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Important documents a homebuyer should check before buying a property

Builder_Blog04
I Land Related Documents
1. Sale deed/Title deed – Title document is the document in the name of the landowner/Builder.  It reflects the extent of property and from whom the property has been purchased.
2. Prior Deeds – In order to verify the clear and marketable title of the landowner/Builder, the parent/prior deeds for the last 15 years (last 30 years in some cases) will have to be verified.
3. Encumbrance Certificate – Encumbrance Certificate is the certificate that shows if there is any charge on the property, which is in the possession of the landowner/Builder.  It is issued by the concerned Sub Registrar’s Office.
4. Possession Certificate – Possession Certificate reflects the ownership and possession of the property and it shows the extent of property and survey/re-survey number.  This certificate is issued by the concerned Village Office.
5. Location Sketch – Location Sketch is also issued by the concerned Village Office and it deals with the location of the property in question.
6.  Land Tax Receipt – Land Tax Receipt reflects the extent of the property, its survey/re-survey number and in whose name the land tax is being paid.  Land tax is usually paid every year.
7. Thandaper Extract: To verify classification of the property, it is advisable to collect Thandaper Extract from the concerned village office.
II Building Related Documents
1.Building Permit – Building Permit is necessary for construction of a high rise building and it is issued by the Panchayat/Municipality/Corporation.  It reflects the number of floors and the area in each floor
2. Approved Floor Plan – This is also issued by the Panchayat/Municipality/ Corporation.  It reflects the plan for each floor.
3. Other Statutory Approach
a)     Clearance from MOEF (Ministry of Environment and Forest) – In case the total area exceeds 20,000 square metres, then clearance from State Environmental Impact Assessment Authority (SEIAA) is required.
b)    Aviation Clearance- For carrying out the construction activities clearance from Aviation Department is required.
c)     CRZ clearance (Coastal Regulatory Zone) – If the concerned property is lying in the Zone marked as Coastal Regulatory Zone (CRZ), then clearance is required for starting the construction activities.
d)    Fire NOC (from the Fire Department) – No Objection Certificate (NOC) from Fire and Rescue Department is also required for initiating the construction activities.
e)   NOC from Pollution Control Board (Consent to establish and consent to operate) – Consent to Establish (CTE approval) from Pollution Control Board is required for starting the construction related activities. Also, it is mandatory to obtain Consent to Operate (CTO approval) prior to commencement of the operation activities.
III Possession Related Documents
1.Completion/Occupancy Certificate – Once completion drawing is submitted, inspection by municipal authorities will be carried out and once they are satisfied, Completion/Occupancy Certificate will be issued.
2.Possession Certificate –Once the sale deed is registered, the apartment owner can apply for possession certificate with regard to his/her undivided share of land.
3. Building Tax (latest property tax paid receipt) – After change of registry, the apartment owner can pay building tax with regard to his/her apartment in his/her name.

How to create one crore worth asset with an initial investment of Rs. 25 lakh

real estate investment with minimum liquidity
When it comes to investing, the most important question before us is – Where to invest?  The traditional investment options like gold and fixed deposit are no longer lucrative.  Stock market/mutual funds are highly volatile and risky to invest.
Then, what will be an option for those who are looking for a potential investment, which is ever appreciating but risk- free? The answer is real estate. Let’s see how you can invest in real estate with a minimum initial investment.
Let’s assume, you’ve shortlisted an apartment, worth one crore. Your down payment will be Rs. 25 lakh. Usually, banks or other housing finance companies will provide you up to 75 percent of loan amount. In effect, you have owned a property worth one crore with Rs. 25 lakh, which is an ever-appreciating asset.
It is a proven fact that the value of real estate investment will increase over time. For example, the launch price of Skyline Springfield Villa at Cochin was Rs. 12 lakh, it has now appreciated to Rs. 2.1 crore. Likewise, the launch price of Skyline Palm Meadows Villas at Kottayam was Rs. 29.8 lakh, it has appreciated to Rs. 1.42 crore. Another project at Calicut, Skyline Medows, was priced at Rs.7.5  lakh during its launch; it has now appreciated to Rs.1.05 crores. For full information on the appreciation of Skyline Builders, projects click the link below
Skyline Property appreciation
You can claim income tax benefit of Rs. 1.50 lakh for the principal repayment and an annual interest up to Rs 2 lakh can be claimed as a deduction against income. Along with this under Pradhan Mantri Awas Yojana (PMAY)), you will get a subsidy of Rs. 2.35 lakh.  For details click here
Pradhan Mantri Awas Yojana
For best locations, the average rental income increases, usually in the range of five to ten percent. A steady rental income will help you partially fund to repay the loans taken. In effect, your effective EMI will come down drastically.
The table below illustrates your effective monthly EMI for a property worth one crore. The down- payment is taken as Rs. 25 Lakh
Table1
But, all these are possible if you invest with the right right builder. It is very important to check the builder’s expertise and track- record.  Always choose a builder with a good reputation, who gives priority for best locations, quality of construction, timely delivery, financial stability and above all, it should have an efficient post-sales service team. This will guarantee that you get a good return on your hard-earned money.
*If your yearly income is above 10 lakh, the tax slab applicable will be 30 %
*Yearly tax benefit under 80 cc is Rs. 1.5 lakh
*Yearly Tax Benefit under section 24 is Rs. 2 Lakh
* Total Yearly tax benefits is Rs. 3.5 lakh
* Loan tenure is 30 years

How to use home loans effectively for tax benefits

 

Home loan tax benefits 2018
Avail home loan tax exemption for self occupied home

  • Under section 24, annual interest up to Rs 2 lakh can be claimed as deduction against income. Senior citizens will get up to Rs 3 lakh.
  • Depending upon your tax slab, the tax liability can be reduced up to Rs 67, 980
  • As per section 80 EE, the homebuyers will get the tax benefit for home loan up to Rs 50,000 per financial year. The value of the property should not exceed Rs 50 lakh and the amount taken for the loan should be less than Rs 35 lakh.
  • Tax benefit will be available for purchase of land, construction, repair and renewal of home property
  • As per section 80C, the applicant will get a maximum tax benefit of Rs. 1.50 lakh for principal repayment.
  • Under section 24, you are eligible to claim tax deduction if you take loan from friends, employer, relatives or any private lender to buy a home. A valid certificate from the lender (relatives/friends/ employer) should be produced showing the detail amount of loan taken.

 
Claim tax benefit on for under construction property before possession

  • Section 24 of IT Act clearly states that payment of interest is qualified for tax reduction for under construction (on-going) property.
  • The total interest paid during the construction period can be claimed in 5 equal installments starting from the financial year in which the construction is completed.
  • Tax benefit during construction is not allowed for repair or renewal of existing home.

 
Avail tax deduction for rented property

  • According to section 24, you are entitled to tax deduction if the property is not self-occupied and you are away for various reasons such as employment, business needs.

 
Joint home loan tax benefits for co-owners/co-borrowers

  • For the co-owners of the property, the home loan borrowers (any number of applicants) can claim individual tax benefit.
  • As per section 80C, each applicant will get a maximum tax benefit of Rs. 1.50 lakh for principal repayment.
  • Under section 24, the applicants can claim Rs 2 lakh for interest repayment.
  • Even if you are paying the EMI of the property owned by your parents/ spouse, you are eligible for the tax deduction.
  • The information compiled taken from various authentic sources.

 

Benefits of living in a gated community

Tens of thousands of Keralites migrate to the various part of the world for lucrative jobs, better lifestyle or for higher education. While chasing their dreams, they need to leave many things back in their own native. One such treasure that they leave behind is their own parents.
A gated community is one of the most suited and sought after dwelling places for the parents.  It provides them with a comfortable atmosphere and a happy lifestyle.
Following are the advantages of living in a gated community
Safety and security
The NRIs are concerned about the safety and security of their parents. A gated community will provide both automatic and manned security systems.  Controlled entry and exit with boom barrier gate, biometric accesses to main lobby, surveillance camera in common areas, video door phone system etc are provided in a gated community. The primary fire safety systems provided in a gated community includes smoke detector, fire detector and gas sensors.
Gated communities equipped with latest technologies like window sensors, glass break detectors and motion detectors with burglar alarm provides the parents a fear-free living. The security access system is so effective in controlling the unwanted strangers from entering into the premises of gated community.
Accessibility
Another major benefit of a gated community is its accessibility. Most of the time, a gated community offers a good connectivity to some of the best multi-speciality hospitals in the city. Being close to the other social infrastructure, your parents will have access to shopping malls, movie-theatre, temples, churches, mosques etc.
Amenities
Gated community provides a host of world-class amenities such as fitness centre, Swimming pool, Spa, Jacuzzi, saloon, recreation hall, walkway etc. A well-equipped fitness centre, walkways etc helps parents to maintain their health also.
Ambience
Though situated amidst the heart of the city, a gated community offers tranquil and serene environment favourable for your parents. The large open green space insulates gated community from noise and pollution provides them a relaxed life.
Community living
A gated community is a great relief for every elderly parent from loneliness, anxiety and fear. It helps them to have interacted, find friends, start a new hobby at their living space itself.  A gated community is an ideal place for them to gather with friends and engage in various activities making their life happy and healthy.
Appreciation
The gated communities by reputed builders are situated in the most prominent locations. All the gated communities have a host of world-class amenities like fitness centre, multi-purpose recreation room, mini-theatre, swimming pool etc making the property value higher.  A gated community is perfect option  for investment.

Locational advantage of Cheranalloor

cheranalloor

Locational advantage of Cheranalloor

Cheranalloor is a place less known to people outside Kochi. But surprisingly, it has a lot to offer as a residential spot. The locality is blessed with its strategic location that makes Cheranalloor the new heart of Kochi. One of the biggest positive factors of this place is its proximity to Kochi City.

Well built social infrastructure and a host of other facilities like schools, banks, ATMs, hospitals, malls, hotels etc upgrades this locality with a best residential profile. Cheranalloor is blessed with very good road connectivity.  Public modes of transport include buses, cabs and autos which are round the clock making commuting easy towards the airport, railway stations and other places. Tucked away from the hullabaloos of city Cheranalloor offers a perfect place to stay.

These are just a few of the many reasons why Cheranalloor has a high Liveability Quotient. Tucked away from the tumults of the city, it is a quaint locale that offers the perfect blend of serenity and accessibility. For those who are looking for apartments or flats in Kochi, Cheranalloor is a wise option. 

 

Why visiting sample apartment is important before buying an apartment.

1 (12) A home is the most comfortable place in this world and we are emotionally attached to it. Buying a new home is the biggest financial decision of everyone’s life and it’s also an investment for future. Before taking the final decision, it is very important to visit the sample apartment. It will give you the look and feel of your future home. Here are the reasons why visiting sample apartment is important:
1. Sample apartment gives you an idea of the real space, size, and direction. It will also help you understand how your future home looks like once it is completed.
2. Visiting sample apartment will help you know about the quality of construction. You can also check with the builder about the materials and fittings used in the sample apartment.
3.  A fully furnished sample apartment will give you a clear picture of the interior design and utilization of space.
4. The builder follows the floor plan and layout while constructing sample apartment. By visiting sample apartment, you can decide upon the floor plan for your future apartment.
5. While visiting sample apartment you will understand the carpet area and built-up area.  The built-up area of an apartment includes elevator, lobby, outer wall thickness, staircase etc.
6.Most of the sample apartments are constructed for the purpose of representation which is done by the Interior Design Division. If you are interested, the builder can easily replicate the interiors for you.
7. Visiting sample apartment will help you understand the tiles used in flooring, bathroom fittings, electrical points, wood used in door frames and cabinets, false ceiling etc.

How to invest safely in real estate?

Invest Safely in real estate
Owning a home is a dream come true moment in anybody’s life. It’s most valued possession and also a lifetime investment. But, you need to ensure that the decision to buy your home is well planned, analysed and executed.
There are many aspects that need to be considered before buying a property from a real estate builder. Let’s look at what are the crucial aspects.
Choose a builder with expertise and track record
It is very important for a homebuyer to choose a builder with good experience and a valid track record.  The buyer should do a detailed examination of the builder like its financial stability, quality of construction, expertise in this field, on-time delivery and feedback of their completed projects.
With a proven track record of 28 years Skyline maintains to keep promises to its customers. Skyline is the only builder in Kerala that handed over 125 projects on-time. For its high credit standing, track record, high net worth and project execution, as per specified quality level within the stipulated time schedule, CRISIL, the international rating agency conferred DA2+ rating which is highest in Kerala.
Quality of construction
Another important aspect a buyer should check is the construction expertise of the builder. A buyer can arrange a site visit of the builder’s completed and ongoing projects. This helps the buyer to get an idea about the builder. Experienced builders usually have clear-cut procedures to check the structural and overall fitness of their project.
Skyline Builders always maintains strict quality control norms, laid out by international standard organizations. All the procedures are documented and audited periodically. Skyline follows tested and proven construction practices, suitable for the customers, weather and local conditions to ensure hassle-free living conditions. With over 1.44 crore sq.ft built-up area, the builder believes in providing zero defect homes to its customers. Skyline is one of the first builders in India with ISO 9001:2015 certification.
RERA Compliance
The Real Estate (Regulation and Development) Act (RERA) is aimed at bringing  more transparency and accountability in terms of procedures to both developers and buyers. The regulation mandates that all the on-going and upcoming projects should come under the purview of RERA.
Without much ado, anybody can say that Skyline is RERA ready since 1989. Its transparency, quality of construction, post sales department helps over 6850 customers to choose their home address.
Post Sales Services
An important factor a homebuyer should check before investing his hard-earned money is the post sales services of the builder. Ideally, a buyer can avail the service of post sales the moment he books an apartment with the builder. The post sales services include the overall maintenance of the project
With After Sales, Interiors, Home Care and Skylineage the Skyline Builders post sales services Skycare takes care of the homes of its customers.
Value appreciation
Property appreciation of a project depends upon its location, quality of construction and maintenance of the project.  While zeroing in on a property, buyers should keep in mind factors such as proximity to various good schools, supermarkets, shopping centers, entertainment, hospitals, connectivity and work.
The 142 projects of Skyline Builders are situated at prime locations giving its customers a desirable value appreciation. Skyline has created over 1200 crorepaties due to property appreciation.

RERA: 7 Things you must know about Real Estate Act

7 things you must know about RERA
The Real Estate (Regulation and Development) Act (RERA) is aimed at bringing promotion to the real estate sector. It will bring more transparency and accountability in terms of procedures to both developers and buyers.
SECURITY
According to this Act, the builder has to keep 70 percent of the money collected from the buyers in an exclusive bank account (ESCROW account), only to meet the construction purposes of that particular project. The builder cannot accept more than 10 percent of the property’s cost as booking amount/application fee before the execution agreement for sale.
Quality
As per RERA rules, the builder ensures protection to buyers up to five years after the possession. If any issue brought to notice by the buyer during this period including quality of construction/defect in workmanship/provision of services, the builder is responsible to rectify such defects within 30 days.
Transparency
According to this Act, it is mandatory for builders to publish all the information about their projects, such as project plan, project layout, land title and status, government approvals, contractors, schedule and completion of the project with clients and RERA.
Integrity
RERA mandates that carpet area have to be clearly mentioned before sale. The builder cannot charge for the super built-up area. The area for balcony/terrace should be mentioned separately before the sale.
Authorisation
The act clearly states that the builder will be able to sell the project only after registering the project with RERA. Any advertisement inviting a person to purchase or investment should carry the unique RERA registration number. All the ongoing and upcoming projects will come under the purview of this.
Responsibility
It is mandatory that the agreement of sale should mention the date of possession. RERA imposes strict guidelines on the builder and ensures on-time delivery of the project.
Penalty
In case of any complaint against the builder, the buyer can go the real estate regulatory body for redressal.  For a builder, if they come across any delayed payment, they can also approach the regulatory body.

Important Guidelines For NRIs To Investing In Real Estate

A home in one’s native is often the dream of all Keralites who are living abroad. Kerala, one of the most developed states in India, is the preferred real estate destinations for all NRIs. According to a report by JLL India, a global real estate management company, Trivandrum and Kochi are the two of the 10 the future cities of India. This shows the state has the favourable market conditions for NRIs to invest in Kerala.
While making an investment in real estate, what are the important aspects the NRI buyers should check. Listed below are the checklists for NRI buyers.

Type of property

The NRI buyers can own any immovable property in India. The immovable property includes both residential (apartment/villas/land) and commercial properties. They cannot buy agricultural lands/ farmlands/ plantation property, but they can inherit such properties.

Power of Attorney (POA)

The physical presence of an NRI is not necessary while doing the property related transactions. He can execute official procedures like property registration, home loan procedure, property buying etc through the power of Attorney. The person who holds the power of attorney can be his close friend or relative residing in India.

Home Loan

For buying residential property in India, an NRI can avail home loan from any financial institutions registered with the National Housing Bank (NBC). He should hold a bank account in any authorised Indian Bank and make all transactions in Indian currency only. The repayment of loan can be done with NRO/NRE account or FCNR (Foreign Currency Non-Resident) deposits.

Tax benefits

Like every citizen, an NRI is qualified for tax benefits. The NRIs can claim tax benefit according to section 80 C of Income Tax Act, 1961. The charges for the processing fee, stamp duty, registration and municipal tax are applicable for the tax deduction.

Sell/rent –an NRI property

There is no restriction on NRIs to sell any of his property. An NRI can sell his inherited farmland/ agricultural land only to Indian resident or he can gift it to anyone. Similarly, he can rent his commercial/residential property without any constraint. The rental income is eligible for repartition.

Yell For Yellow, ISL Is Back In Kochi.

Kerala Blasters Kochi
Jawaharlal Nehru International Stadium at Kochi is all set to kick off the inaugural match of the fourth edition of Indian Super League (ISL), 2017. All roads that lead to the Kochi International Stadium will be flooded with the excited fans cheering for Kerala Blasters. The ordinary tickets have been sold out for the opening match between Kerala Blasters and ATK. This shows the huge fan followers of ISL in Kerala.
Packed with an average of 45000 frantic supporters at Kochi International Stadium, the past three ISL seasons were a big success. The constant and committed support from a highly enthusiastic crowd add colour to the football match in India. This year there will be 10 teams from various states to compete for the elusive title.
Kochi hosted the FIFA U-17 world cup matches in October this year. With these two mega Sporting events back to back, Kochi is turning out to be one of the important sporting destinations in India. Its central location and easy accessibility from the northern and southern parts makes Kochi a natural choice for sports. The city possesses a well developed social and transport infrastructure that will cater the large influx of crowd who are coming to watch the ISL.
By hosting national and international sporting events, Kochi has got worldwide recognition. Its cosmopolitan culture and love for sports proved that this city is capable of hosting events that are more international. Kochi is joining the league of big metros and ranked 5th in real terms per capita disposable income in Indian cities with ISL team.
Kochi ISL
Kochi with its well-equipped social infrastructure, cosmopolitan culture, the multitude of eateries, entertainment and technology makes Kochi more vibrant. It is the first tier II city in India with a metro rail for intra-city connectivity. Moreover, this city is included in the top 20 Smart City mission. The IT boom aswell ultimately attract more investment to Kochi. All these factors make Kochi one of the most preferred real estate spot not only in Kerala but also in India.
 

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Skyline Builders Real Estate group offers you Luxury Apartments, Villas, Homes and Flats all across God's own country – Kerala, India. Skyline Builders™ is the #1 Builders in Kerala. Skyline invites you to join our ever-growing community of satisfied customers... into a world where dreams do come true... where unmatched quality goes hand-in-hand with affordable rates... where aesthetic beauty in a clean green environment is coupled with all the essentials for practical living... an investment that is a celebration of your success. The Skyline Group has been in existence since 1980 and Skyline Builders™ is the flagship unit of the group. We provide luxury villas and apartments across Kerala esp. in Kochi (Ernakulam/ Cochin), Thrissur(Thrichur), Trivandrum(Thiruvananthapuram), Kottayam, Kozhikode (Calicut) and Kannur. With the IT boom in full swing, Skyline Builders is providing housing facilities near Infopark-Kakkanad and Technopark- Kazhakkottam.

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