Located in the north west of India, Punjab is one of the smallest and most prosperous states in the country. Known as ‘land of five waters’, Punjab has a unique and great culture and tradition. Every City of Punjab has its own specialties in its geography, culture, history, agriculture and economy etc. Kurali in SAS Nagar of Punjab is no exception. This city comes under Mohali district of the state and is an important industrial center.

Geograpy of Kurali

Located at 30.83°N 76.57°E with an altitude of 303 meters above sea level Kurali is situated 16 km southeast of Punjab and 26 km away from Chandigarh on National Highway 21. Kurali is surrounded by Morinda tehsil, Khera tehsil, Kharar tehsil and Majri tehsil. The nearby towns to Kurali are Ropar, Morinda, Mohali and Kharar. This town is in the border of Rupnagar district.

Demographics of Kurali

As per the Census India 2011, Kurali municipal council has a population of 31, 060 among which males constitute 16, 510 and females constitute 14, 550. 10.86% of the total population is children with age of 0-6. The town has female sex ration of 881, while the state average is 895. The literacy rate of Kurali is 86.09%, while the state average is 75.84%. 89.21% of males and 82.57% of females are literate in Kurali.

Culture of Kurali

Kurali is famous for its rich culture and traditions. At Gassianwale Temple, a fair is organized every year. Numerous people gathered during this time at Nadipaar for having community meal, participating in havan or having medicated kheer(for asthma – dama). People get free medicines for various diseases like joint pain, kidney problems or even cancers. People visit to get blessings of Swami Ji Maharaj, which heal their physical body and the inner self. Sheetla Mata and Qawwalis at Peerkhana are the other famous cultural events held in Kurali at least once a year. There is a historical Gurudwara near the bus stand in Kurali where the 6th Guru of Sikhs visited. The town also has two gurudwaras named Gurudwara Khatariyan da and Bada Gurudwara, a church and a mosque. Temple of Sitla Mata, Sai Baba Mandir/Vridh Ashram and 12 Mandir are the other religious places in Kurali.

Administration in Kurali

Kurali is a municipal council in Mohali district of Punjab state. Kurali Munical council is divided into 13 wards. It is administered by an elected municipal council. Providing the basic facilities like electricity, water and sewerage as well as imposing taxes on roads within the limits of the municipal council is its responsibilities.

Office of Deputy Commissioner
District Administrative Complex, Phase 1 Sahibzada Ajit Singh Nagar
Phone No. 0172-2270761
E-Mail : dc(dot)sasnagar(dot)punjab(at)gmail(dot)com
https://sasnagar.gov.in/pic_kurali.html

Economy of Kurali

With the establishment of industrial area in the early 1990s the face of agricultural dominant Kurali changed a lot. Narrow lanes and by lanes giving way to pucca roads, electricity supply, generation of employment and lot more worked together in enhancing the economic profile of this city of Punjab. Kurli today is a developing industrial city. The city is also a popular market for various food products like jiggery, groundnuts, sunflower and sugarcane.

Karam Industries Pvt. Limited
Address: NO. A-5/6, Industrial Focal Point, Chanalon, Kurali, Distt. Mohali, Kurali – 140103, Punjab, India
Mobile: +919876317616
Phone: 91-160-2640443
Fax:91-160-2645094

Vedant Industries
Address: D-91 Focal Point Chanalon Kurali, Kurali, Mohali – 140103
Mobile: +(91)-9888310064
www.vedantindustries.com

G. S. K. Industries
Address: D-62, Focal Point, Vill Chanaion, Kurali( Ropar )Chandigarh Road, Dist; SAS Nagar Mohali, Chandigarh Road
Phone Number 0160-2645700
Mobile: 9417605700
e-mail: gskindustrieschanaion@yahoo.com

Healthcare Services in Kurali

The presence of hospitals with advanced facilities really indicate the development of a city because, health of the people is the important thing that in necessary for the growth of a place. Being a small city in Kurali, the numbers of hospitals and nursing homes are very less. You can see a few chemist shops and clinics in and around the city. Some of the popular hospitals, nursing homes and chemist shops in Kurali town are listed here.

Gupta Hospital
Address: Chandigarh Road, Kurali, Punjab, India
Phone number: 0160 2640234

Navjot Nursing Home
Address: Wadr no 6, Model Town,Kurali, Mohali, 140103
Phone number: 9814099071

Om Medical Hall
Address: MainBazar, Kurali, Punjab, 140103
Lqbal Medical Stores
Address: Main bazar, Kurali, Punjab, 140103

Utility Services in Kurali

Kurali, being an important industrial town in Mohali district of Punjab, is facilitated with the most important utilities and services like post offices, aadhar card centers and bank branches etc. However, it is still in the developing stage and so many other services like studios, libraries, hostels, event management companies, real estate agencies, packers and movers etc has to be established in Kurali. But, we can expect the development in all stages in a recent future here, as the city is becoming an important industrial center of the state.

Post offices in Kurali

Kurali Post office is a sub office, which comes under Chandigarh postal division, Chandigarh HQ postal region and Punjab Postal circle.

Pin Code: 140103
Phone number: 0160 2640010

Aadhar Card Centers in Kurali

As Aadhar card is an important document and identity proof, the government has started aadhar card centers in most of the town where people can register with required documents. Aadhar card center in Kural is the following.

Address: Aadhar Kendra, Modern Town, ward No 6, Kurali, Sas Nagar,Punjab, 140103
Phone number: 9815029505

Banks in Kurali

Banking industry has a significant role in the growth and development of a place, as it can encourage the saving habit of people there. Moreover, the modern banks provide several types of loans to the people for starting various businesses and industries that also lead to employment opportunities to the locals. Kurali, even though small city in Punjab, has branches several famous banks that offer all advanced banking services to the people.

HDFC Bank
Branch name: Chandigarh road – Kurali, Punjab
IFSC Code: HDFC0001371
MICR Code: 140240702
Branch Code: 001371
Address: Chandigarh road, Kurali, Punjab, 140103
Phone number: 0160-2645145

ICICI Bank
Branch name: Kurali, Punjab
IFSC Code: ICIC0001524
Branch Code: 001524
Address: Ward No 7, Chandigarh-Kurali Highway,
Kurali, Punjab, 140103
Phone number: +91 175-5019056, 8146965637

Canara Bank
Branch name: Kurali
IFSC Code: CNRB0003509
MICR Code: 140015002
Branch Code: 003509
Address: Ward No 7, Chandigarh road (NH 21),
Kurali, Punjab, 141103
Phone number: 0160-2640574

Allahabad Bank
Branch name: Kurali
IFSC Code: ALLA0212595
Branch Code: 212595
Address: Show room number 225, Ward No 9,
Chandigarh Amritsar Highway, Kurali, Punjab, 140103
Phone number: 7837001442, 8146196936

Yes Bank
Branch name: Kurali
IFSC Code: YESB0000304
MICR Code: 160532010
Branch Code: 000304
Address: Ground Floor, Khasra No 80/163/1/5/1,
Ward No 7, Chandigarh road, Kurali, Punjab, 140103

Federal Bank
Branch name: Kurali
IFSC Code: FDRL0002044
MICR Code: 160049012
Branch Code: 002044
Address: Room No 7-8, Ground Floor,
Opposite Khalsa School, NH21, Kurali, Punjab, 140103

Oriental Bank of Commerce (OBC)
Branch name: Kurali
IFSC Code: ORBC0100662
MICR Code: 160022033
Branch Code: 100662
Address: Railway road, Punjab, 140103
Phone number: 0160 2641256

State Bank of Patiala (SBP)
Branch name: Kurali
IFSC Code: STBP0000085
MICR Code: 140007002
Branch Code: 000085
AddressL Krshna Mandi, Kurali, Punjab, 140103
Phone number: 01888-640056

State Bank of India (SBI)
Branch name: Kurali
IFSC Code: SBIN0013515
Branch Code: 013515
Address: Showroom No 3 & 4,
Modern Shopping Complex,
Opposite Khalsa School, NH 21,
Kurali, Punjab, 140103
Phone number: 9815625244

Punjab and Sind Bank
Branch name: Kurali
IFSC Code: PSIB0000194
Branch Code: 000194
Address: Main Complex, Bus stand,
SiswanRoad, Block Majri, Kurali,
S A S Nagar, Punjab
Phone number: 01888-640126

Bank Of Baroda
Branch name: Kurali
IFSC Code: BARB0KURALI
Branch Code: KURALI
Address: H S No 365, Ward No 9,
Chandigarh road, Opposite Activa Honda Showroom,
Kurali, Punjab, 140103
Phone number: 1800223344

Corporation Bank (CorpBank)
Branch name: Kurali
IFSC Code: CORP0001887
MICR Code: 160017020
Branch Code: 001887
Address: Ward No 7, Bus stand,
Chandigarh road, Kurali, Punjab, 140103
Phone number: 8288937550

Punjab National Bank (PNB)
Branch name: Kurali Main
IFSC Code: PUNB0027900
MICR Code: 140024502
Branch Code: 027900
Address: Krishna Mandi, Kurali, Punjab, 140103
Phone number: 0160-2640022

Punjab National Bank (PNB)
Branch name: Kurali
IFSC Code: PUNB0352800
MICR Code: 140024303
Branch Code: 352800
Address: Kurali Morinda Road, Punjab
Phone number: 0160-2640012

Punjab National Bank (PNB)
Branch name: Kurali road, Ropar
IFSC Code: PUNB0352700
Branch Code: 352700
Address: Kurali road, Ropar, Punjab
Phone number: 01881-222238, 220727

Transport in Kurali

Situated on National Highway 21 Kurali is directly accessible from Chandigarh and other parts of Punjab and India. The city is well connected with all major cities of the state by bus, train and flight services. Kurali has a railway station that has direct routes to other parts of the country like Delhi. You get regular trains from Kurali railway stations to other major cities of the country. Even though there is a bus stand in Kurali, Mohali, which is 22 km away from Kurali has a bus stand. People mainly depend on bus services for local transportation within the state. Chandigarh Airport, which is 30 km away from Kurali, is the nearest airport to the city, Ludhiana Airport that is located at a distance of 65 km from Kurali is also another major airport depended on by travelers to reach Kurali.

Kurali Railway Station
Station Code : KRLI
Junction Name : Ambala Cantt Jn
RailWay Zone : Northern Railway
State Name : Punjab
District Name : Rupnagar
Taluk Name : Morinda
Railway enquiry phone number : 13

Visit Kurali, an ancient and important industrial city in Mohali district, during your pleasure trip to Punjab. Just like all other district in the state, this city also gives you an insight about the unique and colourful culture and tradition of Punjab.

Kurali at a glance

Country: India
State: Punjab
District: Mohali
Elevation: 281 m (922 ft)
Languages
• Official Punjabi
Time zone: IST (UTC+5:30)
PIN: 140103
Telephone code: +91160
Police station: 0160 5003092

Manufacturers and IT industries play a pivotal role in boosting Chandigarh’s economy. This city’s industrial belt stretches over an area of approximately 1262.14 acres approximately. This belt is divided into two plots- Phase 1 and Phase 2. This city is a fully developed area with 1966 plots dedicated to industrial development.

Its economic development and infrastructure make Chandigarh one of the most expensive real estate markets. As such, investments in commercial real estate can be quite lucrative.

Top Reasons to Invest in Chandigarh Real Estate

Here are a few reasons for you to consider investing in commercial real estate in Chandigarh:

• Transportation

Wide and well-maintained roads cover the city of Chandigarh, offering easy transportation to everyone here. Expressways like NH 5, NH 152, and NH 7 connect Chandigarh to other main cities of Punjab and neighboring  states. 

Furthermore, the Chandigarh Junction offers excellent rail connectivity to other regions of India. 

• Booming IT hub

Owing to overpopulation in neighboring  cities, major information and technologies are shifting to Chandigarh. This enhances employment opportunities in this region.

Chandigarh Administration has set up the Society for Promotion of IT in Chandigarh (SPIC) to attract more IT sectors to this city. Therefore, there will always be a demand for urban office spaces in Chandigarh to fit the needs of these big and small companies. 

• A Clean City

All public properties in Chandigarh, including buses, bus stops, roads, and parks, are clean and well-maintained. As the earliest fully-structured city, all localities here are designed systematically. 

Purchasing commercial properties here, like office spaces or plots for resorts, will help you earn a substantial return on investments. 

Also Read: Guide for New Chandigarh Commercial Real Estate Investment

Commercial Real Estates Opportunities to Invest in Chandigarh

Here are some locations in Chandigarh you may consider while investing in commercial properties in this region:

• Zirakpur

Zirakpur is a small town situated near the Chandigarh-Ambala highway. You can also access Zirakpur via the Patiala-Shimla highway. This satellite town of Chandigarh opens up opportunities to earn high revenues through commercial real estate investments. 

Zirakpur houses well-maintained office spaces and properties for retail stores. Orbit Signature Walk and Motia’z Royal Business Park are prominent office spaces here. Similar business parks and mall projects are being developed, promising an urban office-culture outlook. 

The rent for commercial properties in Zirakpur ranges from approximately ₹31 lakh – ₹1.45 crore. 

• New Chandigarh

New Chandigarh stands out as Punjab’s first smart city. It houses many residential complexes, business parks for upcoming IT companies, and parks and lakes to attract tourists. 

A Singapore-based company has laid down the master plan to redesign New Chandigarh. This city strikes a balance between nature and urban infrastructure. Therefore, it is also famous as Eco City. 

The price for commercial properties in New Chandigarh ranges from ₹41 lakh to ₹4 crore approximately. This means that there are chances for high ROI from commercial properties in New Chandigarh.

Things to Consider before Buying Commercial Property in Chandigarh

Here are some points you need to consider before investing in commercial real estate in Chandigarh:

• Location and Connectivity

Before investing in a plot or property, consider researching its location and proximity to railway stations and airports. Location plays a major role in determining a property’s value among tenants. 

For instance, properties near educational institutions can work as prominent hostels or co-living spaces for students.

• RERA Authentication

The Real Estate Regularity Authority (RERA) Act 2016 monitors discipline and transparency in the real estate business. It mandates the formation of RERA authorities in every state to overlook transactions that happen here.

Every builder or broker in Chandigarh should register their properties under the RERA portal on Punjab’s official website. You can verify the authenticity of your shortlisted properties in Chandigarh there. 

• Builder

If you are planning to invest in an under-construction building, consider researching the builder’s past works and records of successful projects. Also, remember to cross-verify the data provided by the builder by contacting previous investors. 

• Lease Structure

A lease is a legal document that binds investors and builders under specific clauses. As investors, you need to have an elaborate idea of a lease structure. This will safeguard you from the risks of unforeseen situations. Also, having a clear idea of the lease document reduces the chance of the opposite party exploiting you with any loophole in its clause. 

Consider seeking help from a legal advisor to understand the lease structure before investing. 

Stamp Duty in Chandigarh

The table below displays stamp duty charges applicable to properties in Chandigarh:

Registration Fees in Chandigarh

Here are the registration charges for commercial real estate in Chandigarh

Also Read: Guide for Commercial Real Estate Investment

Chandigarh Commercial Real Estate- What’s the Forecast?

Chandigarh hosts manufacturing industries of auto and tractor parts, paper, sanitary fittings, steel fabrications etc. It is also growing as an IT hub. Taurus Agile, Wipro, Infosys, Erricson, Tech Mahindra and Reliance Communications are some of the IT companies that have set up their offices here.

After Phases 1 and 2, Chandigarh Complex Development Plan is taking the initiative to set up industrial zone Phase 3. This will open gates for more industrial development in Chandigarh. Furthermore, the strategic location of these industrial and business parks near National Highways offers scope to attract more investors to this city. 

New Chandigarh offers an uninterrupted power supply and many other facilities to support an elegant lifestyle. Moreover, the requirement for office spaces and retail stores offers endless scope for investment in this region. 

Commercial Real estate vs Other Assets

Given below are the differences between commercial real estate and other assets based on ROI. 

Commercial Real Estate vs Gold

Commercial real estate can earn a higher return on investments than gold. However, buying and selling gold is more accessible than commercial properties. Also, gold is a more liquid asset than commercial properties.

Commercial real estate vs Stocks and Mutual Funds

The stock market is highly volatile, and investors must understand this marketplace before investing. Here, investors can gain high returns if they can take high risks of losses. Whereas investing in commercial real estate in Chandigarh promises stable returns over time.

Commercial Real Estate vs Residential Real Estate

Commercial properties are more expensive than residential real estate, so the former yields higher returns on investment. However, finding tenants for commercial property is time-consuming. Also, investors are at higher credit risk with commercial properties than with residential real estate.  

Commercial Real Estate vs Bonds

Bonds have a more liquid market than commercial real estate. However, both are excellent sources of passive income. Bonds do carry lower risks compared to real estate investments.

The table below depicts the different asset classes based on their liquidity, volatility, ticket price, and risks.

Explore our homepage to find top-rated bonds trending in the market. Register now to invest with no hidden or additional charges. 

Steps to Invest in Commercial Real Estate in Chandigarh

Here are the steps an investor must follow to invest in commercial real estate in Chandigarh:

Step 1: Finalise your budget to invest in commercial properties in Chandigarh.

Step 2: Conduct thorough research on potential locations and properties to know about their future potential.

Step 3: Shortlist a few commercial properties that fit your budget.

Step 4: Opt for on-site research to closely analyse the property and its locality. Consider seeking help from a real estate advisor to learn about prospects in the area.

Step 5: Finalise a commercial plot or property that suits your budget and investment goals.

Step 6: Check the authenticity of documents like Title Deed, Foundation Certificate, and Property Assessment Extract provided by the seller.

Step 7: Complete the formalities regarding stamp duty and registration charges to transfer the property under your name.

Step 8: You need to pay service fees to brokers or real estate consultants for availing their services.

Step 9:  Cover your newly purchased property with an insurance plan. This will safeguard you from any major financial loss in case of any damage to your property.

Final Word

Chandigarh’s strategic design, environmental preservation and industrial growth have helped it achieve world-class status. This attracts several big and small industries to this city. Thus, investors will always have the scope to benefit from commercial real estate in Chandigarh. Before investing, investors should keep in mind to check the property’s location, age, registration and RERA compliance. 

Frequently Asked Questions

Why is it important to register my properties in RERA?

The Real Estate Regulatory Authority is set up to support transparency and uniformity in real estate industries. This body works to prevent fraud and project delays in real estate transactions. Every commercial and residential property owner must register their properties under the RERA portal of their respective states.

Is New Chandigarh a good place to invest in commercial real estate?

As a smart city, New Chandigarh is attracting several big and small firms to its heart. As a result, there is a growing demand for office spaces, banks, restaurants and hotels. Therefore, investors can invest in New Chandigarh to gain high ROI.

What is Stamp Duty?

Whenever an individual sells a property, he/she must pay a particular tax called the stamp duty. Section 3 of the Indian Stamp Act 1891 elaborately details stamp duty payable by property owners. Each state of India possesses different stamp duties. Therefore, a seller must pay this tax per the property’s location.

What are the prime areas in Chandigarh to invest in commercial properties?

New Chandigarh, Mullanpur, Zirakpur, VIP road and Dera Bassi are a few important areas for an individual to invest in commercial properties in Chandigarh.

Here is a comparative analysis of investment in real estate vs fixed deposits.

Fixed Deposits

Fixed deposits are financial instruments that generally offer a higher rate of interest than a regular savings account. In an FD, money is locked-in for a fixed timeframe, and a fixed rate of interest is given on the sum invested. Banks offer a high rate of interest because of the low liquidity and lock-in period involved in an FD.

However, a comparatively newer instrument called Flexi-FD allows people to go for the interest rate of an FD and liquidity of a savings account.

The general rate of interest on an FD in India is in the range of 4 to 7 percent in public sector banks. Some private sector and foreign banks give a higher interest rate of up to eight percent per annum. The duration of an FD varies anywhere from seven days to 10 years.

A regular interest flow from an FD is better than an investment in equity and a mutual fund for many as it assures a regular and fixed rate of interest. However, the interest received from FDs is taxable under the law.

Taxability of FDs

If the interest paid to a customer in a financial year exceeds Rs 10,000, the bank levies a tax of 10 percent on the interest amount. It is known as Tax Deducted at Source (TDS). However, the tax is actually applied according to the income tax slab of the FD holder.

Though FDs provide a stable interest rate on the sum deposited with the bank, it depends on the risk appetite and the financial goals of a person. Let us have a look at the potential of investment and returns from the real estate sector.

Real estate as an investment option

Real estate investment in India remains a compelling choice, supported by the sector’s resilience and potential for long-term growth. Despite the COVID-related market fluctuations, the industry is showing signs of recovery. It is driven by factors like urbanisation, rising disposable incomes, and a growing middle-class population.

Government initiatives, including regulatory reforms like Real Estate Regulatory Authority (RERA), have enhanced transparency and stability in the market. The recent uptick in residential property prices in key cities signals a renewed demand and confidence in the sector.

Real estate offers the dual benefits of potential capital appreciation and steady rental income, making it an appealing option for long-term wealth creation. The diversification benefits it adds to an investment portfolio help balance overall risk. With India’s ongoing urban development and growing economy, the long-term outlook for real estate investment remains positive.

If you intend to invest in the real estate sector, the points to remember are –

• A relatively larger sum of money is required to buy a property or a piece of land than an FD investment
• Besides the cost of the land or apartment, expenses like stamp duty, registration charges and maintenance charges exacerbate the total cost
• The appreciation in the prices may not be on the expected lines, especially in times of a general slowdown in the economy
• You must get the property evaluated in accordance with the market rates before making the investment
• Other factors like locality, connectivity, and infrastructure, among others, also play a decisive role in the price appreciation of the property.
• A commercial or rental investment can generate income for you
• Sometimes, the rental income generated is a mere 2-3 percent
• You cannot sell off a property quickly as it involves huge corpus of money

Choosing between real estate and fixed deposit

Let us understand with an example. To buy a land/apartment worth Rs 1 crore, you must scoop out an EMI of Rs 1 lakh a month for the next ten years. For that, you must earn Rs 2-3 lakh per month. This amounts to a significant financial planning and high earning potential.

However, in the case of opening an FD, you do not need a huge chunk of money. It can be done with an amount as low as Rs 20,000. Moreover, FDs come with a stable rate of return.

Sharing her views on the investment potential of both the investment instruments, Indu Tanwar, Senior Manager, Andhra Bank, says, “Traditionally, people with less risk potential tended to choose FDs over everything else. With the introduction of ‘Flexi FDs’, people reap the benefits of both FDs and savings account at the same time. On the other hand, due to dismal real estate market conditions, people hesitate to invest in real estate after a certain limit. Slow growth and presence of many fringe factors push people away from the property sector. FDs, however, provide a steady interest in income and suits almost every income group.”

Importance of understanding liquidity and investment time horizon

When considering investments in real estate versus fixed deposits (FDs), understanding the concepts of liquidity and investment time horizon is crucial. These factors play a significant role in determining the suitability of an investment choice based on an individual’s financial goals and needs.

Liquidity considerations

Real estate: Real estate investments are generally less liquid compared to other asset classes. Liquidity refers to how quickly and easily an asset can be converted into cash without significantly affecting its market price. Selling property can be a time-consuming process, often taking several months or even years, depending on market conditions. This lack of immediate liquidity makes real estate a less ideal option for investors who may need quick access to their funds.

Fixed deposits: FDs, on the other hand, offer higher liquidity. Although they are time-bound, most banks and financial institutions allow for premature withdrawal of fixed deposits, albeit with some penalty. This feature makes FDs more suitable for investors who might require funds on short notice or prefer the flexibility of accessing their money without significant delays.

Investment time horizon

The investment time horizon refers to the amount of time an investor expects to hold an investment before needing access to the capital.

Short-term horizon: For investors with a short-term horizon (a few months to a few years), FDs are more appropriate. They provide the security of capital and fixed returns over a predetermined period without the complexities and uncertainties of real estate transactions.

Long-term horizon: Real estate investments are typically more aligned with long-term financial goals. Over extended periods, real estate can offer substantial returns through property value appreciation and rental income. It’s suitable for investors who are not reliant on immediate liquidity and can afford to wait for the right market conditions to sell or lease their property.

In a nutshell, choosing between the two instruments can be a bit tricky. If the investment, as well as the risk potential, is high, the investor can go for real estate investment. But, if low yet steady interest is desired, FDs are a better option.

More from Knowledge Centre-Property Blog

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Our platform offers valuable insights, news, and updates, along with informative articles, expert opinions, and market reports. With reliable and accurate information, it’s a go-to destination for anyone seeking knowledge about the Indian real estate sector.

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Investment property buyers need to make a down payment of around 20-25% for financing an investment property. The amount of down payment may differ based on the type of finance used to purchase an investment property. The amount of down payment will also depend on an investor’s financial standing.

Factors Affecting Down Payment

• Most lenders will consider an investor’s debt-to-income ratio and credit score.
• Whether investor plans to live in the property or not.

How to Choose Right Location ?

While buying your first property, keep the following factors in mind :

• Locality

Choose the location that meets your requirements. Consider the area and its current and future prospects. Also, take into consideration the amenities available nearby.

• Neighbourhood

Though the neighbourhood is a matter of personal choice but a good neighbourhood should have a few critical factors in common such as appearance, accessibility and amenities.

The neighbourhood should be near the city’s major transit routes. The appearance of the neighbourhood is also very important. Beautifully landscaped areas with parks and community spaces are more desirable. An ideal neighbourhood should also have essential amenities like grocery stores, shops, schools, hospitals and restaurants.

• Civic Infrastructure

Good civic infrastructure such as public transportation, schools, hospitals, shopping complexes improves the property value in the area. So, the residential, commercial and public development of an area affects the desirability of properties in that area.

Tax Implications before investing in Real Estate in India ?

Tax liabilities when purchasing a property in India are as follows:

• No income tax implications are available at the time of purchase of the property if the amount paid for purchasing property is equivalent to or higher than the stamp duty value of the property.
• In the event the stamp duty value of the immovable property is more than the consideration, in that case, the difference shall be taxable in the hands of the buyer. The law requires the buyer to pay 5 percent of the consideration or INR 50,000.
• If the property is acquired from a resident Indian, in this case, the purchaser needs to deduct TDS at the rate of 1% of the sale consideration if the amount is more than
  INR 5 million.

How to choose Reputed Developer to invest in your Property ?

Choosing the right real estate developer can result in fruitful investment but choosing the wrong real estate developer can be catastrophic to your investment. herefore, you must choose a real estate developer wisely. Here are some of the points you must consider before shortlisting the real estate developer:

• Before investing in a property, thoroughly research about the developer. Ascertain the developer’s credibility and track record.
• Inspect the construction quality as it instantly brings the developer’s authenticity to the fore. If construction quality, specifications and amenities are not up to the mark, then do not buy that property.
• Check documents including RERA number, land ownership, no-objection certificates and more.

8 Steps of Property Purchasing in India

Following are the steps of property purchasing in India:

• Search- Before buying the property, search for the best localities within your budget and ensure you do not miss details like amenities, accessibility etc.
• Shortlist- Explore the options and narrow down your choices. Also, perform encroachment checks.
• Book- Pay the booking amount to block the property for you. Sign a memorandum of understanding.
• Technical Evaluation- Get your property inspected by a civil engineer to see if it meets the norm and is eligible for an Occupancy Certificate.
• Legal Verification- Ask the builder to give you documents related to the property and verify these documents.
• Sale Agreement- Next step is to execute the sale agreement, which forms the basis for the sale deed.
• Registration- The next step in this process is to execute and register the sale deed.
• Moving In- The last step is to move into the property.

Buyer’s Guide to Home Loan Approval

The complete guide to home loan approval is as follows:

• Applying for a home loan
• Payment of loan processing fees
• Applicant’s scrutiny and verification
• Evaluation of repayment capacity
• Home loan offer letter
• Property verification
• Home loan disbursal

What are the Tax Liabilities on sale of Property in India ?

On selling property in India, the non-residents face the following tax liabilities:

• In India, tax shall be paid on capital gains from the sale of immovable property. The rate of tax depends on the time for which the person holds the property.
• Capital gains unused before the date of filing tax returns can be deposited in a capital gains scheme.
• If the value of stamp duty of the property sold is more than the sale consideration, then the stamp duty value is regarded as sale consideration.
• Taxes can be saved by investing in long-term capital gain in bonds not exceeding Rs.5 million issued by Rural Electrification Corporation or National Highway Authority of India or any other bond specified by the union government. The taxes on long-term capital gains can also be saved by re-investing those as per the provisions of the Income Tax Act.

What are the Tax Liability on Lease Rentals ?

The tax liability on lease rentals is as follows:

• Taxes need to be paid on lease rentals.
• Specific deductions are allowed from the income arising out of lease rentals.
• The net lease rental amount is subject to tax according to applicable tax slabs.

How Many Properties can NRI Buy in India ?

NRIs can purchase as many properties as they like, and there is no restriction on the number of properties they can buy. The significant consideration is whether the property is acquired for your or your family’s use or investment for potential capital appreciation or rental income.

Do NRIs Need Special Permission to Invest in Indian Real Estate ?

The non-residents must make monetary transactions in Indian currency. In addition, the transactions must be done through normal banking channels via an NRI account. The NRIs can use their own funds or take a home loan for purchasing a property. As per RBI, NRIs can avail up to 80% of property value via loan.

Reviews are a reliable source of information for anyone considering buying a house. When you are looking to buy a home, it’s important to read property reviews before making a buying decision. Reviews can provide valuable insight into the market trends, the locality, and the builder or agent.

Here are some of the reasons why property reviews are so important when buying a home.

1. Insight into the Neighborhood:

When planning to buy a property, it’s not just the house or apartment that matters; the neighborhood plays a pivotal role in your overall satisfaction and quality of life. Property reviews can offer valuable insights into the community dynamics, safety, amenities, and the overall vibe of the area.

Prospective buyers can gain a comprehensive understanding of the neighborhood’s strengths and weaknesses by reading the experiences of current or previous residents. These reviews often highlight issues like noise levels, accessibility to public transportation, proximity to schools and healthcare facilities, and the general sense of security in the area. This firsthand information can significantly influence your decision-making process and help you choose a property that aligns with your lifestyle and preferences.

2. Unveiling Property Pitfalls:

A property may look flawless during a quick tour or in the glossy pages of a brochure, but hidden issues can surface after moving in. Property reviews serve as a reality check, shedding light on potential pitfalls that might not be evident during a standard viewing.

Buyers can learn about common maintenance problems, structural issues, or disputes with property management through the experiences shared by others. This information is invaluable for making an informed decision and can save you from future headaches and unexpected expenses.

3. Understanding Developer Reputation:

The reputation of the property developer is a critical factor in ensuring a smooth and reliable real estate transaction. Property reviews provide a platform for buyers to assess the track record of developers and builders.

By reading reviews from individuals who have previously engaged with a particular developer, you can gauge their reliability, commitment to quality, and responsiveness to customer concerns. A developer with a positive reputation is more likely to deliver on promises, ensuring that your investment is in safe hands.

Read more about How To Check The Builder’s Reputation?

4. Evaluating Property Value Over Time:

Real estate is an investment that should appreciate over time. Property reviews can offer insights into the historical performance of a property in terms of value appreciation and resale potential. By analyzing the experiences of those who have lived in the property for an extended period, you can assess whether the investment has proven to be financially sound.

This long-term perspective is particularly important for individuals looking to make real estate a part of their investment portfolio. Understanding how a property has fared over the years can help you make strategic decisions that align with your financial goals.

5. Anticipating Future Developments:

The surroundings of a property are subject to change, and it’s essential to anticipate how these developments may impact your investment. Property reviews often provide insights into planned infrastructure projects, zoning changes, or commercial developments in the vicinity.

Being aware of potential future changes allows buyers to make decisions that align with their preferences and long-term plans. For instance, if a quiet residential neighborhood is on the brink of commercialization, this information might influence your decision based on whether you value peace and quiet or the convenience of nearby amenities.

In conclusion, property reviews are a goldmine of information for anyone considering a real estate investment. From gaining insights into the neighborhood and understanding potential property pitfalls to evaluating the developer’s reputation, assessing property value over time, and anticipating future developments, these reviews empower buyers to make well-informed decisions. In a world where real estate transactions are significant financial commitments, taking the time to check property reviews is a prudent step toward securing a home that meets both your immediate needs and long-term aspirations.

To make things easier for you, here are 10 tips to choose the right property in the market.

1. Select the right location:

This will entirely depend on your specific need such as proximity to your workplace well most of us do WFH now, proximity to your child’s school, etc. In general terms, the right location would be a good neighborhood that’s clean, green, and peaceful. The residential project should have good connectivity to major roads and other modes of transport such as train, metro, etc.

The area should have the required social infrastructure such as schools, colleges, shopping and entertainment zones, hospitals, public parks, etc within 3-5 Km range.

2. Look for a property within your budget:

You should define the maximum limit for the amount of money you are willing to invest to buy your home. The overall budget should include the cost of registration, processing fee, Home interiors and Insurance. This will make it easier for you to select the right property. You will be able to quickly shortlist projects that are within your budget and ignore the ones that are beyond your budget. If you don’t have a specific budget in mind, you will just get confused with the various options available and not be able to take a decision.

It’s better to avail pre-approved home loans in case if you plan to go with home loans. This will help you to get a clear idea about your maximum budget affordability.

3. Verify project approvals and legal status:

One way to define the right residential project is that it should have all the necessary approvals and its legal status should be clear. You should ask the builder to provide you copies of all such documents, so that you can verify everything on your own. You don’t want the project to get involved in legal tangles or get delayed due to lack of approvals from government agencies. Once you have checked all project related documents, you can buy your home with confidence and peace of mind.

Check for the RERA number of the project, Know the benefits of RERA

4. Check amenities:

What are you looking for in your new home? Swimming pool, tennis court, gymnasium, coffee shop, children’s play area, jogging track and what else? Does the residential project have all these amenities? If yes, then you can go ahead and book your property. If not, you may have to keep exploring other residential projects in the area. The right choice would be a residential project that has all the amenities you want.

But remember Maintenance charges of project with more amenities is high compared to small projects.

5. Compare prices:

To select the right choice from new residential projects, you need to compare prices of similar projects in a specific area. It is possible that a builder may be offering more space or better amenities within the same price. By comparing prices of different projects, you can identify the best deal available in the market. It can also help you to save significant amount of money.

6. Scout for special offers:

When buying a home, you should always be on the lookout for special offers, discounts and freebies being offered by builders. Builders make such offers from time to time to attract customers. Such offers are usually launched during the festive season or when the real estate market is witnessing a downtrend. If you can identify such offers, you can get a good deal and save lots of money.

7. Learn to bargain:

Good properties usually command a premium, but if you can bargain in a professional manner, you can buy the property of your choice. If the property you like is a few lakhs more than your budget, you can use your bargaining skills to convince the builder to make an exception in your case. You have to be very genuine in your approach and use the right words and gestures to get a discount on the property.

8. Check builder reputation and track record:

You need to do some research to find out the builder’s reputation in the market and their track record. Choosing a reputed builder makes sense since they would have proper experience and expertise in the construction business. However, that does not mean that you should completely avoid first time builders or those that are relatively new in the residential real estate business. As long as the legal documents and regulatory approvals are in place, you can choose any project you want, irrespective of whether the builder is new or experienced.

9. Check finance options:

A good residential project usually has partnership with top banks and other home loan providers. If you can identify such a project, it would become easier for you to secure the home loan. As the project will be pre-approved, you won’t have to face any problems in getting the home loan sanctioned. Residential projects pre-approved by leading banks and financial institutions works as assurance that the project is legally tenable and safe to invest.

10. Take inputs from friends and colleagues & Channel partners:

If you have identified a specific area to buy your home, you can take inputs from your friends, colleagues or relatives living in that area. Or from a professional (Channel partners) They will have better knowledge of the area and can share the ground realities of the neighborhood. Their inputs and feedback will help you select the right choice from new residential projects in that locality.

Buying a property is a big investment, so make sure you take your time and avoid hasty decisions. Also, crosscheck and verify facts from multiple sources, so that you can be assured that you have the right information about specific projects. If you follow the above instructions, it will become easier for you to select the right choice from new residential projects in Chennai.

If you are not sure of these tips to choose the right property we suggest you to compare and check the reviews and ratings of the property in www.chandigarhproperty.in by the users who already purchased the property and you can make an informed decision with their experience.

Homes are being viewed and perceived differently in urban settings today and what used to be luxury amenities and facilities are slowly becoming a necessity.

The developments of the last few months have accelerated the ongoing shift in demand that was being witnessed in real estate investment in Tier 2/3 cities. Cities like Lucknow, New Chandigarh, Indore, Faridabad, Ludhiana, etc. are seeing huge demand for homes for a variety of reasons, ranging from price differentials, work from home, the demand for bigger homes, the evolving potential of these cities, etc.

If we consider one of the finest and most planned urban cities in India – Chandigarh, the peripheries that have majorly driven demand for real estate like Panchkula, Mohali, Zirakpur, and New Chandigarh are also witnessing a dramatic shift in taste and preferences.

In New Chandigarh, for example, where new-age infrastructure is being developed, the demand for homes is quite distinct, with independent floors in a secured, safe, and walk-to-everything township becoming a preferred choice:

Top 10 Reasons to Invest in New Chandigarh Property Market

1. Ideal Location for a prospering household

New Chandigarh is the first eco-city of Punjab, located south of the Shivalik range. It is seamlessly connected to Chandigarh’s prime roads Madhya Marg & Dakshin Marg, where all social and commercial sectors such as Sector 17, 11,14, 15, 22, 18 etc. are present. The authorities have also proposed a Metro station for easy commute of the residents. New Chandigarh already boasts of wider and congestion-free roads and the coming times, it shall have a wide network of roads which will makes movement and accessibility easy.

2. New Chandigarh is the hub of development

The planning and architecture of New Chandigarh has been done in a manner that all non-polluting industries like IT and hospitals will be located here. A 1700 acres proposed Education city (Knowledge Zone) will be the highlight of the area, envisaging a modern learning destination in Punjab. Some of the renowned names entering the region in healthcare sector are Tata Memorial Centre’s cancer hospital & research centre.

3.New age developments

All the nearby developments, such as road and other social infrastructures will be developed via new technologies and hence will last longer. New Chandigarh region is set to become the most desirable address in the state of Punjab. Due to its proximity to main city and the plethora of opportunities available here, job opportunities will be immense and that will drive the demand for homes.

Also Read: Smaller Cities Smarter Choice

4.Self-Sustainable city

The authorities and industry players entering this area have strategized a full-fledged growth plan for the residents. As the population begins to rise here, IT parks and other industries have strong potential to make the population residing self -sustainable, with a range of job profiles available. A sphere of robust development is about to be created to fuel growth of the inhabitants here. Townships by several builders including Omaxe New Chandigarh promises residents new age lifestyle.

5.Integrated township – a wholesale living

Integrated townships are fast evolving as the most preferred options owing to the constrained living it offers where everything is just a walk away. The recent developments have taught the importance of having everything close to one’s abode – be it medical and commercial facilities, recreation and office spaces. Omaxe New Chandigarh is a city of tomorrow which offers everything at a walking distance from your address.

6.Independent Floors for independent millennial

Independent Floors are fast catching up due to the independence and low density living it promises where one can unwind in the comfort and convenience. Omaxe Celestia Royal Premier offers a range of amenities. Ideally, Independent Floors with configurations such as 3 BHK luxury apartments in Chandigarh are a fruitful investment for creating a future asset.

Not just the independence of living it provides but also a higher return on investment as the opportunities for future growth in New Chandigarh is nothing short of unprecedented. NRI investors and end-users are always on the lookout for such properties in India that give them an experience similar to foreign lands. Omaxe Celestia Royal Premier is a perfect fit for those desirous of a tasteful lifestyle.

7.Bond with nature

Omaxe New Chandigarh has beautiful fountains, artificial water body and plenty of open and green spaces. It is one of the few inhabited townships with families residing and experiencing the facilities and amenities of the township. It has an abundance of greenery with many gardens based on different themes. Demarcated jogging & walking tracks, Open gymnasium, Sit outs will be at every step encouraging the residents to take care of their fitness and health.

8.Best destination for Sports enthusiasts

Omaxe Celestia Royal Premier offers more than any conventionally constructed 3 BHK luxury apartment in Chandigarh. It is adjacent to the upcoming International Cricket Stadium, allowing sports fans to immerse themselves in the energy and vibe of newly established sports arenas.

9.Range of Amenities available in New Chandigarh

The project offers several amenities for its residents, to begin with, lush natural green surroundings, an open gym for kids, a swimming pool, a fully equipped gym and spa, a children’s play area, a designated wide car parking area, and gardens for practising yoga and meditation. Additionally, for kids to learn and grow, a skating ground, basketball court, badminton court, and tennis court are also available. The project is equipped with a well-managed security cover with a 24-hour security system installed, CCTV, and is also earthquake-resistant.