Thursday, 27 April 2017

Happy Akshaya Tritiya 2017

This Friday is dedicated to the famous Hindu festival Akshaya Tritiya which falls on the third day of the bright half of Chittirai month when the Sun and Moon are in exaltation; they are simultaneously at their peak of brightness, which happens only once in a year. This festival is famous for purchasing gold, homes and vehicles. There are the several ways to celebrate this golden festival. As per Hindu religion, the Akshaya Tritiya is the day when Ganesha, the God of wisdom removal, started writing the epic Mahabharata to Ved Vyas’s dictation. According to our ancestor mythology, this day is ruled by God Vishnu. It is also traditionally celebrated as the birthday of the Hindu sage Parashurama and sixth avatar of the God Vishnu. According to Hindu Mythology, on this day the Treta Yuga began and the river Ganga which descended to the earth from heaven.

You can invest your money on this Tritya in the property, apartments and flats in metropolitan cities. This is the best chance to make more smile on the faces of your family member. At the latest project of Arihant Abode you can look the fully furnished flats residential apartments at the minimum investment. This is the best chance if you have been planning to buy home for your family.

Akshaya Tritiya is the ideal day to change your way of life and begin fresh starts with the goal that you deliver positive outcomes, and to boost the awesome donations throughout your life by performing just favorable activities. Favour the cash or material that you will give away today and you could see that it increases many circumstances over.

Tuesday, 25 April 2017

How much important is Possession Letter and Occupancy Certificate for Homebuyers?



Many home-buyers, particularly first-timers are not aware of Occupancy Certificate (OC) and often mistake it to be the same as possession letter. There are several documents which are required during the purchase of a property and obtaining them could prove to be a tedious process. But occupancy certificate is a crucial document which must be sought and buyers have the right to take legal action against the developer if the same is not given to them.


As these certificates are not required while registering a property, the vast majority of the home buyers tend to disregard or ignore gathering these documents from their previous owners or developers of the apartment.

Possession Letter

The possession letter is issued by the developer for the buyer expressing the date of ownership of the property. The original copy of this document needs to be produced for securing a home loan. A possession letter alone would not suffice for legitimate ownership of the property unless OC has been acquired.

Occupancy Certificate

Occupancy Certificate is issued at the end of the construction by a local government agency or planning authority. The document is a proof of the building's compliance with applicable building codes and other laws. It indicates that the property is in a suitable condition for occupancy. The developer is in charge of acquiring occupancy certificate and is issued only once the building has been finished in all regards and is prepared to be possessed. A completion certificate is received by the builder from the metropolitan authorities upon completion of construction.

Acquiring Occupancy Certificate can be required under respective State laws. According to these state laws, one can't lawfully move into a building unless the builder or developer gets an Occupancy Certificate from the particular nearby authoritative or municipal bodies. The corporation or municipality can request that the property owners leave such unlawfully possessed flats or force overwhelming penalties for the sake of 'regularization'.

Conclusion

There are a huge number of apartments in urban areas like Bengaluru, Mumbai or Delhi which have been possessed with no Occupancy Certificates. In a large number of the cases, the building arrangements of these flats are affirmed however they don't get OCs due to not adhering to the approved building plan or because of different infringement.

As an informative buyer, you ought not act in flurry. While grasping handover of the property, ensure the developer furnishes you with every one of the documents. You have legitimate appropriate to get all the property related documents. So don't listen to any excuse given by the developer and immovably ask for possession letter, occupancy certificate, and other documents.

Sunday, 9 April 2017

Impact of GST on Home Buyers and Renters in India

Impact of GST on Home Buyers and Renters in India

The Lower House of Parliament of India has cleared four bills in planning of the upcoming roll out of the Goods and Services Tax (GST) administration: Integrated GST, Union Territory GST, Central GST, and Compensation Bill.

This sets the stage for states to authorize laws and actualize the new tax system from July. The duty rates applicable on items and services are relied upon to be declared by the legislature by April-end. Therefore, once GST becomes effective from July, the leasing of land and buildings - and home loan EMIs paid by the individuals who buy under-development flats - will pull in the appropriate duty rate. Depending upon the tax rate that gets reported for land, the impact could be higher or lower than today.

Industry Expectations

The industry experts hopes that a lower tax rate of 12% on under-construction real estate projects will help diminish the cost of homes and increase affordability for end-users. However, a higher rate of 18 per cent will make under-construction apartments more expensive for buyers, making it difficult for them to invest in residential projects.

Impact of Central GST on Affordable Housing

After implementation of Goods and Services Tax, leasing of land and buildings, as well as EMIs paid on the home loan taken for purchasing an under-construction housing unit, will attract tax. Needless to say, the impact of this new tax on real estate market can be guessed only after the declaration of the tax rate.

Experts believe that input credit allowance will bring down the cost for builders, directly affecting the overall price of a property. If builders transfer the benefit to the clients, home buyers in India will be able to save up to 20 per cent. Though GST will make property expensive for the end-users due to increased rate of taxes, they can still get benefited from it, if builder pass on the reduced cost to them.


Given the Government's objective of 'Housing for All by 2022', this exception is probably going to proceed under the new tax regime. Ministry of Housing and Urban Poverty Alleviation (MHUPA) has also asked for the states and union regions to consider waiver or defense of stamp obligation on moderate lodging ventures.

Friday, 19 August 2016

Provident fund may get you a home loan!!

The Employees’ Provident Fund Organization, also known as EPFO is considering the decision of letting the subscribers pledge their future PF contributions to buy a house.  Here is how to use your Provident Fund to finance a home purchase. 






















Purchase of a house/plot or Construction of the house:

Under the Provident Fund scheme, a subscriber can withdraw his PF money after the contribution of 5 years for the purchase or construction of house. The loan amount would depend on the purpose for which you are taking the loan. For purchasing a plot, the loan available shall be restricted to 24 months’ basic salary and dearness allowance (DA) and in case of the loan, to purchase or construct a house; availability shall be enhanced to 36 months of basic salary and DA. It is pertinent to note that the property cannot be purchased jointly with anybody else, except your spouse.
In case you withdraw from your provident fund account, the construction should begin within six months and be completed within 12 months of the withdrawal. In case you intend to buy a ready house, the purchase also needs to be completed within six months. The withdrawals for the purchase or the construction can be made in one or more installments, depending on the circumstances.
Subscribers can also avail the withdrawal facility again for additions or improvement of the house, only after 10 years from the first withdrawal, subject to the same eligibility criteria, vis-à-vis the amount.

Repayment of housing loan through Advances

For the repayment of the outstanding balance of home loan taken by you, the provident fund scheme allows you to avail of the withdrawal facility. The advance amount cannot exceed 36 months of basic salary and DA. This withdrawal can only be made for loans availed from specified entities like public financial institutions, Municipal Corporation, governments and state government, registered co-operative society, state housing board, nationalized banks, or a development authority.

The proposal, however, is in preliminary discussion stage and the government is exploring the possibility for providing a suitable low-cost housing scheme for subscribers of Employees Provident Fund.

Thursday, 11 August 2016

Goods and Service Tax Bill – A boon for the buyers & sellers!

Real estate segment has witnessed a phenomenal growth in recent past. The growth is not just limited to Tier 1 cities, but even Tier 2 and Tier 3 towns.  The industry is in the conflict of increased regulations, with bills such as the Real Estate Bill for Regulation and Development, which is still pending for approval.  GST is one of those developments that will have a significant impact on this sector.


The implementation of this law will single-handedly solve many challenges faced by the real estate sector. This will also help in breaking the long slumber of this sluggish sector. The taxes being paid by the developers currently will go down by considerable percent.

Construction costs would also be reduced to some extent and this benefit can be passed on to the buyers, thereby spurring buying of homes, he added.

If a clear uniform rate for one tax that covers everything that the buyers need to pay in taxes to authorities, the whole payment process will become very easy and convenient for the buyers. In this case, even a higher rate would be more acceptable to the buyers than a lack of clarity.

However, the model suggested for GST Law restricts the availability of credit on goods and services to be acquired for the construction of immovable property other than plant and machinery. This clause in particular may lead to litigation, resulting in denial of availability of credits in certain situations.

The approval of GST Bill is the biggest indirect taxation reform being introduced in the country. It could be a turning point in the real estate sector which is currently plagued and loaded with a myriad of indirect tax issues.


We would like to believe that the bill brings a more comprehensive & uniformed tax structure to ensure greater transparency in the real estate sector.

Thursday, 28 July 2016

8 Things You Must Do Once A Week For Your Home!

Weekend is the time to enjoy and complete the unfinished tasks that bothered you for the whole week. So gear up, hold your duster and keep ticking off these 8 things you must do once every week to ensure you home stays clean and beautiful :


1) Wipe the Appliances:
Take off covers from your ACs and Refrigerators and remove the dust. We assume that we have covered all appliances but usually, little dust particles are always there beneath the covers. Never Ignore!!




2)Scrub the toilets, tubs, showers & sinks
Hygiene is where cleanliness is. Scrub the toilets, bath tubs, showers and sinks by using phenyl & anti germ liquids like Dettol, Lizol etc. Rise and Shine!!

3)Clean the Mirrors
Give crystal clear shine to your bathroom, washbasin & dressing table mirrors. Clean mirrors reflect a healthy & happy home. Why not take some selfies, eh?

4)Dust furniture & shelving
Your furniture defines you. Keeping your furniture clean and dust free must be your primary work. Along with that, ensure you clean your book racks & clothing shelves to give an organised look to your home.

5)Change the bed liners
At the end of the day, it’s your bed that dons the role of your best friend. Replace your bed sheet every week and ensure the lower half of the bed remains clean of dust.

6)Do the laundry
You can ignore everything but not your laundry. Neat & Clean clothes represent your personality. Never let it down. We understand that it is a tedious task, so switch on your music system and get, set, laundry!!

7)Vacuum carpets & rugs
Beautifully laid & well maintained carpets and rugs create an ambience of luxury around your living room. To ensure things stay as they are, vacuum your home carpets and rugs properly.


PRO TIP : Give special attention to the stink of sauces & ugly shoe patches. 

Saturday, 23 July 2016

Arihant Buildcon wins the prestigious Assocham Excellence Award 2016


 On 20, July, 2016  Arihant Group received the award in “Emerging Quality Construction in Affordable Housing” Category from Shri M Venkaiah Naidu, Union Minister for Urban Development, Housing & Urban Poverty Alleviation, I&B and Shri Arjun Ram Meghwal, Union Minister of State for Finance and Corporate Affairs at the ‘National Summit Finance for Housing for All’ event hosted by Assocham India at the Le Meridien New Delhi. The esteemed award was received by none other than Mr Nitish Jain, Director, Arihant Buildcon Pvt Ltd. Here are the few glimpses of the event wherein Mr Jain put forth his views on various points discussed during the course of the event.

1.  Mr. Nitish sharing his views on "Aluminium Form of Construction" and new technologies that will benefit the builder as well as the users in terms of delivery.





2. Mr. Nitish Jain discusses the role of Housing Finance Corporations in Housing for All




3. Mr. Nitish Jain shares his views on future of real estate in 2022 




 The prestigious award being received by Mr Jain from Mr Venkaiah Naidu and Mr Arjun Ram Meghwal at the event.






 We will continue to complete our promised commitments towards our partners and customers, we will strive to implement the best of modern day technology combined with quality to achieve our vision.