Sunny Developer

  We look at five basic Vastu Shastra rules that home buyers can check on their own, to ensure that their house conforms to Vastu norms Everybody wishes to buy a house that brings happiness, peace and positive vibes, while living in it. It is believed that a home that complies with Vastu Shastra norms, brings good fortune to its occupants. Vastu is all about harmonising the concepts of engineering, optics, acoustics and spirituality. Given below are five important rules that home seekers can check, to ascertain if the property they intend to buy conforms to the basic Vastu principles. Rule 1: The direction of the plot and construction should face north or east Rakesh Patekar, project head, Elysium Abodes, points out that some directions have positive impacts, while the others may have a negative impact on the occupants of the house. “According to Vastu, east and north-facing plots are appropriate for construction of homes. Care should be taken, while designing houses facing west or...

  Generally, most people buy immovable properties in joint names of more than one person, for various reasons, including funding for the property and smooth succession. We examine the provisions for taxation of such jointly owned property The Income Tax Act has divided tax entities into various categories. All individuals are taxed under the category of an ‘Individual’. However, if more than one people come together to own a building, they may be taxed like: * A partnership firm * An association of persons (AOP) * A body of individuals (BOI) With respect to property jointly owned by co-owners, Section 26 of the Income Tax Act gives clear guidelines for taxation of the share of such co-owners in a building. The share of income in the property, may be either in the form of rentals or may even be capital gains arising at the time of sale of such building. The section provides that in case the share of each of the co-owners is clearly defined and is ascertainable, then, the respective ...

  The NoBroker Real Estate Report has shown that a whopping 82% of people are looking to buy property in 2021. And what’s even more surprising is that a majority of this number are millennials who are looking to buy homes. The younger generation does not see any merit to wait to buy a house, they wish to buy a house as an investment and are making use of the ideal market conditions to do so. Unfortunately buying a home is not so easy, there is planning and research that goes into buying one, and we’re here to help you with how to buy a house in 2022. Figure Out How Much You Can Afford The first step to buying a house is to figure out how much you can afford to pay for a house. It is not wise to spend more than 30% of your take-home salary on loans, so if you have other loans or if you have many other financial commitments you need to sit and figure out how much of your take-home salary you actually can spend on your home. You also need to see how much savings you have in the bank a...

  MUMBAI: The Maharashtra government will once again start collecting one per cent metro cess on property purchases from April 1 in Mumbai, Thane, Nagpur and Pune cities with the lifting of all COVID-19 restrictions, an official said on Friday. Talking to PTI, Bhushan Gagrani, principal secretary (urban development), said the state government had taken a decision in February 2019 to levy one per cent metro cess on property purchases in four cities including Mumbai. But its implementation was stayed after a year due to the outbreak of COVID-19 in March 2020. "This is not a new decision. We are reviving the earlier decision, which had to be discontinued due to the pandemic,'' he said. Due to the metro cess, stamp duty on property registrations will go up by one per cent, he said. "Our target is to get revenue of Rs 700 crore to Rs 800 crore annually. Till March 2020, we got a revenue of approximately Rs 500 crore to Rs 550 crore,'' he said. The metro cess is int...

  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 Capita...

  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. Und...

  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 reco...