Monthly Archives: July 2016

Why prefer 2BHK flats in Thane over 1BHK flats in Mumbai

Prescon Realtors & Infrastructures Private Limited

If you think that the budget plan is not going to affect you too much and looking up for investment in real estate market, then buying 2BHK flats in Thane is just the right choice. With high rises in property price in Thane, you can make a beneficial investment and make good profits. Mumbai’s real estate market has seen a respite, but at the same time you can consider buying property in Thane.

Thane, a destination for home buyers

Couple of years back, Thane was not in any case considered as a spot for living space, now that the city has been witnessing growth and development it is turning out to be one of the prime locations to invest in property. The city of Thane has witnessed great change in terms of infrastructure, lifestyle and society. It is the new suburb really taking shape. Individuals who look forward to make a fortune buy investing in properties in Thane as their base, since it is rapidly developing.

Thane has both, affordable and luxury housing units to offer, thus diversifying the options for buyers. Due to the infra-structure development, the area boasts of the best residential townships, hospitals, schools and social infrastructure, thus making it one of the fastest developing districts for affordable, premium and luxury housing.

Property experts are also of the view that 2 BHK FLATS IN THANE are being preferred, especially if they are priced below Rs 50 lakh. There are over 19,000 properties available for sale in Thane. More than 400 new projects are under-construction. The most available property types in the locality are 1, 2 and 3 BHK UNITS.

Here’s why prefer 2BHK flats in Thane over 1BHK flats in Mumbai

Mumbai has turned being unreasonably expensive at this moment. It is and will dependably be a hot property, but for a middle class income person buying a house in Mumbai is incomprehensible. However, Thane gives you a reasonable and moderate choice. The 2 bhk flats rates in Thane when compared to 1 bhk flat rates in Mumbai. Mumbaikars now looking forward to buy flats in Thane for reasonable pricing.

property in Thane

Buy Spacious 2BHK and 3 BHK Flat in Thane, Contact Prestige Residency sales office to Know More @ 022 25985951 – 55

201, Prestige Precinct, Near Nitin Casting,
Almeida Road, Panchpakhadi
Thane West – 400604

Phone: 91-22-25985951-55

Email: prescon@prescon.in

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Thane: Hot Investment Destination

Prescon Realtors & Infrastructures Private Limited

With a slew of new projects, robust connectivity and social infrastructure, Thane has emerged as a hot investment destination among home-buyers.

Consistent buyer demand for properties in Thane has been well-received by the developer community, who have launched a number of new projects in the region. In the last two decades, this suburban region has transformed very rapidly and is now dominated by high-rise buildings.

MAKING A PROPERTY INVESTMENT:

Shirin Sudhakar acquired a ready-to-move-in 2-BHK house for an all-inclusive cost of around Rs 22 lakh last year. Having paid back the bank loan taken to fund this acquisition in 2010, Shirin decided to invest around Rs 80 lakh in another 2.5 BHK apartment in Thane near the Eastern Express Highway.

Thane has both, affordable and luxury housing units to offer, thus diversifying the options for buyers. Due to the infra-structure development, the area boasts of the best residential townships, hospitals, schools and social infrastructure, thus making it one of the fastest developing districts for affordable, premium and luxury housing.

Moreover, the increasing cost of construction and continuous demand for properties has outstripped the supply in the area. Being the only affordable haven around Mumbai with a developed infra-structure, housing demand tends to in-crease for properties priced below Rs 70 lakh.

Property experts are also of the view that 2-BHK flats in Thane are being preferred, especially if they are priced below Rs 50 lakh. According to Magicbricks data, there are over 19,000 properties available for sale in Thane. More than 400 new projects are under-construction. The most available property types in the locality are 1, 2 and 3 BHK units. There are modem amenities available in these residential complexes such as club house, coffee lounge and restaurants, private terrace gardens, barbecue pits, a dance studio, including others.

Mumbai will always remain a preferred destination for property buyers. In fact, due to the robust connectivity, the Thane-Kalyan belt has immense market opportunity. The area is accessible to the island city and offers properties that fit a buyer’s pocket too.

GOOD CONNECTIVITY TO THE SUBURBS:

Moreover, the suburbs beyond Thane are growing gradually as they have infrastructure as well as the connectivity edge. Till a few years ago, the place used to be an industrial belt. Today, one can easily reach Navi Mumbai via Dombivali through the pipeline road. The area is directly linked to Chhatrapati Shivaji Terminus (CST) and is well connected to Thane, Kalyan, Dombivali, Panvel and Navi Mumbai via the state transport and local bus network.

The government has also proposed a monorail on the Thane-Kalyan-Badlapur corridor, which will further help to improve the connectivity in the city.

DO HIGH-STOREY BUILDINGS:

Most recently, the area has received the clearance from the municipal corporation for residential towers that will have more than 27 storeys. Presently, the height of several projects in Majiwada, Manpada and even Kolshet, has reached 92m and developers say there is a huge market for projects that can go higher. Structures in Thane can go much higher since there is no restriction on the maximum number of storeys in the Development Control Regu-lations (DCR).

“The approval will help increase the number of residential units in Thane. Projects in areas like Pokhran Road, Manpada and Majiwada, are likely to benefit from this move as per our initial feasibility esti-mates,” mentions Jitendra Mehta, secre-tary of MCHI-CREDAI Thane unit.

Besides these, government policy re-forms have also boosted consumer senti-ments towards first-home and end-user purchases. It is further expected that there will be a further acceleration in Thane’s real estate market in the coming times. Therefore, home-buyers can consider Thane as the next investment destination!

Buy Spacious 2BHK and 3 BHK Flat in Thane, Contact Prestige Residency sales office to Know More @ 022 25985951 – 55

201, Prestige Precinct, Near Nitin Casting,
Almeida Road, Panchpakhadi
Thane West – 400604

Phone: 91-22-25985951-55

Email: prescon@prescon.in

Six Home Loan tax sops you didn’t know

Prescon Realtors & Infrastructures Private Limited

2016 is looking to be one of the best years for home buyers. More tax benefits, rate cuts on loans, stagnant property prices, and new launches in the ‘affordable’ segment with freebies and attractive payment schemes. Many of you will be looking to take advantage of these benefits and buy a house. While hunting for a house at the right price, you’ll be haggling with the bank to cut a loan deal too. Even if you get a discount on both, your tax bill can burn a hole unless you know the rules well. Here goes a list of six lesser known and often-missed tax benefits on home loans:

You can claim tax benefit on interest paid even if you missed an EMI

Unlike the deduction on property taxes or principal repayment of home loan, which are available on ‘paid’ basis, the deduction on interest is available on accrual basis. Meaning, even if you have missed a few EMIs during a financial year, you would still be eligible to claim deduction on the interest part of the EMI for the entire year. Section 24 clearly mentions the words “paid or payable” in respect of interest payment on housing loan. Hence, it can be claimed as a deduction so long as the interest liability is there. However, retain the documents showing the deduction so that you can substantiate if questioned by tax authorities. The principal repayment deduction under Section 80C, however, is available only on actual repayments.

Processing fee is tax deductible

Most taxpayers are unaware that charges related to their loan qualify for tax deduction. As per law, these charges are considered as interest and therefore deduction on the same can be claimed. Under the Income Tax Act, Section 2(28a) defines the term interest as ‘interest payable in any manner in respect of any money borrowed or debt incurred (including a deposit, claim or other similar right or obligation). This includes any service fee or other charge in respect of the loan amount. Moreover, there is a tribunal judgement which held that processing fee is linked to services rendered by the bank in relation to loan granted and is thus covered under service fee. Therefore, it is eligible for deduction under Section 24 against income from house property. Other charges also come under this category but penal charges do not.

Principal repayment tax benefit is reversed if you sell before 5 years

You score negative tax points if you sell a house within five years from the date of purchase, or, five years from the date of taking the home loan. As per rules, any deduction claimed under Section 80C in respect to principal repayment of housing loan, would get reversed and added to your annual taxable income in the year in which the property is sold and you will be taxed at current rates. Thankfully, the loan amortisation tables are such that the repayment schedule is interest heavy and the tax-reversal rule only apply to Section 80C.

Loans from relatives and friends is eligible for tax deduction

You can claim a deduction under Section 24 for interest repayment on loans taken from anyone provided the purpose of the loan is purchase or construction of a property. You can also claim deduction for money borrowed from individuals for reconstruction and repairs of property. It does not have to be from a bank. For tax purposes, the loan is not relevant, the usage is. The taxpayer should be able to satisfy the assessing officer how the loan has been utilised for constructing or purchasing a house property and completion of construction was within five years and other conditions are met.

Remember, the lender must also file an income-tax return reporting the interest income and paying tax on it. “The interest charged should be reasonable and a legal certificate of interest should be provided by the lender along with name, address and PAN,” says Gupta. This rule, however, is only applicable for interest repayment. You will lose all tax benefits for principal repayment if you do not borrow from a scheduled bank or employer. The additional benefit of Rs 50,000 under Section 80EE is also not available.

You may not be eligible for tax break even if you are just a co-borrower

You cannot claim a tax break on a home loan even if you may be the one who is paying the EMI. For one, if your parents own a property for which you are paying the EMIs, you can’t claim breaks unless you co-own the property. You have to be both an owner and a borrower to claim benefits. If either of the titles are missing you are not eligible. Even if you own a property with your spouse, you can’t claim deductions if your name’s not on the loan book as a co-borrower.

You can claim pre-construction period interest for up to 5 years

You know you can start claiming your know you can start claiming your home loan benefits once the construction is complete and you receive possession. So, what happens to the instalments you made during the construction or before you got the keys to the house? As per rules, you cannot claim principal repayment but interest paid during the period can be accrued and claimed post- possession. The law provides a deferred deduction on the interest payable during pre-construction period. The deduction on such interest is available equally over a period of 5 years starting from the year of possession.

Buy Spacious 2BHK and 3 BHK Flat in Thane, Contact Prestige Residency sales office to Know More @ 022 25985951 – 55

201, Prestige Precinct, Near Nitin Casting,
Almeida Road, Panchpakhadi
Thane West – 400604

Phone: 91-22-25985951-55

Email: prescon@prescon.in

Taxable Income from Property

Prescon Realtors & Infrastructures Private Limited

Income from a property is taxable only when the property is either used or capable of being used for renting out in case an individual or Hindu Undivided Family.

If the family has only one residential property that property is treated as a self-occupied property. There will be no taxable income in respect of such property. The condition is that the owner should not have let out the property for any time during the year. Fair value of the property between the municipal value of the property and the rental value of a similar property in a similar locality, the higher figure is treated as fair value of the property. In case of left out properties, the annual income is the highest. However, if the Rent Control Act is applicable in the locality where the property is situated, the taxable value cannot exceed the standard rent fixed in accordance with the Rent Control Act except where the rent actually received exceeds the standard rent.

Fair value of the property

Between the municipal value of the property and the rental value of a similar property in a similar locality, the higher figure is treated as fair value of the property. If the Rent Control Act is applicable in the locality where the property is situated, the taxable value cannot exceed the standard rent fixed in accordance with the Rent Control Act except where the rent actually received exceeds the standard rent.

More than one property

In case one owns more than one home or property, the exemption applies only to the self-occupied house. The owner has the discretion to choose any one of the properties as self-occupied. The deemed income from all other properties are taxable. The remaining property will be deemed to be let out. In the case of the house, it is the annual value of the property and not the actual rent which is taxable. There is a specified procedure to determine the actual value of the property.

Deduction of the income

From the gross annual value, certain deductions are available to access to arrive at the net annual value. Under Section 24, some expenses will be allowed as deduction from the amount arrived at after deducting municipal taxes from the annual rental value. Where the house has been acquired, the interest on the borrowed money for the period prior to the previous year is deductible in five equal annual installments.

Buy Spacious 2BHK and 3 BHK Flat in Thane, Contact Prestige Residency sales office to Know More @ 022 25985951 – 55

201, Prestige Precinct, Near Nitin Casting,
Almeida Road, Panchpakhadi
Thane West – 400604

Phone: 91-22-25985951-55

Email: prescon@prescon.in

Fax: –

The importance of opting for 2 bhk flats in Thane

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Thane is a home to thousands of citizens who travel to Mumbai for their bread and butter. It exemplifies a paradise, as it is nestled in the countryside….

Thane has developed to become the perfect place to settle down and raise a family. Rising children in the city is taxing, especially with inflation looming on the head of every individual. It is a situation wherein you lose some to win some. You either pay tax and cut down on your lifestyle, or live in a shanty and spend each day as it comes.

India has a country is divided into two parts because of property in thane he economic outstretch, however every state is too. It is better to have something instead of saving for could-haves. Thane is not under development but is a well established and burgeoned hot property. Property in thane is more than gold to all those who always dreamt of having a house in Mumbai. Thane is not Mumbai but within no time will replace Mumbai from its throne. The reigning business hub of India has fallen short of residential places. People hunt and scout for a residential place, but choose being reinstated as a tenant with disappointment.

Homely Thane:

Builders in Thane have started constructing a legion of residential buildings in full swing because of an upsurge. Thane provides a Mumbai-like atmosphere to residents, only less polluted. The hustles and bustles of the city are never ending, the only difference is the welcoming attitude of the people in Thane.

You can ponder over investing in 2 bhk flats in Thane if you have a family. Thane has some well known and established educational institutions and schools. Hospitals and medical institutions are close by. Medical help will not get stuck in traffic if misery befalls, as it does in Mumbai. As you save umpteen amount of money by residing in Thane, your standard of living automatically rises. There is a vast difference in prices between Mumbai and Thane. Thane is just half an hour away from Mumbai. It is a second home to Mumbaikars who cannot afford to live the dream.

From an investment prospective, Thane is a promising place. With real estate in Mumbai soaring high and with no indication of a downturn, people feel blessed to find a house in Thane. The rent is comparatively less, railway station is near, and other modes of public transport are economical with great frequency.

Moreover you might not find the place of your dreams in Mumbai. There are several factors at play when you go house hunting in the city. However, in Thane there is a great possibility of owning your dream house. Research indicates that major property owners in Thane are in their mid 30’s. There was a time when travelling from Thane seemed to be a tedious task. Today, Thane has evolved as a place of choice for working professionals. Buying a Property in thane is what the young opt for, because Mumbai is not within their reach for the next several years.

2BHK Flats in Thane

Buy Spacious 2BHK and 3 BHK Flat in Thane, Contact Prestige Residency sales office to Know More @ 022 25985951 – 55