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Tips For Buying Flat In Pune
  • Budgeting: First time home investment in Pune is always multi dimensional. Your home provides you the much needed shelter, security, satisfaction of having achieved a major milestone in life, an elevated social status, a sense of responsibility, financial commitment, and better returns on your investment. A well thought out budget is therefore the stepping stone for first time home buyers in India. Fewer people have the ability to fork out the large investment needed for a home from their owned funds. Housing loans thus form an integral part of the home buying exercise. A typical home loan stretches over 15 to 20 years and even a 0.25% savings in interest can translate to a neat pile of money over the tenure of the loan. The equated monthly instalment or the EMI should be extremely comfortable for you. Remember that the repayment obligation will keep visiting you month after month for several years. Setting aside 4 to 5 EMIs as reserve funds will work wonders with your personal finances, particularly when unforeseen demands exert pressure on resources available at your disposal.
  • Affordability: Many first time home buyers in Pune, India fail to factor in a long list of expenses after they have moved into their new home. Furnishing, interiors, painting, and other miscellany can potentially gobble up several lakhs of rupees. When these expenses are not factored into your acquisition price, you can potentially face grave financial instability for long years. Finding an affordable home in Bavdhan, Pune and making the space comfortable for you and your family should gain priority over your passions and other influences.
  • Location: Choosing the right location in Pune is another important step for the first time home buyers. Your job and other personal circumstances can take you places. Are you better for buying home in a town/village where you expect to spend the evening of your life or would you rather buy a home in a metropolitan city? You may also want to conduct a detailed analysis of the costs involved in city dwelling vs. village dwelling, rate of appreciation in values, and your sentimental pulls.
  • Tuning into your needs: For first time home buyers in Pune considering city dwelling units in particular, the wide array of options can present signicant confusions. What door should you choose in high rise structures and why, what is the quality of material used in the construction, is there a recurring monthly cost of maintenance, is the water supply arrangement adequate and hygienic, what deviations from standard specifications are possible and at what cost are among the major questions that should be answered to tune into the needs of your family.
  • Scalability: The acquisition of a home for most first time home buyers is among the earliest investments in life. The number of occupants in most families will steadily go up over a period of time. Is the space you plan to acquire adequate for an enlarged family. What scalability options are available to you? A mezzanine floor is an option which some people consider. However, the floor to ceiling height should be suitable for such an expansion when needed.
  • Know-how to deal with builders: Dealing with builders offering high rise structures and/or group housing is no mean task for the first time home buyers. Use a magnifier to understand every bit of print in your agreement with the builder. Interpretation of various clauses and ambiguous specifications can potentially cause serious difficulties for you during the progress of construction. Many builders are known to create artificial demand for the space they and pressurize you into signing on the dotted. It is your money and the principle of ‘caveat emptor’ applies in a large measure in your home building exercise.
  • Leave nothing to chance: First time home buyers in Pune are investing a major part of their life’s savings into the home they are about to buy. As a buyer you have every right to ask for elaborate specifications including brands, free modications, and modifications at extra cost, marginal changes to specifications and more. What is important however is to document all these discussions and insisting on the builder signing every minutes of meetings.
  • Documentation: Documenting the acquisition for first time home buyers is best done in consultation with a competent legal professional. In practice however, home buyers are provided with stereotype agreement. Do know that these agreements can be modied to reect your specic needs and concerns. A carefully worded document can save you plenty of bothers and even some money in some circumstances.
  • Financing options: Most first time home buyers in India opt for a home loan to finance their acquisition. There is no dearth of home nance companies and banks with specialized subsidiaries for home finance. A housing loan also entitles you to multiple benefits with major gains coming from your income-tax liability. Though most financing options may portray an identical picture, you should know that each financier has a profit maximization objective. Understanding the fine print is therefore critical to peg your cost of nance at affordable levels. Purvey every single option that is available to you and seek help of professionals if you have diffculties in understanding the numbers.
  • Understanding common area in high rise structures: First time home buyers looking for a flat in and around pune should educate themselves on the concept of ‘common area’. Some builders do over a differential pricing for ‘common area’ since much of the amenities provided in the carpet area offered to you do not apply to the common area. This subject by itself is pretty exhaustive and merits in-depth learning.
  • Payment modalities: The cash component in home buying is an accepted reality in Pune India, though the legal sanctity is absent with such transactions. Most builders sign an agreement of sale upon payment of the cash component. Your home loan provider approves the loan on the strength of the agreement and releases payment directly to the builder either as a lump sum payment or in progressive instalments. Once the loan is approved and accepted by you, there can be instances when you are not in absolute control of the disbursement. This can lead to tricky situations when your builder colludes with the home loan provider. Document your loan appropriately to save yourself of such embarrassments.
  • Shopping for home loans: Let us now take a breather from the builders and turn our attention to home loans. Shopping for competitive home loans is another major component of in-depth work for first time home buyers in pune. At first sight, most loans may look alike. Marginal dierence in interest rates, the amount of margin money offered by you, the loan amortization table, prepayment options, penal interest for belated payments, processing fee, and documentation charges are among the major components you should understand in great detail to understand the net cost of funds that you borrow. Do expect some ne print and clauses that can be interpreted to suit the lender.
  • Furnishing needs: A new home must be appropriately furnished to make it comfortable for the occupants as well as the visitors. Some home owners end up spending nearly the cost of the home itself in furnishing. The scope is unlimited and your access to nancial resources is the only limiting factor. In practice however, many first time home buyers tend to conveniently forget this all important part of the acquisition and end up with empty wallets when they move into their new home.
  • Up-keep and maintenance: Your home will also need regular up keep and maintenance. Depending on your life style and the size of the home itself, you must set aside a decent sum of money month after month to meet these expenses.
  • Add-ons: First time home buyers should also consider possible expenses on account of add-ons after they have moved into their new homes. This is particularly true in the case of high rise structures. Enclosing the balconies is among the most popular additional spend that you incur upon moving into a new apartment.
  • Tax benefits: The major motivation for first time home buyers in Bavdhan, Pune comes from the income-tax deductions that are available against home loan repayments. Without a home loan your contribution to income-tax would be greater and the money accrues to the exchequer. But, when you avail the tax concession, it promotes indirect savings for you, and the benefit accrues to your personal account. The exact scheme of deductions and percentages are announced in the annual scale budget released by the Government of India.
  • Consider co-ownership: First time home buyers in Pune who have the ability to make large investments into their home in the urban agglomerates across the nation can also benet from co-ownership of the acquisition. A co-ownership between husband and wife where both the individuals have independent income streams, between father and son or daughter and father can be considered subject to legal limitations in force from time to time. As the law exists today, this is one way you can increase the loan component and enjoy better tax advantages for the family as a unit.

 

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NRI Property Investment in Pune

FEMA- Permissible investments for NRIs As per the provisions of Foreign exchange Management Act (FEMA), NRIs can freely invest in real estate as follows:

  • Up to 100% in an Indian company in the business of real estate development with full repatriation benefits i.e. both the business profits and sale proceeds of original investment can be repatriated. Real estate development means construction of residential and/or commercial properties, office complexes, etc. Mere trading in properties is not permitted. Further construction of farmhouses is not permitted.
  • Acquire residential / commercial properties in India by way of purchase/gift/inheritance from a resident Indian or a NRI. Agricultural land, plantation and farmhouse cannot be acquired by a NRI except by way of inheritance. There are no restrictions on letting out of properties and repatriation of income thereon after payment of taxes. The provisions relating to repatriation of sale proceeds are as follows:
  1. Sale proceeds of property acquired by way of inheritance can be repatriated without any lock in period up to USD 1 million per calendar year.
  2. Sale proceeds of property acquired out of Rupee resources is permitted to the extent of USD 1 million per calendar year subject to the condition that the property/sale proceeds of property should have been held in India cumulatively for a period of 10 years.
  3. Sale proceeds of immoveable property acquired out of Forex resources can be repatriated without any lock in period to the extent of equivalent oreign exchange originally invested. The profits can be repatriated to the extent of USD 1 million per calendar year. In case of residential properties, repatriation is restricted to two such properties.

 

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Real Estate as an Investment in Pune

Analysis of real estate as an investment opportunity. The key evaluation criteria for investment in residential/commercial property in India are analyzed as below:

  • Typically, leasing residential and commercial property in Pune could fetch a pre-tax return of 6-9% and 8-11% respectively. Capital appreciation, if any, would provide additional return on investment.
  • Investment in real estate in India typically carries an entry load of 10-15% towards stamp duty, registration, brokerage etc.
  • Real estate as an asset is not as liquid as investment in stock market, bank deposits etc.
  • A power of attorney to a trusted friend/ relative/ professional would obviate the need of physical presence for legal formalities.
  • Loans can be raised conveniently in India and abroad for investment in property.
  • Loans can be raised in India by the owner and third parties against the security of the property for any bonafide purpose.
  • Tax benefit is available on interest on housing loan raised in India.
  • Tax exemption is available on re-investment of sale proceeds of property in eligible avenues.

The key considerations (from the perspective of real estate as an investment) to be borne in mind while selecting a specific property are:

  • The prevailing lease rentals and scope for capital appreciation in the area where the property is located.
  • Scope for infrastructure development around the property under consideration.
  • Location and proximity to schools, hospitals, markets, public transportation etc.
  • Actual property taxes to be paid.

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NRI Loan Tips To Buy Home In Pune

Who are the Non - Resident Indians who can qualify for NRI housing loans?

  • Indian citizens who live abroad for educational or business  purpose  or  pursuing  an  employment that involves staying abroad for an indefinite period of time.
  • Government officials who are associated with Indian missions abroad and are posted there on duty. They can also be working for similar agencies set up abroad by the Government of India where officials draw their salaries  out of Government resources;
  • Government servants who are deployed abroad on assignments with foreign Governments or regional/international agencies like the World Health Organization (WHO), World Bank, Economic and Social Commission for Asia and the Pacific (ESCAP); International Monetary Fund (IMF) and more.
  • State Government Officials and those from Public Sector Undertakings who are deputed abroad on temporary assignments or posted to their respective offices or branches abroad.
  • Home loans for NRIs can be availed for construction of new houses or flats; for purchase of old houses, properties and flats or their alterations to existing houses. Besides loan can also be available for repairs and renovation. The NRIs can avail of loans by mortgaging an existing a residential  property.
  • However, there are certain conditions that the NRIs need to fulfill in order to avail the home loans especially those pertaining to the provisions of the Income Tax Act. The NRIs should have stayed in India for a period of 182 days or more within the assessment year. If not, then they should have stayed in India for atleast a total of one year or more.

The Foreign Direct Investment Policy permits FDI up to 100% from foreign/NRI investor. Under such circumstances this automatic route encourages the NRI confidence. Banks offer attractive NRI housing schemes to accommodate the housing needs of NRIs. From the stables of HFCs, NRI housing finance plans with suitable repayment options.

What are the eligibility criteria for NRI?

The eligibility criteria for Home Loans are different for NRIs as compared to those of Resident Indians. The requirements for procuring home loan for NRI is illustrated in the table below:

Age: The minimum age for a loan applicant is 21 years age.

Qualification: The minimum qualification of the loan seeker has to be that of a graduate.

Income: The loan applicant has to have a minimum monthly income of $2,000 (This criterion may differ across HFCs). Moreover, the eligibility is also determined by the stability and continuity of your business or employment.

Payment options: There are the Equated Monthly Installments which the NRI needs to route through cheques or his NRE/NRO account. Making payments from another source say, his savings account in India is not allowed.

Number of dependents: Another aspect for NRI Home Loans is that the eligibility of the applicant is also determined by the number of dependents, assets and liabilities.

Based on the repayment capacity and the cost of the property, an NRI applicant is eligible to receive a home loan that ranges from a minimum of Rs 5 lakhs to a maximum of Rs 1core, This again is subject to variables depending on the priorities of the home loan. A loan applicant can be eligible for a maximum of 85% of the cost of the property or the cost of construction as applicable and 75% of the cost of land in case of purchase of land, based on the repayment capacity of the borrower. Besides, the Home Loan Tenure for NRIs is different from Resident Indians.

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Pune Economic Performance

The Pune real estate sector has been a major beneficiary of the strong economic growth witnessed in pune since the year 2000.

The growth in the sector, supported by series of reforms, has not only resulted in significant residential and commercial real estate in pune, but also complemented the development of physical and social infrastructure.

Pune’s strong economic performance behind the success in real estate sector

The liberal economic policies, aimed at improving private participation, adopted by the Government has helped in capitalising the strong fundamentals of the economy which include young population, rising urbanisation and a growing middle-class population.

The investors are mostly looking out for high quality commercial properties in pune which are either complete or nearing completion as these assets can ensure immediate return.

The real estate sector which is deeply linked to the economic performance is expected to be a major beneficiary in the expected strong Indian economic growth. The major drivers supporting real estate sector include urbanisation, rising income level, young population and growing number of nuclear families, and strong expected growth in the manufacturing and service sector.

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Real Estate in Pune Overivew

The real estate sector in Pune has come a long way by becoming one of the fastest growing markets in the world. It is not only successfully attracting domestic real estate developers, but foreign investors as well.

The growth of the industry is attributed mainly to a large population base, rising income level, and rapid urbanisation.

The sector comprises of four sub-sectors-housing, retail, hospitality, and commercial in bavdhan, pune. While housing contributes to five-six percent of the country’s gross domestic product (GDP), the remaining three sub-sectors are also growing at a rapid pace, meeting the increasing infrastructural needs.

The real estate sector has transformed from being unorganized to a dynamic and organised sector over the past decade. Government policies have been instrumental in providing support after recognizing the need for infrastructure development in order to ensure better standard of living for its citizens. In addition to this, adequate infrastructure forms a prerequisite for sustaining the long-term growth momentum of the economy.

The Pune real estate sector is one of the most globally recognized sectors. In the country, it is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade. It comprises four sub sectors - housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.

It is also expected that this sector will incur more non-resident Indian (NRI) investments in the near future, as a survey by an industry body has revealed a 35 per cent surge in the number of enquiries with property dealers.

Pune is expected to be the most favored property investment destination for NRIs. Private equity (PE) funding has picked up in the last one year due to attractive valuations. Furthermore, with the Government of India introducing newer policies helpful to real estate, this sector has garnered sufficient growth in recent times.

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