#2 bhk flat for rent in mamura noida
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How technology has simplified the way investors access properties?
COVID-19 pandemic, while turning the whole world upside down, the effects can be seen on every industry and business. Even after lockdown restrictions are lifted, people are very conscious of leaving their home with freedom, the way they used to post the pandemic. We're all forced to stay home, as much as we can and we're going out only for priority tasks. When everyone was forced to stay at home, this period taught us a lot, and two key things include- "Family is everything" and "How to use technology more effectively?"
People during lockdown learnt a lot
Also read - How the Indian real estate sector can become the cornerstone of the economy?
Yes, many people who had never picked their phone to shop online, now know the whole process because that was probably the only way to get some essentials home. Even for investors, technology has proven to be helpful to check out the properties of their interest.
Going to check any property offline is a little time-consuming, and of course, there is some risk involved when coronavirus is playing hide and seek outside. There are several online marketplaces that simplify the process of checking out a property. Moreover, these online sources have a wide range of property options, and you can narrow down your search with the help of filters to locate the property that best fits your needs.
Online sources are available
While browsing the website or when you search on Google- rental property near me, you will get a list of online sources where these properties will be listed. You will find all the required images and other important details about the property such as its location, number of rooms, the size of the property and all the important details will be available so that you can make an informed decision.
Modern technologies taking place in real estate sector
Also read - How the demand for rental properties can increase during Covid-19 Pandemic?
Some modern technologies such as Augmented Reality and Virtual Reality (AR and VR) are being used widely in the real estate sector. Brokers are also providing clients with property visits through video calls. The way investors or home buyers look for property has changed dramatically, now people are visiting property through technology, right from the comfort of their home.
Trending personalized advertisements
Personalized advertisements are not new, they are already used in various industries. And now, it is getting implemented in the real estate sector. On the basis of someone's browsing history, the person is sent some property options that can be relevant. What developers and advertisers get with the help of personalized advertisements are wider reach and a highly targeted audience.
On the other hand, with the help of the constant flow of data and information, it has become easier than ever before to analyze the trends. Now, investors can easily check which properties are profitable and what is the right time to buy any specific property.
Finding a rental property or a property to buy has become easier. It is possible to set the filter according to your budget and you can easily find homes that are within your budget.
Final words
Technology is now widely used in the real estate sector as well, it's providing to be more and more effective for developers and realtors. Let's see what changes it brings in the real estate sector in the coming year.
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A Guide to the Property Tax in Delhi 2020-2021: All You Need to Know
Property taxes are levied by either state government or local civic bodies. House tax is a kind of property tax levied on house properties, along with appurtenant land. It is governed by Income Tax Act, 1961 together with indirect taxes like GST, stamp duty and property tax. As with most real estate tax regimes, the legislation affects the entire lifecycle of constructing, owning, renting and using a property as well the depreciation, repairs and improvements, sale and the deployment of sale proceeds.
Property Tax: This tax is paid annually to the government authorities by the property owners. The tax is collected by the authorities to fund the cost of improvements and establishments of public expenditures and amenities.
Property tax is not calculated uniformly across the whole country. There are different bodies that have been made to calculate the property tax.
Also check out, How the Indian real estate sector can become the cornerstone of the economy
Calculation of Property Tax: Property Tax can be calculated under the following three methods:
Unit Area Value System: It calculates the Property Tax based on the per unit price of the built-up area of the property.
Annual Rental Value System: Property tax is collected every year under this method. It is the rent estimated by the municipal corporation based on the location and the size of the property.
Capital Value System: Under this method, the property tax is calculated based on the market value of the property, which is decided by the government according to the location.
Types of Property: Properties are classified into certain categories to help the government streamline the process of estimating taxes based on certain specific criteria.
Property in India has been divided into the following four categories:
Personal Property: Transportable man-made property like cars, buses and cranes is known as personal property.
Land: Land in its undeveloped form that is devoid of any form of construction.
Improvements and upgrades made to land: Manmade constructions on land that cannot be moved like buildings.
Intangible property: The property that is not in its concrete form is called Intangible property.
Income Calculation from House Property: One can calculate income from house property based on the following points:
• Only the net annual value of the residential property is considered for taxation, which is determined by deducting the municipal taxes from the gross annual value of the house.
• In case the house is lying vacant for any financial year, then only the rent received for certain tenure is considered as income, and it is not computed for 12 months or the whole year.
• In case a house is lying vacant, but the owner is still paying the property tax against it, then, this loan can be offset under the income received from other sources. In case one is unable to consider the same in the current fiscal year then this expense can be carried forward within the next eight years.
Also check out, Real estate investment: 5 common mistakes to avoid
Income Tax Exemptions under Section 24 of the Income Tax Act: Under the section 24 of the Income Tax Act is known as ‘deduction from income from house property. Income, in this case, is earned according to three scenarios:
• Rent received at the rented house is said to be as income.
• A person who owns more than one house is considered to have the net annual value of the unoccupied house as income.
• If a person owns and occupies a house, then the income is considered as Nil. However, the rent received through additional houses is eligible for deductions under section 24 of the Income Tax Act.
Also check out, Some useful tips on how to reduce homeloan EMIs
Tax Exemptions Offered under Section 80C
Under section 80C of the Income Tax Act, the following tax exemptions are offered to the property owners.
• Individuals who purchase a new home can claim deduction under Section 80C on the stamp duty and registration charges. Up to Rs. 1.5 lakhs can be deducted under these charges.
• Exemption can be claimed as per this clause for any other expenses undertaken through the transfer of a new residential property.
Authorities for Collection of Property Tax in Delhi
MCD: Municipal Corporation of Delhi (MCD) is authorized to collect tax from all kinds of properties, like residential, commercial and vacant. The tax collection by MCD is based on the tax estimates derived through the Unit Area System.
MCD is divided into three zones:
NDMC
North Delhi Municipal Corporation (NDMC) is authorized for property tax collection in the New Delhi area from property owners and joint owners having rented, sub rented, occupied or non-occupied. It calculates property tax using the unit area value system. Many times the rent is also calculated on the basis of the annual rent value system, where the highest estimate of the annual rent value system or highest of the unit area value system is taken into consideration. Payment can be made at NDMC through a cheque which is payable at New Delhi.
EDMC
East Delhi Municipal Corporation (EDMC) is liable to collect property tax from the property owners in the East Delhi zone. You can pay the property tax on their website or through cheques.
SDMC
South Delhi Municipal Corporation (SDMC) is responsible for tax collection in the southern zone of Delhi. It is authorized to collect tax for the development and construction of civic amenities in the region under its supervision just like the EDMC and the NDMC. The SDMC also calculates the property tax via the unit area method. In addition to this, the tax collecting authority accepts payments through net banking and cheques.
Get 2bhk flat on rent in Noida extension
Property tax is the mandatory tax that should be paid by every person who owns a property. Nowadays, the Property Tax can be easily paid online. Recently, an app has also been developed to make payment easy. You can also use Google Tez and Paytm to pay the property tax.
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6 small changes in your home to consider for healthy living
Hey, homebuyers! It is a fact that you have spent a suitcase full of cash to build your dream home and bring all the modern amenities to make your home a comfortable place. Of course, homeowners like you are always careful about things you can do in your day-to-day life to make your home more and more comfortable. But, there are a few basic things that get missed at times, and those small changes make a big difference in your home. So, check out these 6 things to consider for healthy living.
Tips for healthy living
Check out and implement these tips in your home and see the difference!
Turn off electric appliances when not in use
Also read - How to prepare your home for the winter season? Some important tips!
One of the most common things that happen in almost every home, your kids may leave the lights turned on, you may leave the phone charger turned one when not in use, and the list of such things is vast. Knowingly or unknowingly, sometimes we waste the earth's resources needlessly, so make a habit of turning the switches off.
Buy from trusted brands and check energy star ratings
Yes, when you make the right choice, buy from trusted brands and check ratings, you save energy. Moreover, when you get the right products in your home, it will help you save on your energy bills, it is advisable not to choose too cheap products with hopes to save money, it can prove to be costly in the long run.
Stop heat and cold from escaping
Yet another common problem in every home, when the proper isolation is not done, it becomes difficult to prevent leakage. Especially, in the months of winter, you need to prevent heat leakage as it results in wastage and increased cost. It's time to take the necessary measures and prevent leakages.
Simply, plant some trees
Also read - How the demand for rental properties can increase during Covid-19 Pandemic?
As simple as that, it is time to make indoor and outdoor spaces more and more beautiful and better by simply planting some trees. Having some greenery around you is more than just increasing the supply of oxygen, planting trees keep your home surroundings cool, and it also does the required beautification.
Water management
Just like the electric appliances, we often leave the taps open. Running tabs when not in use is a waste of water, an important resource we have. You can store water in the buckets to deal with the daily chores instead of using tabs time and time again. Also, focus on recycling water that you can use for watering the plant and doing the washing and cleaning work.
Waste is inevitable but can be segregated
Most of us don't focus on this important factor, segregating waste before disposing of is something that the environment will thank you for! When you segregate waste, it becomes easy to recycle. Segregate waste into biodegradable and non-biodegradable, and if your housekeeping staff is not educated about it, give them the knowledge they need to get things done in the right way.
Final words
Sometimes, we already know what we need to do in homes, but still, miss things that can increase the costs. Follow these basic things and make your home a place of healthy living.
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