Here’s a quick guide to help you get started on your home buying journey.
Determine your budget, number of rooms required (2,3BHK etc.), location, neighbourhood and preferred amenities.
Prepare a list of your own home’s characteristics and features you dream of.
Consider your financing alternatives, like whether you should opt for a home loan depending on your income, credit score and liabilities or is this purchase dependent on an asset sale.
Before settling on the best builder for you requirement, conduct extensive background checks on the track record of the developer.
TDS or tax deduction for the purchase of property excluding agricultural land.
Stamp duty is the tax paid for the legal registration of property. It is borne by the buyer of real estate.
Service Tax is applicable if the property is being purchased from the builder who has acquired and constructed the project before offering possession to the buyer. Service tax is not applicable if a ‘ready to move in’ property is purchased from the seller.
VAT varies in each state. For Mumbai and Pune, VAT is paid at 1% on ‘agreement value,’. The tax is controlled by the VAT law’s definition of a “work contract.” The party responsible for the costs is expressly specified in the selling agreement.
RERA stands for Real Estate Regulatory Authority, a Government of India initiative established in 2016 with the intent to protect home buyers and promote transparency in the real estate sector. The objective of this institution is to eliminate the discrepancies and challenges of the real estate sector with uniform, transparent and accountable procedures that mutually benefit home seekers and property developers.
Under construction properties and RTMI units (Ready-To-Move-In), both solutions serve different needs for each client, thus their evaluation varies from case to case. In general, RTMIs are ready properties that you can move in immediately. However, they are comparatively expensive as well as the payment is upfront, with limited room for customisation. Under construction properties, on the other hand, can be purchased before or during the construction stages, making them a more financially viable option with advantages such as cost-effectiveness, payment flexibility, and better property value appreciation.
If you think you have the qualities of innovation, commitment and efficiency send in your resume to our HR department.
Send your CV: info@jemgroup.co.in
Contact: +91 9503822200
Feel free to call should you have any questions.
