Ghodbunder bypass, Metro work to take-off in 2016

The year 2016 seems to be good for Thane as the city is set for better infrastructure. It will get Ghodbunder bypass road and the work for Kasarvadavli-Wadala Metro is also likely to take-off.

Next year, Thanekars can be hopeful of less-clogged streets as the work on Ghodbunder bypass road, adjacent to Gaimukh to Balkum creek, is likely to begin. This 200-metre-long and 45-feet-wide road will be constructed at an estimated cost of Rs313 crore. It will take care of the heavy vehicle traffic movement that comes from Ahmedabad highway.

“The proposal was approved by the MMRDA, but required an NOC from the defence ministry as the road is adjacent to Navy’s Akbar Camp,” said Thane MP Rajan Vichare.

Vichare met defence minister Manohar Parikkar and explained the situation. “I explained to him that we will make the road without disturbing the boundary wall of Akbar camp. Parikkar told us that he will give the requisite permission soon,” added Vichare. If this approval comes, it will improve the traffic situation on the stretch to a great extent.

In another development, work for Thane Metro from Kasarvadavli to Wadala is likely to start before the next budgetary session of the legislative assembly. “Earlier, there was a proposal to have an underground Metro. But consultants appointed to study the project suggested that this would push up the cost as well as time,” said MLA Pratap Sarnaik, adding, “So, it has been decided to go for an elevated Metro.”

Earlier, chief minister Devendra Fadnavis had said the work on Thane Metro will start by December 2015. But this did not happen and as a mark of protest Sarnaik staged a hunger strike at the winter assembly session in Nagpur.
He demanded that Metro is the need of hour in Thane due to ever-increasing population. “The honorable chief minister promised that the work on Thane Metro will start before next assembly budget,” said Sarnaik.

Source - epaper.dnaindia.com


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Change the mood with soft furnishings

Soft furnishings infuse life into a home, imparting colour and texture to design.

With the basic structure of a home in place, the next step is to design the interiors. This includes furniture, as well as furnishings such as drapes, blinds, cushions and upholstery, carpets and rugs which give life to furniture and impart a definite character to different spaces. Here are some suggestions:

Curtains

Go for fine quality and durable drapes or blinds that can withstand constant washing. Use jacquard fabric for floral prints in a formation of swirly blooms. Linen fabric in cur Linen fabric in curtains gives a handmade look. With some speck detailing or decorative motif on fabric, it can give a homely and soothing feel in the bedroom.

Satin, sheer and organza fabrics add a luxurious feel to any room. Silk can be added in the form of an embellishment. These fabrics for curtains are recommended for living areas, dining or family room.

Voile is a lightweight woven fabric and can be used for rooms which need more fresh air and sunlight. Voile curtains are available in a variety of colours and prints. They give a delicate feel to the windows. Full-height curtains could also give an illusion of greater visual height.

Upholstery

Chenille offers a soft touch and is the perfect material for soft chair coverings, children's bedrooms or lounge areas. For heavy traffic zones, hardwearing fabrics or printed fabrics are in demand. Velvets can used for sofas and armchairs for a royal look and making the entire living-dining space grand. The richness of this fabric and colours will not fade soon and makes it easy to maintain.

Cushions and bedspreads

Cushions and coverings raise the level of comfort and add a decorative look to interior spaces. A personalised decor can be achieved by the use of various shapes, sizes and colours of cushions. Cotton, linen and handloom products are best for bedrooms as they add to the warmth and luxury. Raw silk and polyster can make for bright and lavish cushions in the formal areas. Putting in throws and cushions with such rich fabrics makes the couch look expensive and glamorous.

Carpets and rugs

Persian carpets showcase the art of carpet weaving and are among the best hand-woven carpets. Contemporary design rugs with bold geometric patterns or floral designs can be placed in children's rooms. Carpets can balance colours beautifully. The bright tones of walls can be softened by subtle carpet patterns. On the contrary, a neutral decor scheme can be balanced by a charcoal-rust combination of floor soft furnishings.

Colours

The range goes from hot orange, red, yellow, amber and pink tones to serene hues of the cool blue ocean. Some of the most popular colours are teals, limes, pastels and vivacious pinks. Nectarine has a warm coral touch, and in combination with poppy reds and lemon zest colours, can make for a very inviting space. Emerald is recommended for kitchen furnishings. African violet or Monaco blue can give the master bedroom an exotic and lavish appeal.

To Buy 1 BHK and 2 BHK affordable flats in Thane

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Things to remember when cancelling an apartment booking

Are you aware of the procedure for cancelling an apartment booking? Squarefeet Group explains your rights as a buyer to cancel a booking and claim a refund.

The down trend in the real estate market has had many investors and buyers reconsidering their decisions to buy a property. Often it happens that people eagerly book an apartment but due to certain reasons, are unable to go ahead with the purchase. According to property consultants, while majority of the cancellation instances occur due to buyers reconsidering their financial circumstances, another common reason is unnecessary project delays.

Most people are unaware about the procedure of cancelling an apartment booking. This results in problems while claiming a refund. Prashant Nath from PropertYes De Emirates tells us that there are no rules or conditions laid out by the government regarding cancellation of an apartment or refund of the booking amount. “How smooth your cancellation process goes basically depends on the rapport you have with the developer” says Prashant Nath.

Important things to remember:

• Builder-buyer agreements including sale agreement or property allotment documents usually contain cancellation clauses. Go through the documents in detail as cancellation will be subject to the terms mentioned.
• Always save any acknowledgement document you receive, especially in lieu of a payment.
• It is best to pay through cheques or other recordable mode rather than cash.
• Any VAT or service Tax paid will not be refunded in case of a cancellation.
• Keep all communication in writing. Verbal assurances and promises will not hold in a court if a complaint has to be filed.

Even if no builder-buyer agreement was signed, you are still entitled to cancelling a booking and claiming refund. Experts warn that the reason for cancellation should be a genuine one or else you may get into legal trouble. In the absence of a signed contract or agreement, holding on to allotment letters and receipts of payment are very important. Application forms, acknowledgement or allotment letters may also contain terms and conditions of a cancellation which can be used to claim refund from the builder.

Cancellation charge

Prashant Nath says that it is common for builders to deduct a cancellation charge, usually 10 per cent of the cost of the apartment, before refunding the booking amount. Apart from this charge, any government tax paid by the buyer such as stamp duty, VAT or service tax will also be deducted from the refund. He adds that since there are no guidelines laid down by the government the deduction is done at the builder’s discretion and some builders might even waive it off in some cases.

Legal expert Atulay Nehra tells us that cancellation charges are usually mentioned in the builder-buyer agreement. So, if you have signed such a contract, read it carefully to find out how much money you are liable to be refunded. If terms for cancellation are missing then 100 per cent refund can be claimed from the developer. In case a developer refuses to repay the booking amount even with a clause present in the agreement, the buyer may file a case with the consumer forum asking for a refund with interest.

Seek legal counsel

It is best to seek legal counsel if you are planning to cancel an apartment booking to avoid any glitches later on. A legal expert will be able to help you out with the whole procedure and ensure that you get refunded what you deserve and nothing less. Cancelling an apartment booking involves several official formalities which a lay man might not be well-versed with. Just sending an email to the builder requesting a cancellation is not the best way to go about it. A lawyer can help you out with all written correspondence as well as with filing a complaint in case you feel your rights have been denied in any way. 

You may also contact us at - +91-22-25452903, 66543333 or
Email us at - sales@squarefeetgroup.in 

Source - 99acres.com

Taxation Rules for NRI Property Buyers

If you are NRI wish to buy Property for Parents or Investment. You Need to Know about Taxation Rules in India. Also, with the value of rupee dropping in the global market, investment in the Indian real estate market seems profitable to NRIs Investors. Many of the NRI property buyers investing in Indian shores are primarily from the Middle East, US, Singapore, Australia, UK, Canada and South Africa. As many NRIs are planning to Buy Property, this has pushed many developers to cater to this NRI category. Although buying or selling a property in India is easy, there are many NRIs who should know the tax implications while purchasing properties in India.

Many NRI wants to understand the prevailing NRI taxation rules in India, while buying and selling properties. While purchasing the flat NRIs are required to deduct income tax at 1 per cent if the value of the property is more than Rs 50 lakh. However, if you are buying the property from another non-resident then the rate of deduction would be much higher.

You need to pay the seller only the balance amount after deduction of taxes. The deducted taxes are to be paid to the Income Tax Department along with a duly filled Challan 26QB.

Further, while selling the property, taxes will have to be paid on capital gains (i.e. profit). There are certain investments that you can make to minimize the tax outgo. It is very important that you check the tax implications in the country of your residence as well.”

Those who are looking to purchase another property (probably a shop), for one of the property, income (equivalent to the rent that a similar property would fetch) will have to be offered to tax. One can choose the property for which you will declare the rent depending on what would be beneficial.

Tax savings for NRIs

NRIs who had sold his ancestral property and is now planning to invest in a plot. Considering the property sold was a residential house/flat, you need to reinvest the amount of capital gain (after indexation) in another residential house to claim the capital gain exemption.

To save on tax there will be no benefit to re-investment in the plot of land unless you construct residential house on the said plot in a period of 3 years from the date of the sale of original property.

You can also claim capital gain exemption u/s. 54EC by investing in certain notified bonds (REC/NHAI).

Can a PIO card holder sell property in India and reinvest in the UK? He need to pay tax and if yes what percentage?

Considering the property was on hold for more than 3 years now and is a long term capital asset, the owner will have to pay taxes at 20.6 per cent post indexation on the amount of capital gains. With the amendment brought up by the Finance Act 2014 you will not be eligible to claim any exemption for reinvestment in property outside India. But you can save taxes by reinvesting the amount of capital gain in 54EC Bonds.

The top five do’s you should know before making an investment:

• 1Personal visit to site along with self evaluation of the project, study about builder etc. is very essential. (Online data should be verified before final decision) 
• A local person/attorney can really help for some miscellaneous jobs. 
• Before renting the premises, proper care should be taken for getting possession back on expiry of the terms. 
•  If money is to be repatriated out of India, care should be taken of prevailing laws for the same. 
•  TDS at the rate of 20 per cent is deducted from the sale price when any property is purchased from NRI, so that is to be considered.

 

If you are NRI and Planning to Buy Property in Thane, Mumbra, Ambarnath Contact us @ 022 6654 3333

3 Ways to Make a Small Space Look Larger

While Decorating Small Space most important is your Furniture should be correctly scaled for your Space. Most of the time furniture is too big.

If you're living in a Studio Apartment and want to sleep on a sofa every night, there is precisely one model that is good enough to use as a bed. You can Buy Sofa Cum Bed for it. A bench is also an indispensable piece of furniture for a studio. It takes up little space, but it provides extra seating, a makeshift buffet for cocktail parties, and a good general plunking-down space for books, clothes, etc.

Keep your home space Simplifying it can make your whole existence seem simpler and more manageable. The best advice for people looking to pare down is to get rid of everything that's not contributing to your happiness. Think of it this way: A small house is a big house with all the unnecessary parts removed.

Build storage flush with the wall, limit structural details, and minimize clutter. The clean lines will allow your eye to "slip" around the space, making it feel larger. Play with perceived depths. Dropping your ceiling a foot may seem antithetical. You couldn't tell if the ceiling extended one foot or 12 feet above the punch outs; that height ambiguity makes a space feel larger. Make sure there's connectivity between your indoor space and your outdoor space. Even if you have a view of a brick wall, put something near your window that picks up the color and texture of the brick. It will lead your eye out the window and expand your sense of the room.

Rather than fill your precious space with big storage units, look around to see how you can make use of existing nooks and niches. 

For more such interesting Home Decor articles, stay connected with Squarefeet Group.

Check out various projects by Squarefeet Group like Ace Square Residential Project in Kasarwadavali Thane and Imperial Square Residential Project at Ghodbunder Road, Thane.

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Are you aware about Tax Benefit on under construction property?

There are Many Reasons to Buy Under Construction flats, then ready made apartments. Among the other reason the main reason is under-constructed properties are available for a discount of around 15-20 per cent as compared to a ready-to-move-in apartments. You would be only considering this discounts on flats. But, did you also know that there are tax benefits to be availed, post possession?

If you are planning for an investment in property with a lower budget and have no plans of moving in that house in the near future, then we would advise you to book a house in an under-constructed project. While such properties are available for a discount of around 15-20 per cent as compared to a ready-to-move-in house, another big advantage for salaried person is that after taking possession of the property, this investment which you have done would also help you save on some taxes. 

When a person buys a ready flat or Apartments, can claim the tax deduction under Section 80 C for repayment of principal amount of housing loan to the tune of 1.5 lakhs and around 2 lakhs for the interest paid on that loan in that financial year. “No tax deduction is allowed under Section 24 for property, which is still under construction. It is allowed only after the construction is complete and the possession is handed over. This is because according to the Income Tax Act, 1961, a tax payer gets a deduction of 2 lakhs in respect of the interest paid on the housing loan taken to acquire the house only if the house is in the physical possession and belongs to the tax payer during the year. The maximum limit of interest deduction a tax payer can claim in a particular year is limited to the tune of 2 lakhs and will operate as a combined limit for the interest of that year plus one-fifth of the construction period interest. Buyers have an option of paying only the interest amount on the loan and the actual EMI starts once the possession of the property is taken. However, if you have already started paying regular EMIs before the completion of the project to repay the loan amount earlier, you cannot claim any deduction for the principal repayment that you made on the property while in the under-construction stage. 

The possession of the property should be completed within three years from the end of the financial year in which the capital was borrowed for acquisition of the house. If the possession of the house is received after more than three years from the end of the financial year in which the loan was taken, then only an interest of Rs 30,000 is deductible each year.

If the first house is rented out, the income received from the rented property is taxable and interest paid on a loan taken for such a property is fully deducted. The other property, being self-occupied, will have NIL income, but interest deduction on the corresponding home loan will be limited to Rs 2 lakhs.

What happens if you sell the same property within five years from which it was completed? In that case, there are tax implications. The deductions that you enjoyed based on the principal amount will be reversed and in fact will be lumped together and treated as your income of the year in which you sell your property.

Now you get an idea of Tax Benefit on Under Construction Flats or Apartments. If you are Planning to Buy Under Construction Flat in Thane or around Thane. We have Various Under Construction Property in and around Thane. 

Squarefeet Group have various Under-Construction Property at Thane, Mumbra, New Bhiwandi and Ambarnath. 

To Know More Contact Us @ +(91)-22-25452903, 66543333