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Housing.com announces seventh annual Mega Home Utsav-2023

The event will be held from October 1 to November 15, across 25 cities in India.

September 30, 2023: Housing.com, India’s leading online real estate platform, has officially announced its much-anticipated annual event, Mega Home Utsav-2023. Now in its seventh edition, the event promises an even greater scale of opportunities for potential homebuyers. Scheduled from October 1 to November 15, the event will feature participation from over 2800 esteemed developers and channel partners.

Taking advantage of the upcoming festive season, a period considered auspicious for high-value purchases, including real estate, Housing.com aims to offer a wealth of deals and investment opportunities.

The event will be held across 25 cities in India, featuring contributions from sector stalwarts like Casagrande Builder Private Limited, Om Sree Builders & Developers, Investors Clinic, and DAC Developers, among others.

With a wide-reaching presence across all major cities in India, Housing.com has strategically selected locations that represent a mix of bustling metropolises and emerging Tier-2 cities. These include Noida, Ghaziabad, Delhi, Gurgaon, Faridabad, Kolkata, Ahmedabad, the tri-city region of Chandigarh, Jaipur, Lucknow, Vadodara, Bhubaneswar, Mumbai, Pune, Hyderabad, Nagpur, Nashik, Bhopal, Indore, Bangalore, Chennai, Coimbatore, Visakhapatnam, Goa, and Vijayawada.

The timing of the Mega Home Utsav-2023 is particularly opportune, as demand for residential real estate is at an all-time high. Factors such as stable housing loan rates and a positive policy atmosphere serve as additional enablers.

“Housing.com recently collaborated with industry body NAREDCO to release a consumer sentiment report. The findings underscore real estate’s enduring appeal as a preferred investment class. This presents a unique opportunity to help prospective home buyers in their search for their dream homes. The platform will provide an extensive array of property choices, all conveniently accessible from the comfort of the home buyer’s residence. Housing.com’s esteemed developer partners have designed exclusive offers geared towards maximising benefits for home buyers. The Mega Home Utsav-2023 is not just an event; it’s a gateway to unparalleled opportunities within the real estate landscape,” said Amit Masaldan, Chief Revenue Officer, Housing.com.

To further amplify its reach, Housing.com will execute a high-decibel marketing campaign to promote Mega Home Utsav-2023 across both digital and traditional media, aiming for a reach of over 50 million individuals.

Digital innovations in realty

Hosted entirely online, the improved seventh edition of the Mega Home Utsav will offer features like 3D Virtual Booths and Digitours, allowing users to explore prospective homes in detail. “The combination of our visualisation products and content-based offerings will make this event an ideal choice for advertisers to showcase their properties”, added Masaldan.

Special offers and incentives

As part of the Mega Home Utsav-2023, Housing.com is extending a generous range of benefits to its customers, such as complete waivers on stamp duty and GST, up to Rs 4 Lakh discount on bookings and flexible payment schemes.

Additional incentives include the option to reserve a home by making a monthly payment of just Rs 3,999, as well as no pre-EMI payments until possession.

Exclusive bonuses include free car parking, a couple’s ticket to Vietnam, and Amazon vouchers valued up to Rs 2 lakh upon booking. Furthermore, homes will feature modern modular kitchens and semi-furnished interiors, along with special rental schemes and many more exciting offers.

Housing.com announces seventh annual Mega Home Utsav-2023

The event will be held from October 1 to November 15, across 25 cities in India.

“Housing.com recently collaborated with industry body NAREDCO to release a consumer sentiment report. The findings underscore real estate’s enduring appeal as a preferred investment class. This presents a unique opportunity to help prospective home buyers in their search for their dream homes. The platform will provide an extensive array of property choices, all conveniently accessible from the comfort of the home buyer’s residence. Housing.com’s esteemed developer partners have designed exclusive offers geared towards maximising benefits for home buyers. The Mega Home Utsav-2023 is not just an event; it’s a gateway to unparalleled opportunities within the real estate landscape,” said Amit Masaldan, Chief Revenue Officer, Housing.com.

Digital innovations in realty

Special offers and incentives

Additional incentives include the option to reserve a home by making a monthly payment of just Rs 3,999, as well as no pre-EMI payments until possession.

9 Small Defects In Your Home That May Burn A Hole In Your Pocket, If Ignored

Home owners often tend to ignore minor décor or structural flaws at home, as there is no pressing need to fix them. However, these issues might just be symptoms of a bigger problem. It would only be wise to address the problem at an early stage, to avoid spending a fortune to correct the situation later. Here are nine house-related problems that could be symptoms of a bigger problem.

Dampness

This is a common problem in many homes, which goes unattended. Home owners often wait for the dampness that appears on the walls in the rainy season, to go away on its own when it is hot again. Sometimes, tiles are used to cover the area. This is done without realising the damage that it can cause to the walls and if left unchecked, it could even reach the foundation.

Leaking taps

Leaking taps are not a good sign and indicate a flaw in the plumbing system. Although plumbing work can be expensive and cumbersome, a flawed plumbing system should be addressed immediately.

Foul smell

If a thorough inspection, or deep cleaning or room fresheners and incense sticks in every room is unable to get rid of a foul, musty smell, the odour may simply be an indication of plumbing problems, such as loose pipes, clogged drains or dry pipes. In case the problem worsens, you may need to change in the entire plumbing system, from the kitchen to the bathroom, causing a great amount of financial burden.

“When a builder hands over a perfect looking home, there is hardly any way to check how effectively the plumbing work has been done. To be on the safe side, the owner must get the plumbing checked before they move in,” advises Mohan Kumar, a private contractor who helps property owners redesign their homes in the NCR property market.

Choking of drains

This is another major issue caused by plumbing-related problems. Even if the problem is rare, it would be better to get it addressed as soon as it crops up.

Voltage fluctuations

Something is not right with the wiring in your home, if more than one tube light or bulb in your home flickers, when you switch on an appliance. A fan that makes a whizzing sound at the start or towards the end, may also indicate a wiring problem. Get an electrician to check it out as soon as possible, as, if the entire wiring system fails one day leading to a blackout, it will cause a great deal of hardship and expense.

Broken tiles

From flooring to ceiling, tiles can be found in almost every part of the home. All the advantages they offer, notwithstanding, tiles are brittle. As it is almost impossible to find the exact tile in the market, if some of them are broken, the house owner tends to ignore the damage. This may lead to serious injury, apart from causing damage to the remaining tiles.

One way to avoid this situation is to buy additional tiles, when you are getting it fixed for the first time. If that is not possible, use a different tile nevertheless. An odd one out is better than getting your feet injured or getting all the tiles in a room affected.

Pests

People often deal with cockroaches, ants and rats at home, by using remedies such as rat poisons and sprays. However, these may reappear after a small interval. “Apart from spreading bacteria that cause several maladies, rats and cockroaches do a great deal of damage to the foundation of your home. To keep them at bay, house owners must conduct regular pest control exercises,” says Kumar.

Holes in wooden furniture

This could indicate that white ants, popularly known as termites, have found their way from the ground to the wood. “It would be best to find out the problem at an early stage and get it fixed with the help of a professional. It may become quite difficult to get rid of the termite problem, if a large part of the furniture has been affected. In that case, changing the furniture could be the only option,” says Liaqat Ali, the owner of a furniture studio in Noida.

Lack of sunlight

Many inexperienced home buyers may often mistake lack of sunlight for coolness and count this point as a positive. Very little exposure to sun, will keep your home damp, apart from impacting your own physical and mental health. In case such a mistake has been made, living with it is a bad idea. Corrective measures must be applied, to ensure that the house gets more sunlight. You may have to change the position of the doors or windows. If you cannot figure it out yourself, get in touch with an architect, who could help you to set things right.

Best Feng Shui Colour Ideas For Your Home

The choice of colours for your home reflects your thoughts, mood and personality. When used in the right manner, colours can have a therapeutic effect. While colour trends keep changing with time, there are certain colours that never go out of fashion.

The Feng Shui colours, which bring the desired Feng Shui energies to your house, create harmony and balance. MakaaniQ lists some classic Feng Shui colour ideas for attracting positivity to your home.

Yellow

Yellow represents the fire or earth element. Yellow hues add sunny, nourishing and happy feel to the atmosphere. With a touch of yellow, your kitchen, living room or kids’ room can add a welcoming Feng Shui energy to the space. Sunflower yellow or pale buttery yellow colour tone are some suitable options.

Red

A fire element, red is a vibrant colour that symbolises good fortune, passion, courage and romance. Jazz up your living room, dining room or kitchen by using dynamic shades of red. The colour is also ideal for southeast-facing rooms. But remember to balance the energy of red with some calm colours.

Green

Green hues carry healing Feng Shui vibrations from the nature. The colour reflects the wood element and is said to heal headaches and eliminate anxiety.

Blue

Blue represents the water element. An elegant and serene colour, blue encourages positive communication, calmness and spiritual inclination.

Orange

Orange is a mix of red and yellow hues, so it captures the energies of both colours. Incorporate orange in your home décor to create a lively and fun-loving aura. Earthy orange is a great choice, especially for bedrooms.

White

White is a metal element and denotes purity, innocence and spirituality. Adding this colour to your bathroom will be a fantastic idea.

Grey

Greys make for a neutral and calm intonation and represent the metal element. They are best used as an accessory colour.

Brown

Brown is an earthy colour. A bedroom or living room in a brown-coloured theme is generally an area full of warmth and comfort.

Also Read: Feng Shui Colour Themes That Can Attract Wealth

Moving Into A New House? Check Your Occupancy Certificate

Home purchase is an important landmark in one’s life. But before you move into your new abode, it is important to check if all documents are in the right order. One such document is the occupancy certificate (OC). Also known as completion certificate or the pass certificate, it certifies that a building has been completed and has complied with the approved plan. Issued by the municipal corporation concerned to the developer of any building with more than five units, it is given to a building or some part of it but not individually to every single unit. In case, a developer is unable to provide the occupancy certificate, this means the building has not been approved under the legal plan.

An OC is required while applying for a loan or mortgage, and for resale of the premises. As it is illegal to reside on the premises without obtaining an OC, it is also sought by departments providing amenities like electricity, drinking water and sewage connection. In case a developer has already taken the utility connection, it could be disconnected at any point in the absence of an OC.

It is imperative for a buyer to ask for a commencement certificate if he purchases an under-construction property and demands an occupancy certificate if the property is ready for possession.

Before granting an OC, approvals have to be obtained from:

Fire department
Electrical inspectorate
Municipal corporation (for operating elevators)
The civic body (that it has been built according to the sanctioned plan; deviation of up to five per cent is allowed)
Waste management area and sewage treatment plant
A rainwater harvesting system certified by the Central Pollution Control Board.
The Airport Authority of India, if the project lies in the range of an airport.

Why is it illegal to occupy a building without procuring an OC?

The building might not be capable of managing its waste, sewage, water, etc. This may not only cause inconvenience to the occupant but also trouble the neighbours. The local environment would be degraded if the waste management, rain-water harvesting system, etc, are not in place.
The building might not be safe to inhabit because of poor quality of construction, safety, etc. So, the developer, buyer, tenant, or servants, would be at risk residing in such a property. As the building is technically unfit for occupation, if any accident occurs, the person would not be able to hold anyone liable or claim any insurance or compensation.

How are people able to reside in a building without obtaining OC?

Many a time, the registration of a property is allowed even in the absence of the OC.
The developer obtains the electricity, water, sewage connection during the construction stage. Civic authorities do not bother about severing the connection if the occupancy certificate is not obtained.
As developers and buyers complete the process in a haste, they tend to ignore the OC.
Most of the times, it is the buyer’s ignorance about any such certificate that lands him or her in a trouble at a later stage.
Some bye-laws in the country are not consumer-friendly. Tangled in red-tape and bureaucratic hurdles, an OC remains pending for months without any reason. This needs to be curbed and a maximum time period — within which the municipal corporation has to either grant the OC or reject it, with reasons — should be prescribed.
In a bid to make more profits, builders tend to shortchange buyers and compromise on construction quality. They either make more floors or leave less vacant space. To hide their malpractices, they tend to avoid even applying for an OC.

Section 24 of Income Tax Act: Benefits on Home Loan Interest Paid

A property is perceived to have potential to generate income for its owner and thus the government imposes a tax on this ‘potential’, irrespective of the landlord generating a rental income from it or not. For the calculation of tax liabilities on account of such properties, authorities decide its annual value. This income also attracts deductions under Section 24 of the Income Tax Act, 1961.

What is Section 24 of the Income Tax Act?

Application

Section 24 offers a flat 30 per cent deduction on net annual value of a property. This is ‘nil’ in the case of self-occupied properties as per the IT Act, irrespective of the payment of municipal tax or not. So, if a buyer purchases a property entirely using his own resources i.e without the assistance of housing finance and is generating income by renting it, he could claim Rs 30 as deduction from every Rs 100 earned. However, if the same property is self-occupied, the owner cannot avail of any deductions under Section 24.

For clarity sake, it is worth mentioning here that income from house property is taxed on the basis of its net annual value and not on the gross annual value. Net annual value of the property is arrived at by deduction of the tax amount incurred towards paying the municipal body.This section also applies in cases where buyers have used housing finance from a lender to acquire, construct, repair, renew or reconstruct a property.

In such cases, there could be two possible scenarios.

If the property is not generating income,(self-acquired or a vacant property), the borrower can claim a deduction of up to Rs 2 lakhs on the home loan interest paid in a financial year under Section 24.
In case the property is generating income for the borrower, by means of rental income, the entire home loan interest component is allowed as deduction. This provision is put in place to encourage property owners to let out vacant properties. Government estimates show vacant homes formed 12 per cent of the housing stock in India’s urban markets in 2011.

Section 24: Conditions

Several conditions have to be fulfilled to claim benefits under this section. In case the loan money is used in construction or purchase of a new property, the borrower can claim Rs 2 lakh as deduction on pre-construction interest in a year in five equal installments at the start of the year, in which the property is constructed or purchased.

There are three basic conditions based on which a borrower can claim deductions under Section 24.

They must have taken the loan after April 1, 1999.
They should have a certificate from the lenders about the interest calculation.
Work must be completed within five years of taking the loan.

For instance, if you are expecting completion of the construction work by FY20, you can claim deduction for the pre-interest you have paid till March 2019 while filing your Income Tax returns in June this year.

“Where the property has been acquired or constructed with borrowed capital, the interest shall be deducted in equal installments for the said previous year and for each of the four immediately succeeding previous years,” reads Section 24. This option is not available if the loan money is used in repairs and improvement. In the latter case, deductions can only be claimed after the repair work has been completed.

The deduction gets restricted to Rs 30,000 in case the house is not constructed within five years of taking the loan. This period starts from the end of the financial year in which the loan was taken.

In case the borrower has paid more than Rs 2 lakhs as interest, they have the option to carry their additional expense forward for another three years to set off the losses. This option is, however, open to only those who are generating income from the house property.

Under Section 80C, tax deduction on the principal component of housing loans is offered on a payment basis. The same is not true of Section 24, under which deductions are offered on accrual basis. This means, interest would be calculated for each year separately and deductions can be claimed even if no actual payment has been made.

All You Need To Know About Filing A Partition Suit In India

In the push and pull of how a property needs to be distributed or whether the legal heirs have got the right share, many families and extended families get tangled in legal cases. Land disputes in India are complicated and often such litigations run into years.

We have already covered the inheritance rights of family members as laid out in the Hindu Succession Act. Despite rules, it is not uncommon to see members of a family get into a tiff and file a partition suit. Here’s a step by step outline of how to go about a partition suit in India.

Governing law

The Hindu Succession Act 1956 is the governing law behind a partition in a Hindu joint family while the Hindu Undivided Family and the Hindu Partition Act of Property 1892 governs partition of jointly-owned property by two or more co-owners.

Filing the partition suit

It is important to understand that a partition suit is filed only when a legal notice has gone disregarded. Suppose you are a legal heir but do not have any supporting documents, you could get the information about the property from the registration office.

Kolkata-based advocate, Devajyoti Barman says, “No document is required to file a partition suit but you will need to mention the property that is sought to be partitioned. Once the property is mentioned, it is the liability of the other co-sharer to prove how it does not belong to you or that you have received your rightful share.”

Lakshmi Kanth, a Hyderabad-based advocate says, “You can file partition suit, even though the documents relating to the property not lying with you. You have to obtain certified copies of the documents pertaining to property along with encumbrance on property certificate and Market Value Certificate from concerned Sub Registrar. Death Certificate of your grandparent/ parents (whichever is applicable) will be required which you can get from concerned municipal authorities. You should prepare a detailed family tree by mentioning all the family members and why the share belongs to you and others. If property is in joint possession a nominal court fee of Rs 200 will be applicable.”

It is, however, advisable that you keep a copy of the following:

a) Certified copy of title deed of properties which you claim as ancestral properties.

b) Description of properties ( area, location with survey numbers, boundaries etc)

c) Valuation done by sub-registrar of these properties.

Note that the partition suit has to be filed in a court that has jurisdiction over the location in which your property is located.

Establishing the rightful ownership

The next process involves the court trying to establish your rightful ownership over the property to proceed with the trial. It may also allow an inquiry to this effect or could even appoint a Commissioner who would evaluate your claim and submit a report. Based on the report, the court can determine your share and the co-owner’s share as well on a case to case basis.

Towards resolution

If the two parties have come to a resolution, a partition deed is usually the next step which is based on the Land Partition Act. Remember that a partition deed requires court’s sanction. You will also need to execute this deed on a stamp paper specifying the date of partition and each person’s share.

What Is A Structural Safety Certificate And Why Is It Important?

While buyers are keenly involved into the nitty-gritty of their home interiors, the strength of the material being used while constructing the structure is often ignored. Those investing in high-rise buildings are mostly unaware of the construction grade of residential and commercial projects. This is another reason why ‘premium construction quality’ has become one of the unique selling points for the real estate developers, especially in the national capital region.

What is a structural safety certificate?

The structural safety certificate is proof that the building’s structural plans submitted for approval satisfy the safety requirements for all natural calamities such as earthquake and cyclone, as given in the Part-6 (Structural Design) of the National Building Code of India, 2005. The certificate is provided by the structural engineers and usually the civic administration issues these after getting it verified from the experts. The certificate also states that the design has been done after a detailed soil test, and that the structure is fit for use. Some states have also made it mandatory for property owners to submit a structural safety certificate at the time of property registration.

State initiatives for structural safety

In 2011, the Delhi government made the structural safety certificate mandatory for property registration.

Similarly, in Gujarat, the structural safety audit was made mandatory for old buildings, in 2014.

Till 2018, there were 10,000 buildings that were still lacking the structural safety certificate. In fact in Vadodara, the structural safety certificate were made mandatory for buildings older than 30 years, in June 2019 after four building collapse accidents happened in one year.

However, Chandigarh is setting an example for all the metro cities which are blindly regularising unauthorised colonies without ensuring infrastructure stability. The UT administration has made the structural safety certificate from a qualified empaneled structural engineer registered with it, mandatory for availing the benefit of the regularisation scheme.

Quake-safe structural safety certificate coming soon in Delhi

Soon, the Delhi civic authority is going to make quake-safe certificates compulsory for all the buildings in the city. Around 32 lakh buildings will be affected by this new rule. The administration might also introduce a cess on property tax or building plan sanction fees to fund the renovation of public buildings in Delhi which falls in Seismic zone 4. Under this plan, old buildings higher than 15m, will be the top priority under the quake action plan.

Compare Properties On These Parameters Before Buying

Real estate assets are very different from other assets that we own. This is because other assets have certain properties from where we can assess their value. For example, a mobile phone has certain properties and often costs pretty much the same in every part of India. But, a house and mass of land with same properties will cost incomparably more in the Bandra-Kurla Complex than it would in a tiny village in a small town. This is because much of the value of a property has to do with the amenities in the locality in which the property exists. But, there are many parameters according to which you can compare properties to assess their value. This is especially important when two properties have values that are close to each other. You will be able to decide which to choose only by comparing these properties against important parameters one by one.

Which are the parameters?

Access to amenities is perhaps the most important parameter that influences the future value of your property. Compare amenities one by one, including proximity to transportation networks, schools, hospitals and offices. Also, check if your apartment complex has amenities such as parking space and playground.

Some properties can be easily renovated, increasing space and turning otherwise useless areas into a valuable space. At times, you can sharply raise the value of the property by spending a reasonable amount of money. The layout of the property is an important parameter here.

Proximity with like-minded people is too important a factor to be left to chance. Even if everything else is good, if the right people do not live in your neighborhood, you probably will not enjoy living there.

The quality of construction is a very important parameter, too. The quality of the building material used, the quality of the paint, the fittings, wood and everything that is used in construction matter.

Is the seller open to negotiation? Many home buyers do not take this into account because they assume that the price of the property is final and not subject to change. But some sellers will be quite open to negotiation, while some are not willing to lower the price. This is an often neglected but a very important parameter according to which you should chose property.

How To Differentiate A Good Floor Plan From A Bad One

There are many aspects to be judged while buying a property, especially when it is for end-use. One of such things is the floor plan. There are many things and elements that contribute to making a good floor plan. Here are few tips to differentiate between a good floor plan and a bad floor plan and how you can identify these:

Room size

Prefer a rectangular room over a square one. A good floor plan is the one that has a room of at least 12 ft length and 10 feet of width. This is based on the fact that the typical bed size in India is about 7-9 ft in length. An extra 5 ft space should be left for free movement in the room as well as placement of other electrical equipments. If you are planning a master bedroom, the bleeding space should be at least 7-10 ft along with a master bathroom and a walking closet.

Bathrooms

This factor completely depends on the homebuyers’ requirements. Usually, a 1BHK has 1 attached bathroom while a 2BHK flat might have two, one attached to the room and the other one with the hall. For a 3BHK flat, the third bathroom can be replaced as a storeroom, if you have a small family. It is advisable to keep the common area bathroom functional for guests.

Balconies

Area used for constructing the balconies is not counted in the Floor Space Index (FSI). However, builders add this in the carpet area to manage loading. Therefore, prefer a larger balcony rather than multiple small balconies to ensure healthy ventilation.

Kitchen

A good floor plan is the one that has an open kitchen as it offers easy access to other parts of the house and makes the common area look spacious. Ensure the dining area and kitchen are side by side as these are the most used areas of the home and should have a convenient approach.

Furniture

Any furniture in the residential space is kept at least 3-4 ft away from the wall. Ensure that there is enough space for placing furniture in different angles to avoid congestion.

Common area

Space used by protruding cupboards, big gateways are a waste and are of little use in mid-sized apartments. Instead, prefer built-in furniture such as tables or desks that can also be doubled for iron table, convertible sofas, shelves etc.

View

For a pleasant view of the home, keep the kitchen away from the entrance. The guests should have a view of the living room interiors and there should be no blockage in the inside view.

Loading

Developers usually charge the home buyers as per super area but actually the only usable area is carpet area. The difference between carpet area and the super area is known as loading and is usually 30 per cent of the total floor plan area. Homebuyers should ensure that the loading should not be more than 30 per cent and less than 25 per cent as the common area spaces get compromised.

Also Read: 5 Essentials If You Are Looking Out For A Millennial Homebuyer