Purchasing a house in Guwahati or anywhere on earth is not an easy job. As though saving money to own a dream house isn’t arduous enough, you need to really focus to choose what to purchase. You decided to buy a flat, chose the locality, and financially ready and had talked about with your family. This certainly looks like you are on the right track. But, since you are investing a big amount you would prefer not to commit any error in a rush. Isn’t that so?
There are basically two options while buying a flat- Ready-to-move-in flat and an Under-Construction flat.
Thus, the major confusion that starts while planning to buy a flat is which type of flat to purchase a flat which is under construction or the one which is ready-to-move-in?
For many property buyers, ready-to-move-in projects sound the most appropriate investment. However, underdevelopment projects are no less as far as quality and cost are concerned. In case you execute meticulous research on the project, location, value, engineer, and other related perspectives; the under-construction flats provide a positive reception than ready-to-move-in flats.
Benefits of under-construction property
Low cost
The cost of under-construction flats usually starts at a low price. As the demand increase when more people start purchasing, the market cost shoots up.
As a buyer, if you invest early you can benefit from the price movement. But, you need to carefully find a builder with a track record of completing projects on time.
As a purchaser, the sooner you invest the best price benefit you get. However, you have to cautiously discover a builder with a reputation for finishing projects on schedule.
Real Estate Regulatory Act 2016 (RERA) has made it is mandatory to register every under construction property where land is above 500 Sq./8 number apartments. This act seeks to protect buyers from any kind of real estate frauds and scams. People planning to purchase a flat or an apartment can be more confident about under-construction projects, as builders are legally obliged to register to provide better transparency in project marketing and implementation.
Failing to do so, the builder shall pay a penalty to the homebuyer and the government.
Payment Flexibility
Many builders offer payment flexibility for under-construction properties.
One of the best benefits of buying an under-construction-flat is payment flexibility.
A lot of builders will offer you payment options where you can pay a lump-sum amount and book your apartment in an under-construction building and EMI would start after you get ownership. Thus, the extra time gives you more time to orchestrate the additional sum required for registration and diverse incidental expenses.
Price Appreciation
Contingent on the location, infrastructure, connectivity, future possibilities you can anticipate price appreciation in the under-construction flat between 8 should 16 %.
To get the best return of profitability, you should check the past information on property costs in the close proximity. You can otherwise get in touch with resident property counsel to get a fair idea of the market.
Customization
Starting from the floor to the roof, bedroom to bathroom, kitchen to a balcony, you can customize and get a home built according to your choice in case you settle for an under-construction apartment. Protech Group offers exciting prices on under-construction flats in Guwahati along with customization benefits.
However, it’s not the case if you opt to buy ready-to-move-in flat then you will have no option left for customizing but have to move-in an already built house according to the builders’ designs and dimensions.
Discount & Offer
To draw the attention of new purchasers many builders offer alluring offers like discounts and lucky draw. Why not try your luck and own the house you always dreamt of? In under-development property, you will moreover, have the option to pick the floor number, which direction the house faces depending upon availability.
Conclusion
Protech is a RERA certified real estate company. We are committed to on-time project delivery and customer is the King for us. Moreover, our projects are built under strict standards of technology design and we deliver quality flats at the best price. Check Out our ongoing project, Protech Galaxy https://bit.ly/2DOM0DC
If you own a house already, you have the tax exemption while availing home loan to buy the second house. The Indian law allows a person to buy multiple homes and availing multiple home loans to buy new homes. One can have number of properties as he wants in his name and there is no restriction for it. Also there is no restriction in availing home loans, based on how many of your homes you claim tax benefits under tax laws or banking laws. But the amount of home loan for all the properties is made available to a person depends on some factors like age, earning and ability to pay the loan. Anyone can avail tax benefit based on interest paid or on repayment of the principal amount in borrowing money for buying, construction, repairing, renovating etc.
Following are some of the benefits of having multiple homes.
Tax benefit on interest payment
Anybody that owns multiple homes can claim deduction on interest payable for the loan taken by him/her. The loan can be for purchasing new houses, construction, repairing or renovation of any property- commercial or residential. Deducted interest payment is applicable against money borrowed from friends / relatives or borrowed from bank or any housing company. In case of under construction property, deducted interest payment will be made available right from the year when possession is taken by the person after construction is completed. During construction of the house period if any interest is paid, the value paid can be amortized and the person can claim after five equal installments from the completion of the construction.
In case of let out property/ies, we are entitled to claim the entire interest paid, without any upper ceiling against the rent received. If a person owns more than one house property and minimum 2 house properties are occupied by self. Then, he has to choose any one as self occupied and the other as self occupied but deemed to have been let out. For the deemed to have been let out properties, owner needs to offer tax for notional income of the rent that the property fetches. So, once any such property is treated as let-out, we can claim the full interest paid with respect to such property.
Budget 2019 provisions for multiple home owners
Till date it was allowed a taxpayer to have only one self-owned property as self-occupied. But soon after the interim budget 2019 come into existence it is allowing a person to occupy two self-owned properties. As per budget, the deduction for the home loans will remain to be Rs. 2 lakhs for both the properties taken together. This will help the tax payers who own a house in their native place as their other property.
Tax benefits on principal amount repayment
A property owner can claim up to Rs 1.5 lakhs for repayment of the principal amount of the housing loan. Other benefits like provident fund contribution, life insurance premium, tuition fees, PPF contribution etc are also available along with the principal amount repayment. Deduction is also available for registration and stamp duty of a residential house. Income tax laws do not set restriction on the number of houses for which one can claim deduction. One can only claim deduction for repayment of principal amount Rs 1.5 lakhs for all the home loans taken together.
A home owner can claim deduction only after the possession of the property. The deduction is not applicable if the loan is taken from friends or relatives. If anyone sells or transfers his house within 5years of loan taken, deduction is not applicable in the transfer year. The deductions claimed earlier years are made reversed and taxation is done in the same year when transfer of the property is done.
Benefits of RERA are many. Owning a home is every person’s dream. Real Estate Regulations Act (RERA) introduced in 2016 is meant to safeguard that dream of every Indian.
Real estate is an investment of a lifetime and not everybody can afford a home for themselves in the metros, tier I and tier II cities like Guwahati in Assam. To add to the misery, every developer / builder earlier had his own norms and standards. They followed different practices and structured the builder-buyer agreement in a manner that favoured the builders. The common buyer had very limited rights.
Real Estate Regulation Authority (RERA) was instituted to protect and safeguard the rights of the common man who invests his lifelong savings in buying a home. RERA specifies certain norms for building and development of real estate, which will enhance the transparency in transactions in the real estate sector. Benefits of RERA include several rights to the home buyers and has also specified certain rules and regulations to be followed by all builders/ developers. It also specifies the creation of an Appellate Tribunal for each state to understand and tackle complaints by home buyers.
10 Major Benefits of RERA Act
Here are the 10 major benefits of RERA act for the common home buyers:
Standardized Carpet Area:
Earlier, the carpet area on which the builder calculated the price of the property was not defined. Every builder/developer had his own method of calculation of the Carpet Area. Now, the method of calculation is defined and standardized by the RERA Act and the same formula has to be used by all builders and developers.
The definition of carpet area as given by the law is:
Carpet area means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
This definition is a direct benefit of RERA and has an impact on the Real Estate prices, as most developers charge on the basis of carpet area. Builders compute the price of a property by multiplying the carpet area by the rate per square feet.
Rate of interest on default:
In case of default in payment by the buyer or default in completion of the project by the builder, the rate of interest to be paid shall be the same for both parties. Earlier, the interest burden on the home buyer was higher than the interest that the builder agrees to pay in case of construction delays. There was no parity in the interest to be paid by both the parties. The RERA Act has now clearly specified that the interest rate shall be the same for both the parties.
Lesser risk of builder going bankrupt
A developer usually has several projects, which are being constructed simultaneously. Earlier builders were free to divert the funds raised from Project A to fund the construction of Project B. Now, this would not be possible after the introduction of RERA. The builder is liable to deposit 70% of the amount realized in for the project in a separate bank account. He can withdraw from such account only on the basis of completion of project, which shall be certified by a civil engineer, architect and a chartered accountant in practice.
RERA will ensure that the builders use funds collected for a project, for the same project and this will reduce their chance of getting bankrupt. It will also ensure timely completion of the property as the funds are being used in the right project.
Advance Payment:
The builder can take not more than 10% of the cost of the flat, apartment or villa as advance or application fees as the case may be, before entering into an agreement of sale.
Buyer Rights as Benefits of RERA
The home buyer enjoys various rights under this act. They are detailed in the following paragraphs explaining the benefits of RERA.
Right of the buyer in case of false promises:
In case there is a mismatch in the commitments made by the builder and the actual project, the buyer has the option to withdraw from the project, wherein he is entitled to full refund of the amount paid as advance or otherwise along with interest and claim compensation.
Right of the buyer in case of Defect after possession:
The builder shall rectify any defect free of any charge if the defect is discovered within 5 years. The defect can be a structural defect or any defect in workmanship, quality, provision, or service. The builder will rectify all such defects at no extra cost within 30 days. If the builder fails to do so, the buyer shall be entitled to claim compensation for the same.
Rights of the buyer in case of delay in possession:
If the builder fails to complete the project on the due date of completion, then the buyer has two options:
To withdraw from the project, wherein he shall be entitled to full refund along with interest payable from the due date of completion till the amount is refunded.
To continue with the project till the completion, wherein he will be entitled to compensation along with interest payable from the due date of completion of project till the project is actually completed.
Rights of the buyer in case of defect in Title:
Even after taking possession of the property, the Rights of the buyer are protected. If the buyer finds a defect in the title of property, then he or she can claim compensation from the builder. There is no time limit within which the buyer have to report the defect.
Right to information:
The buyer is entitled to all the information related to the project. The right to information clause gives him that privilege. He can ask details about the plan layout, execution plan, stage wise completion status etc.
Appellate Authority for Grievance Redressal:
The home buyer can take the builder to the state authority set up under RERA for any grievances. It has the power to redress all grievances. The buyer can file an appeal with the Appellate Tribunal if he is dissatisfied with the order. The tribunal will redress your case within 60 days, or shall record the reasons of such failure.
If the builder wants to appeal against any order, he shall have to deposit to the Appellate Tribunal against the order of the Authority, then he shall have to deposit at least 30% of the penalty, or such higher percentage as may be determined by the Appellate Tribunal. He may also need to pay the total amount to be paid to the home buyer including interest and compensation imposed on him, if any, or with both, as the case may be, before the said appeal is heard.
If you are, we think that Protech Galaxy is a good option to consider.
Purchasing a home is a big step. It’s not a purely financial decision; it’s also an emotional one. So it makes sense to be nervous to make such a large purchase. Apart from a sense of accomplishment, purchasing a home of your own is about building equity instead of throwing away money on rent. It also helps in saving a significant amount of your income taxes. Going by the trend in the market, we believe that buying a home is a great investment that is most likely to pay you handsome dividends.
Why Protech Galaxy?
Protech Group has established itself as one of the trusted real estate builders of Guwahati with over 12 projects in a span of a little over 10 years. Across Guwahati, Protech Group has built residential complexes of repute such as Protech Harkanan, Protech Park and Protech Heritage. With every project, Protech Group has learnt and has become better in providing cosy, comfortable and most importantly durable homes that increases in valuation.
Apart from the best in class modern amenities, Protech Group has always delivered flats on or before time. For Protech Galaxy as well, that commitment stands.
Protech Galaxy is the latest residential project of Protech Group located in Bhetapara, Guwahati. The RERA registration number is ARERAKMPPROJ2017-11. It has 138 well ventilated 2 BHK / 3 BHK and 4 BHK flats available in the two separate blocks of G+7 earthquake resistant structure. Here are five reasons why you should consider Protech Galaxy in your flat buying decision making process.
Location
Protech Galaxy is located at a pollution free, completely residential area at Bhetapara, which is just 100 meters away from the NH 37 and 15 minutes from Beltola. It is close to the Hockey stadium, Maharishi Vidya Mandir, Trade Centre and various upcoming shopping destinations. It is because of this close connectivity to the National Highway and the upcoming infrastructure facilities, Protech Galaxy will one day become the new point of reference. That will strengthen its valuation and increase equity for the home owners.
Protech Galaxy is RERA Certified
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers interests. It aims to regulate the real estate and act as an adjudicating body for speedy dispute redressal.
Protech Galaxy is certified with RERA under registration number ARERAKMPPROJ2017-11. RERA ensures that your booked flat will be constructed on time or before time. Another major benefit for consumers is that the builders will quote prices based on carpet area, and not on super built-up area.
Design of Protech Galaxy
Protech Galaxy is designed by the experienced architect, Ritwik Hazarika. Care has been taken in thedesign to provide good views and cross ventilation in all the rooms. Common areas are well lit and serviced with high speed lifts. The campus also has a large arrival area with landscape that greets all visitors into the complex. Between the two blocks, there is a children playground cum lawn and swimming pool. The community hall is attached with lawn for community gatherings. The apartments are available in two different square feet ranges – 1000 Sq. Ft. and 1400 Sq. Ft., to suit different budgets.
Pradhan Mantri Awas Yojana (Urban)
Pradhan Mantri Awas Yojana (Urban), in short PMAY is a credit linked insurance scheme of the Govt of India to make housing available at affordable rates. You can avail the benefits of buying homes with low interest rates, even if your parents have their own homes.
To buy a flat in Protech Galaxy, you can avail attractive subsidy under PMAY Urban and save up to Rs. 2.67 lakhs rupees.
Additionally, we have partnered with the top banks of India – SBI, Canara Bank, HDFC Limited and Axis Bank to provide home loan facilities to help you purchase your dream home.
Value for money flats
Protech Galaxy is a newly launched project. Around 50% of the flats are still available to buy. The location is poised for development with upcoming infrastructure projects. The value of the flats is likely to appreciate significantly by the time the flats will be ready for possession.
Protech Group ensures top quality standards and premium brands when it comes to bathroom fittings, electrical fittings and kitchen fittings. The large arrival area, kids swimming pool, cantilever balconies and automated speed lifts make Protech Galaxy a value for money buy. More so, if you book the flat in this festive season.
Contact Protech Galaxy Experts
You may fill up the form in this page (click here) or sms PROTECH to 56070 for our sales experts to call you back. Thank you.
Figuring out how to buy a house is no small feat—particularly since the rules keep on changing. More than the rules, there are other subjective factors that we tend to overlook in the decision to buy a house. On the whole, buying a home in Guwahati or anywhere takes time and you have to give that much time.
Here is a list of five points that are normally overlooked while working out the modalities of a home loan and other supposedly serious considerations:
1. Hire a Lawyer
First, before you buy a house, hire a lawyer by paying him Rs 5,000 to Rs 10,000 to go through all documents on the land and the property. It is difficult for a consumer to understand title deeds, land use agreements, mandatory approvals from the municipality, occupational certificates, taxation etc. Since buying a home is a long-term purchase or an investment, it is imperative that we don’t get surprises after the purchase even in the distant future.
2 Estimate Total Cost of Ownership
The total ownership cost is often more than an agent or a builder quotes. We must include parking charges, stamp duty, registration charges, maintenance charges, property tax, increased commuting charges, electrical gadgets etc in the calculation of the total cost of ownership. All this could contribute to almost 10-20 percent of the base cost of the apartment.
Moreover, it is important to understand the final usable area of the apartment, especially in the case of apartments under construction. Most of the time, the sale would be in a super-built-up area and it affects the cost-to-benefit analysis.
3. Neighbours
Before you buy a house it is always safe to check whether most of the other occupants in the building are like-minded and in a similar age group. If the residents are not like-minded, conflicts emerge eventually over a period of time creative stress. Decisions about how to maintain the building, adjusting parking spaces, whether pet animals are allowed, how many security men, use of lifts, terraces and other common areas etc may become very discomforting if the co-occupants are not homogeneous.
Some people avoid staying in buildings with a mix of 1BHK, 2BHK, and 3BHK apartments as the income levels of occupants differ and cause grief in the long run.
4. Check the Location before you buy a house
It would be best if you spoke with the watchman or the watchman of the neighbouring building to find out the situation of water supply, electricity supply, availability of domestic help, level of security and safety, neighbourhood grocery stores, deliveries from restaurants, gyms, daycare centres, hospitals and schools etc, depending on your life situation, and your needs.
We need to find out if any neighbouring small building or bungalow has the potential to be converted into a taller building, which can block your view in the next 3 to 5 years.
If you are buying the apartment as an investment, think through the profile of your typical tenant and whether the location of your apartment is good enough for such a tenant. If it is a commuting couple, see if the apartment is close to the railway station. If there is a parking space, check if you require two parking slots.
5. Know your builder before you buy a house
The real estate company or your builder in Guwahati has to do a lot right to give you your dream home without any hassle. Even if you need to pay a premium, a credible builder is worth that premium, considering a lifetime investment and peace of mind. We need to do research on the other projects that the builder has delivered or is under construction, by speaking to other home buyers.
Starting from the water quality, quality of build and amenities, there are other serious issues like commencement certificate, land title deeds, approved building plans and clearances by various authorities like the municipality, the environment etc, that depends on professionalism and ability of the builder.
