is also cheaper than properties in Mumbai. When buying your home, be a smart- buyer and take prudent steps to save money and avoid situations that make you uncomfortable. Happy investing!

Real Estate Developers in Navi Mumbai

5 Mistakes to Avoid While Investing in the Real Estate Property in Taloja

Buying a property is a very big decision and should not be taken in haste. Most home buyers use their life savings for purchasing their dream home and a wrong choice can cost the buyer dearly. Engaging the services of a good real estate agent or doing enough research is not only enough, steering clear of these mistakes will help the buyer to make the right decision.

Currently, the real estate market of Navi Mumbai has many potential projects especially Taloja properties, are garnering the attention of home buyers. However, before embarking on a purchase of a residential property.

Let us take a look at the most five common mistakes of a home buyer:

1.Don’t overstep boundaries:

Often buyers go over and above the price they can actually afford. They are often entranced by the properties costing a lakh or two over their budget and fail to factor the reason that other costs also rise when the base cost of the property increases. In these cases, even a pre-approved loan is also of no use. The buyer who is willing to invest in a Property in Taloja should check their CIBIL score and other ongoing loans before deciding the property’s budget. There are many online loan calculators that give a general overview of how much loan amount a person can avail.

2.Miscalculations:

Most buyers looking for Projects in Navi Mumbai derive their calculations only on the quoted price of the flat. They do not calculate the overhead costs such as the registration cost, documentation cost, and other charges. Banks provide only 80 to 90% of the loan amount of the actual home price and do not cover the overhead expenses. Buyers have to bear the initial down payment and the other costs from their own personal finances.

3.Area:

Many property advertisements promote that they are offering 1000sq.ft flat at cheap rates when the actual area of the apartment would be less than the advertised area. The promoted area would include the staircase, the pathway or others. So, it is important to find out how much the usable area or the carpet area is. Loading is the term for the difference between super built-up area and carpet area. Home buyers investing with the builders in Navi Mumbai should have clarity regarding the space factor and for what they are actually paying.

4.Disputed projects:

Many Real Estate Developers in Navi Mumbai start their projects on land that may be tied up in potential disputes. It is important for the home buyer to know whether they hold a clear title to the land where the project is upcoming. Hiring a lawyer to check the validity of titles is essential. When the buyer is willing to invest a huge amount of money in property, spending a few thousand on lawyers should not be a problem. Ignoring this factor can turn out to be a huge mistake in future in case of disputes.

These mistakes can be avoided by a buyer by conducting a proper research and investing in a property that is fielded by a renowned real estate developer in Navi Mumbai who also has many other successful projects to their credit.

Real Estate Developers in Navi Mumbai

A Guide for NRIs Investing in Indian Real Estate

Non-resident Indians are increasingly getting interested in the real estate market of the country. Property prices have been on the rise the past few years and for an Indian who is living overseas, these escalated prices do make much of a difference.

Introducing Real Estate Regulation Act (RERA) was the game changer in the realty market along with GST which unified taxes. RERA was specifically introduced to regulate the discrepancies in the real estate market. It stress accountability in financial disclosure, timely possession of projects and maintaining a good standard of practices. The government also has many incentives for the NRI’s like tax benefits and in Foreign Direct Investment (FDI).

More specifically, the current real estate market of Navi Mumbai is very promising to NRI’s due to it locational and infrastructural advantages. There are many lucrative options available for the NRI investors like the Projects in Kharghar or Flats in Ulwe.

The Confederation of Real Estate Developers Association of India (CREDAI) also holds many events that showcase the projects of Real Estate Developers in Navi Mumbai to facilitate the growth of the sector. They offer less down payment and easy investment options in both the commercial and residential market.

Below is a short guide for the NRIs investing in the Indian real estate market.

Permissions:

According to the Foreign Exchange Management Act, any Indian citizen residing outside the country can own any property in India apart from agricultural/plantation property or a farm house. On the same note, Reserve Bank of India also permits real estate investments by NRI’s through Foreign Direct Investment route. There is no limit on the number of properties commercial or residential that an NRI can buy.

Buyer checklist:

NRI’s should avoid investing projects from unknown developers. They should do research before zeroing in on the builder. For instance, if they are looking to invest in a property in Taloja, they should check the following points:

  • What are the builders available in the area?
  • Are they registered with RERA and other institutions like CREDAI or the BAI?
  • Do they have the necessary approvals for the Taloja Projects?
  • Do they deliver the project on time?
  • What is their market value?
  • Do they offer the amenities promised in the brochure?
  • What are the locational advantages of the area?
  • Is there a potential for an increase in the property’s value or rise in rental income?
  • Do the builders use quality products for construction? and many more questions to determine whether the builder is trustworthy.

Financial obligation:

Non-resident Indians can either make a full payment or can borrow from banks to finance their purchase. Most banks offer up to 80% of the purchase price of the property. The NRI’s can finance the purchase through their NRE, NRO, FCNR accounts. NRIs can also avail loans for home renovations and restorations.

In case if the property is under construction, the NRI’s have to give power of attorney to the builders or a trusted person who can take decisions on behalf of the NRI.

Real estate investments are a big step even for Non-Resident Indians and the government has taken steps to ensure to make that process transparent and easier. However, it is best to do proper research and know the options before purchasing a Property in Taloja or anywhere in Navi Mumbai.