The Rise of Mumbai’s Real Estate
Why own a home in Mumbai?
Why own a Jem Group home?
FREQUENTLY ASKED QUESTIONS
1. Determine your budget, number of rooms required (2,3BHK etc.), location, neighbourhood and preferred amenities.
2. Prepare a list of your own home’s characteristics and features you dream of.
3. Consider your financing alternatives, like whether you should opt for a home loan depending on your income, credit score and liabilities or is this purchase dependent on an asset sale.
4. Before settling on the best builder for you requirement, conduct extensive background checks on the track record of the developer.
TDS or tax deduction for the purchase of property excluding agricultural land.
Stamp duty is the tax paid for the legal registration of property. It is borne by the buyer of real estate.
Service Tax is applicable if the property is being purchased from the builder who has acquired and constructed the project before offering possession to the buyer. Service tax is not applicable if a ‘ready to move in’ property is purchased from the seller.
VAT varies in each state. For Mumbai and Pune, VAT is paid at 1% on ‘agreement value,’. The tax is controlled by the VAT law’s definition of a “work contract.” The party responsible for the costs is specifically expressed in the selling agreement.