Luxury Homes in Panvel

NOW, WALK IN THE CLOUDS Imagine that elusive cloud 9 feeling, high up in the air, amidst the ethereal ambience of white floating in the limitless expanse of soothing blue. The symphony of tranquillity tickling every nerve in your body making you oblivious to the stresses of a happening city below. Balaji Symphony, a luxurious Property in Panvel is your very own exclusive oasis tucked away in the Sky, offering you lifestyle amenities at par with the best in the world. It is poised to become Navi Mumbai’s new iconic landmark. A creation of path-breaking design and meticulous planning, Balaji Symphony, developed by renowned Builders in Panvel - Vishesh Group, represents the next generation of residential splendor. The project is a brainchild of Vishesh Group, acknowledged today as amongst the most visionary builders and developers in Navi Mumbai. True to the name, the Vishesh projects are designed to be ‘Vishesh’ from all angles. The first impressions are mesmerizing, th

Owning a home is a dream for many and being able to buy a home early in one’s career, can give you lots of joy. Experts point out that very few youngsters take the plunge into this big purchase, as the entire process is often challenging and complex. Although it may seem like a challenging task, if the process is managed smartly, the benefits are worth it. “A house is one of the most expensive investments, as compared to other purchases. Hence, buying such an appreciating asset early, helps in correctly setting one’s financial goals. Earlier the investment, higher the opportunity to reinvest and multiply your returns,” says Samson Arthur, branch director – Hyderabad, Knight Frank (India) Pvt Ltd. Benefits of buying a home in the 20s For a millennial, buying a home is an investment in the financial future, says Rajat Johar, head of residential services, India, CBRE, who explains some of the advantages of buying a home in the 20s: Future investment: It allows youngsters to in

In India, considerable significance is attached to the ownership of property. While for the rich, it connotes a sense of power and prestige, for the vast majority of the middle-class population, it is a cherished dream and unfortunately, for the less privileged, it is a luxury beyond reach. While some countries have simplified the process of buying property, including the authentication of ownership documents by the government, in the Indian context, the process of identifying the right property is fraught with several risks, legal and regulatory hurdles. Buyers are often at the mercy of brokers or builders and motivated to make decisions, by the promise of exponential returns or irresistible offers. However tempting and lucrative the prospect may appear, it is imperative for the buyer to exercise due caution and obtain appropriate legal advice, to safeguard his interest before buying a property. 1. Verification of title and ownership of the seller It is a settled legal princi

Vishesh Group presents "Balaji Symphony" is one of the best Luxury residential development in Panvel, Navi Mumbai, provides lavish and luxurious developed 1.5 BHK, 2 BHK and 3 BHK Flats in Panvel . The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. This township is spread across 10 acres of area with 11 Luxurious Residential Towers of 33 storeys & 2000+ flats of 1, 1.5, 2 & 3 BHK.

The Maharashtra cabinet, on March 5, 2019, cleared a 29- kilometre metro line for Thane, which will be implemented by the Maha Metro, on behalf of the Thane Municipal Corporation. A statement from the chief minister’s office said the project will take four years to be completed and will be built at a cost of Rs 13,095 crores. Of the 29 kms, 2.2 kms will be underground and the rest will be elevated, it added. Guardian minister of Thane Eknath Shinde, said the cabinet has approved the proposal and it will help decongest the densely populated areas of the city. It will have 22 stations and is projected to have a daily ridership of 5.76 lakhs , once commissioned and its fares will range from Rs 17 to Rs 104, an official said. The metro will start from the New Thane metro station in the old city area and will connect to the Wadala-Kasarvadavli Metro at two places, namely the New Thane station and Dongripada. It will also have a link to the Thane-Bhiwandi-Kalyan Metro Line 5 at Ma

Stamp duty is a state subject and is administered by the respective states. The government of Maharashtra, on March 1, 2019, announced an amnesty scheme with respect to the penalty that can be levied for insufficient payment of stamp duty made in the past. The scheme is available only for certain real estate transactions. Stamp duty in Maharashtra and existing penalty provisions When you enter into any transaction of immovable property, whether it is a lease or sale or mortgage of the property, you are required to pay appropriate stamp duty on the agreement under which such transaction is being done . You are also required to register the document with the office of the registrar. In case adequate stamp duty is not paid with respect to any instrument, the instrument is not accepted as evidence in any legal proceeding. Moreover, such inadequately stamped documents can also be impounded by the judicial authority, as and when submitted as evidence. In order to rectify any suc

The proposal to reduce the Goods and Services Tax (GST) rate on under-construction projects, will have positive implications for the sector. Considering that the modest turnaround witnessed in 2018 was driven primarily by sales of completed projects, which do not attract GST, the reduction in GST on under-construction projects will be a strong impetus for the growth of the real estate sector in 2019. While the removal of Input Tax Credits (ITC) may reduce developers’ profit margins in the short term, the revived demand for under-construction projects will offset the impact of this, over the long term. GST on real estate: Impact of the earlier high rates The previous GST rate was a deterrent for home buyers. Developers had been looking to incentivise sales of under-construction projects, with special offers and discounts. The new rate reduces the pricing disparity between under-construction and completed projects. The new tax structure will allow a more balanced sale of invento

For the sale of an immovable property, generally two types of agreements are made – an agreement for sale and a sale deed or sale agreement. The agreement for sale is required to be stamped and registered, as per the law of registration. There may be a delay between the date of registration and execution of the agreement. It is generally believed that on registration of an agreement, the rights in the property always get transferred from the vendor to the purchaser. However, this perception is not always right. The Bombay High Court recently had an occasion to deal with this question, in the case of The Principal Commissioner of Income Tax-25 Vs M/s Talwalkars Fitness Club, which was decided on October 29, 2018. Agreement for sale versus final payment: Decision of the Income Tax Tribunal M/s Talwalkars fitness club had agreed to sell a flat for Rs 2.2 crores and had received an advance of Rs 20 lakhs against the deal. The agreement to sell was executed on February 14, 2011 an

There are various sources from where one can fund the purchase or construction of a house – from borrowing from friends and relatives, to taking a home loan. Salaried people, who are contributing to their provident fund, have an additional avenue to fund their home buying. One can withdraw from the balance in the provident fund account, subject to certain conditions and within certain limits. The withdrawals can be used for various purposes like buying a plot of land or a house (ready-to-move-in or under-construction) or for constructing a house. The scheme also allows you to withdraw your EPF balance to repay your home loan. For purchase of a house or plot or for construction of a house An employee who has completed at least five years of contribution to his provident fund account, can withdraw money for the purchase of a plot and/or construction or purchase of a house. The amount can be withdrawn for the construction of a house on the plot of land owned either by you or by yo

When a non-resident Indian (NRI) opts to purchase a property in India, there are several regulations that govern how such a purchase can be financed. Sources, for financing a real estate investment in India, for NRIs The money for purchasing a property in India, has to come through banking channels only. Consequently, the payment cannot be tendered in the form of traveller’s cheque or foreign currency. An NRI can also use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India. NRIs are allowed to purchase property in India, by availing home loans in Indian rupees, from banks or housing finance companies. The home loan can also be granted by the Indian employer of the NRI employee, for the purpose of financing of the property. How can NRIs obtain a home loan As NRI investment in Indian real estate is only allowed in residential or commercial properties, banks

Self-redevelopment of old, dilapidated housing projects in cities like Mumbai is a much-talked-about phenomenon and is rapidly catching on, because it is in many cases a practically possible proposition. Self-completion of stalled projects is, however, another ballgame altogether. The issue of stalled or delayed projects, is one of the major pain points of the Indian real estate sector. With buyers feeling the heat of delays, it is not surprising that some are now considering completing the projects themselves. This is possible if the project in question has sufficient cash flows but is delayed for other reasons. Rather than being victims, some buyers prefer to take matters into their own hands and are forming groups, hiring contractors and even consulting with government authorities, about the process of completing their projects themselves. The challenges of self-completion Realistically speaking, it is a mammoth task to build a real estate project and only experts within

There are a number of income tax provisions, which link the benefits with the time taken to complete the construction of one’s property. Deductions pertaining to repayment of the principal component of a housing loan Section 80C provides tax benefits on the repayment of a home loan’s principal component, up to Rs 1.50 lakhs. In case of an under-construction property or for self-construction of a property, your EMIs do not start till the entire loan amount is disbursed and this generally coincides with the completion of construction. In case of any inordinate delay in construction, your EMI may start even before completion of the construction. In such a situation, you will not be able to claim tax benefits on principal repayments, as the same is allowable only in respect of a property, income from which is taxable under the head ‘income from house property’. Unless the property is completed and its possession taken, the same cannot become taxable. Therefore, in case of such

As announced during the interim budget 2019, the GST Council has reviewed the Goods and Services Tax (GST) rates on the real estate sector. Accordingly, the developers of residential projects which are incomplete as on March 31, 2019, will get a one-time option to either choose the old GST rates of 8% and 12% on affordable housing and non-affordable housing, respectively, with input tax credit (ITC), or to shift to the new 1% and 5% rates, for affordable housing and non-affordable housing, respectively, without the ITC. Higher GST with ITC or lower GST rates without ITC: What will developers choose? With the input tax credit being taken away, there will be an immediate cost implication for developers. However, it is up to the developers to decide if they want to clear their existing inventory by adopting the reduced rate regime, or stick to the previous arrangement should their profit margins be tighter and if they are confident of clearing the inventory at higher GST rates

Recently, Navi Mumbai was graded the second-best city to reside, in the ‘Ease of Living Index 2018’, launched by the Union Ministry of Housing and Urban affairs (MoHUA). Also, JLL India, in their report ‘Livability Quotient – A Paradigm Shift in India’s Emerging Cities’ had identified Navi Mumbai as one of the best satellite towns, offering relief from the growing densification problems of Mumbai. This reinstates the fact that Navi Mumbai is a well-planned and managed city, at par with international and national standards. Navi Mumbai was developed with an intent to decongest Mumbai and one node in Navi Mumbai that is developing in a similar manner, is Panvel. “Paucity of land and rapid urbanisation in Mumbai, are resulting in a roll-on effect and directing investors to turn towards emerging areas, which could ‘peak’ in the coming years. As more locations continue to go out of the reach of a certain cross-segment of buyers, Panvel is emerging as a favourite for buyers. The