Showing posts from March, 2022

Realtors plan to increase unsold, under-construction apartment prices in Mumbai region

  Realty developers across Mumbai Metropolitan Region (MMR), the country’s largest and most expensive property market, are planning to increase prices of unsold inventory that is currently under construction by 10-15% to cover the surge in input costs. The move is not only expected to impact over 2,773 projects that were approved by Municipal Corporation of Greater Mumbai (MCGM) in 2021 but many more to the extent of 2,60,000 residential apartments over the next three years. Real estate developers’ apex body in the state, the CREDAI-MCHI, is planning rigorous measures to control the rising input costs that have pushed the cost of construction up by Rs 400-600 per sq ft in the affordable and mid-income housing segment. The sharp increase in input cost prices has impacted the developers nationwide negatively as the pressure continues to pile on. In the backdrop of escalating prices of key input materials including cement and steel, realty developers in Maharashtra and National Capital Re

Super built up area, built up area and carpet area: Know the difference

  Let’s admit it – the terms and jargon thrown at us by agents and realtors have us staring at them cluelessly most of the time. While buying a house, terms such as carpet area, built-up area and super built-up area moslty evade our realm of understanding, or at least cause some confusion. In every residential complex, there are these three ways of calculating the area, or the square footage. They may not all sound very different, but there is in fact a big difference between carpet area and built-up area! Home buyers in India would invariably comes across terms like carpet area, built up area and super built up area as they try to gauge the size of homes. This article is meant to act as your guide to understanding these three terms and what exactly do they convey. Carpet area means Under its mission to provide Housing for All by 2022, the central government in India introduced the Pradhan Mantri Awas Yojana (PMAY) programme, under which it has also clearly defined carpet area. Under t

BMC likely to increase property tax from next month: Report

  Mumbaikars may have to shell out more from 1 April as the new financial year begins as the Brihanmumbai Municipal Corporation is likely to increase the property tax according to a report. The last time the property tax was revised was in the year 2015 and according to the MMC Act property tax in Mumbai is revised in every five years, however the sane was delayed in 2020 due to Covid-19 pandemic. Meanwhile, with just few days left for the current financial year to end, BMC has revealed that it was able to collect ₹4,762 crore in property tax amount since April 1 last year against the annual target of ₹5,400 crore. BMC in February this year had revised it collection from property tax to ₹5,400 crore keeping in mind the possibility of another Covid-19 wave. Initially the target was fixed at ₹7,000 crore but later was brought down to ₹5,400 crore. “The civic elections were supposed to take place during March this year, and keeping this in mind we had expedited the process of tax recovery

Registration rush before March 31 to dodge metro cess, new RR rates

  PUNE: Daily property registrations in the city, Mumbai, Thane and Nagpur have picked up momentum in the past 10 days with most consumers preferring to wrap up the process ahead of the implementation of 1% metro cess and announcement of the Ready Reckoner rates on April 1. Pune district has during the period recorded registration of 27,200 documents, followed by Thane (16,847) and Mumbai suburban (14,282), revealed registration department data up to March 25. Nagpur and Mumbai city recorded registration of 4,078 and 3,064 documents, respectively. The property buyers from the areas where Metro projects are being implemented will have to pay the 1% cess in addition to the stamp duty on sale, gift and mortgage documents executed from April 1, 2022. While the stamp duty would increase to 6% with the cess in Mumbai, it would be 7% in Pune, Nagpur and Navi Mumbai, an official said. The registration department on Thursday issued a notice that those documents executed by paying stamp duty til

What to Consider Before Buying A Residential or Commercial Property

  Real estate is something that is permanently attached to the land. This includes man-made additions on the land like buildings, houses, apartments, shops, etc. There are three terms in real estate which are often confused and interchanged: * Real property:  This property refers to the inherent ownership to use the land and benefits and have rights. * Land:  Anything which is below the center of the earth to the airspace above, including trees, buildings, etc. * Real estate:  This includes land and any additions made by humans like building, houses, apartments, shops, etc. Real estate can be broadly classified into five broad types. They are residential real estate, commercial real estate, industrial real estate, land, and special houses. In this article, you will get detailed knowledge of residential property and commercial property, their characteristics, and the differences between residential and commercial property. What is a Residential Property? Alley with office buildings in m

Nine days still to go in March, property tax haul up 25% in Mumba

  As the city shakes off the pandemic-triggered lull, property tax collections of the BMC are up 25% compared to last year. Collection of property tax, currently one of the biggest sources of revenue for the BMC, has touched Rs 4,690.5 crore so far with 9 more days to go for the financial year. Last year around the same time, the BMC had received Rs 3,733 crore. Officials said last year, the BMC was able to collect only Rs 5,090 crore till the end of the financial year (see box). Around this time, the city was in the grip of the deadly second wave. This year they are hoping to surpass the figure by a large margin as the Covid situation has eased. Assistant Municipal Commissioner Vishwas Mote, in-charge of the property tax department, tempered expectations, saying there are challenges as Covid has hit many financially. “However, we are trying our best to ensure that tax targets are met by the end of the month,” he said. During the 2021-22 civic budget, the BMC commissioner had announced

Maharashtra: Over 1 lakh property registrations recorded by mid-March

  March is turning out to be a month of bounty for the registration department, which has witnessed over 1 lakh property registration by the middle of the month and also achieved 100% of its revenue target for the 2021-2022 financial year. A registration official attributed the trend to property buyers' rush to complete the formality before the announcement of the Ready Reckoner (RR) rates. He said the property registration offices would be kept open on Holi and during weekends, as requested by realtors. Statistics shared by the registration department revealed that 1.22 lakh properties were registered from March 1 to March 15, generating a revenue of Rs1,981.21 crore. December 2021 had witnessed 2.44 lakh property registrations, followed by 2.10 lakh in January 2022 and 2.2 lakh in February. High-value registrations helped the registration department meet its revenue targets, with October 2021 (Rs3,220 crore), December (Rs3,790 crore) and February 2022 (Rs3,176 crore) logging high

How Is A Home Insurance Different From Home Loan Insurance?

  You can claim tax benefits under Section 80C and Section 24 of the Income Tax Act for paying your home loan insurance premium. Insurance is a measure that assures you of safety at the time of any unfortunate event. This is why insuring your home, as well as your home loan and other valuables, is important. Do remember that home insurance and home loan insurance are two different covers and cater to different insurance needs. Home insurance This is the insurance that you buy to cover the replacement cost of your home in case of a damage by fire or other such accidents. A home insurance policy protects home owners against the loss of home or personal belongings. Compared with home loan insurance, home insurance policy rates are lower. Home loan Insurance Under a home loan insurance policy, the loan you take for buying the property is insured. This plan covers only the outstanding loan liability from the time it is brought. In case of an event where the applicant is unable to repay the

Which Are The Most Popular Areas To Buy A House In Mumbai area?

  Mumbai Metropolitan Region’s Thane and Mumbai Western Suburbs formed 45 per cent of the total new residential units launched in 2021. But other pockets also saw an uptick, shows Square Yards data Navi Mumbai has emerged as a prime residential market in the last 10 years thanks to it being well planned and higher availability of relatively affordable options compared to Mumbai. Inexpensive localities such as New Panvel, Khargar, Khamothe and Ulwe offer properties within an average value of approximately Rs 4,000-7,000 per sq. ft and have become top picks for homebuyers. According to Square Yards research, during Q4 2021, more than 60 per cent of the online searches and the supply in the market were concentrated for properties in the budget brackets of Rs 30-60 lakh and Rs 60-100 lakh. Smaller configurations remained popular throughout 2021. In the Mumbai Metropolitan Region (MMR), Thane and Mumbai Western Suburbs housed a significant portion of the new project launches. The zones coll