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Monday, December 11, 2023

Stamp Duty and Registration Charges in Pune 2024

There’s a lot that goes into purchasing a property. Besides the valuation of the unit alone, there are fees like Stamp Duty and Registration Charges that one has to consider that inflate the value of the property. However, these charges exclude the selling price of the property and constitute additional payments.

Understanding Stamp Duty

Stamp Duty alone is a tax from the state government on the property before even the transaction has occurred. For Pune, the state government of Maharashtra decides the stamp duty charges. They come into play for sales deeds, conveyance deeds, lease deeds etc., and make the transaction official and legally binding. According to NoBroker, the stamp duty in Pune can range from 4% to 8% of the property value.

Understanding Registration Charges

Registration charges, on the other hand, are the fees paid for registering the property under the buyer’s name. This process provides legal sanctity to the property transaction. The registration charges in Pune typically range from 1% to 2% of the property value.

In Pune, the state government of Maharashtra enforces registration and stamp duty charges that are contingent upon specific factors:

Property type: The tax applicable to commercial properties exceeds that of residential homes.

Location: The property’s geographical location significantly influences the tax charges, with rural and semi-urban areas generally incurring lower stamp duty and registration charges in Pune.

Market value: The calculation of current stamp duty and registration charges considers both the total area and the property’s market value.

Owner’s age & gender: The government extends additional concessions based on the age and gender of the property owner. Senior citizens and women may qualify for subsidized stamp duty and registration charges as part of these concessions.

First-time home buyers: Individuals buying a home for the first time are eligible for a maximum of Rs. 2.5 lakh exemption on their stamp duty.

Ready reckoner rate: Also called a circular rate, the ready reckoner rate also influences the stamp duty calculation. These rates depend on the area and restrict the sale of a property below a specific amount.

If you are looking for properties in Pune, while considering the different scenarios at hand, the total cost, as seen for the year 2021-22, would include:

· Stamp duty – 4%

· Local Body Tax (LBT) – 1%

· Transport Surcharge – 1%

Registration Charges in Pune depend on the market value of the property. Assets that fall below Rs. 30 lakh incur a charge of 1% of the total value; whereas values exceeding Rs. 30 lakh attract a flat fee of Rs. 30,000.

While these discussed factors offer an overview to homebuyers on what they can expect to pay as taxes on their properties, the government still provides a more straightforward way to make calculations on your own. The Stamp Duty Calculator, provided by IGR Maharashtra, is one way to receive accurate numbers. Besides this, the government even offers an option to pay your Stamp Duty and Registration Fees online.

Just log on to https://gras.mahakosh.gov.in/igr/frmIndex.php and you will be directed to the respective payment pages.

Stamp Duty and Registration Fees for 2024

When purchasing a home in Pune, a city that offers some of the best residential, commercial, educational and health infrastructure, Joyville by Shapoorji Pallonji Real Estate brings the best on offer with 8 exclusive projects catering to discerning homebuyers’ tastes.

For residences here, the stamp duty and registration expected for the year 2024 will be influenced by factors like whether the property is being intended as an investment or personal use, whether the buyer is a senior citizen or not, women have to pay 1% less stamp duty and also the location of the property. For more details on projects in Pune, please visit: https://www.joyvillehomes.com/celestia/

Thursday, November 30, 2023

Posh areas in Mumbai

People from all walks of life travel to Mumbai for an opportunity to make it big. So, it goes without saying that for those who have made it big, Mumbai makes room with luxurious locations that link scenic sea views to excellent connectivity, cutting-edge infrastructure to state-of-the-art amenities and to top it all coveted zip codes that are as much the toast of the town as they are the city’s envy.

Here are some of the poshest locales in the city of dreams:

Juhu

Locations close to water bodies are often occupied by luxurious real estate, and when it comes to Mumbai that location is Juhu. With a commanding view of the Arabian Sea, this locale is home to the who’s who of celebrities. Besides an upscale neighbourhood, Juhu is home to the famous Juhu Chowpatty and prominent infrastructure megaprojects like the Juhu-Versova Link Road and the upcoming Coastal Link Road. Property values here are upward of Rs.40,000 sq. ft.

Malabar Hill

Touted as being the most exclusive address, Malabar Hill is situated at the southernmost tip of Mumbai. A few of the attractions that set this location apart are the majestic views of the Arabian Sea, the striking Nariman Point skyline, and the famous Hanging Gardens. Home to some of the most prominent figures in the country including famous celebrities and politicians, property values here are upward of Rs.40,000 sq. ft.

Cuffe Parade

A location that’s a confluence of famous shopping markets including the famous Colaba shopping district, international commerce like Mumbai’s World Trade Centre and Maker Towers, plus landmarks like the Taj Presidential Hotel, Cuffe Parade attracts the wealthy for the amenities it provides. The upcoming metro plans in the region further push up its real estate value. The property prices average around Rs.60,000 sq. ft.

Tardeo

Home to India’s richest man Mukesh Ambani, the Altamount Road in Tardeo is a prominent highway in the vicinity of busy commercial properties, and educational and healthcare facilities. The limited number of residential real estate in the area keeps its property prices high. The average property prices here range over Rs.40,000 sq. ft.

Worli

Offering a breathtaking view of the iconic Bandra-Worli Sea Link and a striking view of the city’s skyline, Worli is a region with some of the best transport connectivity, nightclubs and shopping complexes in the city. It is also home to some of the most famous power couples including Deepika Padukone-Ranveer Singh and Anushka Sharma-Virat Kohli. The property prices here range around Rs.40,000 sq. ft.

If these areas appeal to you, or if a dream home in the city of dreams is on your bucket list, Shapoorji Pallonji, with its over a century of real estate experience, brings forth an exclusive range of luxurious residences in some of the most prominent places in Mumbai with amenities that focus on connectivity, leisure, and elevated lifestyle.

Read more here: https://shapoorjirealestate.com/

Monday, November 27, 2023

What is the price of a celebrity house in Mumbai?

Spanning anywhere from 5,000 sq. ft. to 30,000 sq. ft., with properties ranging from Rs.20 crores to Rs.200 crores, celebrity houses in prime real estate areas of Mumbai can take the shape of sprawling sea-facing bungalows and penthouses covering many floors.

Akin to their lifestyle, a celebrity home extends much beyond the functional needs of a sitting area or a kitchen to include floors dedicated to home entertainment systems, private gyms and pools, temples, gardens and much more.

Mannat

Take for example megastar Shah Rukh Khan’s palatial home Mannat, a property as much as a landmark, that draws crowds from across the world for a glimpse of the superstar. Encompassing 27,000 sq. ft. with amenities ranging from a gymnasium, library and several living rooms and bedrooms, this celebrity house is estimated to be worth Rs.200 crores.

Jalsa

Another iconic celebrity home belongs to Amitabh Bachchan. Named Jalsa, this twin-storey bungalow covers 10,125 sq. ft. and includes amenities like a temple, a garden, and a terrace. Like most such properties, Amitabh Bachchan’s home caters to home and work needs alike and also includes a home office and private studies. This home is said to be worth Rs.100 crore.

Deepika & Ranveer’s Bandra home

One of Bollywood’s current power couples, Deepika Padukone and Ranveer Singh, recently purchased a sea-facing quadruplex apartment in Bandra. The properties encompass 16-19 floors of the plush residential tower Sagar Resham and span an area of around 11,266 sq. ft. The abode features an exclusive terrace and 19 parking lots. The property is estimated to be around Rs.199 crore.

Hrithik Roshan’s Juhu home

A purchase acquired by the superstar in October 2022, the property faces the Arabian Sea covers 14-16 floors of Mannat Apartments in Andheri West, and features a sky terrace. The properties span 38,000 sq. ft. and cost around Rs.97.5 crore.

Akshay Kumar’s Juhu home

The lavish sea-facing home of the megastar is located in Prime Beach, Juhu, and features several luxurious amenities including a home theatre and sprawling outdoor spaces. The property is estimated to be worth Rs.80 crore.

Living a celebrity lifestyle need not be exclusive to only celebrities. While luxurious amenities like sea-facing views, rooftop lounges, and terrace decks may seem like indulgences one can only aspire to, Shapoorji Pallonji’s extensive real estate legacy spanning several cities brings these luxuries to you with exclusive projects that cater to elevated living and state-of-the-art amenities. For an in-depth look into its extensive projects, visit https://shapoorjirealestate.com/

Quick moving tips for first & second-time home buyers

Moving to a new home is a significant milestone, filled with excitement and challenges, especially for those embarking on this journey for the first or second time. Whether it’s upgrading to a larger space or downsizing for more manageable living, a well-planned move is crucial. Here’s a quick guide to ‘the big move’ for first-time and second-time home buyers.

Planning and Preparation

1. Create a comprehensive moving plan

Start the moving process well in advance by creating a detailed moving plan. This plan should encompass all aspects, from packing to logistics and scheduling movers, to ensuring a well-organised and stress-free transition.

2. Embrace downsizing

Prior to packing, consider decluttering and downsizing your belongings. Downsizing not only streamlines the moving process but also allows you to enter your new home with a fresh perspective.

Should you hire professionals or opt for a DIY move?

1. Hiring professional packers & movers:

Research moving companies thoroughly if you choose the professional route. Ensure the companies are reputable, reliable, and possess the necessary licences and insurance. This step guarantees a smooth and secure transition of your valuable possessions.

2. The DIY move:

For those on a tight budget or who prefer a hands-on approach, the do-it-yourself move is a viable option. However, be prepared for the additional personal time and effort it may require.

Efficient packing and clear labelling

1. Adopt a systematic approach

Pack room-by-room and label each box with its contents. This not only simplifies the unpacking process but also ensures quick access to essential items.

2. Pack your essentials separately

To make the first few days in your new home more comfortable, pack a separate bag or box with essential items like toiletries, a change of clothes, and important documents.

Let everyone know about the move

1. Inform utility companies and service providers

This includes your internet providers, utility agencies, and other service providers that frequent your home. This ensures a seamless transition of services, allowing you to settle into your new home without disruptions.

2. Update your address

Notify the post office, banks, insurance companies, and other vital institutions about your change of address. Updating your address on official documents, subscriptions, and accounts helps avoid any potential disruptions.

Additional insights

As a trusted name in real estate, Shapoorji Pallonji Real Estate goes beyond the move itself. We understand that a new home is not just a physical space but a canvas for creating lasting memories. The journey to a new home should be as seamless as possible. By incorporating these tips into your moving strategy, you can transform the transition into a smooth and stress-free experience.

Explore the diverse and thoughtfully designed properties by Shapoorji Pallonji Real Estate to find a home that perfectly complements your lifestyle. Visit our website at https://shapoorjirealestate.com/ to embark on your journey to a new beginning.

What is a Reverse Mortgage Loan?

Reverse Mortgage Loans (RMLs) have emerged as a financial lifeline for senior citizens, aged 60 and above, providing them with a unique opportunity to access funds while retaining ownership and occupancy of their homes. These loans, offered by Primary Lending Institutions (PLIs) such as Scheduled Banks and Housing Finance Companies, are designed to cater to the specific needs of the elderly.

Key features

Reverse Mortgage Loans do not involve monthly repayments, as borrowers are not required to service the loan during their lifetime. The loan amount is determined based on the property’s value, the borrower’s age, and prevailing interest rates. Payments can be received through various disbursement options, including lump-sum, periodic payments, or a line of credit.

The maximum loan period is 20 years, during which the borrower can utilise the funds for purposes like home improvement, medical expenses, and more. However, speculative or business-related use is not allowed. Property valuation occurs at least once every five years, potentially leading to adjustments in the loan amount.

RMLs offer a ‘no negative equity’ guarantee, ensuring that borrowers or their heirs will never owe more than the property’s net realisable value, provided loan terms are met. In the event of the borrower’s death or permanent departure from the property, the loan is repaid along with accumulated interest, either through the sale of the property or voluntary repayment by the borrower or heirs. Prepayment is also an option without any associated levy.

Taxation

Addressing taxation concerns, the Income-tax Act has been amended to exclude reverse mortgage transactions from the definition of a transfer, preventing the imposition of capital gains tax. Additionally, the loan amount received is considered a capital receipt and is not included in the individual’s total income. Income tax, in the form of capital gains, becomes applicable only when the mortgaged property is alienated for loan recovery purposes.

Conclusion

Reverse Mortgage Loans stand as a secure financial tool for senior citizens, offering a means to unlock the value of their homes without the burden of immediate repayment, coupled with tax-friendly provisions that safeguard their financial interests. With features like flexible disbursement options, property valuation, and a ‘no negative equity’ guarantee, these loans offer a secure avenue for elderly homeowners to meet their needs.

For those looking to explore homes in Pune, Mumbai and Howrah, Joyville Homes by Shapoorji Pallonji stands as a trusted name in the industry. To discover the exemplary properties they offer, visit – https://www.joyvillehomes.com/

Empower your financial journey and secure your future with the right blend of financial instruments and real estate possibilities.