Category Archives: Development

i-ville at Jagatpura: An epitome of luxurious living.

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i-ville @ Jagatpura: An epitome of luxurious living.  

Jaipur, renowned over the world for its architecture and town planning is basically a traditional town with small population and flourishing business was until few years back was cramped into constrictions of ramparts of old city. With the passage of time and its proximity to National Capital initiated a surge in population of city and resultantly the walled city got over-crowded and people had to look for other options to set up their habitats.

The southern stretch of any city is considered to be more posh then the stretches in other direction and Jagatpura is one such location. Situated on the South-Eastern tip of Jaipur, Jagatpura with its own railway station where some passing trains halt and more are in the offing for a halt is in proximity to Sanganer International Airport. Jagatpura has many reputed Universities and Colleges to its credit. It is also site for two Medic Cities promoted by Reliance group and Bombay Hospital. Apart from being an educational and medical hub, Jagatpura with sound and developed infrastructure has attracted many housing projects of repute. Jagatpura is a location having high class urban facilities with rustic surroundings. It is one of the green lungs of Jaipur

It is here that Anukampa Group, one of the pioneer Real-estate groups of Jaipur has launched its new high end residential project, i-ville with loads of features which makes it a inevitable buy for people looking for a serene environment coupled with world class features. It is located opposite to NRI Colony. A housing agglomeration of 175 units in G+9 structure , i-ville, has Studio, 1 BHK,  and 2 BHK flats sized at 427.64 sq. Ft., 699.71 sq. Ft. and 1048 sq. Ft. respectively.

The pre Launch Price will be Rs. 3300 per sq ft. with Rs. 25000 as LPG charges. There will be one time Maintenance deposit of Rs. 250 per sq. ft. along with Electric Substation charge of Rs.60 per sq. ft. PLC charges will be 10% on pool facing and garden facing flats to be charged on BSP. If opting for fully furnished flat, an additional Rs. 350 per sq. ft. will provide with 1 AC in Bedroom or Living room, Bed, Sofa, Dining Table, Geyser, LED, Microwave and Wardrobe.  Fan, Tube lights, Exhaust fan and Modular Kitchen is provided in every flat. An additional Car Parking charge of Rs. 1 lakh for open parking, Rs. 1.5 lakh for basement parking and Rs. 2 lakh for stilt parking is payable.

This price offer is valid till 31st. March 2016 or for first 50 flats whichever is earlier. So avail this attractive offer for a niche world class living in the healthy and green environs of Jagatpura created by ever dependable Anukampa Group.

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Tax benefits on home loan 

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Few years back, people with moderate income, either inherited a home which was built by their predecessors or if they planned to build a house it was only when they got their annuity amount or got substantial money as an inheritance. The tax incidence on construction of a house was too high and there were not enough tax benefits attached to the same. Middle class people only day-dreamt about owning a proper house, it was the prerogative of rich or well off people to get a house constructed for themselves and their family.

The scenario changed with the liberalisation of Indian economy and housing was shortlisted as one of the thrust sector for revival of economy and accordingly required measures were taken to push up the things for housing sector. Apart from easing of home-loan process and interest rates, one of the push-ups to the housing sector given by Government was benefits in regard to Income-Tax. Here we shall give a short synopsis of few deductions to be claimed in regard to home loan:

Paid Interest will be treated as loss: The interest component of the EMI’s paid for the home loan will be treated as loss to the assessed and accordingly will be deducted from his income. This deduction will be effected from the year in which the construction of the home is complete. A maximum deduction of Rs. 2 Lakh can be claimed in regard  to home loan for the home used as own residence and if the property is rented then entire interest amount for the year shall be deducted.

Tax Benefit

Is deduction available on principal repayment? : The repayment of principal amount of home loan also falls under the purview of deduction factor. The part of EMI which is repaid as Principal amount is eligible for deduction u/s. 80C of Income tax. However, a maximum amount of Rs.  1.5 Lakh will be eligible for deduction.

Even Stamp duty paid and registration charges will be eligible for deduction: Section 80C also allows the amount paid towards Stamp duty and registration charges as deduction for the year the payments were made.

Pre-construction interest is also eligible for deduction: Along with, the deduction of Interest paid with EMI’s starts with the financial year the construction is over, the deduction for pre-construction interest can be claimed from the same year. However, it shall not be more than Rs. 2 lakhs for the house used as residence, divided in five equal instalments.

Importance of location while buying a house!

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Whether you are purchasing your home as an investment, a lifestyle upgrade or both, one of the most important decisions you will make is where you want to live. Your home’s location will help determine not only the future value of your investment, but also many aspects of your everyday life.

Here are some factors you should consider carefully when selecting a location.

Geographic Location

The part of the city you choose to live in will have a major impact on your lifestyle. Particularly if you want to stay in your home for a long time, make this decision very carefully, taking into consideration the factors that are most important to you, like proximity the city centre, connectivity, distance from airport / railway station, etc.

Neighbourhood

Within a particular area, different neighbourhoods will have different characteristics. You’ll want to pick the one that is the closest fit to your lifestyle and personality – a place where you’ll feel comfortable and where you are likely to get along with your neighbours. You’ll also want to try to live close to the places you visit frequently, like grocery stores, your job (if you plan to keep that job long-term), and, if you have kids, the schools you want them to attend.

Safety

For most people, safety is a top consideration. You’ll often pay less to live in an area with higher crime, but if you’ll have to live in fear or if you one day become a victim no price discount will be worthwhile. It may also be harder to resell your home or get a good price for it if you decide to sell.

Proximity to Work

The length of your daily commute can have a significant impact on your disposable income, quality of life and how much time you get to spend at home with your family. How long of a commute can you endure? Are you planning to stay at your current job long-term or do you expect to switch jobs in the near future? If you plan to stay at your current job, how close to work do you want to live? If you plan to switch jobs, what are the job prospects in or near the area where you’d like to live?

Proximity to Friends and Family

The best home may not feel very homey if you live too far away from your friends and family to see them on a regular basis. On the other hand, your friends and family might end up moving at some point, so make sure this isn’t your only reason for choosing a location.

Proximity to Leisure Activities

What do you enjoy doing in your free time? If you love to go out to eat, you might not be happy living somewhere with few restaurants. On the other hand, if your favourite thing to do is stay home, you might have more choices available to you when it comes to this aspect of choosing your location.

Visit During the Day and at Night

What a neighbourhood looks like on paper and how you feel when you’re in it is not necessarily the same thing. Sometimes little details can make a big difference. For example, some neighbourhoods have narrow roads, lots of cars parked on the street or distinctive architectural features that may not suit your taste. If these things aren’t what you envisioned in your ideal neighbourhood, you may not want to live there no matter how great the statistics may be.

What are the types of Home Loans available?

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Land Purchase Loans: Land purchase loans are taken to buy a plot of land on which a borrower wishes to construct his house. Most banks offer up to 85 percent of the price of the land. These loans can be availed for residential as well as for investment purposes. Almost all leading banks offer this loan.

Home Purchase Loans: The home purchase loans are the most popular and the most commonly available home loan variants. These loans can be used to finance the purchase of a new residential property or an old house from its previous owners. In this type of loan also, lenders usually finance up to 85 percent of the market value of the house. These loans are provided either on fixed interest rates or floating interest rates or as hybrid loans. All banking institutions and housing finance companies provide this type of loan.

Home Construction Loans: These loans can be availed by those individuals who want to construct a house according to their wishes rather than purchasing an already constructed one. The loan application and approval process for home construction loans are somewhat different from those of the commonly available housing loans. The plot of land on which the borrower wishes to construct the house should have been bought within a year for the cost of the land to be included as a component for calculating the total price of the house. If the plot has been purchased more than a year ago, then the above clause is not applicable. The borrower has to make a rough estimate of the cost that will be incurred for the construction of the house and then apply for the loan with the same amount. The lender then takes over from there and analyses the application to decide whether or not to sanction the loan. The approval or disapproval of the same is intimated by the lender to the applicant. The loan amount may be disbursed at one go or in several installments according to the progress in the construction of the house.

Home Expansion/Extension Loans: Home expansion or extension loans are useful in situations when people want to expand their existing house. Expansion includes alteration in the current structure of the residence to add extra space such as constructing a new room, a floor, a bigger bathroom or enclosing a balcony. Though many banks provide loans for these purposes as part of home expansion loans, some banks lend for the same purposes as part of their home improvement loans. It depends on how a bank has categorizes its loans.

Home Improvement loans: Home improvement loans are availed by individuals who already own a house but lack the funds to renovate it. All kinds of renovations and repair works can be financed using this variant of home loans such as internal and external painting, external repair works, electrical work, waterproofing and construction of underground or overhead water tank etc.

Home Conversion Loans: Those borrowers who have already purchased a house by taking a home loan but now want to buy and move to another house opt for the home conversion loans. Through these loans, they can fund the purchase of the new house by transferring the current loan to the new house. There is no need to repay the loan on the previous home. Though useful, this segment of home loans is accused of being quite expensive.

NRI Home Loans: NRI home loans is a specialized home loan variant which has been developed to assist non-residents in acquiring housing finance to buy residential property in India. These loans are meant exclusively for the non-resident Indians. The formalities of availing this segment of home loans is similar to the regular home loans, which are offered to residents, only the paperwork is a bit elaborate. Almost all public and private sector banks provide NRI home loans.

Balance Transfer Loans: Balance transfer option can be availed when an individual wants to transfer his home loan from one bank to another bank. This is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing lender and wants to switch to another lender.

Stamp Duty Loans: Stamp duty loans are provided to pay off the stamp duty charges on the purchase of a property. The amount from this loan can be used solely for this purpose. This segment of home loans has yet not gained much popularity.

Bridged Loans: Bridge loans are short-term loans, which are meant for people who already own a residential property but are planning to buy a new house. It helps borrowers to fund the purchase of the new house until a buyer is identified for the old house. It is extended for a period of less than two years and requires the mortgage of the new house with the lender.

What is rainwater harvesting? Why do you need it in your building?

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Rain water harvesting

Rain water harvesting

Rainwater harvesting is a technology used for collecting and storing rainwater from rooftops, the land surface or rock catchments using simple techniques such as jars and pots as well as more complex techniques such as underground check dams. Commonly used systems are constructed of three principal components; namely, the catchment area, the collection device, and the conveyance system.

Why do you need it?

Buildings with the facility of rainwater harvesting seldom face issues in water supply. The technique provides an independent water source used to supplement the main supply. It does not only provide water in case there is a short supply, but can also help mitigate flooding of low-lying areas, and reduce demand on borings and wells, which may enable ground water levels to be sustained. It also helps in the availability of potable water, as rainwater is substantially free of salinity and other salts. Thus, it helps you live in an eco-friendly, sustainable environment.

Advantages

Rainwater harvesting is an accepted freshwater augmentation technology in Asia. The bacteriological quality of rainwater collected from properly maintained rooftop catchment systems, equipped with storage tanks having good covers and taps, is generally suitable for everyday use, and frequently even meets WHO drinking water standards. Notwithstanding, such water generally is of higher quality than most traditional, and many of improved, water sources used in our cities. Contrary to popular beliefs, rather than becoming stale with extended storage, rainwater quality often improves as bacteria and pathogens gradually die off.

As a residential society, buildings often execute higher pressure on the regular water supply in that area. Thus, making sure the building you live / move in has an alternative clean water supply system of its own, such as rainwater harvesting, assures an uninterrupted supply of fresh water throughout the year.

How are Maintenance Charges Calculated?

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There are different procedures or methods adopted by an association or society for collecting monthly maintenance fee. Some of the important practices that are prevalent are following.

  • Flat monthly fee:
    Under flat monthly fee, apartment owner’s association or society calculates sum or total maintenance charge and divides equally among all flat owners. This system is generally followed where apartments are of the same size.
  • Per Square feet rate:
    Under this method, rate or fee varies depending on square feet owned by apartment owners. Larger the square feet owned, higher will be the monthly maintenance fee. This is widely practiced in Apartment societies with different sizes of apartments.
  • Partial flat rate:
    Under this method, association or society charges flat rate for a limited square feet and each additional unit will be charged extra. For e.g.: Flat owners who owns up to 1000 sq ft will be charged fixed rate and for addition of 100 sq ft, will be charged 2 per cent extra. In this case, all flat owners with 1000 sq ft pay equal amount but flat owners of 1100sq ft, 1200 sq ft and 1500 sq ft pay different amount towards monthly maintenance fee.
  • Mixed approach:
    It’s a central approach to maintenance charging. Generally followed in apartment societies with variable sized apartments. Here there is a per square feet charge, which is generally low plus total expenses divided equally among the flats.

The common expenses will include the amounts determined to be payable as such by the Society or Association. It includes expenses such as expense of administration, maintenance, repair or replacement of common areas and facilities. So long as there is no dispute, any system acceptable to all the apartment owners can be implemented on the basis of agreement or consensus.

Method of calculating maintenance fee varies depending on the agreement or byelaw of an association.

What is Carpet Area and how is it calculated?

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Simply put, Carpet area is the area between the walls, that is, the actual area to lay the carpet on. This area does not include the thickness of the inner walls. It is the actual used area of an apartment or commercial unit. Additionally, carpet area must have a permanent roof over it, at a normal height.

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Carpet area is calculated by multiplying dimensions of a room, i.e. length x width. We get the total carpet area by adding carpet areas of all the rooms, varandas, passages, gallery inside the main door and balconies.

Depending upon the builder practice, carpet area may be 50% to 70% of the saleable area. It is used to calculate the cost of the property you’re buying. So, if you’re planning to buy an apartment or an office, always check the ratio of carpet area to the saleable area; because higher the ratio, the better value you get for your money!

There are other terms as well, that will help you size up the value of space you’re getting for the price you’re paying. These are: built up area and super built up area, about which we’ll talk in the upcoming blogs. So if you found this information useful, do follow us and share the post with your friends.

Invest in Jaipur, invest in the future.

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The Pink City of Jaipur is being viewed by experts as the closest alternative to Gurgaon! The city, while imbibing all the benefits of a big city, also shuns the drawbacks of big cities like pollution, traffic jams and land saturation.

The city is expected to emerge as one of the ten mega-cities of India’s Future.

It has already become a favourite of national and international IT firms and even the major Indian and international MNCs are setting up their feet here.

Prestigious projects including, Mahindra’s 3,000 Acre SEZ, Anil Ambani’s Mega City Development Plans and Hero Honda’s INR 700 Crore plant are in the city’s developmental pipeline!

Several international hospitality chains including Marriott, Radisson, and Hilton have already established themselves here.

What more, by also becoming a major centre of educational excellence and the setting up of schools, colleges and universities of national repute, it has become a perfect platform to grow and nurture talent for the collective growth of the city.

The Advantage

Jaipur is very strategically located at a 4-hour drive from Delhi on the Delhi-Mumbai Highway. With an efficient transport network that offers connectivity via all means of transportation, and the development of the metro link, it serves as the perfect destination to set up shop with both national and international operations.

With the positive development and rich future potential, Jaipur is seeing a massive boom in the real estate sector, which is collectively benefitting the builders and investors of the region. This presents you with the perfect opportunity to invest in property, and watch your investment grow manifold.