HOMEBUYER'S CORNER
The Rise of Mumbai’s Real Estate
The past few decades have witnessed a meteoric rise in the prominence of Mumbai’s real estate sector. The rising demand increased investment opportunities and appreciation of the value of the properties have put Mumbai on the map in league with top-tier metropolises around the globe. Mumbai’s real estate is gradually developing as an alternative for global investors seeking value investment and home seekers aspiring luxury and comfort. Conscious planning, efficient transport & connectivity, and a high standard of living are strong indicators of the flourishing impact and opportunities for the real estate industry. Today, Mumbai is the designated frontier for a fast-paced yet premium & luxurious lifestyle.
Why own a home in Mumbai?
Why own a Shubham Group home?
FREQUENTLY ASKED QUESTIONS
Here’s a quick guide to help you get started on your home buying journey.
Determine your budget, number of rooms required (2,3BHK etc.), location, neighbourhood and preferred amenities.
Prepare a list of your own home’s characteristics and features you dream of.
Consider your financing alternatives, like whether you should opt for a home loan depending on your income, credit score and liabilities or is this purchase dependent on an asset sale.
Before settling on the best builder for you requirement, conduct extensive background checks on the track record of the developer.
TDS or tax deduction for the purchase of property excluding agricultural land.
Stamp duty is the tax paid for the legal registration of property. It is borne by the buyer of real estate.
Service Tax is applicable if the property is being purchased from the builder who has acquired and constructed the project before offering possession to the buyer. Service tax is not applicable if a ‘ready to move in’ property is purchased from the seller.
VAT varies in each state. For Mumbai and Pune, VAT is paid at 1% on ‘agreement value,’. The tax is controlled by the VAT law’s definition of a “work contract.” The party responsible for the costs is expressly specified in the selling agreement.
RERA stands for Real Estate Regulatory Authority, a Government of India initiative established in 2016 with the intent to protect home buyers and promote transparency in the real estate sector. The objective of this institution is to eliminate the discrepancies and challenges of the real estate sector with uniform, transparent and accountable procedures that mutually benefit home seekers and property developers.
Before purchasing a new property, inspect and confirm the availability of the following documents: Sale deed, Title deed, Approved Building Plans, Commencement certificate for under-construction properties, Encumbrance certificate, Latest Tax Receipts, and Occupancy certificate.