Thane has emerged as a self-sustainable locality, providing good quality of life to its residents not only because of its rapidly evolving real estate market, but also due to the active participation of the citizens
The demand-side growth in the residential segment of Thane has been robust throughout 2022, despite the RBI increasing the benchmark lending rates consistently. Hence, if you are too slow to make your move, you might just miss the bus, believe experts. Furthermore, a recent report by Savills India also pointed out that Thane witnessed a significant increase of three-eight per cent YoY on account of consistent demand for completed as well as under-construction properties.
Vinod Mishra, an asset advisor feels that the stream of consistent launches in the last six months or so have been one of the key drivers for price rise in the market. “Areas like Kolshet Road, Pokhran, Majiwada, etc are seeing a lot of new launches in the Rs 50 lakh category, which has influenced a lot of buyers to opt for the new stock rather than the old one. Besides, the prices in various micro-markets of Thane are still affordable as compared to the rest of Mumbai, which makes Thane a more exciting and attractive market,” mentions Mishra. Thane also has a long tradition of civic participation, with citizens actively involved in shaping the city’s future, which had further contributed to the rise in popularity of the locality and impacted the prices of homes.
One of the ways in which Thane residents participate in the city’s affairs is through local governance. The Thane Municipal Corporation (TMC) has a robust system of citizen participation, with various committees and councils that allow residents to voice their opinions and concerns. These committees cover areas such as public health, education, urban planning, and social welfare, and they play a crucial role in shaping the city’s policies.
Thane’s citizens also participate in various community-driven initiatives. Many residents are actively involved in environmental campaigns, organising tree-planting drives and waste management programmes. Others volunteer for social causes such as supporting disadvantaged children, providing healthcare to the underprivileged, and helping the elderly. Many residents also actively participate in the city’s development, offering their expertise and resources to support new infrastructure projects. This includes everything from funding new public parks to building new roads and bridges.
Abhijit Bhangar, TMC commissioner is also elated to see the active participation of the citizens. He says, “Thane has a strong tradition of engaging with civic authorities and this ensures that issues are resolved faster and provides us [as planners] real-time feedback on what’s working and what’s not. There are a lot of projects that we are currently working on [from road-widening to building public toilets]and the constant push by the people ensures that we don’t miss our deadlines.”
The highly anticipated, Thane cluster development scheme will be inaugurated on 5 June in the presence of Maharashtra’s Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis.
The Thane Municipal Corporation (TMC) stated that this would be one of the biggest projects in the continent, and it is an ambitious project of Eknath Shinde.
The long-awaited implementation of this plan will at last bring fulfilment to the residents of Thane who have been living in dilapidated and unauthorised buildings for a long time.
The project is poised to become one of the largest urban renewal projects in Greater Mumbai, even bigger and more complex than the Dharavi Redevelopment Project (DRP) in terms of gross area.
CM Shinde is scheduled to inaugurate an office dedicated to cluster development at Kashish Park housing complex, followed by the commencement of construction for the initial two Urban Renewal Clusters.
Real estate appraisal is a critical process that plays a crucial role in determining the value of a property. Whether you are a buyer seeking a home loan or a seller looking to set the right price for your property, understanding the concept of real estate appraisal is essential. In this blog post, we will delve into the intricacies of real estate appraisal, its methods, and its impact on home loan applications. By the end, you will have a comprehensive understanding of why real estate appraisal matters in the world of real estate transactions.
What is Real Estate Appraisal?
Real estate appraisal, also known as property appraisal, is an unbiased and systematic process used to determine the true value of a property. While sellers may have a subjective bias that inflates the value of their property, buyers may undervalue it due to their preconceived notions. Real estate appraisal aims to establish a fair and objective contract price that satisfies all parties involved—the buyer, the seller, and the bank.
Property Appraisal Methods
Real estate valuers employ two primary methods to determine the market value of a property: the sales comparison method and the cost approach.
1. Sales Comparison Method: This method involves comparing the quoted price of the property under consideration with recent transactions of similar properties in the neighborhood. Appraisers gather this information from sources such as sales deed registration data, multiple listing service databases, and third-party websites.
2. Cost Approach: In the cost approach, appraisers estimate the current value of the property by calculating the cost required to rebuild it from scratch in the event of its destruction. The value of the land is then added to this cost to arrive at the final property value.
How Do Home Appraisals Work?
When you apply for a home loan, the bank sends technical and legal experts to physically examine the property and prepare an appraisal report. This report takes into account various factors such as the size, age, location, structural status, construction quality, and market trends of the property. The appraiser also considers the prices of similar properties in the vicinity, the value of improvements, and the expected lifespan of these improvements.
Additionally, the appraiser assesses rental prices and predictable expenses associated with similar homes. It is important to note that while the overall condition and maintenance of the property are important, they do not directly impact its valuation. However, they can reflect the property’s structural integrity, which may influence the appraiser’s assessment.
Who Pays for Property Valuation?
While banks hire independent and recognized property appraisers to conduct property valuations, the cost is typically borne by the borrower. This cost is usually charged as a flat fee labeled “legal and technical valuation.” While the exact charges may vary from bank to bank, they generally range from Rs 5,000 to Rs 10,000.
How Does Property Appraisal Impact Your Home Loan Application?
The value determined through the property appraisal process has a direct impact on your home loan application. Based on this value, the bank decides the percentage of the value it is willing to lend you, taking into consideration factors such as the loan-to-value ratio and your repayment capacity. In India, most banks offer home loans of up to 80% of the appraised property value. For instance, if the appraised value of the property is Rs 1 crore and the bank has an 80% loan-to-value ratio, you would be eligible for a home loan of Rs 80 lakhs, while the remaining amount would need to be arranged from your own sources.
How Does Property Appraisal Help Home Buyers?
While purchasing a home can be an emotional decision, it is crucial to approach it with a rational mindset. Buyers may sometimes be inclined to pay more than the property’s actual worth due to their strong desire for the property. However, financial institutions adopt a no-nonsense approach by using property appraisals to evaluate the property objectively. If the asking price exceeds the property’s appraised value, it is not advisable to proceed with the transaction. In such cases, buyers should negotiate with the seller to lower the price to a fair value. If the seller is unwilling to do so, it is in the buyer’s best interest to walk away from the deal. Financing such an overpriced property with personal funds would only perpetuate overvaluation, leading to potential financial losses when trying to sell the property in the future.
What if You Are Not Satisfied with the Appraised Value?
In cases where the seller believes that the previous appraisal contained errors or failed to capture key aspects of the property, they can request another evaluation from the bank. However, the seller is responsible for bearing the cost of this second appraisal. During the re-evaluation process, the bank will maintain the status quo on the borrower’s home loan application.
General Tips for Buyers and Sellers
Both buyers and sellers can benefit from analyzing past property transactions in the area. This helps sellers set a reasonable price for their property, while buyers gain insights into the local property market, minimizing the chances of misinformation from sellers or brokers. When the bank sends its legal and technical valuation team to conduct the property appraisal, both the buyer and seller should be present. The seller must provide all relevant property-related documents to facilitate the appraiser’s assessment.
It is important for sellers to set an asking price that aligns with the market rate to increase the likelihood of closing the deal quickly. Similarly, buyers should avoid paying more than the property’s fair market value to avoid overpaying for an asset that may not retain its value.
What if the Deal Falls Through?
Before submitting a home loan application to the bank, buyers and sellers typically sign an agreement to sell. This legally binding document outlines the terms and conditions of the transaction. To safeguard the buyer’s interests, it is advisable to include a clause stating that the deal will only proceed if the bank approves the loan as requested. This clause provides clarity and ensures that the buyer is not financially burdened in case the bank rejects the loan application or appraises the property at a significantly lower value than expected.
In conclusion, real estate appraisal plays a pivotal role in determining the value of a property in a home loan application. By employing objective methods such as the sales comparison method and the cost approach, appraisers assess various factors that influence a property’s worth. The appraised value directly affects the loan-to-value ratio and the amount of loan a bank is willing to provide. It is crucial for buyers and sellers to understand the significance of property appraisal to make informed decisions during real estate transactions. By relying on accurate appraisals, buyers can avoid overpaying for a property, while sellers can set a fair asking price that ensures a smooth transaction.
Navi Mumbai Municipal Corporation has decided to waive property tax for flat owners living in apartments up to 500sq.ft. The waiver which is applicable to all flat owners irrespective of their income or status is expected to benefit around 1.5 lakh flat owners with an annual estimated cost of ₹100 crores.
The Navi Mumbai Municipal Corporation (NMMC) has decided to waive property tax for flat owners residing in apartments of up to 500 square feet. The decision was taken by the NMMC’s general body on Wednesday.
The waiver will be applicable to all flat owners, irrespective of their income or social status. The decision is expected to benefit around 1.5 lakh flat owners in Navi Mumbai.
The NMMC has estimated that the waiver will cost the civic body around Rs 100 crore annually. However, the civic body has said that it is confident of being able to meet the financial burden.
The decision to waive property tax for flat owners of up to 500 square feet has been welcomed by residents. They have said that the waiver will provide much-needed relief to them.The NMMC’s decision to waive property tax for flat owners of up to 500 square feet is in line with the state government’s policy of providing relief to the common man. The state government has already waived property tax for farmers, senior citizens, and people with disabilities.
The NMMC’s decision is expected to set a precedent for other civic bodies in the state. It is likely that other civic bodies will also follow suit and waive property tax for flat owners of up to 500 square feet.
The waiver of property tax for flat owners of up to 500 square feet is a positive step by the NMMC. It is a move that will benefit a large number of people and will help to ease the financial burden on them.
Gifting property in India is a common practice for non-resident Indians (NRIs) who wish to transfer their assets to their loved ones. However, compared to Indian citizens, NRIs need to follow additional steps to ensure a smooth and legally valid property transfer. This article aims to provide valuable tips for NRIs planning to gift their property in India, addressing the necessary considerations and legal obligations involved. By understanding the key aspects of gifting property as an NRI, you can navigate the process with confidence and avoid potential pitfalls.
Compliance with RBI Regulations
Under the current Indian law, NRIs must obtain prior approval from the Reserve Bank of India (RBI) to gift a property in India. The Supreme Court has emphasized the mandatory requirement of obtaining permission from the RBI for property transfers involving foreign nationals. In a 2021 ruling, the court stated that any agreement or contract, including gifts, related to the transfer of immovable property by an NRI without the RBI’s permission would be unenforceable in law.
To comply with RBI regulations, NRIs planning to gift property in India must ensure they obtain the necessary permission before proceeding with the transfer. The RBI’s prior approval is indispensable, and any transactions conducted without it are deemed unlawful. By adhering to these regulations, NRIs can safeguard the legal validity of their property transfer and prevent any complications in the future.
Stamp Duty Considerations
When gifting property in India, NRIs are also responsible for paying stamp duty and registration charges, similar to Indian citizens. However, certain states provide rebates or exemptions on stamp duty if the property is gifted to a relative. It is crucial for NRIs to understand the defined list of relatives as per Indian law to determine the applicable stamp duty rates.
According to the legal definition, relatives include immediate family members such as parents, spouse, siblings, children, and their spouses. Additionally, step-siblings, step-parents, step-children, grandparents, grandchildren, and their spouses are also considered relatives. Gifting property to these relatives may qualify for full or partial exemption from stamp duty and registration charges.
On the other hand, gifting property to individuals who do not fall under the legally defined list of relatives would be considered gifting to non-relatives. In such cases, NRIs would be liable to pay the standard stamp duty and registration charges. It is essential to consult local authorities or legal professionals to determine the exact stamp duty rates applicable in a specific state.
Documentations and Legal Formalities
To ensure a smooth property gifting process, NRIs need to complete certain documentations and legal formalities. Here are the key steps to consider:
Gift Deed:
Prepare a comprehensive gift deed that clearly states the intention to gift the property, the details of the donor (NRI), the recipient (donee), property description, and any conditions or clauses, if applicable. It is advisable to seek professional assistance to draft a legally sound gift deed.
Valuation of Property:
Obtain a property valuation report from a registered valuer. This valuation report will serve as a crucial document for determining stamp duty charges and ensuring transparency in the gifting process.
Witness and Notary:
The gift deed must be signed by the donor (NRI) and the recipient (donee) in the presence of at least two witnesses. Additionally, it is essential to get the deed notarized by a competent authority.
Registration:
Register the gift deed at the Sub-Registrar’s Office within four months from the date of execution. Failure to register within the stipulated time may result in penalties and complications.
Tax Implications:
NRIs should also consider the tax implications associated with gifting property in India. It is advisable to seek advice from tax experts to understand the tax liabilities and any exemptions or benefits available.
Seeking Professional Assistance
Given the legal complexities involved in gifting property in India, NRIs should consider seeking professional assistance to navigate the process effectively. Here are a few professionals whose expertise can be invaluable:
Real Estate Lawyer:
Engage a qualified real estate lawyer who specializes in property transactions involving NRIs. They can provide legal guidance, review documents, ensure compliance with regulations, and protect your interests throughout the process.
Chartered Accountant:
Consult a chartered accountant with expertise in international taxation to understand the tax implications and ensure proper reporting of the gift transaction.
Registered Valuer:
Engage a registered valuer to assess the fair market value of the property accurately. This will help determine the stamp duty charges and avoid any disputes regarding the property’s worth.
Gifting property in India is an emotional and significant decision for NRIs. By understanding the legal requirements, including obtaining prior approval from the RBI, considering stamp duty exemptions for relatives, completing the necessary documentations, and seeking professional assistance, NRIs can ensure a hassle-free and legally valid property transfer. It is crucial to conduct thorough research, consult legal experts, and follow the prescribed procedures to protect your interests and ensure a smooth transition of your property to your loved ones in India.
The oldest candidate is 74 years old. MahaRera is the first regulatory authority in India to make an examination mandatory for agents in the interest of consumers as agents are a vital link between customer and developer.
The results of the first examination conducted by MahaRera for real estate agents have been announced, and as many as 405 candidates out of 423 who appeared for the exam have passed.
As many as 36 candidates are above the age of 60, besides six are above 70. The oldest candidate is 74 years old. MahaRera is the first regulatory authority in India to make an examination mandatory for agents in the interest of consumers as agents are a vital link between customer and developer. Of the successful candidates, 37 are women.
Agents who want to register with MahaRera have to undergo training and then appear for the exam. About 39,000 agents will have to complete training before September 1. According to MahaRera, clients get the primary information regarding a project from agents.
Considering this, all agents need to know basic information about regulatory provisions, like agreement for sale, allotment letter, area of the flat, defect liability period, etc.
As per the earlier resolution, any decision on application for deemed conveyance was supposed to be made within six months of the date of application
A housing society that will pass a resolution of self-redevelopment with majority and shall apply for deemed conveyance or ownership of the land on which it is situated, shall get the same within one month, a government resolution said.
As per the earlier resolution, any decision on application for deemed conveyance was supposed to be made within six months of the date of application.
Now, the GR suggests that the competent authority such as district deputy registrar (DDR) of cooperatives shall have to issue notice to the landowner or builder soon after the housing society submits the resolution and the application.
Sources said the DDR or competent officer will have to immediately summon the builder or landowner for hearing and upon holding hearings every week, shall have to decide on issuing deemed conveyance or land ownership to the housing society.
Maharashtra Societies Welfare Association president Ramesh Prabhu said out of 40,000 housing societies in Mumbai city, around 10,000 societies are 30-years-old and want to go for redevelopment.
In the metropolitan region beyond Mumbai city, that includes Thane, Kalyan-Dombivili, Navi Mumbai, Raigad, Ulhasnagar, Bhiwandi and other municipal corporations another 10,000 societies that had 30-years-old building structures want to go for redevelopment.
Presently there are several societies whose lands were still owned by the builder even after two to three decades of selling out all the flats.
Mumbai metro region including the city has around 75,000 to 80,000 housing societies spread over Mumbai, Thane, Palghar and Raigad. In the absence of deemed conveyance the land ownership of housing societies is still in the hands of builders who rent out terraces to cell tower and advertisement companies, besides selling or using parking, TDRs and FSIs to earn money.
Also, modifications in approved plans and project renewal, too, are included in the QR code. Nearly 40,000 projects are registered with the MahaRERA.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday directed to display QR codes of all registered housing projects, along with their registration numbers, in all advertisements or social media display from August 1.
The authority started issuing QR codes for registered projects in March. A homebuyer can scan the QR code and get vital information about a project, such as the commencement and completion date, details of any complaints registered, besides necessary approvals. Also, modifications in approved plans and project renewal, too, are included in the QR code. Nearly 40,000 projects are registered with the MahaRERA
“Homebuyers will be able to scan the QR codes of any housing project and get immediate information rather than calling the builder or even visiting the developer’s website,” said a RERA official. Starting from August 1, these QR codes, along with the MahaRERA number and website, must be prominently displayed in all advertisements related to housing projects, an official said.
A circular issued by MahaRERA emphasized the need for prominently featuring the QR code in all project-related advertisements across various media platforms, including newspapers, electronic media, and social media channels like Instagram, Twitter, and WhatsApp.
This streamlined accessibility aims to empower customers in making informed decisions regarding their property investments.
MahaRERA officials said that under the RERA Act developers are required to update project information on their websites every 3 to 6 months. The inclusion of Form 5, a vital document showcasing the project’s current status, total cost, and other pertinent details, on the project website annually is mandatory. The introduction of QR codes simplifies the process for users, allowing them to conveniently access the information from the comfort of their homes.
“The implementation of QR codes will help homebuyers and investors as previously many developers were not displaying the registration number as well as the website address of MahaRERA. It was difficult for citizens to access information uploaded on the website. The QR code will give an advanced search to the public,” said Maharashtra Society Welfare Association chairman Ramesh Prabhu.
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