March 2022

A Complete Guide for People Looking for Flats in Lucknow

A home is made up of love, hopes, and dreams. It is a place where you create memories with your loved ones for a lifetime. Even better is that you get some tips or a person to guide you to make the whole home buying experience smoother and easier.

A Complete Guide for People Looking for Flats in Lucknow

However, Lucknow being the city of luxuries and Nawabs has everything in abundance. Buying a home is one of the biggest decisions in a person’s life. It is one of the biggest life goals for a countless number of people all over the globe.

Especially buying your first home can be a little overwhelming. There are a lot many questions in a person’s mind about budget, location, lifestyle needs, which builder to choose, whether to go for under-construction property or ready to move in and so on.

If you know what your exact requirement is, the entire experience of selecting the correct home for your needs will seem easier. As there are a lot of options available to buy Flats in Lucknow, a first time home buyer may get a little overwhelmed

To make the entire process easier for you, we are providing you with a complete guide on what factors you need to consider while buying your first property in Lucknow.

  • Deciding your budget

The most important factor to consider while making a purchase decision is to finalize the budget. Location and type of property will determine the price. This will help you narrow down properties in Lucknow while deciding.

You may want to take into consideration your existing and futuristic financial commitments planned and have an estimate of the EMI’s that you are comfortable paying every month at a reasonable rate of interest and tenure of the loan. You can calculate this using the EMI Calculator.

  • Deciding the type of property

The City of Lucknow has a lot to offer when it comes to the options and the variety available. The type or size of the property you buy depends on factors like the number of members in your family and your budget. All this will help you decide if you want to go for an independent house or an apartment.

This will also help you determine whether you want a 1 BHK, 2 BHK, or 3 BHK flat, as per your requirement. There are various developers in Lucknow offering independent houses and apartments of all sizes and budgets at various locations.

  • Focus on the location

Any view that soothes the eye and gives the required clarity is the best as per the industry experts, however, every individual has her / his own taste. Choosing the location for your home is one of the most important factors in making the decision. You should choose a location so that your school, office and other places that you need to commute to on a regular basis are easily accessible.

It is also important to have good connectivity with the market, hospitals, railway stations, airports, and other such important social infrastructure. The budget that you have decided on will also play a very important role in deciding the location of your property.

A prime location in the city will command a higher price as compared to other areas that are still developing. Here it is really advisable to have a look at the future plan map for the city which is easily available on the websites or LDA office.

While buying a home in Lucknow, you may consider prominent locations like Gomti Nagar, Gomti Nagar Extension, Sultanpur Road, Golf City, Shaheed Path. These locations have easy accessibility to all the areas in Lucknow.

  • Choose amenities as per your needs

These days apartments in Lucknow offer a host of amenities like a clubhouse, kids play area, swimming pool, gym, amphitheatre, meditation zone, Power Backup, Gated Security, parking area, convenience store, jogging track, etc.

Make a note of the kind of amenities that you require on a regular basis depending on the members of your family. For instance, if you have kids, it would be a good idea to consider an apartment that has a spacious play area. If you have elderly members in the family, you may look for amenities like a park and yoga room.

If you are buying a home in a township, you will have easy access to the things you need on a daily basis as everything will be available on the campus itself. You may select your dream home on the basis of your requirements.

  • Choose a reputed builder

Buying a home is probably the biggest investment of a person’s lifetime. Since a lot of time, money, and emotions are attached to making this decision it is crucial to consider the builder’s reputation. Check the record of the builder and the company, how many projects has he delivered.

There are a number of developers in Lucknow and it might get a little confusing to decide.  So it is always advisable to do your research before coming to a decision. There are a lot of reputed builders in Lucknow like Ansal, Omaxe, and Paarth Infrabuild and so on who have developed good quality projects in Lucknow.

  • Selecting Home Loan

Since buying a home is a big investment, you will need to avail a home loan. You can talk to your existing banker or look for a project that is already Bank Approved. It is advisable to look for a Bank approved project in Lucknow as it is generally a more secure option as Banks usually do a thorough investigation of the financial feasibility of any project before giving approval for a loan.

A home loan also offers tax benefits as interest paid on a home loan is tax-deductible.

Do thorough research on home loan rates offered by different banks and go with the one which is the best suited to your needs.

  • Verify if the project is RERA Registered

The property should be registered under RERA and you can check for the same on the official website of RERA (Real Estate Regulatory Authority). RERA ensures that the interests of the buyer are protected in terms of what the developer has committed to deliver.

This ensures more transparency between the buyer and the developer. In case of any grievances related to a property, you may reach out to RERA for assistance. So, always look for a RERA Approved Property in Lucknow.

  • Status of the Property

How soon do you want to move in and what kind of payment plan you are looking at will determine the status of the Property you buy. Whether you want to go for an under construction project or ready to move in will also further help you to narrow down your options.

If you wish to move in immediately, go for a ready-to-move-in project. You will have to make the entire payment in one go for a ready-to-move-in property. If you can wait for some time before you are ready to move into your new home, go for an under construction project. This will also give you time to make the payment as and when the construction takes place.

  • Keep into consideration the additional costs

When you are working out a financial plan to pay for your house, do not forget to consider additional costs like property registration cost, property taxes, maintenance cost, property insurance and cost of interior fit outs, if required. All these will come into play after you have bought the house but they do make up for a considerable amount and need to be factored in your financial Planning.

Do talk to your developer about an estimate of these cost before making the buying decision.

  • Know the Government Benefits available

The Government has several ongoing schemes for first time home buyers and you should find out if you are eligible for any. If you are a first time home buyer, you are eligible to avail income tax benefits under the sections- Section 80C, Section 24 and Section 80EEA of the Income Tax Act. Make sure to avail benefits that the government has to offer, if applicable to you.

You may also check with the developer in Lucknow about the benefits you may get if you are eligible for any, on booking your home with them.

  • Take into consideration your future needs

Buying a house is a big decision in a person’s life so it is always a good ideas to take into consideration your future needs as well before making a purchase decision. A bachelor who might be planning to get married in near future can opt for a 2 BHK preferably.

A married or expecting couple can go for a 3 BHK as they will require a bigger space. It might also be a good idea for them to look for a neighbourhood that has good schools, paediatricians, market and open spaces. So, do consider what your life is going to be in a couple of years while making your home buying decision.

  • Long term financial Goal

If your financial planning requires selling the house at some point in future, make sure to look for a locality that shows potential appreciation in the future. For this, you can look in for factors like availability of good social infrastructure and easy accessibility to major areas in Lucknow.

Areas like Gomti Nagar Extension, Shaheed Path, and Lucknow-Kanpur road have shown good appreciation in the recent past and as these areas are still developing, you will be able to find good properties at affordable prices. Your first home is a memory for your lifetime. Especially after Covid, the real estate market is looking up as people have realised the importance of owning a home.

As per recent trends, families who were staying on rent are keen on buying their own homes and others want to move into a bigger place, especially after the lock down period. We hope this list will answer questions that you might have and can help you in making the decision of buying your dream home in Lucknow.

Gomti Nagar Extension banner

Top 5 Reasons to Buy Property in Gomti Nagar Extension

5 Points to Buy Property in Gomti Nagar Extension

  • Well planned development – Gomti Nagar and Gomti Nagar extension are one of the largest planned residential areas of Uttar Pradesh. This area has been newly developed and so the infrastructure is planned and organized. This is the reason that these are the most sought-after areas in Lucknow as it gives you a more comfortable lifestyle.
  • Excellent connectivity – Gomti Nagar extension area is very easily accessible from the other parts of the city. Airport and Railway Station are easily connected by highways and this reduces the travel time considerably. There is proposed upcoming metro development also in the area which will make the everyday commute more convenient in the near future.
  • Best Social Infrastructure– Gomti Nagar Extension has everything that one can wish for in a residential address. It has lush greenery and many big parks like the Janeshwar Mishra Park which is a major attraction among Lucknowites. Our Project Paarth Aadyant has Phoenix Palassio and Ekana Stadium right next to it. There are some of the best schools like City Montessori School, DPS and St. Francis in close proximity. The health facilities are world-class and easily available. There are multiple opportunities for employment nearby including a software technology park.
  • Affordability – The best part of housing in the Gomti Nagar extension area is that despite wonderful infrastructure, the prices of properties are quite reasonable, as compared to the rest of the city. A lot many real estate developers have introduced their multi ranged projects in the area. Developers like Omaxe, Shalimar, Rishita, Tulip have their established real estate projects that make the overall area quite accessible and easy to live in. Paarth infrabuild one of the leading real estate developers also has a number of residential and mixed-use communities here, Paarth Arka, Paarth NU, and Paarth Aadyant. These are at the best location of this area and have affordable 3 and 4 BHK apartments with high-end amenities for your comfort.
  • Appreciating value – In the last ten years, ever since the Gomti Nagar extension area was launched, the prices have been appreciating annually here. In the last few years, even when residential real estate stopped appreciating everywhere (and saw a downward trend in a lot of localities), the properties here have seen a consistent appreciation. This has been probably due to the availability of world-class infrastructure and amenities. There is still good scope for property price appreciation here as people look for large units post-pandemic and the price in nearby Gomti Nagar has escalated beyond affordability for most people. Therefore, those who are looking for property investment in Lucknow are heading here searching for the right property.

All the above factors make this area very appealing for property investors as well as end-users. The rental yields are also good and with multiple employment opportunities, it is not tough to find renters any time. Paarth infra build has two good projects, Paarth Arka, the highest building of Lucknow, beautifully designed by Architect Hafeez Contractor and Paarth Aadyant, a ready to move in project with more than 300 families already residing. The location and design of these properties have helped them take a premium position in this micro-market and will hopefully help drive more customers to this area. 

Things you must look for in your neighborhood while buying a Flat

Things you must look for in your neighborhood while buying a Flat

Neighborhood, in today’s world, has become one of the most important aspects of living. All over the world, as we are experiencing the neighbors and either standing by or fighting with each other. The most live example is that of Russia and Ukraine, India, Pakistan and China, Iran and Iraq and the list goes so on. And if you have a neighborhood like that of NATO countries, life is much easy and more pleasant. A sheer thought of a nice neighborhood brings up a smile and vice versa. And similarly, when it comes to buying a flat or a house, location and neighborhood are two major important decisions to be taken care of.

Buying a home is one of the biggest decisions of a person’s lifetime. It is a dream come true for most people. One of the most crucial factors while buying a home is to choose a location that best suits the needs of you and your family. Each person may look for different things from their neighborhood in terms of the kind of lifestyle they have.

With no dearth of the variety of options that are available for a property in Lucknow that the decision to finalist your dream home may look overwhelming. Keep reading to find out the factors you must consider before deciding where to buy a home in Lucknow.

  • Amenities and Activities: The life that you desire for yourself and your family will determine your lifestyle. So choose a home that will fulfill the needs of your family. Apartments in Lucknow offer a number of amenities for your everyday comfort and convenience. Your home buying decision will depend on what your everyday life and needs look like. For instance, a young working professional will look for amenities like a gym, jogging track, clubhouse etc. to relax whenever he/she has the time in an apartment in Lucknow. A family with kids will look for a play area and sports facilities available on the campus. An elderly couple would prefer a place where this is a yoga zone, park and open green spaces.
  • Convenience: Choose your neighborhood so that you do not spend more time in traffic than actually enjoying your new home. Your home should be easily accessible to places of everyday importance like a convenience store and shopping mall. Availability of Public Transport like Metro, Buses etc. should also be easy to make your everyday commute hassle-free.
  • Secured Neighborhood: It is important to consider that the location you are finalizing is a safe and secured neighborhood. Make sure that your apartment has gated security. Especially in these times when both the partners are working professionals, it becomes all the more important to consider an apartment that has proper security arrangements.
  • Social Infrastructure: Choosing the location for your home is one of the most important factors in making the decision. You should choose a location so that your school, office and other places of daily commute are easily accessible. It is also important to have good connectivity with markets, schools, hospitals, railway stations, airports and other such important places.
  • Transportation: as it sounds, the lack of transportation is a huge factor in deciding upon the purchase of your property. Even if we are well equipped with our own commute, these days that is not the only criteria. We are living in a digital world and we make a lot of our purchases through online Mediums, but as a matter of fact, there are a lot of places where home delivery or transportation is not available by the e-commerce players, in the long run, that can make our lives more complicated and we would be running for small little things to the shops that will charge us obnoxious amounts for petty things. More so the public transport like connectivity from Rail, Metro, Bus and Cab services should also to be searched upon before the final decision of closing on the property deal. 
  • Culture: Whether you want to stay in a quiet family-friendly neighborhood or a busy urban neighborhood is a question you should ask yourself before you come to a decision. You want to live in a place where people have a lifestyle similar to yours. An elderly couple would want to live in a quiet neighborhood whereas a young couple or a family with kids would look for a place which is bubbling with activities like clubhouse sports facility, park, nearby market, schools etc. So do make sure that you take into account all your needs while making this decision.

Buying a home is the biggest decision for a family so do take your own time to discuss with your family about the kind of place they want to live in. We hope this gives you all the things you must look for in your neighborhood while buying a home.

Everything you would like to understand about stamp tax on property

Everything you would like to understand about stamp tax on property

We all know that owning a Property (Residential or commercial) is not only one of the biggest financial decisions that you will make in your life but also a very daunting task in itself.

The Process itself is so draining that it keeps us on our toes and is bound to be a vigil at every step, Let it be a site visit, trusting a developer, getting it right, and once the sales are completed other expenses like Stamp duty, registration, and whatnot. It is an experience of a lifetime, while buying a property, the identification, payments terms, loan, etc. are expected to be completed with a lot of leg work.

A very highly ignored step is that of the property buying experience is that of possession and registration of the property. Once the possession of the property is being handed over, it is the responsibility of the buyer to register the property in her / his name.
Physical Possession of the property I merely the 50% of the job done, however, the rest 50% is the paperwork that is as necessary and important as the physical Transfer. The legal evidence of the property owner is the job that is to be finished at the buyer’s end.

There are a few of the steps that are to be followed religiously in order to make the deal complete.
1. Property registration in the buyer’s name in the local municipal records, the documents should clearly state that the seller has transferred the property in the name of the buyer.

2. What is stamp duty?
Stamp duty is a kind of tax, very similar to income tax, which is collected by the government. Stamp duty is payable under Section 3 of the Indian Stamp Act , 1899. Stamp Duty must be paid fully and on time.

3. Delays in paying of Stamp Duty – in case of a delay in the payment of stamp duty, it attracts a penalty. A stamp tax-paid instrument/document is taken into account as a correct and legal instrument/document and has evidentiary value and is admitted as evidence in courts. Document not properly stamped is not admitted as evidence by the court.

4. Why is Stamp duty Collected – at the time of registration the stamp duty is collected by the local state government. The amount of the stamp duty is varied from state to state, kind of property (Old or New) the circle rate. Overall the stamp duty adds up to the overall value of the property for the buyer. The best advice would be to get the information about the stamp duty beforehand
5. Buyers Liability – in regard to the agreement of sale, it is the prime liability of the buyer to pay for the stamp duty as stated by the authority books. If discussed and agreed upon, the buyer and the seller can share the stamp duty equally or as per the decided terms as shared and accepted before the sale deed.

6. When is the stamp duty payable?
The Stamp duty is payable much before the execution of the document or at the max, it should be paid on the date of execution of the document or on the next working day of executing such a document. Execution of the document means putting a signature on the instrument by the person’s party to the document.
7. Penalty charges due to delay in Stamp duty Payment
As per the government laws, Any delay in duty payment will attract the amount of 2% per month to the maximum of 200% of the deficit amount of stamp duty. Stamp papers are to be purchased in the name of either of the parties, i.e, seller or buyer involved in the agreement, failing which will disable the stamp paper. Stamp papers are said to be valid for six months from the date of purchase, only if the duty is paid on time.
8. Who is liable to pay?
Ideally to be paid by the Buyer but In the absence of any agreement to the contrary, the purchaser/transference has to pay stamp duty or in case of an exchange of properties, both parties need to bear stamp tax equally.

9. How to Sign the Instrument?
According to the provisions of Section 12 of the Indian Stamp act 1899, any person executing (Signing) an instrument—affixed with an adhesive stamp—shall cancel the adhesive stamp by writing on or across the stamp his full name or only the initials. If such an adhesive stamp has not been cancelled in an aforesaid manner, such a stamp is deemed to be stamped.

10. What is the instrument?
Any document by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished, or recorded. The duty is payable on instruments and not on transactions. Stamp duty should be charged on the idea of the contents of the instrument only. If any information essential for working out stamp duty is missing in the instrument, the valuation officer can call for it. Information such as the area of the flat, number of floors, and year of construction must be mentioned in the agreement for a quicker response.

11. How should instruments stamped with an impressed stamp be written?
As per the supply of Section 13 of the Indian Stamp Act , 1899, any instrument on an impressed stamp, shall be written in such manner that the stamp may appear on the face of the instrument and can’t be used for or applied to the other instrument i.e., cancel the adhesive stamp so affixed by writing on or across the stamp his name or initials. If such an adhesive stamp has not been cancelled in an aforesaid manner, such a stamp is deemed to be unstamped.

12. Is stamp tax payable on all instruments/documents concerning the transfer of immovable property?
Any transfer of immovable property or documents shall attract the stamp duty, Except for transfer by Will (or by original nomination in a co-operative housing society) all transfer instruments/documents including agreements to sell, conveyance deed, gift deed, mortgage deed, exchange deed, partition deed, power of attorneys, leave and license agreement, agreement of tenancy and lease deeds have to be properly stamped before registration.

It is clarified that when a nominee transfers the flat subsequently in the name of the legal heirs, that transfer instrument should only be stamped as per the market value. If the flat has been purchased in a co-operative housing society on or after 10-12-1985, the buyer has to pay the stamp duty on the market value as per the Ready Reckoner. A flat purchased through an agreement purchasable on or before 9-12-1985 required stamp paper of Rs. 5 only. Sounds a bit old but However, a flat purchased on or before 9-12-1985 will require stamp duty on the market value at the time of conveyance of the property in favour of the society. The concept of payment of stamp duty on market value was introduced from 04-07-1980 will be charged on agreement value only.