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!
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.
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.
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 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:
1.There must be a co-owner in the property 2.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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Buying a home is a dream come true for individuals. A home of one’s own is a place for them put their feet up and connects them with people they love. But, most often people don’t know that their slice of heaven also gets them tax benefits.
Under section 80C, 24B and 80EE of the Income Tax Act, 1961, buying a residential property are qualified for certain deductions.
Nowadays the current real estate market in Navi Mumbai is great and it is also the right time to take advantage of that fact.
Listed below are the deductions under the Section 80C:
The principal amount of the home loan availed by a person for a Property in Navi Mumbai is eligible for a tax deduction. The maximum tax deduction is at Rs.1, 50,000. This amount also includes the amount saved in mutual funds’ investments, PPF, tax-saving fixed deposits, NSC and Senior Citizens savings scheme. This benefit can be availed by the buyer only if the property construction is completed and the buyer receives the completion certificate.
In case, if the buyer has taken the loan for extension and renovation of a property, the buyer can avail the benefit only after the renovation is complete.
This section deals with interest paid on the home loan. The loan can also be taken for construction, restoration, overhaul, renewal, or purchase of a residential property. The maximum deduction for this section is Rs.2 lakhs. If the buyer (taxpayer) has a self-occupied Flats in Ulwe, then he/she can claim the deduction. In case if the property is not self-occupied there is no maximum limit to claim the deduction, which allows the taxpayer to claim whole loan interest as a deduction.
80EE covers the income tax rebate for first-time buyers. This rebate focuses on the interest payments of the home loan. It provides an additional deduction of Rs 50,000 over and above the tax deduction of Rs 2 lakh under section 24 and Rs 1.5 lakh under section 80C. The deduction is allowed only if the value of the property purchased is less than Rs 50 lakh and the value of the loan sought is less than Rs 35 lakh. The benefit will be available till the time the home loan is repaid.
In the event of purchasing a property in projects in Ulwe, this deduction is very useful for buyers who are taking a home loan for the first time. The most advantageous point of this section is that it is available till the home loans tenure.
Many Builders in Navi Mumbai also inform their buyers of the tax benefits of their purchase. Buying a home comes as a boon for people who want to own a property in the fast-growing Indian real estate sector. For the first home, both, ‘repayment of principal amount’ and ‘payment of interest’ are eligible for tax benefits. For buyers availing a loan for renovation, the section 24B is very much beneficial.
Nonresident Indians (NRI) have started to invest in diverse areas of the Indian market including the real estate. Real Estate Developers in Navi Mumbai are providing NRI’s with varied options of both commercial and residential properties with a potential to earn considerable returns now and in the future.
Usually NRIs prefer to invest in high-end residential properties and sublet them for passive income. However, the slowdown during the last couple of years has prompted NRI’s to switch their investment to commercial properties.
Currently, the NRI’s are at an advantage in both residential and commercial properties. The residential properties offered by the Builders in Navi Mumbai come with many incentives like discount and freebies like wardrobes, kitchen and other things. Commercial properties come with a host of amenities that are suitable for subletting for office spaces or as shopping complexes.
With the enforcement of Real Estate Regulation Act, the real estate market of the country has become safer for buyers. The builders have also strictly comply with the RERA regulations and even the minor changes in the property plans have to be apprised to the buyer. Person selling the Property in Navi Mumbai also have to provide a clear view of the terms and conditions of the sale agreement to their buyer.
Experts on the real estate market of Navi Mumbai are of the opinion that this is the right time to invest with real estate developers in Navi Mumbai. Owning a commercial unit in Navi Mumbai is very profitable given the drive of the industrial segment growth like the upcoming Navi Mumbai International Airport, the Special Economic Zone and the upcoming IT parks.
Advantage of any developing area is that it has the potential for generating business and employment leading to need of office space and housing needs. In terms of income, commercial spaces are on the high side thereby becoming a favored investment among the NRI’s.
During the past six years, the demand for commercial spaces has almost doubled due to increasing growth of corporate footprint in the country. The demand has spread also to the Tier1 and Tier 2 cities. The leases for corporate spaces are at a all-time high indicating the fact that there is a rise in the demand and tenants’ interest in commercial spaces.
The commercial spaces also give high returns of 18 to 22% when compared to the residential property of income of 8 to 10 %. The offices and shopping complexes are demand leading to higher capital appreciation. It also has the security and guarantee of constant returns as the corporates agree to renting the place for 9 to 15 months with a three year period lock-in when comparing residential properties that stay locked for months due to the unavailability of proper tenants.
Over the last year , there has been more than One lakh of office space has been sold and the number is still increasing with more buyers originating outside the country. The reason why NRI investors are leaning towards commercial spaces are that residential units were on the lowdown due to late launch of projects and have pushed wealthy NRI investors towards commercial properties.
For the past years, NRI investment in the country’s real estate has been on the rise due to capital appreciation, higher rental yield and host of other reasons. This trend is slowly becoming applicable to the residential units with the commercial units maintaining their lead.
Buying a home is one of the big decisions of a person’s life, and the person has to make an intelligent choice of saving themselves from extra expenditure and at the same time procure their dream home. If the buyer is a buying a Property in Navi Mumbai, it should not be a hasty decision albeit a well-researched decision. Below is the list of five smart things homebuyers should note:
1.Draw up a financial plan:
Before stepping into the real estate market, the buyer should draw up a financial budget to plan the expenses of purchasing their dream home. Any smart buyer would first calculate the rough estimate of their home purchasing budget which includes:
How much amount is needed if they a procuring property in Taloja or any other part of Navi Mumbai? What will be the down payment? The amount of home loan What will be the Equated Monthly Instalments for that loan? How will it affect their regular monthly budget?
Answering these questions will help the buyer to know their financial status when planning to buy a home with Builders in Navi Mumbai.
2.Make a list:
Smart buyers know precisely what they want and how they want. They are well-informed buyers who have intimate knowledge about their needs and boundaries. By making a list, the buyer can decide the type of property to purchase:
The location of the property In which area is the property located? What is the carpet space? What are the amenities available on the property? Is the area well-connected? Is the price affordable and does it come under the budget? This list will help the buyer to zero in on the property they want to purchase.
3.Eligibility and pre-approval of home loan:
Before looking at a property provided by a Real Estate Developer in Navi Mumbai, a smart buyer can check their loan eligibility and also obtain a pre-approval for their home loan. Getting pre-approval for the home loan will also increase the appeal of the home buyer in the eyes of the builder. A pre-approval will also reduce the documentation needs and legal work relating to the registration of the property.
4.Learn about the market:
Before jumping into a home purchase, a smart buyer has to increase their knowledge of the market, learn about the current market trends and research the price of available properties in the area. The buyer can also compare whether they will be able to procure a larger apartment for the same cost from any other builder in Navi Mumbai or any other area of Navi Mumbai.
5.Get professional advice:
One of the smartest things that a home buyer can do is enlist the help of an experienced real estate agent who can guide about the process of the home buying and can help in narrowing down the list of prospective properties that will fit the buyer’s requirements. Smart buyers should not choose agents who are interested in only selling their properties. Getting references from people who have recently purchased a home will help in selecting an excellent realtor.
These smart tips will help the buyer to invest in a good Project in Navi Mumbai and live in their dream home.
The current real estate market scenario of Navi Mumbai is quite favorable to home buyers. Starting from demonetization to the introduction of RERA along with tax benefits, reduction of property rates and a range of affordable housing options from many Builders in Navi Mumbai. Moreover, the Pradhan Mantri Awas Yojana scheme introduced by the Government has also proven to be a huge incentive.
With all these advantages, it is the right time to buy a home of your own, however choosing the right builder is the key. There is an availability of many builders in the market and choosing the builder who is compatible with the buyer’s interest is essential as there are projects in the market that have been abandoned or in litigation. A person could lose their life savings by investing with the wrong builder.
Here are some tips to choose the right builder:
Most buyers prefer builder who has well upstanding in the market and with a reputation for handing over projects in the committed time. Using the internet and locally available newspapers and other journals to research about the builder is a good place to start. Asking the residents of the other projects completed by the same builder will also let the buyer know the builder’s response to any problems raised by the buyer.
Permissions and regulations:
RERA has introduced a string of regulations that also involve obtaining a license for the Projects in Navi Mumbai, appraising any changes that take in place in the plan of the building or procuring all the requisite permissions and so on. The builder should also be featured on the RERA website that lists the builders who are registered and authorized to commence their projects.
When looking to invest in a Property in Navi Mumbai, it is essential to check the quality of the materials used by the buyer. Many property brochures contain the list of materials they use for the construction. Are the materials are a well-known brand and the checking the past projects also prove the builder’s reputation.
There are many Real Estate Developers in Navi Mumbai who have an experience and a better track record when it comes to completing projects on time. Looking for a builder who is a member of Confederation of Real Estate Developers Association of India (CREDAI) or Builder’s Association of India (BAI) is a better choice. These institutions stress transparency and have strict rules regarding quality for its members to abide.
Resale and compensation:
Learn about the resale value of the property in the area and for the builders whose projects in Navi Mumbai still maintain their same value are a good choice because they are known for the quality of construction. Buyer should also note if there is any compensation clause in the sale agreement in case the project is delayed.
Buying a home is a major life decision for an individual. It is essential to gather all information and do an extensive research to choose a developer who fits the above requirements. So, take time and consider your options carefully before investing in your dream home.
Kharghar is one of the most rapidly developing areas of Navi Mumbai. Kharghar has many projects fielded by Real Estate Developers in Navi Mumbai. Affordability is one of the primary reasons why Kharghar is preferred areas to invest in Navi Mumbai and it has access to all bustling areas of Mumbai and Navi Mumbai.
Here are eight reasons why Kharghar has the most profitable commercial properties:
1.Navi Mumbai has been witnessing impressive physical and social infrastructural developments thereby creating the perfect setup for commercial players to set their footprint in Navi Mumbai. if a buyer is investing in Projects in Kharghar, they will be at an advantage of being able to access Navi Mumbai’s business zones like Vashi, CBD Belapur, Mahape as well as to Taloja, a big industrial hub.
2.An area’s commercial advantage will be at a high if it’s well connected by transportation and has amenities that give access to both residential and commercial opportunities. The upcoming Navi Mumbai International airport, CIDCO’s Central Park, and Sewri- Nava Sheva Link is also set to hike Kharghar’s commercial and residential property appreciation.
3.Kharghar also has many malls like the Glomax, & little world with multiplex cinemas and supermarkets that is bound to generate more traffic.
4.Commercial spaces also tend to get more rental income than residential properties. Over the years the commercial Projects in Kharghar have been earning more 18 to 22% of the property’s value as a rent per month making it as a more attractive investment for Non-Resident Indians.
5.Many investors from Mumbai have shifted gears to Projects in Navi Mumbai as it less expensive and is well connected by road and rail to Mumbai and Thane. Kharghar offers commercial realty space at competitive rental rates with all the amenities that are available in the metro city of Mumbai.
6.Kharghar is well-connected via the Harbour Line of Mumbai’s suburban railway network. The nearest airport is Mumbai’s Chhatrapati Shivaji International Airport, at a distance of 35 km from Kharghar. The flats in Kharghar are also available at competitive prices that make it a good investment decision and given the commercial activity in the area would be mean higher yield of rental income.
7.The City and Industrial Development Corporation (CIDCO) is in the process of shaping Kharghar as a well-developed region with amenities. CIDCO is also on a constant endeavor to make it one of the best locations in Navi Mumbai.
8.Kharghar has an 18-hole golf course opposite Central Park. The Central Park is over 80 hectares and has a jogger’s track, food courts, fountains, botanical gardens, amphitheater, theme parks and a greenhouse. These factors are very inviting for international companies looking at properties in Kharghar for setting up their office.
These reasons are a testament to the fact that Kharghar has the most profitable commercial properties. Moreover, the introduction of RERA has helped immensely in strengthening the investment in commercial and residential properties.