Top 3 Luxury Residential Properties in Thane | Indian Real Estate Project Overview

Top 3 Luxury Residential Properties in Thane | Indian Real Estate Project Overview by Prrop.com

Your hunt for luxury residential properties in Thane ends with PRROP.com. With listings from premium developers, finding the right luxury home in Thane is just a click away.

Top 3 Luxury Residential Properties in Thane | Indian Real Estate Project Overview by Prrop.com

Hello everyone,

Welcome to the first it’s kind property overview by PRROP.com team – your trusted real estate advisors.

Make sure you watch… Before You Buy!

For latest updates and news please subscribe to our YouTube channel here: PRROP. COM

THANE CITY REAL ESTATE MARKET OVERVIEW:

Let’s first take a market overview of Thane region.

Kapurbawdi and Majiwada, located on the junction to Nashik, Bhiwandi and Western suburbs via Ghodbunder road, are the best places, enjoying the advantages of economic growth across these region.

Kolshet Road, Thane has also emerged as one of the top peripherals of the city.

Property values in the last 4 years have elevated by 20 to 30 percent and giving a good return of investment.

With best connectivity and existing, ongoing and upcoming infrastructures, this locality is expected to witness a good appreciation in its real estate sector in the coming years.

A recent study by Knight Frank for prime central Thane projected a 60% appreciation in property prices by 2020.

Thane Real Estate Projects Compare & Analysis

Now let’s summarise what we have discussed above:

Details Lodha Amara Rustomjee Urbania Kalpataru Paramount
These properties are located at the prime locations of Thane
Location: Kolshet Rd, Thane Majiwada, Thane Kapurbawdi Junction, Thane
These projects units consists of 1, 2 & 3 BHK luxury flats and apartments
Unit Configuration: 1, 2 & 3 BHK 2 & 3 BHK 2 BHK
  • 1 BHK: 359 SQ. FT
  • 2 BHK: 659 SQ. FT
  • 3 BHK: 955 SQ. FT
  • 2 BHK: 1135 SQ. FT
  • 2 BHK: 1170 SQ. FT
  • 2 BHK: 1209 SQ. FT
  • 3 BHK: 1505 SQ. FT
  • 3 BHK: 1570 SQ. FT
  • 3 BHK: 1680 SQ. FT
  • 3 BHK: 1735 SQ. FT
  • 2 BHK: 530 SQ. FT
  • 2 BHK: 670 SQ. FT
Take possession of your new home at these residential properties from Move into Ready, To Move In apartment or book for future use
Possession date: December 2020 Ongoing Project with Ready Possession Available December 2021
All projects mentioned in this video are RERA approved
RERA No.:
  • Tower 1 – 5, 7 – 19 : P51700001065
  • Tower 26, 27, 28, 30, 34, 35 : P51700001031
  • Tower 29, 31 : P51700000981
  • Tower 32, 33 : P51700001030
  • Azziano Wing-F: P51700001021
  • Azziano Wing-G: P51700001060
  • Azziano Wing-H: P51700001453
  • Azziano Wing-I: P51700001093
  • Azziano Wing-J: P51700000950
  • Azziano Wing-K: P51700013649
  • Aurelia 1: P51700001516
  • Tower 1 – Aster: P51700004031
  • Tower 2 – Daffodil: P51700004741
Below are few unique selling proposition by these developers
USP: A 40 Acre Estate Filled With Experiences.

Do More. Live More

A 127-Acre Township: Multiplex, Retail, Clubhouses, Tennis  Courts, Schools, Parks and Corporate Park Attached. Spread over 5 acres. Nature’s Best Masterpiece and a Plush Corner to Enjoy it From.

The Heart of Living

As per a recent study, Thane city is estimated to see higher Price growth of 59% by 2020
Price growth (2020): 59% (Majiwada–Kasarvadavali)

Detailed Real Estate Market Overview videos:

1) Lodha Casa Celeste, Thane | Real Estate Project Overview by PRROP.com

2) Kalpataru Paramount, Thane | Real Estate Project Overview by PRROP.com

3) Rustomjee Urbania, Thane | Real Estate Project Overview by PRROP.com

CONCLUSION

We have covered the top 3 hot residential properties in Thane in this video, if you want to know more about the projects see our Detailed Overview videos of the projects.

The video links have been mentioned in the description.

Still Confused? Need help buying a house? We can guide you to make your home buying process simpler, just connect with our real estate experts at ? 9819418166 or mail us your query at ? enquiry@prrop.com .

Let us help you find the property that fits your lifestyle!

We make sure you get the best deal in the market. Only at PRROP.com

Make sure you watch… Before You Buy! Stay tuned for more such first it’s kind property review by PRROP.com team.


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Union Budget 2018 for Real Estate: Affordable Housing For All Scheme & more

Here is what Finance Minister Arun Jaitley offered Indian real estate sector in Budget 2018.

Here is what Finance Minister Arun Jaitley offered Indian real estate sector in Union Budget 2018. It offers a lifeline to the real estate sector.

Union Budget 2018: Real Estate Sector Welcomes Housing For All Scheme

Union Budget 2018 for Real Estate_ Affordable Housing For All Scheme & more

Finance Minister and Minister of Corporate Affairs – Arun Jaitley presented Budget 2018 in Parliament on Thursday, 1st February. Budget 2018 was majorly focused on agriculture and farmers, but announcements for the affordable housing sector pleased the real estate sector too.

The Indian real estate sector sees Union Budget 2018 as a balanced one with focus on affordable housing. However, Union Budget 2018 will not have any direct impact on the housing sector as the expectations of concessional GST for housing sector overall was not met, said real estate experts.

Affordable Housing Fund (AHF)

Affordable Housing Fund (AHF) - Union Budget 2018 India

 

Affordable housing continues to be the main focus of the government in the real estate sector, with finance minister Arun Jaitley said, while presenting the Union budget in Parliament. Government announces to set up a dedicated Affordable Housing Fund (AHF) in National Housing Bank (NHB), funded from priority sector lending shortfall and fully serviced bonds authorized by the Government of India.

Last year, the affordable housing segment had received industry status in the Union Budget and support from the Centre under the newly introduced regulation in the Pradhan Mantri Awas Yojana (PMAY).

From the real estate investor’s perspective, affordable apartmentsare easier and more profitable to sell or even let out, ensuring decent return of investment. Urban India has a severe shortage of housing, yet Indian cities have many vacant houses.

National Housing Bank (NHB)

National Housing Bank (NHB) - Union Budget 2018 India

 

National Housing Bank Act, 1987 is being amended to transfer its equity from the Reserve Bank of India to the Government. Indian Post Office Act (1898), Provident Fund Act (1925) and National Savings Certificates (1959) are being amalgamated and certain additional people friendly measures are being introduced.

In line with the government’s aim to provide “Housing for All by 2022” mission, the Union Budget on Thursday proposed to set up an affordable housing fund in the National Housing Bank (NHB).

To provide the Reserve Bank of India an instrument to manage excess liquidity, Reserve Bank of India Act is being amended to institutionalize an Uncollateralized Deposit Facility. Securities and 23 Exchange Board of India, Act 1992, Securities Contracts (Regulation) Act 1956, and Depositories Act 1996, are being amended to streamline adjudication procedures and to provide for penalties for certain infractions. These proposals are in the Finance Bill.

GST on Affordable Housing

GST on Affordable Housing - Union Budget 2018 India

 

‘Housing for all by 2022’ is one of the pet projects for the government and it wants to deliver 10 million houses under this program. Out of 10 million, 95% of the houses are to be constructed for Economically Weaker Sections (EWS) and Low Income Groups (LIG).

As the affordability of this segment and the house value is low, the impact of slightest upward cost pressure is magnified and becomes a deal breaker. The current GST rate of 18% coupled with 1/3rd abatement for land is adding huge upwards pressure on the overall cost of house.

GST on affordable and low-cost housing units to be lowered from 12% with 50% abatement for land taking the effective GST rate to 6%. This will provide a boost to the cause of housing for all by 2022.

Real Estate Investment Trusts (REITs)

Real Estate Investment Trusts REITs Union Budget 2018 India

 

The Government of India and market regulators has taken actionable measures for development of monetizing vehicles including Infrastructure Investment Trust (InvIT) and Real Investment Trust (ReITs) in India. The Government would initiate monetizing select CPSE assets using InvITs from next year.

REITs are designed especially for defensive investors who are focus not on large gains but more on consistent income.

  1. Equity REITs: they are the owners of large real estate properties. What they own are big shopping malls, large office spaces, massive residential townships etc. Equity REIT funds make money by giving these spaces to tenants on lease.
  2. Mortgage REITs: Unlike Equity REIT, they are not the owners of any properties. They have only finances the debt for those real estate projects. Means, they get the EMI’s against those properties (from the developer / builder / owners).

According to market research reports and estimates, Indian real estate is likely to provide investment opportunity worth up to $77 billion through REIT-eligible commercial office and retail, properties across the country’s top seven cities by 2020.

Circle Rates

 

Circle Rates - Union Budget 2018 India

 

Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in immovable property, the consideration or circle rate value, whichever is higher, is adopted and the difference is counted as income both in the hands of the purchaser and seller. Which levies tax on the difference between Transaction Value and Circle rate.

In order to minimize hardship on transactions in the real estate sector, Finance minister Arun Jaitley proposed that no adjustment shall be made when the circle rate value does not exceed 5% of the consideration.

The proposed measure may benefit buyers and sellers in property markets where prices are rational and are not under influence of investors.

Smart Cities Mission

 

Smart Cities Mission - Union Budget 2018 India

 

In the Smart Cities Mission by Government of India aims at building 100 Smart Cities with state-of-the-art amenities. 99 Cities have been selected with an outlay of Rs 2.04 lakh crore. These cities have started implementing various projects like Smart Command and Control Centre, Smart Roads, Solar Rooftops, Intelligent Transport Systems, Smart Parks.

Projects amounting to close to Rs 2,235 crore have been completed and works of Rs 20,852 crore are under progress. To preserve and revitalize soul of the heritage cities in India, National Heritage City Development and Augmentation Yojana (HRIDAY) has been taken up in a major way.

Union Budget 2018: Focus on connectivity to boost real estate

Roadways: Union Budget 2018-19 gave a massive push to the national highways as the budgetary allocation was earmarked at Rs 71,000 crore, up from previously allocated Rs 61,000 crore during 2017-18
Railways: Highest-ever budget allocation at Rs 1.48 lakh crore was witnessed in Budget 2018 towards railways development.
UDAN: Under regional connectivity scheme of Ude Desh ka Aam Nagrik (UDAN), about 56 unserved airports and 31 unserved helipads shall be connected.

Here are how hot-shots of the real estate industry reacted to Budget 2018:

 

REAL ESTATE EXPERT SPEAKS_ UNION BUDGET 2018 India

 

Dr Niranjan Hiranandani, President, NAREDCO (National Real Estate Development Council):

Mr. Hiranandani welcomed the budget 2018 presented by Finance Minister Arun Jaitley. From the perspective of real estate, he rated the budget 3 out of 5 and also welcomed the government’s move of an affordable housing fund in the National Housing Bank The NAREDCO chief also appreciated the move by the government towards Suburban Railways in Mumbai. The government has decided to get Rs 11,000 crore to the project. He said, “Improved railway network and accessibility generally have a positive multiplier effect on real estate.”

Mr. Manoj Gaur, Vice President CREDAI-National & Managing Director, Gaurs Group:

Welcoming this year’s union budget 2018, Manoj Gaur said that heavy allocation of funds towards infrastructure upgradation will help the nation’s development. However, he did share his concerns about the budget. He said that presentation missed on providing the much-needed cushion to the realty sector. Since the budget 2018 was the first after the implementation of RERA and GST, Mr. Gaur said he had hoped for certain incentives for this sector. He did welcome the government’s commitment to achieve ‘Housing for All’ by 2022.

Mr. Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz:

Deepak Kapoor welcomed the government’s move towards MSMEs. Mr. Kapoor said that the budget 2018 may not have addressed the tax structure for the general masses, but it did provide benefits to MSMEs (Ministry of Micro, Small and Medium Enterprises). Mr. Kapoor said that government’s move to extend the corporate tax rate of 25 percent for companies with an annual revenue up to Rs. 250 crore is much appreciated. The reduced tax burden on corporates might allow real estate to see new start-ups and increase job opportunities.

Mr. Gaurav Gupta, General Secretary CREDAI-Ghaziabad & Director, SG Estates:

Gaurav Gupta noted the focus on job-creation in the infrastructure sector in the Union Budget 2018. He also said that though there wasn’t any direct benefit accorded to the realty sector this time, the proposal to develop 4 lakh kilometers of road and upgrading rural infrastructure will greatly bring up the Tier 2 and 3 cities of India on the realty map. Mr. Gupta said this will help boost housing demand and investment opportunities for those regions.

Abhishek Bansal, Executive Director, Pacific Group:

The Pacific group chief, Mr. Bansal was optimistic about the Government of India’s interest towards enhancing infrastructure in the country by proposing an amount of Rs. 50 lakh crore. He did, however, mention that the real estate sector missed out on any direct incentive, but hoped that better infrastructure and connectivity will pave way for greater housing and commercial demand in the developing regions.

Union Budget 2018 Highlights:

Watch Union Budget 2018-19: Finance Minister Arun Jaitley’s full speech

 

Download Arun Jaitley Union Budget Speech 2018 PDF

 

Download Arun Jaitley Union Budget Speech 2018 PDF

 

Here is the PDF link of Full Text of Arun Jaitley’s Union Budget 2018 Speech

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Rustomjee Urbania, Thane | Real Estate Project Overview by PRROP.com

Property in Thane | Rustomjee Urbania in Thane - Price, Floor Plans, Photos, Reviews, Possession

Welcome to first it’s kind property overview by PRROP.com team – your trusted real estate advisors. This is third in the video sequence.

We are right now at Rustomjee Builders new residential project – Urbania , Discover the Joys of a Premium Township in Thane.

For latest updates and news please subscribe to our YouTube channel here: PRROP. COM

MAJIWADA, THANE REAL ESTATE MARKET OVERVIEW:

Let’s first take a market overview of MAJIWADA, THANE.

Located on the junction to Nashik, Bhiwandi and Western suburbs via Ghodbunder road, Majiwada, is best placed, enjoying the advantages of economic growth across these region.

Property values in the last four years have elevated by 20 to 30 percent and giving a good return of investment.

With best connectivity and existing, ongoing and upcoming infrastructures, Thane is expected to witness a good appreciation in its real estate sector in the coming years.

A recent study by Knight Frank for prime central Thane projected a 60% appreciation in property prices by 2020.

ABOUT RUSTOMJEE BUILDERS OVERVIEW:

Before getting more insights about the property, let’s have an overview of RUSTOMJEE GROUP.

Rustomjee, is one of the leading real estate developer & builders in India, it offers premium residential and commercial properties spread across Mumbai & Thane.

In the last five years, Rustomjee has delivered 8 million square feet of construction area, with a special focus on the Mumbai Metropolitan Regions

Recently in the year 2017, Rustomjee received awards from DNA Real Estate awards for

  • Luxury Project of the year – Rustomjee Seasons
  • Integrated Township of the year – Rustomjee Urbania
  • CSR initiative of the year – Rustomjee Group.

Property in Thane | Rustomjee Urbania in Thane - Price, Floor Plans, Photos, Reviews, Possession

RUSTOMJEE URBANIA PROJECT OVERVIEW:

Rustomejee has a new launch residential property, presenting Urbania, one of the most awarded and thoughtfully designed township in India.

A 127 acre township in Thane offering luxury 2 & 3 BHK flats with best in class amenities for you and your children.

Close to 2500 families already call Urbania Home! This township has a unique location advantage given its proximity to the Eastern Express Highway.

The residential towers in Azziano – part of Urbania’s ongoing development, offers home buyers with all the modern luxurious amenities.

It offers Unit Configuration of 2BHK with 1135 SQ FT; 1170 SQ. FT; and 1209 SQ. FT and 3BHK with 1505 SQ. FT; 1570 SQ. FT; 1680 SQ. FT; and 1735 SQ. FT

It is a Ongoing Project with Ready Possession flats also available.

The project is RERA Approved.

Azziano Wing-F: P51700001021, Azziano Wing-G: P51700001060, Azziano Wing-H: P51700001453, Azziano Wing-I: P51700001093, Azziano Wing-J: P51700000950, Azziano Wing-K: P51700013649, Aurelia 1: P51700001516

The Apartment/Flat Price ranges from 1.40 CR onwards and all inclusive.

RUSTOMJEE URBANIA PROJECT HIGHLIGHTS:

Below are few PROJECT HIGHLIGHTS for Rustomjee Urbania:

  1. It offers Commercial Spaces, Retail Spaces, Fire station, Multi sports Arena & Kids Play Area.
  2. Squash Court to boost your flexibility and stamina
  3. Senior Citizens Relaxation Area wherein elders can enjoy leisure time
  4. Barbecue Corner / Sit out to enjoy sumptuous food
  5. Multi – Purpose Hall For Parties & Functions with your family and friends

RUSTOMJEE URBANIA APARTMENT FEATURES:

It has APARTMENT FEATURES including:

  • It has modern luxurious amenities like Spa & Sauna, Kids Pool, Tennis Court, Alfresco dining area, Amphitheatre, Library to name a few.
  • In-house beautiful and striking Restaurant/ Cafe Bar to relish the cuisine, champagne, cocktails and beverages.
  • Fully furnished and luxurious Guest Rooms to experience the personalized, welcoming mood that you have always wanted in the family.
  • Open Air Amphitheatre to enjoy live shows or events with loved ones

RUSTOMJEE URBANIA NEARBY LOCATIONS (CONNECTIVITY):

Now talking about the location advantages it has Excellent Connectivity such as:

Ready social infrastructure in the form of school, malls, hospitals and highways.

The area is blessed with world-class Educational Institutes nearby including Smt. Sulochanadevi Singhania School, Universal High School, and more.

Hospitals like Jupiter Hospital, Bethany Hospital, convenient stores like D-Mart, Big Bazaar, many entertainment options such as malls like Viviana Mall, Korum Mall, cinemas, cafes, restaurants and other recreation centers.

This township has a unique location advantage given its proximity to two main arterial roads of Mumbai i.e. Eastern and Western Express Highways.

The city is also connected via Central and Trans-Harbour railway lines.

Moreover, the Thane Municipal Corporation (TMC) has also approved Mass Rapid Transit System for the city.

What’s more, this lavish abode also offers mesmerizing view of Thane city & Yeoor hills.

Surrounded by the scenic hills and known as the ‘City of Lakes’, Thane is a progressive city with cheerful lifestyle.

CONCLUSION:

Need more info to decide if this project is for you? No problem, give us a call @ 9819418166 / sales@prrop.com and our experts will connect with you.

We make sure you get the best deal in the market. Only at PRROP.com

Make sure you watch… Before You Buy! Stay tuned for more such first it’s kind property review by PRROP.com team.


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Kalpataru Paramount, Thane | Real Estate Project Overview by PRROP

Kalpataru Paramount in Thane - Price, Floor Plans, Photos, Reviews, Possession - Thane Real Estate

Welcome to first it’s kind property overview by PRROP.com team – your trusted real estate advisors. This is second in the video sequence.

We are right now at KALPATARU GROUP new residential project – PARAMOUNT , Lavish apartments at the heart of Thane.

For latest updates and news please subscribe to our YouTube channel here: PRROP. COM

THANE MARKET OVERVIEW

Let’s first take a market overview of THANE

Property values in the last four years have elevated by 20 to 30 percent and giving a good return of investment since.

With best connectivity and existing, ongoing and upcoming infrastructures, Thane is expected to witness a good appreciation in its real estate sector in the coming years.

A recent study by Knight Frank for prime central Thane projected a 60% appreciation in property prices by 2020.

KALPATARU GROUP OVERVIEW

For over four decades, Kalpataru Group has led the real estate industry in Mumbai & Thane.

Combining path breaking innovation, with outstanding design and superior execution, it has defined the Mumbai skyline.

Along the way, it has also shaped lives of its citizens and created enviable, award winning addresses.

Paramount by Kalpataru – PROJECT DETAILS

KALPATARU GROUP has a new launch residential property, presenting Paramount, an urban oasis, located at the Kapurbawdi Junction defines a coveted address that is right at the heart of the city.

It offers Unit Configuration of 2 BHK (530 SQ. FT, and 570 SQ. FT)

And the POSSESSION date is December 2021

The project is RERA Approved.

RERA No: (Paramount A (Tower 1 – Aster) Regn. No P51700004031 Paramount B (Tower 2 – Daffodil) Regn. No P51700004741) available at website: http://maharera.mahaonline.gov.in

Kalpataru Paramount in Thane - Price, Floor Plans, Photos, Reviews, Possession - Thane Real Estate

Kalpataru Paramount PROJECT HIGHLIGHTS

Below are few PROJECT HIGHLIGHTS for Kalpataru Paramount

Located close to the city’s thriving art centres, theatres, and other conveniences, these thoughtfully designed homes ensure that you are always close to the buzz of the city, yet tucked away in comfort.

  • Spread over 5 acres
  • Grand entrance lobby
  • Contemporary designed multi-storeyed towers with 33 habitable floors
  • Thoughtfully designed 2 BHK homes
  • 1st liveable floor from 5th level

It has EXTERNAL AMENITIES such as:

  • Landscaped open spaces with recreational facilities
  • Multipurpose sports court
  • Lush landscape garden
  • Senior Citizen’s area
  • Kids play area
  • Activity area

It also has CLUBHOUSE AMENITIES including:

  • State-of-the-art clubhouse
  • Infinity edge swimming pool with kids pool
  • Separate spa for men and women
  • Party hall with pantry
  • Coffee lounge
  • Pool room
  • Aerobics area
  • Yoga room
  • Spinning & kickboxing area
  • Martial arts corner
  • Multipurpose sports court
  • Games room
  • Gymnasium

Kalpataru Paramount APARTMENT FEATURES

It has APARTMENT FEATURES including:

  • Ample light and ventilation in every apartment
  • Marble flooring for living, dining and passage, with vitrified tiles for bedrooms
  • Aluminum sliding windows
  • CCTV & Video door phone
  • Sprinkler system in each apartment
  • Firefighting systems

Kalpataru Paramount NEARBY LOCATIONS

Now talking about the location advantages it has Excellent Connectivity such as

Ready social infrastructure in the form of school, malls, hospitals and highways.

  1. It has various Educational Institutes nearby such as Sulochanadevi Singhania School – 9 mins away and Vasant Vihar High School & Jr. College.
  2. The area is blessed with world-class ICSE and CBSE schools like Smt. Sulochanadevi Singhania School, Goenka International School,
  3. Hospitals like Jupiter Hospital, Titan Hospital, convenient stores like D-Mart, Big Bazaar, many entertainment options such as malls like Viviana Mall, R Mall, cinemas, cafes, restaurants and other recreation centers.
  4. With the airport in the vicinity and a host of upcoming infrastructure projects, the area is expected to see a further realty boom in near future.
  5. Excellent connectivity meets superior civic infrastructure at Saket Road, Balkum Pada, Thane West.
  6. Its strategic location connects it to Thane railway station and the Eastern Express Highway, via Ghodbunder Road thereby connecting it seamlessly to both Mumbai and Navi Mumbai along with the important commercial hubs of Bandra-Kurla complex, Lower Parel, Nariman Point and Waghle Estate.

Need more information to decide if this project is for you? No problem, give a miss call @ 9819418166 / sales@prrop.com and our experts will connect with you.

We make sure you get the best deal in the market. Only at PRROP.com

Make sure you watch… Before You Buy! Stay tuned for more such first it’s kind property review by PRROP.com team


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The Definitive Guide For Buying a House Before/After Marriage

The Definitive Guide For Buying a House Before-After Marriage - Real Estate India

All lovebirds need a nest, and nowadays you and your significant other don’t need to wait to tie the knot before you purchase a house to roost together. Here is The Definitive Guide For Buying a House Before or After Marriage

The Definitive Guide For Buying a House Before-After Marriage - Real Estate India

Thinking of Buying a House Together Before Marriage?

Best wishes on your upcoming wedding. One of the questions I am sure many engaged and unwed couple ask whether they should buy a house before getting married or wait to buy until after the wedding?

Buying a house before marriage is something that should be given a considerable amount of thought. According to recent study by Coldwell Banker, found that quarter of younger couples – those between 18 and 34 – are buying a home before they get married.

If you and your partner are considering a home purchase, it is essential that you take appropriate steps to protect yourself during and after the purchase.

Thinking of Buying a House Together Before Marriage - Real Estate India

Buying a House Together: What Unmarried Couples Need to Know

Heartfelt young couples used to mark their commitment to each other with an engagement ring, but now they’re in the market for a bigger asset: a set of shiny new house keys.

  1. Current Finances
  2. Compare Credit Scores
  3. Future Finances
  4. Types of homes
  5. Open a Joint Bank Account
  6. Title Options
  7. Consider Making Your Promise a Legally Binding Agreement

1. Current Finances

Before you and your partner begin with house-hunting, exchange personal financial information, including salaries, debt (student loans, credit card balances, car payments, etc.) and credit scores.

Discuss your personal financial situation with your partner to determine your budget. Think about your short-term and long-term financial and lifestyle goals, such as having children and being able to relocate for a job. Determine how you will fund the down payment and closing costs, which must be paid in cash.

If things go unpleasant, this can put you in a terrible spot. For this reason, many financial advisors recommend not to buy a home for more than one person’s salary. If there is a breakup, you would still be able to afford the mortgage even if only for a short time. Again, this is where discussing finances before purchasing becomes very important.

2. Compare Credit Scores

You and your partner have probably already shared details about your salary and savings when determining if you could afford to buy. But another piece of information you’ll need to share well in advance of closing is your credit score report.

As a married couple, your scores could be lumped together, but as an unmarried couple, they can be considered separately if necessary. You have the option of having the person with the better score apply for the mortgage, thus avoiding the drag of the lower credit score on the loan terms.

But keep in mind that when the person with the better score takes out the loan, it is only his or her income that is taken into account for the home purchase. The single income will need to be enough to pay the mortgage – which may or may not be a problem in your circumstances.

3. Future Finances

Before setting up a house budget, both partners need to have an honest conversation about the amount of debt they’re comfortable living with.

Money problems are one of the leading causes of relationship troubles, for married or unmarried couples.

Just because you can borrow the maximum amount doesn’t mean it’s a good idea. Extend your joint budget too far, and any unexpected expense will likely have one of you coming up short when the monthly payments are due.

These include:

  • Down payment
    • Between you and your partner, one of you maybe in a better position to put towards the down payment. Or you may put in equal amounts. However, you arrange the down payment, be clear about who is putting down how much, and what that means over the long-term – such as if you sell, or break up.
  • Mortgage Payments
    • How much will you and your pay towards the mortgage? Most of that couples have unequal mortgage payment arrangements due to differences in income, but again, you need to discuss what that means concerning each of your equity over time. Not talking about financial issues like these can cause unwanted stress down the road.
  • Fees
    • There are a lot of other costs that come up beside the down payment and mortgage payment. For example, you may need to pay homeowners association fees. Depending on your down payment, you might need to pay mortgage insurance. Property taxes are another fee that can be pretty substantial in specific areas etc.
  • Maintenance
    • One of the most significant costs of homeownership that new home buyers are not prepared for is maintenance and repair costs. The water heater breaks, the stove stops working, the fridge goes out – you need money to pay for these things when they happen. Will both of you cover these costs equally? If not how will these kinds of expenses be divided?
  • Upgrades
    • Home upgrades may come a few years down the line, but when they do, you want to know who will pay for them.

Tip:

If you’re not taking 50/50 ownership shares,you  should get that in writing. Should you or your partner ever end up in court, judges usually assume home owners have equal shares unless the deed or other documentation says otherwise.


4. Types of homes

When looking to buying a home before marriage, it is essential to you and your partner to get on the same page about what you both want.

This not only includes home buying but below considerations as well:

  • What type of location –  big city, little town or a home outside the city?
  • What type of home – a re-sale, new construction, an antique, fixer upper?
  • What price point – a detailed discussion of where your comfort level lies. The mortgage broker may say you are qualified to purchase a lot more than one party is comfortable with.
  • What kind of neighborhood – once the location is narrowed down, you’ll need to decide if you want a large subdivision, country road or busy street. One partner might have a strong preference for one or the other. See the guide on how to pick a neighborhood.
  • What about schools – if you are planning on having kids together, the school system could become a major consideration.
  • Is commute relevant to one or both parties – understanding location needs is important when buying a home together.

Remember you both need to be on the same page so that one party isn’t left feeling uncomfortable.

5. Open a Joint Bank Account

Consider setting up a joint bank account, if you don’t already have one, that can be used to pay the mortgage, property taxes, insurance, maintenance and other house bills.

Many financial advisors suggests you, might want to automatically have a certain amount of money from individual accounts deposited monthly.

By doing so, neither you or your partner forgets creating money arguments in the future on who paid what. Each side would have a set amount deposited each month into the joint account.

6. Title Options

Once you and your “better half” create a budget and decide how to split the costs of buying and maintaining the house, consider how you will own the home, or“take title”.

Here are the three basic options:

  • One person can hold the title as sole owner.
  • Both people can hold title as “joint tenants.”
  • Both of you can share title as “tenants in common.”

You might be tempted to pay scant attention to this issue, but that could be a very expensive blunder.

7. Consider Making Your Promise a Legally Binding Agreement

Although marriages, unions and partnerships start out mellow, sometimes couples lose their focus and wander off in separate directions. For that reason, it’s a good idea to put all financial agreements into writing.

Making your agreement legally binding means, you are both serious about doing what you say you will do. You can always change the deal if the situation changes. Talking with a lawyer before a big business/financial decision is still recommended.

Some of the most prominent disagreements can be avoided when you have an agreement in place to spell out each other’s obligations.

Thinking of Buying a House Together After Marriage?

In many instances engaged couples are often bombarded with choices — from color schemes to seating arrangements to cake flavors. One choice, perhaps the most daunting one, isn’t whether to go with beef or fish, though. It’s whether to buy a house before or after marriage.

Thinking of Buying a House Together After Marriage - Real Estate India

Marital status is not the most important factor which couples should consider when deciding when they should buy a house. Instead, couples should focus on their partner’s financial history, creating a realistic budget and considering worst-case scenarios regarding their relationship.

  • In most cases, a single partner’s income restricts his/her chances of investing in a property of choice. A co-applicant can save the day in a scenario like this.
  • For working spouses, co-borrowing of home loan can be an effective method to save on taxes. Under the I-T Act, co-borrowers individually enjoy tax deductions on Rs 1.5 lakh per annum on the principal component and Rs 2 lakh per annum on interest component on a home loan.
  • Most states charge a lower stamp duty if a property is registered in the name of the woman of the house. Across states, women have to pay about two per cent less as stamp duty charges for property registration.
  • In case of single ownership of property, distribution of assets might be complicated after the demise of the owner. In case of joint ownership, the surviving member preside over the succession strategy.

As per amendment to The Marriage Laws (Amendment) Bill 2010, any property acquired by husband after marriage by default, the wife will have 50% right in such properties in case of a divorce. The Marriage laws provide financial security to wife. To secure wife’s interest in case of any unfortunate event, Husband can execute WILL in her favour.


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Lodha Casa Celeste, Thane | Real Estate Project Overview by PRROP

Casa Celeste by LODHA GROUP - 1 & 2 bed homes in Prime Central Thane

Welcome to the first it’s kind property overview by PRROP.com team – your trusted real estate advisors. We are taking an overview of Lodha Developers new launch residential project – Lodha Casa Celeste in Kolshet road, Thane.

 

PROJECT OVERVIEW:

Casa Celeste by LODHA – 1 & 2 bed homes in Prime Central Thane

Casa Celeste in Thane is surrounded by Amara’s most desirable amenities, the residences will urge you to stay indoors. Designed by India’s finest architect – Hafeez Contractor, with Lodha’s trademarked finesse and attention to detail, they offer a life of rare beauty and splendour. Both inside and out.

MARKET OVERVIEW of Kolshet road, Thane region:

– Kolshet Road, Thane has emerged as one of the top peripherals of the city.

– Property values in the last four years have elevated by 20 to 30 percent and giving a good return of investment since.

– With best connectivity and existing, ongoing and upcoming infrastructures, Kolshet Road is expected to witness a good appreciation in its real estate sector in the coming years.

– A recent study by Knight Frank for prime central Thane projected a 60% appreciation in property prices by 2020

Lodha Developers OVERVIEW

Established in 1980, Lodha Group is one of the most profitable players in India and has shown largest by sales for three consecutive years. It also achieved a net sales of INR 7,790 Cr for FY 14-15.

Casa Celeste by LODHA – PROJECT DETAILS

Lodha Group has a new launch 40-acre real estate property named Casa Celeste located at Kolshet Rd, Prime Central Thane.

It offers Unit Configuration of 1, 2 & 3 BHK with 1 BHK: 359 SQ, 2 BHK: 659 SQ. FT and 3 BHK: 955 SQ. FT.

And the POSSESSION date is December 2020.

The project is RERA Approved.

TOWER 1 – 5, 7 – 19 : P51700001065 | TOWER 26, 27, 28, 30, 34, 35 : P51700001031 | TOWER 36, 37 : P51700013961 | TOWER 29, 31 : P51700000981 | TOWER 32, 33 : P51700001030 available at website: http://maharera.mahaonline.gov.in

The Flat Price ranges from 69 Lacs* onwards.

Casa Celeste by LODHA - 1 & 2 bed homes in Prime Central Thane

Project highlights

Below are few PROJECT HIGHLIGHTS for Lodha Casa Celeste

  • Almost 40 acres of landscaped open space for sports & recreation
  • Explore Yours spirituality at the meditation decks, Ganesha temple, Jain temple and sacred garden
  • Rediscover your favourites sport at FIFA- Standard football field tennis court or cricket pitch.
  • Play without a worry: your children will have a car free central green, play village, treehouses and more
  • Discover new places to socialise. The 6 Clubhouses, poolside cafes, and picnic niches, for instance

Apartment Features

It has APARTMENT FEATURES including:

  • Modern air conditioned residences by the renowned Hafeez Contractor
  • Space-efficient kitchen.
  • Marbital® flooring in living, dining & passage areas
  • Built-in wardrobe niches, dedicated storage, puja & utility areas
  • Planned desirably with L-shaped living / dining rooms

Nearby locations

Now talking about the location advantages it has Excellent Connectivity such as

  • Ready social infrastructure in the form of school, malls, hospitals and highways.
  • Such as Singhania School at 5.5 km, Tikuji-ni-wadi at 3 km, Jupiter Hospital at 5 km and more
  • New proposed Metro Line: Wadala to Ghodbunder Road via Kapurbawdi only 3 min away.
  • Monorail connectivity with Thane-Bhiwandi-Kalyan Monorail corridor only 3 min away
  • Upcoming BKC-like business neighborhood in Thane only 5 min away.

Need more information to decide if this project is for you? No problem, give a miss call @ 9819418166 / sales@prrop.com and our experts will connect with you.

We make sure you get the best deal in the market. Only at PRROP.com

Make sure you watch… Before You Buy! Stay tuned for more such first it’s kind property review by PRROP.com team

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GST on Real Estate: Lower GST Rate Expected On Affordable Homes

GST on Under Construction Property: Lower GST Rate Expected On Affordable Homes

The government agreed to lower the Goods and Services Tax (GST) on under-construction affordable homes under 60 square meters to 8 percent from 12 percent, Rajiv Talwar, chairman of National Real Estate Development Council, told reporters.

GST on Under Construction Property: Lower GST Rate Expected On Affordable Homes

Real estate companies have been pitching for a lower rate across the board. In a meeting with Ministry Of Finance officials, they demanded a 6 percent GST on all under-construction homes, Talwar, said. And input tax credit should continue, he mentioned.

Homebuyers currently pay 12 percent GST in addition to stamp duty and registration levied by states.

If the Government of India reduces GST on Real Estate from 12 percent to 6 percent, a new slab of 6 percent will have to be created, said Abhishek Jain, indirect tax partner at EY India told BloombergQuint. “For the 6 percentage-point reduction, they will have to think through the revenue implication if they wish to go ahead with this change.”

No GST is levied on homes sold in completed projects.

Watch this discussion with Rajan Bandelkar, vice-president at NAREDCO and Abhishek Rastogi, partner at law firm Khaitan.

[Video] Realty Under GST: What’s The Impact On The Consumer

“Capping GST at 6% will incentivise buyers to invest in under-construction properties, who otherwise are waiting for completed properties to save 12% GST,” said Rajeev Talwar, chairman of Naredco. “Buyers stand to benefit as developers would pass on the benefit to the buyers. The government also stands to benefit as it will collect more tax because of increase in demand. This is a win-win situation for all.”

According to Naredco president Niranjan Hiranandani, the industry body has also urged the government to increase the abatement for land cost to 50%, from the existing 30%, as cost of land forms the most significant part of any real estate-project cost.

GST on Under Construction Property

Real estate properties which are under construction is governed by the ‘works contract’. The GST Council had announced four rates for services – 5, 12, 18 and 28 percent. While 5 percent rate is mostly for transportation services, rates for restaurant services will vary as per tariffs charged and facilities provided, ranging from 12-18 percent; Gambling and cinema services will fall under 28 percent slab, as entertainment tax merged with service tax under GST while works contract is taxable at 12 percent with full input tax credit.

Under the current tax regime, works contract attracts a service tax rate of 6% which is a reduced tax rate under a special scheme known as the abatement scheme and a value added tax or VAT that currently ranges from 1 to 5 percent depending from state to state. While paying these taxes today, developers do not get a deduction of the input tax but under GST they will. This means that on the amount of excise duty and VAT they pay on cement or steel, no set off is available to them but under the new GST regime, developers and builders will be able to get benefits on taxes.

“The full availability of input credit as compared to current regime (where input credit is not available on excise duty paid on certain raw material inputs) is expected to be beneficial for reducing project costs under the GST system,” says Shubham Jain, vice president and sector head, ICRA Limited.

But will this reduce or increase the price of properties? “Houses will be cheaper or expensive depending on the current value added tax prevailing in different states. For example, if the current VAT is 2 percent and service tax rate is 6 percent, then though the total tax rate may increase to 12 percent, the price of the property may be cheaper if the benefit of additional tax credit outweighs the negative increase in the tax rate,” explains Harpreet Singh, partner, indirect taxes, KPMG in India.

“Buyers should not worry about the developers not passing on the benefit of the additional tax credit because GST also provides for an anti-profiteering provision which makes it mandatory for the dealer to pass on the benefit of GST to the end consumer. Therefore, it is a win-win for both buyers and developers,” says Singh.

Earlier, both homebuyers and developers received benefits under the abatement scheme (reduced tax rate under a special scheme). Under the service tax regime, for buying an under-construction flat, an abatement of 75 percent was allowed, subject to the flat being less than 2,000 sq ft and sold for less than Rs 1 crore, taking the effective tax rate from 15 percent to 4 percent. Similarly, if the cost of the flat was above Rs 1 crore and the size of the unit was more than 2,000 sq ft, the abatement was reduced to 70 percent and the effective tax rate to be borne by the buyer was 5 percent. States also charged VAT over and above service tax. This has now been done away with, say experts.

Conclusion

The benefits of Goods and Services Tax (GST) are quite big. Providing input tax credit will definitely bring the developer’s cost down, which is a positive outcome of GST on under-construction property. Also, the reduction in number of taxes will benefit the homebuyers. However, for this to happen, developers will have to streamline their processes to benefit from input tax credits. Only then will they be able to pass on the benefit of GST on under-construction property to buyers. Otherwise, despite anti-profiteering clauses in GST, homebuyers may still have to shell out a pretty penny for their own houses. Let’s wait and watch how this story develops.

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Thane: A Growing Luxury Residential Destination?

A luxurious home makes you feel like the king or queen of your own abode. Thane offers a number of options in the luxury residential segment of the housing market.

Real Estate in Thane: A residential destination in sync with modern home buyers

Many real estate developers are designing and offering options for those with the desire and budget to live large.

Thane city has an abundance of greenery and clean air. It also shares a deep-rooted connect with various art festivals. With 33 lakes, 9 malls, 5 hospitals and more than 50 gardens, the place has been attracting buyers who seek an enriching lifestyle. Statistical data proves that certain areas in Thane have recorded more than 400% hike in the last eight years.

Thane is an integral part of MMR – Mumbai Metropolitan Region, and Maharashtra Government’s blueprint for further developing the MMR includes a slew of major infrastructure development plans. To that end, few projects have already been approved by the Mumbai Metropolitan Region Development Authority (MMRDA).

As Thane enjoys a central location, experts predict that it is all set to experience an exponential growth. Besides, Thane has evolved over the years with amazing social and cultural infrastructure. With an increased number of retail and commercial spaces, Thane is steadily moving towards a self-sufficiency model.

MMRDA’s Approved Projects in Thane

– Better road connectivity between Thane and Kalyan

– Cable suspension bridge between Dombivali and Mankoli

– 32 km Metro Line connecting Wadala to Kasarvadavali

– Thane to Dahisar Mono Rail Line

– Thane to Kalyan Mono Rail Line

Thane city has become a gamut of luxury residential projects offering world class amenities at low prices as compared to Western suburbs and South Bombay. So many developers are moving towards the outskirts of Mumbai, like Vasai, Navi Mumbai and Thane. Amongst all these locations Ghodbunder road, Thane has changed drastically offering galore of options in luxury as well as budget homes.

Within Thane, areas like Pokhran Road, Ghodbunder Road, Kolshet Road provide excellent connectivity to roadways, railway stations, schools, hospitals, etc.

Pokhran Road is witnessing robust capital appreciation in Thane. Property values in Pokhran road have been increased by 30-40 % in the last few years. With the pace of development in infrastructures, residential and commercial real estate sectors and connectivity, Pokhran Road is topping the charts for investment.

Ghodbunder Road has an edge over other locations owing to the relatively lower prices when compared to the heart of Thane city. It offers a range of projects, from the affordable segment to premium segment. As the city grows, this area is seeing rapid appreciation in the property market. All of these factors contribute to making Ghodbunder Road a good option for end-users and investors alike.

Lifestyle of today’s generation demands for more facilities in terms of sports, location (Shopping malls with big brands) and to provide all these facilities a builder need large land parcels, which are available only in the outskirts like Thane. Even families prefer buying homes in such projects where the kids have maximum exposure to sports facilities for physical and mental development. From senior citizen point of view also, Thane Ghodbunder road would complement their needs and requirements because these projects have more open spaces, specially designed quiet areas for senior citizens where they can stay active by performing Yoga in fresh air.

Real Estate in Thane – A Promising Destination for Home buyers

Now you too can decide if these offerings appeal to your lifestyle needs.

Do let us know your thoughts in the comments!

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Why Indian Real Estate Is The Best Investment Option For NRIs

Benefits Of Investing In Indian Real Estate For NRIs

As the new financial year kicks in, Investing in Indian Real Estate with the NRI diaspora at the forefront is poised for accelerated growth.

The Non Resident Indian (NRI) population, estimated to be over 12 million, has been growing rapidly over the past decades. Better social infrastructure, improved standard of living, and higher currency valuation in countries such as US, Europe, Middle East etc. are some of the points of attraction. After significant years of savings, NRIs invest back in India as they find real estate to be the safest and best choice for many reasons.

Benefits Of Investing In Indian Real Estate For NRIs

India a perfect destination for real estate investment!

Most Indians living abroad (NRIs, PIOs & OCIs) prefer to own one or more real estate properties back home, and constantly strive to get the best deal for the perfect house. If you are an NRI, and are on the lookout for affordable property, here is a helpful list to simplify the process for you!

We will try to answer this question with the following points:

Regulatory Act

If you have an Indian passport, you do not require any prior permission to make a property investment in India. The Reserve Bank of India has made the rules very simple to attract more foreign investment. Transactions in the real estate sector are governed by the rules under the Foreign Exchange Management Act (FEMA).

Price Benefits

India is one of the fastest growing economies in the South Asian region. With the development, the property rates are also catching up slowly. The initial price is not that much, making it a great investment set up.

This is further promoted by price benefits offered by the government. For NRIs under several schemes relating to FDI, which makes it easy for the investors to route to India than any of the neighboring countries.

Tax Benefits

Another blessing bestowed by government. Schemes is the exemption of taxes in various fashions. For example, NRIs are not required to pay taxes on the profit earned due to increment in property value for two consecutive years. NRIs also enjoy claims on home loans and their repayments.

Rent Benefits

A majority of NRIs who own real estate properties in India use it as their place of accommodation during their infrequent visits. These properties become a great mode of income via leasing. High profile properties generate a significantly profitable income in the form of rent even after deduction of TDS.

These were some of the factors attracting investments from NRIs in India. Now, the next question arises, where do these NRIs go to invest? What places are sitting in the most investment-friendly zones?

Let’s have a look!

Mumbai – City of dreams

The financial capital of the country is one of the prime spots for investment right now. Especially, the developing areas that promise relatively easy acquisition than other parts of Mumbai. Furthermore, the establishment of technology parks and rising corporate sector has boosted real estate business for NRIs seeking to invest here.

Mumbai’s counterpart Thane and Navi Mumbai, also have shown increasing employment opportunities which, in turn, are driving the demand for residential realty.

Thane finds inclusion in the smart cities list and enjoys excellent infrastructure. Its connectivity to central Mumbai is heartening. Average price per sq. ft in Thane East is Rs 11368 and Rs 11260 for Thane West.

Navi Mumbai, on the other hand, is touted to be a very well-planned city with exceedingly good transportation and the International Airport under construction will only serve to boost property prices upon completion. Average property prices can range from Rs 17659 per sq. ft. for high-end locations to Rs 3316 per sq. ft. for affordable locations.

Bangalore (Bengaluru) – Silicon Valley of India

Regarded as the ‘Silicon Valley of India’, Bangalore enjoys the reputation of being one of the best places to invest for NRIs. Mainly, due to the low property prices in the region and world class infrastructure. The city is a great place to live in and has shown a steady incline in growth rate as well.

Pune – Oxford of the East

Just like Mumbai, the rapid growth of IT companies in Pune is acting as a catalyst for land acquisitions by investors from all around the world. The demand of business centers in Vishrantwadi, Kharadi and Baner has kept Pune in the front league of investable places for India.

Conclusion

We believe that the prices have bottomed out and this is the right time to invest in the market, to gain substantial property price appreciation. Various factors that make real estate an attractive investment avenue are rupee weakening, prevailing low property prices, a reviving market, NRI friendly regulations and taxes, and a wide range of property options.

Now you know why India is the ultimate destination for Non-Residentially Indians in a profit-promoting scheme of things.

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Things to Know about MHADA Lottery Scheme 2017

Things to Know about MHADA Lottery Scheme 2017 Mumbai, India

Things to Know about MHADA Lottery Scheme 2017 Mumbai, India

Homebuyers seeking lottery for affordable housing under Maharashtra Housing and Development Authority (MHADA) will have to wait no more as it has launched its new housing scheme for Mumbai recently.

In a recent interview Subhash Lakhe (CEO of MHADA) mentioned, “We have quoted the right prices for the HIG flats considering affordable housing. Home buyers know that houses which are touted as the most expensive flats are actually cheaper considering the locality and area. The buyers have shown a good response for these flats since they understand its worth.”

Here is all you need to know about the MHADA Housing Lottery Scheme 2017:

What is MHADA Lottery Scheme 2017 offer?

The MHADA body is selling 819 tenements under-construction and ready-to-move-in units, sizing between 17.23 square metre (sqm) and 68.69 sqm. Of the whole lot, 66 units are ready-to-move-in while the remaining are under construction. These are available under the provisions of the MHAD (Estate Management, Sale, Transfer and Exchange of Tenements) Regulation, 1981 and MHAD (Disposal of Land) Rule, 1981.

MHADA Lottery 2017 Mumbai Advertisement (English)

MHADA Lottery 2017 Mumbai Advertisement (Marathi)

How many flats available in MHADA Lottery?

Of the total 819 house units, 192 homes are meant for the low-income group (LIG), 281 for the middle-income group (MIG), 338 for the high-income group (HIG) and 8 for the economically weaker sections (EWS).

Income Group Number of Flats
Economically Weaker Section (EWS) 8
Lower Income Group (LIG) 192
Middle Income Group (MIG) 281
Higher Income Group (HIG) 338

What is the house price?

The cost of these units ranges between Rs 15 lakh approx* and Rs 1.95 crore approx*. Buyers will have to pay stamp duty over and above the cost of the unit.

What are the location of these houses?

These housing units are spread in location areas of Pratiksha Nagar, Chandivali, Mankhurd etc units meant for EWS Homes. Kannamwar Nagar, Chandivali, Charkop housing units meant for LIG Homes. Pratiksha Nagar, Goregaon, Malwani housing units meant for MIG Homes. And Lower Parel, Powai, Kandivali, Shimpoli housing units meant for LIG Homes.

mhada lottery scheme 2017 flats location in mumbai, india

How to apply for the scheme?

Home buyers have to log on to http://lottery.mhada.gov.in. For registering on the site, you have to provide all your personal and income-related details.

These 3 Simple Steps to Apply for Mhada Lottery

  • Step 1: Registration – Create Username, Fill Basic Information.
  • Step 2: Online Application – Select Lottery & Scheme, Print Acknowledgement.
  • Step 3: Payment – Online Payment, Submit Demand Draft in Bank.

MHADA Lottery Scheme 2017 – Apply Online

MHADA Lottery Scheme 2017 – Online Application Procedure (English)

MHADA Lottery Scheme 2017 – Online Application Procedure (Marathi)

What is the eligibility for MHADA Lottery 2017?

To be eligible for the lottery below are the basic requirements:

– Applicant Age must be not Less than 18 years.

– He or She should have a legitimate proof of minimum 15 years stay in Maharashtra state.

– Income proof

– Pan Card Details (Mandatory)

– The applicant should not have any Flat, Plot, or House allotted by any government development authority.

What is the income criteria?

The applicant’s average monthly income (excluding reimbursable allowances such as medical, transport, washing, etc.) should be as mentioned below

Income Group Income Limit
Economically Weaker Section (EWS) upto Rs. 25,000/-
Lower Income Group (LIG) Rs. 25,001/- to Rs. 50,000/-
Middle Income Group (MIG) Rs. 50,001/- to Rs. 75,000/-
Higher Income Group (HIG) Rs. 75,001/- and above

What are the fee/charges?

The online application fee of Rs. 336/- has to be paid (application fee Rs. 300/- + GST @ 12% Rs. 36/-, non refundable)

What is the payment procedure?

Registration amount for flats in the MHADA Mumbai Lottery 2017 scheme can be paid through online and offline mode. For online mode select the first option available in payment and for offline mode, payment can be submit EMD (Earnest Money Deposit) for MHADA lottery through Demand Draft and Pay Order.

List of Bank Branches

list of bank axis bank branches MHADA mumbai lottery 2017 mumbai, india

Time table for registration of applicants, Online application submission and acceptance

1) Registration of applicants from 16/09/2017 from 21/10/2017 till 23.59 Hrs.

2) Edit registration for registered applicants date and time 16/09/2017 from 14.00 Hrs. to 18.00 Hrs.

3) Submission of online application forms for registered applicants from 17/09/2017 from 14.00 Hrs. to 22/10/2017 till 23.59 Hrs.

4) Acceptance of D.D from 18/09/2017 to 25/10/2017 (During working days & hours of Axis Bank at selected branches)

5) Challan creation date and time for NEFT /RTGS 17/09/2017 from 14.00 Hrs. to 23.59 Hrs.

6) NEFT/RTGS payment date and time from 17/09/2017 at 14.00 Hrs. to 24/10/2017 (Working days & hours of respective bank)

7) Debit Card/ Credit card, Internet Banking, EMD acceptance date and time: 17/09/2017 from 14.00 Hrs to 24/10/2017 upto 23.59 Hrs.

8) Proposed date and place of lottery draw 10/11/2017 from 10/11/2017 from 10.00 Hrs. at Rangsharda Auditorium, Bandra (west), Mumbai – 400050.

Complete details of MHADA lottery 2017 Mumbai such as advertisement, eligibility criteria, how to apply, online application form, registration process, payment procedure, information booklet and other details is available at the official website of MHADA at mhada.maharashtra.gov.in and lottery.mhada.gov.in.

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