The Psychology of Buying a New Home

Real Estate Companies IndiaIt is no doubt that basic psychology and human behaviour have an impact on the trends of even buying a home. To help you beat the process and make an impractical decision, here are some of the common mistakes and misconceptions to avoid-

Understand Buybacks Can Be Dicey

Even for a developer, getting a loan approved from a bank is no easy feat. Hence, they often use buyers as a mode of borrowing from the banks by offering a guaranteed rate of return that is often as much as 20-24%. These documents indicate that the developer is in dire need of money but also state that these offers are applicable on those premises that will rise more than the rate allotted in the future. Hence, the customer will choose to sell to the market directly instead of waiting for the developer to fulfil his commitment. The consumer is protected as even if the rate rises slower than expected, the developer must meet with the promises or face the courts of law.

Factoring In Tax Gains Beforehand

Tax deductions can be availed on interest as well as the principal sum on the home loan repaid in most cases. Although they have a cap on the amount, you also need to understand how the entire system works as there are a number of catches and loopholes.
In the event of rented properties being in question for deduction, it is applicable in full. As you will be taken through the road map, you will understand flipping on loan bought properties is not a favourable solution.

Don’t be lured by Special Offers

You will come across a number of advertisements and promotional material when looking for a house to rent. To help expedite sales, free parking slots and waivers on certain charges are often found too. However, do not get carried away with such attractive packaging schemes. You do not want to be lured to a trap. Even if you are looking for a 2 BHK flat in Lucknow for sale, make sure you compare the prices as well as the other factors before picking on one to make the most of the situation.

When looking for a home, ensure you are very clear on what you are looking for. If you wish to find an NRI real estate investment in Lucknow, list all the factors you desire. This will help you from betting confused and focusing on what is important.

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Taxation Tips for NRIs Investing in Property in India

2bhk_flatsWith the real estate market booming in India, the trend of investing in property is on the rise among the well-heeled. Among the people investing in Indian real estate every year, a significant portion constitutes of non-resident Indians. Many NRIs buy property in India because they either plan to return to their home country or they plan to sell off the property some years later and make capital gains. But even when buying property from the best builders in Lucknow, non resident Indians often face a lot of hassles in the purchase of the property and while paying taxes. Many NRIs aren’t aware of the taxation system in the country and often land in a soup. The following tax tips are meant to make investing in property easier for NRIs.

  1. While paying taxes on the property, the taxpayer would be eligible for indexation benefits, which means the cost of the house would be multiplied by the cost inflation index of the year of sale and divided by the cost inflation index of the year of purchase. These indices announced by the income tax department every year will result in an increased cost of the house and a lower cost of the house while calculating long term capital gains.
  1. A non resident can claim tax deductions on expenses such as brokerage fees, travel expenses, etc while calculating long term capital gains.
  1. Tax exemptions on long term capital gains can be claimed by reinvesting in another property within two years of the sale of the house or before a year of sale of the old house. The amount of deduction is lower than the cost of the new house and the long term capital gains. If the cost of the house is equal to or more than the long term capital gains then total exemption can be availed. In case the reinvestment cannot be made within the stipulated period then the money should be invested in a capital gains deposit scheme.
  1. Tax exemption can also be availed of by investing in a capital gains tax savings bond within six months from the sale of the house. The maximum amount allowed foe such investment is limited to Rs 50 lakhs. The bonds are for three year periods at a rate of six per cent per annum. Interests are taxable.
  1. Non resident taxpayers may have to pay a TDS of 23 per cent. Taxpayers may make an application to the IT department for lower rate of TDS.
  1. The income tax implications must be checked in the country of residence. Many countries require their residents to pay tax on their worldwide income. In case the person is required to pay income tax in the country of residence, then he/she can receive a credit of income tax paid in India.

The best builders of Lucknow can advise non residents on income tax requirements while investing in a property in India. NRIs should do a thorough research and talk to relevant people before investing in property.

Easy Ways in which NRIs can Manage their Flats in Lucknow Remotely

Flats in LucknowNon-resident Indians are essentially one of the most active investors in the Indian real estate market. However, one of the biggest challenges that this buyer group experiences in this regard is the entire process of effective management of the properties they own thousands of miles away from where they actually reside.
NRIs who intend to efficiently manage their flats in Lucknow or in any other part of the country, the following approaches can help you remotely make sure that your property is maintained in good condition and all your legal obligations are fulfilled at all times –

Choosing the Right Property
With a host of online real estate portals that come with a reputable backing, it is easier for NRIs to browse through various projects and identify one that suits their preference, budget and quality standard. Identify whether you are looking for a fresh project or one that is one resale. In today’s day and age more than a fair share of builders choose to venture into NRI specific projects due to relaxed FDI norms and the improvement in construction standards.

Leveraging the Power of Social Media
Truly assessing the reputation of a builder or a specific project can be challenging if you aren’t really living in Lucknow. Most of the reliable construction houses will have active social media profiles that provide all the information you need about the company, its past and ongoing projects and is reputation on the whole. Builders that are transparent enough to be active on social media may hold more promise that the one that are not.

Assign a Power of Attorney
Especially if you aren’t in the position to make frequent visits to India, it is recommended that you execute a power of attorney and make someone you trust your legal representative in India. Most NRIs will have family members, close friends or extended families that they can trust. A person with a Power of Attorney assigned by you will be able to execute various deeds and also represent you when communicating with builders and other stakeholders.

Making Payments Through NRE Accounts
Some of the less reputed builders may expect that you provide upfront cash payment. However, it is strongly recommended that you pursue any real estate transactions in a transparent manner. Use your NRE account to make any property related payments to the builder. Also maintain records of all the payments you have made in case you need to present these in case of any unwanted disputes with the builder.

Finally, keep a Regular Check on your Property. Spend time keeping tracks on the latest development of the project you have invested in. Also have a friend or a relative track the progress on ground if possible and make sure that the builder constantly keeps you in loop. You may also consider buying in a project that is nearing completion or has already completed. This provides an additional security towards your investment.

Simple Tips to Update Your Home without a Decorator

Renovating your Flat in Lucknow need not always mean emptying your savings and spending big bucks; sometimes simple changes can freshen up your house and life even without hiring a decorator!

Flat in LucknowHere are seven tips on how to go about it –

  • Change the curtains – A quick technique to add an elegant appeal to your house is by changing the curtains. Play with colours and designs and you can even install automatic ones. For the children’s room, you can select curtains depicting their favourite cartoon character. It’s sure to put a smile on their faces.
  • Paint! Whether you colour the entire house, merely a room or just a wall, painting is an effective way to overhaul the backdrop at little cost. Splash up some bright colour on a single wall to break the monotony or do up the walls in white for a regal feel. The contrast of textures, shades, palettes and designs work well to add drama and alter the mood of the house.
  • Replace the TV – Yes it is as simple as it sounds. Throw out the old box that didn’t support HD and substitute it with a state-of-the-art LED that will blow your mind.
  • Renew the fabrics – Revamp the couch fabrics, throw in a few vivacious cushions, splurge on bed-sheets or replace the carpet – all four are lucrative options to add zing and change the outlook of the apartment at a very low cost.
  • Add an accent – Whether it’s the home-office that feels a bit drag or the TV room, just accentuate it with a distinct feature. You could add textured wallpaper or place some great statues that go with the decor, better still you could spend on a unique chandelier or lighting feature that will brighten up your day and also wow guests! You could even build a theme and work around it.
  • Place a swing –The best place to situate a swing is in the balcony, but if you don’t have one just put it near a window. Imagine coming home after a long day of work and relaxing on the swing while the wind plays with your hair – it feels like heaven.
  • Add some colour to the walls – Delight your children by framing their paintings and featuring them on the walls. Even you could turn a blank canvas into a masterpiece, you don’t need much talent – all you need to know is how to hold a brush.                                                                                                                                                                         So apply these simple tips and add magic to your home! Cost-effective and impactful, guests are sure to gush over your renewed dwelling.

 

 

Property for sale in Lucknow: Some eye catching projects by PaarthInfra

A few centuries back Nawabs used to stay in Lucknow in grand palaces which boasted of great architecture and grandeur. We have maintained the same architecture and grandeur in the modern context and have come up with some great living experience for you. This property for sale in Lucknow is neighbour’s envy and owner’s pride. The 2 BHK flats in Lucknow are in high demand and the inventory is diminishing fast.

Paarth_projects

Paarth Arka-

We have taken the inspiration from the elements of the nature and have come up with this unique name. ‘’Arka’’ means Sun in Sanskrit and like the rising Sun our properties are rising in value and popularity among the real estate lovers in Lucknow.

There are 2, 3 and 4 BHK flats in this project. It is conveniently located adjacent to the Amar Shaheed Path. The Cricket stadium and the proposed IT Park are also in the vicinity. This strategic location makes is so popular among the home buyers as it saves the commuting time and you can spend more time living in your home not travelling to your home.

This project will fetch the best return on investments as this project is situated very close to IRCTC and the airport. So this project is an ideal choice for the busy frequent traveller executive and looking for a flat in Lucknow.

Also the serene surroundings of the premises will transport you to a different world. A relaxing swim after work will bring your energy back.

Quality time with family

This project will helps me with work life balance. Since it is located close to the IT corridor, I do not waste much time travelling. I love the weekends as it gives me a chance to play with my kids in the lush green pastures within the campus. I allow my tired bones and muscles to soak in the pleasures of a hot Jacuzzi and the tiredness which got accumulated just vanishes. I consider this as the best decision of my life- buying a flat in Paarth Infra.

Why You Should Prefer Owning a House?

Lucknow is known as the Golden City of India or Shiraz-I-Hind, which has been always known as a multicultural city and flourished as a cultural and artistic capital of North India. The reason behind buying 2 bhk flats in Lucknow is due to the fact that the city of many wonders reflects not only its cultural charm and monumental overtures, but also its ancient aura of refined cultures. The city mixes traditional grace and contemporary elegance in an inimitable way. Today it continues as an important centre of commerce, finance, aerospace, education, technology, medicine and tourism. This metro city is accessible from every part of India through air, rail and road. Today’s Lucknow is an effervescent city covering 400 sq. km. with a rapidly growing population. It is all set for further growth now, as the demand for housing and development is rising rapidly.

Owning a House

One should keep certain points in his/her mind when it comes to choosing a flat in Lucknow out of the wide variety available in the market which are as follow:

1. Location advantage and credibility of developer are as crucial as the price and aesthetics when taking the final decision.

2. Quality of construction, security and architectural finesse are important.

3. One must not overlook the availability of modern lifestyle facilities and abundance of greenery.

In addition to construction best practices and architectural superiority, several other attributes make flat in Lucknow an ideal residential enclave to have one’s dream home in. These include wide and well-lit roads, proximity to the main city, important landmarks nearby, abundance of greenery, landscaped aesthetics, ample parking space for residents and visitors, extensive parks and jogging tracks, and modern club with latest facilities for leisure and pleasure.

Today, almost all developers promise all of the above USPs, but very few actually deliver. Amongst these few Developers are companies that are duly complemented by the expertise of the renowned REPL Group.