Real Estate

Everything you would like to understand about stamp tax on property

March 8, 2022 0 Paarth Infrabuild Real Estate

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.

Why Real Estate is a better investment than Equity

The debate as to which is a better investment opportunity – Real Estate or Equity, when one is looking for high returns, is one that continues. However, there are facts which clearly establish superiority of Real Estate investment over equity investments. One of the most important reason in support of it, is the lesser volatility of prices associated with RE prices. You could not be away from the market, if you have made equity investments, while you don’t check land prices every day and do it only when you need to sell.

Why Real Estate is a better investment than Equity

One point repeatedly put forward by Equity enthusiasts is that real estate is lumpy and illiquid. But what these people miss out is that wealth generation is not a target to be achieved in a few months or a year. It is meant to help achieve life goals over 10-15 years. Also, real estate generates supplementary cash flows in the form of rental income, which is almost always better than the dividend income one can expect from equity investments.

The nature of equity investments is such that the investor could never predict the facts of how his investments would perform over a longer time frame. Look at what happened in the case of a yes bank or a Reliance power. People lost almost entire invested amounts due to wrong disclosures by directors of these corporates. On the other hand, a real estate investment has a material value that can be ascertained by anyone to a great degree of certainty. This ensures that the best analyst and the worst in case of land price will differ only by a few percentage points, while in case of equity, this difference could be in 10s of percentage.

A certain group also propels equity investments through mutual funds investment. Agreed, that mutual funds avoid the risk of volatility in only one scrip, but the volatility is still much higher than Real Estate. Also, analyzed over a long period of time, mutual funds have also not been great wealth creators. And if they don’t serve this purpose, they lose the right to be compared with real estate investment, which has helped people across India to create wealth over years.

Another factor that supports real estate investments is the ability of an individual to get funded at a highly subsidized interest rates by taking a home loan, to buy a property. Can you get a loan to buy into equity? The fact that one can fund the real estate investments through a loan results in taking benefits of higher than calculated returns. If the price increase in property has been more than the rate of interest on loan (which generally is the case), one earns returns also on that part of investment that was done through home loan money.

However, it is to be understood that the property should never be used as a short-term investment tool. And one could argue in favor of an equity investment for short term. Finally, the tax advantage offered on housing loan both on the principal and interest amounts make the returns even sweeter and therefore, property should always be a part of your investment portfolio.

Lucknow housing market – Opportunity for investors and end-users

October 1, 2020 0 Paarth Infrabuild Real Estate Real Estate Industry residential

Lucknow is capital city of Uttar Pradesh, the most populous state of India. Lucknow is always known as the cultural hub of north India and is also fast emerging as the biggest commercial hub of North India outside of Delhi NCR region. The infrastructural facilities in the city rival the best in the country in all aspects. It is the safest town in Uttar Pradesh with state-of-the-art policing protecting its residents. The medical facilities available in the City both in public as well as in private sector promise to protect people of the city from any eventuality. Lucknow city weaves a magic encapsulating traditional ambience with Rapid and ambitious futuristic growth. This unique blend of culture with social infrastructure defines the charm of the city and entices large swathes of population to make it their home every year.

Lucknow housing market – Opportunity for investors and end-users

While Lucknow has always been known for its culture, it has witnessed some of the best developments in last one decade. The ubiquitous metro rail covering the serpentine lanes below has a place of pride and convenience. The expanded airport connecting its citizenry to destinations across the world has opened the gateway to commercial centers of the world, while the newly constructed expressway connects this airpot to the pockets of commercial excellence within the city. The modern highway to Agra, connecting further to Delhi gives wings to the ambitions of ever-so-eager entrepreneurs from the city. The health infrastructure here stands shoulder to shoulder with any city in the world, what with Sanjay gandhi post graduate institute leading the medical facilities in this part of the world. The private investment has reposed its faith in these initiatives and contributed to creation of job opportunities in different sphere. The swanky complexes of IT companies stand a testimony to these efforts. While Lucknow has never been a manufacturing hub with that title belonging to its twin city Kanpur, the new age industries are finding an elevation to their pitch here.
Lucknow of yore was dotted with flea markets, but the new buzzing Lucknow challenges the hegemony of traditional retail centers with the giant shopping complexes that balance the nawabi charm and the poetic humdrum with the hustle and bustle of modern busy life, ever so delicately. The Atal bihari Vajpayee international cricket stadium has added to the charm and utility, occasionally acting as a magnet to the city. Quality education is another pillar that has supported the residents of this boom-town in achieving their dreams. From foundation schools to a world class university bringing out the best in its students, the city embraces students from all nationalities and faith and gives them the values that highlight their achievements years later.

The thriving economy and an ambitious middle class population has resulted in this city growing. No wonder then, that it has reported to have one of the highest growth in disposable income in the country in a decade. Exposure to modern life style and a high disposable income has upped the propensity to invest for a better way of life. Residents of adjoining towns and cities and also from rest of Uttar Pradesh always invested in Lucknow city. The state being an agrarian rich region, has seen the incomes going up in small towns and cities, resulting in citizens looking for better life-style and therefore heading to Lucknow. A home in Lucknow is a matter of pride for anybody living in any part of of eastern Uttar Pradesh. It has become more so in recent times as both the business as per the job opportunities give fast in this city. Earlier Kanpur used to be the business hub with Lucknow the Cultural Centre, but now Lucknow holds both these titles.

Lucknow has also seen significant political stability for almost A decade now. It has helped the infrastructure projects to complete in time and the town to grow in a planned manner. Private developers of national and international repute have also launched various residential and commercial projects in the city with world class amenities and architecture. This has also enticed old residents of the city living in crowded and less developed localities to buy a home and live in modern housing societies. Therefore, while most of the urban centers in India have struggled to maintain the speed of sales of houses and the prices, Lucknow real estate market has seen a consistent growth, both in terms of price appreciation and number of units sold. Localities like Gomti Nagar and Kanpur Road have seen significant traction from buyers. A lot of these projects which were launched a few years back have been completed and residents have shifted in. This has further boosted the confidence of end-users to invest in new properties. This, in turn, has offered incremental returns on investments for investors and therefore they keep flocking to various projects.

Other factors which have influenced this trend are – availability of land within a reasonable distance from City Centre, relatively low cost of construction and availability of comparatively cheap labour. This has enabled the developers to offer excellent propositions to buyers within their budget. Buying a property in Delhi NCR have continued to be unaffordable for a middle class buyer and the same customer finds excellent choices at affordable price points of between 40 and 70 lacs here. Lucknow city has seen multiple large investments in the real estate housing sector and it is expected to continue to see the same going forward as people across the cities restart their life after the pause due to covid-19.

Lucknow housing market is expected to see hectic activity, as people are looking to stay near the places where educational and medical facilities offered meet the word standard. The availability of ever increasing employment opportunities makes Lucknow even more attractive. The administrative reforms initiated by the present government in last two years have started yielding results making the Civic infrastructure in Lucknow reach newly developing localities. Lucknow reality market is slowly turning into the proverbial gold pot for the investors and the best place to live in for the end user.

Future of Real Estate Industry in Lucknow

August 20, 2020 0 Paarth Infrabuild Real Estate Industry

Lucknow has been one of the fastest growing towns in India. The real estate market which has struggled across India has been able to keep the momentum going in this city, especially in certain localities, due to various factors. A positive government, which is great at execution, a city that is known for being peaceful and the presence of excellent infrastructure created by successive governments, make this an ideal place to live and earn a living. There is no doubt that lower GDP growth affected the price appreciation here too. However, if there is one town which will start looking up quickly and it is Lucknow.

The reasons for this optimism are not hard to come by. For migratory laborers, who fled from large industrial towns in west and south during the early days of Covid-19, are closer to Lucknow than any other developed city. Therefore, the supply of labor will not be a constraint here. Similarly, the town also has huge investments coming in from rural areas of Eastern UP. The rural economy is doing well and the recession in the consumption of other items will result in people with a substantial agricultural income to have a higher surplus income. This will find its way into the Lucknow housing market as people will look for towns with good health infrastructure. Lucknow will be the first choice in this entire region for people.

One thing which is important to be kept in mind during this time is that it is foolhardy to assume that all the localities in Lucknow will see good appreciation. There will be areas that will be preferred over others. And the factors which will decide this are simple – Availability of apartments with world-class facilities, safe and well-sanitized areas, and social and medical infrastructure suitable to fight repeated outbreaks of pandemics. If one scans through Lucknow city a few areas stand out in this test. Areas in Gomti Nagar and Gomti Nagar Extension around Shaheed Path and near Airport can be expected to appreciate much faster than other residential areas. These areas are located near some of the best social and medical infrastructure. These localities also boast of some of the best housing developments with excellent amenities and are considered to be the safest and most hygienic parts of the town.

Real estate in lucknow,Real estate developer in lucknow

The growth of the housing market in Lucknow city is getting on track gradually and is certainly waiting for an opportunity to start its march up. It is of course difficult to precisely predict as to who will this start happening but for any keen eye, it is not difficult to find this opportunity. And this opportunity is being looked at by people across the state and nation, which makes the outlook even brighter. The current state government is ranked high on various parameters of governance and industry is showing a higher level of trust in the state than shown ever in the near past. These factors will weigh on what looks a logical flow of money and it is, therefore, easy to conclude that the future of the housing market in Lucknow is one of the brightest spots one can locate right now.

Tips for a Home loan

December 11, 2019 0 Paarth Infrabuild Real Estate Residential Properties

Howdy you, well if you are visiting this blog then, you are one of the many people who have thought of owning a home. A home isn’t just a structure, to some it’s their dream, to some an investment or an asset. Whatever it may be, the one thing remain the same in all of them, i.e. money. And most of us here won’t be the riches, having tens of millions laying around. So, how do we get that millions. Here banks come to rescue with their loans. Here are the golden rules that you should consider before taking one.

Start Saving for Down-Payment-Yes, need to a part of the amount initially known as down payment, the more you pay initially lesser the interest shall be on the principal amount. So just take it up as a general rule that you pay at least 50% of the total amount as and down payment. So just plan early and start filling up piggy banks.

Tips for Home loan,real estate,re — Home Loan Tips for first time home buyers

Check Your Credit Score-The most important requirement is the credit score. Credit score can just be oversimplified as the intention to pay back. If u have a score 750 and above, u get the most overwhelming interest rates. But with the lower ones u need to explore options. Credit score is easy to build up. Some timely payments to any company who gives you a credit will lead to building a good CIBIL score. It may be any thing, like you phone bills, credit utilities, credit card bills etc.
Get Your Financial Documents Ordered Up-Getting all the financial documents in a set is most crucial aspect in obtaining a loan. More than 30% of the loans are rejected just due to inadequate or inappropriate documents. Just go through all the terms and conditions properly and get your pages in order which define your wealth.
Always- compareAll banks provide different offers and run various schemes on various occasions. It’s best to compare between different interest rates. And just a cool tip, ask for loans during the feasts occasions such as Holi or Diwali. On these occasions banks usually take out their best offers, so make the best use of them.
Keep Loan Terms as Short as Possible-Just a clear suggestion, that banks tempt us into their low EMI on long term loans. It may seem a small EMI but for a long term, you will end up paying just as the same of the principal amount in interests. Bank levies compound interest, which will prove hefty in long run loans.

Clarify Between Fixed and Floating Interest Rates-.Most banks offers two types of interest rates one is fixed interest rate, in which are interest rate will be set by the bank with the agreement and all the amounts and EMI shall be calculated on the same. Hi Varun floating interest rates the EMI is depend upon the market Trend and the interest rate varies which may be higher or lower then the previous. In most of the cases is better to offer floating interest rate at the proof to be cheaper ones.

Paarth Infrabuild, Real Estate Developers, Lucknow, Uttar Pradesh, India

Paarth Aadyant: Modern Home for Modern Families

December 11, 2019 0 Paarth Infrabuild Real Estate Residential Properties

Paarth Infrabuild is one of the latest and most sought real estate developers in lucknow. The developers have built a property called Aadyant. With a host of modern features and facilities, there is no better setting for your new home than Paarth Aadyant. While there might be hundreds of new private ventures in Lucknow that showcase themselves as the best real-estate developers but only a few can deliver the best to their buyers. Paarth Infrabuild Private Limited is one of those unique developers that are certified for their validity, and their ability to deliver high-grade apartments to their buyers.

The city transforms into a focal point of finance, aviation, business, education, medicine, travel industry, and innovation which has directly impacted on Lucknow’s growing real-estate.

So when you plan to purchase your dream apartments in Lucknow, Paarth Aadyant should be your ideal choice. It is conveniently established in Gomti Nagar Extension area, homeowners of Paarth Aadyant can benefit from moving out of congested areas of the city without having to compromise on a contemporary lifestyle. Today, Gomti Nagar Extention area is developing to become a commercial and IT center of the city. Moreover, it is a 3-minute drive from Gomti Nagar and only 10 minutes from the Airport.

The people are demanding top-notch housing and advancement facilities which can make their stay convenient & luxurious. With a large group of professionals arriving into the city and with the increasing concern of NRIs in the real estate sector of Lucknow, the demand for quality apartments has reached new heights.

With various commercial centers, technology parks, offices and an indoor stadium found right inside the neighborhood, families are able to find ultimate comfort in their day to day lives.

There are lots of other characteristics which make Paarth Aadyant an ultimate living complex to live-in. Some of the most valued characteristics include –

1) Neighboring proximity to the city center

2) Excess of greenery

3) Spacious and well-lit streets

4) Functional clubs with facilities for relaxation and enjoyment

5) Parking spaces for residents as well as visitors

6) Landscaped aesthetics

7) Close proximity to important landmarks

8) Great parks and jogging tracks

Conclusion:

At Paarth Aadyant, homeowners fall in love with the luxuriant ambiance and enjoy the exclusivity. With all the modern & luxurious amenities, the project provides every buyer an apartment which is similar to their dream apartment. To know more visit: https://www.paarthinfra.com

Purchase your apartment in prime location of Lucknow

December 11, 2019 0 Paarth Infrabuild Real Estate residential Residential Properties

Lucknow is a city that is known for its heritage, hospitality & Nawaabi culture. The city maintains its ancient charm with culture havelis and bungalows. Over the past few years, Lucknow has steadily expanded the reputation of being a new hub for real-estate investment in North India. The buyers desire to purchase a house that has all the luxurious amenities and nearby places which you can visit conveniently. Furthermore, it’s because of the IT & infrastructural developments that the real estate sector is growing speedily.

Before purchasing a Residential Property, we all have a definite vision of how our ideal apartment should look like, and we feel that you should not settle for anything less than your dream home. Paarth Infrabuild, a foremost name in the real estate sector, offers you a house that fits perfectly with your fantasy home. The projects of Paarth Infrabuild are located on prime locations of Lucknow which makes your reach to a different location accessible.

1 bhk flats in lucknow,2 bhk flats in lucknow,3 bhk flats in lucknow

The four main projects of Paarth Infrabuild are as follows:

1) Paarth Aadyant: Paarth Aadyant offers amenities like kid’s entertainment area, lawn tennis, Indoor recreation rooms, and the multipurpose court where you can enjoy a delightful experience with your loved ones. For recreation and rejuvenating purpose, the apartment has facilities like a vapor room, yoga area, swimming pool, etc. Live a calm life with your loved ones and separate yourself from traffic & pollution to lead a healthy lifestyle.

2) Paarth NU: Located within the core region of the Lucknow city, Paarth NU offers the best of lifestyle and quality areas in 1 BHK flats in lucknow residences furnished with excellent class fixtures and furnishings.

3) Paarth Republic: The Paarth Republic is a magnificent township project constructed by Paarth Infrabuild on Kanpur Road, Lucknow. Build across over an area of 80 acres; every inch of this creation has organized landscaped green gardens. This township has different towers named Starling, Goldfinch, Falcon, Humming, Canary, Pelican, and GreenShank.

4) Paarth Arka: Paarth Arka is positioned at Gomti Nagar Extension Road, Lucknow. It is a well-furnished construction of 3 BHK flats in lucknow. Paarth Arka is a Real Estate Regulatory Authority (RERA) Certified Project. The project has all deluxe amenities to promote an affluent lifestyle for all its residents.

Conclusion:

When you plan to purchase an apartment, the most important factor you must consider is the right location, and Paarth Infrabuild projects are located at a prime location, to make your traveling convenient. For more information visit: https://www.paarthinfra.com/

Stop Your Search for Your Service Apartment with Paarth Infrabuild

July 22, 2019 0 Paarth Infrabuild Real Estate Industry

Lucknow, the city of Nawabs, is developing at a very fast pace. With the introduction of metro rail in 2017, Lucknow has joined the league of others in becoming a smart city. This has also led to a boom in the real estate market in Uttar Pradesh. Investors are keen to pick the right investment options in real estate to reap the maximum benefits in the future. Several business houses are also setting up offices in Lucknow and exploring the options to set up service apartments for their executives. Finding the right service apartment which is at a great location, offers amenities and ease of access, and within the budget can be challenging. But with Paarth Infrabuild, you can be assured – you are in safe hands!

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Why Paarth Infrabuild?

Paarth Infrabuild is RERA certified top real estate developer in Lucknow. Through the years, Paarth Infrabuild has earned a name for itself to become a reliable, recognized and recommended name in the real estate sector. Development of residential property is one of the key forte of the group. Paarth Infrabuild prides itself in setting the benchmark of innovation in the real estate industry.

Paarth infrabuild

It has developed 4 major projects in Lucknow customized to the needs of the clients. The residential projects developed come with premium ﬁttings & ﬁxtures along with round the clock power backup, excellent ventilation & designs that ensure optimized natural lighting, and word class club facilities. To ensure maximum safety of the residents, earthquake resistant RCC frame structure is used for construction. Paarth Infrabuild is an environmentally conscious company and reduces its carbon footprint by using eco-friendly building materials and technology.

Choosing the right project for the best service apartment

A service apartment is a cost-effective option which comes with all the basic amenities of a hotel but is substantially cheaper than hotels. A recent trend indicates that business travellers are likely to prefer a service apartment over a business hotel due to the extra space, privacy and flexibility offered. So it is important to choose the right residential project which can house the service apartment. Each of the four projects developed by Paarth Infrabuild offers something unique to suit your needs. If you are looking to buy a service apartment at one of the projects of Paarth Infrabuild, the dedicated customer service team at Paarth Infrabuild is available 24 x7 via email, phone, chat, and social media. Please visit: https://www.paarthinfra.com/ to know more.

Unbelievable Facts about Real Estate in Lucknow!

July 20, 2019 0 Paarth Infrabuild Real Estate Industry

Lucknow, the capital of Uttar Pradesh, is famous for its rich cultural heritage. At present, it is also one of fast emerging metropolis in the country. Lucknow is on the list of being declared as a smart city. The city has witnessed a level of investment and influx of migrant population. Several industries and government organizations have opened offices in Lucknow. In a nutshell, Lucknow is experiencing economic boom. Together with the economic boom, the real estate market of Lucknow is also booming. It has become one of the preferred destinations for people residing in other cities of Uttar Pradesh as well. Investors are flocking in from different cities of Uttar Pradesh such as Allahabad, Bahraich, Barabanki, Kanpur, Sitapur, Sultanpur, Varanasi, and Unnao to Lucknow in search of their dream home.

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As per the data available in 2018, the National Housing Bank’s price index for under construction properties has recorded an overall increase in 39 cities with the maximum price growth of 9.4% recorded in Lucknow.

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It is abundantly clear from the above – the real estate market in Lucknow is booming. But ever wondered why did the sudden boom in real estate sector happen? We have set out a few key reasons responsible for the growth story of real estate in Lucknow.

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As indicated above, there are several reasons that have led to the massive boom in the real estate market in Lucknow.

Social Infrastructure: Lucknow is very well connected when it comes to the social infrastructure. The city has four highways: NH 24 connects Delhi, NH 25 connects Bhopal via Jhansi, NH 28 connects to Mokama (Bihar), NH 56 to Varanasi and four State highways viz. SH 25 connects Hardoi, SH 36 connects Rae Bareli, SH 56 connects Sultanpur and SH 40 connects Mohaan. Amar Shaheed Path or an elevated road, starts from Gomti Nagar and ends at Kanpur Road and connects large parts of the city. Lucknow also enjoys great rail and air connectivity. The icing on the cake has been the development of Lucknow Metro. This has resulted in the development of a number of real estate projects.

The Real Estate Developers: Residents of Lucknow are attached to the city. They have bought plots of land for their forever homes. Research indicates that Lucknow has witnessed private developer presence more than 30 years ago with planned plotted developments by some local developers. In the last few years, several real estate developers have entered the market. These developers have helped in the establishment of multi storied projects and modern townships. The developers have also purchased plots of land which are auctioned by the Lucknow Development Authority or the Uttar Pradesh Housing and Development Board. Majority of these lands are in and around Faizabad Road, Gomti Nagar Extension, Rae Bareli Road and Hardoi Road. Accordingly, a number of real estate projects have come up in these areas.

The Boom in Population: Lucknow has also witnessed a phenomenal growth over the last few years. Policy initiatives of the government and the boom in the economy have resulted in job opportunities, growth of business and a better standard of living. This has also led to an increase in the population of the city. People from neighbouring cities are now migrating to Lucknow in search of a better quality of life. This has provided a boost to the realty in Lucknow as well.

Easier Sources of Finances: Borrowing a home loan has become easier than before. Banks and NBFCs have slashed the home loan rates substantially. In fact, SBI offers the Lowest Home Loan Interest Rate Starting at 8.40%. Access to cheap home loan rates also means that people have more liquidity to afford real estate. As a result, the real estate sector has received a fillip.

Rise of Medical Tourism in Lucknow: The city is a growing hub of medical tourism. It attracts a lot of patients from Nepal every year. The government of Uttar Pradesh is committed to make Lucknow one of the top medical destinations in the country. Several multi speciality hospitals have been set up in Lucknow with world class facilities. This has resulted in the influx of both patients and medical professionals looking for housing options in Lucknow. Therefore, rise of medical tourism has also led to the growth of real estate developers in Lucknow..

How a middle income person can buy a HOUSE – “Kyunki Apna Ghar toh Apna hota hai”

July 5, 2018 0 Paarth Infrabuild Residential Properties

Have you ever thought that if money was never an object you could have bought your dream house? That might be a cozy villa having a private garden as well as swimming pool or a private condo having sea view like it is shown in James Bond movies. Thinking? You might go out of your budget.

Everyone has an idea of their dream homes but as money as an object comes into the picture your aspirations are toned down. Most of the home-buyers when decide to convert their dream home into reality by stretching their finances they might end up denting their finances. But not anymore, affordable housing scheme helped many people to fulfill their dreams to buy their own house. The slowdown in real estate sector also lightens the burden of the buyer. A few years back rates of the property were hitting the roof but today home-buyer can a find a place to dwell for spending their life with their family.

The vision of Modi government that every citizen of India has their own house by the end of the year 2022. To back this vision the government is pursuing and encouraging the builders to come up with projects that fall under affordable housing schemes. Under this scheme, the target is to make house between 10lakh to 30lakh so that lower and middle class group can afford it. Even the home loans are available at a very economical rate. This will lead to increase the quality of living standard of people.

Projects under the affordable housing schemes are launched in states Punjab, Uttar Pradesh, Rajasthan etc. and the state government is providing all the possible assistance to the builders. As per Times of India, their government has made two classifications for Middle Income Group (MIG).

MIG-I having an income of 6-12 lakh will get loan up to 9 lakh with interest subsidy of 4% for a tenure of 20 years. Therefore at the end of tenure, the borrower will end up paying an interest subsidy of 2.35 lakh for 9 lakh.
MIG-II having an income of 12-18 lakh will get loan up to 12 lakh with interest subsidy of 3% for a tenure of 20 years. Therefore at the end of tenure, the borrower will end up paying an interest subsidy of 2.30 lakh for 12 lakh.

The Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been acknowledged as central nodal agencies to channelize this subsidy to the lending institutions, including banks and financial institutions. Therefore, small banks, non-banking finance companies and micro-finance institutions will be recognized as primary lending institutions under the scheme.

Additional loans are also available at a non-subsidies rate. Under the scheme, widows, single working women, persons belonging to SC/ST, OBC, differently abled and trans-genders will be given preference.