UNDER CONSTRUCTION PROJECTS IN GHODBUNDER ROAD THANE
Thane, Mumbai’s satellite city, with the great potential of landscape transformation has experienced a phenomenal growth and has become a prime spot for real estate investment.
Ghodbunder Road, has developed rapidly in thane west and encompasses many infrastructural developments in real estate as well as other sector which makes the home buyers or investors go gaga about buying a property or investing in this locality.
Real estate world is very interesting and profitable in terms of ROI (Returns on Investment). The basic idea behind any investment is to buy something at lower price and sell it at higher price to make a good profit. Today’s trend in real estate is for long term investment to earn good money in future. So think and work smart while choosing a property for investing in real estate.
Under Construction properties are available at cheaper rates compared to ready possession properties. And if you are hunting a property for an investment purpose, then under construction property is the best suited for it. Since the property is ongoing, by the time it completes the price value of the property rises. And when you sell this property you will earn more than the price at which you bought it. Thus investment is worth the value in an under construction property.
Let’s see in detail, what are the advantages of an under construction property?
- Affordable and easy payment
Under construction property is affordable as it gives the leverage of taking a home loan. The affordable here implies that it is easy from the payment perspective. When people buy an under construction property, some of them down payment of around the 20% of the total price of property and rest is paid by taking a loan (under various schemes). Payment for an under construction property can also be done in parts instead of taking loan, because it can be a construction linked payment. You can avail the benefits of various schemes in an under construction property as opposed to ready possession properties.
- Availability of Choice
You are free to make a location as well as floor choice in under construction property i.e. if you don’t a flat that is at 6th floor you have the choice of paying more and buy the best that you want. But this choice is not available in ready to move flats because if the property is at your favorite location and only 10th floor is available, then that’s the only choice left for you.
- Good price appreciation
The price appreciation potential of the under construction property is more than that of completed residential projects. As the ongoing residential projects have a reasonable amount of time remaining for the construction to get over there is a great scope of price appreciation due to infrastructural development and many others.
Instead of relying on the words and promises made by the developers, go through all the documents related to the ongoing property to check the Genuineness of the developer. Below mentioned are some documents that you should go through before investing in an under construction property to make it a peaceful investment.
- Land Lord Document:
Land lord document is the most important document that you should go through before proceeding for further details. It gives you a good knowledge about the mortgage, rights, obligations, title, ownership etc.
Always buy a property that has clear title deeds. Because there are many cases where the builders sell the property without having the ownership of that particular land or property and it is the buyer who suffers in the end. Many a times property land is under commercial, retail or industrial zone which is illegal, therefore check well the land use certificate to ensure that the property comes under residential zone. So, prior you buy anongoing property; check all the land record documents with the builder.
- Certificate of Commencement
To start the construction of any property, a ‘Certificate of Commencement’ is must. This certificate is issued by the development authorities or the town planning department of the city. And the Certificate of Commencement is only issued after the perfect validation of layout plans and titles. So, check this foremost to ensure that the builder has construction rights.
- Approvals for layout plans
Many builders are used to launch residential projects without the approvals for layout plan and present you a draft layout and assure you that the approved one’s will be coming soon. Many a times this draft layout undergoes lot of changes via inspection. And what you get is the one that are not up to your expectation.
- Check out the master plan of the area.
Always go through the master plan of the project to ensure that the future developments announced by the developers of the property. Master plan of an area can be easily obtained from development authority or town planning department.
The land should have No Objection Certificate to ensure that it is free from every legal issue and hence, it is safe for buying or investing purpose.
After the construction is finished check the following documents:
- CC (Completion Certificate)
Completion Certificateissued by Public Authorities, is to ensure that project is completed with the planned layouts and guidelines mentioned by the authority.
- OC (Occupancy Certificate)
After Completion Certificate, next is Occupancy Certificate which ensures that the project is completed from all the aspects of basic amenities such as, sewage Connection, water and power Supply etc.
Once you go through all this documents, you are ready to take possession, but there are still few documents left that you should check out before taking the possession. They are listed below,
- Sale Deed
Sale Deed defines the ownership of the property. In registrar’s office the developer will transfer the said apartment in your name and hence, you will get a sale deed.
- Possession Certificate
First ensure that you are fully satisfied with the property up to your expectations. Then only accept the possession certificate. Because once you accept this certificate without being satisfied with the flat it is you who will be responsible, not the builder.
- Maintenance Service Agreement:
Check MSA well before signing it, to ensure that it includes all maintenance charges like, electricity, water, common area, club house etc.
VAT and Service Tax on an ongoing property
A buyer of an under construction flat has to pay both VAT (Value Added Tax) and service tax for consuming the services that include power backup, intercom services, car parking etc. But if you buy a property that has carpet area less than 60 square meters than no service tax is applicable on such property. Thus, service tax varies based on the area and price of the property.
Ghodbunder Road also known as GB Road and State Highway 42has gained a lot of popularity and is the promising location for home seekers and investors to make an investment in real estate sector.
GB Road has changed dramatically over the passing years and has come up with many township projects in which the property investors or the end users can easily buy a property at affordable rate and hence can feel the pleasure of owning a house.
The area is serving as boost for the real estate investors to make a huge profit out of their investment, because it has numerous under construction Residential projects which have a good potential of price appreciation in future.
Some of the ongoing residential properties at Ghodbunder Road by the eminent developers in Thane west, that are experiencing a great attraction from the home investors as well as the buyers are listed below,
Rosa Group’s ongoing residential property i.e. Rosa Oasis consists of 1 and 2 BHK in flats in Thane.
Acme Ozone by Acme Group is anongoing residential property in Thane that comprises of spacious 2, 3 and 4 BHK flats for sale. And the pricerate of these flats starts from INR 1.15 Cr.
Comprising of modern amenities, JVM Sarvam by JVM Spaces, is an under construction Residential Property that offers 1 and 2 BHK affordable flats in Thane with price rate starting from INR 50 Lakhs.
Dosti Imperia by Dosti Group is one of ongoing project in Ghodbunder Road that offers 2 and 3 BHK flats for sale in Thane west with starting price of INR 1.51 Cr.
Ace Square by SquareFeet Group is a residency with 16 towers. It comprises of 1 BHK and 2 BHK flats in Thane with price rate starting from INR 45.2 Lakhs.
Rumah Bali by Puraniks Group is under construction property that comprises of 1, 2 and 3 BHK apartments with price rate starting from an affordable rate of INR 49.08 Lakhs.
Integrated with plethora of properties, GB Road buzzes with many social and physical infrastructures providing all sorts of facilities that a human being needs on daily basis and hence the prime realty destination for home buyers.
Education is the primary concern for every individual, therefore they also search for a property that good and renowned schools and colleges that provides a quality education. And GB Road is a locality where the home buyer or the property investor does not have to bother about or search for the educational institutes because it sprinkled with numerous famous schools and colleges.
Many Shopping Centers and Malls have sprouted here with top class international brands. Banks and ATM’s are also made available at short distance from the residencies, so that the locals can get fast access to it whenever needed.
Talking about the beauty of location, it is just magnificent, incredible and pleasing with evergreen environment, picturesque spots like Yeoor Hill, Vasai Creek, China Creek etc. and a tourist point like Ghodbunder fort, with historical importance.
And the most special thing about the locality being the first in investment list of realtors is its excellent transit system that helps the commuters to reach their work place comfortably without facing the traffic issues and hence drastically reducing the commuting time. A person can easily link to Western Express Highway and Eastern Express Highway via GB Road. The road also has a smooth connectivity to Navi Mumbai. Several flyovers located at Manpada, kapurbawdi, Patlipada and Waghbil contribute to the effective connectivity of the locality. Many bus, auto-rickshaw and taxi services are also available. And the upcoming Metro rail project and elevated flyover are going to further enhance its connectivity.
Buying a home or investing in one is purely dependent on your financial aspects and the choice of location you make. If you are willing to wait for a little longer than usual under construction properties will form the best choice for you.
The most important facet of investing in under construction property is the schemes that can be availed as compared to ready properties. Ready properties will always command a premium as compared to under construction properties. With the choicest of amenities and properties Ghodbunder Road offers great opportunities for home buyers as well as the investors. With the upcoming Metro Phase 3 from Wadala to Kasarvadavali which has 10 internal routes, the properties at GB Road are surely going receive a good capital appreciation once the metro is functional.
With other infrastructural development in pipeline Ghodbunder Road is an ideal choice to invest in.