Real Estate Developers in Navi Mumbai

Create a List of The Lowest Priced Properties in Your Local Market

With Real Estate Developers in Navi Mumbai offering a great many properties in and around the locality, there has been a noticeable rise in the property prices and trends. Whether it is for the general projects in Navi Mumbai or property in Taloja, there has been a significant development as Navi Mumbai is fast becoming a great alternative to the over-crowded city of Mumbai.

Here are some of the property trend that is important when choosing a property in Navi Mumbai:

Kharghar:

This fantastic location offers many projects from Builders in Navi Mumbai as it is well-connected by local trains, NMMT buses, and Sion-Panvel highway. When compared to the other localities of Navi Mumbai, projects in Kharghar comes with budget options and is the third most developed node. Excellent infrastructure combined with all the amenities has placed Kharghar properties at the top of the list. The property prices range from Rs.4000-Rs.7000 per sq.ft.

Taloja:

Taloja has one of the most affordable properties in the market. It is primarily divided into two phases and is recommended by property experts as a good and low-cost investment. Taloja Projects have the advantage of being a strategic location given it is the connecting point for local trains. It has many industries generating employment opportunities — the property prices in Taloja range from Rs.3000-Rs.6000 per sq.Ft.

Ulwe:

Just like many other localities of Navi Mumbai, Ulwe is a rapidly developing area. Roads well connect it, and the New Uran Road connects it to the Belapur CBD (Central Business District). Given the infrastructural planning and the Special Economic Zone by Reliance coming up near the projects in Ulwe, it has become a hot destination for buyers looking to invest low and reap high benefits in the future. The property prices in Ulwe range between Rs.5000-Rs.10, 000.

Panvel:

After Kharghar, Taloja, and others, the next in line is Panvel. It is considered to be the fastest growing locality after Kharghar. The ongoing Navi Mumbai International airport is also near Panvel and is the important center point for many highways that pass through it like the Mumbai-Pune Expressway, Sion-Panvel Expressway, NH 4B and NH 66. If the buyer is looking for access to Mumbai, then Panvel will be the right choice as it is located so close to the dream city. The property prices in Panvel range around Rs.4000- Rs.9000. Whether it is an individual property or Flats in Kharghar, investing in Navi Mumbai has its benefits. It is well connected to Mumbai and Pune. The city’s ease of living index and cleanliness has been attracting buyers ever since property prices in Mumbai reached sky high. Coupled with the implementation of the Real Estate Regulation Act (RERA) that strives to protect the buyer’s interest and safeguard them from fraudulent practices, it is the right time to invest in Navi Mumbai also referred as Second Mumbai by the local inhabitants. Investing in homes at Panvel or flats in Ulwe, Navi Mumbai is the correct choice for buyers who are looking homes under a budget.
Real Estate Developers in Navi Mumbai

Home Remodelling and Valuation

When planning to sell your property in Navi Mumbai, it is essential to get some of the renovations done. Chances are your home is the most expensive thing that you ever bought. Real Estate Developers in Navi Mumbai advice to potential sellers is that home remodeling can increase the value of the property. When planning a home renovation for projects in Ulwe or other localities of Navi Mumbai, it is necessary that you don’t overdo the place. Making smart choices can guarantee handsome returns on the property.

Here are some ways through which you can increase the home’s value through remodeling:

Kitchen Remodeling:

For most of us, the kitchen is the heart of a home. According to experts, people looking at the property pay special emphasis on how the kitchen is maintained and you can regain about 60%-120% of your investment by renovating the kitchen. Never should the kitchen be fancier than the other areas of the home. The size, fit and the quality of the kitchen should be in tune with your home in Taloja projects as buyers would never pay for the fancy and deluxe kitchen.

Repaint the walls:

Many realtors are of the impression that to impress potential buyers, repainting is necessary. A Flat in Kharghar or any other areas of Navi Mumbai must be listed in the market only after repainting. A fresh coat of paint can add more value to the property. Experts recommend the neutral tones of gray, beige or pastel colors of pink, lilac, lavender that will give a calming and charming interior.

Landscaping:

If you an individual property in Taloja, it is a wise decision to invest in landscaping. The first impression is the best impression and when buyers arrive at the property if the garden in unkempt it can ruin the impact. Beautiful landscaping will help in setting the right tone along with increase the aesthetics of the home. There is no need to invest in landscaping heavily, simple placement of beautiful potted plants in a grass bed and a bench or a table with chairs placed under a canopy will be a beautiful sight.

Windows:

Replace the old windows in your flats in Ulwe to freshen the look of your home. Buyers looking for projects in Navi Mumbai are likely to purchase a home that comes free of drafts and other problems. However, replacing windows is not required unless you notice the signs of decay, rust and condensation problems.

Reinvent the look of a room:

Sometimes, there will be a room that has been least used in or a space that is not much of use. Builders in Navi Mumbai recommend converting the space into a separate area like an entertainment room and a quiet place for reading. But, sometimes the expense of converting a room can be huge and the returns low. So, it is prudent to remain within the budget when reselling the property. Whether you are selling your individual home or flats from the projects in Kharghar or any other area in Navi Mumbai, it is prudent to renovate the space within the limit to fetch a good price for your property.
Builders in Navi Mumbai

Tips For Staging Your Property in Navi Mumbai

If you are planning to sell your Property in Navi Mumbai, there is only one proper way to do it; by staging your property. These tips would help you sell your home in projects in Kharghar or any other localities in Navi Mumbai faster and for a higher price.

Don’t compare:

Overconfidence is a no-no when it comes to selling your Flats in Kharghar or any other area. Never compare your friends or neighbor’s home sale experience with your experience. When it comes to the market, the dynamics are very much local, and you should be well informed of the current market situation.

Pricing:

It is prudent to price your property in Taloja competitively, to get more buyer responses. Pricing your property incorrectly can lead to a severe loss. Real Estate Developers in Navi Mumbai are of the view that the real estate segment is on the rise, but the seller should mind the purchasing power of the buyer. Before pricing the property, have a look at the unsold properties and price your home in the Taloja projects. To facilitate the sale effortlessly, it is best to keep the paperwork handy with all the required approvals, permissions, and receipts.

Clean your home:

One of the primary requirements for getting your home ready for sale is the cleaning of your property located in projects of Ulwe. Every room should be sparkling clean along gleaming windows, clean counters and spruced grout. Even it may look simple; it is quite a difficult task to do it all by yourself. Builders in Navi Mumbai recommend the use of professionals to achieve the sleek look.

Declutter space:

Before putting up your flats in Kharghar for sale, it is best to declutter the space. When space is clear, the buyer will be able to determine if the house is correct for their needs. Remove all the furniture and other stuff from the kitchens, attic as clean and clear surfaces, floors, cupboards, and wardrobes account for more space than filling it with things. In case you are living there until you can arrange another place, keep your items neatly organized. Stow away the toys and other knick-knacks to get a sleek look.

Advertise smartly:

While taking steps to sell your flats in Ulwe, it is best to spread word of mouth through friends, relatives or even colleagues at work. The seller can also use their social media accounts to advertise their home. There are many online portals nowadays, that lets the user post free ads to sell or rent their property.

However, there are some guidelines when posting your property ad:

  • Upload many pictures of your home in the site.
  • Never furnish wrong information about the property. Nowadays with a click, the buyer will know the exact details.
  • Highlight the features like power back-up, security, guest rooms, club, spa, convenience store and other amenities available for the property.
  • Availing premium services is a good idea when staging the home for sale. These services will put your ad in the top and will be easily found by the buyers looking for projects in Navi Mumbai.
These tips will help you stage your home successfully in the market and bag the right price for your property.  
Property in Navi Mumbai

How to Prepare for a Home Inspection When Selling Your House?

Before putting up a home for sale, it is important to make it market ready. Potential buyers like a tour of the property before deciding to buy the property. So, impressing the buyers is of paramount importance to market your property. Clearing home inspection will guarantee the deal. A home inspection is a blueprint that shows the buyer what will be the future expenses when buy Property in Navi Mumbai. It also gives the seller an opportunity to correct any deficiencies in the house.

Here are some ways to prepare for a home inspection:

Clean your home:

Keeping the home clean is the most vital part when preparing for home inspection. Cleaning every nook and corner, clearing the cobwebs and maintaining the space tidy and organized is vital. Keeping sink and bathrooms free of clogs and grime and cleaning other areas are the other items of the list. Clean homes create a good impression on potential buyers.

Utilities connected:

When planning for a home inspection, it is best to leave all the utilities connected like water, electricity and others even if the house is vacant. The home inspector cannot check the status of these utilities, in case it is not connected and will lead to the extra scheduling of home inspection. It will be a huge waste of time for both parties.

Clear the space:

When preparing for inspection, remove book cases, furniture or boxes for ease of access. Having at least three or four feet of moving area will help the inspector to inspect the working condition of the heater, air conditioner and other electrical fixtures. If the home inspectors are unable to check them, they might infer a specialist, and it might lead to bigger problems.

Clear the exterior:

A home inspection is not only confined to the inner space of the home, but also to the outer areas like gardens, backyards and garage. Clean and trim your plants, grass and clear out the weed. Make your lawn look presentable as it also enhances the look of your house. Keeping your garage neat and organized will present a good impression on the buyer and the home inspector.

Check lighting:

Before scheduling a home inspection, it is prudent to check your light fixtures. If it is not in a working condition replace it immediately. Make sure all the bulbs are working quite well without any problems. Faulty bulbs might lead the inspector to reach a wrong conclusion, that the wiring is faulty.

Hire a professional cleaner:

Avail the service of professional cleaners before scheduling the home inspections. Deep cleaning the kitchens and the bathrooms can make your home look very immaculate. Deep cleaning also gets rid of the grime and clogs in the kitchen and bathroom drains. Also check for any bugs, termites or ants under the flooring and in the corner of the rooms.

Attic access:

Home inspectors undertake a full inspection of your house including every nook and corner. Clear a path to the attic and keep it clutter free and dust free. If your attic has cobwebs and insects, it will reflect negatively in the report. Maintaining each and every part of the attic clean is necessary. When planning for a home inspection, it is necessary to follow these simple tips. Additionally, you also need to:
  • Provide the home inspector and the buyer complete access to your home.
  • Have all the documents including the renovation, upgrade of new fixtures and furniture, repair receipts and any other costs associated with the upkeep of the house.
  • Repair the faulty items and make sure they are in working order.
Preparing for a home inspection is a very easy process when you have an eye for details and follow the steps listed above. At any point in time, it is common for the home inspectors to notice a few minor drawbacks. If there are any major ones, it would be quite noticeable and you can the appropriate action required for it and then get your home inspected.

Author:

Siddhivinayak Homes is dedicatedly working for more than 10 years & today, we are one of the premier property development firms in Navi Mumbai real estate sector. Buy home Projects in Navi Mumbai.
Real Estate Developers in Navi Mumbai

The Nuts and Bolts of Real Estate Investing

Whenever a person thinks of what to do with their life savings or is looking for investment avenues, the first option is the real estate investment. Owning a piece of land has been a practice since the yesteryears. However, like every investment, there are a few characteristics or the nuts and bolts of real estate investment that an investor needs to know.

First comes the type of investments:

1.Land:

This type of investments comes with no buildings or any other assortments. The property is in a raw and natural state. Nevertheless, this type of investment comes with some setbacks like even though it can generate a profit, it cannot guarantee a passive income. The investor has to be continually monitoring the land so that there are no illegal possessions and also be updated with their documents.

2.Residential real estate:

In the residential real estate, the properties are mainly apartments and houses that are rented out to families or individuals to occupy. This type of investing can be quite lucrative if managed diligently. Many investors prefer this option as it can generate passive income for the years to come.

3.Commercial real estate:

As the name suggests, commercial real estate indicates the investments made in properties like offices, malls, and others. For generating wealth, this type of investment suits the best. Benefits of this investment include steady cash flow, an increase in rental and capital appreciation over the years when compared to residential investments.

4.REIT investments:

Real Estate Investment Trusts are companies that manage properties. REIT’s are one of the best sources of passive income. By investing their money in trust, the investors will receive a return on their share of investment and at the same time can pursue their occupations. REIT investment is suitable for beginners as it comes with many options.Once, the investor is clear on the type of property they want to hold, then the strategies of real investment are next. Many kinds of real estate investment strategies are available. Investors can start with low-risk investments like renting or leasing. Slowly, they can move forward to the next level of investments.

5.Buy and hold:

Buy and hold strategy is where the investors buy a property for low prices and sell it when there is a considerable capital appreciation of the property. An investor can hold on to the property as long as they wish and this strategy is one of the safest ones when embarking on real estate investments.

6.Rental Strategies:

If the investor is looking for a steady passive income, then the rental strategies are the best. Given the scenario of today, the investor can either go for the traditional type of renting the place for 11 months contract or can use the modern channels of Airbnb, Oyo, and others to earn income. The difference between these two is that the former will have a longer duration of rental whereas the second option will be in days or a month maximum.

7.Others:

Some of the other strategies are fixing and flipping and wholesaling. Experienced investors use these, and it has many kinds of nuances. Going through this methods will require a substantial amount of funds, resources and comes with risks. But still, the rewards will be worth the effort. For beginners in real estate investments, the above ways of renting and buy and hold are suitable.

Tips to succeed in real estate investment:

  • Investors should keep themselves updated with the real estate industry by attending events and courses held by the experts in the field. Be well versed in the basics will help to avoid any big mistakes and in case of a fault, it becomes a lesson in real estate investment.
  • Networking is an important aspect when it comes to real estate. Having good contacts in the filed can save time and effort. It might even help when scouring for financial resources to fund the investment.
  • Negotiation is the basic survival skill of a real estate investor. Nevertheless, to negotiate successfully, the investor has to know exactly what they want.
  • A support system of experts who can counsel and provide advice on real estate investments is beneficial. They should be the people who know the field well.
  • The investors should know the location as it is what that matters. Investing in an upcoming area will be profitable, rather than investing in land or property that is not worthy. Researching well before investing, without blindly believing the words of the agent is the correct way to invest in real estate.
So here is the nuts and bolts of the real estate investment Property in Navi Mumbai. An investor should take all necessary precautions before investing in property as it involves a huge sum of money. Knowing these fundamentals can aid in making a sound financial decision when it comes to real estate investing.
Real Estate Developers in Navi Mumbai

Advantages of Properties in Navi Mumbai

Navi Mumbai is one of the happening places in the town. Navi Mumbai’s location, infrastructure, and amenities make it attractive for investors investing in the area. Not only that, there are numerous Real Estate Developers in Navi Mumbai are offering properties for every budget along with world-class comforts.

Here is the list of advantages of purchasing a property in Navi Mumbai:

1.Navi Mumbai is a planned city and is an alternative to the over-crowded city of Mumbai.

2.The City and Industrial Development Corp of Maharashtra (CIDCO) has undertaken the planning of Navi Mumbai with a view of fulfilling the infrastructure needs of a modern metropolitan area.

3.The industries of chemical, pharmaceutical, engineering, textile processing, electronics, oil and oil processing, paper, plastic, steel and food industries are rampant in the area of Taloja and its surroundings.

4.The Thane-Belapur industrial belt of Navi Mumbai has Special Economic Zones (SEZ) and IT units that encourage the participation of native and foreign companies in the local economy.

5.The Navi Mumbai international airport is also a great alternative to the Mumbai International airport. The airport is equipped to handle more than a million passengers a year.

6.Navi Mumbai has the potential for higher rental yields due to the increasing employment opportunities in and around the areas of Navi Mumbai.

7.There are Builders in Navi Mumbai that offer many types of properties for sale in various price ranges for every budget.

8.Many IT companies are opting for office spaces in Navi Mumbai as it is quite cheaper when compared to the rent of the retail space in Mumbai.

9.The improved connectivity between the suburbs of Navi Mumbai is also a significant advantage and has contributed very much to the growth of the city.

10.Navi Mumbai ranks 3rd in terms of cleanliness and hygiene in a poll conducted by Union Ministry of Urban Development and Quality Council of India which is the part of Swatch Bharat Abhiyan amongst the 436 cities of India.

11.The areas of Kharghar, Ulwe, Taloja and Vashi are witnessing a massive investment in terms of residential properties.

12.The City Industrial Development Corporation of Mumbai (CIDCO) has also allotted more than 800 acres of land for Navi Mumbai’s development.

13.Navi Mumbai’s also has fast and responsive government agencies that have undertaken many infrastructural projects to make the area more inviting to residential and commercial investors.

14.Navi Mumbai is well connected to Mumbai, Pune and other areas of Maharashtra thereby making it a central point.

It is an undisputed fact that Navi Mumbai is headed for a massive development in the coming years.

Property in Navi Mumbai

Upcoming Smart Cities-Best Places to Invest In Property in Navi Mumbai

Navi Mumbai is a forthcoming bustling and planned extension of the great metropolis of Mumbai. City and Industrial Development Corporation (CIDCO) has allotted more than 800 hectares of the land for this planned city. Navi Mumbai has many advantages like the Navi Mumbai International airport, the Trans-Harbor link which is incidentally the longest sea bridge in India and many other factors that make an investment in Navi Mumbai’s upcoming smart cities is a brilliant decision.

Kharghar:

Kharghar is most popular area when it comes to property investments. It is well connected by railways and road transport. Many affluent Real Estate Developers in Navi Mumbai are fielding many luxury properties that are affordable for all. It has many amenities like malls, parks, hospitals, schools & Colleges.

Taloja:

Taloja is the next best node of Navi Mumbai and is adjacent to Kharghar. Taloja is right on the National Highway 4 which provides direct access to the Sion – Panvel Highway, Panvel, and Dombivli-Kalyan. Adjacent to Sectors 34-35 of Kharghar. The area is well surrounded by parks, schools, hospitals and other amenities that are important for a society. Investing in a Property in Taloja has the potential to earn more revenue in the coming future.

Ulwe:

Ulwe is the next developing area of Navi Mumbai. The highlight of Ulwe is the Special Economic Zone announced by Reliance Industries. Ulwe is fast becoming one of the preferred destinations to purchase a Property in Navi Mumbai as it has many tops of the line infrastructure projects lined up along with many other developments. Also, the extension of the Navi Mumbai Suburban Train Network connecting Nerul – Seawoods – Uran & Navi Mumbai International Airport is a major factor that is pulling population towards Ulwe.

Panvel:

Panvel is one of the most populated and popular smart city of Navi Mumbai. Panvel has easy access like the Mumbai-Pune Expressway, Sion-Panvel Expressway, NH 4B and NH 66 and the NH 4 passes through Panvel. One of the other highlights of Panvel is that it is home to many major industries and is adjacent to the upcoming Navi Mumbai International airport.

Airoli:

Airoli has the dual advantage of having Builders in Navi Mumbai who develop both residential and commercial buildings. It has the locational advantage of being closer to Mulund and Thane. The Airoli Bridge is the second bridge connecting Mumbai to Navi Mumbai after the Vashi Bridge. The bridge is also the connection to the Thane – Belapur road and meets the intersection of Eastern Express Highway and Goregaon – Mulund link road in Mumbai. Navi Mumbai has many areas that are developing and will develop more in the future. Investing in these smart cities will guarantee capital appreciation of property and rental income in the future.
Real Estate Developers in Navi Mumbai

Is Real Estate a Good Investment?

Real estate has been one of the most traditional forms of investments. Holding the title of a property in their name has been and still is a dream of many. However, the recent economic changes brought over the government like the demonetization move and the introduction of Goods and Services Tax (GST) has instilled a question in the heart of the investors whether real estate is a good investment?

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:

1.Passive income:

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.

2.Capital appreciation:

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.

3.Tax incentives:

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.

4.Protection:

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.

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.