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There are some good and beneficial features for those who want to buy their own home / flat on a yearly budget.
Of course, this is the ideal time to buy a house.

1st Subsidy – Income Tax The annual income limit is Rs. 5 lakhs. This is again a characteristic of redemption, especially for the middle class and middle-income group.

There is a concession for non-sale of houses / flats after the construction is completed within 1 year. However, if the house / flat is not sold for 1 year, it is treated as a rent and the income tax is calculated accordingly. Now, it’s been deleted.

In the latest budget, there is no income tax if the house / flat is not sold for 2 years. This is great for builders. This feature is also beneficial to the buyer.

Until now, for those who had 2 houses, it was assumed that the 2nd house was rented. Even if the taxpayer’s parents live in that 2nd pipe / flat, it is liable to income tax. Now, in this year’s budget, it’s relaxed.

Those who are using their 2nd home for personal use do not have to pay income tax.

Also, if you have a home loan on the 2nd house, you can also get some income tax deduction.

The second concessional feature is that the TDS (tax deduction for income tax calculations) in this interim budget is Rs. 1,8 lakh to Rs. 2.4 lakhs. So, the financial sector of the society that relies on home rentals can benefit from this.

Maintenance charge calculation

There is no special law governing the amount to be charged in the name of management. However, the charges range between Rs 2 to Rs 25 per square foot. In the state of Maharashtra alone, Mofa (Maharashtra Ownership Flats Act) has defined rules for calculating the maintenance charge. According to the MOFA, costs can be calculated by two methods, namely flat-wise and region-wise.

In a flat-wise calculation, all charges required for maintenance are split equally among all owners, regardless of the size of your apartment. In contrast, area-wise, the cost is charged based on the area of ​​each square foot owned by the member. However, regular expenses are shared among the owners at a fixed rate.

Although the terms of practice generally do not apply to the MOFA regulations, undesirable charges do not exert pressure on the occupiers.

What are the costs of sharing?

Typically, homeowners pay 0.75 percent of the apartment’s construction cost, which is calculated annually for the repair and maintenance of the building. In addition, many common costs have been added to the charge, which includes service charges for shared equipment such as housekeeping, security and motoring. Additional fees will be added for lift repairs, common parks, swimming pool, parking area and other additional amenities. Furthermore, there is a fixed amount for sinking funds, which is like a reservoir fund in case of any emergency. Typically, this amount is 0.25 percent of the cost of each flat for the entire year. If you rent your flat, an additional 10 percent service charge will be added to your maintenance fee. All of these costs are summarized to give you the cost of maintenance.

Things to remember

As a homeowner, it is essential to be aware of the charges that will be charged against you. RERA (Real Estate Regulatory Authority) has made it mandatory to enter into a management agreement between the builder and the owner. RERA functions to establish transparency in the purchase and sale of assets. This law allows the employer to be fully aware of the charges along with the division of total expenses. Make sure the document is thoroughly checked before signing the contract. If your flat is empty, you don’t have to pay for personal charges like water usage and electricity. However, you have to pay the usual expenses such as service and repair charges. Make sure you don’t pay extra. If you own two houses in the same apartment, then you will be charged twice the amount of maintenance for the two houses, but the calculation is the same.

The importance of maintenance fees

The real hope is for each resident to keep their surroundings intact. Also, if your apartment swimming pool is dirty and the walking track is rubbish, you will get angry. While it is your responsibility to keep your space neat, regularly cleaning and maintaining the exterior areas and equipment of your apartment is an integral part of everyday tasks. It can be difficult for you to get involved in your daily schedule, especially your busy schedule. In addition, repair and repair operations are looked after by the builder and association members. For this process to go smoothly, management charges are imposed on the owners. Therefore, it is essential to pay your maintenance charge regularly for the efficient performance of these activities.
It is essential that your builder keep you up to date on maintenance charges without taking advantage of your ignorance. Since maintenance fees are mandatory, understanding about it can help you measure and plan monthly expenses. Also, it is important to be aware of your maintenance charges, as this will improve your life. All you have to do is invest in a home and pay for maintenance, and take care of the rest! Head to Lancore to buy your dream home.

Determined Strongly

When you choose a real estate agent, the first thing you should look for is whether or not the agent is firmly determined. An agent should not worry about his / her problems. The agent must have a strong will to know how to fully meet your needs and requirements.

Attention to Detail

The agent you choose should be someone who cares about your needs. Being a buyer can include price, location, neighborhood and so on. Therefore, you should closely consider the agent’s main purpose – whether it be to promote his / her brand or meet your needs.

Strong Communication Skills

Communicating with your real estate broker should not be a difficult task, as it can tear down your entire plan of buying an apartment. There are many communication channels these days, for example, text messages, emails, phone calls, and so on. Therefore, make sure your agent is available in the medium you prefer.

Great Negotiation Skills

Negotiation is an important aspect as agents constantly deal with these three things – listing price, sales price and commission. These negotiation skills done by the agent will be a major factor in saving you a significant amount of money to buy a home. For this purpose, the agent you choose must be an expert in negotiations.

Knowledge About Local Areas

The best real estate agents can be easily identified by checking their knowledge of local residential areas. The best agent is someone who has immense knowledge of the availability of schools, colleges, hospitals and transportation facilities near the property they want to show you.

Aware of Rules and Regulations

Generally, there are chances that you will get into trouble when you buy a house without any knowledge of government rules and regulations. Therefore, it is recommended that you choose an agent who is aware of these terms and conditions.

Experience in the Field

When selecting an agent for your home, you should consider the agent’s experience in the real estate field. An experienced agent will take more time and money to get you a house, but an experienced agent will get your dream home in less time and in less amount (save money).

Highly Secure

You often see bank locker robbery in the newspaper. According to the Union Finance Ministry, robbery, theft and theft of bank lockers have resulted in a loss of Rs 1.80 billion in 51 banks in India. Similarly, banks are not responsible for stealing valuables in lockers, the Reserve Bank of India said.

Sometimes, due to carelessness, you are at risk of losing your gold when engaged in busy work in school, college or the workplace.

And, even if you complain to the police, you are not sure that you will get it back at the right time.

Security is the main reason why investing in gold becomes less profitable. This is not the case with real estate assets. However, if someone claims your property as their own, no worries, you can legally recover it.

Generates Income

Another important thing to note is that you can earn from your real estate property. You can earn income from land investments but investing in gold increases your cost.

You can lease your free space to companies, companies, and so on, and get monthly rentals from them.

If not, you can build apartments / houses and get rent from tenants. If you want to know more about a good investment (flat or flat) click here.

Deduction in Taxes

Generally, taxes are a big headache for anyone. Each product has its own tax charge, which exceeds the actual cost of the product. Real estate assets are ideal for getting tax benefits.

Tax deduction makes real estate a great investment option. Rent repairs, utilities, maintenance, legal services costs, mortgage tax deductions, etc. are considered during taxation.

If tax inspectors find any depreciation on any of these, the property tax is deductible. If you want to know more about PropertyPoint in Chennai.

Ideal for Long-Term Investment

Real estate assets will be a great asset in the future. You can start accumulating wealth by investing in real estate property for a long time.

You can keep the property for a long time, so if you find a property with affordable prices, the nominal cost of property insurance, and the cheapest property tax, buy with no uncertainties or worries.

Real estate is a good option for long-term investment, as external factors can neither destroy it nor rob it.

Add More Value

Generally, the accepted fact that land is valuable property. When you make some versions of the land, it also gives you extra returns at the time of sale.

Utilities such as water facilities, seamless electrical connections, strong maintenance, etc. can increase the quality of your land and provide you with the best returns.

Chennai, known for its engineering and manufacturing establishments, IT/ITES companies and port-centric businesses, has a positive real estate market. A number of reasons support this positivity. Well-connecting roads, easy public transports, developing infrastructure and increasing number of job opportunities are some of the reasons that affect the market positively.Chennai, known for its engineering and manufacturing establishments, IT/ITES companies and port-centric businesses, has a positive real estate market. A number of reasons support this positivity. Well-connecting roads, easy public transports, developing infrastructure and increasing number of job opportunities are some of the reasons that affect the market positively.

In a recent report by the magazine Knight Frank, the real estate market is reported to have grown 3% every year since 2012.

In the latest report by Knight Frank Magazine, in the year 2018 alone, 2000 new housing projects were announced in Chennai. This is 20% higher than the 2017 year figures.

The TNCDR (Tamil Nadu Combined Development Regulation And Building) and Construction Rules 2018 have not been clarified yet.

After the state government has resolved various issues and released the TNCDR rules, additional construction plans are waiting to be released.

In 2018, most of the new construction plans are in South Chennai. Especially in the last 10 years, the regions of South Chennai have seen tremendous growth.

45% of the house construction plans announced in 2018 are priced at Rs. 45 lakhs. About 41% of middle-income group flats are priced at Rs. 40 lakh to Rs. 70 lakhs. 14% of construction is for deluxe apartments (cost over Rs. 70 lakh). The 4 regions of South Chennai are as follows.

Medavakkam

With the increasing value of the OMR (Old Mahabalipuram Road) area, buyers who prefer to make their residences near their offices choose Medakkam as the best option. Medavakkam is located on the Tambaram-Velachery main road. It also covers the junction road between the ECR (East Coast Road) and the Tambaram-Velachery Main Road.

Perumbakkam

The Perumbakkam region has also undergone tremendous change / growth over the last 4 years. Also, a large number of low-cost housing plans have been announced here. It is located in the middle of Sholinganallur, Semmancheri, Medavakkam, and Chittalapakkam. In the last 3 years, the price of Perumbakkam region has increased by 11%.

Vanagaram

Venangaram is located at the intersection between NH-2, NH-48, and Poonamallee High Road. As it is located 4 km away from the Coimbatore Metro Station, the area is experiencing rapid growth. Since it is near Anna Nagar, now most people prefer this place to Vangaram.

For the last 5 to 6 years, Chennai residential property market has been falling down is known. The latest information gathered was the Chennai’s residential property is now picking up. It is worthy to note that there has been 3 percent increase in the sales and 12 percent jump in the new launches in the year 2018.

In the year 2017, City of Chennai witnessed a sale of 15520 residential properties and in 2018 this increased to 15986. Ever since the slowdown started in 2012, this was the first increase. This was confirmed by the report of the property consultant Knight Frank. The sluggishness seen all over India due to crisis in non-banking financial companies have been responsible for squeezing the flow of credit to developers as well as the buyers. The important point is the sales figure for 2018 are about 72 percent lower than what it was recorded in the year 2012. When compared to 2017 the new launches in 2018 have gone up by more than 1000 units in the city of Chennai.

It is important to mention here that the sub Rs 50 lakh bracket accounted for the 67% of new branches. In the second half of the year, the southern and western Chennai had 48 percent of the new apartment launches. In the apartment launches, Mumbai city recorded the highest year-on-year increase of amazing 220 percent. Mumbai was followed by Pune with year-on-year increase of 157% and next was Hyderabad with 54%. There was 35 % increase in the launches in NCR and 22% increase in Bengaluru. The point is with regard to the sales Bengaluru recorded 27 % increase followed by Hyderabad with 9%, NCT 8%, Chennai city and Mumbai 3 percent each.

Chennai branch director of Knight Frank, Kanchana Krishnan expressed her thoughts and spoke about how the sales are concentrated in 2 categories namely 30 to 50 lakh segment type and ready-to-move in segment type. She threw light on the fact that the former type was of high demand due to affordability and the latter is picking up slowly. She pointed out that the developers are waiting for the new development regulations to be out.