The concept of construction of eco-friendly or green buildings have gained popularity globally
With the world facing climate change and global warming issues, more and more people are now supporting the creation of sustainable spaces, which are environmentally more sensitive and ecologically less harmful and polluting. Building eco-friendly homes is a step in this direction. Also known as green homes, the concept of eco-friendly or green buildings has gained popularity globally, especially in India and China. Here is everything you need to know about eco-friendly homes.
What is an eco-friendly house?
An eco-friendly or a green home is an environmentally low-impact house, exquisitely designed and built using materials and technology that reduces carbon footprint and requires less energy consumption.
What are the features of an eco-friendly home?
An eco-friendly home or a green building may have any one or all of these features:
Any eco-friendly home’s key component is thermal insulation, as it not only reduces electricity consumption but also brings down carbon emissions. Currently, the market is flooded with eco-friendly alternatives to traditional insulation materials, which do not contain chemicals and additives. If your home has any kind of renewable, non-toxic and biodegradable insulation material, it is an environmentally friendly home.
Water conservation is another important component of an eco-friendly home. Rainwater harvesting, low-flow taps and water-efficient appliances, help you to conserve water in an eco-friendly home. The water that is conserved, can be used for other non-drinking purposes, such as watering gardens, washing the car or for use in toilets.
Another key feature of an eco-friendly home is its energy source. Regular homes rely on fossil fuels, while in an eco-friendly home, solar panels, biomass boilers and heat pumps, are used to generate energy in a cost-effective way. This reduces the reliance on non-renewable sources of energy. Home owners should know that the installation of renewable sources of energy comes at a huge cost but in countries like India, the government offers subsidies and facilities to encourage people to adopt renewable energy sources.
Smart technology is one of the newest features to be added in eco-friendly homes. Using smart technology to lessen your carbon emission, is an innovative way to make your home eco-friendly. For example, smart thermostats can regulate the temperature in your home. Similarly, smart lighting can turn off the lights when there is no one in the room. It involves making use of technology more efficiently, as per your routine, to minimise the wastage of energy.
Most of the appliances now have star ratings, which showcase the amount of energy it will consume. A five-star rated product consumes less energy than a three-star rated product. These products can save a lot of energy, without having to sacrifice any feature or functionality.
One of the important features of an eco-friendly home, is the availability of natural light and ventilation. An eco-friendly house should be constructed in a way that it takes advantage of these resources, which also results in a healthier indoor environment and life.
How to convert your existing home into an eco-friendly home?
Here are some tips, to convert your home into an eco-friendly one:
Switch to CFL and LED bulbs and tube lights, as these are more energy-efficient.
Install smart sensors for lights, which could be adjusted as per one’s requirement.
Unplug appliances when you are not using them.
Make provision for natural light to come in. Use light-coloured curtains, to make the most of available sunlight.
Grow indoor plants which act as natural air filters. You can also opt for plants that absorb pollutants from rugs, furniture and other equipment.
If you have a terrace or a backyard, nurture a small garden, as it helps in reducing soil erosion. You can also compost kitchen leftovers such as tea leaves, eggshells and vegetable skin, as they are great sources of manure.
Install a rainwater harvesting system, to save water and use it for other purposes such as cleaning or watering the garden.
Use low-consumption faucets and shower heads, to conserve water.
Pros and cons of eco-friendly homes
Pros
Cons
Green buildings carry an edge in a competitive market. Consider it as a USP.
The initial building cost is very high.
Green buildings are the future. Hence, consider it as an investment to improve its resale value.
Green construction materials are not readily available.
If you are generating surplus energy using renewable energy sources, you can send it back to the grid to earn additional income.
Finding contractors who can work with green building materials is hard.
Natural lighting improves the health and productivity of the occupants.
Green building materials are expensive and construction is more time-consuming than when using traditional materials.
At some places, green buildings attract tax benefits, grants and other subsidies.
Not all ‘green’ materials are eco-friendly. A lot of research is required to find a suitable material that can actually make a difference.
We list some plants that home owners can grow, which, according to Vastu Shastra and Feng Shui are believed to bring good luck, harmony and prosperity
Plants are crucial in channeling the natural flow of positive energy. They also purify the environment by absorbing carbon dioxide and provide relief from stress.
“Plants dispel the stagnant and stale energies from the home. They subconsciously connect us to the colour green, which has therapeutic qualities. According to Vastu Shastra, healthy growing plants placed in the right directions, enhance the ability to attract abundance into one’s life and improve relationships,” says Nitien Parmar of Vastu Plus, Mumbai.
Plants that bring good luck, harmony and prosperity
Tulsi
According to Vastu shastra, one of the most powerful, sacred and auspicious plants that enhances positivity at home, is the Tulsi or holy basil.
“This shrub, which has great medicinal value, can purify the atmosphere and keep mosquitoes away. Tulsi can be grown at the front or the back of the house, in the balcony or windows, wherever it can be exposed regularly to sunlight,” says Parmar.
Jade plant
Jade plant, with its small rounded leaf, is known to bestow good luck. According to Feng Shui, the Jade plant is the epitome of good luck and favourable positive energy and hence, can be placed in the house or office. Jade symbolises growth and regeneration and the shape of the leaves bear a resemblance to jade stones. However, avoid keeping the jade plant in the bathroom, experts suggest.
Bamboo plant
The lucky bamboo (Dracaena Sanderiana) plant is from south-east Asia and both, Vastu and Feng Shui, associate it with good fortune and health. The number of stalks in the plant has a big impact on the meaning of a particular lucky bamboo plant. For wealth, for instance, it should have five stalks; for good luck six; seven stalks for health and 21 stalks for health and great wealth. Bamboo plants also act as air purifiers and remove pollutants from the surroundings. Preferably, keep the bamboo plant in the east corner.
Money plant
Money plant (pothos) is known to bring wealth and good luck to the house and helps in overcoming financial obstacles. Money plants act as natural air purifiers, as they filter the toxins out of the air. It requires very little maintenance. It is said that keeping a money plant at home can help to achieve success in both, personal and professional fields.
Areca palm
Areca palm plants, according to Feng Shui, lead to health, peace and prosperity. It eliminates negative energy and attracts positivity. This leafy plant can be grown anywhere in the house, in indirect sunlight. It has an ability to remove common pollutants from the air and also improves humidity.
Rubber plant
The rubber plant represents wealth and fortune in Feng Shui, as its rounded leaves resemble coins. When placed in the home, it is believed to provide abundance. Also, the rubber plant improves indoor air, as it is a natural air purifier.
Fortune plant- corn plant
The corn plant or Fortune plant(dracaena fragrans) as it is commonly known s a well-known indoor plant.In some Asian countries, the corn plant is said to be a symbol of luck. If the plant blooms at home, it means one will receive wealth and fortune. Corn plants purify the air as they remove toxins from the air. Corn plants thrive in bright yet indirect light.
Flowers that bring good luck
Peace lily
Peace lilies are a great addition to any room, to help clean the air and evoke a sense of harmony. Feng Shui says that nurturing peace lilies, help to bring about good luck and affluence and it wards off negative energies. Since the plant attracts good vibes, it is also good for emotional wellbeing. It improves the flow of energy in the home by cleansing the air.
Jasmine
Jasmine represents appreciation, love and good luck and creates positivity in relationships. Jasmine (mogra) has a delicate sweet fragrance and is known to reduce anxiety and bring tranquility. “In today’s chaotic world, one needs a calm and peaceful home to recharge and plants help us to relax. I have jasmine flowers in my balcony, which are the favourite flowers of Lord Shiva. After a day’s work, I enjoy the delicate whiff of blooming jasmine in my balcony and forget all the stress,” says Srilata Krishnan from Mumbai.
Orchid
Orchids are associated with good luck and prosperity. In Feng Shui, orchids symbolise good relationships, happiness and fertility. Ideally, it should be placed in the north direction.
Lotus
Lotus is a symbol of wealth, peace, purity, harmony and spirituality. The lotus, which also has medicinal value, is considered an auspicious flower as it is linked with Goddess Lakshmi, as well as Lord Buddha. Placing it in front of the house is most beneficial but it can be kept inside the house too. A water pond with lotus in it, is ideal in the north-east or north or east direction of one’s garden.
Marigold
According to Vastu, yellow marigold flowers symbolise good fortune and optimism. It attracts positivity and energy into one’s home. Marigold flowers are considered auspicious and are placed on the main door, as torans. A north or east direction is the best to keep marigold plants in your home.
Peonies
Peonies signify good luck, fertility, prosperity and blessings. To boost luck and enhance the relationship quotient in your lives, place this plant in the south-west direction of the garden.
Chrysanthemum
The yellow Chrysanthemum flower, according to Vastu Shastra, represents cheerfulness and optimism. It attracts positivity and good luck. It also purifies the air and removes toxins from the home. In Buddhist culture, the altar is often decked with chrysanthemum. One can keep it in the living room but avoid placing it in the bedroom.
Hibiscus
The red hibiscus is associated with divinity, as it is offered to goddess Kali and lord Ganesha. You can grow this plant on a sunny window or garden, for positive energy, stability and joy in life. Yellow hibiscus is ideal for lifting one’s spirits and bringing good fortune into your home. According to plant Vastu, the hibiscus should be grown in either the north or east.
Rose
Roses signify love and passion and attract good luck and healing energy. It is considered as a Feng Shui lucky plant. Red roses signify love, yellow brings happiness, and white roses symbolise peace. The fragrance of rose reduces anxiety and brings in a feeling of peace. Rose is the only thorny plant which Vastu Shasta states is suitable to grow within a home. According to Vastu Shastra, rose flower plants placed in the south-west are auspicious, as it removes negative energy and enhances social eminence of the house owner.
Magnolia (champak flower)
Planting a magnolia tree in the garden at home can help people get contentment. This is said to be a lucky fragrant flower (cream, light pink, light orange-yellow colour), which attracts prosperity. The tree has the ability to bloom even after being uprooted. In many cultures, the magnolia flower symbolises economic stability, joy, good luck and perseverance.
Lucky herbs for home
Mint
This herb keeps bad vibes away and is ideal for attracting wealth and prosperity. The aroma of mint leaves helps calm one’s nerves and is believed to revive one’s hopes. It also helps in relieving stress stressed muscles and has medicinal value.
Sage
Sage is known to ward off evil and has cleansing qualities.According to Feng Shui, the sage plant helps in removing negative energies at home. It also has medicinal properties and a strong aroma.
Ajwain (carom)
This herbal plant is considered auspicious for wealth. It does not require too much sunlight or water. The beautiful ribbed leaves of the plant are edible and an easy home remedy for an upset stomach.
Ginger
In recent times, many people are opting to consume ginger tea, as it is known to give relief from cold. Ginger has been used for cooking and medicinal purposes since ancient times. Growing ginger, the healing herb, at home, helps to enhance love and attract wealth and fortune.
Thyme
Thyme plants can help in luck related to career. This aromatic herb brings good luck to those wishing for a new job, promotion, or commencing a business. Thyme enhances the monetary luck. So, grow it in your kitchen garden.
Bay laurel
An evergreen aromatic plant, Bay laurel symbolizes wisdom, (acquired and intuitive) and also a victory. The leaves are usually placed at the entrance of houses to avoid curses and attract happiness and prosperity in the home. Laurel plant strengthens the good energy at home and balances emotions. It has curative properties and is also widely used in cooking. Bay Laurel can be grown indoors in pots, and outdoors as shrubs and also as trees.
Lemon balm
Lemon balm is said to reduce stress, helps you to relax, and boost your mood. The zesty lemon balm is used in traditional medicine as a sleep aid and digestive tonic. According to Feng shui, lemon balm attracts peace and prosperity.
Lucky trees for the garden
Neem tree
Neem tree creates positivity, a healthy environment and according to Vastu, is auspicious. As it has great medicinal value, the Vedas called the Neem as sarva roga nivarini (the curer of all ailments). Neem trees act as an efficient natural air filter, absorbing pollutants.
Banana
The banana plant is a sacred plant worshiped in India. It is considered a harbinger of good luck and signifies prosperity, good health and mental peace. This plant should be placed in the north-east.
Coconut tree
The coconut tree, which is called the ‘kalpavriksh’ or the sacred tree, is said to fulfil all desires and bring good fortune and positive energy. The ideal direction to plant it is in the south or south-west.
Ashoka tree
Ashoka, the evergreen tree with fragrant flowers, is believed to remove suffering and bring joy. This ‘tree of happiness’ brings positive energy and prosperity.
Jack fruit tree
Do not grow this tree in the north direction of the house. Instead, plant it in the south, south-west, or north-west direction, for good health and positivity.
Amla tree
Indian gooseberry or amla, according to Vastu is a lucky tree. The tree is considered sacred and is said to be the favourite of Lakshmi, the goddess of wealth and Lord Vishnu. This can be planted in the North East or East, but at a little distance from the house. Amla which is rich in Vitamin C is known for its various health benefits.
Tips to grow and take care of plants that bring good luck
Select healthy plants with vibrant foliage, to create beneficial energy.
Trees like neem and mango, provide good results in all directions.
Champa, mogra and parijat should not be planted in the south-west, north-west or east directions.
According to Vastu, trees in the garden should be planted in even numbers.
For any house, it is auspicious to have a Gooseberry tree in the north-east direction, pomegranate in the north-west, banyan in the east, gular (cluster fig) in the south, peepul in the west and pakad (ficus) in the north direction.
In your kitchen garden, besides growing turmeric which is associated with prosperity, grow herbs such as coriander, thyme and rosemary.
According to Vastu, a citrus plant, besides emanating a fresh smell, helps in creating a happy atmosphere.
Remove dried and decayed leaves, flowers and weeds, as they attract negative energy.
Grow hibiscus, champa and marigold flowers in the garden at home as they are considered auspicious.
Except for a few medicinal plants, avoid plants with thorns, as they give rise to tensions in the environment.
Do not grow plants in chipped or cracked pots or vases.
According to Vastu, growing creepers with support on the house wall, is not recommended.
Swedish furniture and home furnishings retailer IKEA has leased two floors spread over 1 lakh sqft of retail space at realty developer Runwal Group’s R City Mall in Mumbai’s central suburb Ghatkopar for a long-term tenure of total 9 years, said persons with direct knowledge of the development.
This space will be utilized to develop IKEA’s second city-center store in the country’s commercial capital.
IKEA is known for its massive stores. However, the company is approaching Mumbai, the country’s most expensive realty market, with a different plan in line with other international cities like Paris, Moscow and Shanghai. The retailer is likely to follow this omnichannel strategy across India.
Recently, the retail giant opened India’s first city store in Mumbai’s Worli area and Ghatkopar will be the second such store. IKEA’s new store in Kamala Mills is designed for smaller spaces, measuring in at around 50,000 to 1 lakh sqft, as opposed to the traditional blue box stores, which are typically spread over 4 lakh to 5 lakh sqft.
In India, it already operates a large-format store in Navi Mumbai that started operations in 2020. Prior to this, the company had started its first large store in Hyderabad. It also has a large-store under development in Bangalore and this is likely to go live later this year.
“The company has inked the deal for this space and was registered recently. It is likely to open this store by the middle of this calendar year,” said one of the persons mentioned above.
The city store format allows IKEA to be adapted to smaller spaces in an urban context and makes it more convenient for the many customers to experience the IKEA offer.
“IKEA has a long-term view on Maharashtra and we will have an omnichannel approach in the market with small and big stores and online. We opened the big IKEA Navi Mumbai store in 2020 and recently the first city store in Worli. Currently IKEA India is in talks with different entities in order to identify suitable locations for our future stores in Mumbai. We will be able to share more details at a later date when we have secured all processes,” said a spokesperson of IKEA.
Runwal Group declined to comment for the story.
The company’s omnichannel growth strategy is driven by its goal to be close to customers, become more accessible, convenient, and create a great IKEA experience wherever and whenever they want.
IKEA also has e-commerce operations and IKEA app in Hyderabad, Bengaluru, Mumbai, Pune, Ahmedabad, Vadodara and Surat. Mumbai, Delhi-National Capital Region (NCR) and Bangalore are prioritized omnichannel markets including both offline and online presence for the company’s India operations.
In India, the retailer is working with over 50 suppliers, engaging over 45,000 direct co-workers and around 4 lakh co-workers in the supply chain.
We look at the importance of fair market value under the tax laws and how one can arrive at or obtain the fair market value of a property
The concept of fair market value is very important under the income tax laws. The buyer, as well as the seller of a property will be impacted, if the sale/purchase consideration as stated in the agreement is lower than the fair market value of the property. In this context, we will discuss what fair market value is and how it impacts buyers and sellers.
Importance of fair market value under the income tax laws
Any profit on the sale of a property, is taxed under the income tax laws. The profit is generally arrived at, by deducting the cost of acquisition and cost of improvement, from the sale consideration. If the property is held for more than two years, you are allowed to avail of the benefit of indexation, on the costs. For properties that are acquired by you prior to April 1, 2001, you have the option to take the fair market value of the property as of April 1, 2001, in place of the cost of acquisition. So, the concept of fair market value is important for finding out the cost of acquisition, for capital gains purposes.
Likewise, if the price stated in the agreement is lower than the stamp duty valuation of the property, the stamp duty valuation of the property, which is a proxy for the fair market value, is taken as the sale consideration, instead of the value stated in the agreement. So, if the agreement value is lower than the fair market value, both, the buyer and the seller will be impacted.
The difference between the agreement value and the fair market value, if it is more than 5%, is taxed in the hands of the buyer, as well as the seller, under different provisions of the income tax laws. Hence, it is important to ascertain the fair market value, before executing the agreement, to avoid the payment on such difference.
How to find out the fair market value of a property
Ready reckoner or circle rates:
The income tax laws do not provide any guidelines on how the fair market value of a property has to be arrived at. However, there are certain ways through which you can make an estimation of the fair market value of the property which would, generally, be acceptable to the Income-Tax Department.
In order to avoid under-reporting of the consideration in sale agreements (which is done to avoid payment of appropriate stamp duty), states have introduced the system of predefined prices, depending on the area and nature of construction. This is done through stamp duty ready reckoner, or announcement of circle rates, etc., which are generally notified every year.
Circle rate is the value below which a property cannot be bought or sold in an area. At this point, note that circle rates vary from locality to locality. They are revised from time to time by the local authorities, to keep the value close to the existing market value of property in a particular area. Even if the seller plans to charge an amount that is lower than the per sq ft circle rate, you will have to pay stamp duty based on the prevalent circle rate. If the property is being sold at a higher rate than the circle rate, the stamp duty will be calculated, based on the transaction cost in this case.
So, you can find out the fair market value from the stamp duty ready reckoner of 2001, if the property was acquired prior to April 1, 2019. If you had received the property as a gift, or as an inheritance, or had constructed it during any year after April 1, 2001, then, you can take the ready reckoner value to find out the fair market value of the property.
However, it is not as easy to find out the fair market value of a property as it seems, because the real estate market is a very heterogeneous market, where the rates of properties can vary very much, even within the same area. It becomes more difficult, in case you have to find out the fair market value for properties as old as 2001.
Valuation report:
If the ready reckoner rate is not available for a particular year, you have another option. You can obtain a valuation report, from a valuer who is registered under the wealth tax rules and who is recognised for determining the fair market value for income tax purposes. The registered valuer follows a standard process for the purpose of arriving at the valuation and issues a detailed valuation report for the same. The fee that a registered valuer can charge, is already prescribed under the laws.
You can also obtain the services of a registered valuer, if you feel that the valuation as per the ready reckoner is on the higher side. This may happen due to the reason that the rates declared in the stamp duty ready reckoner are uniform for the same plot of land, without there being any reference to the conditions of the property and any legal dispute around the property at that point of time. The registered valuer inspects the property and based on his inspection and other relevant considerations and circumstances, gives the valuation report stating the fair market value of the property, along with the basis for arriving at the valuation.
Which method should you choose?
It is important to note that the rates stated in the stamp duty ready reckoner are not mandatory and are just guidelines. So, if you feel that the stamp duty and circle rates are higher by more than 105%, you should obtain a valuation report from a valuer, to substantiate your case at the time of making the deal, without having to wait for your case being selected for detailed scrutiny. The Income-Tax Department generally accepts the valuation report of the registered valuer. Out of both the methods available to you, the second method, of obtaining the valuation report from a registered valuer is advisable, to make the matter stronger and convincing.
We examine why a rent receipt is an important document for tenants and landlords and how to fill a rent receipt.
A rent receipt is an acknowledgement slip provided by the landlord to the tenant, on receiving the rent as per the terms agreed upon in the rent agreement. Whether you have occupied a residential or a commercial property, rent receipts are vital in both cases. A rent receipt is an important document and plays a crucial role for the tenants and the landlords. Let us check out the importance of rent receipts.
Importance of a rent receipt
Rent receipts are proof of monthly rent payments made to the landlord. Rent receipts often play an important role in solving legal disputes between tenants and landlords. For tenants, possession of the rent receipt shows that the rent was paid, especially when the transaction was done in cash. After giving a rent receipt, a landlord cannot claim rent again for that particular month. From the landlord’s point of view, rent receipts help them maintain a proper record. A landlord can demand a copy of the issued rent receipt to end a dispute, if a tenant falsely claims that rent has already been paid. Thus, a rent receipt makes the rental transaction more authentic and allows legal sanctity to the landlord-tenant relationship.
Here are some more benefits that highlight the importance of the rent receipt:
Claiming tax benefit under the Income Tax Act
Maintaining rent payment records
Dispute settlement
Works as proof in legal matters
A rent receipt should contain certain specific details, to enable one to claim the above-mentioned benefits. Here is the list of information that needs to be mentioned in a rent receipt.
How to fill a rent receipt?
Rent receipts need to contain some key information if you want to claim HRA and prove legal validity. Here is the information that you should include, when you make a rent receipt. These details also play an important role when you have to claim income tax benefits:
The date on which the payment is received
Rent period
Rent amount
Name of the tenant
Name of the landlord
Address of the property for which the rent is paid
Landlord’s signature
If the rent amount in a financial year exceeds Rs 1 lakh, then, the PAN detail of the landlord should be mentioned on the rent receipt
If rent is paid in cash and exceeds Rs 5,000, then, a revenue stamp should be affixed on the rent receipt
Mode of payment, such as cheque, cash, or online, along with details like cheque number
Details of balance due when the rent is partly paid
Details of the reason for excess payment, for example, penalty on late payment, repair charge for damage to property, etc.
How to get a rent receipt?
Normally, the landlords provide the rent receipts to the tenants. However, if the landlord is not providing a rent receipt, then, the tenant can get the rent receipt with the essential details printed on paper and request for the landlord’s signature on it, along with the PAN detail (if applicable). A rent receipt can be generated, pre-filled, using rent receipt generators available online. You just need to fill in the necessary details to get the rent receipt in a prescribed format. After getting the rent receipt printed on paper, get the signature of the landlord on it at the time of rent payment.
Things to keep in mind
Rent receipt should be accompanied by a valid rent agreement, if you want to use it for claiming HRA.
Try to pay rent through online mode or cheque, to keep a parallel record of rent payment apart from the rent receipt.
Online rent receipt should have a revenue stamp and be duly signed by the landlord.
If the landlord does not have a PAN number and the rent amount is above Rs 1 lakh in a year, get a declaration and Form 60 from the landlord
It is important to know how to write a rent receipt to avoid later discrepancies when you claim the HRA.
The basic goal behind buying any insurance is to make you financially whole following a loss. You agree to pay a small certain fee to an insurance company today in exchange for a guarantee from the company that it will bear the burden of a large but uncertain loss in the future. Following that reasoning, property insurance protects you against damage to—or loss of—expensive personal property, such as a dwelling or a car. Forms of property insurance include auto insurance, homeowners insurance, renter’s insurance, and flood insurance.
Let’s say that you own a house free and clear and have a tidy nest egg. . As long as you continue to pay your property taxes, you have every right to enjoy the use of that house for as long as you like, as guaranteed by law. You may live there, rent it out, leave it vacant, or sell it. You’re sitting pretty, and so you may ask yourself, “Why do I need property insurance?”
Then, all of a sudden, that giant tree in the backyard falls on your house and causes severe damage. Now you have to cover the entire cost of repairing the house, and that nest egg gets seriously reduced. If you’d had property insurance, it would have paid—in part or in whole—for your home to be fixed or replaced, sparing you an unexpected and large chunk of change.
Who Needs Property Insurance?
Well, pretty much anyone who owns expensive property. Indeed, you are forced in many cases either by law or a mortgage contract to carry property insurance. All 50 U.S. states, for example, require drivers to carry auto insurance, usually in the form of liability insurance.
Liability insurance covers repair and financial restitution to someone else besides the individual at fault in an accident. For example, the person at fault’s liability insurance pays car repairs and medical bills for the other driver and any passengers. Fortunately, when you purchase the required liability coverage, you are also given the opportunity to purchase property insurance (in the form of comprehensive insurance and collision insurance with regard to auto insurance), thus saving you from financial hardship if your own car is damaged in the accident.
Coverage
According to a survey published in the Journal of Financial Planning, many homeowners have vastly misguided views of what their homeowners insurance actually covers. According to reportage in The New York Times on a 2007 survey conducted by the National Association of Insurance Commissioners, 33% of homeowners believed that flood damage would be covered, 51% thought that damage from a main water line break would be covered, and 34% thought that mold damage is covered.
In actuality, the perils (causes of property destruction) that are typically not covered are:
Flood damage (this is a separate policy)
Earthquake (this is also a separate policy)
Mold
Maintenance damage (e.g. worn-out plumbing, electrical wiring, air conditioners, heating units, roofing etc., as well as mold and pest infestation)
Sewer backup
Policies are often written so that for something to be covered, it must be “sudden and accidental,” meaning that it wasn’t a slow leak that caused damage over many months. Often this is not covered by insurance. If your roof caves in from old age, and not from storm damage, it will likely not be covered.
The perils that typically are covered include:
Fire or lightning
Windstorm or hail
Explosion
Smoke
Theft
Vandalism or malicious mischief
Riot or civil commotion
Damage caused by aircraft or vehicles
Volcanic eruption
Liability Coverage
In addition to covering the value of your home or other property, many insurance policies also include an important provision for liability coverage. You may not think this is very important. However, there are scores of eager lawyers in every city searching high and low for lawsuits against people such as yourself. Liability coverage is well known to owners of automobiles, but it may be lesser known to homeowners.
If your neighbor’s house catches fire because you left your charcoal grill unattended, you will pay for the damage caused by the fire. You have paid the insurance company your premiums so that it will pay for larger claims when they do occur. The same goes for someone who is hurt and requires medical attention while on your property.
If you are on vacation and your property is stolen, such as a diamond ring, you may be entitled to reimbursement. Be sure to document the theft with evidence that you owned it, and you should be able to provide a police report to the insurance company.
You should know what your policy does and—more important—does not cover. Insurance companies don’t stay in business by charging a minimal amount to cover any and all things which could possibly happen to your property.
Additional (Non) Coverage
Home-based businesses are not typically covered. This doesn’t include a home study but rather a place where people come into your home as customers, such as a workshop where you repair furniture. You will need a separate business (commercial) policy to properly insure this area and its related liability. Again, these rules vary from state to state and country to country.
Also, if your property, especially your house, is left vacant for more than a certain time period, usually 30 days, then the homeowners policy may be canceled immediately by the insurance company. It is assumed that a vacant house is at a much higher danger of perils, such as fire or theft, and therefore changes the risk profile enough to require a separate policy. If you have a second home or vacation property, you may get another policy to cover this home as well.
Pitfalls to Avoid
Check to see if your policy covers repairs at actual cash value (ACV) or at replacement cost. The latter is usually much better. Case in point: If your roof was damaged and needs to be completely replaced, the replacement cost will pay for it to be fully repaired less your deductible, while ACV will pay you what your roof was estimated to actually be worth at the time of the damage. The tradeoff is that ACV costs less than replacement cost coverage.
Art and Jewelry
Additionally, if you have expensive jewelry or art that you want to be covered, you may need to add a floater . This is an add-on to your main policy. Many policies have standard amounts that they will pay out for losses to particular items, and they will pay no more.
Coinsurance Clauses
Finally, some property owners only want to insure a property for what they paid for it, which may bring into play a coinsurance clause. This is (depending on local laws) where the property is insured for less than say 80% of its current replacement cost . Have a lesser amount of coverage and the insurance company will require you to share in a percentage of the repairs above and beyond the deductible amount.
Premium Factors
Do you live in an area prone to tornadoes, hurricanes, or floods? Do you own a large dog or a swimming pool? Are you a smoker? How’s your credit score?
You may be a higher-than-normal risk based on your answers to these questions, and an insurance company will charge you accordingly. These are factors that it takes into account when setting your insurance rates. The more that these and other risks are applicable to you, the higher your rates will be.
A Word of Warning
Some insurance companies provide seemingly unbelievable rates for their policies. If the company is unknown and its rates are exceptionally good, this should be a red flag. Check around for the company’s reputation and don’t just take the salesman’s word for it. Have a look at the policy and see what it covers and what it doesn’t.
You may find only too late that what you thought was adequate coverage was barely the legal minimum in your area. When seeking the benefits of property insurance, insist on quality coverage. Remember, cheap insurance can be very expensive.
Compete Risk Free with $100,000 in Virtual Cash
Put your trading skills to the test with our FREE Stock Simulator. Compete with thousands of Investopedia traders and trade your way to the top! Submit trades in a virtual environment before you start risking your own money. Practice trading strategies so that when you’re ready to enter the real market, you’ve had the practice you need.
Home design trends that are expected to loom large in 2022 are an evolution of what started during the pandemic when life was disrupted and more homeowners started reevaluating their surroundings. Cases in point: the rise of the home office and backyard pools.
Some hot trends started years earlier, including energy efficiency, conservation of natural resources (especially in fire- and hurricane-ravaged areas), and affordable housing.
In addition, each cohort has its own wish list—baby boomers want lower maintenance and millennials want strong broadband connectivity.
One caveat: Know that there’s no universal agreement about what’s in and what’s out, even among our pundits who offered these ideas.
1. High-Speed Internet and Broadband: A home office or workspace remains essential for many home buyers, but if a house doesn’t have a good digital infrastructure, work-from-home buyers may not be interested, says associate broker Lori Hoffman with the Usha Subramaniam Team at Compass in Chappaqua, a suburb of New York. “Young buyers coming from urban areas expect it, yet it’s not always available,” she says. Her advice is to make sure high speed is available for your buyers, and if it’s not, find an alternative before they invest.
2. Quality, Quality, Quality: Location may still be king, but buyers want quality in building materials, systems, and appliances since they know how hard it is to secure materials due to supply chain disruptions and find a contractor who’s available and can get the work done right. “They don’t want inexpensive gray and white vanities with a composition top. They prefer something like a dark navy or sleek modern dark wood with a thick porcelain top, something that echoes Mid-Century style,” Hoffman says. They also want personalized items that suggest quality, such as a kitchen island that resembles a piece of furniture, says J.T. Norman, business development, product, and design innovation specialist at Kitchen Magic in Nazareth, Pa. Buyers also prefer that original brick is left unpainted but given trim that’s accented with a dark color, says architect Eddie Maestri, founder of Maestri Studio in Dallas.
3. An Encore for Home Theaters, and a Welcoming to Yoga Studios and Sophisticated Lounges: After losing appeal because they took up too much space, home theaters are popular again as homeowners seek more at-home entertainment. Most are constructed on the first floor or lower level, says designer Joe Fava, CEO of Fava Design Group in Miami. A newcomer to the trends list is a yoga studio as homeowners look for ways to unwind and stay fit at home, he says. Maestri also has received more requests for an intimate living space—what he terms a lounge or parlor—that includes club chairs and a bar, but no TV.
4. Purple is the New Gray (or Black): Once considered the color of royalty, purple has become one of the “reigning” requests in the increasingly colorful world of home design, says Scottsdale, Ariz.–based designer Julia Buckingham of Julia Buckingham Interiors. “It’s a jewel tone that is both rich and neutral as a base for bright or more earthy hues.”
In one project, she mixed it with a lively red and a natural stone chandelier. “It plays well with both vintage and modern, which makes my ‘Modernique’ heart very happy,” she says.
Norman says an earthy khaki green is also a current favorite choice. Color expert Amy Wax of Your Color Source predicts the popular colors in 2022 will relate to nature. She anticipates softer greens, earthy taupes, warm browns, and off-whites. We may also see a nod to happier times and a carefree lifestyle in the form of brighter teals, Kelly greens, peaches, and oranges.
5. More Outdoor Changes: Having a yard or balcony gained ground during the pandemic and remains a big draw for buyers. As homeowners spent more time outdoors, their wish list for that space evolved. Hoffman finds that buyers want a flat yard that’s more usable than a hilly one. More people want a pool, so much so that many installers are booked into next year. Huntsville, Utah–based landscape architect Laurie Van Zandt of The Ardent Gardener says she usually designs one or two a year, but in 2021 she designed eight. A fire pit is also still high on wish lists, but an elaborate outdoor kitchen with a pizza oven and beer tap has waned in popularity—many found they rarely use these bells and whistles. What’s needed is a good 42-inch grill and cabinetry, says Chicago kitchen designer Mick De Giulio of de Giulio Kitchen Design.
When it comes to furnishings, Van Zandt says several clients have asked for nostalgic items that remind them of their grandparents, such as a porch swing, or have wanted to reflect their heritage through plant choices, colors, or design items. They also favored less-manicured gardens and yards with native grass seed blends.
Greenwich, Conn.–based landscape architect Janice Parker says she has started incorporating lighting that looks like it comes from a natural source, such as candles. In climates where bugs are prevalent or homeowners want to extend their outdoor enjoyment, there’s greater interest in screened porches, says home staging expert Kristie Barnett of Nashville-based The Decorologist. To connect outdoor or quasi-outdoor spaces to indoors, more homeowners are replacing windows with movable glass walls, says Norman.
6. Mid-Century Modern + Contemporary Chic: Design styles vary, but there’s agreement that a house with Mid-Century Modern architectural details and home furnishings stay a favorite, followed closely by contemporary, so long as the latter is warm and inviting rather than cold and spare, says Fava.
7. First-Floor Bedroom: Yes or No? Some experts say a house without a first-level bedroom is challenged. Not so, says Hoffman, who says it depends on who’s sleeping there. “It’s more important to boomers. My younger buyers considering a two-story home want all the bedrooms to be together on the upper level,” she says.
8. Open Plan Living? Yes, But… While there’s no single plan that appeals universally, Hoffman finds that most of her buyers still want an open concept plan. “A choppy plan with rooms broken up takes longer to sell, and the kitchen has to open to some sort of family room. However, the dining room can be its own room,” she says. When there’s a separate traditional living room, she finds her buyers ask, “What do I do with this room?” Others say the openness between rooms is closing a bit. “Homeowners still want sight lines from a kitchen to family room, but they no longer need rooms in a row and prefer some separation, maybe, with pocket doors or an island,” says Maestri.
9. Maximalism: The minimalism of the last few years is fading, while maximalism is soaring. What that means is rooms are being filled with comfortable furnishings, rugs, art, and collections with character, according to Laurel Vernazza, home design expert at The Plan Collection, a company that sells house plan designs. The fresh look doesn’t mean crowded, overstuffed spaces. One way to achieve the look is by mixing materials, like stones, metals (lots of bronze and less polished chrome and brushed nickel of recent years), fabrics with a nubby feel, different woods, and trendy matte black hues. “It’s a way to add richness,” says Fava, who finds clients want cocktail tables with several metal finishes or sofas with a metallic base. Another way to inject the look is to use curved elements instead of straight lines, such as arched openings, barrel-vaulted ceilings, and curvy furniture and walkways, says Vernazza. There’s also more architectural detail like fluting, Maestri says.
10. Spotlight on Ceilings: Periodically, the fifth wall of a room gains prominence. Now is one of those moments. The ceiling is being designed to stand out and be more attractive. Dated ceilings, such as those with the popcorn look, textured Styrofoam, or bumpy stucco are being targeted by homeowners for remodeling. Ted Speers, president of The Patch Boys, a national drywall, ceiling, and plaster repair franchise, suggests owners first test for asbestos, then scrape off the texture, repair the ceiling with drywall compound, and sand.
In upper-level rooms, designers like Buckingham make lighting fixtures the focal point of a ceiling or stairwell to create a modern art display that adds height, volume, and a light play when lit. But the caveat, she says, is that it can be a “beast to navigate the correct proportions and heights.” That’s where an interior designer can help. What’s out, she says, are small, mass-produced, lantern fixtures in an industrial or farmhouse style. Maestri likes to use high-gloss paint for reflectivity or wallpaper.
11. Smaller, But Not Tiny: Ever since author and architect Sarah Susanka published her first book on smaller homes in 1998, The Not So Big House, there’s been interest in how smaller homes can offer comfortable, functional living. Author Sherri Koones’ book, Bigger than Tiny, Smaller than Average, also explores the subject. Smaller houses—2,000 square feet or less—are in high demand but short supply. The reasons for their popularity, Koones says, are that people are getting married later and having fewer children, while boomers are opting for smaller homes. Certain features help spaces look larger and function better, such as integrated outdoor areas, high ceilings, light-colored walls, open floor plans, well-placed windows, and niches and hallways that serve as workspaces.
12. All-Electric Homes: More homeowners understand the importance of “decarbonizing” everything from products to transportation, and especially their homes, says Chicago- and Boulder, Colo.-based architect Nate Kipnis of Kipnis Architecture + Planning. “The way we can best do this is by eliminating all fossil fuels use from houses and including induction cooktops rather than gas for cooking, which offers safer, faster, and more even cooking,” he says. Kipnis recommends using either an air-source heat pump (mini-split) for the HVAC system or a ground source system (geothermal). The big payoff, he says, is that renewable energy has become the cheapest form of electricity generation.
13. Multifamily Breakout Spaces: The pandemic taught developers and managers of multifamily buildings the importance of flexible shared spaces for socializing and work, termed breakout rooms by some. All the buildings that Keith Gillan’s Maryland-based firm Murn Management runs include such spaces for shared use, plus smaller conference rooms on each residential level. Another change in his company’s buildings is bigger residential units to facilitate working from home. “It’s not that much more expensive to do so at the beginning of the design process and be sure every apartment has a den,” Gillan says.
Here is everything you should know if you have applied for a home loan of Rs 50 lakh.
Your home loan amount determines your monthly home loan equated monthly instalment (EMI). The higher the loan amount, the higher is the EMI. Once you start paying the home loan EMI, you need to follow extreme financial discipline to manage the entire loan tenure. Hence, it is important to have some idea about the EMI amount for various loan amounts.
As a part of our series on Home Loan EMI, the Housing News is trying to help new homebuyers understand the implications of taking home loans of different values. In this article, we would talk about the EMI implications on Rs 50 lakh home loan.
Rs 50 lakh home loan eligibility
The bank checks your creditworthiness through the documents you have submitted. They ask for various documents at the time of submission of the home loan application. These documents include government-approved identity cards, current residency proofs, proofs of your employment, monthly salary, tax filing, and property documents. A list of documents is given below that act as proofs:
Identity proofs: Driving licence, passport, Aadhaar card or voter ID
Income proof: Last three months’ salary slips, last six months’ bank statements, latest Form-16, and IT returns
Property documents: Copy of allotment letter/buyer agreements, sale deed
Rs 50 lakh home loan EMI
The interest rate and the loan tenure would largely decide how much monthly EMI you will have to pay on Rs 50 lakh home loan. Considering majority of the banks offering home loans at 6.5% interest rate, we are using that rate as the benchmark to give you an indicative list of EMIs that you will have to pay during various home loan tenure. Tables are given below for your reference.
EMI on a Rs 50 lakh home loan for 30 years
Loan amount
Tenure
Interest
EMI
Rs 50 lakh
30 years
6.5%
Rs 31,603
EMI on a Rs 50 lakh home loan for 20 years
Loan amount
Tenure
Interest
EMI
Rs 50 lakh
20 years
6.5%
Rs 37,279
EMI on a Rs 50 lakh home loan for 15 years
Loan amount
Tenure
Interest
EMI
Rs 50 lakh
15 years
6.5%
Rs 43, 555
EMI on a Rs 50 lakh home loan for 10 years
Loan amount
Tenure
Interest
EMI
Rs 50 lakh
10 years
6.5%
Rs 56, 774
Tips to apply for Rs 50 lakh home loan
One should not be spending more than 40% of their monthly salary to pay home loan EMI. Make sure you stick with the cut-off.
Keep all the paperwork ready to get your home loan application approved quickly.
If you don’t have a good credit score, work to make it better. A good credit score is the only surety to get the best interest rate.
You can ascertain the authenticity of your purchase documents without professional help. However, here are the points you need to keep in mind before signing on the dotted line
Due diligence and awareness of your rights can certainly protect you against unscrupulous practices by developers. In an industry that still lacks transparency, in spite of the many laws that have been put in place in the past half-a-decade, it is best to physically inspects all documents before buying any property. In your best interest, it is also highly recommended that a lawyer is taken on board, to help you through this complicated process. However, if that is not a likely scenario, a buyer can himself complete the house purchase by way of showing great diligence.
How to verify documents without lawyer
Checklist for buyers
1. Personal details
The agreement must capture the seller’s complete details. This includes father’s name, address, PAN number, aadhaar number, and bank account information. It must also provide exact details of the property’s location and municipal, tehsil (administrative division) or collector’s land record number. The agreement ought to be witnessed by two people, each from the buyer’s and seller’s side.
2. Property documents
The seller must confirm the authenticity of the title documents and ownership transfer in the agreement. He must also state clearly that the transfer and handing over of possession, is happening in a legal and fully-attested manner. The agreement must reflect the fact that all dues related to the property, have been cleared up to the date of transfer. Further, the agreement must fully indemnify the buyer from any disputes related to title and possession of the property.
3. Date of possession
The date of possession of a flat is important to the purchaser, for the purpose of transfer of the flat from the builder. It is the date on which the purchaser is to get possession of the premises and binds the developer to hand over possession by the date set out in the agreement. If possession is not given by such date, the purchaser has a right to sue,” informs Anirudh Hariani, solicitor of Hariani and Company.
The ‘time of essence’ clause in an agreement lays down the contractual deadlines for the parties to perform their due obligations.
4. Payment schedule
“The clause which sets out the payment schedule, lays down the total amount to be paid and the time frame within which it is to be paid,” details Hariani. “In cases where the payment is made in instalments, the payment schedule specifies details of each instalment. This helps avoids any ambiguities which may arise in the future,” points out Hariani. The agreement must provide complete payment details by the buyer, including that of the mortgage, if any.
5. Termination
The termination clause defines the consequences imposed on the parties in case of deviation from the code of conduct expected to be adhered by them. The agreement may contain either a ‘termination by convenience’ clause where either party can end the agreement.
6. Dispute resolution
The dispute resolution clause sets out the mechanism by which the parties can resolve their disputes. This is alternative to settling the matter through litigation. Besides this, other processes used to settle commercial contracts include adjudication and mediation.
7. Amenities
The amenities clause helps the purchaser know the additional benefits he will be entitled to and mentions the supplementary amount towards maintenance charges. In case of any default on the amenities sought to be provided, the purchaser may consider it as a breach of contract.
8. Penalty
A penalty clause should be incorporated in the purchase agreement, clearly specifying milestones and the penalties in case of failure from both, seller and buyer.
Finally, registering a legal purchase agreement, is of benefit to the buyer, since it offers protection from legal complications at any stage of ownership or eventual resale. No change can be made once the purchase agreement is drafted and registered. If any change needs to be made, the consent of the buyer must be obtained and an addendum will be made in the agreement.
Property documents’ verification
All the terms and condition and clauses mentioned in the property documents must be read and understood carefully, before you agree to enter into any deal. Also, because of the frequent usage of legalese, you might find the working complex to understand. Do not assume a word to have a specific meaning, unless you consult a legal book on the same.
We list some plants that home owners can grow, which, according to Vastu Shastra and Feng Shui are believed to bring good luck, harmony and prosperity
Plants are crucial in channeling the natural flow of positive energy. They also purify the environment by absorbing carbon dioxide and provide relief from stress. “Plants dispel the stagnant and stale energies from the home. They subconsciously connect us to the colour green, which has therapeutic qualities. According to Vastu Shastra, healthy growing plants placed in the right directions, enhance the ability to attract abundance into one’s life and improve relationships,” says Nitien Parmar of Vastu Plus, Mumbai.
Plants that bring good luck, harmony and prosperity
Tulsi
According to Vastu shastra, one of the most powerful, sacred and auspicious plants that enhances positivity at home, is the Tulsi or holy basil. “This shrub, which has great medicinal value, can purify the atmosphere and keep mosquitoes away. Tulsi can be grown at the front or the back of the house, in the balcony or windows, wherever it can be exposed regularly to sunlight,” says Parmar.
Jade plant
Jade plant, with its small rounded leaf, is known to bestow good luck. According to Feng Shui, the Jade plant is the epitome of good luck and favourable positive energy and hence, can be placed in the house or office. Jade symbolises growth and regeneration and the shape of the leaves bear a resemblance to jade stones. However, avoid keeping the jade plant in the bathroom, experts suggest.
Bamboo plant The lucky bamboo (Dracaena Sanderiana) plant is from south-east Asia and both, Vastu and Feng Shui, associate it with good fortune and health. The number of stalks in the plant has a big impact on the meaning of a particular lucky bamboo plant. For wealth, for instance, it should have five stalks; for good luck six; seven stalks for health and 21 stalks for health and great wealth. Bamboo plants also act as air purifiers and remove pollutants from the surroundings. Preferably, keep the bamboo plant in the east corner.
Money plant
Money plant (pothos) is known to bring wealth and good luck to the house and helps in overcoming financial obstacles. Money plants act as natural air purifiers, as they filter the toxins out of the air. It requires very little maintenance. It is said that keeping a money plant at home can help to achieve success in both, personal and professional fields.
Areca palm
Areca palm plants, according to Feng Shui, lead to health, peace and prosperity. It eliminates negative energy and attracts positivity. This leafy plant can be grown anywhere in the house, in indirect sunlight. It has an ability to remove common pollutants from the air and also improves humidity.
Rubber plant
The rubber plant represents wealth and fortune in Feng Shui, as its rounded leaves resemble coins. When placed in the home, it is believed to provide abundance. Also, the rubber plant improves indoor air, as it is a natural air purifier.
Fortune plant- corn plant
The corn plant or Fortune plant(dracaena fragrans) as it is commonly known s a well-known indoor plant.In some Asian countries, the corn plant is said to be a symbol of luck. If the plant blooms at home, it means one will receive wealth and fortune. Corn plants purify the air as they remove toxins from the air. Corn plants thrive in bright yet indirect light.
Flowers that bring good luck
Peace lily
Peace lilies are a great addition to any room, to help clean the air and evoke a sense of harmony. Feng Shui says that nurturing peace lilies, help to bring about good luck and affluence and it wards off negative energies. Since the plant attracts good vibes, it is also good for emotional wellbeing. It improves the flow of energy in the home by cleansing the air.
Jasmine
Jasmine represents appreciation, love and good luck and creates positivity in relationships. Jasmine (mogra) has a delicate sweet fragrance and is known to reduce anxiety and bring tranquility. “In today’s chaotic world, one needs a calm and peaceful home to recharge and plants help us to relax. I have jasmine flowers in my balcony, which are the favourite flowers of Lord Shiva. After a day’s work, I enjoy the delicate whiff of blooming jasmine in my balcony and forget all the stress,” says Srilata Krishnan from Mumbai.
Orchid
Orchids are associated with good luck and prosperity. In Feng Shui, orchids symbolise good relationships, happiness and fertility. Ideally, it should be placed in the north direction.
Lotus
Lotus is a symbol of wealth, peace, purity, harmony and spirituality. The lotus, which also has medicinal value, is considered an auspicious flower as it is linked with Goddess Lakshmi, as well as Lord Buddha. Placing it in front of the house is most beneficial but it can be kept inside the house too. A water pond with lotus in it, is ideal in the north-east or north or east direction of one’s garden.
Marigold
According to Vastu, yellow marigold flowers symbolise good fortune and optimism. It attracts positivity and energy into one’s home. Marigold flowers are considered auspicious and are placed on the main door, as torans. A north or east direction is the best to keep marigold plants in your home.
Peonies
Peonies signify good luck, fertility, prosperity and blessings. To boost luck and enhance the relationship quotient in your lives, place this plant in the south-west direction of the garden.
Chrysanthemum
The yellow Chrysanthemum flower, according to Vastu Shastra, represents cheerfulness and optimism. It attracts positivity and good luck. It also purifies the air and removes toxins from the home. In Buddhist culture, the altar is often decked with chrysanthemum. One can keep it in the living room but avoid placing it in the bedroom.
Hibiscus
The red hibiscus is associated with divinity, as it is offered to goddess Kali and lord Ganesha. You can grow this plant on a sunny window or garden, for positive energy, stability and joy in life. Yellow hibiscus is ideal for lifting one’s spirits and bringing good fortune into your home. According to plant Vastu, the hibiscus should be grown in either the north or east.
Rose
Roses signify love and passion and attract good luck and healing energy. It is considered as a Feng Shui lucky plant. Red roses signify love, yellow brings happiness, and white roses symbolise peace. The fragrance of rose reduces anxiety and brings in a feeling of peace. Rose is the only thorny plant which Vastu Shasta states is suitable to grow within a home. According to Vastu Shastra, rose flower plants placed in the south-west are auspicious, as it removes negative energy and enhances social eminence of the house owner.
Magnolia (champak flower)
Planting a magnolia tree in the garden at home can help people get contentment. This is said to be a lucky fragrant flower (cream, light pink, light orange-yellow colour), which attracts prosperity. The tree has the ability to bloom even after being uprooted. In many cultures, the magnolia flower symbolises economic stability, joy, good luck and perseverance.
Lucky herbs for home
Mint
This herb keeps bad vibes away and is ideal for attracting wealth and prosperity. The aroma of mint leaves helps calm one’s nerves and is believed to revive one’s hopes. It also helps in relieving stress stressed muscles and has medicinal value.
Sage
Sage is known to ward off evil and has cleansing qualities.According to Feng Shui, the sage plant helps in removing negative energies at home. It also has medicinal properties and a strong aroma.
Ajwain (carom)
This herbal plant is considered auspicious for wealth. It does not require too much sunlight or water. The beautiful ribbed leaves of the plant are edible and an easy home remedy for an upset stomach.
Ginger
In recent times, many people are opting to consume ginger tea, as it is known to give relief from cold. Ginger has been used for cooking and medicinal purposes since ancient times. Growing ginger, the healing herb, at home, helps to enhance love and attract wealth and fortune.
Thyme
Thyme plants can help in luck related to career. This aromatic herb brings good luck to those wishing for a new job, promotion, or commencing a business. Thyme enhances the monetary luck. So, grow it in your kitchen garden.
Bay laurel
An evergreen aromatic plant, Bay laurel symbolizes wisdom, (acquired and intuitive) and also a victory. The leaves are usually placed at the entrance of houses to avoid curses and attract happiness and prosperity in the home. Laurel plant strengthens the good energy at home and balances emotions. It has curative properties and is also widely used in cooking. Bay Laurel can be grown indoors in pots, and outdoors as shrubs and also as trees.
Lemon balm
Lemon balm is said to reduce stress, helps you to relax, and boost your mood. The zesty lemon balm is used in traditional medicine as a sleep aid and digestive tonic. According to Feng shui, lemon balm attracts peace and prosperity.
Lucky trees for the garden
Neem tree
Neem tree creates positivity, a healthy environment and according to Vastu, is auspicious. As it has great medicinal value, the Vedas called the Neem as sarva roga nivarini (the curer of all ailments). Neem trees act as an efficient natural air filter, absorbing pollutants.
Banana
The banana plant is a sacred plant worshiped in India. It is considered a harbinger of good luck and signifies prosperity, good health and mental peace. This plant should be placed in the north-east.
Coconut tree
The coconut tree, which is called the ‘kalpavriksh’ or the sacred tree, is said to fulfil all desires and bring good fortune and positive energy. The ideal direction to plant it is in the south or south-west.
Ashoka tree
Ashoka, the evergreen tree with fragrant flowers, is believed to remove suffering and bring joy. This ‘tree of happiness’ brings positive energy and prosperity.
Jack fruit tree
Do not grow this tree in the north direction of the house. Instead, plant it in the south, south-west, or north-west direction, for good health and positivity.
Amla tree
Indian gooseberry or amla, according to Vastu is a lucky tree. The tree is considered sacred and is said to be the favourite of Lakshmi, the goddess of wealth and Lord Vishnu. This can be planted in the North East or East, but at a little distance from the house. Amla which is rich in Vitamin C is known for its various health benefits.
Tips to grow and take care of plants that bring good luck
Select healthy plants with vibrant foliage, to create beneficial energy.
Trees like neem and mango, provide good results in all directions.
Champa, mogra and parijat should not be planted in the south-west, north-west or east directions.
According to Vastu, trees in the garden should be planted in even numbers.
For any house, it is auspicious to have a Gooseberry tree in the north-east direction, pomegranate in the north-west, banyan in the east, gular (cluster fig) in the south, peepul in the west and pakad (ficus) in the north direction.
In your kitchen garden, besides growing turmeric which is associated with prosperity, grow herbs such as coriander, thyme and rosemary.
According to Vastu, a citrus plant, besides emanating a fresh smell, helps in creating a happy atmosphere.
Remove dried and decayed leaves, flowers and weeds, as they attract negative energy.
Grow hibiscus, champa and marigold flowers in the garden at home as they are considered auspicious.
Except for a few medicinal plants, avoid plants with thorns, as they give rise to tensions in the environment.
Do not grow plants in chipped or cracked pots or vases.
According to Vastu, growing creepers with support on the house wall, is not recommended.
Property Thane 