Economic Factors to be Kept in Mind While Buying Homes : Nagpur Properties

Some of the economic factors that should influence your home buying decision after analysing real estate in India in any city include: 

·         The Work: When you plan to buy a home, you should consider your job or business stability. If you are in a stable job or managing your business well, then you can take such financial responsibility. However, if you have been switching jobs, suffer from poor health or not established in your work, then avoid taking such financial liability. Buying a home under such circumstances will become a liability in the long run. Even if the bank approves your loan, you should establish yourself on the professional front before taking the plunge.

·         The House Related Expenses: There are many peripheral expenses that you need to consider when buying a house. It involves expenditure like property registration, house makeover expense and other home-related taxes. It is essential to be in a position to manage such costs and fees involved.

·         Income Expenditure Ratio: Are you getting tempted with the recent bonus amount or savings in your bank account? A sizeable amount of your savings will go into making the down payment. So, it is best to buy the house depending upon your present income. You should consider the income-expenditure ratio and then invest. It is vital to remember that your home loan EMI is only a part of your home expenses.

·         The Credit Score: If you are planning to buy a house with a home loan, then you should know about your credit score. You will get to know if you are eligible for the home loan and how much amount you can get. This will help you in making your decision of buying a house. You will also get an idea of how much down payment you need to arrange and how much loan you will get.

If you have ascertained the above factors and ready to buy a home, then visit Vrindavan. 

The beautiful township is spread over acres of land and offers you homes with different configurations and price options. So, you can visit the township, explore the various options and get your dream home. This gated community project is in Jamtha Nagpur and offers multiple luxurious amenities. There are manicured lawns, school, shopping complex, multiplex and different sports facilities within Vrindavan. Make the most of its strategic location and have your nest in the most sought after dwelling in central India. Know more about this upcoming project in Nagpur and buy a home with the best deal today.

Impact of GST on Nagpur Properties for Sale

The Goods & Services Tax (GST) ushered an era of unified taxation system across the country. Implemented two years ago in July 2017, GST was looked upon as a game-changer for the Indian economy. It is one of the most radical taxation reforms and a welcome move across sectors as it led to the end of the cascading effect of taxation. It helped people understand tax by simplifying it and facilitating greater tax compliance. GST has a significant impact on the real estate sector, mainly the new projects. Know more about the impact of GST on the property sector at large and in Nagpur in particular.

One Tax for All
GST hails an era of uniform and transparent taxation system in the real estate sector. You can easily identify and understand the taxation component.

Under the earlier taxation system, a buyer and investor had to pay multiple taxes depending on the stage of property construction. If you were to buy an under-construction property, you would end up paying VAT, service tax, stamp duty and registration charges. On the other hand, properties after completion were exempt from VAT and service tax. Moreover, the tax levied varied from state to state.

With the implementation of GST, there is only one tax, which you need to pay, and it will highlight as GST in your property documents. All under-construction properties get charged at 12% of the property value. Other than this, only the stamp duty and registration charges get levied. After the recent amendment in the GST Act, the rate has further reduced to 5%. However, this change will depend on the developer. If the developer goes ahead with the 5% GST slab, then you and the developer will not benefit from the input tax credit.

Reduced Construction Cost
With one tax, input tax credit benefit and uniform tax on logistics, the construction cost has come down and is a win-win the situation for developers and home buyers.
 
As the multiple taxation era ended with the implementation of GST, there has been a decline in the cost of house construction. The property prices have come down in every Indian city, and the trend is visible in Nagpur homes too. Further, what is making buying homes lucrative for investors and buyers is the input tax credit under the GST regime.  

Input tax credit essentially means that the developer can deduct the tax paid on the purchase of the inputs at the time of paying the final tax. For instance, the tax paid in the process of buying different materials can get adjusted from the output tax. This is another significant benefit of GST for the home developer and buyer. In the pre-GST era, the taxes paid on inputs were not waived off from the output tax. Thereby, the developer and buyer had to pay dual tax.

Another prominent reason for reduced construction cost is the applicability of GST on the logistics sector. The transition of goods is easier and smoother with a reduced tax rate.  

If you have been planning to buy a home and pushing it for the tax concerns, then now is the time to take the leap. After two years of the implementation of GST, the teething concerns have got resolved, and now you can benefit from a uniform, easy to understand the tax system and pay relatively less price for a house. 

You can explore new township projects in Nagpur and make the most of the post GST era. If you are looking for a new flat scheme in Nagpur with GST benefits, then pause your search on Vrindavan. The exquisite township designed by Radha Madhav developers will be worth exploring. Spread over acres of land, it comes loaded with amenities and offers an ultra-luxurious living experience. Know more about this best township in Nagpur and book your home today.

New Growth Stories Unfold in MIHAN : Vrindavan

Nagpur, the Smart City in the making, is expected to transform into the most eco-friendly, liveable and Edu-city of the country. There is also formidable economic growth taking place in the city, and the growth story of MIHAN is the perfect example.

• The Dhirubhai Ambani Aerospace Park (DAAP) is coming up at MIHAN-SEZ.
• The Thales group and Turgis et Galliard of France have been allotted land in this area.
• Thales is setting up its radar manufacturing unit, which will cater to French aircraft manufacturer Dassault.
• Dassault is already opening a unit in MIHAN SEZ with Reliance. This joint venture will be known as Dassault Reliance Aerospace Limited (DRAL).
• There is one more unit that Thales will be setting up. This is a part of the 30,000-crore offset obligation that is due because of the 36 Rafael aircraft purchased by India.
• Turgis et Galliard has 2 acres of land in this SEZ. It plans to set up an ammunition handling equipment unit.

• Even TCS got another 50 acres of land for a software unit.
• Patanjali has also acquired over 230 acres of land outside the SEZ area and has finished the construction of its first phase. Its trial production is expected to start in June.

The growth story mapped above refers to some of the recent developments taking place in the MIHAN SEZ area. However, much progress has already taken place ever since the idea got conceived. The state government of Maharashtra had decided on this composite project to overcome the regional disparity in the state. The Multi-Model International Passenger and Cargo Hub Airport at MIHAN comprises of the existing domestic airport of Nagpur, international passenger and cargo hub and huge SEZ (Special Economic Zone), bordering the airport. 

Spread over 2000 acres of land this SEZ houses various IT, electronic goods, pharmaceuticals, garments, gems and jewellery industries. The road terminal is getting designed in a manner that 900 trucks can get parked at a time with a vast warehouse, cold storage and open stockyard. Alongside, a rail terminal is proposed to handle two trains at once. 

There are already some leading companies across sectors and verticals that have bought land in MIHAN SEZ. Among others include Mahindra System, L & T Infocity, DLF, HCL Technologies, Wipro Technologies, Air India (Boeing Inc), Haldiram, Lupin Pharma, Infosys and Kolland Developers Pvt Ltd. With some prominent names established and coming up in MIHAN SEZ, the time is ripe for investing in localities in proximity to this SEZ area. One such project in which it will be worth investing is Vrindavan township in Jamtha Nagpur. It is nearly 1.7 km from MIHAN SEZ.

Close to the SEZ, this township is also just 12 km from Butibori Industrial Estate and 10 minutes from Dr Babasaheb Ambedkar International Airport. There are also several other schools, colleges, IT parks and commercial establishments close to Vrindavan. Besides the location advantage, making Vrindavan the ideal place for investment is the ultra-comfortable lifestyle that it offers. There are every amenity and luxury offered to the residents. Live surrounded with lush green landscape, walk to work and celebrate life; it is such a surreal experience that is in store for you. 

Moreover, there are different investment options that you can explore at Vrindavan. The residential options include 1-4 BHK apartments, 1-2 BHK row houses, 4-6 BHK bungalows and 3-4 BHK Duplexes. So, you can choose your abode according to your requirement. Connect with the team, to explore the many options and make the right real estate investment in the ideal neighbourhood with unmatched facilities and amenities galore.