flats in lucknow

All you need to know about living in Lucknow

All you need to know about living in Lucknow

January 5, 2022 0 Lucknow Real Estate Residential Properties

Muskuraiyein, ki aap Lucknow mein hai“

That’s how you are welcomed in the capital and the largest city of Uttar Pradesh, situated on the banks of river Gomti and about 45 miles (72 km) northeast of Kanpur. Lucknow is not just a city, with a rich heritage to its name, the city of kebabs and nawabs resonates the treasure of architecture and history, of literature and culture – in a nutshell.

The city of Nawabs as the slogan of the city says the region has a slice of rich colonial history to modernized museums, this artistic hub of Awadh, beautifully brings together the opulence of a glittering past and the simplicity of a modern city. And if you thought this is all, we have something special for you, According to the survey conducted by ‘IMRB International’ Lucknow is the second happiest city in India. As of November 15, 2017, which is merely 70 days into its operations, the Lucknow Metro has crossed the 10 lakh mark in terms of ridership.

City the Beautiful –

Old Lucknow –

Rumi Darwaza, the Mughal Gateway built in the centre of the capital divides Lucknow into ‘Old Lucknow’ which is ancient, crowded, a bit narrow, and a big food hub, wholesale jewelry lakhnavi chikan market. On the other hand and the ‘New Lucknow’ is urban and one of the most planned cities of Asia. 

New Lucknow –

With sprawling shopping malls, parks, Hi-rise buildings, international cricket stadiums, wider roads, planned architecture make the city a true cosmopolitan with people of varied cultures and areas from across the country. The most famous among these are the parks like Ambedkar Park and the Gomti Riverfront Park, both ideal places truly give the sense of calmness within the chaos. The families, tourists, and locals can daily be seen taking a walk or admiring the built of the structures during the evenings or even late nights.

For the shopping frenzy, you have Hazratganj, which is the mouth-watering space for shopping, food, and some unique experiences like – you don’t see electric cables hanging around that enhances the beauty of the area like never before and more so if you have an eye for detail, you see most of the shop’s names, and signage marked in black and white only. Right from the international wizards like Nike, Pepsi, Gucci to the local shops, all of them are marked in black and white signage throughout the market. For foodies, the same place offers its world-famous ‘gol gappe’, ‘chaat’ and ‘kulfi’ eateries, posh Mughlai restaurants, and various shopping complexes. All the buildings in Hazratganj have a distinct Victorian architecture, and you can shop for literally anything – starting from inexpensive accessories and trinkets to high-end clothes, shoes, and jewelry. 

The people of Lucknow are known for their courtly manners and endearing ‘Pehle aap‘ (you first) culture, which always leaves behind a smile on the faces of its visitors. 

  • Education

Lucknow is the home to a number of the various prestigious institute that includes

  1. Indian Institute of Management Lucknow (IIM-L),
  2. Indian Institute of Technology Lucknow (IIT-L),
  3. Institute of Hotel Management Lucknow (IHM-L),
  4. Indian Institute of Toxicology Research,
  5. National Botanical Research Institute (NBRI),

The University of Lucknow and many more. You hardly find so many important institutions in a single place and that is the beauty of the city. Let it be higher studies or the school level, Lucknow offers the best of the best and hence if you are living in the city you don’t migrate to other places and save a lot of cost and family time.

  • Sports

Lucknow is the Headquarter for the Badminton Association of India. Junior level Badminton players receive their training in Lucknow after which they are sent to Bangalore. Also, The Lucknow Race Course in Lucknow Cantonment is spread over 70.22 acres (28.42 ha); the course’s 3.2 km(2.0 mi) long race track is the longest in India a.

Not only this, but Lucknow also hosts the International standard Cricket stadium, Various cricket academies, Tennis academies, Major Dhyanchand Hockey Stadium to name a few.

  • Climate

Being a landlocked city and quite away both from the Sea and the Mountains, Lucknow runs in extreme weather conditions. All the variants of the weather can easily be witnessed in Lucknow throughout the year.

Winters in Lucknow – From November to March is the winter season and is the best season to visit the city. With the minimum temperature going as low as 2 degrees one can enjoy the fog and dim sunlight during the days. Summers in Lucknow – April, Ma,y and June dry, hot and windy with the mercury soaring to as much as 45 degrees, the city reels under extremely humid conditions during the Monsoon rains during Jul August, and September.

If you planning to buy an apartment or flats in Lucknow? Rush to the projects by Paarth Infrabuild, which are constructed keeping in mind the different requirements of the buyers. Paarth Infrabuild offers luxurious and comfortable household spaces which will match exactly with your dream house. There are four major projects by Paarth Infrabuild i.e. Paarth Republic, Paarth Aadyant, Paarth Arka and Paarth NU. Each project is different and has its own unique features and all the projects are eco-friendly.

How a middle income person can buy a house in india

How a middle income person can buy a house

December 31, 2021 0 Real Estate Real Estate Industry Residential Properties

“Kyunki Apna Ghar toh Apna hota hai”

Have you ever thought that if money was never an object you could have bought your dream house? That might be a cozy villa having a private garden as well as swimming pool or a private condo having sea view like it is shown in James Bond movies. Thinking? You might go out of your budget.

Everyone has an idea of their dream homes but as money as an object comes into the picture your aspirations are toned down. Most of the home-buyers when decide to convert their dream home into reality by stretching their finances they might end up denting their finances. But not anymore, affordable housing scheme helped many people to fulfill their dreams to buy their own house. The slowdown in real estate sector also lightens the burden of the buyer. A few years back rates of the property were hitting the roof but today home-buyer can a find a place to dwell for spending their life with their family.

Image Credit- Forbes

The vision of Modi government that every citizen of India has their own house by the end of the year 2022. To back this vision the government is pursuing and encouraging the builders to come up with projects that fall under affordable housing schemes. Under this scheme, the target is to make house between 10lakh to 30lakh so that lower and middle class group can afford it. Even the home loans are available at a very economical rate. This will lead to increase the quality of living standard of people.

Projects under the affordable housing schemes are launched in states Punjab, Uttar Pradesh, Rajasthan etc. and the state government is providing all the possible assistance to the builders. As per Times of India, their government has made two classifications for Middle Income Group (MIG).

  1. MIG-I having an income of 6-12 lakh will get loan up to 9 lakh with interest subsidy of 4% for a tenure of 20 years. Therefore at the end of tenure, the borrower will end up paying an interest subsidy of 2.35 lakh for 9 lakh.
  2. MIG-II having an income of 12-18 lakh will get loan up to 12 lakh with interest subsidy of 3% for a tenure of 20 years. Therefore at the end of tenure, the borrower will end up paying an interest subsidy of 2.30 lakh for 12 lakh.

The Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been acknowledged as central nodal agencies to channelize this subsidy to the lending institutions, including banks and financial institutions. Therefore, small banks, non-banking finance companies and micro-finance institutions will be recognized as primary lending institutions under the scheme.

Additional loans are also available at a non-subsidies rate. Under the scheme, widows, single working women, persons belonging to SC/ST, OBC, differently abled and trans-genders will be given preference.

If you looking to buy flats in Lucknow, there are best real estate developer named “Paarth Infrabuild” provide affordable residential flats for middle class people.

Lucknow, a Real Estate Hub

Lucknow, a Real Estate Hub

December 22, 2021 0 Lucknow Real Estate Real Estate Industry

As soon as we think about the Capital city of Uttar Pradesh, Lucknow emerges as the city of Nawabs, its lazy yet elegant persona, the Imambadas, Rumi Darwaza, the ever inviting Bhool bhulaiya, or the mouth-watering food. But that’s not all, Lucknow is very quickly becoming the hub of Real estate hub for the region. Let it be the government policies or the urban real estate development in the vicinity, Lucknow is the finest example of urbanization of India. In Lucknow there is a best real estate company named “Paarth Infrabuild” offers luxury flats in Lucknow at affordable price. There are many reason due to which we can say Lucknow is a Real Estate Hub.

Lucknow, a Real Estate Hub

Location Matters –

Lucknow is very centrally located within the boundaries of Uttar Pradesh and enjoys excellent connectivity with all the major cities when it comes to the Uttar Pradesh region. Right from neighboring Kanpur, Agra, Jhansi, Varanasi, Prayagraj to the National Capital New Delhi, Noida, Ghaziabad, and the city is very well connected by all the possible modes of travel like Air, Rail, and Bus. Outer ring road completion will connect the city with 104 villages, as many as 6 state highways, and 5 National highways.

The Real Estate Growth –

Also within the city, Lucknow Metro has opened the flood gates of the Real estate sector to boom. Locations like Shaheed Path, Gomti Nagar, Sarojini Nagar are not the OUTER part of the cities anymore, you can very easily see skyscrapers mushrooming all around. With the Malls, Newly constructed Hi-rise Apartments, Schools, and Multi-Specialty hospitals in the close vicinity, Lucknow is emerged to be the next cosmopolitan city of North India

Why the Hub

Being an old city with narrow roads, cluttered colonies, busy Market streets, the new age Real estate developers have understood the requirement of living in open and bigger spaces with all the modern amenities like a Swimming pool, Kids Play Area, Clubhouses, Badminton Courts, Yoga, and meditation Area, and jellying perfectly with government’s KHELO India campaign mostly all of the real estate developers are providing Cricket stadiums with academies, Football or Basket Ball courts, and state of the art indoor games facilities and no wonder Lucknow is already providing some world-class athletes. On the commercial front, the new age office spaces and co-working spaces are also cropping up in the downtown areas of the city and the best part is they are well connected with the so-called old and the new city.

Latest Trends

The trends especially those in the Real estate industry indicate that the individual let it be a high-end investor or the mid-range buyer is looking beyond metropolises that offer a lifestyle. Where they can not only live a carefree life but also have all the facilities that are required to be in the nearby areas. The high rise is not only a trademark of a Metropolitan city this has created an untamed opportunity for the real estate developers to take advantage of the untapped consumer demand that is increasing day by day.

Growth and Opportunities in the Real Estate of Lucknow

The real estate industry in Lucknow has emerged in all sectors especially in the residential and commercial sectors. With the growing GDP of the countrymen and the Lucknawis, the cost of real estate lands as well as the high-rise apartments with the Commercial spaces are yielding clear results. The rapid growth of the IT sector specifically has attracted a lot of crowds from the various parts of Uttar Pradesh. According to the Master plan of 2021 197 perimeter villages are included in the proposal.

A Contributor

“Lucknow is playing a pivotal role in making the state of Uttar Pradesh march towards its goal of becoming a $1-trillion economy. The city of Lucknow alone contributes to more than 3.85% of the state’s GDP and is already the hotbed for real estate players from all around the country. The MAKE IN INDIA initiative of the government also paved its way to attract the major manufacturing players to set up their units and the existing ease of doing business makes the area even more sort after places.

Facilities in Lucknow 

No wonder Lucknow is present in the list of top Smart Cities in India, and no guesses for the answers to the factors that make it one of the top gainers in the list.

Transport – The presence of Metro has just added one more feather in the decorated transport facilities of the city and connectivity of Bus, Rail and Air already gives Lucknow an edge over the rest

Water supply – one of the most essential aspects to make a city-run, the water supply in the city has seen a lot of improvement, thanks to the government policies and the NGOs that are working towards the betterment of Lucknow.

Educational institutions – One can count big when it comes to the education in Lucknow, IIM Lucknow, IHM Lucknow, Citi Montessori school Babasaheb Bhimrao Ambedkar University, Amity University, Sanjay Gandhi Post Graduate Institute of Medical Sciences (SGPGIMS), Central Drug Research Institute, Central Institute of Medicinal and Aromatic Plants, Medanta, Sahara Hospital, Central Institute of Plastics Engineering and Technology are merely some names that itself shows the class.

Top Residential Areas in Lucknow

Past Decade has seen a lot many cities where the real estate sector is growing have witnessed extraordinary expansion in the infrastructural and overall facilities. Lucknow at the same time is experiencing, expanding, and upgrading its infrastructure to accommodate the people not only from the city but from the nearby villages and cities. Lucknow offers something for everyone, right from the local jhuggis to the expansive Villas, farmhouses, and the High-rise apartments Lucknow witnesses an array of residential and commercial developments. To name a few we have some areas that will automatically take us to the scrumptious cuisines or the Real estate developments. However, if you are not from Lucknow just have a look at the world-famous places like Hazratganj, Gomti Nagar, Aliganj, Janki Puram, Bhootnath, Alambagh, Shaheed Path, Mahanagar, Indiranagar, Patrakar Puram, Vibhuti Khand, Faizabad Road, Kanpur road to name a few.

 

Why should You Research for Buying your Home During Lockdown?

June 8, 2020 0 Real Estate Industry

The world is currently going through a phase inimical to whatever we have seen over the last so many years. Most of it has left us with negative impacts and thoughts. However, one thing which it has contributed positively to almost all of us is the time to reflect back. A time to connect with our current selves and plan for the future. It is needless to say that financial planning is one of the most important aspects one has to look at in these circumstances. Let us understand it more in detail.

Apartments in Lucknow,Flats in Lucknow,Flats for sale in lucknow

One of the most important things to look at in terms of financial planning is the insurance cover for various types. It is important to calculate what is a good level of insurance cover both in terms of life and health cover that is needed for each member of the family. There are various guides available for the same. You can visit the website of any insurance company in India and can arrive at the broad value of cover that you will need. The other important aspect is to understand how will the Covid-19 impacts the economy and thereby the valuation of assets.

Now to do that, one has to use one’s own analysis and it can’t be left to be guided by a single source. How does one decide where to invest. Should it be in gold or share market or bond market or Fixed deposits? Or should one use the available time to stay in the Real Estate Developer in Lucknow and make an investment there? This is actually a good time to spend time planning this. There is time available to research various sources and discuss with family and friend in peace. A good indicator to deciding this will be the understanding of past such events. There have been no such events in the near past which have destabilized the world so much. However, the middle east oil shock of the 70s and the Lehman crisis of 2008 are the best simulations available.

When one looks at what happened during each of these times, there are a few things stand out. In every single case, the reaction of the market was extreme, resulting in value being lost quickly and the regained in double-quick time. The other lesson is the relatively different effects on different products and countries. While in the short term and during the crisis Gold and bonds did better, in the long term it has been the real estate that has been a clear winner. When looked into from the perspective of a developing country like India, this is even starker. This time, it is expected to be even clearer and faster due to a clear indication of industries moving out of China and setting shop in India. The good news is that the CM of UP has been proactively targetting these industries and the response has been good. If that happens real estate will see a huge upside in the coming years. So use this time to look around what is available of value in real estate and invest. For more information please Visit our website: https://www.paarthinfra.com/

Why Architectural Design

April 5, 2020 0 Real Estate Industry

Home is the place where we spend most of our life, along with our near and dear ones. Our parents and children would need all their requirements to be met in the house you buy. It could only be achieved if a house is designed well. What we keep hearing from our friends, who have bought houses, all the times – no air-circulation, no sunlight, lot of seepage etc. This problem is more acute in an apartment than an independent house. But how does a good house design help this cause. Let’s understand.

  • architecture design

We all understand that different parts of the world have different weather conditions. It is also well explained by scientists and engineers by now that at different times of the year, sun rays reach earth at different angles. In fact the movement of sun and where it rises (the direction) also varies through the year. Winter and summer solstices amply provide this understanding. In this situation, it is very important to realize that sun rays have to fall at different parts of an apartment at different times. Good architects use this to design great houses, which are also energy efficient.

Another aspect which affects good home designing is the fact that air movement in different parts of the world is different. It depends on factors like proximity to sea or mountains as well as the location near or away from tropics. The strength of storm-like winds is also a crucial factor to be noted. When the elements of a house or a building are designed basis this, the result will be a house which will have a good ventilation. A good ventilation always ensures a home free of micro-organisms, which is critical for good health. A well-designed home also reduces energy consumption, as it ensures optimal temperature to be maintained at all times. One can argue that with today’s technological development, Air-conditioners and heaters can be used to maintain optimum temperature, however, without proper ventilation, the air inside the house will not be healthy. Also, such devices make air drier, which has negative impact on various body organs.

But how to get a well-designed flats in Lucknow. The only answer to this is that one needs the services of a good architectural team, who understands these aspects and has a portfolio of projects can achieve it scientifically. Especially when one is talking of an apartment building, it becomes extremely important. You can’t have wannabe designers creating a house design which can provide the required amount of sunlight and air circulation. One of the best designed building, I have seen in Lucknow in Gomti Nagar Extension area in Lucknow is Paarth Infrabuild’s Arka. This is designed by Hafeez contractor, arguably the best architectural team in the country. A half-circular shape of the project ensures great air circulation to every single flat. The beauty of it lies in designing each apartment as if these have been designed individually to create perfect homes. The direction for each is managed to ensure optimal sunlight and air – circulation as needed.

Buying Flat on Kanpur Road in Lucknow

January 6, 2020 0 Real Estate

Lucknow is a city of traditions, monuments, food and education. It has a rich history and a futuristic outlook. The residents of this metropolis are gentle and caring and civic values are rated highly here. No wonder then that getting a flat here is topmost in the minds of most of the people who have some connection with this city. Whether someone has stayed here for a few years for a job or has stayed here for his studies, an urge to buy flats in Lucknow is strong. Also, the fact that the medical facilities and law and order situation is as good in Lucknow as in any other metro town in India, the population in UP are generally gravitating towards Lucknow city.

Lucknow has been a large town for decades and has grown exponentially over the last few years due to the above reasons. However, as in any other city, there has been an asymmetric growth of social and economic infrastructure. Also, the cost of property in different areas has appreciated differently. While taking a decision to buy a flat one needs to ensure that all the various metrics are taken into account to be able to make the right decision. On a deep analysis, buying a flat on Kanpur road in Lucknow comes out to be the best value one can get with money in this city. Let me elaborate this a bit more :

  • Buy flats in lucknow,flats in lucknow
    Flats in Kanpur road Lucknow

  1. Location – Lucknow and Kanpur are the most developed towns of central Uttar Prades. This road connects these two major towns. One can safely term it the economic highway of UP. This area is located very close to the Amausi airport, which is now an international airport. There are good educational facilities in the area. Sanjay Gandhi Post Graduate Instt for medical sciences (an offshoot of AIIMS) is close by. This has resulted in the best medical facilities of Lucknow to be concentrated here. This road directly connects to some of the best markets like Ashiana and Alambagh. Charbagh Railway station is also a short drive away.

  2. Cost of living – The cost of living in this part of the city is relatively low. The cost of flats is also up to 40% lower than the similar developments in the Gomti Nagar area, which has appreciated too fast and doesn’t offer an investment opportunity anymore.

  3. Quality of developments – This area is witnessing some of the best residential real estate projects of late. There are few large and experienced developers who have launched projects in the area. For example, there is a township, Republic by Paarth Infrabuild which is an integrated township of pre than 500 acres with all modern amenities and uses SMART systems.

  4. Future developments – The highway connecting Lucknow and Kanpur is being upgraded. The metro train network which has already reached the airport, is planned to be extended around this area. A number of institutions are planned here.

Going by the above analysis, it is clear that buying a flat on Kanpur road in Lucknow is the best decision one can take if interested in buying residential flats in Lucknow.

Benefits and Tips to Keep your House Clean

December 11, 2019 0 Real Estate Residential Properties

Thinking of keeping your room and house clean might makes you feel irritated, lazy and nauseous. But there are unexpected benefits to keeping your home clean you can’t even think and you won’t realize it until you experience it.

Benefits of clean room and house:

Real estate developers in lucknow
Reduce Allergies. Regular cleaning is the best way to reduce dust

  1. Stress reduction: Keeping your room, house, and apartment clean will help to reduce down your physical and mental stress. Psychology says that cleaning not only helps to declutter your room but your mind too.p>

  2. Escalate productivity: When you see good, beautiful and organized things, the cells in your mind get activated that leads you to feel more energetic this will increase your productivity levels.

  3. Boost self-esteem: Accomplishing any work or target helps you to build your self-esteem. So you feel accomplished when by making your bed and keeping room and house tidy.

  4. Good-night sleep: When you keep your surrounding clean the atmosphere around you is filled with positivity which reduces your stress and that will make you sleep well.

Tips to keep your room and house clean:

  1. Making your Bed: As soon as you get up to start your day by making your bed which will make your room look put together also this will less than a minute.

  2. Take Out Put In: If you take something out for use, you should keep that back in its proper place. Sounds simple! But it is very difficult to be consistent. Make this a habit and inculcate this in all your family members.

  3. Clean & Wipe: It does take some effort but it is very easy once it comes in your habit. Start with cleaning sink and wiping bathroom floor to keep it dry. Cleaning the kitchen encounter after preparing your meal also do wipe the table after having your meals. Fix a day or two in a week to clean your toilets, bathroom’s walls, showers.

  4. Doing Dishes: This will help your kitchen not to turn into a monster. After every meal do your dishes even if it is a cup of tea or coffee.

  5. Laundry: Don’t wait for stinky and dirty clothes clogged up to large numbers. Spread it out evenly every day. It is very before going for a bath just put your dirty clothes into the washing machine and it will get clean in the time you take your bath.

  6. Do Little Every Day: Don’t try to get it ‘all’ done in a day or every day. Just do something each and every day and you’ll get over the feeling of need to clean your house all at once. With a simple cleaning routine, you’ll find that maintaining the basics every day is really the secret to a clean and tidy home.

Paarth Infrabuild, Real Estate Developers, Lucknow, Uttar Pradesh, India

Tips & Tricks for Gardening “A little dirt don’t hurt!” -Joel Salatin

December 11, 2019 0 Real Estate
gardening tips
Vegetable Gardening Tips and Tricks

Gardening is one of the healthiest, peaceful, and relaxing hobby to take up. It will reconnect to your mother earth and nature. Health wise with the proper tools set gardening provides endurance, flexibility, and strength all by itself. Gardening burns enough calories, which also keeps you fit. It will let you accomplish these beautiful things. It is going to be a very experience even if you haven’t done any gardening before. Just give yourself basic introduction and some basic ground knowledge.

  1. Region:Knowing the region is one of the important things and it sounds obvious but not everything grows everywhere. So going to local gardeners or local nurseries might give you the information you need.

  2. Soil:The pH levels and nutrients of your soil should be known to you. Knowing these will help you to know what kind of plants and vegetables you are able to grow on that soil as different plants and vegetables have different need of pH levels and nutrients.

  3. Watering:Anything in excess is bad. Most of the beginners think that more water to the plant the better they will grow but that is not the case it will cause them. The mechanism is comparable to human bodies, think what will happen when you drink loads of water? Just try it once. Give consistent and ample amount of water. Just make sure that water penetrates the soil so that it can reach the roots of the plant.

    4. tips and tricks of gardening

  4. Fertilization:More is not always better, often it is bad. The need of nutrients for each and every plant is different. In your family, too different members has different diet, so it is same in plants too.

  5. Best Time:Giving water to the plant at right time is one of the crucial factor in their development. Early morning time in the morning is the best time of the day so before its gets too warm plants will have an ample water to imbibe and the excess water will evaporate. But if you water in evening your plants will be more prone to fungus and other type infection. Newer plants need more water than the older one as their roots are going to be in development stage.

  6. Excess plantation:How are you going to feel when you are with 14-15 other people in a room having a capacity 7-8 people? Suffocated Right? Same is with the plants, they also need room to breathe and a proper air-circulation. This will lead to stress in plants and makes them prone to diseases. They also need proper light for their development.

  7. NOT killing ALL Bugs:Most of the beginners in gardening think “The only good bug is a dead bug”, well that’s not true amigos! A healthy garden will always have population of insects, it’s their home. You should have proper balance. Insects provide pollination services to the leaves, flowers and plants. It is a fact that less than five percent of sects are TRUE sects. So bombarding pesticides in your garden will harm more than good.

  8. Preventing Weeds:All the garden need maintenance, all the weeds should be come out of the garden floor bed before they reach the roots of the plants.

Happy Gardening!!!Paarth Infrabuild, Real Estate Developers, Lucknow, Uttar Pradesh, India

How can a middle-Income Person buy a HOUSE – “Kyunki Apna Ghar toh Apna hota hai”

December 11, 2019 0 Real Estate residential
Apartment in gomti nagar extension lucknow

Have you ever thought that if money was never an object you could have bought your dream house? That might be a cozy villa having a private garden as well as swimming pool or a private condo having sea view like it is shown in James Bond movies. Thinking? You might go out of your budget.

Everyone has an idea of their dream homes but as money as an object comes into the picture your aspirations are toned down. Most of the home-buyers when decide to convert their dream home into reality by stretching their finances they might end up denting their finances. But not anymore, affordable housing scheme helped many people to fulfill their dreams to buy their own house. The slowdown in real estate sector also lightens the burden of the buyer. A few years back rates of the property were hitting the roof but today home-buyer can a find a place to dwell for spending their life with their family.

The vision of Modi government that every citizen of India has their own house by the end of the year 2022. To back this vision the government is pursuing and encouraging the builders to come up with projects that fall under affordable housing schemes. Under this scheme, the target is to make house between 10lakh to 30lakh so that lower and middle class group can afford it. Even the home loans are available at a very economical rate. This will lead to increase the quality of living standard of people.

Projects under the affordable housing schemes are launched in states Punjab, Uttar Pradesh, Rajasthan etc. and the state government is providing all the possible assistance to the builders. As per Times of India, their government has made two classifications for Middle Income Group (MIG).

  1. MIG-I having an income of 6-12 lakh will get loan up to 9 lakh with interest subsidy of 4% for a tenure of 20 years. Therefore at the end of tenure, the borrower will end up paying an interest subsidy of 2.35 lakh for 9 lakh.
  2. MIG-II having an income of 12-18 lakh will get loan up to 12 lakh with interest subsidy of 3% for a tenure of 20 years. Therefore at the end of tenure, the borrower will end up paying an interest subsidy of 2.30 lakh for 12 lakh.

The Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been acknowledged as central nodal agencies to channelize this subsidy to the lending institutions, including banks and financial institutions. Therefore, small banks, non-banking finance companies and micro-finance institutions will be recognized as primary lending institutions under the scheme.

Additional loans are also available at a non-subsidies rate. Under the scheme, widows, single working women, persons belonging to SC/ST, OBC, differently abled and trans-genders will be given preference.

Paarth Infrabuild, Real Estate Developers, Lucknow, Uttar Pradesh, India

Impact of GST on Real estate

December 11, 2019 0 Uncategorized

GST that works on the principle “One Nation, One Market, One Tax” seeks to transform the complete tax system of India. GST are divided into five tax slabs for the collection of tax – 0%, 5%, 12%, 18%, 28%. The tax system in India had a cascading effect, there was a tax on tax. GST simplifies the complete tax system to eradicate the multiple tax system such as VAT, service tax, central sales tax, entry tax, luxury tax etc. Real estate is one of the most crucial sectors of the Indian economy which is contributing about 5-6%a to the GDP on India. It is the second largest employer in the economy after Agriculture sector. According to the report by CREDAI and JLL India’s real estate sector is going to USD $180billionb industry.

Impact on buyers and investors

Before GSTAfter GST
· The construction status of the property will decide the types of taxes the buyers are liable to pay these varied state to state. – (Property under Construction) buyers were liable to the VAT, service tax, stamp duty and registration charges. – (Property after Completion) buyers were liable to stamp duty and registration.· GST simplifies the overall purchase price. · All the property under construction will be charged 12%c of the property value which excludes the stamp duty and registration charges.

Impact on developers

Before GSTAfter GST
· Developers were liable to pay central excise duty, VAT, customs duty etc. · Also, they have to pay other charges like approval charges, legal charges, architectural charges, labour taxes etc. which at the end burden comes on the buyer. · Before GST a huge amount of real estate expenditure undergoes unrecorded. GST will cut down this due to cloud storing of invoice.· Under GST Cement will be taxed at the rate 28%d Iron rods and pillars will be taxed at the rate 18%e.· Reduction in the cost of logistics.

· The developer will be entitled to acquire input credits on the sale of property under construction against the taxes paid by the buyer.

Under GST real estate industry are also going under automation. Automation will provide ample amount of benefits such as time compliance, generation of the report, comparison among the reports, cost-effective with reduced staff and much more.

Post GST:

  • The transparency in the system is increased as the developers can buy the raw material only from the registered vendors.
  • The complex process for buying a home has become simplified.
  • The foreign investment is also increased as the tax system is simplified without giving them the burden of multiple taxes which will lead to improving the overall quality of Indian standard.
  • GST and RERA together will bring in more transactional transparency into India’s real estate sector.

References:

aSource(IBEF) on 20-06-2018
bhttps://economictimes.indiatimes.com/wealth/personal-finance-news/indian-realty-sector-market-to-reach-180-billion/articleshow/63301570.cms
chttps://www.livemint.com/Money/M5Boa7PF4LHY3o10rdbCyO/How-GST-is-charged-on-houses-under-construction.html
dhttps://cleartax.in/s/impact-of-gst-on-the-cement-industry
ehttps://economictimes.indiatimes.com/industry/indl-goods/svs/steel/steel-industry-likely-to-benefit-from-gst-rate-stands-at-18-per-cent/articleshow/58751901.cms (20-6-2018)

Paarth Infrabuild, Real Estate Developers, Lucknow, Uttar Pradesh, India