MJK Real Estates

Planning to Buy a House? Read This! If you are currently thinking about buying a house, buy it only for your own use. This is not the right market for investment, as there is no prospect for property value appreciation in the next two years. If you are planning to buy a house, now is the right time. Interest rates are very low, and many builders who have completed a large number of homes are ready to sell at discounted prices. The Right Opportunity Due to regulatory measures like the Real Estate Regulatory Authority (RERA), many builders are focusing on completing unfinished projects rather than starting new ones. Golden Era Thus, those looking to buy a house can look for projects that will be completed within the next three to six months. Therefore, this can be considered a golden era for homebuyers. Here is a checklist of what to consider before investing in a property: RERA Website Firstly, log in to the RERA website of the state where you want to invest. For a project that is about...

A Luxury Home Must Have These Features or It's Useless! Despite its gradual growth, there is no lag in luxury in India. According to Forbes, in 2017, India boasted 101 billionaires, standing tall in the global market. Additionally, with nearly 2.36 lakh millionaires, India ranks fourth globally in terms of wealth attraction. In such a prosperous country, the real estate sector is witnessing various levels of growth, with no shortage of luxury homes. What features do billionaires and millionaires expect in a luxury home? Beyond everything, the features listed below are what truly define a luxury home. Technological Prowess Every real estate developer and homebuyer wants to be a pioneer in the technology used in a luxury home. Hence, automation is a key word. Depending on the property price index, the level of technological advancement varies. Energy-efficient homes, smart lighting and audio systems, climate-controlled homes, and smart bathrooms are all crucial features in modern lux...

A Detailed Analysis of GST in the Real Estate Sector Introduction of GST in India The Goods and Services Tax (GST) was introduced in India to replace the multiple layers of taxes previously imposed. Understanding the GST rates when purchasing properties in India has become crucial to accurately assess the impact of these taxes on your financial situation. The Importance of GST in Property Purchase Buying a home is a lifetime investment and a significant milestone. However, apart from the property value, numerous expenses come with it, which are often overlooked during the planning phase. One of the most critical expenses is the GST. Here’s how GST affects real estate and how to navigate it. Categories of Properties To understand the impact of GST on real estate, we can categorize properties into three types: 1. Properties under construction 2. Ready-to-move-in properties 3. Properties for rent GST on Properties Under Construction Properties that are under construction and do not yet ha...

What is the Difference Between a Home Loan and a Mortgage Loan? Understanding the Difference We often use the terms "home loan" and "mortgage loan" interchangeably without realizing they are entirely different concepts. Here are some key facts about these two banking concepts: Collateral To obtain funds from the market, one is generally required to provide collateral. This is true for all types of mortgage loans. Therefore, a home loan is essentially a type of mortgage loan where the house is provided as collateral. Simultaneously, you can use your other assets as collateral to secure a loan. Mortgage Loan In a mortgage loan, your property acts as security. Simply put, in mortgage loans, your property is used as collateral for the loan. Most home loans in India are essentially mortgage loans, meaning if you fail to repay the loan, the bank has the right to sell your property to recover the loss. Home Loan Home loans have a predefined purpose and are given only for t...

How is Property Tax Calculated? Registration and Stamp Duty When purchasing a property, registration fees and stamp duties must be paid. Following this, property tax must be paid annually without fail. Purpose of Property Tax Primarily,  property tax provides revenue to the government for various services such as cleanliness, health, and pest control in the community. Legal Action for Non-payment If a person  refuses to pay the required amount, a legal notice will be sent. Additionally, the administration may deny services such as water supply. Factors Determining Property Tax Calculation The property  tax amount payable by the property owner is determined based on the municipality's administrative guidelines. Along with this, other factors are considered. Other Factors 1. Location and Size of the Property: The location and size of the property significantly influence the tax calculation. 2. Nature of the Property: Depending on whether the property is ready for occupanc...

Planning to Buy an Apartment? Don’t Believe These 10 Myths! RERA's Impact on the Real Estate Market The new Real Estate Regulation and Development Act (RERA) has revived the dormant property sales market. Some of you might be considering buying a home now. Beware of Aggressive Marketing This is a time when sellers and agents are aggressively promoting with free schemes and discounts. Analyze their sales peaks and make decisions based on facts. Property Prices Never Fall - Myth The  first thing a builder or property seller might tell you is that property prices never fall. In other words, they will urge you to not worry about the price and just go ahead and buy. Get real insights from friends, relatives, or parents who have purchased property before. What was true in the past may not be the case now. Real Estate is Like the Stock Market Real estate,  like other asset classes, goes through ups and downs. Unlike the stock market or gold, real estate investments don’t evaporate qu...

What You Must Know About Home Insurance! Importance of Home Insurance Building  a house is often seen as a major life achievement, but many people do not insure their homes. Those who take bank or government loans for building a house are required to take home insurance, but this usually lasts only until the loan is repaid. Lack of Awareness Even those  who have taken home insurance policies are often unaware of the terms and conditions. Here’s what you need to know and do to ensure you are adequately protected. Dream Home Prakash, a  school teacher, bought a house and took out a home insurance policy for it. However, when a geyser in his bathroom overheated, causing a fire that destroyed half of his belongings, he discovered that his policy did not cover this accident. Insurance Policy Prakash  was shocked to learn that his policy did not include benefits for such incidents, despite his agent having assured him that it covered natural disasters, fire, and theft....

Why Invest in Real Estate? 10 Facts You Need to Know! Evolution of Real Estate Investment Thirty years ago, investing in real estate was considered  a luxury. Today, with real estate becoming a leading profitable industry, middle-class individuals to wealthy investors are fearlessly investing in this sector. Safe and Profitable Choice Unlike stock markets and mutual funds, real estate offers guaranteed high returns without the risk of loss. Here are some facts that prove this reality. Safe Investment A house is the safest place for a person, and so is the investment in it. Unlike stock markets and commodities, where investments can rapidly grow or vanish, real estate investments have historically only appreciated over time. Ample Financing Options It’s easier to get financing for buying property than for purchasing other goods or starting a business. Banks and financial institutions compete to offer loans for real estate because these loans are often repaid successfully. Low Intere...

Investing in Real Estate for the First Time? Read This Before You Do... Increasing Popularity of Real Estate Investment Nowadays, people often invest their savings in buying a house or plot of land. Unlike other markets, the real estate market continues to grow and evolve consistently. Aggressive Marketing by Real Estate Companies Real estate  companies are aggressively marketing their properties, urging people to "buy a house or plot." The increasing advertisements on TV are evidence of this trend. Understanding Risks and Issues When investing  millions or billions in real estate, it is crucial to understand the risks and issues involved. Before making an investment in the real estate sector, there are important factors to consider. Be Cautious When buying a  property, it is essential to be extremely cautious. Even a small mistake can result in the property you purchased with your hard-earned money being transferred to someone else’s name. There are many such risks invol...

Banks Offering Low-Interest Home Loans from SBI to HDFC Following  the central government's encouragement to obtain home loans at low rates under schemes like Pradhan Mantri Awas Yojana, India's largest public sector bank and other private banks have reduced interest rates on home loans. Reduction in Interest Rates Major  banks from State Bank of India (SBI) to ICICI Bank have reduced the interest rates on home loans by 15 to 30 basis points, i.e., 0.15% to 0.30%. As a result, home loans can now be availed at an interest rate as low as 8.35%. Here, we list the banks suitable for obtaining home loans at low-interest rates. SBI Home Loan India's  largest bank, State Bank of India (SBI), has reduced the interest rate on home loans up to 30 lakhs by 25 basis points, i.e., 0.25%, bringing it down to 8.35%. SBI announced that 8.35% is the lowest home loan interest rate in the market. Additionally, home loan borrowers can avail of a subsidy of up to 2.67 lakhs under the Pradhan ...