Buying a new house is one of the most crucial decisions of your life and can be considered as a milestone achievement. It is the idea you have been nurturing since a good number of months. Being a capital-intensive investment, years of saving and financial planning goes into it. Hence it is important to cover all your bases rather than just taking an emotional plunge.
So, to ensure that everything goes smoothly while buying a new residential property in Thane, below are the 5 crucial things to keep in mind.
Location
One of the most important factors to consider while making a home purchase decision is the location. We usually consider better accessibility in terms of quick and easy availability of modes of transport and less commute time to work as a good location. However, do not base your decision just on it. Consider social infrastructure too like markets, schools, hospitals, malls, parks, cinema etc.
Moreover, do not select a futuristic location. You live in today and not in the future. So, select a location and area that is well developed. E.g. Thane’s Platinum Belt. It is a belt that comprises of all the above-mentioned social infrastructure along with better connectivity and plush residences and offices.
Size of the apartment
Will you buy a 2 BHK in 970 sq. ft. or 1300 sq. ft and likewise 3 BHK in 1500 sq. ft. or 1800 sq. ft.?
So, a 330 sq. ft. bigger size with the same accommodation @ roughly 5,000 per sq. ft. means an extra payout of Rs. 16.5 lakhs and a 300 sq. ft. bigger size with the same accommodation @ roughly 5,000 per sq. ft. means an extra payout of Rs. 15 lakhs.
Also, while you think of the size of the apartment, keep in mind that the usable area may not increase substantially. A saving of 15 lakhs is a huge saving and so, be smart and practical while choosing the size of the apartment.
Registration charges and stamp duty
The Maharashtra government has reduced stamp duty and registration charges for properties falling under Mumbai Metropolitan Region Development Authority (MMRDA).
| Stamp Duty and Registration Charges |
| Cities | Registration Charges | |
| Mumbai | 5 % (Stamp Duty 4 % + Metro Cess 1 %) | For properties above Rs 30 lakh – Rs 30,000.
For properties below Rs 30 lakh – 1% of the property value. |
| Thane | 6% (Stamp duty 4% + Local Body Tax (LBT) 1% + Transport Surcharge 1%) | For properties above Rs 30 lakh – Rs 30,000.
For properties below Rs 30 lakh – 1% of the property value. |
So, be prudent while choosing the accommodation and size as it may result in you saving a good amount of stamp duty and registration charges.
Also, to simplify the process of property registration, the Maharashtra government have launched e-payment of stamp duty.
Furthermore, take into account ancillary expenses such as home loan processing fee, GST and preferential location charges. Estimate the cost of running your home which will include maintenance charges, property tax, commuting charges before finalizing on your dream home.
Which project to choose?
” Choose a project based not only on the amenities and the lavishness but also based on the consultants working on the project. Check out the architect consultants, landscape consultants, MEP consultants, construction consultants and even financial consultants working on the project.
A group of well-known consultants backing the project ensures that the project is considered highly off and you can be assured that the design, construction material and other specifications will be of top quality.
Timing
” Ajay Sharma, Managing Director, Valuations (India) at Colliers International said, “Given that residential pricing will be under pressure, good deals will come the buyer’s way, but the timing of the buy should be prudent and not delayed in hope of more discounted pricing.â€
Another expert, Adhil Shetty, CEO, BankBazaar said,†With interests at an all-time low, this is a good time to buy a house. We’re currently in a low inflation period, and there are few triggers for an interest rate spike. Therefore, with rates falling regularly, a repo-linked loan will work to the borrower’s advantage.â€
Keeping all the above points in mind, you can zero in on some good 2 BHK flats in Thane from some reputed developers such as Ashwin Sheth Group.
Moreover, as rightly mentioned by Mr. Ajay Sharma, there is a bright side to purchasing your property during the monsoon (hyperlink to the post ‘why monsoon is the best time to buy property’) – Deals!
This monsoon, Ashwin Sheth Group brings to you their #RaintrestingDeals. The deals are available on five of their coveted projects:
- Sheth Avalon (Thane West)
- Sheth Zuri (Thane West)
- Sheth Montana (Mulund West)
- Sheth Midori (Dahisar East)
Furthermore, they provide home buyers and investors with an immersive and interactive 360-degree virtual tours of all these properties. The deal offer a package of interesting benefits* :
- No GST on residential projects
- Booking amount of just Rs. 51,000/-
- Refundable booking
- Lowest prices guaranteed
Not just that, the group also have tied up with Axis Bank and ICICI Bank to assist you in providing easy and quick home loans.
Alongside, there are top consultants such as Sussanne Khan, Cooper Hills and ZZ Architects assisting them in all their projects and have even lent their expertise in developing luxury apartments in thane for the elite.
So, with this opportunity knocking at your door and having all the five points perfectly covered, what are you waiting for?
So, without any further delay, begin your home buying journey by visiting our Facebook Page to set up an appointment.
*The deal varies from project to project.
