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Real Estate News
Redittor seeks suggestions on best cities to retire early; Netizens hail Hyderabad, Pune and Tirupati
BHIVE Workspace leases 77,000 square feet office space in Bengaluru for yearly rent of ₹8.5 crore
Noida: Omaxe Group’s 9,262 sqm plot sealed for default in payment
Mumbai tops ultra luxury home sales in 2024, deals worth ₹2443 crore transacted across four cities
bhuminivesh.com is your premier destination for Current Real Estate Happenings
Unveil the dynamic world of real estate with bhuminivesh.com, your trusted authority for the latest real estate news, trends, and insights. We empower informed decision-making by delivering current market updates, insightful analyses, and expert-driven perspectives – all designed to transform you into a real estate savvy investor. Our comprehensive platform keeps you ahead of the curve. Explore our news area in-depth to learn about recent events in the industry, alterations in policy, and shifts in the market that may affect your investments. We provide in-depth trend assessments to interpret market movements, spot profitable possibilities, and project future trajectories. We go beyond the headlines.
Frequently Asked Questions
A real estate agent is licensed to assist with property transactions, while a Realtor is a licensed agent who is also a member of the National Association of Realtors (NAR), adhering to a strict Code of Ethics and additional professional standards.
To determine the value of a property:
- Compare Similar Properties: Look at recent sales of similar properties in the area.
- Consider Location: Location greatly influences value.
- Assess Property Condition: Evaluate the age, maintenance, and upgrades.
- Review Market Trends: Understand current market conditions and trends.
- Get a Professional Appraisal: Hire a licensed appraiser for an expert valuation.
- Consult Real Estate Agents: Agents can provide comparative market analyses based on their local knowledge.
Property taxes are levied by local governments on real estate properties and are a major source of revenue. They are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by a tax assessor, taking into account factors like property size, location, and improvements. The tax rate, expressed as a percentage, is applied to the assessed value to determine the annual property tax amount.
Example: If your property is assessed at $300,000 and the local tax rate is 1.5%, the annual property tax would be $4,500.
Some common pitfalls to avoid when buying a property include:
- Not getting pre-approved for a mortgage: Knowing your budget upfront helps in focusing your search and making competitive offers.
- Skipping property inspections: Inspections uncover hidden issues that could lead to costly repairs later.
- Neglecting to research the neighborhood: Understanding local amenities, schools, and crime rates ensures the property meets your lifestyle and investment goals.
- Ignoring hidden costs: Beyond the purchase price, consider closing costs, property taxes, and ongoing maintenance expenses.
- Failing to review the contract thoroughly: Ensure you understand all terms and conditions, including contingencies and timelines.
- Not considering resale value: Evaluate the property’s potential for appreciation and marketability in the future.
Avoiding these pitfalls can lead to a more informed and successful property purchase.
Financing options for international buyers or non-residents purchasing property in a foreign country typically include:
- Cash Payment: Many international buyers choose to purchase property outright with cash.
- Local Mortgages: Some countries offer mortgage loans to non-residents, although terms and requirements may vary and can include higher interest rates and larger down payments.
- Developer Financing: In some cases, developers offer financing directly to buyers for new construction properties.
- Private Financing: Non-traditional lenders or private investors may offer financing options, though terms can be less favorable than traditional mortgages.
Each option has its considerations regarding eligibility, currency exchange risks, and legal implications. Buyers should research thoroughly and consult with local financial advisors and real estate professionals for guidance.
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- Breaking News: Keep up of the latest developments in real estate news with our real-time coverage. Learn about changes in the market, policy changes, and industry trends that affect your assets.
- In-Depth Trends: Dive deeper with our analysis of the latest real estate trends. We unpack market movements, decode investment opportunities, and forecast future directions to guide your strategies.
Sep 12, 2024 08:47 PM IST
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In Hyderabad, the cost of homes has risen dramatically over the past few years due to both expanding new supply and strong demand. According to local brokers, Hyderabad's real estate market has been booming since 2023, with rentals rising by at least 30%.
Analysts also note that Hyderabad has surpassed Bengaluru in some micromarkets with respect to the rise of real estate prices.
Source: Money Control
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Maharashtra Housing and Area Development Authority has received more than 68,000 applications for the MHADA lottery 2024 that it launched last month.
More than 2000 affordable homes in the price range of ₹29 lakh to ₹6.82 crore are on offer under the scheme. This is because MHADA decided to reduce the prices of 370 affordable homes by 10% to 25% on August 29.
Following the announcement, MHADA had received nearly 30,000 applications as of August 29 that doubled within two weeks to over 68,000 applications. 49,284 applicants have paid the earnest money deposit (EMD) required to be paid for the apartments as of September 11.
Most units in the higher income group (HIG) are being offered in the range of ₹1 crore and ₹6 crore plus. The homes are located in areas like Andheri, Antop Hill, Juhu, Goregaon, Tardeo, Vikhroli, and Powai, among several others.
The costliest among them is a unit worth ₹6.82 crore in south Mumbai's Tardeo area measuring over 1,500 sq ft. This apartment is located on a higher floor, is ready-to-move, and the building overlooks the Mahalaxmi Racecourse and faces the sea.
Source: Hindustan Times
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Pune's property market has been growing steadily, and 2024 will be no different. The city is becoming a popular place for both investors and homeowners because to its developing IT sector, burgeoning infrastructure, and rising standard of living. Let's examine the major themes influencing Pune's property market.
The real estate market in Pune is drawing more and more investors. Investor confidence has increased as a result of the city's robust economic growth and government programs like the Pradhan Mantri Awas Yojana (PMAY). Pune is a desirable alternative for properties that generate revenue because of its comparatively high rental returns when compared to other major Indian cities.
Read more⬇
https://bhuminivesh.com/pune-real-estate-market-hike-2024/
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The first half of 2024 saw investment activity in the nation's hospitality sector of over $93 million (January to June 2024). According to a JLL analysis, listed hotel firms made up 44% of the entire number of transactions, followed by owner-operators (30%), HNIs, family offices, and private hotel owners (26%).
In the first half of 2024, listed hotel firms accounted for the majority of hotel transactions. Of these, the upmarket category accounted for 44% of the overall transaction volume, followed by the mid-scale (31%), luxury (23%), and economical (3%) categories. Ninety-three percent of the 19,442 keys signed in the first half of 2024 were in Tier II and III cities.
Source: Hindustan Times
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Century Textiles and Industries Limited (CTIL) has said that it has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai, from Nusli Wadia for ₹1100 crore and expects ₹14000 crore from the real estate development on the site.
With this transaction, the existing leasehold interest of CTIL is merged with the ownership rights, the company said in a regulatory filing on September 10.
This acquisition in the prime location of Worli, Mumbai, will be developed through its wholly-owned subsidiary, Birla Estates Pvt Ltd. Worli as a location is in the forefront of the current bullish trend in luxury real estate.
About the land parcel :This 10-acre land parcel adds an approximate booking value potential of ₹14000 crore to the company. It also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of approximately ₹28000 crore, the company said in a regulatory filing.
Source: Hindustan Times
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According to the sources, "disgruntled homebuyers for non-fulfilment of the promise of handing over the (housing) projects to them" filed a number of FIRs against the company, which led to the ED case.
In Gurugram, Haryana, there are three projects: Ramprastha Rise, Ramprastha City, and Ramprastha SKYZ.
PTI contacted the company by phone, but got no response.
According to ED sources, a few of the group's promoters, including Balwant Chaudhary, Arvind Walia, and Sandeep Yadav, have been contacted for interrogation but have not yet joined the inquiry.
Source: Hindustan Times
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The Goods and Services Tax (GST) Council at its 54th meeting in New Delhi on September 9 decided to bring renting of commercial property by an unregistered person to a registered person under Reverse Charge Mechanism (RCM), in order to prevent revenue leakage.
The meeting decided that commercial property will now come under the reverse charge mechanism. Under the RCM, the liability to pay GST will now shift from the supplier, that is the landlord, to the recipient or the tenant of the commercial rental services.
“Renting of commercial properties brought under reverse charge mechanism,” said revenue secretary Sanjay Malhotra.
The 54th meeting of the Goods and Services Tax Council chaired by finance minister Nirmala Sitharaman concluded in New Delhi today.
“Residential construction is liable to tax @ 5% and commercial construction is liable @ 12%. The issue around taxability of PLC was whether the same is separate and distinct service liable to tax at the standard rate of 18% or is to be treated as part and parcel of construction service liable to respective rates of 5% / 12%. There are favorable rulings under the erstwhile service tax regime which have held that construction and PLC service is to be treated as ‘bundled service’. However, there were few adverse Advance Rulings under the GST regime, which have held that PLC is a separate service liable to tax at the higher rate of 18%. Accordingly, this clarification would finally assuage the concerns of all builders by putting to rest any doubt on taxability of PLC,” added Singh from Deloitte India.
Source: Hindustan Times
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September 10, 2024
Great Insights about real estate scams. will make buyers more aware about it.
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September 10, 2024
Really interesting blogs on real estate .
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August 30, 2024
Bhuminivesh delivers a sleek, user-friendly real estate browsing experience.
