Thane City has witnessed a tremendous growth in the real estate over a passing decade, positioning itself high in the list of realty hotspot. Amongst the emerging peripherals of Thane, Ghodbunder Road with its incredible growth has redefined the realty scene of Thane City. The robust development are driving up its demand in real estate market.
Real estate is a kind of investment that has higher economic importance than any other investment; no matter if it is for long term investment or for a rental purpose to support one’s monthly EMI or for dwelling in. And the important facts that one needs to focus on, to make a good profit out of this investment is to analyze the location properly and also calculate one’s budget appropriately i.e. how much can you afford.
In real estate terminology, possession means having a right against a property. And every Individual whether it is a property investor or an end user wants to buy or invest in a home or I should say a dream home to enjoy the pleasure of the property. But mostly, people are confused between under construction and ready to move in flats, while buying a home and hence have a question mark on their face, ‘which one is better?’
So to clear the confusion, let’s have a look on how ready possession properties are better than under construction projects.
- Assurance of what you get
When you buy or invest in for an under construction property, you see the projects in the sample catalogues and it might happen that what you see is not the same that you get after the completion of project and this could be a problem faced by many home buyers who opt for under construction projects.
Whereas this is not the case in purchasing a completed project because the property is ready which you can see, feel and experience and get the same without any compromises. In ready to move in flats you can also enquire about the security services and other amenities provided by the project.
- Avoiding Risk factor of Delays
Under construction properties have this common issue of delay which is cause due to lack of resources or any other legal issues, which is not in case of ready projects since it is completed and there is no question of ‘lack of resources’ and mostly it is free from the legal issues.
- Lowering Costs.
Ready to move in flats will serve best for the people who wants to get fast relief from high rental payments and also for the people who travel far to work and spend a lot of money for travelling. Whereas in under construction properties one has to wait for years and hence during this time span the person spends most of his income for rental payments.
- Know your neighbors
Investing in or buying an under construction property, you will not know what type of neighbors will reside in future. But it is the biggest plus point of completed projects as one has the advantage of knowing who your neighbors are, which community they belong to, whether you can stay in neighborhood with them or not, what type of income level they have etc. according to which you can decide upon whether to buy that property or not.
- VAT and Service Tax
As compared to under construction properties, Ready to move in projects that available for resale offers a tax advantage. How? It is explained below,
Service Tax is a tax imposed by Central government, which is paid by End user or the investor of the property for consuming certain services like car parking, power backup, Club membership etc.
When you buy a resale ready possession flat, you don’t have to pay any service tax and hence you are free from it.
But when you purchase an ongoing project, a service tax is imposed of the total cost of the property. But it varies depending on the area size of the property. For instance,
- The property that has carpet area of less than or up to 60 square meters has no service applied on it.
- The properties that cost up to 1 Cr or has an area of less than or equal to 2,000 sqft, have 25% service tax applied of the total price of the property.
- Highly priced properties have an effective service tax of 30% of the total price.
VAT (Value Added Tax)
Value added Tax is not applicable on resale properties whereas for under construction as well as ready properties of new constructions, VAT is applicable.
Before you proceed to enjoy the advantages of ready possession flat, you should have a quick checklist of following factors related to a completed project.
- Title Deed
Title deeds are the documents that witness the ownership of a property. It includes the mortgages, conveyances, leases and rights related to the property. So check the document of the home that you are buying has your title deed.
- NoC (No objection Certificate) from bank
No Objection Certificate is levied by Bank to the owner of the property that the landlord has successfully paid the loan and now the ownership is transferred from bank to the owner.
- NoC From Society
It means that the property is free from society’s dues and hence there is no objection from the society.
- Mother Deed
Mother Deed is a document, with which you come to know property’s ownership chain from the origin i.e. from its first ownership till the last.
- Encumbrance Certificate
There should be No Encumbrance Certificate against the property, to ensure that property is legally free from all loan payments and other obstacles.
- Share Certificate
The overall Share Capital of a Co-operative Society is fixed at the time of registering the Society, by the Registrar of Co-operative Societies. And this Share capital is distributed to each house of the society.
Therefore, when you buy a property in Co-operative housing society, to have the membership in the society, you should get a Share Certificate by the person from whom you purchased that property or flat.
- Tax Receipts and other utility Bills
If you are buying a resale property, check that all the utility bills and taxes related to the property are paid till the date.
Ghodbunder Road has shown enough development over the passing years in every means and provisions because of which it is gaining a lot of importance for making an investment in real estate. The locality is also known by other two titles namely, GB Road and State Highway 42.
Witnessing a rapid growth in every sector of real estate sector whether it is residential, retail, commercial or industrial, GB Road has attracted the investors and property buyers from various cities like Mumbai, Pune etc. and is opted first by the people who feel that Mumbai is an expensive city to invest in or buy a home, but wants to stay connected with it.
Being considered in the top 10 list of most preferred locations for real estate investment, GB road has ample of variations for residential properties that are best and easy for buying and investing at the investors as well as end users pocket.
The locality has many ready projects at different and attractive prices that range from Rs. 50 Lakhs to Rs. 1 Crore. 1 BHK Flats between the ranges of 500 sqft to 600 sqft and 2 BHK 800 sqft. Also the locality has ample of 3 BHK apartments.
Some ready possession apartments in Ghodbunder Road by leading developers in Thane are mentioned below,
Rodas Enclave a residential township by Hiranandani offers 2, 2.5, 3, 4 and 5 BHK luxury apartments in Thane, with price rate starting from INR 1.45 Cr.
Spread over 40 acres of land, Lodha Splendora by Lodha Group comprises of 1, 1.5, 2 and 3 BHK ready possession flats in Ghodbunder Road, with price rate starting from INR 77 Lakhs.
Sky Suites by Harmony lifestyles Group offers 3BHK flats at Ghodbunder Road, Thane.
Located at Anand Nagar, off Ghodbunder Road, Cosmos Empress Park by Cosmos Group is a residential property that offers ready to move in flats in Thane. It is a multi storeyed project with 3 towers and comprises of spacious 1 BHK and 2 BHK flats in Thane.
Apart from this, the area boasts of many developed social and physical infrastructures like schools, institutes, colleges, hospitals, markets, shopping centers, malls, banks, ATM’s, restaurants etc. that adds value to the charm of the vicinity.
Some of them are listed below :
Multi-Specialty Health care centers:
The locality has many Hospitals such as Jijai Women’s Hospitals, Orthonava Hospitals, Shree Ramkrishna Netralaya Hospital, Hiranandani Hospital, Dhanwantri Multispecialty Hospital, Jupiter Hospital etc. having close proximity to the residencies in the area.
Renowned schools and institutes such as Dnyan-Ganga Education trusts, Hiranandani Foundation School, Sri Maa Vidyalaya, Kidzee School, St. Xaviers High School and Junior College, D.G international School (ICSE), Shubhamraje Junior College, Trimurti English School and Junior College, Veermata Heeraben Popatlal Shah College of Pharmacy and many more are positioned in the area.
Banks and ATM’s
The locality provides a quick access to various banks and ATM’s such as Saraswat Bank, ICICI bank, Kotak Mahindra Bank ATM, Induslnd bank, Dena bank ATM, Andhra Bank and ATM, Syndicate Bank ATM etc.
The spotted Malls and Shopping centers of the GB Road include Hypercity Mall, Eternity Mall, R-Mall, Korum Mall, Viviana Mall, High Street Mall etc.
Apart from these short distance availabilities, Ghodbunder road enjoys a well-connected transit system. From Thane Station, the locality is at 10 km and approximately 12 minutes driving distance.
Two prime highways i.e. Eastern Express Highway and Western Express Highway are linked with the road.
It also enjoys bus, taxi and auto-rickshaw services that are mostly preferred by the commuters for easy and comfortable travelling from location to another.
Several bus services available in the locality are, BEST (Mumbai City Bus), TMT (Thane Municipal Transport) etc. Also AC and Non-AC taxis are available for the commuters that help them to travel to Mumbai Airport and various stations like Bandra, Dadar, Thane and Borivali.
Also, a fast access to Mira Road and micro-markets such as Ghatkopar, Bhandup and Mulund, is offered by the road.
The other development plans of elevated Flyover and Metro Rail 3 project by the development authority will add to the connectivity of the road and will also help in decongesting the area from traffic issues.
The beauty and historical importance is still preserved with the infrastructural growth of the locality. The area has many spots like: Yeoor Hill, Vasai Creek, and China Creek etc. that offer a picturesque view to the visitors. Tourists enjoy visiting to the Ghodbunder Fort that is under renovation to increase its importance and make it more attractive.
The choice for Ready possession flats are purely dependent on your finances, location and future aspects of the property. Ready possession suits best for immediate living without spending much on rentals or elongating the need for living in your desired home. We always prefer products that are finished to give us the ultimate satisfaction eg: an unstitched Salwar Kameez definitely looks appealing however the ultimate appeals comes only when it’s a finished product. Similarly a Ready Possession property suffices all the immediate needs of the home buyer or the investor.
Along with the pleasure of Ready Possession Flats, GB Road caters to all the basic and important needs of the locals i.e. pleasing environment, exclusive transit system and accessibilities and hence scores high for real estate investment, than any other location in thane and Mumbai. It is worth buying a ready possession flat in Ghodbunder Road, having a good future growth.