Recently, the Indian Government announced a reduction in GST slabs, which means things will get cheaper for consumers. People will now enjoy lower rates on many things like electronic items, clothes, food items, and especially on real estate sector. The government reduced GST on cement from 28% to 18% which means it will lower overall construction costs approximately 3% to 5% for developers. It will help ultimately homebuyers who will save up to 1% to 1.5% depending on the project stage.
But one thing here to keep in mind for the homebuyers is that these new GST changes are only applicable on under-construction properties, not on ready-to-move-in properties.
What Homebuyers should now:
Reduction in material cost will benefit you: As government has reduced the GST slabs from 28% to 18% this will reduce the cost of materials like bricks, tiles and sand which are reduced to 5% from 18%. Builders will save money from this change of rates as their construction cost will come down and they have to pay less amount for construction, but its not like you will see an immediate price cut in your home price. Real Estate Dealers or Real Estate companies may offer festival discounts to pass on a portion of these savings to buyers.
GST Exempt on ready to move houses: There will be no GST on the purchase of a ready to move property either its house or flat. As that is already received its occupancy or completion certificate.
Reduced prices on new project launches: By reducing the GST rates developers will get benefit from lower construction costs, because of this competitive pricing or attractive festive season will be offered by developers. For existing under-construction projects, developers may offer discounts instead of direct price cuts.
Cost for Stamp Duty and registration: Buyers must keep this thing in their mind that GST has not replaces stamp duty and registration charges, they will remain same according to each state policy.
GST on additional services: If you are opting for amenities like parking, clubhouse or any other maintenance that will attract GST which is typically 18% if the bill will generated separately.
For developers: Lower costs and clearer rules
Reduced construction cost: Builder will get benefit from GST on key building materials like cement has been cut from 28% to 18% and on other hand items like marble and granite now carry 5% GST instead of 12%. This will lower overall project cost by 2-4%.
Healthy Margins: Due to cut in GST on many items like cement, marble and other items will improve their cash flow and ability to invest in n new projects.
Mixed impact on commercial property. While residential projects benefit, the commercial real estate sector faces mixed implications. Developers lose the ability to claim Input Tax Credit (ITC) on commercial leasing, which could increase operational costs and rental prices.
It is no secret that the homebuying process nowadays is intimidating and stressful. You must check several things before buying your dream home. Your personal financial information, income, and credit score are under a magnifying glass! This complete process makes the homebuying process more stressful. You can take the help of real estate experts who can help you find the best home for you.
Fortunately, there are several methods to make your journey much more enjoyable. These 10 homebuying tips will surely lower your stress level.
Keep An Eye on Your Credit Score
Your credit will play an important role in your homebuying journey. Before you start your property buying journey or even interview real estate agents, make sure you check your credit score.
Many online sites can help you in your house-buying journey, or you can consider going directly to the source and request a copy of your credit reports. Those reports will give you an idea of how your credit score is currently. Read those reports very carefully.
If your credit score is good, then you can take your next step of meeting real estate agents, but if your credit score is low, then work on it before getting too involved in the homebuying process. You can get a mortgage despite your low credit score, but make sure you improve your credit score by paying your debts and waiting until your credit score improves.
Develop an ideal down payment amount
You should have an idea and proper management about how much down payment you are going to pay. The higher down payment amounts may be technically “better”, as you’ll pay less over the life of the loan. But make sure you must plan properly to avoid any conflict and shortage of money for your rest of expenses.
Have Clear View on how much you can afford
While you’re thinking about an ideal down payment amount, you’ll also want to consider how much you might be able to borrow and what amount you’re comfortable with in relation to your monthly budget.
You must understand that you should create a balance between your expenses and income or else it will give your stress as you move further in your home buying process. If you’re unclear on where to start, don’t stress! A finance professional can help with any specific issues.
Stick to the budget
This is one of the most important step which you should keep in your mind because sometimes we emotionally fall in love with a home that’s firmly outside your budget. If you want your home buying process stress free you should stick to your budget so that you don’t have to borrow from others.
Create a list of Your Wants and Needs
You should know the difference between your needs and wants don’t get confuse between this. Sometimes we focus more on things which are not necessary but we buy it. So sit back take pen and copy and note down your needs and wants.
Be specific what you want in your home. If your need is only for 4 bedrooms then stick to your need and use that saved money at other place like on wood work or floor. Don’t go for 5 bedrooms if you need only 4.
Do Your Research Before Buying
Before buying your dream home do your research properly. Check out small things like your neighbourhoods near by facilities like hospitals, schools, market etc. If the property which you want to buy is nearby you and you can visit it regularly keep visiting on regular basis so that you can know more about your neighbourhoods.
Keep Your Paperwork Ready Well Ahead of time
Be ready with your paper work make sure you should collect all required papers way before. It will keep your stress level in control as buying home is a process which needs lot’s of paper work.
Be Picky When Building Your Home Buying Team
Buying home is one of your biggest dreams so make sure you choose your home buying team very carefully. A talented home buying team will make sure you get your dream home within your budget and in best area. Don’t stick to one team keep exploring your options and choose the best from them.
Get Pre-Qualified from Your Loan Originator
Make sure you must be in touch with your loan originator. Ask them to run credit check so that you must be clear about your credit score. Keep that credit score in your mind so that you will have an idea how much you get through loan and how you will manage rest amount. It will help you in controlling your stress.
Never Forget the Inspection
Never forget the final inspection make sure you check each and everything before making final payment. Inspect structural, electrical or plumbing problems these are some major issues which you should check before shifting to your dream home.
Final Thoughts Your dream home buying process should be exciting and rewarding not the stressful. So keep these points in your mind before buying specially your budget part.
Real estate agents play a crucial role by helping buyers and sellers navigate one of the most important financial transactions of their lifetime. The world of real estate can be a competitive environment that can be difficult to understand for you. So, if you’re looking for top real estate dealers in Mohali, you may need to know where to start.
In this blog post, we’ll discuss some of the most important qualities to look for in real estate dealers before you sign any agreement. Let’s not waste a moment and get started…
Strong Communication: Before you look for experience and expertize, it’s important to know if the agent can communicate effectively. A good real estate agent should be able to listen carefully to your needs and have healthy communication with colleagues and other industry professionals.
The Ability to Negotiate: Negotiation is a big part of real estate especially when the team has to haggle between the listing price, the selling price, and the commission. A real estate agent has to learn negotiation skills to help you pay the best price against any property you buy. The property buying or selling process is a very involved process.
A Strong Network: Real estate is all about networking because, without solid connections, your agent won’t be able to be a successful real estate professional. The ability to network will help you find the best properties in Mohali at the best price possible. A good real estate company will maintain healthy relationships with fellow professionals.
In-Depth Market Knowledge: Real estate is one of the highly competitive markets in India and having a deep understanding of market trends is a must-have. Before you sign an agreement, make sure that your real estate company has in-depth knowledge of local market trends, regulatory requirements, and property values.
Integrity and Trustworthiness: Remember that you’re going to trust someone to convert one of your biggest dreams into reality. Buying a living space is everyone’s dream and agents should prioritise ethical conduct to build credibility with their clients. Make sure that the platform you choose is licensed and holds high ethical standards.
Tech Savvy: Technology has become an integral part of our daily lives and plays an imperative role in the modern real estate industry. The credible top real estate dealers in Mohali embrace technology to streamline processes and provide superior customer service. This may include virtual tours, data analysis, and digital platforms for property listings.
Client-Driven Approach: It is you who is going to put a lot of money into buying something and your needs should be the first priority. A credible real estate company will take personalized approach to understand your unique needs to provide tailored services. Moreover, the team will be ready to go that extra mile to exceed your expectations.
A Back-Up Plan Ready to Execute: The real estate is a complex world with lots of challenges be it transactions, rules and regulations, or local market trends. Whether it is resolving financial issues or navigating legal hurdles, agents should be able to think fast and troubleshoot all obstacles. They must ensure a smooth transaction process.
Credentials and Qualifications: Real estate world is highly competitive and there are hundreds of real estate companies out there ready to help you. However, not all are qualified enough to help you find your dream property. So choose an agent who has completed more than the basic requirements and is experienced enough to serve you the best.
Great Reputation: One of the most important qualities to look for in a real estate company in Mohali is the image or rapport. Choose a company with a strong image in the real estate world. Take your time to know about the company and online reviews can be your best source. Go through some client testimonials or look for references.
A Few Tips to Find the Top Real Estate Dealers in Mohali
Knowing the qualities of a real estate agent won’t be enough, so here we’ve discussed some tips to find the right one for your dream project. Take a look…
Find the Agent With the Most Listings: One of the simple and passive ways to find the right real estate dealer is to identify which company has the most listings in your area.
Research and Interview Multiple Real Estate Dealers: Don’t just settle for the very first broker you meet but take time to interview multiple real estate dealers in your area.
Consider a Dealer’s Areas of Expertize: Some real estate dealers may have more experience working with domestic properties while others may be specialized in commercial properties.
Pay Attention to Responsiveness: A good real estate agent should be responsive to your needs and always ready to help. They should be able to explain the buying and selling process.
Takeaway
Whether you are looking to buy or sell a property, real estate companies play a crucial role in making the process much smoother. Therefore, when looking for top real estate dealers in Mohali, it is important to take some time to research.
Ask for referrals and look for a real estate broker with a strong track record and experience in the field. Also, they should possess great communication skills and technology proficiency. Ensure that the dealer is licensed and insured.
Choosing the right real estate dealer will make all the difference in your experience. When you know that you can count on the platform you have chosen, the process will be far more enjoyable. At the end of the day, your efforts to choose the best platform will get you the best results.
Home Portal13 is one of the top real estate dealers in Mohali specializing in professional real estate advisory services. The team is always ready to guide you through buying, selling, or renting the best properties in the area.
Want to get more tips to find the best real estate company in your area? Stay tuned…
1. Introduction to Mohali: A Growing Real Estate Market
1.1 Overview of Mohali’s Real Estate Landscape
Mohali, a bustling city in Punjab, has been rapidly gaining traction as a promising real estate destination. With a blend of residential, commercial, and industrial developments, Mohali offers a diverse range of property options for investors and homebuyers alike. You just need the guidance of the best real estate company in Chandigarh which can help you find your dream home
1.2 Factors Driving Real Estate Growth in Mohali
Several factors contribute to the booming real estate market in Mohali, including its strategic location, robust infrastructure, expanding job opportunities, and a growing population seeking modern living spaces. Additionally, government initiatives and planned urban development projects have further fueled the city’s real estate growth.
2. Understanding the Property Market Trends in Mohali
2.1 Current Market Performance and Analysis
The property market in Mohali has shown steady growth, with increasing demand for both residential and commercial properties. Factors such as well-planned layouts, amenities, and proximity to major roadways and educational institutions have contributed to the city’s attractiveness to potential buyers and investors.
2.2 Emerging Property Trends in Mohali
Emerging trends in Mohali’s property market include the rise of smart homes, eco-friendly construction, and mixed-use developments that integrate residential and commercial spaces. Understanding these evolving trends can help buyers make informed decisions when investing in Mohali’s real estate market.
3. Key Considerations for Buying Property in Mohali
3.1 Setting Your Property Investment Goals
Before diving into the property market in Mohali, it’s essential to define your investment goals. Whether you’re looking for a long-term investment, a rental property, or a dream home, clarifying your objectives will guide you in selecting the right property that aligns with your aspirations.
3.2 Assessing Your Budget and Financial Preparedness
Understanding your budget constraints and financial readiness is crucial when buying property in Mohali. Evaluate your savings, credit score, and loan eligibility to determine your purchasing power. Setting a realistic budget will help you narrow down your property options and avoid overstretching your finances.
4. Top Tips from Real Estate Experts for Successful Property Purchase
4.1 Researching and Selecting a Reputable Real Estate Agent
Choosing a trustworthy real estate agent with local market knowledge and a proven track record can greatly facilitate your property buying journey in Mohali. Research potential agents, read reviews, and conduct interviews to find a professional who can guide you through the buying process effectively.
4.2 Conducting Due Diligence on Properties of Interest
Before finalizing a purchase, conduct thorough due diligence on properties of interest in Mohali. This includes inspecting the property, reviewing legal documents, checking property titles, and verifying construction quality. Taking these steps will help you avoid potential pitfalls and ensure a smooth property acquisition process.**
5. Navigating Legal and Regulatory Aspects of Property Buying in Mohali** Navigating the legal and regulatory landscape of property buying in Mohali can sometimes feel like deciphering a cryptic code. Understanding property laws in Mohali is crucial to ensure a smooth and legally sound transaction. From land ceiling laws to stamp duty regulations, it’s essential to have a grasp of the legal framework governing property ownership in Mohali.
**5.1 Understanding Property Laws in Mohali** Property laws in Mohali can be as intricate as solving a Rubik’s Cube blindfolded. From the Punjab Apartment and Property Regulation Act to rules governing land use and development, diving into the legal nitty-gritty can make your head spin faster than a tilt-a-whirl. Consulting with a real estate lawyer well-versed in Mohali’s property laws can save you from a legal labyrinth.
**5.2 Importance of Property Title Verification** When it comes to buying property in Mohali, verifying the title is akin to checking the expiry date on a carton of milk – you don’t want any surprises after purchase. Conducting a thorough title search can uncover hidden ownership disputes, pending dues, or legal snags that could derail your property dreams faster than you can say “Khulja Sim Sim.” Trust us, a clean title is worth its weight in gold. **
6. Financing Options and Mortgage Tips for Property Investments in Mohali** Ah, financing – the spicy jalapeno in the property-buying burrito. Exploring loan options and securing a mortgage in Mohali requires a financial finesse that would make even a Wall Street trader break a sweat. From traditional bank loans to NBFC financing, finding the right mortgage can be like searching for a needle in a haystack – but with a bit of savvy, you can crack the code. **
6.1 Exploring Loan Options for Property Purchase** When it comes to financing your property purchase in Mohali, the options are as varied as a buffet menu. From fixed-rate mortgages to adjustable-rate loans, each option comes with its own set of pros and cons. Understanding the terms, interest rates, and repayment schedules is key to selecting a loan that fits your budget like a bespoke suit. **
6.2 Tips for Securing a Mortgage in Mohali** Securing a mortgage in Mohali is a bit like wooing a fickle lover – it requires charm, persistence, and a dash of good luck. From boosting your credit score to gathering all necessary documents with the precision of a surgeon, preparing for a mortgage application is not for the faint of heart. But fear not, with a sprinkle of financial savvy and a dollop of patience, you can secure that dream loan faster than you can say “Sone ki Chidiya.” **
7. Exploring the Best Residential Areas and Property Types in Mohali** Choosing the right residential area and property type in Mohali is like playing a game of real estate chess – one wrong move, and you could find yourself in checkmate. From bustling urban hubs to serene suburban enclaves, Mohali offers a smorgasbord of residential options to cater to every taste and budget. Whether you fancy a swanky apartment or a sprawling villa, Mohali has something for everyone. **
7.1 Overview of Popular Residential Neighborhoods in Mohali** Navigating the myriad residential neighborhoods in Mohali is like embarking on a real estate safari – each area has its own unique charm and character waiting to be discovered. From the vibrant streets of Sector 70 to the tranquil lanes of Kharar, finding the perfect neighborhood involves a mix of location preferences, amenities, and budget considerations. So grab your safari hat and explore the wilds of Mohali’s residential landscape. **
7.2 Types of Properties Available in Mohali: Apartments, Villas, Plots, etc.** In the real estate buffet that is Mohali, you’re spoilt for choice when it comes to property types. Whether you’re eyeing a chic apartment with city views or dreaming of building your own villa on a spacious plot, Mohali offers a diverse menu of property options to satisfy every palate. So whether you’re a high-rise aficionado or a land lover, Mohali has a property type that’s just right for you. **
8. Conclusion: Mastering the Art of Property Buying in Mohali** Congratulations, dear reader, you’ve now completed the crash course in the art of property buying in Mohali. From navigating legal mazes to securing that dream mortgage, you’re now armed with the knowledge and savvy to make your property dreams a reality. So go forth, brave property buyer, and conquer the Mohali real estate landscape with the finesse of a seasoned pro. Happy house hunting!
Kharar, a rapidly growing region near Mohali, has become a hot spot for real estate investment. Whether you’re a first-time homebuyer or an experienced investor, choosing the right type of property can significantly impact your lifestyle and financial goals. In Kharar, the three most popular property types are flats, plots, and villas, each offering distinct advantages. But which one is right for you? Let’s explore the options. Home Portal 13 best real estate company can help you find best property in your budget.
Flats: Convenience and Community Living
Who Should Consider Flats? Flats are ideal for individuals or families looking for convenience, security, and a sense of community. They are typically located in multi-story buildings, often within gated communities, offering amenities like parks, gyms, swimming pools, and 24/7 security.
Benefits of Buying a Flat:
Affordability: Flats are generally more affordable than villas, making them a popular choice for first-time buyers and young professionals.
Low Maintenance: Flats require less upkeep compared to independent houses or villas, as the maintenance is often managed by the housing society.
Amenities: Many flats come with shared amenities such as clubhouses, gyms, and play areas, enhancing the quality of life for residents.
Security: Gated communities with flats often have round-the-clock security, providing a safe living environment.
Considerations:
Space: Flats may have limited space compared to villas or plots, which might be a constraint for larger families.
Privacy: Living in close proximity to other residents means less privacy compared to independent homes.
Plots: Customization and Investment Potential
Who Should Consider Plots? If you dream of building a home tailored to your exact specifications, buying a plot of land is the ideal choice. Plots also appeal to investors looking for long-term appreciation, as land in Kharar is becoming increasingly valuable.
Benefits of Buying a Plot:
Customization: Owning a plot allows you to design and build your dream home according to your personal preferences, without the limitations of pre-constructed flats or villas.
Investment Potential: Land generally appreciates in value over time, making plots a sound investment for those looking to benefit from Kharar’s growing real estate market.
Space: With a plot, you have the freedom to decide on the size and layout of your home, garden, and any additional features.
Considerations:
Initial Costs: Buying a plot and constructing a home can be more expensive and time-consuming compared to purchasing a ready-to-move-in flat or villa.
Development: Depending on the location, you may need to invest in infrastructure like water supply, electricity, and sewage, which are typically included in flats and villas.
Villas: Luxury and Privacy
Who Should Consider Villas? Villas are perfect for those seeking a luxurious lifestyle with more space, privacy, and independence. They are typically stand-alone homes within gated communities, offering the best of both worlds—privacy and access to communal amenities.
Benefits of Buying a Villa:
Space and Privacy: Villas provide more living space, both indoors and outdoors, and offer greater privacy compared to flats.
Luxury Living: Many villas come with high-end features, such as private gardens, terraces, and even swimming pools, catering to those who desire a more opulent lifestyle.
Investment Value: Villas often have higher resale values due to their size, amenities, and the prestige associated with owning an independent house.
Considerations:
Cost: Villas are usually more expensive than flats and plots, both in terms of purchase price and maintenance.
Maintenance: Owning a villa involves higher maintenance responsibilities, including the upkeep of the garden, exterior, and any additional amenities.
Conclusion: Making the Right Choice
Choosing between flats, plots, and villas in Kharar depends on your lifestyle, financial situation, and future goals. Flats offer convenience and affordability, making them ideal for those who prefer a community lifestyle with minimal maintenance. Plots provide the opportunity to create a personalized home and are a solid long-term investment. Villas, on the other hand, cater to those seeking luxury, space, and privacy, albeit at a higher cost.
Before making a decision, consider your current needs, future plans, and budget. Whether you’re looking for a cozy flat, a piece of land to build your dream home, or a luxurious villa, Kharar has something to offer for everyone. At Home Portal13, we are here to help you navigate your options and find the perfect property that meets your unique requirements.
