A good location is undeniable in the world of real estate. It is probably the most significant aspect that affects the value of your property. Although location is always important, there are many other factors that might influence whether an investment is good for you.
People are now becoming more interested in investing in hillside homes as a result of soaring real estate prices in metros, rising pollution and an increase in disposable income. If you think that villas with sprawling lawns and world-class amenities are just a dream, then probably you weren’t aware of the Goodbrick Realty villa in Khandala for sale.
Khandala has seen a rise in real estate investment in recent years, and more is expected. Here are a few crucial factors that lets you know why investment in property in Khandala is the best choice for you:
In terms of real estate investment, proximity to general services, green space, picturesque landscapes, and the neighborhood are important considerations. The proximity of the property to markets, railway stations, bus terminals and freeways is crucial for profitability.
Villa in Khandala for sale is a good choice for investors because of a number of essential reasons, including its location. The Mumbai-Pune Expressway, which connects the state’s financial center to its cultural hub, runs directly through Khandala. Khandala is developing as this belt’s economic and infrastructural development continues. As a result, Khandala’s basic facilities are gradually improving.
Get a sense of how the local economy is performing in the various real estate markets you are considering. The real estate market is thriving if the local economy is booming. To get the most out of your real estate investment, consider the area’s potential for long-term growth.
Khandala’s location is another factor that makes it attractive in addition to the ongoing development. Khandala’s emergence as a globally popular tourism destination is a priority for the state government as well. As a result, Khandala’s services have been improved.
No one can deny that people like to live in safe neighborhoods. As a result, you wouldn’t want to buy in a location where you and your family feel unsafe. Before deciding on the ideal location for an investment property, it is usually a good idea to do some research on the area.
Khandala is considered as a very safe location with all necessary safety services. There is a dedicated police station for Khandala/ Lonavala area that takes care of the general safety of the people.
The value of a villa in Khandala for sale will likely continue to rise due to Khandala’s location, ongoing development, and the booming real estate market in this area. Naturally, Khandala is the best location for real estate investment.
With so many reputed schools, colleges, hospitals and shopping chains in the vicinity, Khandala offers every chance for your property to become profitable.
Khandala is a lush green area with spectacular landscapes of mountains and valleys. It offers a wide range of outdoor activities as well as being a popular retreat location. With the growth of basic services, residential buildings, connectivity, and infrastructure, Khandala has emerged as one of the top destinations for both quick getaways and investments.
Palazio is nestled on half-acre land in the scenic Khandala hills. A remarkable 6 BHK luxury villa in Khandala, it is created with ample space and flawless architecture. Surrounded by beautiful scenery with lots of greenery, rich biodiversity, and numerous amenities!
A wonderful living amidst the hills is offered by Goodbrick Realty in the form of Palazio. A luxurious villa that offers modern living and spaces that enhance life while being located in an unparalleled eco-friendly environment. More than 70% of the space at Palazio is dedicated to landscaping and amenities like private pool, 10,000 sq ft party lawn, barbeque corner, pool with jacuzzi, outdoor seating and what not!
With all basic facilities, good connectivity and pleasant weather, undoubtedly Khandala is the best location for real estate investment.
Real estate helps you in diversifying your investment portfolio. Real estate generally has a low correlation with other significant asset classes, meaning that while equities are declining, real estate is frequently rising. Investment in real estate may also offer consistent cash flow, significant appreciation, tax benefits, and competitive risk-adjusted returns.
Of course, before making a real estate investment, you should take into account a number of factors, such as those stated above. Choosing Khandala for investing in property is definitely a wise investment with so benefits attached to this location. So, plan to make investments in real estate in Khandala ans see your capital increase manifolds.
The lowest risk and highest return that real estate offers make it one of the most preferred investment options globally. Many investors strive to invest in real estate in order to hedge against inflation and at times to expand their property portfolio as a diversifier.
The luxury 3 BHK for sale in Nashik at Serene Meadows by Goodbrick Realty is the right choice if you are looking for property investment. A trusted name in the real estate industry, Goodbrick Realty offers nothing but the best in the context of location, construction, floor plans and amenities.
But, why is real estate such a desirable and secure investment? Here are a few of the main reasons:
Reason #1: Real Estate Is Least Risky
When it comes to stocks and derivatives, there is a great deal of uncertainty. The real estate market has a low correlation with other key asset classes and is less volatile than other investment markets. Real estate becomes the “star” of investors’ asset portfolios as a result of the greater returns per unit of risk that results from this.
Reason #2: Real Estate Is Tangible
Your stocks and mutual funds are not something you can hold in your hands. A basic stock certificate is incomparable to the reality of a 3 BHK flat for sale in Nashik that you can actually own. Your home will serve as actual proof of your investment, and as we know tangible value always outweighs the intangible value.
Reason #3: Real Estate Offers Security
The freedom a homeowner has to rent out their house is one of the major benefits of buying a home. Rental properties give owners a regular income and a feeling of security. Your safety blanket continues to become better and more comfortable as your home’s capital worth rises. Your property cannot be easily degraded by market forces.
Reason #4: Value Of Real Estate Increases Over Time
The more time you retain your property, the more money you’ll make as the value grows. There are many benefits to investing in newly launched residential projects. The real estate market is one of the first to react when there is rapid economic and infrastructure growth, and it always bounces back quickly following recessions in the economy. Real estate investments almost always provide higher returns.
Reason #5: Real Estate Offers Tax Benefits
As a homeowner, you are entitled to tax deductions for a variety of expenses, including property taxes, operational costs, and income flow from rental properties. The tax benefits that real estate property provides to investors are not available with other assets.
Reason #6: Real Estate Acts As A Hedge Against Inflation
Inflation may be avoided with the help of real estate while still generating income for the owner. There is no reason to worry if you are an owner of 3 BHK flats in Nashik Gangapur Road. Rental rates also tend to grow when inflation rises. Real estate prices will rise and result in higher rental income in the future with properly managed properties.
Reason #7: Real Estate Is Hassle-Free
Anyone can buy a property. The real estate industry is simple to understand and is mostly driven by customers rather than the market. You do not need to monitor the SENSEX statistics or pay close attention to the bulls or bears if you invest in any type of property. Real estate is simple, hassle-free, and provides guaranteed profits.
Goodbrick Realty presents Vistara at Serene Meadows, the spacious and elite 3 BHK flats in Nashik Gangapur Road. Located in the heart of the city, you have close proximity to everything from schools and colleges to medical care and supermarkets.
The luxury 3 BHK flats in Gangapur Road Nashik will be a privilege for just 14 families with only 2 flats on each floor. Thoughtfully designed and laden with rooftop amenities, this majestic apartment surely gives a feel of urban energy with convenience.
Real estate is and will always be the most secure and profitable long-term investment choice available. But a wise home buyer pays attention to the property’s location, size, price, and amenities, etc.
Vistara at Gangapur Road in Nashik has established itself as a top choice for many potential homebuyers who want to make the best investment possible, just like you. Choose the spacious, top-notch 3 BHK flats in Nashik Gangapur Road to make a smart, secure, and successful investment right away. Happy home buying!
In spite of ups and downs, price moves, and other events, housing in India remains a desirable investment option. An owned property has a solid emotional value because it is the foundation of the owner and their family’s entire financial stability.
It always maintains its worth whether they live there or rent it out. This is the reason for the popularity of second homes in India. In this blog, we’ll walk you through some important factors to think about while choosing an investment property.
Make sure to determine your investment purpose before buying a property. Whether you want to purchase a home for yourself to stay in or whether you want to rent it out. People who are planning to invest in a property to make rental income would opt for homes that have easy access to essential services.
Long-term investors choose properties that provide capital appreciation and so hunt for properties in developing locations. Palazio by Goodbrick Realty is a luxury villa in Khandala that offers the benefits of both developing location and best-in-class amenities.
Investors must decide what kind of property to buy, whether to invest in a project that is still under construction or one that has already been completed, or whether to buy resale or brand-new homes. If you select a finished project, you won’t have to deal with the problems of project delays and may move in right away.
When compared to projects that are ready to move into, properties in under-construction projects can be acquired at a reduced price, and there are several tax benefits for home loans. Goodbrick presents Palazio, a villa for sale in Khandala that is under construction. You can have the benefit of reduced price and other tax write-offs by choosing to buy this property.
The location of a property is important when making an investment. Before choosing a location, make sure it is accessible to markets, schools, railway stations, medical facilities, etc. Properties in places with good infrastructure provide a solid return on investment and also pay out high rents.
For individuals seeking long-term investments, investing in growing areas with development potential might be a wise decision. Palazio, a luxury villa in Khandala by Goodbrick Realty is located conveniently with easy access to Mumbai-Pune Expressway, hospitals, schools, colleges and other prime locations.
Make sure you choose the best property developer before making an investment in real estate. You should research their previous projects to see whether the company completes the project within the specified timeframe, whether the project is RERA registered, etc.
Because you’re going to invest heavily and don’t want to be cheated in any way, it’s important to investigate the developers’ reputation. Goodbrick Realty believes in creating homes that enable you to live to the fullest and Palazio, the luxury villa in Khandala is an embodiment of that belief. Goodbrick Realty aims at having clear and transparent transactions with its clients owing to the goodness and values the company follows.
Another gem in the Goodbrick skyline. A magnificent villa offering luxury in the heart of Khandala. Experience leisure and luxury in your very own spectacular, opulent, 6 BHK villa with top-notch amenities.
The elegantly designed Palazio, the luxury villa by Goodbrick Realty features a sizable 10,000 sq ft party lawn, a myriad of best amenities, and a serene lifestyle amidst natural glory.
Hope you found this blog informative. You can consider the factors mentioned in the blog before choosing a property for investment. You will definitely gain from the real estate investment if you intelligently choose the right property and realtor.
Buying your own home is still a dream for many. So, why wait more? Get going and look for the most appropriate property for yourself now!
Buying a home is a major step up into a different social class, one that is characterized by respect and, well, responsibility. But, it is definitely worth it. However, as a home buyer, you must consider a number of factors before making the right decisions. The type of home you wish to invest in , the Budget, and the duration of the construction process are the two main factors that affect home buying.
In addition to careful planning, it’s important to ensure that your investment will yield the highest returns possible in the future. Here is when the benefits of newly launched residential projects are helpful. Newly launched projects are the ideal investment choice because of the plethora of benefits they offer.
Newly launched projects are those that real estate developers have recently launched in the real estate market for home buyers to make a purchase. In this blog, we will explore the various benefits of buying a home in newly launched residential projects listed by real estate developers.
The following points justify why it is always preferable to choose a newly launched project to buy a home:
During the initial launch phase, most builders will provide enticing pricing offers. Due to the intense competition in the real estate market, real estate developers will make every effort to attract buyers with early bird discounts.
Making the most of this chance to book a new home at the best price will benefit prospective homebuyers. Newly launched projects are a great option any day, whether you’re looking to invest in real estate or are just looking for a new home to live in.
The benefit of choosing newly launched properties is that you may choose the best from a variety of options. You can look for a flat that can have a view of a garden and be more affordable than other flats. Most buyers these days are also looking for luxury villas in Khandala.
You might choose a flat with a stunning view and that is close to the lift area. Additionally, you may decide on the number of bedrooms and the floor based on your convenience and budget range.
When you book a flat early in the launching phase, you may customize the interiors to suit your preferences and needs. At the basic stage of the construction, you might make little alterations.
Since it is difficult to make changes once construction is complete, you can plan them in the early stage by choosing wall paint colour and texture, furnishings placement, interior designs, and other layout ideas.
Blocking the price of the flat before property rates further increase is another benefit of buying a property that is still in the new-launch phase. Following the new-launch period, price rises for homes are rather common in the real estate market.
In light of this, you should prefer buying a home during the actual new-launch phase. Price hikes can happen for many reasons, including increased property demand, new infrastructural development nearby, rising labour and material prices, new laws, etc.
You may easily fulfill your desire for a new home due to the tax benefits of a home loan. Schemes, where you don’t have to pay an EMI till you get possession of newly launched projects, come as a big advantage. Additionally, you just have to pay the builders 20 to 25 percent of the cost when buying a pre-launch property.
Builders pay the interest on the loan until the property is transferred to you, encouraging them to complete the project quickly and creating a win-win situation for both buyers and builders.
We all know that as soon as a residential project is launched, the area quickly becomes urbanized. As a result, there are more points of interest accessible near the project due to which the price of homes keeps going up.
So, investing early allows you to book your home and enjoy higher returns than investing late when you would otherwise have to pay more for the same services.
Goodbrick Realty offers some of the best newly-launched projects for you. One of these premium projects is Vistara, an exclusive and super-spacious apartment with luxury flats in Gangapur Road, Nashik. The elite and roomy flats provide you with the best of everything that can make your life comfortable and smarter.
The project includes roof-top amenities like a children’s play area, a multipurpose court, a yoga lawn, a barbeque corner, senior citizens’ corner, a midnight lounge zone, and whatnot. Vistara is conveniently located in the heart of the city with schools, colleges, medical facilities, and supermarkets in close proximity.
Vistara by Goodbrick Realty has easy access to Mumbai-Nashik Highway. With all these benefits, it is definitely the best choice for your investment. At this time, newly launched projects from Goodbrick Realty are your best option if you’re trying to expand your real estate investment portfolio.
No matter if you are an experienced investor or a first-time home buyer, buying property during the new-launch phase will allow you to make a wise investment and save a lot of money. To prevent unforeseen financial and legal issues, you should always choose a reputable developer like Goodbrick Realty with a proven background in the real estate industry. Before buying a home, look for the RERA registration number and other legal paperwork required by the government.
Hope this blog has helped you in understanding the numerous benefits of investing in a newly launched real estate project. Newly launched projects are the most profitable for real estate investors and home buyers to get larger returns and faster appreciations.
Buying and owning a home inspires all of us to settle down in a place we can proudly call our own. Buying a lovely home is like buying a better way of living for you and your family. But other than satisfying your emotional needs, a home of your own offers a bunch of other benefits as well. Bungalows for sale in Khandala are definitely the right choice for such investment!
One of the greatest residential property investment locations is Khandala, which is rising in demand. Due to its pleasant ambiance, popular tourist destinations, and developing social infrastructure, Khandala is seen to be a wonderful place to invest in villas and bungalows. There are many premium villas and bungalows for sale in Khandala by reputed builders.
Currently, Khandala’s property prices are reasonable, but they will definitely appreciate it in the future making it a profitable investment for you. This blog provides a thorough overview of the benefits of investing in Khandala residential properties, as well as facts on price trends and neighborhood information.
A getaway to savor the pristine beauty of nature is Khandala. It is remarkable how convenient it is to commute and how close it is to Mumbai Navi Mumbai, and Pune. Additionally, the land availability in Mumbai is almost exhausted and is mostly being developed vertically, which has prompted buyers to move to vast swathes of Khandala.
Goodbrick Realty is coming up with a luxury villa for sale in Khandala – Palazio. Spread over a half-acre land parcel amidst the beautiful hill of Khandala, this super-spacious 6 BHK majestic villa offers a plethora of amenities. A perfect blend of luxuries of life and luxuries of nature!
Benefits Of Investing In Residential Properties In Khandala
Khandala is a great place to invest in residential real estate due to the presence of excellent facilities, infrastructure, and connectivity. The value of bungalows for sale in Khandala is rising at a pace of around 8-10% every year. Let’s go through some of the benefits of investing in residential properties in Khandala:
Khandala is well connected through the Mumbai-Pune Expressway and the Mumbai Chennai Highway. With the Lonavala Railway Station, traveling to the top cities like Pune and Mumbai is easy.
Pune International Airport and Mumbai International Airport are the closest airports to Khandala. Additionally, Khandala’s bus service includes excellent connectivity within the city’s well-known localities.
Khandala is now being considered for primary homes rather than for second homes. The reason for this is Navi Mumbai rapidly becoming a business hub. The upcoming international airport in Navi Mumbai will surely accelerate the demand for residential properties in Khandala.
The elite realty company, Goodbrick Realty, known for its premium constructions, has already made a mark with Palazio, the luxury villa for sale in Khandala. With more than 70 % of the space used in landscaping and amenities, Palazio overlooking the pristine Kune lake is a dream address for that selected one !
Numerous tax benefits come with residential investments. You will certainly be able to get a tax deduction for the principal amount paid if you apply for a home loan for a self-occupied property. Your tax will also be deducted from interest payments.
A property is a tangible asset that you can touch and feel, in contrast to stocks and shares. Also, its value will always appreciate with every passing year. There is therefore nothing to worry about, and this may probably give you satisfaction since you know where your property is and that it is profitable.
When considering Goodbrick Realty to buy a luxury villa in Khandala or 3 BHK flats in Gangapur Nashik at Serene Meadows – Vistara residential apartment, convenience and transparency go hand in hand. Goodbrick Realty is a synonym for quality and goodness.
Residential real estate investments provide buyers a sense of security since they are a dependable way to grow their assets without taking any risks. Owning a home gives you additional assurance under adverse situations. It ensures that your key investments are safeguarded.
Goodbrick Realty offers residential real estate investment options in the form of villas and flats of premium quality. Palazio, the luxury villa for sale in Khandala and Vistara, the 3 BHK flats in Gangapur Nashik at serene meadows are splendid projects worth investing in. So, plan to invest in residential property today!
The decision to buy a home involves both an emotional and a financial commitment. You cannot just decide one day and buy a home unless you have a financial backup. Additionally, there is a process you must follow from the time your loan application is approved until you are seated at the closing table.
Even while it can seem daunting, if you break down the process into easy steps and take your time, you could one day fulfill your dream of being a homeowner with Goodbrick Realty Navi Mumbai.
This blog will help you understand what you should be looking out for when buying your first property. So, let’s dive in and get a better understanding of it!
Let’s check over the factors you should keep in mind when buying your first home:
Knowing what you want is one of the most crucial things in the realty market today. A buyer now has more options than ever when it comes to real estate assets. To make it simpler for you and to find the best suitable home for yourself, the foremost thing you need to do is narrow down your options to a chosen few. Goodbrick Realty Navi Mumbai builds homes that give you a premium living experience.
You will require some money for a down payment. The part of the purchase price of the property that you pay in cash to the real estate developers in Navi Mumbai at closing is called the down payment. You’ll spend more in fees and interest over the term of the loan if you put less money down when buying a property.
When considering investing in real estate, money is the most crucial factor to consider. A budget has two components: the first is the investment cost you are ready to pay for a certain property, and the second is the amount you are trying to take the loan for. We at Goodbrick Realty Navi Mumbai have an effective payment plan where you pay 5 Lakh as a token amount and the rest as per the payment schedule. Potential homeowners would be able to readily get loans due to the adaptable plan.
From the perspective of your living comfort and investment, the location of a house you’re considering buying is quite significant. There are several characteristics that make a place suitable for buying property. Our ongoing project, Vistara in Nashik, is close to malls, hospitals, public gardens, schools, and institutions. In addition, it is conveniently located with quick access to the Mumbai-Nashik highway and other areas of Nashik city.
All builders and developers in Navi Mumbai have their unique selling points (USPs) that attract buyers. Additionally, because the number of buyers, as well as real estate properties have substantially increased, it is important for buyers to understand which form of property best suits their needs. There are 3 primary types of properties available: flats, villas, and villaments (a mix of villas and apartments). Purchase the one that best meets your needs.
Before looking for a home, it’s important to be aware of your credit score. To those customers who have strong credit scores, most real estate developers in Navi Mumbai sell real estate without difficulty. The credit score ranges from 0 to 1000 and is determined by a number of factors relating to a person’s financial credit history. Builders believe anything above 650 to be acceptable enough to allow a person with that credit score to buy a home from them.
With so many real estate projects going on, there are some unreliable builders out there that are only in it for the money. Buyers being misled into honey traps by unethical builders has also multiplied. Before purchasing any house from a builder, it’s crucial to research their track record.
Once you have finalized the builder, and the type of flat, visit the project to check for any infrastructure issues like seepage which raises major problems later. The best time to check for it is during monsoon season. That way you know the property is well constructed and there’s no seepage in the walls of your future home.
To benefit from wealth generation or equity, you should have a minimum five-year plan for dwelling in or maintaining the home you are buying. When closing fees and interest payments are taken into account, selling before 5 years is likely to result in a loss or a break-even situation.
You’ll need to either develop handyman skills or have money set aside for home maintenance and repairs. For yearly maintenance, budget around 1% of your home’s purchase price. Take into account monthly costs as well, such as society maintenance charges, etc.
Hope this blog enlightened you and satisfied your curious mind regarding what to consider while buying a home for the first time. At Goodbrick Realty Navi Mumbai, we would love to welcome you with open arms as a member of our enormous, ever-expanding family of homeowners.
We stick by our promise to provide you with a haven of love, laughter, and delight as well as transparent association and hassle-free transactions.
Goodbrick Realty aim to always make sure that the beginning of your journey to a new home welcomes you with amazing new opportunities. So, why wait now, book your dream home with us today!
What is the first thing that pops your mind when you talk about the second home? 1) Hideaway from hustle and bustle 2) Quality time spent with family 3) Discover your inner peace.
For many, investing in second home could be a source of secondary income. In a nut shell it is all about a game of perspective.
What are the parameters that play an important role while buying a second home?
When it comes to how the realty sector has changed over the last one year, several trends come to mind: people are looking at buying larger homes, they are including home offices in the blueprint, and workcations are the new normal. Another trend gaining traction is that of people buying vacation homes.
While the concept of a second home is not new, these homes are now being bought in India’s smaller towns and for the purpose of staying and working from there for longer periods of time. But is it just the work-from-home (WFH) scenario that has prompted buyers?
Amit Agarwal, Co-Founder and CEO, NoBroker, says that the return on investment is another motivation. “Property prices have reduced in the wake of the pandemic and home loan interests are at an all-time low. People who buy a home now can enjoy significant capital gains on their investment in the long run and rental income from second homes can also be a strong addition to one’s overall income,” he says, adding that a recent survey on their platform indicates that 82% of people are looking to make a purchase in 2021.
Other factors are plenty: health and wellness concerns, the WFH set-up, people moving closer to their families, and favourable realty policies. “Wellness concerns due to COVID-19 have pivoted the focus towards spacious holiday homes, away from densely packed metro cities. Further, with competitive prices being offered by developers and low-interest rates on home loans, non-metros have become a preferred choice of investment for second-home buyers. This is gradually attracting even the travel-savvy upper-middle-class, who earlier enjoyed annual holidays but can no longer opt for it due to travel restrictions,” says Karan Kumar, Senior Vice-President and Chief Marketing Officer, DLF Ltd. He adds that cities such as Kasauli, Panchkula, Alibaug, Panjim, Lonavala are some of the popular destinations for holiday homes.
Experts are also of the opinion that these buying trends indicate a revival in the vacation homes market that has been in the doldrums for years on the back of a slowing economy. “Second home buyers are no longer considering rental income and future appreciation, for which the outlook continues to be dim over the next few years. Their focus is on leveraging the lower property prices in such locations to get bigger homes in greener, safer surroundings,” says Santhosh Kumar, Vice-Chairman, Anarock Property Consultants.
It’s no surprise then that it’s not only the country’s hill stations that have been seeing a high demand, but Tier II and Tier III cities too. Agarwal says the demand for second homes is primarily driven by wealthy individuals from Tier 1 cities such as Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, and Pune. “The demand within Tier I cities is for apartments and villas. Independent homes are popular choices when the location shifts to places like Goa, Alibaug and Haridwar,” he explains.
As for average prices, major middle-class-favoured destinations around the top cities range anywhere between ₹3,000 and ₹12,000 per sq. ft. For the ultra-rich eyeing opulence in prime holiday locations, deals have been closed at over ₹200 crore in certain locations, most notably in Goa and Amby Valley, says Kumar of Anarock.
Tata Realty’s properties in Kasauli, Lonavala and Goa have been popular among buyers. Sarthak Seth, Chief Marketing Officer, Tata Realty & Infrastructure Ltd, says that with the pandemic leading to travel bans, there is a strong demand for safe homes that are away from urban hotspots. “Hence, a majority of the demand for these homes is coming in from metro cities like Delhi, Mumbai and Bengaluru.”
At Auramah Valley, a luxury residential township project in Shimla, founder Manav Singh says there is demand for areas such as Dharamshala, Shimla and Manali. He says a home in the hills is three times cheaper to one in the city and a second home is a necessity more than a desire. “We’ve seen interest from professionals with an income of over ₹1 crore, businessmen with income of more than ₹3-4 crore, retired individuals with disposable incomes, etc.”
Singh adds that investors and developers are now eyeing Tier II and Tier III cities. “Places like Amritsar, Chandigarh and Shimla, etc. are on the radar of bigger builders due to reverse migration.”
What should you keep in mind when looking for a property in small towns and hill stations? For starters, the property should be easily accessible, have good internet connectivity, and be in proximity to basic amenities such as grocery stores, hospitals, etc. “Buyers must also evaluate that the property has all necessary permissions and clearances before making the purchase. Buying a property at a hill station, for a non-domiciled resident, often requires additional permits and paperwork. It is also important to conduct a property rate check locally before committing to the purchase to ensure that the price quoted is fair and in keeping with the local circle rates,” explains Agarwal of NoBroker.
Buying only from developers who understand local laws and regulatory frameworks, especially in hill states, is important too. “There are many fly-by-nights local operators who could offer you a ‘dream deal’ but buyers must actively carry out due diligence to see their track record, especially with reference to transactions they have already completed in the past,” adds Kumar of DLF.
Each town has specific legal terms when it comes to buying a home or land (by non-agriculturalists). Navigating these laws isn’t easy, so keep a few ground rules in mind to avoid future legal hassles:
Title deed: When buying a property, it is vital to ensure that the land/property being sold is in the name of the person selling it. The individual or group must also possess the right to sell that property without the consent of another party. Title deeds must also be verified by a lawyer for their validity.
Sales deed: When making a purchase, it is essential to also demand a sales deed from the seller, as the document conveys that the property has been transferred from the seller to the buyer. The document also affirms that the land belongs, absolutely and in entirety, to the buyer and not to any other society, builder, development authority, etc.
Tax receipts and bills: Before making the payment and taking over the property, buyers must ensure that the seller has cleared all previous dues such as electricity bills, water bills, and property tax, etc.
Pledged land: When buying a land/home, buyers must ensure that the property in question is not mortgaged under loan by the seller. Any outstanding payments must be cleared by the seller before the property transfer is finalised.
Agreement: Agreements are essential in any property purchase. Having an agreement in place ensures that the seller does not go back on commitments. It also ensures that the deal is not hijacked by another buyer offering a better price at the last minute.
Registration: The proof that a transaction has taken place between the selling and buying parties, this document is one of the penultimate legalities that must be addressed in a property purchase. It attests that all the details and conditions mentioned in the agreement are true and have been satisfactorily met by both parties. At the time of registration, all the previous deeds, property/house tax receipts, original title deeds, etc. must be presented, along with two witnesses. Buyers and sellers must also ensure that the relevant deeds are registered within the timeframe mentioned in the agreement.
The COVID-19 pandemic seems to have spurred the demand for weekend and second homes in key markets, according to real estate developers and analysts.
Mumbai-based Nirvana Realty said it recently sold more than 400 weekend homes at its Signature Resorts near the city.
“We are also launching a project where we will develop custom-built Royale Pool Villas at Wollywood, Wada and Viroha, Dahanu,” said Punit Agarwal, MD and CEO.
“The pandemic may give a new lease of life to the previously lacklustre second-home market,” said Santosh Kumar, vice-chairman, Anarock.
He said while short breaks from city life, rental income and/or eventual retirement were the previous aspirations for owning a second home, COVID-19 has given rise to a more urgent motivation — the relative safety from infection of homes away from the urban hot zones. “For those with the financial means, it is certainly the optimal time for such an acquisition.”
He said work-from-home options (WFH), now extensively available across many industries, the rock-bottom and often further negotiable property prices, the lowest home loan interest rates in two decades and significantly-reduced stamp duty and registration rates in some States have helped in creating demand.
Investors investing in second home can be categorized in two types a. Luxurious and b. Affordable. Both sets of target audiences have their own preferences.
Maintaining a second home, no more feels like a burden. Let’s know how
Beating pandemic blues, Mumbai hit a new 10-year high in property stamp duty collection for the month of January, generating over Rs 477 crore through more than 8,100 transactions.
Though the number of property registrations were down 20% from a year ago, revenue jumped 56% year-on-year, according to data from Maharashtra’s Inspector General of Registration. Notwithstanding the drop, the January 2022 registration volume was higher than all pre-Covid January months.
Last year, the same period had a lower stamp duty rate window at 3% and it was not as severely inflicted by Covid.
“Albeit in a limited way, caution on account of the third wave has influenced sentiments, which is reflected in January registrations,” said Shishir Baijal, CMD at Knight Frank India. “However, as previously experienced, we see this slowdown as a temporary blip and the market will gain momentum as the rate of infection declines.”
Apartments spread over 500 sq ft accounted for 60% of all residential property sales in Mumbai despite a government announcement abolishing property tax on houses smaller than 500 sq ft. The 500-1,000 sq ft housing segment accounted for 45% of all sales in January.
“Despite the third wave of the pandemic, both enquiries and the conversion of those into actual sales continued to show an uptrend in January,” said Kamal Khetan, CMD at Sunteck Realty. “Site visits during the first half of the month were lower, but the digital platform helped in taking the deals and negotiations ahead without wasting time until the site visits improved. Both the affordable housing and premium segments have reported steady growth. “
Sunteck Realty has reported a 29% jump in pre-sales worth Rs 352 crore for the quarter ended December. The listed company has reported 23% on-year growth in nine months’ pre-sales at Rs 800 crore.
The western and central suburbs of the city continued to dominate the Mumbai market. The western suburbs was the most prominent market, accounting for 52% of the registrations in January 2022, while the central suburbs accounted for 34%.
“Over the next fortnight, the Union Budget and monetary policy actions will be crucial in catalysing latent demand, and we remain hopeful that the government and the central bank will continue with their growth-oriented policies,” Baijal said.
Experts say with the Reserve Bank maintaining its stance on low interest rates and developers making attractive offers, the sales trajectory has picked up again, with monthly sales surpassing even the pre-pandemic levels seen in 2018 and 2019.
he Mumbai property market has been buzzing with activity since the state government announced a reduction in stamp duty rates in 2020 to boost the real estate sector and around 260 connected industries.
The reduced stamp duty has led to a surge in the number of transactions across segments, including luxury, mid-income, and affordable housing. While the lower stamp duty benefit window period ended in 2020, the property markets across key cities in Maharashtra are still witnessing robust activity.