Month: September 2024

According to ANAROCK, the target audience of real estate buyers is no longer GenY. It is millennials. People between the ages of 35 and 45 are more keen on buying homes than their older counterparts. Furthermore, people between the ages of 27 and 35 also consider buying their first home in the next few years. 

This shift in the age groups is due to the increasing purchasing power of millennials. As said by the real estate companies in Mohali, they also make up most of the homebuyers. Home loans are also easily available for millennials. Therefore, it is important to understand the preferences of millennials. Real estate developers will then incorporate these preferences into their future projects. The industry as a whole will flourish more if the primary needs of our largest customers are taken into account. 

Key Real Estate Trends in Punjab for Millennials

Let’s explore the major trends in real estate buying. These trends have been noticeable in the past few years and continue to rise. Punjabi millennials are exploring refinement and comfortable living. Therefore, you will see that the trends reflect the same preferences. 

Urbanisation

More people from rural and suburban areas are investing in Mohali’s flats. They are considering moving to the big city for jobs and new business opportunities. Therefore, Mohali is witnessing a huge influx of rural population. Interestingly, rural millennials also prefer paying for a home loan to rent.

Luxury Living

Millennials are buying Zirakpur’s luxury apartments to fulfill their aspirational needs. They want RERA registered properties like Fio Homes 2 by KS Group. These types of properties have the best amenities in their gated societies.More than 500 happy families residing in these projects. Millennials like having quiet personal spaces with amenities like gyms and parks to refresh their minds. 

Location

Apart from the abovementioned trends, we also see a growing interest in staying closer to schools and hospitals. Millennials love convenience above anything else. They would prefer living in an area which is closer to public transport so that they can access all areas of the city. 

Smart Integration

Another exciting part of millennial real estate culture is integrating smart technology into their homes. The best RERA developers in Punjab also provide digital safety locks with the property. On the other hand, millennials also use electrical appliances connected to their mobile devices. 

Factors Affecting Millennial Real Estate Preferences 

Now, all these trends are not appearing out of the blue. There are reasons behind them. It is crucial that we understand the motivations behind these decisions. 

• Lifestyle Choices: Work-life balance is a primary demand of millennials. Most of them work in the private sector. Hence, they want homes which are easy to reach and peaceful. 
• Investment Goals: Zirakpur’s luxury apartments are a great investment choice. Buyers prefer these homes because their value appreciates over time. Millennials are financially planning their future for long-term benefits. 
• Access to Technology: Online research is taking precedence over personal visits. Millennials have found a great way to filter their choices. They can view many options and visit the finest sites according to their preferences. 

Case Studies of Successful Real Estate Projects Targeting Millennials in Punjab

Fio Homes 2 by KS Group is an excellent example of millennial real estate choices. This property successfully caters to the millennial lifestyle. It is located in a pristine part of Zirakpur. This city is part of the Mohali Tricity area, where we see the influx of semi-urban population, as mentioned earlier. The amenities in Fio Homes 2 are also superior to those in the area. Additionally, it is closer to the Schools, Hospital, Shopping hub, Malls, International Airport,Lush green Parks.

How RERA Works for Millennial Buyers

The Real Estate Regulatory Authority works for the interests of real estate investors. RERA protects consumer rights and addresses any concerns related to properties. A few key RERA activities are mentioned below: 

• Protect consumers: It solves disputes between buyers and sellers. 
• Promote transparency: It mandates developers to reveal project details honestly.
• Bring accountability: Developers should register with RERA. KS Group is known as a reputed & trusted RERA Registered developer in Punjab for both commercial & residential often called the best RERA developer in Punjab.
• Reduces risk: It protects developers from bankruptcy. 

Future Outlook for Millennial Real Estate Trends in Punjab

The future looks bright for millennial investors. They are more likely to get home loans and tax benefits as of now. However, this trend is seen in older millennials. The good news is that younger millennials will benefit from the same trend. They will also prefer investing in a property from a real estate company in Mohali compared to other options. 

Millennials are driving the real estate market in Punjab. They are seeking luxury living and smart integration. The RERA plays a crucial role in protecting their interests. As the market continues to mature, developers need to adapt to these preferences. The best RERA developers in Punjab must meet the demands of this growing demographic.

Property taxes are an integral part of Punjab’s revenue. All residents must pay the appropriate taxes and contribute to the state’s remuneration. Property taxes are used for the development of our state. Our government spends this revenue on urban planning and new infrastructure. It also supports the existing infrastructure by disbursing the tax amount on maintaining these public spaces. 

However, not all municipalities have the same system of tax calculations. The amount depends on the type of property in Zirakpur. Therefore, you should understand the importance of property taxes in Zirakpur. It will give you a clear idea about the additional costs of investing in a property in this city. 

How Property Taxes are Calculated in Zirakpur

The calculation of property taxes depends on four factors. These factors directly affect the tax amount you will pay. 

• Property Value
• Location
• Residential or commercial usage
• Attached land
• Rental income

Now, let’s discuss the types of property tax calculations. There are three major ways a government body can levy property taxes. Moreover, each municipality has a different process. You will have to check for the method that your municipality uses. For real estate in Zirakpur, the Unit Area Value System is employed by its municipal corporation. 

Unit Area Value System

This process is quite simple to understand. The government will multiply the total built-up area of your flat with the per-yard price. This price is exclusive to residential properties used for self-purpose. You have to note one thing: the calculation will be separate for all floors of your house. All the taxes will be added together at the end, which will be your final tax rate. 

Rateable Value System

Suppose you have some 3 BHK flats in Zirakpur. The government will use the annual rental income from your flats to calculate the tax. They will also use the following factors to compute the final amount. Punjab doesn’t follow this tax calculation system. 

• Size of the flat
• Location
• Condition of the property
• Amenities

Capital Value System

It is a unique system of tax calculation prevalent in metropolitan cities. Many parts of cities in Punjab, Haryana, and Chandigarh use this system. It charges you tax according to the current market value of your property. This step aims to curb the exponential growth of the urban population in these cities. It also seeks to decrease the investment market identity of properties in these cities. 

Benefits of Understanding Property Taxes

There are countless benefits to understanding property taxes. You will notice that the more knowle dge you have about real estate in Zirakpur, the better your decisions will be. You will also identify the potential in this market and invest in it due to favourable tax conditions. 

1. Avoid Penalties
2. Save Income Tax
3. Make Informed Investments
4. Negotiate Better Deals

Let’s explore these points in detail. 

Avoid Penalties

You will avoid any potential penalties for non-payment of taxes. Penalties also add interest if you don’t pay the tax on time. Therefore, a huge amount of your earnings will be saved. 

Save Tax

Home loans often come with an added advantage. You can apply for an income tax deduction with an active loan. There will also be other beneficial rebates in property tax that you will know about. 

Make Informed Investments

Many people need to calculate the long-term costs of their property assets. These assets are not a one-time payment thing. They have additional costs like property taxes and maintenance charges. Hence, you will calculate your return on investment more accurately. 

Negotiate Better Deals

You can use the property taxation factor to crack a better deal with the RERA registered developer. Your knowledge of the real estate market and its hidden costs will lessen your chances of excess expense. 

Property Tax Incentives and Exemptions in Zirakpur

Tax exemptions are part of every municipality. You will also have a plethora of tax exemptions if you buy a property in Zirakpur. However, you must visit the official page of Zirakpur’s property tax payment to check for recent updates. This website publishes all tax exemption decisions made by Zirakpur’s governing body. Additionally, it also mentions the eligibility criteria for such exemptions. Therefore, don’t forget to check out these minute details before you make a big decision. 

Tips for Paying Property Taxes in Zirakpur

The official website of property tax payments also has a detailed explanation of the procedure. You will have to take the following steps. 

• File your Punjab Tax Return form. 
• Calculate the tax from the columns. 
• Print your challan. 
• Pay the tax using your preferred method of payment. 
• Don’t forget to check the details. 

You should also keep these things in mind for a smooth procedure. 

• Remember to pay the tax before the deadline. 
• Check the late fees if applicable. 
• Seek a tax professional’s assistance if you are stuck anywhere. 

Ready to invest in Zirakpur real estate? For exceptional guidance tailored to your needs, don’t hesitate to contact KS Group today. Call us at 74118-74118, email us at info@ksgroupindia.com, or schedule a site visit at our corporate office: LA-MER SCO 62-63, Airport Road, Zirakpur, Mohali (Punjab) 140603. We’re eager to help you embark on your next venture with expertise and enthusiasm!

Buying their own home is one of the most exciting achievements of a person’s life. It is a very thrilling experience that adds joy to one’s mind. You will finally feel independent and stable in your life. Imagine all the moments you will have in your home. The late-night parties, hanging out with friends, family time, potential marriages, and bring your baby home. 

These special moments will be undeniably memorable in your 3 BHK in Zirakpur. The city offers a safe and comfortable lifestyle. However, with all this excitement, you will also feel overwhelmed. A misstep can have far-reaching consequences. The complex paperwork and high prices can make any sane person nervous. Worry not because this is a list of things that offer advice for your home ownership journey. 

Understanding Your Needs and Budget

The first factor that you need to decide is budget. Luxury apartments in Zirakpur are available at all prices. You will find apartments at low prices and deluxe houses in the luxury range. The price depends on the location and amenities of the property. You should have a dream property in mind. Find a property that has all the amenities that fit your budget. 

Here is a checklist that you can use: 

• Area of the property
• Number of rooms
• Amenities
• Appreciation value
• Rental income
• Reputation of the builder

Get an idea of the ideal Zirakpur luxury apartments. Then, look at the type of property delivery. Is it under construction? Or can you move in early? One thing that genuinely matters in these cases is the date of possession. You must ensure that the builder hands you over the possession within one to three years.  

Location, Location, Location!

Location plays a pivotal role in property price appreciation. The better the location, the higher the price. It will also fetch you a handsome return on resale. But what is a good location? It is very simple. An ideal location for a 3 BHK in Zirkapur will be closer to office complexes and schools. It should also be within driving distance of hospitals and public transport stations. 

You should also analyse the neighbourhood. The area must be safe for women and children. It should have the infrastructure to prevent petty crimes like theft. Such infrastructure includes security cameras, wired walls, and anti-theft gates. 

Property Inspection and Legal Due Diligence

Now, like every other product, you should thoroughly check the property before buying. It should have adequate plumbing and safety measures. For example, check the quality of sanitaryware used in the luxury apartments in Zirakpur. They should be of A-grade quality. The building must also have a refuge area in case of fires and other emergencies. Such areas make the evacuation process easier. 

Another thing you should evaluate is verifying the RERA documents. The Zirakpur luxury apartments that you are considering buying must have all legal clearances. It should fall under the legal residential area zones. The future of the area must also align with the lifestyle you aspire to. Moreover, the builder of your apartment must have a great track record. It is a testament to their experience and due diligence. 

Financing Your Purchase

It would be an excellent case if you could buy a flat with cash. However, not all of us are lucky enough to do that. Therefore, home loans exist. Banks are providing home loans at low interest rates. You should take advantage of these loans to secure your financial future. A home loan will also provide you with tax benefits during ITR filing. You just need to calculate the EMIs and tax returns to check the profitability of your luxury apartment in Zirakpur. 

Anyways, here is a checklist of the documents you will require: 

• Identification papers
• Bank account statement
• Income certificate
• ITR document
• Property documents
• Any additional challans and certificates

Additional Considerations

There are a few more things to consider before finalising your purchase. A property is not just a one-time investment. Your 3 BHK in Zirakpur will have additional costs like maintenance and property taxes. These expenses must be affordable and fit your budget. You will also have other expenses during the process. These expenses include stamp duty, registration fees, and legal fees. Make a list of them.

Tips for First-Time House Hunters

Many first-time homeowners find the process difficult. Here are a few tips for you. 

• Open a savings account for your down payment.
• Talk to different builders to find the best fit for your needs.
• Consult with a real estate agent.
• Finding the right home takes time. Take your time with a decision.
• Support services from real estate developers like KS Group will also help you with the apartment hunt. Use their services. 

Buying a flat is a major life decision. Therefore, real estate developers like KS Group ensure that you make a wonderful choice of luxury apartments. You can make an informed choice if you follow this advice. While the process may seem daunting, you can find your dream home in Zirakpur’s luxury apartments with proper guidance and preparation! 

A flat is an aspirational achievement for many Indians. And it will be for you too! It is not just a flat. It is a dream come true for many people. It will be your home for the rest of your life. All the magical moments of your life will take place in this flat. Don’t you think that everything should be perfect? It should be. 

Apartments in Mohali often come at a costlier price than other areas of the state. Therefore, proper verification is required before you take any decision. After all, your hard-earned money must not go to waste. It should be invested in your fortress where you harbour new ambitions and achieve the milestones of your life. 

Hence, we have mentioned seven steps that you should follow to verify the authenticity of your desired 3 BHK in Zirakpur. 

1. Thorough Property Inspection

You should personally visit the location before making a decision. A personal visit will reveal many hidden issues in the flat. For example, you must perform a detailed inspection of the plumbing and tiling of the flat. They must be waterproof and high quality. The electrical connections must not be visible. They are covered properly to avoid accidental shocks.

Moreover, check for dead areas and outdoor views from the assigned flat. You must have comfort in all corners. Also, remember to check the vaastu and the facing of the flat. 

2. Legal Verification

The property must be free from all legal issues. Therefore, you should check the legal documents of your Zirakpur luxury apartments. Here is a simple list of the documents you will need. 

• Title Deed Verification: You must have a legitimate ownership of the property. 
• Property Tax Clearance: You must obtain a government property tax clearance certificate. This certificate is proof that you have paid all the property taxes. 
• Society Registration: The society must be registered with the National Portal of India. 
• Any legal disputes: The property must be free from legal disputes with the government or local authorities. 

3. Builder and Developer Verification

The builder responsible for constructing your apartments in Mohali should have a good reputation in the market. You must check their track record before proceeding with a purchase. They must have successfully completed projects under their portfolio to be eligible for your investment. You must also check for their project approvals and licenses. Thus, you will ensure that a safe and uncontroversial property comes under your name. 

4. Financial Due Diligence

The property you buy should have a competitive price. It must match the property prices in the neighbourhood. You should compare the property prices in the area to see if the offering is worth the hype. Another important thing to note is that hidden costs will arise once you start living in your 3 BHK in Zirakpur. These expenses include maintenance charges and property taxes. Account for these expenses in the future before making a decision. 

5. Society and Neighborhood Check

A safe and secure society must be your priority. Your family should feel safe while walking around the neighbourhood. There must be appropriate safety precautions and infrastructure in the society. Hence, you must personally check if the builder is providing you with these basic facilities. You should also check the amenities available and compare their quality with neighbouring properties. Zirakpur luxury apartments also have strict rules and regulations. Hence, study the area completely. 

6. Home Loan and Financial Aspects

Every homeowner has the liberty to apply for a home loan. You will find many banks and NBFCs in the market providing your home loans at the lowest interest rates. Hence, you can pick a loan that offers you excellent benefits while lowering your cost of ownership. These companies will also assist you in calculating the cost of ownership and suggest the best possible way of repaying the loan. They will structure your EMIs in such a way that they are quite affordable for you. 

7. Documentation Verification

We already mentioned the legal requirements for the verification of the flat. However, there are a few more legal documents that you need to check. Here’s another list: 

• NOCs
• Occupancy certificate
• Verify the carpet area, built-up area, and super built-up area. 

Let us clarify it for you the last point. A carpet area is the actual area of the 3 BHK in Zirakpur that you will use. It becomes a built-up area when you add the area of walls to it. Lastly, when you add the area of the common spaces, you get a super built-up area. Hence, ensure that you are getting the right carpet area in the offer. 

Buying a flat is a big decision. It requires careful planning and verification. The process can be overwhelming, but you can make an informed decision with the right steps. These steps will help you make a confident investment in your dream home. Remember, thorough research and due diligence lead to a successful property purchase of your dream apartment in Mohali. 

Indians love investing in real estate. Don’t believe it? Well, a report says Indians allocate more than half of their resources to real estate investment. It is common knowledge that this investment yields higher returns than others. Only gold matches the risk profile and return on investment of real estate. Therefore, real estate companies in Mohali are always jam-packed with calls from potential investors. They are always looking for the best projects. 

The Tricity area of Chandigarh, Mohali, and Panchkula offers new opportunities for investors. It is an emerging business hub with continuous urbanisation. Zirakpur is an attractive suburb connected to the other three cities. Hence, it has many properties with low interest rates and investment capital. 

However, before making your investment call, you must first understand New Chandigarh’s and Mohali’s unique relationship with Zirakpur. 

The Capital City of Chandigarh

It is well-known that Chandigarh is a planned city. The best part is that it is located between Punjab and Haryana. It is also present on the foothills of the Himalayas. Thus, the city offers a pleasant atmosphere with a neighbourhood of lovely Punjabi people. The Chandigarh International Airport is also an important transportation hub for NRIs and Indians. They often use the airport to travel abroad. 

Now, let’s talk about the real estate developer in Chandigarh. KS Group has both residential and commercial properties for sale. However, the city is expanding its urban network. Therefore, these properties are located on the city’s outskirts, preferably in Zirakpur. 

Mohali: The IT Hub and Beyond

Mohali is an IT hub of Punjab. It offers commercial spaces to various businesses. Mohali’s IT sector is also creating a huge demand for residential properties. Therefore, real estate companies in Mohali are fulfilling this demand. 

They are building residential properties for the relocated working population. These properties will serve as a new home for the urban crowd. However, the major proportion of these projects are being built in Zirakpur. The reason will be explained below. 

Zirakpur: A Growing Suburb

Zirakpur is located on the border of Punjab, towards Haryana. It is a gateway to the Tricity area. It has a highway that connects both the outside and inside of Punjab and Haryana. There are also plans to build a new metro station in the city. It also connects High Ground City and the Chandigarh International Airport.  

Real estate in Zirakpur was semi-urban a few years back. However, real estate developers have recognised its importance due to its strategic location. It has great investment potential because of its proximity to the other three urban centres. Hence, the growth prospects are quite high in this young investment ground. 

Factors Affecting Property Rates

You might wonder if Zirakpur is the only viable investment option in Punjab. Are there no other locations that offer better returns? Isn’t New Chandigarh a fully-fledged urban centre? Well, your investment choice depends on your financial goals and personal circumstances. Many investors want to reap the benefits of returns through rent and lease before they use the property themselves. On the other hand, some investors just want to expand their portfolios. Hence, you must define these factors before investing in a property. 

Time to talk about the price. New Chandigarh and Mohali have been in the game for a long time. The projects in these cities have thrived due to their location. Therefore, the property prices in these areas are double those in Zirakpur. Zirakpur’s prices have increased in the last five years. The interesting thing is that Zirakpur also offers an excellent yearly increase in rents. New Chandigarh also offers a considerable return. It makes real estate developers in Chandigarh a good choice for resale investments but a slightly risky one for rental income. 

Investment Options for Real Estate in Zirakpur

You can choose one of these investment options after buying real estate in Zirakpur. 

• Fractional Ownership: You can invest with one or more partners. Hence, you can reduce the initial capital but get a high return on resale or rental income. 
• Rental Income: You can put a property for rent after buying it through a loan. The rent can be used to pay off the loan while you get tax benefits. 
• Resale Value: Property prices can go up exponentially in the future. Therefore, you can sell the property for a high return margin. 
• Diversification: You can also diversify your portfolio through property investments. 

Tips for a Good Investment

You should follow the steps below before calling real estate companies in Mohali for investment. 

• Conduct Thorough Research: Analyse the market for advantages and disadvantages of different localities in Mohali. Zirakpur and New Chandigarh are good options for future research. 
• Seek Professional Advice: Consult an experienced real estate agent for a property dealership. 
• Financial Planning: Discuss budgeting and financial planning for real estate investments with someone having prior investments. 
• Long-Term Perspective: Look for an option that yields a good return on investment in the long term. 

Real estate in Zirakpur offers immense potential for investors seeking profitable opportunities. The city is poised for continued growth. Investors can make informed decisions and maximise their returns in this Tricity area. All the best!