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Why it is important to get Occupancy Certificate

Does your new apartment have an Occupancy Certificate (OC)? Why is it required? What can happen on the off chance that you don't have one? The OC is certificate many builders don't try to get and frequently homebuyers, especially a new flat buyer, move into a level in a rush once the development is finished. Be that as it may, it is essential to know-how when you are given over the keys of your new house as it might have genuine implications later once you move in.

What is an OC? Once the project is finished, it is important for the builder to get an Occupancy Certificate also known as Completion Certificate. This certifies the building has compiled to the endorsed plans.

Step by step instructions to get an OC

The OC is generally obtained from the Mahanagar Palika. It is prepared once the Palika gets data from the builder or the buyer that the development of the property is finished.

To acquire the declaration, a developer needs to fill an occupancy application form along with a couple of different documents. After submitting the form specialists will examine the complex and confirm whether it has been finished according to the approved plan and then issue the certificate.

Legally, a builder or owner should submit an application with the commissioner for the OC within 30 days of completion of the building/property. The commissioner likewise answers to the applicant within 30 days whether the application has been accepted or rejected. It is wise and huge for the buyer to get the OC before moving into the flat or signing the agreement.

What happens if there is no OC?

If there is no OC, the Palika can start action against the apartment owners, as the law says no individual can move into a building without the OC. Such cases have been found in Mumbai and Delhi real estate properties.

There is additionally a possibility that the power and water connection could be cut if the owner does not have the OC. If the building does not have an OC, a flat owner or buyer can approach Nagar Palika directly.

To know more about property guide. Click the link given below:

https://lashkariagroup.com/property-guide/

WHY BUYING NEW PROPERTY IS BETTER?

When buying a mobile phone, a washing machine or car, new is usually better. But when it comes to buying a new house or apartment - can't you use the same conclusion? There are a few advantages you should be aware of buying a new house or apartment. 1. YOU CAN DESIGN YOUR HOME YOUR WAY: Why compromise and settle with someone else's choices when you can choose your flooring, cabinets, appliances, etc.? New homes give you the benefit of showing off your style through the features you choose for your home. 2. YOU CAN CHOOSE YOUR FLOOR PLAN AND ROOM LAYOUTS: Want your bedroom beside the hall? Or you want to use one bedroom as your big closet? Want to use Italian marble for flooring? Everything is easy and possible when you plan your masterpiece. 3. ALL PRODUCTS, UNDER WARRANTY: Old homes have used products which have to be replaced soon, but when you buy a new house all the products are new, and they come under warranty. New homes save a lot on your money which you were going to spend on new products and appliances. 4. ENERGY AND COST SAVINGS: Today's home is far more energy efficient than those which were built 5-10 years ago. Why choose energy-wasting, single-pane windows in a used home? Many new homes provide a double or triple-pane window. These days new homes use energy saving appliances which saves your money. 5. LOW MAINTENANCE: Today's new home has higher ceilings and open floor plans that mirror the way of our today's living. They're made of cutting-edge building products that need less care and maintenance. The modern building systems and components are designed and engineered to work together. 6. AMENITIES: Modern homes are built in luxurious master-planned amenities with pool, clubhouse, podium parking, gymnasium and some of the best school and shopping area near your home. 7. SAFETY: Modern homes have earthquake resistant structure, fire resistant, concealed copper wiring to prevent electrical shocks, etc. to keep you safe. 8. NEW HOME FEEL: Used homes are someone else's dream which mirrors their selection and family memories in it. New homes will be your dream with your choices and family memories. The new home also offers a new design, style, comfort, and quality for your modern lifestyle.

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Property Tax

                                                      What is Property Tax? Property tax or house tax is a type of local tax levied by municipal authorities for maintaining basic civic amenities in your area. This tax is used for the upkeep of civic facilities like roads, sewage system, lighting. This is paid by Owners of property, either annually or semi-annually. Property tax differs across states, cities and even within zones of the same city. Property Tax is the main source of revenue in urban local bodies in virtually every part of the world. Income tax on property is an added tax which is paid based on the income generated from the said property. It is computed under the Income Tax Act. These are two different forms of taxation. • Property Tax is levied by the local body like Panchayat / Municipality / Municipal Corporation while the Income Tax is levied by the Central Government. • The method of computation of the amount of tax payable in both cases is very different. 

On which kind of property is property tax levied? In India, property tax is levied on real estate which consists of buildings or land attached to the buildings. Vacant plots of land without any adjoining building are not liable to be taxed under this head. The type of properties that are liable to be taxed under property tax in India. • Residential house (self-occupied or rent out) • Office Building • Factory Building • Go-downs • Flats • Shops How to Pay Property Tax? In most of the states, you can pay property taxes online. There are offline methods too, like paying at the municipal office, or at select banks as identified by your municipal authority. Late payments towards property tax can attract a fine, generally equivalent to a certain percentage of the amount due. How is Property Tax Calculated? Property tax in India depends on the location of a property in question, with taxes varying from state to state. Different civic corporations use different methods to calculate tax, but the general overview of such calculations remains the same and is explained below. An assessment of the property is first carried out by determining the area it is in, occupancy status (if it is self-occupied or rented out), type of property (residential, commercial or land), amenities provided (car park, rainwater harvesting , store, etc.), year of construction, type of construction (multi-storied / single floor / pukka or kutcha structure, etc.), Floor space index and carpet area of the property. Once these parameters are determined, the civic agency uses a formula which deems fit to calculate the tax. Different agencies use different formulas. The formula used by the Mumbai Municipal Corporation is given below: Property tax = base value × built-up area × Age factor × type of building × category of use × floor factor. The tax on a property will vary according to the factors mentioned above and can be easily computed online, through the official website of the municipal corporation concerned.

To know more about property guide. Click the link given below: 

https://lashkariagroup.com/property-guide/