Raj Nagar Extension: A new destination for Affordable housing.

A lot many home buyers are now reflecting towards this location of Raj Nagar Extension in bulk as it has gained wider prominence in recent times. As such, when one considers hot options in case of affordable housing, better facilities, scores of amenities among other things in Delhi NCR region. Currently there are involved 40-50 realty players who are busy erecting supreme residential towers and that would become eventually suitable housing options to the earnest home buyers across the stretch of Raj Nagar. Bricking works by noted builders of North India have been the most prominent one feature about the location of Raj Nagar. There are offered multiple options in regard to housing units and we are offered scores of apartments of various sizes and of varying prices and with attractive payment options. There are however, scores of factors which eventually makes the destination of Raj Nagar a hot cake for the end buyers as well as for investors. Some of the notable features of Raj Nagar Extension and which make the location a hot favourite are as mentioned below:

a) GDA Approved Land:

The most striking factor in case of Raj Nagar extension is that a vast piece of land has been auctioned to acclaimed builders (as mentioned above) who are thus busy in constructing plethora of housing societies across the area and since the sterling residential towers are constructed on a legitimate land which is legally procured from farmers and is thoroughly approved by GDA as well, buyers are at ease in making payments or in arranging funds. Not only this, but the investors’ interest has been at great height since they can easily tap upon the popular choices and preferences which service class Indians largely showcase.

b) Easy Connectivity:

Since it is located just adjacent to NH 58 and arterial roads are considered around it in order to connect the location with NH 24 within 3 years from now. Besides, even the Delhi metro making its swift access in Raj Nagar and the work is in progress upto Hapur now. Moreover, the location is itself within swift access as it lies within the range of 12 KMs from Delhi border and from Vaishali and Dilshad Garden Metro station, not more than 20 minutes are taken in covering the distance.

c) Infrastructural Development At Boom:

In line with the above factor, scores of newer projects pertaining to world class infrastructure is under priority-based consideration. For instance, an expressway will be constructed which would offer 6 lanes and then the dedicated Metro line is also proposed which would connect Dilshad Garden metro station. Realty analysts opine that such factors will give a massive boost to the demands for homes and will also act as a great investment opportunity.

d) Prices Show Upward Trend But Affordable: 

Moreover, Raj Nagar Extension is the sole mega site in delhi NCR which recorded a 115% appreciation in a consistently in the past 3 years. As such, realty prices in the area have gone up consistently especially if one considers the cases of the last few years. For instance, in 2011, while it was Rs 1450 per sq ft, the prices have now soared to around Rs 3100 per sq ft in the first quarter of last financial year. This clearly indicates that a hefty capital appreciation of more than 100% (i.e.115% to be more precise) in the period of just 3 years.

But still securing residences in Raj Nagar Extension is an affordable bargain, as a simple residential 1Bhk can be sought for around 20-25 lakhs, while a 2 bhk flat can be found at the price range of 27 to 35 lakhs and a 3 bhk can be procured for around 35 to 55 lakhs. Finally, with the towering credibility of reputed builders reflects the end users as well as the investors to its site in a large number. The bottomline is every home buyer as well as the investor will always approve of multiplying his initial investment and amid such an impressive appreciation, everyone attracts towards Raj Nagar Extension. On the other side of the story, the prices along the NH 24, Greater Noida, Gurgaon are claimed to be considerably higher than the ones which Raj Nagar offers. Hence, it is an ideal time, when one should go for his dream home in Delhi NCR at reasonable prices but with thrilling price hike expectations.

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What Is Mutation of Property?

Mutation simply refers to the change in ownership title from one person to the other one when the property is sold or is transferred. Hence, through the process of mutation, the new owner gets the concerned property registered in his name with the land revenue department and the government can thus charge the property tax from the legitimate owner then. Such a system is also known as “Dakhil Kharji” and experts argue that mutation of property should be sought from the revenue office in every six months in order to check any unpleasant transaction on the aforesaid property. The length of procedure and the fee payable for such mutation purpose differs from one state to another. In a scenario, where death occurs to the owner and property needs to inherited or re-registered, revenue department asks for the Death certificates and relationship evidences. 

Realty experts believe that the following documents are needed while seeking a mutation of property:
*    Copy of Sale Deed and allied documents,
*    Court application with the court fee stamp duly affixed on it,
*    Stamp paper pertaining to indemnity bond of required value,
*    Affidavit to complement stamp paper of requisite value
*    Up-to-date property tax payment receipts,

However, in case of mutation in regard to inheritance or Will, following documents are sought:
*    Death Certificate
*    Copy of Will Document or Succession evidence or Certificate
*    Stamp Paper bearing Indemnity bond of requisite value
*    Stamp Paper should also have Affidavit of requisite value attested by a Notary
*    In case of Power of Attorney, Property Tax should be fully paid up-to-date and there should be receipts,
*    Copy of Power of Attorney documents,
*    Copy of document of Will,
*    Payment Receipts registered with a sub-registrar
*    Application to court for mutation with court fee stamp affixed on it.

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Are You Ready For GST ?

The Constitution Amendment Bill to implement GST, was passed by 352 votes against 37 and the government rejected the opposition demand of referring it to a standing committee.

A hefty voting session was held whereby scores of amendments were held and the Finance Minister Arun Jaitley assured that the states would secure a compensation for any loss of revenue as a result of levying the GST. Mr Jaitley went on to state that the new version of GST will call for a revised indirect tax rate that would be far lesser than 27% as was advocated by the expert panel earlier.
The following are the noticeable cum fundamental features of the proposed GST (Goods and Services Tax) that was approved by the lower house of Parliament, i.e The Lok Sabha by way of an amendment to the Constitution:

1.    GST, or Goods and Services Tax, will cover central indirect taxes like excise duty, countervailing duty and service tax, as also state levies like value added tax, octroi and entry tax, luxury tax.

2.    The end user will bear only the GST that would be charged by the last dealer in the supply chain, but the benefits will set-off benefits at all the previous stages.

3.    But the petroleum products, alcohol for human consumption and tobacco are not considered for the scope of GST and this is largely considered as an incentive to appease the states,

4.     The present concept of GST will comprise of two main components - Central GST that would be posed by the Central Government and State GST that the states would levy.

5.    Nevertheless, only the Center is empowered to impose and to collect GST on supplies in the context of inter-state trade or commerce. The center and the states would get equal share in the tax that would thus be collected but according to terms that the Parliament would specify after consulting the GST Council.

6.    The GST Council would be chaired by the Union Finance Minister and the members of council shall comprise of minister of state of finance and the finance minister from each state.

7.    The GST bill thus has a scope for an additional tax that would not exceed beyond 1% but on goods that would be traded between states. Such tax would be imposed and collected by the Union government to compensate the states at least for a period of two years or as would be determined by the GST Council, but such a tax would be for states so as to cover the losses that would be suffered as a result of the imposition of GST.

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Home loans

For those who are about to secure a home loan, some precautions should be observed. Sans doubt, home loans are the perfect sources of arranging funds in a legal manner and seeking a property or realty unit can easily become a cakewalk. Albeit, the banks or the NBFCs seem extremely keen on giving away loans but still, getting it eventually sanctioned and reimbursed is a lengthy task. But, like any other financial product, to shun the future shocks, a few significant tips would be useful while exploring for home loans. Some of the important tips to be considered while seeking a home loan are mentioned below:

Type of loan:

Banks have 2 types of home loans, and are differentiated on the rate of interest – fixed and floating.
In case of home loan with a fixed rate of interest, the interest rate does not get affected by the market fluctuations. But on the other hand, the floating rate of interest is largely determined by the market conditions and expert say that the interest rate is around 1 to 2.50 percent higher than the other version. Such rates are also likely to get lower with the market rates and then can also rise with them.

Eligibility and determinants that affect it:

1. Salary:

 It is a vital factor while EMIs are determined and it is estimated that the installant amount are generally calculated which are around 50-80% of the borrower’s salary (base salary and the dearness allowance. However, eligibility is likely to diminish further is there are some additional liabilities.

2. Dependents Per Borrower: 

scores of banks also take into consideration the number of dependents that a borrower has to look after.

3. Your job Profile:

 salaried people are more preferred for a swift home loan while the self-employed are mostly looked down upon as the latter witness fluctuating earnings.

4. Age:

The years aspect too is vital while the tenure of loan is determined, since obviously a person’s  re-payment capacity is directly linked to the number of potential earning years he would have. Generally, tenures of loans are not stretched beyond one’s retirement age, unless there is a younger co-applicant. Besides, if the income of the co-borrower is also affected, the main applicant will have to bear a higher loan amount.

Seek Expert Advice:

It is generally found that a home loan agreement is often beyond comprehension for a common man, but still, since it is a legal document, every point must be made clear while entering in such long term relationship with the banks. It is also worth wondering that a lot of loopholes are often concealed within some details. For instance, the term “default” may be considered as a part of EMI which is exempted, but many banks opine that defaults refer to the scenario when the borrower expires or if a divorce occurs between joint applicants and so forth. Hence, always seek the advice of experts while seeking the home loan.
Finally, in a nutshell, the following are the points which should be considered while considering a home loan:

• Rates of Interests,
• Lenders that offer separate amounts exclusively for home improvement
• An option for refinancing, wherein you can avail a loan up to the registered value of your property
• Part-prepayment facility which allows you to prepay at no extra charge
• Foreclose option, wherein loan can be paid in full without any additional charge and during the tenor
• Flexibility during repayment options

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