How to get flat on rent for nuclear family?

Moving to a new city or changing a house within the same city is not a plain-boating task. But it becomes even more difficult when you are planning to hang out with your children. In most Indian cities, the trend for a nuclear family is becoming more popular. As most of the parents are working, they stay out for a considerable part of the day. Therefore, it is important to choose a home that provides protection and comfort to the children while they are alone at home. In this write-up, we have shared some great tips for hunting the perfect flat for your small family.

Look for a decent locality

Although it can be difficult to figure out which area would be best suited for renting a flat, but with online research, you can easily zero in on the best terrain in the new city. You have to see that your favorite place hosts excellent social infrastructure. Also, it should host a crime-free environment.

Safety is foremost

If you want your family to be safe even when you are not at home, make sure that your area hosts a crime-free environment. Also, there should be proper security provisions in the society such as security guards, CCTV cameras and alarms. In addition, make sure your apartment includes proper locks and window grills. In addition to protection from criminal intrusion, you should also watch for protection from fire.

Find sufficient space

If you have kids, your flat should comprise sufficient space. If you are opting for a fully-furnished house, then check that there is enough storage furniture to attain a clutter-free look. Also, the kitchen should have an eat-in corner so that you can help your kids in doing the homework while preparing the meal. Apart from this, make sure that there is a kids’ playground within the apartment complex where they can play.

Good neighbors

While staying in the apartment, we enjoy our privacy to the fullest. But we cannot remain isolated and have good neighbors to rely on during any emergency. When looking for a family home, your priority should be to find an apartment next to a more decent family, which includes a child of the same age group. If you are new to the city, you should prefer to live near a family friend's house.

Prevent potential Hazards

If living in an apartment is your ultimate choice, keep in mind that not all apartments are safe for children. So, properly inspect well and look for potential hazards present there. Find out if paint, cement, flooring and other components of the home are not made of low-quality hazardous elements. Also, make sure that the railing of the balconies is not low enough that the child may accidentally fall.

So, if you want to rent a flat for your small family, and then you should consider your needs first. Keeping the above tips in mind, you can easily find decent accommodation for your family. Well, the best thing about living in the current world is that you can find hundreds of property options online. But make sure that you inspect any property and neighborhood thoroughly before closing the deal.

Simple Tips to Buy Earthquake Proof Flat

Earthquakes are considered to be the most dangerous natural disaster that causes mass destruction. In the past, we have seen many countries committing suicide due to this natural disaster as a massive death as well as mass destruction of properties. To protect your family from such devastating situations, you should buy an earthquake resistant apartment or house.

You will be surprised to know that earthquakes are the most vulnerable buildings in our country. In December 2014, the Supreme Court of India passed clear instructions on earthquake safety through a PIL. It states that all multi-storied buildings over five storey's should have an engraved metal plate mentioning the building's anti-earthquake range. But despite this, real estate developers have failed to maintain a high level of transparency in this regard.

Therefore, if you want to buy earthquake-resistant flats, you need to be cautious. In this regard, here, we have shared some useful tips.

Check the location - About 54 percent of the land in India is at high risk of earthquake. The National Center for Seismology has divided the entire country into five zones, namely, zones 1, 2, 3, 4, and 5. While Zone 5 areas are susceptible to high-intensity earthquakes, areas under Zone 1 are the safest. The entire northeastern region, the Himalayan region and the eastern and western parts of India are located in a high seismic zone. Therefore, if you live in these areas, make sure that your house or apartment is designed to withstand earthquakes with a minimum force of 7.

Inspect the structure of the house- Despite the strict provisions by the government for the construction of earthquake resistant houses; most buildings in India do not follow the prescribed techniques for earthquake resistant construction. To find out if your house is earthquake resistant, it is best to hire a civil engineer.

Look for an earthquake-resistant foundation - An anti-earthquake house is one that has a solid foundation. Ideally, the foundation of the building should be raised above the earth to resist ground forces. The foundation must include a bolt. And, the foundation should be built on a flexible pad made of steel, rubber and lead. This ensures that during an earthquake, isolators vibrate while the structure remains stable.

Find out if the house is made of earthquake-resistant material or not — usually houses are made of stacked bricks that are laid with mortar. But such construction does not ensure earthquake protection. Civil engineering experts suggest that the most dangerous structures are constructions with concrete blocks or unconfined bricks. Ideally, if your area is prone to earthquakes, the walls of your house should be made of concrete and wood. And, if your area is at high risk of earthquake, make sure the walls of your future house are reinforced through additional concrete or steel slabs.

Hidden facts about Real Estate (Regulation and Development) Act – RERA

The Real Estate (Regulation and Development) Act is fully implemented. The major implications of RERA are summarized below, for the understanding of a person who is not part of the real-estate sector.

Any project up to 500 square meters, and more than 8 units (flats / apartments / personal properties) that are under construction, will have to be registered under RERA.

This means that most, if not all, of the ongoing projects will be officially looked into under RERA.

Every project detail has to be registered. This includes project layout, planning, government approval, land title status, subcontractor of the project and completion schedule with RERA. It has to be presented to the consumer. Each phase of a project will be considered a stand-alone project and will require related permission.

In this way, RERA will be updated with all real estate activity which will help increase transparency and streamline the sector.

Under Section 9 of the Act, all agents and brokers have to register with RERA within three months of the implementation of the Act.

As a result, house buyers will only deal with agents and brokers who are qualified, verified and authorized.

The sale of any project will be on the basis of its original carpet area and not on the super built-up area.

Buyers will get a clear understanding and will be able to make an informed decision when purchasing a property.

Once a particular project is registered and sold, no further changes can be made without the buyer's consent.

This will eliminate the cost of fluctuations after the sale is completed. In addition, it will ensure that projects are delivered on time.

The developers will be liable to pay interest on the amount paid by the buyer if the project takes longer to complete than promised.

This law will ensure that projects are completed and delivered without any delay.

Separate accounts have to be maintained for different projects of the same developer. 70% of the client's money will be used to build related projects.

This will help in regulating the transaction. The customer's money will be used fairly and appropriately for the development of their homes. It will also assist in timely delivery of projects.

In case of any damage, the customer can contact the developer in writing within 5 years of being taken possession.

This will ensure the safety of the customer even after they are assigned to the project.

Under this Act, the Real Estate Appellate Tribunal is constituted. These tribunals will decide on disputes between buyers and developers within a time limit of 60 days.

This will speed up the resolution process.

For the developer who fails to follow the law, the maximum is 3 years without jail / fine.

Therefore, the law will have to be strictly followed for everyone in the industry, making it customer-friendly.

How to save tax from your real estate investment?

Buying a property is the biggest purchase or investment that most people make in their lifetime and the government realizes this. The government has allowed income tax deduction if the property is purchased on loan. The borrower can claim deduction from 1.5 lakh to 2 lakh under the Income Tax Act on home loans. Entire interest can be deducted directly from income if the property is not occupied by the borrower. These above conditions apply even if the money is from friends, family or private sellers.

There is a problem with the current market situation, as projects are delayed in completion. This in turn causes problems for borrowers. If their house is not fully constructed then the borrowers cannot deduct any interest. A buyer, on the other hand, receives the benefit of the principal amount. Upon possession, the borrower of the property can claim a deduction for the interest paid during the pre-construction period. To take advantage of the current scenario, a couple must take out a joint loan that allows each to claim a full tax deduction for both principle and interest. This also applies to children and parents.

If the borrower has only one house and is self-occupied, there is no taxation in this case, but if there are more houses and it is neither exempt nor occupied, then taxation here can be a bit complicated.  In such a case, the owner should get the national rent value and pay tax on it. An appropriate method is followed to calculate the national price, taking into account the value of the municipal property and the Rent Control Act or the ongoing rental rates of the locality.

If a person is trying to claim a housing loan deduction and Housing Rent Allowance (HRA) at the same time, it causes trouble. Many claim HRAs because they have a home in a different city and live in a different city. The department allows you to claim an HRA in the same city with real reasons, such as if you have a suburb in the city and your office in the city. When calculating the national value of your second home, you can deduct some taxes like municipal taxes and also 30 percent of the value for repairs and maintenance.

When it is time to sell the acquired property, the tax paid is calculated on the profit generated. If it is sold within three years of acquisition, the seller is required to pay Short Turn Capital Gains (STCG) and the time period is more than three years, they are required to pay Long Turn Capital Gains (LTCG) requires surcharge which is more than about 20 percent. If one buys a new asset equal to the long-term capital gain within one year before the date of sale, the entire tax outgo can be saved. This property is under construction. The time period is three years. While calculating STCG and LTCG tax, one can deduct money on corrections and also to acquire assets such as payment of stamp duty, legal fees and brokerage.

BUY/RENT/SELL property online is safe?

The Internet has become a basic necessity of everyone's life, the trend of buying property online for the last few years. Today, there are number of portals where one can advertise, buy, sell or rent a property. Major real estate developers are taking steps to strengthen their online presence where shoppers can check prices and designs. In the current scenario where many reputed real estate businesses are trying to rent or sell their properties online, and with great offers. In that case the buyer gets a lot of benefits.

Advantages of buying / renting / selling property online:-

Booking amount is cheap: In offline scenario the booking amount is at least 5% of the value of the property and if you buy the property online then advance booking payment is very nominal 10,000 to 20,000 which is less than offline booking amount. Book a property online. If the buyer is sure to buy the property 100% then he will lose the booking amount.

Convenient for the buyer: Buying property online has become easy and convenient where the buyer can make a booking from the comfort of their home. Contacting several agents to obtain information about the property, which is tedious work, is also terminated.

Choosing a property online has the option of taking a visual tour: Many property portals or websites offer a visual tour to the potential buyer where you can actually see every nook and corner of the property / house. They also provide 24-hour customer service support for property or booking related questions. This helps in saving the customer's money, time and effort. Otherwise he would have to visit the property individually for each short query.

Research: The buyer can compare properties online, checking the correct property rates using a website or portal tool. The buyer can also read the project description and locality details, reviewing the builder which will help them finalize the property and make decisions.

Risk in buying / renting / selling property online:-

Some property developers provide fake information and pictures about the property and simply submit it to the online portal to drive traffic and silly people.

In that case verified property builders come into play. Make sure that you do the proper research and invest or buy property that is verified and certified.