Author Archives: Prahalad Singh

Home loan Income tax Property tax Real Estate Smart Residential Living

Section 80EE – Income Tax Deduction on Home Loan Interest

Home loan tax benefit under section 80EE

What is Section 80EE and its advantage?

Section 80EE permits Income Tax benefits on the interest portion of the home loan taken from any public/private financial institution. The deduction permitted under this section is for the interest paid on a home loan for up to a maximum of Rs 50,000/fiscal. You can continue to claim the deduction until you have fully repaid the loan amount.

What are the features of the Section 80EE deduction?

Following are the feature of Section 80EE Deduction under Income Tax:

  • The deduction under section 80EE is available only for individuals. This means, if you are a Hindu Undivided Family (HUF), an association of persons (AOP), a company or any other kind of taxpayer, you can not claim any benefit under this section.
  • This deduction i.e. up to Rs. 50,000 is over and above the Rs 2 lakh limit under section 24 of the Income Tax Act.
  • To claim this deduction, you should not own any other house property on the date of the loan sanction from a financial institution.

What is the maximum amount of tax-deductible for a home loan?

The maximum tax-deductible under specified sections for a home loan is listed below:

Income Tax Act Sanctions

Nature of home loan deduction

Maximum amount deductible

Section 80EE

Additional home loan interest tax benefit for first-time homebuyers

Rs 50,000

Section 80C

Tax deduction on the principal repayment

Rs 1.5 lakh

Section 24

Tax deductions on the interest amount payable

Rs 2 lakh

How to Calculate Home Loan Interest?

Your home loan interest rate directly affects how affordable the loan is and how conveniently you can repay it. Considering your repayment is in the form of EMIs that include both interest and principal parts, a lower home loan interest keeps down your EMIs. Therefore, it is best to choose a lender who offers low home loan interest rates. It is always advisable to calculate your home loan interest rate before you submit your application.

How Home Loan Interest is Calculated in India?

In India, there are two types of home loan interest rates i.e. fixed and floating. When you choose a fixed interest home loan, the interest stays constant throughout the loan period. On the other hand, when you choose a floating interest rate, it changes from time to time. There are several factors that are taken into consideration to arrive at a value for either type of interest rate.

Can I claim tax benefits on home loan for an under-construction property?

The following rules apply for such deduction for an under-construction property:

  • If the construction is completed within 5 years, a deduction of Rs.2 lakh is applicable.
  • If the construction is not completed within 5 years, only up to Rs.30,000 is deductible.

What are the eligibility criteria for claiming Section 80EE Deductions?

The Eligibility criteria for claiming 80EE deductions under home loan requires a taxpayer has to make sure of the following points:

  • Only individual taxpayers can claim deduction under Section 80EE on properties purchased either individually or jointly. If an individual has bought a property jointly with his or her spouse name and they are both paying the installments of the loan, then both can individually claim this deduction.
  • E-tax benefits are not applicable to the Association of Persons (AOP), companies, Hindu Unified Families (HUF), trusts, etc.
  • Tax benefits under Section 80EE can only be claimed by first-time home buyers. For claiming this deduction, the individual must have taken the loan from a financial institution for buying his/her first home or residential property.
  • Section 80EE is applicable on a per-person basis instead of a per property basis.
  • To claim this benefit, it is not mandatory for the taxpayer to live or stay in the property for which he or she is claiming this deduction. Borrowers residing in rented houses can also claim this deduction.

What are the conditions for claiming deductions under Section 80EE?

The following are the conditions for claiming deduction u/s 80EE:

  • The loan must be approved between 01.04.2016 to 31.03.2017
  • The loan amount taken for the house must be Rs 35 lakhs or less
  • Value of the house should be Rs 50 lakhs or less
  • The loan must be approved by a Financial Institution (FI) or a Housing Finance Company (HFC)
  • As on the date of the approval of the loan, no other house property must be owned by you.
  • The deduction can only be claimed by individuals for the house purchases jointly or singly.

What are Tax Benefits on Principal Re-paid?

U/S 80C of the Income Tax Act, the maximum deduction allowed for the repayment of the principal amount of home loan is Rs. 1.5 lakh. Deduction u/s 80C also covers investments done in the PPF Account, Tax Saving Fixed Deposits, National Savings Certificate, Equity Oriented Mutual funds, etc. subject to the maximum of Rs. 1.5 lakhs.

Apart from this, there are stamp duty and registration charges that one can claim under the above-mentioned section. However, the claim can only occur in the year in which the payment has been made.

There is a provision under which this repayment of the principal amount of housing loan is allowed. The deduction is only possible after the house gets fully completed and there is a completion certificate issued by the local body for the same. Any under-construction house is not going to be a part of this section.

Is home loan top-up eligible for tax deduction?

A home loan top-up is eligible for tax deduction u/s 24(b) and 80C only if it is used for -

  • Acquisition/construction of a residential property.
  • Renovation or repair of such property.
  • Such claims should also be availed with valid receipts and documents.

Who can Claim Section 80EE Deduction?

Section 80EE deduction can be claimed by an individual for the amount paid as interest on the home loan. The maximum deduction u/s 80EE is Rs.50,000. Section 80EE deduction can be claimed over and above the deduction of section 24 and section 80C which are Rs. 2,00,000 and Rs. 1,50,000 respectively.

What is Covered U/S 80EE?

Section 80EE, Income Tax Deduction on Home Loan Interest. Section 80EE allows income tax benefits on the interest portion of the house property loan taken from any financial institution. As per this section, you can claim a deduction of up to Rs. 50,000 per fiscal.

What is the difference between Section 80EE and Section 24?

The deduction for interest on a home loan can be claimed u/s 24 of the Income Tax Act, 1961. The limit u/s 24 is Rs. 2,00,000. This deduction can only be claimed if the owner or his or her family members live in the house property. The whole interest shall be put off as a deduction in case the house is on rent.

If one is able to satisfy both conditions of the sections i.e. Section 24 and Section 80EE, the individual can avail benefits under both sections. In order to do that, the individual will first need to consume the limit u/s 24 and then claim the additional benefit u/s 80EE. Hence, the deduction u/s 80EE is in addition to the limit of Rs. 2,00,000, as u/s24.

Is There Home Loan Tax Benefit on a Second Home?

If you are taking a second home loan to buy another property, tax gains are applicable to the due interests. Here, you can claim the whole interest amount paid as no cap is applied here.

At present, individuals can claim only one property as self-occupied and make tax payments on the other based on notional rent. In the February 2019’s Interim Budget, a proposal has been put forward saying that an individual can claim a second home as self-occupied property. This tries to help borrowers save more money in the form of taxes.

 

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Coworking space in Mumbai Real Estate Smart Residential Living

Top Coworking Spaces In Mumbai

List of top coworking spaces in Mumbai

Coworking Spaces in Mumbai

Nowadays, more and more people choose to work remotely instead of having to show up to work in a traditional office every day. A remote work benefits both the employer and employee. Remote work is beneficial to the employer because they can reduce their office size. And for employees, it offers many more benefits that help them save time and money, which can also make other aspects of their lives more useful.

Mumbai is the fashion, entertainment and commercial hub of India which adds to over 6.16% of the nation’s total economy. As the city stays overflowed with people from various cultures and backdrops, various international companies influenced this diversity and have established their business centers in Mumbai to make their work experience as smooth and flexible as possible. The city of Mumbai gives them various options to experience the benefits of a coworking space.

Small businesses, startups or freelancers, who are unable to afford a workplace, look for shared office spaces instead of spending on office infrastructure. From conducting interviews and business meetings to organizing big events and workshops, coworking spaces are of great support to corporations and entrepreneurs, especially in Mumbai.

Being the center of financial activities, the city attracts businessmen from across the nation, by inspiring them to look for the list of top coworking spaces.

Shared workspaces in Mumbai give professionals a place to either work individually or co-exist with others that helps them in the long run for their business. Within an affordable budget, professionals get conference rooms or desk spaces for a day, months, or years on rent.

Along with facilities like Wi-Fi connection, CCTV, printer, fax machine, etc, coworking spaces offer pantry, cafeteria, gaming area, and more, therefore, taking care of everything needed.

The Indian startup ecosystem has been specially advanced over the past few years. According to the research conducted by Quikr Homes, India has been actuated up to the 17th position from 37th position in previous years in the Startup Ecosystem Ranking for 2019.

Importance of coworking space in Mumbai

Being a financial hub of the country, Mumbai is known as a profitable market for both, Indian-owned companies and global businesses. Under the leadership of multinational enterprises and an increasing association with cross-border leaders and businessmen, the city has established a flexible work culture. As more and more companies are choosing the millennial work style to increase productivity, the traditional business space is becoming non-essential. The new-age thought of working within a collaborative work environment has incited the establishment of coworking space in Mumbai. This has created a need for flexible and shared office space in Mumbai.

Why coworking spaces are becoming the corporate’s first choice?

Types of Coworking spaces

Below are the types of coworking spaces :

  • Informal coworking spaces
  • Bartering coworking spaces
  • Corporate coworking spaces
  • Specialized coworking spaces
  • Conventional coworking spaces
  • Fancy coworking space
  • Open coworking spaces
  • Incubator coworking spaces

List of top coworking spaces in Mumbai

  • WeWork
  • 91springboard
  • The Playce
  • Redbrick Office
  • Awfis Space Solutions
  • Zoomstart
  • Rise Mumbai
  • Workafella
  • Ministry of New
  • Workamp Spaces
  • Social Mumbai
  • Rise Mumbai
  • iShareSpace
  • Work Coordinates
  • Bombay Connect
  • iKeva
  • The Space
  • Work Square
  • Mumbai Coworking

Features of Coworking Spaces

  • 24*7 Access
  • Access to the meeting room
  • High-speed internet with managed IT Support
  • Professionally managed reception with housekeeping and security
  • Dedicated workspace
  • Communal printer/ copier/ fax
  • PBX Systems
  • Shared bathrooms and lounges
  • Dedicated lockers for your individual items
  • Access to an elite community of likeminded people through the community memberships

Benefits of Coworking Space

Below are the key benefits of Coworking spaces:

  • Conveniently located business address
  • Avoid overhead costs
  • Supporting staffs
  • Productivity
  • Save money on technology
  • Office facilities (like fax machines, concierge services, and conference rooms)
  • Reduce in commute time
  • Flexibility for work
  • Economical

Reasons for choosing coworking spaces

  • Size: No matter the size of the organization, coworking spaces can save money.
  • Cost-effectiveness: The reason many industries, freelancers and minor businesses use coworking spaces to employ larger corporations.
  • Location advantages: Employees can have more flexibility and choose whichever location is more comfortable for them.
  • Safe access to all kinds of amenities: Many startup organizations prefer coworking spaces to get closer to inventors in the same field.

Results of Coworking Spaces

As more and more freelancers, startups and entrepreneurs are increasing in India they require the proper infrastructure, support to develop and grow their business.

With access to various resources and services that will help in improving business growth, most of the startups are opting to turn from traditional and established self-owned office spaces to co-working spaces. Everyday amenities and a social atmosphere that will encourage startups to maximize their business much wiser and more flexible while opening up an excess of new opportunities to come by while working in an office. There is a large number of co-working spaces that are being useful for startups to develop their productivity and profitability.

 

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Real Estate Real Estate News Realty Award 2029-20 Smart Residential Living

CommonFloor – IndiaProperty Realty Awards 2020

CommonFloor – IndiaProperty Realty Awards 2020

The Annual Realty Awards 2020 hosted by CommonFloor and IndiaProperty was conducted in grand style on the 4th of January 2020 at Shangri-La Hotel, Bengaluru. It was a flamboyant evening where India’s leading builders and developers came together to recognize their hard work and celebrate success.

The event witnessed 300+ guests including eminent personalities such as the Chief Guest, the Mayor of Bengaluru – Mr. M Goutham Kumar, Guest of Honor, Vice President of CREDAI – Mr. R. Nagaraj Reddy, CMO of Quikr – Mr. Vineet Sehgal and many other CXOs and Founders of leading real estate companies.

The event was conducted to celebrate the key players in various fields of the real estate sector and provide a platform for stakeholders to examine the future of the real estate industry in the presence of key CREDAI members and the Mayor of Karnataka. Recognition was given to builders and developers along with promoters and brokers across categories who attended the events from various parts of the country. Top builders and developers were seen engaging in constructive conversations, networking and addressing market trends for 2020.

The awards were categorized into 40+ categories such as top developers – Residential & Commercial, Top Residential Projects, and Project Design & Excellence amongst others. The winners were selected based on an in-depth evaluation of several parameters including analysis of key data points over a period of one year gathered on Quikr’s real estate platform. The data point included projects, popularity, search trends, responses for specific builders or projects, and other traffic metrics.

Below are the honored winners of Bengaluru in their respective categories

Aparna Construction has been awarded for the most trusted developer of South India 2019-2020

Assetz Property has been awarded for the most trusted developer of Karnataka 2019-2020

Brigade Group has been awarded for the best developer of the year for Integrated Enclaves, South India, 2019-2020

Century Real Estate has been awarded for the most trusted builder for plotted development, Karnataka, 2019-2020

Guru Punvaani has been awarded for the best emerging developer of the year for plotted development, Bengaluru – 2019-2020

K.V.G Builders and Developers has been awarded for the best developer for construction quality, Karnataka – 2019-2020

Narya Constructions and Developer has been awarded for the best-trusted builder of Karnata – 2019-2020

Ramky Estates & Farms Ltd. has been awarded for the best developer in professional excellence for Ramky One North- 2019-20

Salarpuriya Sattva Group has been awarded for the best developer of the year, Karnataka – 2019-20

Vaishnavi Group has been awarded for the best developer in the commercial segment, Karnataka – 2019-2020

Vaishnavi Group has been awarded for the most trusted developer in the residential segment, Karnataka – 2019-2020

Godrej Properties has been awarded for the iconic project of the year for the luxury apartment – 2019-2020

JRC Projects has been awarded for the iconic project of the year, villa – JRC Palladio, Karnataka – 2019-2020

Mana Projects has been awarded for the iconic project of the year for the luxury apartment – Mana Foresta, Karnataka – 2019-2020

Provident Housing has been awarded for the best residential property for Adora De Goa, Bengaluru – 2019-2020

Puravankara Limited has been awarded for the most innovative project for the luxury apartment – Purva Atmosphere, Karnataka – 2019-2020

SNN Builders has been awarded for the best luxury project of the year for SNN Clermont, Bengaluru – 2019-2020

SRK Infra Projects has been awarded for the best luxury plotting project, The Estate, Karnataka -  2019-2020

Corporate Leisure and Property Development (CLPD) Bangalore has been awarded for the best sustainable project of the year for CLPD Arcadia, Karnataka – 2019-2020

Durga Projects & Infra. Pvt. Ltd. has been awarded for the best-conceptualized project of the year for Durga Petals, Karnataka – 2019-2020

Reddy Housing Pvt. Ltd. has been awarded for the best emerging project of the year for Mahaveer Celesse, Bengaluru – 2019-20

Spectra Constructions has been awarded for the best apartment, Karnataka – 20219-20

Valmark Group has been awarded for the best project Valmark Orchard Square, mid-range apartment, Karnataka 2019-20

Design Cafe has been awarded for the best interior design company, Karnataka 2019-20

Metro Prop Solutions has been awarded for the best channel partner, Karnataka – 2019-20

Puravankara Limited has been awarded for the most innovative marketing campaign of the year, Bengaluru – 2019-20

Splendid Properties has been awarded for excellence in project delivery, Splendid Sree Durga, Karnataka – 2019-2020

Vibez Club has been awarded for the best co-farming project, Vibez Pomegranate Farms, Karnataka – 2019-20

Below are the honored winners of Hyderabad in their respective categories

Accurate Developer has been awarded for the best developer of the year, Telangana – 2019-2020

Harshith Infra & Developers has been awarded for the best emerging developer for Springfield Villas, Telangana – 2019-2020

Mak Projects has been awarded for the most trusted developer of the year for Villa, Telangana – 2019-2020

Praneeth Group has been awarded for the most innovative developer of the year, Telangana – 2019-20

Sumadhura Infracon has been awarded for the developer of the year for professional excellence, Telangana – 2019-2020

The Cria International has been awarded for the best emerging plotted developer for Willow Way, Telangana – 2019-20

Trishala Infrastructure has been awarded for the sustainable developer of the year, Telangana – 2019-2020

Greenmark Developers has been awarded for the best project, Villa, Telangana – 2019-2020

Vedic Constructions has been awarded for the best boutique apartment, United Avenues, Telangana – 2019-2020

Vertex Homes has been awarded for the iconic project of the year, Luxury apartment, Telangana – 2019-2020

2Getherments Infra has been awarded for the best emerging project, KSR Togetherments, Telangana – 2019-2020

2Getherments Infra has been awarded for the most innovative project of the year for KSR Togetherments, Telangana -2019-2020

BSCPL Infrastructure has been awarded for the consumer’s choice project of the year, Telangana, 2019-2020

Muppa Projects India Pvt Ltd has been awarded for the best project, product, and design villa, Muppa’s Indraprastha Villas, Telangana – 2019-2020

My Home Constructions has been awarded for the excellence in project delivery for My Home Avatar, Hyderabad – 2019-2020

Below are the honored winners of Chennai in their respective categories

Casa Grande has been awarded for the best developer of the year, residential apartment, Tamil Nadu

Samridhi Unique Spaces has been awarded for the best emerging developer of the year, villa, Samridhi The Envelope, Coimbatore – 2019-2020

Ganesh Moorthy has been awarded for the best real estate consultant of the year, Coimbatore, Tamil Nadu – 2019-2020

Samridhi Uniquespaces has been awarded for excellence in design, Coimbatore, Tamil Nadu – 2019-2020

CommonFloor and IndiaProperty thanks and appreciates the enthusiasm shown by the key real estate players for making the event grand – successful and encourages us to organize many more events like this in the years to come.

 

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Land records karnataka Product Updates Real Estate Real Estate News Right Step smart city mission Smart Residential Living Tips

How to Check Land Records Online In Karnataka?

Bhoomi Karnataka

Online Land Conversion brought necessary transparency and accountability in the procedure and curb delays and corruption in the system. Karnataka has been at the forefront ever since the launch of this scheme. It is the first state to digitize all its land records under the Bhoomi project.

Bhoomi: An aid to Digital India campaign

In a bid to bring transparency and accountability in the property-related activities, Karnataka’s Revenue Department has brought all the land record activities online. “Bhoomi” is a project jointly funded by the Government of India (GoI) and the Government of Karnataka (GoK). It is a flagship project started by Karnataka State Government to maintain Land Records. This land record management system was introduced in 2000. It uses advanced online technology for land management under which all the manual Record of Rights (RTCs) which are examined at the time of data entry were digitized and made available to the citizen through Kiosk Centres. All the ownership or any other changes in the Record of Rights (RTCs) are executed through mutation as per the Karnataka Land Revenue (KLR) Act using the Land Records database.

For the convenience of the citizens, Bhoomi offices have been set in over 175 taluks and 6000 Gram Panchayats of the state. In each of these centers, LR Kiosk & Application Kiosk have also been set-up. Any citizen or farmer can directly walk into one of these offices and apply for an RTC by providing the required documents. An individual can also check the status of his/her application in these centers by using the acknowledgment number.

Bhoomi Portals offers a list of services managed by the Government of Karnataka:

  • List of New Taluks
  • i-Record of Rights, Tenancy and Crops (i-RTC)
  • Mutation Register
  • Kodagu Disaster Rescue
  • RTC
  • Mutation Extract
  • RTC Information
  • Tippan
  • Revenue Maps
  • Mutation Status
  • Registration of Citizen
  • XML verification of RTC
  • Citizen Login
  • Register of Dispute Cases

Also, to make the land conversion procedure easier and smooth, the Karnataka government has started the online process to convert agricultural land into non-agricultural land for commercial use after paying a nominal fee. This move will undeniably improve the state’s ease-of-doing-business and make the land conversion system hassle-free.

Process of registering yourself at the Bhoomi Portal?

In order to avail of the services offered at Bhoomi, you will be required to register at the Bhoomi Portal before login. Below are a few useful tips for registration:

Step 1: Visit for the official Bhoomi Login page-. www.landrecords.karnataka.gov.in

Step 2: Click the “Create Account” icon to redirect you to the Sign-up page

Step 3: Enter the required details along with the Captcha Code

Step 4: Click on ‘Submit’ to register yourself at the Bhoomi Portal

One can effortlessly log in to the Bhoomi Portal and download the appropriate deeds within a few minutes! Below is the step by step-by-step process to assist you to download your property papers.

How to check/view Karnataka Land Records online?

To view the Karnataka land records online, one will simply have to login to the Bhoomi Portal and follow the step-by-step process-

Step 1: Log in to www.landrecords.karnataka.gov.in

Step 2: Under the projects tab, click on ‘Bhoomi’

Step 3: Under services, click on ‘Citizen services’

Step 4: Next click on ‘RTC’

Step 5: Enter your details such as name, mobile no, email id, and Aadhar card number

Step 6: Enter land details such as district, taluk, hobli, village, survey number, surnoc, hissa number, and validity period of RTC.

Step 7: Click on ‘view RTC’ or ‘Pay & Download’ option

Step 8: Pay via your credit card/debit card/internet banking

Step 9: Download the PDF format and take a print out

Apart from Bhoomi, the revenue department of Karnataka has designed several other projects for the benefit of citizens. Some of them are CLWS (Crop Loan Waiver System), Parihara, Name match algorithm, and the Dishaank app.

Government of Karnataka to link lands digitally

One of the principal upcoming projects of the Karnataka Govt. is a drone-based survey that will be conducted across various districts of Karnataka. The Government of Karnataka has signed an agreement with the Survey of India in this respect. It is one of its kind movement, initiated by the state government at a cost of Rs 125 crore.

The project intends to update the RTC or Pahani (RTC) and link the lands digitally i.e., geo-reference them. Phase 1 of the project is supposed to be achieved within a time-frame of two years. Bengaluru, Ramanagara, Belagavi, Uttara Kannada, Hassan, and Tumkuru districts will be covered under Phase 1. Gadag, Mysuru, Dharwad, Dakshina Kannada, Kalaburagi, Davanagere, Kodagu, and Vijayapura are supposed to be included in the next phase.

Is there any benefit of Bhoomi Portal for farmers?

Yes, the Bhoomi Portal has proved to be a useful guide for farmers to avail of land-related documents and records throughout the years. The portal offers services to farmers to avail necessary documents such as:

  • Land records copy could be used by farmers later for applying for loans or any other purposes.
  • By giving the plot number or the name of the landowner, a copy of RTC can be easily taken.
  • To adjust land records in case of sale or inheritance of land, mutation requests can be used by farmers.
  • For protecting crops or claim insurance, crop data in the i-RTC can be used later.
  • The portal also gives farmers access to check the application status of mutation requests.
  • For land-related disputes, a farmer is required to submit land dispute documents at courts. In this situation, he can easily avail of the necessary documents from the Bhoomi Portal.
  • A farmer can request another inspector/controller at the Taluk level if the revenue officer fails to approve the mutation request in 50 days, to complete the request.

What is RTC? Which all information a landlord can get from RTC?

The RTC (Record of Rights, Tenancy and Crops) is also known as Pahani. It is an important land record in Karnataka that is issued to the existing landowner. The documents include the owner details and all the land-related details such as:

  • Information about the landowner
  • Tenancy
  • Area of the Land
  • Type of land
  • Water Rate i.e. how much of water is to be utilized to keep the land
  • Identification of soil type
  • Crops are grown on the land
  • Commercial, agricultural and non-agricultural residential flood area
  • Nature of possession
  • Liabilities such as bank loans on the land

How to register land in Karnataka through Bhoomi Portal?

Mentioned below are a few steps that are required to register land under Bhoomi Portal in Karnataka:

  • First of all, an individual must buy stamp paper and keep all the documents handy
  • Submit the required documents to the Sub-Registrar in charge of that particular jurisdiction
  • After verifying these documents, the individual will have to pay a fee for registering the land
  • A receipt for registering the land will be given to him/her
  • The photo of the individual will be taken at the same time
  • Verbal approval between the buyer and seller will be required, along with a witness
  • After registering the documents, a unique registration number will be assigned to this document
  • Once the registration process is complete, the rural land sale information is passed on to the Patwari for adding the entries in the Jamabandi register, which is the Record of Rights.

Karnataka Land records recent updates

  1. In February 2019, Karnataka formally inked an agreement with the Survey of India to conduct a technology-driven, drone-based survey.
  2. In October 2019, Karnataka Govt’s partnership with the Survey of India decided to link land records to digital maps.

Image Source: Onlineyojana.in

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Affordable Housing CIDCO Lottery 2020 Real Estate Real Estate News Smart Residential Living

CIDCO Lottery 2020: Check eligibility, online registration, allotment, draw date, and price

CIDCO Lottery 2020 details

Highlights of CIDCO Lottery Scheme 2020 Navi Mumbai

  • The City and Industrial Development Corporation (CIDCO) plans to offer 94,000 affordable homes in the Navi Mumbai region-Taloja, Bamandongri, Juinagar, Kharghar, Panvel, Kharkopar, and Kalamboli.
  • The expected flat size for EWS flats is 25.81 sq.m. and LIG flats are 29.82 sq.m.
  • Expected prices for EWS flats will be between ₹17 lakhs and ₹18 lakhs.
  • LIG flats will range between ₹25 lakhs and ₹ 26 lakhs under CIDCO Lottery Scheme 2020.
  • The beneficiary under the Economically Weaker Section (EWS) category will have to deposit ₹5000 and under the Lower Income Group (LIG) category will have to deposit ₹25,000 as the earnest money.

Overview of Upcoming Cidco Housing Scheme 2020

Scheme name

CIDCO Housing Lottery Scheme 2020

Launched by

Maharashtra Government

The start date for applying

1st Jan’ 2020

Last date for applying

31st Jan’ 2020

Number of flats

94000 units

Beneficiary

EWS & LIG Sections

Category

State Govt. Scheme

Official website

https://lottery.cidcoindia.com

About CIDCO Lottery 2020 Navi Mumbai

The City and Industrial Development Corporation (CIDCO) plans to offer 94,000 affordable homes in the Navi Mumbai region. Under this housing scheme, CIDCO will construct 1.10 lakh homes for the said categories in different parts of Navi Mumbai. Of all, around 94,000 houses will be up for the lottery scheme. It is expected that around 53,000 flats will be available for the Lower Income Group (LIG) category while the remaining 41,000 units will be available for the Economically Weaker Section (EWS) category.

The plan to provide affordable housing to poor people is on track. The construction of these houses will start after completion of registration under the Maharashtra Real Estate Regulatory Authority (MahaRERA). All lottery winners of CIDCO Lottery 2020 will be able to pay their booking amount as the construction progresses. On completion of construction, CIDCO Lottery 2020 will be one of the biggest bulk of houses provided under Pradhan Mantri Awas Yojana (PMAY).

The upcoming CIDCO Lottery 2020 in Navi Mumbai, Maharashtra, will have all the units within 2 km of the rail network, metro network, and bus terminals. The online application process will start at lottery.cidcoindia.com from the 1st of January 2020.

Aim of CIDCO Housing Scheme 2020:

Through this housing scheme, the aim of the current govt.is to make housing facilities easily available to the economically backward classes housing, sanitation, and development is the core concern that needs to be addressed. Although to overcome this burden many initiatives have been taken by the govt.

Flat sizes:

The expected flat size would be 25.81 sq.m for EWS category flats while for LIG flats it would be 29.82 sq.m.

CIDCO Lottery Scheme 2020 will present homes in the following areas:

  1. Taloja
  2. Kalamboli
  3. Bamandongri
  4. Kharghar
  5. Kharkopar
  6. Panvel
  7. Juinagar

Flat Price:

  • EWS Category – ₹ 17 lakh and ₹ 18 lakh (expected)
  • LIG Category – ₹ 25-26 lakh (expected)

Earnest Money:

All those people who get selected for EWS category flats will have to deposit ₹ 5,000 as earnest money while LIG category flat holder will have to deposit ₹ 25,000 as earnest money.

Eligibility Criteria:

To inform the beneficiaries of the scheme, the CIDCO has drafted a set of guidelines for the same. Not all are eligible for the scheme. The corporation has included monthly income criteria to identify suitable applicants. To apply for the EWS category, an applicant’s monthly income should be less than or equal to ₹ 25,000. To apply for the LIG category, an applicant’s monthly income should fall between ₹ 25,000 and ₹ 50,000.

Documents required:

  1. Aadhar Card
  2. Income Proof Certificate
  3. PAN Card
  4. Domicile Certificate
  5. Voter’s ID
  6. Bank Details

Process of applying:

  • Visit CIDCO official website i.e. https://lottery.cidcoindia.com/App/
  • Register yourself on the portal
  • Fill the online form to apply for the housing scheme. The applicant will be asked to furnish certain details such as the current address, PAN Card, Aadhaar Card and bank account
  • Upload the soft copies of all the submitted documents
  • Click on the Submit Button
  • Now, the applicant will be asked to pay the registration fee. The user can use online banking, or credit/debit cards to make the payment.

How to check the accepted list of applicants?

  • Visit the website- lottery.cidcoindia.com/App
  • On the header of the website Click ‘Accepted Applications’. Then you will be redirected to a new page where you can select the lottery scheme.
  • Select the location which you have filled in your online application form. You can search your name on the list if your application has been accepted for Cidco Lottery 2020.

How to check the result for CIDCO Lottery Scheme 2020?

  • Log in to website lottery.cidcoindia.com or www.cidco.maharashtra.gov.in
  • Click on the link “View Lottery Result 2020″
  • Fill up your details to check the results.

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