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....