Tag: Villa plotsin Oragadam

land for sale in chennai -Few Conditions for NRI to buy a Residential Property in Chennai

Oct 6

Few Conditions for NRI to buy a Residential Property in Chennai

As you know, the real estate has become a good investment option for Non-resident Indian (NRI) and they have the huge interest to get settled in India, especially in Chennai. Here, let’s discuss few things which help NRI to buy a residential property in Chennai:

Nowadays, the non-resident Indians- NRI to buy a residential property has become very easy and if you have a passport, then you can just invest in a property in some days. But, make sure that the buying property is not an agricultural land. If you are willing to invest in a property in India, then you have known all these things which are mentioned below:

Regulatory Act for NRI to buy a Residential Property 

You don’t require a special permission to buy a property, but you should have an Indian passport.  The Reserve Bank of India (RBI) has made these rules to attract the foreign investors to make their investment in India. And all the real estate transactions are governed by rules which comes under the Foreign Exchange Management Act (FEMA).

Properties which you can invest

Actually, there is no restriction in the case of the number of properties. You can buy both commercial and residential properties as much as you wish. But, when it comes to agricultural land, these properties are not allowed to purchase but it can be gifted or inherited in question.

Funding and Transactions

In India, if you are going to make a property investment, then all the transactions should be made in Indian currency and it should be done only through the Indian banks. Even the NRI can able to get funding if they have a clean and proper paperwork and there are many loan schemes available for NRI in India. But, make sure that you invest 20% of the value of the property from your own sources and you can get funding for the remaining 80% of the value of the property.

Before you approach the bank for funding, make sure that you have a clean paperwork and even get it verified by the lawyer. When buying a property, you should get a no-dues certificate from the seller and there should be no pending bills with any authorities.

Power of attorney(POA)

If you are going to buy a property which is under construction, then you’re supposed to give power of attorney to your builder. Just do all this process with the guidance of your lawyer. So that, there will be no chance of forgery. Even this will make your investment very secured.

Tax benefits

There are so many tax benefits available for NRI. After the purchase, if you sell the property within three years, then it is considered as short-term capital gain and the earnings are considered as taxable. After the purchase, if you sell the property after three years, then you can reduce the long-term capital gains tax, by just investing in another property.

You can find different investment options in various exhibitions which is organized by “The Confederation of Real Estate Developers Association of India (CREDAI) and even offer loans from top banks on the spot. You as an NRI can find many options for investment and reduction in down payment. And these are the things which you need to check before you invest in real estate in Chennai.

If you wish to invest in a property in Chennai, then there are many flats for sale in Chennai at affordable prices. Book one today!

luxury villas and apartments in Chennai - What Makes Luxury Villas And Apartments In Chennai Different From The Regular Ones?

Jul 18

What Makes Luxury Villas And Apartments In Chennai Different From The Regular Ones?

We cannot answer that question without answering what “luxury” and “regular” mean. What is your understanding of “luxury”? The word denotes “something that is not essential, but provides pleasure and comfort”.

It also means “something that is desirable but expensive or hard to obtain or do”. Luxury is considered an indulgence rather than a necessity. It denotes the state of being in which you have a plentiful supply of material goods, comforts and pleasures that are beyond the reach of most people in general.

Having said that, it is easy to understand what luxury villas and apartments mean. They are those that offer you more than the essentials and bare minimum necessities a standard shelter is expected to provide.

Alliance, one of the leading Real Estate Developers in Chennai, currently offers over 3 gated communities of luxury villas in Chennai. Of the three, Orchid Springss in Padi, a lakefront luxury apartment near Anna Nagar, facing Korattur lake has ready-to-move-in apartments for sale as we speak. Whereas, Alliance Galleria Residences; a landmark development of luxury apartments in Pallavaram, stays under construction. It is open for bookings now.

Alliance has over 2 projects of luxury villas in Chennai for sale at present. They include Alliance Humming Gardens, on OMR and Alliance Villa Belvedere; DTCP approved Villa plots in Oragadam. All of the above provide “luxury”. The question is what makes them luxury villas and apartments in Chennai?

If we take Galleria Residences, for example, they are apartments without a common wall between individual units. Now, that’s sheer luxury. How? While you get dime a dozen regular apartments out there, one sticking to the other, separated only by a thin common wall between them, Galleria Residences stand apart as no-common-wall apartments.

The benefits are obvious. These apartments compare with independent houses or villas that open to plenty of breathing space on all three sides except the entrance attached to the corridor. In effect, you get plenty of fresh air and natural light flowing in from all three sides into your apartment. Isn’t that luxury? That’s a desired comfort which ordinary, regular apartments do not give you. There are many more luxuries these apartments in Pallavaram offer you. (Click here  for details).

Similarly, Alliance Humming Gardens; the luxury Villas in OMR, Chennai, gives you the comforts that ordinary villas do not. It comes with features such as South India’s largest Outdoor games arena in a villa enclave ever (click here  for more).

These are luxury villas in OMR for more reasons than one. The landscaped gardens and green environment of over 30 acres in which it is set makes it a cut above the ordinary. These luxury villas in OMR are designed to become a landmark in OMR. The enclave is packed with exciting features (Find out more here).

villa in OMR - Few Things To Check Before Moving to New Villa

Jul 12

Villas, Apartments Or Plots In Chennai? What Would You Go For?

If you are like Ratheesh, a self-employed, young IT professional, you would opt for a Villa on OMR, in Chennai’s IT corridor. However, if you are like Vidhya, a young Microbiologist with an MNC in Chennai, you would want to own a luxury Apartment in Chennai in a prime location like Pallavaram or Padi, near Anna Nagar. So, what is the difference? Ratheesh has been an independent-minded person from his childhood. He has always been ahead of the pack. Entrepreneurship was in his blood. Just as financial independence, he wanted to have more space for himself, be it at home or workplace or public place. He does not like anything mediocre. He works for excellence and seeks excellence in everything he does, everything he delivers and everything he buys. He wouldn’t compromise for anything short of excellence. That is why luxury Villas in Chennai such as Alliance Humming Gardens in OMR works for Ratheesh and his likes. On the other hand, Vidhya too is a successful young professional at the prime of her career and life. Mother of a 3-year old, she wants to live close to her workplace and loves to live in a large gated community of luxury apartments in Chennai. She too loves her privacy, a lot of fresh air, light, open space, greenways, indoor and outdoor amenities as Ratheesh does. So she wants an apartment that would look like and work like a Villa. Besides, she is looking for Apartments in Pallavaram. Alliance Galleria Residences, is right there for her. There are luxury apartments for sale in Pallavaram, Chennai. Ratheesh is looking to invest in property too. Preferably in DTCP approved plots in Chennai that promise him assured returns. Alliance Villa Belvedere in Oragadam makes a prudent pick for him. The reasons are obvious. (Check on villas in Chennai for more). The question is what should you go for? If you want to live in a premium gated community of Villas in OMR, Alliance Humming Gardens in the best option you have currently on sale. Primarily because these are Villas located in OMR rather than in some interiors away from OMR proper. Secondly, these Villas come at a lesser price than regular apartments in OMR. Thirdly, a Villa gives you more privacy and Undivided Land Share than an apartment. You are the sole owner of the whole villa and the plot on which it sits. That said, apartments, such as Alliance Galleria Residences and Alliance Orchid Springss combine the benefits of living in a large gated community with privacy and luxury. These luxury apartments for sale in Chennai today stand distinct from regular apartments. They are better than regular apartments in terms of quality of construction, the credibility of the builder, compliance standards, quality and range of amenities plus the price at which you can buy them. What’s more, this is a good time to buy property. Be it flats in Chennai or Villas or plots in Chennai. Do not miss out on the best bargains available in the market today. But make your moves cautiously and with sufficient information. Base your purchase on studied information. Happy purchase! For further information, please go through the Alliance projects .

great homes you can buy for cool price points. - Gst Impact On New Homes In Chennai

Jul 6

GST Impact On New Homes In Chennai

GST subsumes over 16 major central and state taxes, including excise duty, value-added tax (VAT) and service tax into one consolidated tax. Has the property price come down now? Who gets the benefit of GST? Is it you, the buyer, or the seller that gains from GST? The Government has included an anti-profiteering clause in GST law. The law makes it mandatory to pass on the tax reduction benefit to the customer.

GST HIGHLIGHTS:

• Government has included an anti-profiteering Clause in GST law • Passing on the benefits of tax reduction to customers is made mandatory • As per some experts, there will not be much of an impact in the short term Developers have short-term challenges in this new tax transition period. Some experts do not see much of an impact on prices in the short term. However, the simplified tax structure is expected to equally benefit all the real estate stakeholders in the long term. Property prices are expected to soften by 1-3 per cent. The impact would vary depending on the extent of input credit transferred, cost structure and property completion status. In the current taxation system development and sale of property attracts a multitude of state and central taxes. For the buyer, taxes applicable and their percentage vary depending on the construction status of the property (under-construction versus complete) and the state in which the property is located. In case of purchase of an under-construction property, the buyer has to pay VAT, service tax, stamp duty and registration charges. Whereas in a purchase of a completed project, you are only to pay stamp duty and registration charges. VAT and service tax are exempt. It is the State that levies VAT, Stamp duty and registration charges. And so, they differ from State to State. It is the Centre that levies Service tax. It is charged on construction cost. Effective service tax paid by customer comes to around 3.8 – 4.5 % of sale agreement value (ex-taxes). In the previous tax regime, it was difficult for buyers to ascertain the components included in calculation of VAT and service tax. GST takes away that confusion.

BUYER BENEFITS

• Under-construction properties will be charged at 12 per cent on property value (excluding stamp duty and registration charges). It will not apply to completed and ready-to-move-in projects as there are no indirect taxes applicable on the sale of such properties. Stamp duty and registration charges on the buyer will continue on under-construction properties. The transparency in the GST will help buyers. Developers can avail of input tax credit on the sale of under-construction property against taxes paid by the property buyer. This won’t be possible on a completed property. VAT (different from State to State) and Service tax together account for 7-9 percent of the ticket price on residential property. This is in fact 3-4 per cent lower than GST rates. However, the builder will have to pass on the price reduction benefit to the buyer due to the input tax credit the developer enjoys. Under the previous tax regime, property developer had to pay Central Excise Duty, VAT and ENTRY TAXES (levied by States) on construction material. A developer paid 15 per cent service tax on services he used such as labour charges, architect fees, approval charges and legal fees. The developer used to pay multiple-taxes under the previous tax regime. The cumulative burden of those multiple taxes eventually used to get passed on to the buyer. However, in GST there are no much tax levied on major construction materials and as transportation and logistics costs are now reduced, the overall cost of development has come down. Both developers and buyers stand to benefit from this. As developers can claim input tax credit, they stand to make more profits than they did before.

RENTAL INCOME AND GST

Rental income from residential property is exempt from GST. However, any earnings over Rs.20 Lakh per annum from renting or leasing for commercial purposes attracts levy. Rental income from residential house si exempt from GST. But if it is rented out or leased to a commercial enterprise at an income above Rs.20 Lakhs per annum, it will attract GST. A taxpayer earning more than the exempted threshold will have to register with GST Network and pay applicable taxes.

IN SUM

The actual GST on under-construction properties stands at 18 per cent. However, GST on such properties in effect would be 12 % because developers will be able to claim input tax credits. Homebuyer used to pay several indirect taxes amounting to about 11 per cent excluding stamp duty. However, a developer of ready-to-move-in apartments/villas cannot claim full input credit, prices of ready-to-move-in will be higher than under-construction ones. Developers will still get some benefits on projects under construction, while they will have to pay more taxes on ready-to-move-in projects as they are kept out of GST ambit. As the Government has asked developers to pass on the benefits of lower taxes under the GST to property buyers by bringing down prices and installments. Builders and developers cannot charge customers higher tax on installments hereon. Go ahead, make your home purchases now with more transparency and assurance of value you get in return for your investment. Click here for great homes you can buy for cool price points.