New Delhi: As MNCs and global IT giants set up bases across prime real estate spots, the prices of residential areas adjoining these office spaces rise consecutively.
Shobhit Agarwal President, Capital Markets and Investment Sales and Deepak Sankhye Manager at Trammell Crow Meghraj Property Consultants tell you where to buy property if you are looking for a well connected, developing residential space.
I am planning to buy a flat in Mulund West in Nirmal Lifestyle Polaris/ City of Joy. Is this a good buy? The builder is quoting somewhere Rs 5,000 per sq ft. Are these rates realistic?
The prevailing rates at Nirmal Lifestyle and in the immediate vicinity are between Rs. 4000-4800 per sq ft, so there may be reason to bargain. It is true that this is a high-end location in West Mulund, and that residential units in this and similar projects cost more than the normal price. This is because of the offered amenities, the fact that they are close to a major mall and the builder's name.
We are located in the US, and looking to invest in a property in India. We are aware that prices have greatly escalated recently. We do not have any particular place in mind Basically we are looking for places where prices have not yet gone up significantly and there is scope for good appreciation. We would also like to lease out the property once we have it. Please advise.
You could look at upcoming Tier II cities that have an enhancing IT/ITES component. These would include Nasik, Coimbatore, Kochi, Ahmedabad, Indore and Kolkata. These cities still have reasonably-priced real estate rates, and the appreciation potential is high. Moreover, there will be an assured customer base for lease-rentals - especially if the property is near to an IT hub or Park.
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I booked a 2 BHK apartment from a reputed builder in Kanpur in the year 2001. The cost was Rs 9 Lakh, which has been handed over to me in 2005 Dec. I now want to sell it. I have not done the registration. Now if I sell this flat in Rs 14 lakh then what would be the Tax Impact? Secondly, after selling the flat, if I purchase a bigger flat, what would be my tax liability?
From the income tax perspective, you will be subject to tax irrespective of whether your property is registered or not.
Since you are selling your property after 3 year of purchase you will be subject to long term capital gain, which is 20 % of gain (purchase cost minus sales cost) after indexation. However, you can save on long-term capital gain tax by investing in another residential property within one year.
I am thinking of buying an apartment (2/3BHK 1200 sq ft approx.) in Kolkata Rajarhat area. Since I do not live there, I want a flat from a reputed builder with amenities like club, gym, swimming pool, landscaped garden, etc. My budget is Rs 30 Lakh. I am willing to invest in an under construction project where possession can happen in 1-2 years time.
Rajarhat does have some developments of the type you are looking for. The project in question consists of 180-odd apartments in each; spread over five acres of land. These projects are joint ventures between reputed builders and the Government.
To illustrate - Bengal Shrachi's 'Elements' has just been launched and features air conditioned, fully furnished apartments at Rs. 2400/sq ft. It also has all your other requirements. So does Bengal Park Chambers' 'Sunrise Symphony', which has all the above specifications at Rs. 2500/sq ft. These projects are under construction and delivery will be in 36 months. The above are instalment rates - if you go for bank finance with down payment, you will get a 5% discount.
However, you may have to extend your budget a little since the entry levels are in the in the 1400 sq ft category. In this category, you can get two bedrooms plus a study that can double as a bedroom. These apartments are extremely good value for money and will generate rentals of at least 4-4.5% annually.
What is the latest residential property trends in Pune? Can we see prices going down in near future in Pune? What are the area-wise property rates in Pune?
In Pune, there is a general shortage of infrastructure, increased air/water/noise pollution and a rash of illegal and unorganised structures cropping up. Pune residents are increasingly facing problems in reaching emergency services, finding adequate parking and traversing pothole-raddled roads. It has now been established that townships are the most suitable residential solution. The Government of Maharashtra is now encouraging the development of such townships to reduce the pressure on Pune's urban areas, and to improve infrastructure.
There have been price stabilizations in certain micro-locations within Pune, but there is no real scope for a correction until supply exceeds demand - and that is not likely to happen in the near future.
Current rates are:
Major Locations Average Net Value (INR per sq ft)
Baner Rs 3200-3400
Bawdhan, Pashan Rs 2600-3000
Ghorpadi, BT Kawde road Rs 3200-4200
Hadapsar Rs 2300- 2900
Kharadi Rs 2600-2900
Kondwa, NIBM Road Rs 2400-3500
Nagar Road Rs 2600-3200
Pimple Saudagar Rs 2400-3000
Sinhagad Road Rs 2400-2900
Sopan Baug Rs 3600-4200
Viman Nagar Rs 3000-3500
Vishrantwadi Rs 2300-3000
Wakad Rs 2600-3100
Wanowrie Rs 3000-4000
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