Wednesday, December 20, 2023

Stamp Duty and Registration Charges in Mumbai 2024

 

Mumbai city is a prime real estate market. The influx of urbanisation, commercial and professional opportunities, hubs for multi-national businesses and improving connectivity become factors in pushing the property margins up. With land becoming a scarcer and more valued commodity, every sale or purchase is a significant contribution to the revenues of the government of Maharashtra.

Two of how the government earn with the sale of properties are stamp duties and registration charges. Take for example what occurred in 2020. When the real estate industry faced a slump, the Maharashtra Government reduced stamp duty charges from 5% to 2%. This led to a boost in property sales.

For a home buyer in Mumbai, in addition to the two fees, they have to pay an additional 1% extra stamp duty in the form of a metro cess tax. In total, this raises the tax to up to 6%.

Understanding Registration Charges

Registration charges are the fees paid for registering the property under the buyer’s name. This process provides legal sanctity to the property transaction.

Understanding Stamp Duty in Mumbai

Stamp Duty functions as a property tax where a tax is imposed by the state government on purchasing a property. Maharashtra pays some of the highest stamp duties in the country. To understand the amount you would have to pay in duties is dependent on several factors, including:

Property type: The tax applicable to commercial properties exceeds that of residential homes as commercial properties include several additional features and amenities compared to a residential property.

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 takes into account both the total area and the market value of the property.

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.

The Maharashtra government has given special consideration to investors looking to invest in properties in Mumbai by extending the stamp duty waiver for up to 3 years. They now have the opportunity to receive a waiver on stamp duty for resales made within three years of acquiring their property. In these transactions, the stamp duty applies only to the price difference of the property, rather than the entire amount.

For farmland, agricultural land, or residential property, the stamp duty for a gift deed passed on to family members is Rs 200, while for non-family members, the stamp duty is three per cent of the property cost.

Members of housing societies looking to undergo redevelopment are not required to pay stamp duties. At most, they will be required to pay Rs. 100 while the conveyance deed between the developer and the housing society will remain in effect.

Stamp Duty and Registration Fees for 2023–2024

Depending on the location of the property, the duties vary. For areas in gram panchayat regions, the taxes cost 3% of the market value, whereas the municipal regions of urban areas come to about 5% of the market value.

The Maharashtra Government charges a fixed amount of Rs. 30,000 if the retail value of a property is above Rs 30 lakh. However, if the property costs below Rs. 30 lakh, the registration charge is 1% of the property value.

The existing stamp duty rates stand at 5% for men and 4% for women, while registration fees are set at 1% of the property value. In Mumbai, the stamp duty is elevated at 6%, accompanied by registration charges of 1% of the property value.

While these are the current trends observed, the rates can change depending on the ongoing conversations around the cess charges and the appeals for its withdrawal from citizens and realtors as it places further strain on both.

Explore Joyville Homes affordable flats Near Mumbai -

Originally published at http://realestateandepc.wordpress.com on December 20, 2023.

Monday, December 11, 2023

How are sea ports constructed?

 

New Owendo International Port Gabon, 2019
New Owendo International Port Gabon, 2019

Seaports are port facilities where ships load and unload cargo and passengers. Seaports are built adjacent to the coast. Not every coastal region is appropriate for this kind of building, though. Construction of ports involves extensive planning, funding, and labour in addition to execution and delivery experience. 

We shall examine the various factors to be taken into consideration in the construction of seaports.

Requisites of Seaports:

  1. Large financial commitment: Building a seaport is a costly endeavour that calls for a sizable financial commitment from the project owner. In addition, the building may involve the purchase of property, dredging, reclamation of land, specialist tools, and other significant costs that increase the required funds.
  1. Project planning: A thorough analysis of several aspects, such as the environment, economy, finances, and technical viability, must be done. Following the feasibility study, the location needs to be chosen, evaluated, and approved. The judgement about the necessity of dredging is also included in the finalisation. At this point, obtaining regulatory clearances can also be necessary.
  1. Dredging: Dredging occurs after the specifications have been finalised. Deepening water channels and berthing sites to make room for larger vessels is known as dredging. To make a navigable channel, this operation clears the sea bottoms of silt and debris.
  1. Construction: Building docks, piers and quays large enough to hold the vessels is usually the first step in the construction process. The installation of freight handling equipment, such as cranes and conveyor systems, comes next. Along with the construction of navigational aids like lighthouses and channel markers, storage rooms and warehouses must also be built.
  1. Putting security measures in place: The next stage is to create strong security models that incorporate fences, surveillance centres, and other elements.
  1. Commissioning: After elaborate construction, the seaports undergo testing and commissioning to ensure all aspects of the seaport are working well.

This is the general procedure used to build seaports. One of the most well-known port construction companies in the world, Shapoorji Pallonji has built landmarks all around the globe. Over its more than 150-year history, Shapoorji Pallonji has constructed numerous ports, jetties, and marine projects. Go to www.shapoorjipallonji.com to find out more information about Shapoorji Pallonji.

Top 10 Real Estate Companies In Mumbai 2024

 real Estate Companies In Mumbai

Mumbai has continuously been one of India’s fastest-growing real estate markets. This is because it is the financial hub of India and a popular destination for migrants and job seekers from other Indian cities. The post-pandemic economic recovery and the government’s beneficial policies have resulted in high demand for new residential projects. Indian Express reports that in August alone, Mumbai collected around 810 crore in income from over 10,000 registrations.

Credit also goes to well-known real estate developers who have built gorgeous, ultra-luxurious properties and affordable homes that appeal to different buyer demographics.

We will explore some leading real estate firms in Mumbai and their projects.

  1. Shapoorji Pallonji Real Estate

Shapoorji Pallonji is one of the oldest construction enterprises in India, founded in 1865. With the first-ever residential complex in Mumbai to feature a swimming pool, they made their foray into the real estate market. They have since built other renowned residential developments across the nation. Shapoorji Pallonji has created premium properties like The OdysseyThe Minerva, The Designate, BKC 28, Vicnia, and Joyville Virar in Mumbai. 

Website: https://www.shapoorjipallonji.com/business/RealEstate

  1. Lodha Group

Founded in 1980, Lodha Group is one of Mumbai’s most well-known real estate companies. Like Shapoorji Pallonji, Lodha has developed premium residential properties all over India. Some of their projects include Bellissimo, The World Towers, and Lodha Altamount, among others.

  1. Godrej Properties

Godrej Properties Limited, a subsidiary of Godrej Industries Limited, was founded in 1990. They have constructed many projects in Mumbai, including Godrej Avenue Eleven, Godrej Bliss Kandivali, and Godrej Five Gardens, among others.

  1. Rustomjee 

Founded in 1996, Rustomjee has built over a million square feet of residential and commercial spaces. Some properties you should check out are Rustomjee Erika, Rustomjee Crown, and Rustomjee Elements, among others.

  1. K Raheja Group

The K Raheja Group is another real estate company with state-of-the-art developments in major cities of India. They have constructed luxury projects like the Raheja Ascencio, Raheja Vivarea, Raheja Vihar, and the Raheja Vistas in Mumbai.

  1. Oberoi Realty

Another stellar real estate company, Oberoi Realty, has constructed some of the most luxurious and modern residential projects in Mumbai. Some of them include the Thirty Six West, Oberoi Garden City, and the ongoing Sky City in Borivali.

  1. JP Infra

One of the most prominent developers in North Mumbai, an area that has seen rapid growth in demand for residential projects, JP Infra has constructed projects like North Barcelona, North Garden City, North Celeste, and North Imperia in Mira Road. Along with these projects, JP Infra has also built the Unity Towers in Worli and JP Decks in Goregaon.

  1. Hiranandani Developers

Founded in 1978, Hiranandani Developers have built some of the most desirable properties in Mumbai like the Hiranandani Garden in Powai and the Hiranandani Heritage in Kandivali.

  1. Piramal Realty

With over 13 million square feet of residential spaces constructed to date, Piramal Realty is another big player in Mumbai’s real estate sector with properties like Piramal Mahalakshmi, Piral Aranya, and Piramal Revelta.

  1. Sunteck Realty

Sunteck Realty has about 32 properties in Mumbai that focus on providing luxury to aspiring homeowners with projects ranging from beach residences in Vasai to the uber-luxurious apartments at Signature Island in BKC. They aim to provide a sophisticated living for all budgets through projects across the city.

Stamp Duty and Registration Charges in Pune 2024

 

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

 

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

Juhu, Mumbai

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

Bandra-Worli Sea Link

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/