Category : Real Estate

Real Estate Smart Residential Living Tips

Real Estate Listing Tips: How to Sell Your Listing Faster

Jan 17,2020 / By / No Comment
Property listing tips on real estate portal

Property Listing Tips On Real Estate Portal

“Real Estate portals” are an excellent way to buy and sell the property. If your property has been listed in the market longer than expected then there is definitely something going wrong in your property listing. It may be due to the steep rise in property prices and low buyer sentiment that have kept the buyers away from the market sometimes, but at the same time, there is a possibility that poor listing makes it hard to attract the buyers.

We also agree that prices and buyer sentiments play an important role. If you are listing your property in a proper manner, that could also lead to it staying unsold. Considering the tough competition, property listing on a website is never enough. People must add all the required details in order to get maximum exposure on the property. Getting more viewers on your listed property increases the possibility of the property being sold. Therefore, Commonfloor.com looks at various ways through which you can enhance visibility and drive traffic to your property listing.

This allows people to list properties along with all the details that a potential buyer needs (for example, location of the property, size, no. of rooms, no of bathrooms, costs, etc.). Seekers can fulfill their property needs by accessing these data.

Below are a few simple tips that might help you reap more visibility and increase traction in your listing-

1) Submission Of Front End Listing

Avoid front end selection as it is not compulsory. It is not necessary that your listing should come on top of the search so that everyone can see.

2) Detailed Information

A buyer doesn’t want to jump page after page to find no. of bathrooms and bedrooms. He/she would prefer much if all the important information is provided at one spot.

3) Add Testimonials

If possible add the reviews of the other tenants if your property is leased out. Adding reviews of other tenants with pictures can add authenticity and create a positive opinion among the viewers.

4) Add Proper Pictures

A picture speaks louder than words and easy to understand. You will always benefit from the addition of excellent and high-quality images. Having original photos of your property draws people’s attention the right way. So, it is always advised to click and include photos of the bedroom, kitchen, living room, bathroom, garden, terrace, and other amenities to help the viewer know how exactly your property looks. If the house that you listed on the property portal for selling is currently occupied, make sure that it must be cleaned and free of the gathering for the photoshoot. A gathering-free apartment appeals more to the buyers/tenants. You can also add pictures of the locality or street that leads to your property. It can be a positive sign of your listed property.

5) Add Video Of The Property

Nowadays, many property portals allow posting a small video of the listed property. A video tour of the property makes your listing more genuine and also helps in indexing and increasing its visibility on search engines.

6) Stick To The Facts

Online channels make your life much easier than it would have been in their absence. So, never use this medium to hide the facts. A perfect listing might guide to many customers contacting you. But, the property will only be sold on its original value.

7) Show That Your Property is Different

Your property might be sea-facing, road-facing, etc. and that is its highlight. Let your listing clearly state that. Yours might be a property where an abundance of sunlight comes. This too is an important point to highlight during property listing.

8) Future Possibilities

A prospective buyer doesn’t know that you have a big terrace where a 1BHK flat could be built and you can enjoy a rent on it. This space could also be used to build a terrace garden or penthouse. If you clearly state the future possibilities, there is a high chance that your property could fetch a better price.

Advantages Of Property Listing On A Portal

In India, the online real estate market is on the rise and more and more people are using the internet to research property. Below are some benefits of listing the property online:

  1. The online property listing is usually free but there are some nominal charges for a premium listing.

  2. Both buyers and sellers have direct access to information. Hence, reduce multiple phone calls and site visits.

  3. One can buy, sell, and rent their property without a real estate agent.

  4. The online listing is a better option than newspaper classified listing. In the newspaper listing, you have to pay every week to list your property.

  5. In the online listing, most of the websites allow uploading the property images. This makes the property a lot more attractive to potential buyers than newspaper listings.

  6. Through online property listings, you can reach a much wider audience.

  7. Online property portals have the filter options which enable the buyer to search according to their requirements.

So after a buyer or a seller understands their requirements they go through these simple process: –

What is the process for buyers to list their properties?

Below is the step by step process for the buyers to list their property:

Process for Buyers

  • Select the Country/ City/ Region where you want to rent/buy property

  • Choose the property that is suitable for you among the entire list of properties

  • If you have not registered on the website then register with your phone number and email id.

  • After you have registered yourself an automatic message is sent to the seller to contact you

  • If that does not happen then, the contact number of the seller is available for you

  • Contact the seller and arrange an appointment

What is the process for sellers to list their properties?

Below is the step by step process for the seller to list their property:

Process for Sellers

  • Register yourself on the website

  • List the property on the website by mentioning the locality and the address

  • Fill in all the details of your property i.e. number of rooms, property size, the number of floors, etc.

  • Fill in the contact details and your property will be listed on the website

So all in all, listing your property in real estate portals makes buying, selling, and renting a property a lot easier and convenient.

 

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Coworking space in Bangalore Coworking space in Mumbai Infrastructural development Infrastructure development in India Real Estate Smart Residential Living

Tier 2 cities and coworking spaces.

Jan 17,2020 / By / No Comment

Tier 2 cities could drive Coworking:

Among the various types of shared office space concepts, coworking spaces have earned the highest popularity. Innovations by creating such workspaces have made a huge difference in the overall work environment of a workspace. Coworking operators had always ensured that it is not just individuals working separately under a roof but have created the phenomenon of maintaining a relationship with fellow coworkers. Meanwhile, in India coworking might still be in its initial stages of development as a profound form of office space in tier 2 cities. The coworking concept has seen its tremendous growth from the past several years and it is essentially the private sector’s response to meet today’s activity-based work requirements. The concept of coworking spaces is especially popular among boutique firms and startups today, for whom coworking spaces offer flexibility without the need to tie up lease obligation.

In India’s top cities of Delhi NCR, Pune, and Bangalore, coworking spaces are likely to lead to cost savings in the range of 20-25% when compared with leasing a traditional office space. The key drivers of coworking spaces in India are cost, infrastructure, and networking opportunities. While freelancers, startups, small-medium sized enterprises in India are primarily focused on the cost factor and infrastructure.

A growing number of coworking spaces in tier 2 cities like Indore, Ahmedabad, Rajkot, Udaipur, Kota, Surat, Pune, and other cities have boosted the startup ecosystem. Startups who seek an ecosystem are able to create communities within coworking spaces. Boost of coworking spaces within the tier 2 cities are because of the rise of startup aspiration within the people. According to the research it has been stated that coworking spaces are present in more than 40 Indian cities including small cities. There are around 250 coworking spaces in tier 2 and tier 3 cities.

 

The reasons why all the tier 2 cities are expected to see a similar demand:

Emerging entrepreneurs in Tier-2 and Tier-3 cities:

Smaller cities have technologically trained people who are experts in creating and adopting their own startup. For these skilled professionals to lease a reliable workspace with proper infrastructure can take a lot of time but coworking spaces will make it easier, shortens the gap and will allow such professionals to start their work immediately.

 

Government promotions:

Since the smart city mission was launched in 2015 to solve the problems in urban areas, this is also an opportunity that increases the opportunity in these cities that could see a lot of development and even the advent of more coworking spaces. The “Make in India” movement of the government is encouraging tier 2 and tier 3 cities to build, and this will also lead people relocating to tier 2 cities and that would encourage the necessity of coworking spaces.

 

Choking Cities:

A workspace must be easily accessible to employees and must be comfortably located for potential clients. Tier 1 cities face a lot of problems like parking problems, associated costs, and saturation. If coworking spaces would expand to tier 2 and tier 3 cities which have more affordable spaces to offer. It would offer a better quality of life and lower property taxes and rates. All these make tier 2 and tier 3 cities more appropriate for expansion.

 

Quality workspaces:

Coworking spaces offer high-quality offices that are 24*7 accessible at a reasonable cost. It is estimated that coworking spaces can save up to 30% compared to traditional self-managed offices. This will make tier 2 and tier 3 cities an attractive option.

 

Short term projects:

Indian as well as international entities who want to expand their organizations in tier 2 and tier 3 cities would sometimes need workspaces for a short period of time. This would increase the demand for coworking spaces in such locations. All such companies would prefer coworking spaces because of the lower operational costs and a flexible work environment which will have a scope of work and include prime land availability at a lower cost.

 

Demands of the modern workforce:

With an average age of 29, India is expected to become the country with the youngest workforce by 2020. Nevertheless, the economy is unable to generate jobs that can absorb the prospective employee base. As a consequence, the number of freelancers is increasing. These resources, apart from high remuneration, are also watching for some additional perks such as adjustable working hours, comfortable work locations, and the availability of high-quality utility services such as the internet, etc. Coworking spaces are an exemplary combination of these various necessities, thus becoming a popular option with businesses and professionals alike. From bootstrapped startups to established corporate houses, every organization is seeming to examine the opportunities in Tier-II cities in a coworking way.

 

Key Factors why Tier-II cities prefer coworking spaces:

  • Shortage of funds to leverage business in the early stage
  • Finding technology partners
  • Working with like-minded and highly enthusiastic people
  • Building network

Approximate no. of coworking spaces in few tier 2 cities:

One of the most important reasons for coworking spaces to be introduced in Tier-II cities has been the increasing numbers of home-grown startups and entrepreneurs from these localities. Initially, talented individuals had relocated towards tier 1 cities as only these places could present their chances to grow. But, with the evolution of technology, everything can be done through the internet. Recently, Jaipur got five coworking spaces. A high number of coworking brands are also developing in other cities such as Indore, Rajkot, Udaipur, Bhubaneswar, etc. Even Kota, a tiny city in Rajasthan recognized for its blooming coaching classes industry has its own coworking space. A large number of bright young minds in these areas would have definitely played an important role in such a decision.

 

Facts about coworking spaces in India:

  • 84% feel more engaged and motivated since joining their coworking community.

  • 82% cited an increase in the size of their business network.

  • 83% reported a sense of isolation decreasing.

  • 14 Million people are expected to work out of coworking spaces across India by the end of 2020.

  • The coworking industry is expected to reach a valuation of $2.2 billion by 2022.

  • Tier 2 cities are expected to grow to 8.5 million seats by 2020.

  • Over 14 million people are expected to work out of coworking centers by 2021.

The potential market in India:

The coworking industry is still in its nascent stage in the country, with various players rising in this market. This is considered in the fact that over 90% of India’s 300 shared workplace operators began their first coworking space in 2019 (Source: Coworkyard). With 3–4 startups arising every day over the past few years in India, the country has become the third-largest startup hub in the world, with a total employee base of a million. The numbers are expected to reach more than double by the end of 2020. Since, India has a huge freelancer workforce (second in the world), in excess of 15 million professionals, and developing comparatively fast. These two factors together present a potential demand for more than 3.5–4 million seats.

Thus, the future of coworking in Tier 2 cities in India will shape up in the future based on the number of employment opportunities generated in those cities.  To keep the younger workforce motivated in the work environment might be a crucial factor in the coming years. Many large companies, who either own office spaces or are still operating through conventional leased-out buildings are also approaching coworking space operators in order to accommodate the flexibility of location to provide a creative workplace to their employees.

 

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Development Control Regulations Real Estate Smart Residential Living

What are the Development Control Regulations (Building Bye-laws 2019)?

Jan 16,2020 / By / No Comment
Development Control Regulations in India

Development Control Regulations (DCR) in India

Development Control Regulations are a set of rules that are planned to ensure the proper and effective development of a city, as well as the general welfare of the public. Regulation is necessary to ensure planned development. It depends on a “plan-led system” whereas development plans are made and the public is consulted.

It is a mechanism that controls the development and use of land. This involves the construction of new buildings, the extension of the existing ones, and the change of use of the building or land to another use. Developing new houses/industrial buildings/shops are important for supporting economic progress. At the same time, it is also necessary to protect or improve the quality of towns, villages, countryside, etc.

Under the DCR, the Metropolitan Commissioner is the supreme authority for review of its provisions and his decision would be final. The Metropolitan Commissioner could use his power to approve provisions of these regulations excluding the provisions associated with FSI.

What are the motives of the Development Control Regulations (DCR)?

The motive of Development Control Regulations (DCR) is that any approved plan is implemented by individuals and by corporate or by public-sector developers and thus all new developments should adhere to the terms of the plan.

Why is Development Control Regulations necessary?

Development Control Regulations are a must for every growing city because the area immediately beyond the city limits is often a source of health risk to the city and generally under no strict control of the effective local authority.

What are the objectives of the Development Control Regulations?

  1. To stop the unfavorable demand and misuse of land.

  2. To assist private interest along with public interest in all phases of development.

  3. Development control is legal in nature and the planning authority has the power to punish the defaulters.

  4. To control and limit overcrowding on land.

  5. To control the private development as per the required rules in connection to public safety, health, and convenience.

How many types of Development Controls Regulations are there?

  1. Town and Country Planning Act

  2. Building Bye-laws

  3. Land Acquisition Act

  4. Zoning Regulations

  5. Slum Clearance Act

  6. Periphery Control Act

How is Zoning Regulations dealt with?

  1. Allotment of land for special purposes.

  2. Limitation on the use, construction, and height of the building.

What are the key objectives of Zoning?

  1. Zoning proves to be a useful means for making any town planning scheme effective and successful.

  2. Zoning supports proper coordination of various public amenities such as road, electricity, drainage, water connection, transport facilities, etc.

  3. Rezoning for better uses of land by amending their zoning laws can be possible.

  4. The town planner gets enough opportunity for designing the future growth and development of the town.

What do the Bye-laws say (Building Bye-laws Updates 2019)?

  • Rights of residents

  • Freedom to builder or landlord

  • Rights of neighbor

Where is building Bye-laws applicable?

  1. New construction

  2. Additions and modification to buildings

  3. The need for open space

What are the objectives of building Bye-laws?

  1. The building bye-laws stop reckless development without any similarity to the development of the area as a whole.

  2. To give open spaces, noise, air breeze, smoke, and manage safety against fire, etc.

  3. To control land development keeping in mind the bye-laws.

  4. It becomes more accessible to pre-plan the building activities and provisions of bye-laws, give directions to the designing architect or engineer.

  5. Material types of control

What are the controllable factors under DCR?

Below are the controllable factors under DCR:

Floor Space Index (FSI)

It is the ratio between the total built-up area and the plot area available. It is authorized by the government for a particular locality. It principally describes the ratio of the total covered area of construction to the total plot size. It is sometimes termed as floor space compensation ratio (FSR), floor area ratio (FAR), site ratio or plot ratio. FSI rules are usually based on the National Building Code.

As per the new DCR rules, balconies, stairs, voids, flower beds, and corners are calculated in FSI and to compensate for the loss, the government has allowed compatible FSI up to 35% for residential and 20% for commercial developments.

Parking space

There is a specified space for parking in residential, commercial and educational institutions as per the set laws in different States. However, as per the norms, the ideal parking size should be a minimum of 2.5 x 5.5 sq.m. (Motor Vehicle), 1.2-3 sq.m. (2 Wheeler), 3.75 x 7.5 sq.m. (Transport Vehicle).

Size of plots

As per the DCR, the size of plots appropriate for residential development varies according to the income level of residents. The ideal size conditions under DCR are -

1. Low-Income Group (LIG) – 135-180 sq.m.

2. Mid-Income Group (MIG) – 216 to 360 sq.m.

3. High-Income Group (HIG) – 486 to 972 sq.m.

Structural design and services

The architectural design of a building should be executed as per the directed norms of the National Building Code of India. The building must hold facilities of plumbing (for toilet and drinking), protection from electricity, electrical installation, air-conditioning, lift, etc.

Lifts

A building with a height of more than 13 meters must have a lift from the ground floor. The minimum capacity of the lift should be 6-persons.

Fire Safety

A building that exceeds more than three floors needs a certificate of approval from the Fire Department. Besides, every floor with more than 150 sq.m. of floor area and a capacity of 20+ people should have at least two doorways, along with a staircase for the fire exit.

Development Control Regulations in India’s Top Cities

Development Control Rules, Delhi

To make Delhi’s Development Control Rules tighter, the ministry of housing and urban affairs has proposed an amendment in Unified Building Bye-Laws for Delhi 2016, which would now hold responsibility on all contractors and even site supervisors for defects in a building built on a plot size of 750 sq.m. and above. This revision would mean that every architect would now have to take ten-fold professional liability insurance to cover for such defects.

The Unified Building Bye-Laws 2016, which was published in March 2016, had put this “latent defects liability” condition only for plots with 20,000 sq.m.and above. It means a 20,000 sq.m.plot would house a 35-40 storey highrise building with 3-flats on each floor.

To check the complete rules, click HERE

Development Control Rules, Mumbai

In January 2012, the Maharashtra Government had announced amendments to the Development Control Rules for Mumbai with the prime objective of bringing in transparency and reducing temporary and discretional decision-making at different levels. The new rules mean pricing based on maximum available FSI, reducing the risk that was largely accepted earlier with regard to excessive saleable area.

Under the new DCR, areas for balcony, flower-beds, stairs, terraces, corners, voids would be counted in the FSI but these were not considered in FSI calculation earlier.

With the new rule, plots measuring over 2,125 sq.m.(22,873 sq.ft.) will now be permitted to build more, vertically. As per the new regulation, the Brihanmumbai Municipal Corporation (BMC) will calculate the development potential of a plot on its gross area, without decreasing the area reserved for recreational purposes. The developers will now be able to build more apartments in a building with a proportionate increase in the open spaces in the building.

Every plot, where a residential structure is coming up will have to reserve 15% of land for open spaces known as recreational ground. Earlier, according to the 1967 and 1991 DCR, when the BMC calculated the development potential of a plot, the reserved 15% plot was deducted. This resulted in a lesser number of flats being constructed. However, the BMC will determine the development potential including the reserved space now with the new rule. Resulting in permitting builders to develop more in the specified Floor Space Index or FSI.

To check the complete rules, Click HERE

Development Control Rules, Karnataka

The Karnataka Govt. has amended the zonal regulations of the Revised Master Plan 2015. Under the amendments, the state govt. has reduced the mandatory permissions needed for building commercial complexes in plots measuring up to 20,000 sq.m.and exempted select common areas from the floor area ratio rules in both, residential and commercial high-rise buildings.

The state govt. has changed the floor area ratio rules for residential as well as commercial buildings. This means those common areas such as fire control rooms, electrical panel rooms, pump rooms, AC plants, security or CCTV rooms, generators, solid waste management facilities have been removed from the range of FAR norms.

According to the new rules, the height of the building will be calculated excluding structures above the terrace floor giving services such as solar panels,  staircase headrooms, lift machine rooms, overhead tanks, parapet walls, chimneys, and other architectural features cover. Also, the new rules have allowed covering the internal open space on top, to block rainwater from entering the building but the covering cannot be a stable structure.

Those buildings that fall within a 1-km radius on either side of the metro corridor will have to allow less parking space in buildings. The amendment clarifies that space for one car needs to be provided for a built-up area of 75 sq.m and buildings outside the 1 km zone, parking space for a single car needs to be marked for a built-up area of 50 sq.m.

To check the complete rules, Click HERE

Development Control Regulations, Pune

Pune Municipal Corporation has approved new development control regulations permitting higher floor space index (FSI) in certain categories. The move is beneficial for small developments in non-congested areas.

IT Sector

Maximum permissible FSI of 3 to develop IT parks and additional FSI could be used by paying a premium to the local body. IT parks built on two hectares or less need to maintain amenity space. A fine equal to 0.3 % of controlling ready reckoner value of the built-up area will have to be paid if the place reserved for IT is used for non-IT purposes.

Government Housing

The rule proposed up to FSI of 4 instead of 1 for the development and redevelopment of housing for the state government and civic employees.

As per the new regulation, mixed-used developments of residential and commercial nature would be permitted on a residential plot in TOD zone.

PMC has made it compulsory for housing societies to have solid waste management, hostels, commercial establishments, hospitals with a total built-up area of 4,000 sq.m or more.

A minimum FSI of 1.50 has been granted for the development in overcrowded areas while the road width is 9 meters. Also, a maximum of 3 FSI will be allowed for development for road width 30 mt and above. 1.10 FSI will be permitted for non-congested areas.

To check the complete rules, Click HERE

Development Control Rules, Chennai

The State government has issued a Government Order, revising the 2nd Master Plan of the Chennai Metropolitan Area and the Development Control Regulations in other parts of the State. This is only for residential buildings that will reduce the cost of housing for low-income groups.

The Tamil Nadu government has increased the maximum Floor Space Index (FSI) for multistoried residential buildings from 2.5 to 3.25.

According to the amended terms on ‘premium FSI’, a multistoried residential building will get the maximum FSI of 3.62 on the payment of premium charges. The maximum FSI for specific buildings in the residential category and ordinary residential buildings will be 2.

The Development Control Regulations 26 of the Chennai Metropolitan Area has been revised to change the FSI for special buildings also from 1.5 to 2 for continuous building areas.

Likewise, the Development Regulations 27(3)D of the Chennai Metropolitan Area has been revised.

The Chennai Metropolitan Development Authority (CMDA) will also allow premium FSI over and above the usually permissible FSI subject to a maximum of 1.62. Now, the maximum FSI for a multistoried building will be 3.62 using premium FSI.

For a road width of 18 meters, the premium FSI permissible will be 50%. For roads with a width of 12-18 meters, the premium FSI permissible will be 40% and for roads with a width of 9-12 meters, it will be 30%.

To check the complete rules, Click HERE

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Home loan Income tax Property tax Real Estate Smart Residential Living

Section 80EE – Income Tax Deduction on Home Loan Interest

Jan 15,2020 / By / No Comment
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

Jan 14,2020 / By / No Comment
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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