Author Archives: Nk Sharma Group

About Nk Sharma Group

We wish to introduce ourselves as NKSharma Group of Companies, a reputed and well-known builder in Zirakpur, near Chandigarh, Mohali, and Panchkula, for delivering world-class construction services. We are pioneers of real estate in Punjab. Continuing our legacy of innovation, we have achieved new milestones with every connation. We are responsible and popular for landmark projects that have defined Zirakpur’s progress.

How to Choose Best Bank before Taking Home Loan

Property is a thing in itself and from the earlier times, till recent times will remain as the most important asset ever taken by any person and possession of it is important for ones living in society. However, Urbanisation make the prices of properties skyrocketing due to which borrower have to take the loan as the finances available with current job did not suffice to make a purchase. These days, a different bank offers different types of loans and facilities to match up borrower’s requirements. Home loan is one such type. Home Loan is a financial burden and before taking home loan borrower need to have the information of his annual income, including any overtime and commission, details of debts and expenses, such as other loans and debit cards and then has to think wisely to decide the amount as well as the bank from where one make up mind to apply for the same. Due to demonetization and reduction in lending rates offered by banks, interest rate competitions among banks hots up  due to  which employees working in banks resort to various tricks  to woo and befool the customer by not disclosing of the long terms expenses  and charges hurting their emotions impacting their finances in a big way which they can’t afford in the future during the closure of their loan Hence, Below mentioned are the important points to be considered for finalising the bank for taking loan:



  1. Evaluate Home loan Offerings Of Different Banks Pertaining To Sanctioning Of Maximum Loan Amount With Required Eligibility: The amount of loan that bank is likely to offer depends on your monthly income and value of your property. The loan amount would be 80-85% of your property value. It may be 90% in some cases where the amount of loan is more than 30 lakhs or less. Borrower will get home loan depends on his occupation -salaried, business, disposable income and number of dependents For a bigger loan one has to smaller down payment with a larger EMI.


  1. Compare The Rate Of Interest Of Different Banks: Rate of interest is very important as it influence the monthly EMI and total interest paid by your Home buyers should always shop around different banks and choose the competitive one offering best-suited bank providing facility of fixed and floated. Those taking loans for short duration from 2-5 years they should always advisable to take fixed loan whereas those with longer duration must take floating rates which vary according to market conditions. Hence, home buyers should compare the rate of interest and facilities which are availed by them from taking loan from a particular bank.  For example, State bank of India is the first bank to announce the reduction in lending rates for home loans by 50 basis points to 8.60 % to women borrowers and 8.7 percent for other borrower on loans up to Rs 75 lakh. Other banks like HDFC, ICICI bank, India bulls follows. Among the government banks, Bank of Baroda is the first to offer the reduced interest rate of about 8.35 % without any balance transfer charges.



  1. Avoid Falling For Marketing Grimmicks Of Various Dsa S And Agents Of The Various Offers: Increased competition among various banks regarding disbursement of loans and pressure of achieving huge monthly targets banks employees usually resort to certain tricks and often the offers comes with a catch. For example, Bank of Baroda is offering 8.35% interest rate for only those customers with a credit score of 760 or more. Customers with a lower credit score will have to pay a higher rate of interest.


  1. Properly Read The Details Of Long Terms, Conditions, Expanses Involved For Processing Charges And Prepayment: Home buyers should ask for the complete process being followed by the bank, documents required. Bank charge 0.25%-2% of the loan amount as prepayment charges which the customer should be aware of Banks set terms and conditions pertaining to the prepayment that also the borrower need to ask for from bank from which borrower finally take the loan.


  1. Do Not Apply For Home loan In Different Banks: Always wisely choose a particular bank where you finally give all your necessary documents for taking loan as applying in different banks will affect your CIBIL score and your chances of loan being rejected for multiple applications will be higher. So, borrower should check rates/emi/ processing fee and disbursal time in 3-4 banks but apply and give documents to one only.


  1. Scope For Balance Transfer Offered By Bank: Home buyers must clarify the terms and conditions for balance transfer of the loan amount, settlement/ foreclosing the outstanding amount, transferring the balance to another bank‘s account, preparing a part and full as per the requisite of the homebuyer.


  1. Responsiveness To Change In Rates: Do check whether the bank from whom you decide to take the loan changes its interest rates following the policy changes by the Reserve Bank of India. Always go for that bank which usually seen reducing rates in response to cut in repo rate by the RBI because of the fair deal expected not only now but in future too.


  1. Turn Around Time Of The Bank: Do check with bank how many day will it take to sanction and disburse home loans as it may vary from bank to bank. Normally bank will take five working days to disburse the loan provided all the documents are in order. There are number of post disbursement services involved which include regular account statements and interest certificates on time every year. Choose that bank with strong systems and good record of after-sale service.


Conclusion: We can conclude by saying process of taking loans become easier and beneficial for the borrower in the long term if above-mentioned parameters are considered properly while selecting best-suited bank among others from where the loan is likely to be taken. Home buyer can hurry up to select the particular bank to avail the loan and seal the deal as soon as possible as per the terms and conditions as decided in written as earlier decided during the process of taking loan. This enables to have a cordial relationship of customer-bank relationship and will boost the economy of the country.



How the 2017 budget Expected to Be a Real Estate Friendly Budget

Budget is a quantified financial plan for a forthcoming accounting period. It is a valuable tool as it, after all reflects the nation’s Five-year Development plans. Two important initiatives taken by government this year headed by Mr Narender Modi with the introduction of Real Estate Regulatory Authority Act and Demonetisation to keep a check on black money, hoarding, corruption and  high prices of properties by various developers have already made its mark in the history of the governments Hence, Budget 2017 carries the weight of high expectations  than earlier years  for  the revival of the fortune of the Real estate industry which will boost the demand and revive consumption. Stakeholders are demanding following expectations to be fulfilled from forthcoming budget of 2017 which will be declared on 1 Feb as the year of the revival of the fortune of Real Estate Sector.



  1. Industry Status to Real Estate Sector: The government must increase the tax exemption limit on interest and principal repayments for home loans which eventually will incentivize first-time buyers. This will give industrial status to Real Estate industry which will boost demands for funds in the local banks. As more and more customers are interested to avail the loan facility while purchasing their properties.


  1. Single Window Clearance to Real Estate Industry: The Union Minister Mr Arun Jaitley should focus on simplification of norms on Real Estate Investment Trust so as to give the Single Window Clearance to Real Estate Industry which will boost the demands for home loans further increasing the buying capacity of home buyers and preventing from causing unnecessary delays in delivery of a project and also bring down the price by 20 to 25 % making them more affordable.


  1. Clarity on Beneficiaries under Pradhan Mantri Awas Yojana: Budget 2017 should provide more clarity on the actual definition of beneficiaries who all can avail the benefits. For those who do not belong to economically weaker section can able to get subvention benefits while purchasing their LIG properties.


  1. Financial Security from delays: The government should focus on extending tax rebates in cases where projects delayed due to bonafide reasons. All these steps will help the government to move closer to the dream of housing for all by year 2022.


  1. I-T sops for first-time home buyers: The government should focus on providing similar tax incentives for the first timer buyers as being providing into  tier II, III cities few days back like for those interested in buying a house worth Rs 50 lakh will be getting exemption of additional 50 lakhs with a loan up to 35 lakh. Also need to be applicable in metros or a higher limit specific only to bigger metro cities should be introduced. There is also a dire need of the government to take such steps by which affordable projects to get additional tax incentive for at least 5 years which help even the common man to have their own house and to keep themselves away from their rented accommodations.


  1. Simplified tax norms for REITs: The government should consider convincing the states to exempt Real Estate Infrastructure from stamp duty, registration charges that will also help in functioning, implementation of RERA. Government needs to provide adequate financial and regulatory resources to support these measures.


  1. Higher tax saving on home loan & home insurance premiums: The government should focus on increasing the tax deduction limits so as to increase the demand and supply especially in metropolitan cities where the cost of propitiate Also there has to be tax concessions on house insurance premiums to encourage homebuyers.


  1. Clarity on GST: The government should focus on providing the clarity on GST (Goods and Service Tax)which need to be fixed at a rate which must be in lower possible slab of GST(goods and service tax) to the affordable home buyers in order to enable greater affordability for potential home buyers. Clarification is also needed on the abatement scheme, whether credit for input tax would be allowed if the composition scheme has been availed by developers.


  1. Increase in Rent Deduction Limit: The government should also focus on increasing the Rent Deduction limit so that homebuyers can save money to provide the EMI of his monthly loan without worrying. One should focus on increase the tax deduction for amount paid on housing loan from 2 lakh to Rs 3 lakh.


  1. Digitization of all land records: The government should focus to make all records related to land and registration process digital to make them easy to do and transparent.


Conclusion: We can conclude by saying that stakeholders have higher hopes from the forthcoming budget which need to fulfill all the above expectations enabling to provide the opportunity to common man to have housing of his own by availing home loan facility


Role of Season in Buying and Selling Property

Investing your hard-earned money logically and smartly is a tedious job as it involves time and energy both on the part of in visitor and buyer to do survey from time to time in viewing various residential properties in the different projects available with various known developers and builders. Various factors are important while making mind to sell and buy a prospective property like money, location, amenities, and modern facilities suitable for comfortably living and apart from these factors one of the important factor is Season. Season plays an important role in selling and buying prospective property. Selling property in prime season especially in spring season marks the beginning of the busiest home selling and winter for home buying in most part of the country.



SPRING SEASON IS BEST FOR SELLING PROPERTY: Spring season start from 1 march to 31 may of every year when there is a boom in the property and inventory is full of varieties of various properties. Spring season marks the beginning of the busiest home selling season in most areas. With the warm weather, more daylight and the impetus to get a new house in order before the new session of children’s start. Buyers are more interested to shop for new houses.




  • PRESSURE OF SAVING TAX: In different organizations and multinational companies employees are busy in filling income tax returns and depositing investment proofs in order to save tax at that time people plan to sell their properties for getting good bargains.
  • TIME FOR DEPOSITING INVESTMENT PROOFS: Property is the best investment ever made by any individual so most prospective customers usually sell the property so as to submit investments proofs in their companies during the spring season.
  • BIGGER SALE PRICE: In spring season the prices of the properties are in boom hence, there are more chance to get more profit margin.
  • BETTER VALUATION: In spring season the house is being sold with good margin as the properties are more in number to be listed as compared to the off season. Hence, seller will get more value of the house even if it requires some repairs as compared to the off season.
  • MILD WEATER SUITABLE FOR SITE VISITING: Since in summers there is longer days which give more time to the buyers for site seeing and buyers get more time to explore more properties during the day.
  • CLOSING DATE COINCIDE WITH THE END OF A SCHOOL YEAR: Since Spring season normally ranges from March till May. Time is perfect when most of the people look forward to sell the property so as to shift in the new session.
  • AVAILABILITY OF THE NATURAL LIGHT TO VIEW THE FEATURES OF THE HOME: Due to the long days of the sunny summers more bright light is available to the buyers to view the amenities and facilities available in the properties in order to select the best.


  • BUYERS ARE PIKKIER: As there is boom in the property market with more number of properties available, buyers gets more variety and chance to explore more properties to select the best suitable options among the available options.


  • BIDDING WARS: In spring season there are more bidding wars on properties which enable the seller to get more customers willing to give the desired price with lesser number of demands for repair and other facilities available.


Winter Season Is a Ideal Time To Buy A Property:

Winter is the best time to buy a property especially time from November to January when the demand for property is lesser.


  1. Home prices are bit softer: During winter month because of the shortage of inventories in many markets home prices are little less as compared to the normal trend hence, buyers will buy properties with fewer amounts as compared to the one bought in spring.


  1. Shortage of inventory in markets: Due to shortage of inventories in markets the prices are less giving a chance to the buyers to buyer a property at nominal price.


  1. Closing in January provide the best discount for home buyers:- Since there used to close of the year so the buyers get the best discount by various developers and builders who want to invest the money so as to file the income tax returns and deposit the investment proofs.


Hence, last but not the least we can conclude by saying that spring season is the best season of the year for selling a property and summer season is the best for buying a property. It is best for both the buyers and sellers to do the transaction during these months to get the best offers and to earn more profit both in terms of money and asset.


Digital Transaction And Its Effects On Real Estate Industry

The government of India on November 8, 2016 has implemented demonetisation drive in order to curb the flow of Black Money and corruption from India which is immensely affected the economy of the Country for the last many years. After demonetisation drive, government is promoting digital transaction covering minimal circulation of physical currency for cashless economy. Digital Transaction is a type of transaction done using internet or the mode of electronic payments to help people of India to do more cheaper and efficient mode of payments in a more transparent medium with avoidance of tax evasion among people of the Country to boost economy of the country.  After resultant cash crunch followed demonetisation drive, Govt is promoting Digital transaction among citizen of India covering every area and each citizen to ensure their right to join its movement towards a cashless society and help in rid the Nation of Black Money and Corruption by offering many modes of payments and different discounts, prizes starting from Christmas and Announced on Dr Ambedkar Birthday.


 Different Modes used by government authority NPCI (National payments corporation of India) to do Digital transaction through following mediums:


  • RuPay card: It is a debit card exclusively promoted by government to meet the requirement of Indian customers especially among Rural Areas where people can easily apply and get Rupay card. As the transaction is happening within country the cost of settlement and clearing is easily affordable.


  • UPI: UPI (uniform payment internet) is the second common mode to be employed via which people can do digital transaction via an app. In order to avail this facility user has to link his mobile number with his bank account. Then download this UPI app while making unique id and setting pin on it. With this user can transfer any amount in any account in any part of the country.


  • USSD: That facility is employed by a common man with having a normal phone without smart features to have monetary transaction by only linking your phone number with your bank account details. A user can avail this service on the phone by dialing *99# in order to know their account balance, mini statement, money transfer, fund transfer and can be used in both Hindi and English language with *99*22# AND *99*33# as codes.


  • E-WALLET: E-Wallet means electronic wallet which is used for transactions through online via a computer and smart phone. Its utility is same as credit or debit card. It is a type of pre-paid account in which a user can store his/her money for online payments for purchasing clothes, groceries, railway, flight bookings as it is linked with Individual’s saving account to make payments.


Schemes employed by Govt to promote and encourage more digital transactions among general masses.   


Prizes offered by government on Christmas and Dr. Ambedkhar birthday with free gift rupees worth Rs 340 crores: Various Prizes and discounts are announced by government in order to encourage digital transaction among the citizen. These prices are applicable from Christmas on the Cashless   Transactions varying from Rs 50 up to Rs 3000.There are two Schemes announced by government to promote cashless transaction via 1. Digi-Dhan Vyapar Yojana for the shopkeepers, businessmen, merchants 2. Lucky Grahak Yojana for the prospective customers. Merchants Transaction will enable to win prizes every week of Rs 50,000, 5,000, 2500 Rupees. Announcement of Mega prizes of 50 lakh Rupees, 25 lakh Rupees, 12 lakh Rupees. Customer transact cashless helps him to win prizes Everyday 15,000 Customers, 1000 Rupees Prize, Every week Lucky Customer Win l lakh, 50,000 and 10,000 rupees. Three Mega Prizes includes 1 Crore Rupees, 50 Lakh Rupees, 25 Lakh Rupees. Mega Prizes of Both these Schemes will be announced on Dr. Ambedkar birthday on 14 April, 2017.


Discounts: Govt has announced a list of discounts to customers to encourage doing payment online (digital transactions) on availing various services which are as mentioned below: 1.) A discount of 0.75% of the sale price to consumers on purchase of petrol and diesel, 2.) 5% discounts for payment of services through digital means offered by Railways for paid services like catering, retiring rooms. 3.) Railways will provide discount of 0.5% on all railway bookings done after 1st January 2017 whose payments are made online for the monthly or seasonal tickets.4.)For railway passengers buying online ticket will enable him to get free insurance cover of Rs 10 lakh. Discounts of 10% will be given on fast tags cards for using at national highways. There will be no service tax charged for transaction done up to Rs 2000. Also to promote digital transaction as a medium of payment in rural areas POS machine are deployed in Villages.


Effects of Digital Transaction towards Cashless economy on Real Estate Industry:


  1. Efficiency in Financial transaction: Digital Transaction includes transaction done through online mediums using internet on computer or smart phones with above-mentioned modes helps to make the financial transaction both for the customer as well as Realtor efficient as it is cheaper, borderless. Digital cash payments are easily accessible both by Realtor and Customers as it helps safer to does since no physical presence of money is required. Money is easily credited into the account of Realtor within fractions of minutes without even wasting time standing in long queues in the bank.


  1. Reduce Prices of Properties in Real Estate Industry: Real Estate is one of the major sector in which most of black money is invested which inflates the prices of properties. But now with govt’s demonetisation drive govt is working against unaccounted money and its sources. Due to digital transaction more emphasis is on payments done through online. Hence, chances are likely there that there will be lower demands for properties in the market which helps real estate prices to go down. Also there will be more transparency in the dealings on the part of Realtors and chances are likely that it helps the realtors to lower down their property’s prizes and more likely towards building more  affordable homes.


  1. More transparency in business operations and money transfers: The digital transactions help both the parties (Realtor and customer) to have immediate gains saving a lot of time and all the transactions are on record that enables the customers to keep a track of their spending. This help in filing the income tax return and also help to explaining the details of your spending and accounted money.


  1. Speedy sophisticated services leading to Customer Satisfaction: Digital transactions help to speedy credit of money for getting services and possession of property for the customer as it ensures immediate financial gains. Instead of waiting days, week, even months for transaction to be completed. Digital transaction is done instantly which help to elevate the Realtor leading to increase customer satisfaction.


  1. Cheaper Resources: Digital cash will make transactions less expensive as it does not involve any physical presence of any teller, accountant, clerk and branch head in help in getting money to be paid to the Realtor for buying property. Customer can simply use his smart phone with internet connectivity by which he can credit money immediately into the account of Realtor.


  1. Relieve Stress: All the transaction which customer does for credit of money to pay the price for buying a property can be easily noted properly in your bank details account hence, there is no tension among the customer as to how to filing income tax returns and in case of any inquiry all the details of the digital transactions can be easily shown with the details of money given to Realtors as everything is on record.


  1. Broaden new Business Opportunities and expansion of economic activities on the Internet: Since digital transactions helps in immediate financial gains on the part of Realtors for all the dealings of property done by Customers covering details on record regarding payments and receipts, readily accessible digital audit trails to making documenting compliance for industry laws and regulation fast and easy for the customer broaden new business opportunities. Thus, digital transaction promotes efficient and frequent use of Internet.


Conclusion: Finance Minister Mr Arun Jaitley said that Government of India along with Reserve Bank is working on plans to cut the cost of digital transaction to minimal amount. Govt is also aware of the security reasons. Hence, Govt is working on all these aspects in order to boost the Economy of the Country with minimum flow of cash and not the cash itself. The clear picture of benefits of Digital Transaction can be seen once the Budget will be announced in the New Year.

Do You Know About Benami Property? Points to Be Consider Saving Your Property from Confiscation

Property or home is one of the necessities of living for an individual. But these days it is matter of pride to have two or more homes as a purpose of investment of black money and corruption. Hoarders used to keep money and keep investing in one or more property projects in name of some other person which may be their friend, relative to have more profit for the sake of money making. It has now become a business, investing in big properties for investment avoid paying tax by not showing its details from being declared in income tax return Benami property is one such thing To curb this attitude of hoarder and to keep a check on unaccounted money sources. Govt has implemented benami property transaction prohibition act under which any property found to be benami is acquired by government. Following are the way by which a customer can save it from being acquired by government:


Meaning of Benami Property: Benami Property is a property purchased by  a person in the name of some other person may be his friend, relative or using a fictitious name means the owner does not exist and on whose name the property has been transferred has not paid the money for the price of the property.


NEW BENAMI ACT: After demonetisation drive government is planning to take serious action against black money investment people. The new Benami Property Act has been implemented from 1st November, 2016 under which any property which is being taken in the name of some other person which may be children, parents, siblings, relatives can be considered as benami property.If any person is liable to have any such property and failed to declare it in income tax return will be punished with 7 years rigorous imprisonment.


File an income tax return together for two years in one go:- If any individual  has taken property in the last 2 years but has not  declared it then now the government is giving you an opportunity that you can declare it by filing the income tax return in the name of that relative in whose name you have taken a property by filing an income tax return together of last 2 years in one go.


Tax deduction up to 30% on Rental Income: If any individual is getting income from rent by buying property in the name of some relative then you can file income tax return in that relative name. Only that thing you have to declare, that you have bought property with that rental income. This will be helpful in getting you a benefit of 30% discount.


Hence, we can say that Govt is taking serious steps to curb the menace of Black money and benami property act is one such major strong step taken by the Government.

List of Steps Likely To Be Taken By Government to Boost Housing Sector

The Government of India has taken historic move of demonetization of Currency of Rs 500 and 1000 notes as legal tender on 8 November 2016 headed by Prime Minister, Mr Narender Modi in order to tackle problems of black money and corruption. Such demonetisation drive has resulted in the heavy downside in the housing sector, Prices are started to tumble in a way that experts predict that in coming days the Real Estate Market will taken as badly hit. Government is also aware that Country’s GDP estimated to be 11% from Housing Sector is also badly affected. Keeping this in mind Government is working towards doing certain major measures to boost the Housing Sector. It is estimated that government under leadership of Finance Minister Mr Arun Jaitley is likely to soon announce Significant discounts to prevailing home loan rates and the government is keen to launch the Scheme of Cheaper home loan rates of 6 to 7 percent versus today average of more than 9%.


Plans of Government of India


After Demonetisation drive taken by government changes are likely to be more that government is going to utilize the money that is compiled with it in giving Cheaper Home loan rates to make homes affordable within the range of common man, lure black buyers and rescue builders that are grappling with massive unsold inventory. In this regard, Government has already made a special draft and is discussing with reserve bank of India. It is estimated that government soon is going to announce its special schemes before the presentation of Budget more often by 1st February 2017 which boost the hit sector of Housing.


Main plans are mentioned below in details as:


Huge decrease in the interest Rates on Home loan: According to new Schemes home loans taken for amount Rs 50 lakhs has been charged with cheaper home loan rates of 6-7% versus today average of more than 9%.These schemes are for new buyers who want to have own their new house. The Government is working on the objective of offering more and more housing to general people to fulfill its objective of giving house to each one living in India. This wills definitely going to boost the badly hit housing sector.


Govt will soon announce to give more housing loans from 8 to 10 percent from banks: Real Estate sector is one such sector in which bank invest majority of its money to make more profit. Banks used to earn 15 to 17 percent interest from housing sector whereas other sectors contribute 8 to 10 percent which adds to huge profit of the banks, but due to demonetization and hit in the market various developers has taken their hand away from banks. In other hand, banks will be going to have Excess money available with them in the near future. That is why government along with RBI also wants that this money should be utilized and circulated rotationally so that market will grow. All Banks along with RBI more likely to declare in this regard.


Huge pressure on Government to boost the Real Estate Sector: Real Estate Sector is the second major sector of employment. After Demonetisation drive it got a big hit. If this condition prevails for more time than many people will get unemployed. Govt admit it. That is why the budget have given many provisions by which selling of housing boost and owing to the huge pressure on the government to boost Housing Sector government is soon likely to decrease the interest rates. Top agent magazine’s editor R.S Malhotra has told that coming Budget is very important for the Modi Government as many schemes for common men is announced in which many lesser home loan rates with income tax.


Government to boost Real Estate Industry towards transparency: With demonetisation drive government wants to put an end to unscrupulous growth of illegal builders who are making the housing rates skyrocketing making the housing rate beyond the reach of commoner. With demonetisation builders are now proceeds towards more transparency in dealing along with building of more affordable houses with timely possessions.


Conclusion: This is very early to say but final results will be seen once the government will see the full fiscal impact of demonetization. The new housing schemes may also find its way into the Union Budget that Finance Minister Mr Arun Jaitley will be presented in February 2017.


Home is not only a dwelling place for an individual but also a dream which involves lifetime savings hence, it is an expensive business. Not only the base amount which you pay to buy a property but also the list of other charges which raise the total expenditure to an unexpected figure which is beyond the limit an individual. Before we finalize a home, it should be advisable to check what all will be total charges and whether the total sum suits your pocket. The base sale price is combination of the Undivided Share (UDS) of land and the cost of construction and raw materials. This makes up almost ¾ of the entire cost of the property. Rest of the components take the total cost of ownership up by almost 25 percent. Hence, lists of the charges which are vital for estimating the total cost of property are here:


Savitry greens apartments

  • PREFERENTIAL LOCATION CHARGES: While finalising a home always check the location whether it is a corner house, facing park, ground to 2nd floor as the properties which have a location advantage over others in a project are charged a premium by Real Estate Builder which is knows as Preferential Location Charges (PLC) These are normally not hidden but as a buyer should keep in consideration whether the builders had shared him or not as it may vary for different units.


  • PARKING CHARGES: These days every other individual in a house has its own vehicle according to his convenience to be independent to do their own daily chores. For parking, parking spaces are the requirement of an hour. No charges are levied on Parking as Parking spaces are not saleable. But Developers charge a heavy sum of Rs 2-5 Lakhs for covered Parking spaces. As a home buyer, one should always keep this expenditure in account as directly or indirectly this cost will be added to the total cost of your property.


  • CLUB MEMBERSHIP AND MAINTENANCE CHARGES: Nowadays many new residential projects are coming providing Ultra Modern Amenities and facilities to home buyers with gated security 24*7 hours availability which comes for a cost. Not only buyers has to pay a significant amount for the upkeep but also that amount could be charged on annual or monthly basis hence, Buyers should confirm before finalising a home.


  • CIVIC AMENITY CHARGES: Developers usually woo their customers by discount, free gifts and often assure you that they are selling their properties with lot of amenities but that also bears a cost that you have to pay as CIVIC AMENITY CHARGES. While purchasing a property buyer should inquire about these charges. Homebuyers are liable to pay for fire safety, water and electricity backup.


  • EXTERNAL ELECTRIFICATION CHARGES AND FIRE FIGHTING EQUIPMENT CHARGES: Home buyers have to pay charges for getting connection from electricity department and also for fire fighting equipment for safety.


  • TAXES: While purchasing a property a home buyer also get it registered with registrar’s office by paying Stamp Deputy and Registration Fee .Stamp duty can be 2-6 percent .Charges differ from state and also gender to gender while the registration charges will be 1 percent of the total cost of property to get legal ownership . Service tax and vat is charged for under construction properties.


  • DEVELOPMENT CHARGES AND INFRSTRUCTURE DEVELOPMENT CHARGES: The Developers also pass the burden of the External Developmental and Infrastructure Charges to Buyers.


Hence, Buyers should check about and make an inquiry about all these charges and negotiate with developers.

Zirakpur – A Hottest Emerging City and Wedding Capital of Chandigarh Region

Zirakpur, two decades earlier and so was only a common small village with only 20,000 people dwelling. Majority of them were either engaged in agricultural activities and small scale commercial household chores with no major development and progress to be done by the governmental agencies. Usually people of this area had to commute to Chandigarh for fulfilment of their basic requirements. With the span of time and year 2004 onward population has been increasing rapidly due to Urbanisation, Vast Employment Opportunities many people are migrating from small town to Chandigarh hence, limited space has been left in Chandigarh to cover everyone. Hence, more and more real estate and commercial investors are investing in the outskirts of Chandigarh and major developmental works are taking place in Zirakpur, Derabassi and Mohali. Out of these three locations the boom is at Zirakpur, it gains popularity because of huge green lush spaces, good connectivity, low operational costs which contributed to it being declared India’s hottest emerging city. Other main reasons for Zirakpur to be emerging as hot-spot of investors and the most favourite city among residents are as follows:

Zirakpur is the fastest emerging city near Chandigarh as it is located on Chandigarh-Delhi Highway and is sharing its border with Panchkula. It is the one of the longest fly-over of the region passing through Zirakpur which connects Chandigarh to Delhi. New road from Zirakpur to the Airport Road connects Mohali to the Zirakpur-Patiala highway, has reduced the burden of traffic on this stretch and also reduce the travel time. On the Zirakpur- Shimla highway, the railway over-bridge completed in 2011 has considerably improved the connectivity with Panchkula though it had over passed many earlier deadlines due to various reasons. The Four lining of Zirakpur-Patiala road has been approved. The Aero city Road will make a trip to Mohali even shorter the street lighting of the internal roads is quite good. Sewerage has been laid in 90% of the Zirakpur colonies and road carpeting has been done in the most of the colonies. The rain water drainage system and sewerage treatment has already been done in whole Zirakpur area.


FAVOURITE DESTINATION FOR RESIDENTS TO HAVE ABODES IN THE LAP OF NATURE: Due to its connectivity to Tri-city and huge lush spaces many Real Estate Developers are coming up in Zirakpur with many residential projects with 100% occupancy with Ultra Modern Amenities and world class infrastructure with 24*7  water, electricity facilities. Many projects are underway like Savitry Greens, Savitry Greens2, and Lotus Green etc.


HOT SPOT OF MANY EATING JOINTS OFFERING WORLD CLASS HOSPITALITY: Vast Employment opportunities due to flourishing IT Companies and growth of many multinational companies opening their branches in Chandigarh and Derabassi call for huge migration from Small towns to Chandigarh and Zirakpur is the most preferred location for residential purpose for the people because of its good connectivity to tri-city. To cater to the needs of the people some top famous eating joints are coming up with mouth-watering foods and delicate recipes. Zirakpur is now a hot spot of many eating joints that have opened their outlets which are as follows: MC DONALD, BURGER KING, PIZZA HUT, GOPAL SWEETS, SINDHI SWEETS, DOMINOS, PARK PLAZA HOTEL and ALOFT HOTEL ETC.



COMMERCIAL SITES OF MANY MULTINATIONAL COMPANIES AND PROJECTS: Zirakpur is now becoming popular spot of many Commercial Projects like Global Business Park, Cosmo Plaza, Metro and Best Price, Paras Down Town Square and Other projects which are likely to come soon and is under Construction are Chandigarh Citi-Center and Raksha Business Park. These projects brings state-of the art- infrastructure and latest know how to present rock star commercial centres that spells sophistication and offering services that match fast growing businesses that will to cater to every need of new age-entrepreneurs looking to buy or rent out office spaces, shopper seeking value for money.


WEDDING INDUSTRY OF THE REGION: Zirakpur is the prime location with its proximity and good connectivity to Tri-city Panchkula, Chandigarh and Mohali with huge lush spaces has been located in Zirakpur. This is about 80% of the whole region. Hence, many big banquets halls, resorts and Palaces including Preet Palace, Sohi Resorts, Sharma farm, Sekhon, Laguna Banquet, Utsav grand banquet hall, Palms Banquet, Palms Banquet and Royal Palm are some of the major Wedding Resorts. Wedding fireworks in the sky is a routine occasion in the town. This is the reason Zirakpur is considered to be the “Wedding Capital” of the region.



100 ACRE GREEN BELT: Zirakpur is likely to have 100 acres park that will be called as the green belt of the town and will be developed near Gazipur Village. It is not a park but a valley on 100 acres. The work has been divided into six phases and phase 1 is under process for construction for recreational parts of the valley like cycling tracks, walkways, badminton court, basketball court, go carting and swimming pool etc. Work on it has been going on and same will be opened soon in October for the general public. The park will have advance version of Chandigarh leisure valley Project cost over 20-25 crore will boast of natural scenic views with Shivalik Hills clearly visible from the spot. The valley is going to be much bigger with better facilities than the leisure valley of Chandigarh.


EDUCATION: Some of the best Schools are located in Zirakpur to fulfil the educational needs of the Residents. Detailed list of Top CBSE schools in Zirakpur are Manav Mangal Smart World, Gurukul Global School, Dikshant International School, New Angel Public School, DPS Play School, Saint Soldier International School, St John’s Public School, Ryan International School and Mount Carmel School with world class facilities and infrastructure.



HEALTH FACILITIES: Zirakpur is becoming the most famous and popular location of residents  with majority of residential projects have 100%occupancy and in order to cater to the health facilities to the residents several hospitals have opened founded and managed by  professionals with a mission and passion for providing  health care with compassion like J P Multi Speciality Hospital, Dashmesh Orthopaedics and trauma, Tara hospital, Katyani hospital, City Hospital, Ashirwad Hospital, Santosh Hospital and S.S Hospital.



Hence, We can conclude to say that Zirakpur is a prime location and has now emerged out to be the hottest destination for residence among people and most favourite place for commercial projects among investors offering services that match fast growing businesses surrounded with abundant greenery away from the loud noises of traffic of big cities. Quite simply living here is a dream come true.







Common Mistakes To Be Avoided While Making Selection To Buy A Flat

Rapid developments, Growing population, Urbanisation and Vast Employment Opportunities lead to a huge migration from small towns to big cities leading to very less open spaces left in the cities for the dwelling. Hence, the numbers of Real Estate Companies have been growing at alarming rate for making different types of affordable and luxurious homes of Ultra Modern Amenities of various basic and unique features keeping in mind the aspirations, requirements of the Buyers to make them more stylish, attractive and appealing to the eyes. Investing in a home is a big, bold decision that involves life time savings and investments. Thus, need serious thinking. Usually huge competitions among the various realtors to increase in number of their sales and achieve big figures of their targets they resort to luring Buyers with many free gifts, offers, discounts and thus, successful in duping the Buyers resorting them to make wrong selection of flat which is an irreparable loss of time, money and energy because of the ignorance of the buyers and the mistakes they do while selecting a flat. These common mistakes which Buyers used to do while making selection of their flats as mentioned below :

Savitry greens flats zirakpur

1. Non-Budgeting and Not Enlisting the help of Professionals: While making a mind to own a flat buyer should always take advice of some professionals who has complete knowledge to guide about how to go about the process of buying the right type of flat with his right budget, requirements, location and the real estate developer to whom customer has to buy. There are local government bodies authorized to approve maps of any building. Buyers must check the approvals before entering into agreement or contract. Usually, some customers did a mistake of not taking the help of professional and are not able to do budgeting that suits them leading to wrong selection causing irreparable loss of money, time and energy.


2. Lack of Research and Preparation about the property: The Customers should do the Research of the market regarding the market value of the flat and do check as many properties as possible and document all relevant features of each and every properties to be researched, which helps you to save several thousands of their rupees and help them to negotiate with the seller. Always, customer has to make an estimation of owning the house till he moves in. Including expenses on Pre-EMI, charges to consultants, interior decoration, expenses of wardrobes, kitchen cabinets, maintenance charges, sinking funds, taxes, registration charges, stamp duty, legal charges etc from the various developers while doing the survey so as to make a mind to buy a right property.


3. Extending on their budget: Normally the customers are lured by freebies and decoration of the Sample flat and with the fear of losing the opportunity to buy one, Customers extend their budget without making fore- thought about their monthly income, expenses and some savings to be kept safe for meeting the good and bad life circumstances. Usually, customers look at the top end of their affordable monthly payment rather than thinking about what happens if their income goes down or they have to change their job. The customer has to get their budget preapproved for a mortgage which helps both the realtor and customer in deciding the upper limit and thus saving money. Also customer should take an estimate of owing a flat till he moves in regarding the expanses, Pre-EMI, charges to consultants, interior decoration, expanses of wardrobes, kitchen cabinets, maintenance charges, sinking funds, taxes, registration charges, stamp duty, legal charges etc.


4. Not Checking Builder Reputation: Before making selection of flat customer should check their references and acquaintances regarding the knowledge of various real estate developers booming in the surroundings areas and also gather information about the history of the earlier projects delivered by that particular Real Estate Developer and also do visit personally and interact with previous and existing customers within the premises of the property looking for so as to get an idea about their experiences of living in that project and what if all the promises and amenities promised by the builders are fulfilled or not. Also customer should check the legal aspects of developer by verbally verifying the builder about handover, availability of documents to the title of the property, specification of construction and status of land.


5. Not Reading the Purchase agreement before buying a home: Buyers should read the Purchase Agreement involving various documents before buying a flat so as to avoid fraud forgery and should be aware that the flat has all the requisites clearances. Normally due to the greed of freebies, discounts offered by the Real Estate Developers and pleasing nature of presenting a good image of their projects by showing the Sample Flat . Buyers get easily caught in the trap of Real Estate Companies leading to wrong selection of a flat.


6. Early payment of token money: Buyers should always get their home loan approved before hand and also wait till the time same got finally approved or not be approved. After getting approval of home loan from bank buyers should give the token money otherwise they will get caught in legal cases and will have to lose the said flat. Usually, due to freebies and discounts buyers are lured to attractive flats and fear of might losing it tends to do the payment via token money and result in failure to get both the flat as well as their token money.


7. Buying a house without forethought in localities that faces problems: Buying a flat is a big lifetime decision which needs to be done seriously considering all the factors of the basic requirements like water, electricity, shopping complex, Infrastructure and proximity to various places of convenience of school, hospital and bus stand. Buyers without serious foresight opt for flat in such a locality that faces problems like electricity shortage, water crisis and lack of infrastructure.


8. Not Discussing with the Builder on fixed and variable costs: The Number of growing real estate companies lead to further increase in competition at an alarming rate and in order to meet the competition and to achieve their desired target. Builders usually give discounts on booking amounts and also negotiate with a high margin with Buyers to make purchases early without discussing the other maintenance charges that are levied after the possession and allotment of the flat.


9. Ignorance of super built-up versus carpet area: The Customer should always check the builder whether same has quoted a rate on the basis of carpet area. The properties whose prices are based on the super-built up area always cost more than those of carpet area.

Factors To Be Considered While Applying For Home Loan

Home is a temple in itself and everyone worships it with ease, joy and decorates it to make it more attractive and appealing to the eyes in their own way. It is a dream which everyone sees in his/her life once in a lifetime and hence, save each hard earned penny to invest in Home to call of his own. But due to rise in land prices and vast Urbanisation property prices are reaching roof top that is why it is too difficult to make a dream of a home come true of only savings. That is why the provision of home loan is being offered by various banks so that everyone that dreamt of his own home realise it any possible way. Many real estate developers these days get their residential projects approved of various well-known banks so that it is easy for the borrowers to apply for the Home Loan on government approved land. Applying for the home loan is an easy process but to repay it back takes long-time hence, relationship between bank and borrower needs to be smooth. That is why it is essential that borrower should consider the following factors while applying for a home loan in order to have a good track record of repayment.

Home loan (savitrygreens)

The main factors which will be considered while applying for Home loan is as mentioned below:-


  1. DON’T FALL PREY TO LENDERS IN A HURRY: In order to increase the economy of the country many well known private and government banks have been growing in the country and loans are a big business for a bank. The majority of banks keep big targets for their employees and in order to meet their targets the bank agents are always in a hurry to provide limited details to borrowers so that they easily takes Loan in very less time as it will add to their monthly targets and is a source of income for them. Hence, borrowers should always do survey and read all the details of information available on home loan lenders carefully and do not yields to pressure of builders and loan agents to hurry up things to apply for home loan. The borrower should go shopping for a loan that provides favourable terms and conditions otherwise he has to bear a brunt of whole host of hidden charges like foreclosure charges and higher interest rate while being granted for a home loan.


  1. DO READ THE TERMS AND CONDITIONS CAREFULLY: The borrower first needs to make budget that suits him and do vast survey in order to look for that locations that are suitable for him for selection of his residential property according to his convenience and proximity to various places of convenience like hospital, school, college, bus stand and airport, shopping complex to ease life and family. The lenders and loan agents are always in a hurry to explain all the hidden charges to be levied from customers hence, Borrower should read every bit of information available on home loan lenders carefully and keenly.


  1. KNOW YOUR LOAN AND LENDER WELL: Before making mind to apply for Loan from  a particular lender customer should know which type of loan is best suited  to them  and how down payment affects your monthly mortgage payment.  Borrower should   know   to follow key factors according to which loan is approved:-


  • Credit Scores: Bank first of all checks the details of the Borrower on CIBIL with credit score. The credit score is very important in order to get the loan approved. Credit score of 660 or higher is considered as prime and below 620 is subprime. If borrower’s credit score is subprime the borrower have higher rate and chances are less to get his loan approved.


  • Your Earnings: Loans to be approved also depends upon borrower’s earning from steady source of income or may sometimes from other sources like wife’s tuitions Income, child support, alimony payments, and stock dividends. Normally self-employed borrower of prime credit score and irregular income is at higher risk of not getting the loan.


  • Debt and Income: The lenders like banks and home finance companies consider debt-to-income ratio when determining the risk. Usually, 26/36 is the qualifying ratio.


  • Money Down: Generally after applying for Loan, the Borrower has to pay a down payment. The more, the customer pays the more he has equity in the share of Home. The down payment depends on the cost of the home. Borrower may need’s to pay 5 to 20% of the total cost of Home.


  • Cash Leftover: The cash which is left after down payment and closing cost like bank account, bonds, and stocks. Bank usually takes an account of your cash leftover details into your loan to be approved and considered the borrower for more liquid income at lower risk.


  • Loan Types and Rates: The borrower should be aware of the three main types of Loans. The three types are Conventional loans, loans backed by Veteran Administration, First time home buyers. Regardless of the type of home loan interest rate depend on factors like current market conditions, state of the economy and credit profile of the borrower. The interest rate stay the same if the borrower has chosen the fixed rate mortgage and varies if borrower chooses the adjustable-rate mortgage. Lenders charge points in addition to interest to cover costs. Points may be varied and it will affect the mortgage and can be negotiated.


  • Pre-approval: The lender gives approval of Loan to borrower if the borrower ‘s KYC documents and his application for loan has been reviewed  and no changes are required to be done within 60 to 90 days once the borrower put a contract on a house with specified price range.


  • Sale Price: Usually borrower has to pay more down payment if the price of his house is more than his preapproved limit and higher your monthly housing payments.


  • Closing Costs: It includes those charges which are levied one time including the administration charges such as loan application fees, fees to obtain your credit report, appraisal fees for your home and title insurance. It is 3 to 4 % of the total price of the property’s sale price. The lender should reveal all the Closing Costs in writing to have good faith.


  1. CHOOSE A WELL-KNOWN LENDER:- Each and every bank has its own method of screening process before sanctioning a loan. Some do it quickly whereas other takes long time for the same process as they provide some exceptional services to the customers hence, it is essential to always look for a reliable lender.


  1. LOAN APPROVAL PROCESS:-Always chose a bank according to your own convenience and requirements as these days private sector banks and home finance companies like Axis Bank, ICICI Bank, ADITYA Birla Housing Finance, India bulls Home Finance ltd. takes very less time may be few week to get the loan approved as compared to their counterpart of Government sector bank. The government sector banks charge less processing fees for disbursal of loans as compared to private banks but some people prefer private sector banks as they have good internet banking facilities. Hence, borrower can decide accordingly as each bank has its own pros and cons.


  1. ELIGIBILITY: In order to apply for a loan  a customer has to fill an application form with KYC documents attached  like Pan card , bank statement  for the last 6 months ,income proof like salary slips and form 16 for the last 3 years, age proof and address proof. The bank takes all these documents and starts with the process by pulling your CIBIL score to check credit history.


  1. LOAN REPAYMENT: The borrower should be clear regarding the foreclosure clauses and settlement charges clearly so that borrower does not get overcharged in the end and bear the brunt of it. There should not any hidden charges, with whom customers are not aware of. Borrower should be strongly advice that he should read the terms and conditions keenly and carefully before taking up the loan.


  1. BORROWING COSTS: The bank is charging certain charges for lending the money to the borrower which includes processing fees, Service Tax, Franking charges that are applicable for registering the loan document, Interest which could be fixed or floating. Borrower’s should not calculate or go by percentage but calculate costs in actual terms and also should check that whether the bank is not charges certain charges which Reserve Bank of India has banned like Prepayment and Foreclosure charges.


Hence, the aforesaid factors should be considered thoroughly in order to have long-term peaceful relationship of Borrower with Lender.