How To Buy A House? A Step By Step Process Guide To Buy Flats In Thane

How To Buy A House? A Step By Step Process Guide To Buy Flats In Thane

For first-time home buyers, purchasing flats in Thane might be stressful and daunting. After all, there are a lot of processes, jobs, regulations, and you don`t want to make a costly error. However, first-time homebuyers enjoy several particular benefits designed to attract newcomers to the real estate market.

When you`re ready to buy a new home, the first thing you`ll probably ask yourself is, "How much can I afford?" In order to answer the question, a variety of things must be considered. If you are a first-time home buyer, you must possess some knowledge of the real estate industry and the surrounding areas in order to have a smooth buying experience.

Here`s Everything You need to Know About Buying New Flats in Thane:

Is It Good To Invest In Flats In Thane?

  • Yes, as you may be aware, Thane City has been named as one of India`s smart cities. It has been designated as a smart city under India`s 100 Smart City Mission by the Ministry of Urban Development (MoUD). The much-anticipated and aspirational "100 Smart City Mission" was led by Prime Minister Narendra Modi.

Cities will benefit from the Smart Cities plan as they compete in the 21st century economy. It`s a plan to help cities become more profitable, accessible, and livable by attracting talent, enabling advancement, and creating jobs and development.

Is It A Good Time To Buy Flats In Thane?

  • Yes, following are some of the top reasons why it is a good time to buy flats in Thane in 2021/2022:

1. Price Trends & Property Appreciation:

Thane has recently experienced rapid infrastructure development. The Benefit of purchasing a property in Thane is that you will get lower rates and will see your property`s value appreciate quickly.

If you`re planning to invest in real estate, a higher rate of appreciation means more returns in a shorter period of time.

2. Availability Of Reputable Real Estate Developers:

Purchasing a property from a reputable real estate developer ensures that the building materials used are of high quality, that common areas are properly maintained, world-class amenities are available, and the overall life experience is enhanced.

Owning a property in such a development might also help you get good rental income if you decide to rent it out. Fortunately, reputable real estate developers have set up shop here, giving you a wide range of trustworthy options.

3. Fastest-Growing Area In The City:

Another reason flats in Thane are a popular real estate destination in Mumbai is the wide range of sub-localities available. While areas like Thane West can be pricey, places like Ghodbunder Road can help you get a better deal on a property in Mumbai.

Furthermore, according to recent data, apartment prices on Ghodbunder Road are increasing at a rate of 33%, which is 13% higher than the average price in Thane West.

4. Interim Budget 2019 Benefits:

Due to the recently announced tax exemptions for homebuyers, now is an excellent time to invest in Thane real estate. The ruling party`s interim budget includes a nil nominal rent tax on a secondary self-occupied property, an increase in the TDS threshold to Rs.2.4 lakh, and a capital gains rollover of up to Rs.2 crore. Additionally, Section 87A provides greater rebates for taxable incomes up to Rs.5 lakh.

You won`t have to compromise on the property or apartment of your dreams with a loan of up to Rs.3.5 crore. You can get low interest rates and, if you`re a first-time home buyer, you can get up to Rs.2.67 lakh in tax benefits under PMAY`s CLSS.

Which Is The Best Area To Buy Flats In Thane?

  • Ghodbunder Road, Kolshet Road, Vartak Nagar, Panch Pakhadi, Kharegaon, Owale, Manpada, & Majiwada are some of the popular areas to buy flats in Thane.

A) Ghodbunder Road

Ghodbunder Road in Thane is now a well-established residential area with great social infrastructure features and incomparable access to significant commercial districts of Mumbai, Thane, and Navi Mumbai. Waghali, Vashi, and Vasant Vihar are all located within the locality`s limits. In comparison to Manpada, Ghodunder offers several affordable options under Rs 50 lakh, particularly for middle class families.

The Western and Eastern Express Highways support the area in terms of connectivity, making it accessible from many regions of Maharashtra. The proposed Ghodbunder Road Metro corridor, which will run from Wadala to Kasarvadavali, would improve the area`s connectivity in the future.

Property values in this area are expected to rise by about 40% as a result of the development. Ghodbunder Road`s estimated capital values are currently between Rs 8,800 and Rs 11,000 per sq ft. Raunak Group, Lodha and Hiranandani are the three well-known developers in this area.

Nearby Locations: Vedant Hospital, Big Bazaar, SBI Bank, Hyper City, AP Shah Institute of Technology.

Current Rental Rates In The Area:

Flat Type Monthly Rent
1 BHK ₹ 11,000-14,000
2 BHK ₹ 17,000-21,000

All of the above-mentioned areas have a wide variety of household possibilities under Rs 50 lakh. However, before investing in real estate, we recommend that purchasers communicate with a qualified real estate agent to learn the ins and outs of the market, especially given the current market conditions.

B) Kolshet Road

For aspiring house buyers, Thane`s Kolshet Road is emerging as a tempting option. There has been a significant shift in home-buying preferences as a result of substantial changes in our lifestyle following the COVID-19 epidemic. People are looking for places that provide a holistic living experience in all aspects – connection, infrastructure, amenities, and the availability of green and open spaces.

What Attracts Home Buyers & Developers To Kolshet Road?

According to a recent report, 54% of respondents believed Kolshet Road was the best value for money. Kolshet has extensive open spaces and green expanses, including India`s largest 20-acre public park, Grand Central Park, in addition to new projects, contemporary services, and well-established connectivity. According to 64% of respondents, Kolshet Road also has the strongest association with greenery and open spaces in Thane.

Several reputable developers have constructed top-end residential and commercial developments on Kolshet Road, catering to changing customer demands and taking into account future advancements. Kolshet Road offers gated community projects with modern living facilities, perfectly matching the demand of today`s property buyers wanting an enhanced, secure lifestyle.

Physical & Social Infrastructure:

Kolshet Road provides excellent access to the MMR and is only a five-minute drive from the Eastern Express Highway and Ghodbunder Road, thereby boosting the locality`s livability quotient. A plethora of upcoming major infrastructure projects in Thane, including the Borivali tunnel road, Mumbai Metro Line 4 connecting Wadala-Kasarvadavali, and Metro Line 5 connecting Thane-Bhiwandi-Kalyan, would significantly improve the area`s pre-existing connections. The forthcoming Kapurbawdi metro station will be about a five-minute drive from the neighbourhood.

Kolshet Road is also close to some of Thane`s best academic and hospital institutions, as well as retail and leisure facilities. Kolshet Road is around five to seven minutes away from some of Thane`s premier institutions, including CP Goenka International School, Sulochanadevi Singhania, and Orchid High School. Jupiter Hospital, Bethany Hospital, and Vedant Hospital are all within easy driving distance. Additionally, inhabitants in the region have easy access to retail stores such as Dmart, Big Bazaar, and Hypercity.

Which Is The Best Residential Property In Thane To Invest In 2021?

  • Looking out for investment options in Thane’s real estate property. You need to have a clear idea if you want to invest in a residential property in Thane. Below we list down some of the prominent residential properties in Thane to choose from.

A) Unnathi Woods, Ghodbunder Road.

“Unnati Woods” is a delightful place to call home for all the home-seekers. This magnificent building complex can be described as a perfect blend of natural beauty and opulence that enriches your lifestyle. Unnathi Woods is a one of a kind residential property in Thane that is ideal for those who desire to live in the midst of nature. You and your family can live a pollution-free and stress-free existence in the domestic space. The residential flats are spacious and well-equipped with all of the necessary and modern conveniences for a comfortable lifestyle.

Highlights of Amenities offered at Raunak Unnathi Woods:

  • Club House
  • Intercom
  • 24 X 7 Security
  • Car Parking
  • Community Areas
  • Solar Panels For Hot Water
  • Rain Water Harvesting
  • 24x7 Security
  • 24/7 Water Supply

B) Lodha Amara, Kolshet Road:

Kolshet is located in the heart of Thane East and Thane West. It is home to a variety of service classes as well as the local Marathi and Gujarati business groups. “Lodha Amara”, KalpataruImmensa, Lodha Sterling, Elite Platina, Kalpataru Parkcity, Sunrise, and other prominent projects in the region by developers such as Lodha Group, Kalpataru Group, Terraform Realty, and others.

Lodha Amara is a well-planned project strategically placed on Kolshet Road. It is stretched out over a 40-acre span. This project consists of 4958 units in total. It`s a well designed residential house that`s designed to impress.

Amenities offered at Lodha Amara, Kolshet Road:

Mini Cinema Theatre, Power BackUp, Elevator, Club House, Swimming Pool, Gymnasium, Reserved Parking, Multipurpose Courts, Multipurpose Hall, Event Space & Amphitheatre are just few of the facilities and amenities available at Lodha Amara.

C) Raunak Residency, Vartak Nagar:

“Raunak Residency” is another well-planned residential project in Thane strategically placed near Vartak Nagar, Thane West. It takes up a total of 2 acres of land. This project consists of 394 units in total. It`s a well designed residential house that`s bound to impress.

This well-designed complex features three towers, each with its unique set of benefits. Power backup, visitor parking, intercom facility, maintenance staff, waste disposal, RO water system, banquet hall, piped gas, flower gardens, and an indoor games room are just some of the amenities available at Raunak Residency. Enjoy the pleasures of living in Raunak Residency, which has everything you need.

Key Factors to choose this project:

  • A stunning view of the lush green Yeoor Hills as well as Upvan Lake.
  • The Eastern Express Highway is around 10 minutes away.
  • Ample parking space availability.
  • Access to both municipal corporation and borewell water.

What To Check Before Buying Residential Flats In Thane?

  • Buying a house is one of the biggest steps in your life, however you must remember each of these points before you seal the deal. Here`s a checklist to consider before buying an apartment in Thane.

1. Location

The importance of location cannot be overstated; you should thoroughly inspect the neighbourhood in which you will eventually reside. The property in which you intend to invest should be located in a safe and secure location, with adequate security for family members, modern facilities, and adequate physical infrastructure. Basic amenities such as food stores, hospitals, public transportation, and schools should all be checked.

2. Inspect the Property

Check each property thoroughly once you`ve seen a couple of the preferred apartments you`ve shortlisted. Check to see if the residential flats in Thane are close to schools, hospitals, or shopping. Consider the amount of traffic and noise in the area surrounding the building. It is not a good idea to invest in such houses if there is a lot of noise.

Check out all of the amenities and security features that the builder has to offer. Your children, parents, and other family members should have access to a variety of amenities.

3. Hidden Costs Involved

Different expenditures may arise at any time during the transaction that were not expected at the outset. For example, the builders may charge extra fees for updating their records when a new person joins or leaves a property, as well as for administrative costs associated with providing the information you`ll need to acquire a house loan. This can add a few hundred rupees to the cost of moving, so it`s worth budgeting beforehand.

4. Maintenance Cost

When purchasing an apartment in Thane, many people are utterly ignorant of the maintenance fees. Property tax, elevator costs, water charges, municipal tax, charges for building staff personnel, and energy charges are all maintenance fees that each and every occupant of that building must pay. Then there are parking fees and additional services for your vehicle.

5. Price Of The Property

Setting a budget is the first step in purchasing a home or apartment. It makes shortlisting a house a lot easier. There are a few options for getting a comparative analysis of properties in the region you`re interested in. Such sources include portal listings, local brokers, and newspaper listings.

6. Market Research

Before you decide on a home to invest in, do some market research to make sure you`re putting your money in the optimal spot. Consult with a variety of real estate agents and inquire about previous sales in the neighbourhood. Don`t rely solely on the advice of real estate brokers. Always double-check that the money you invest will be represented in the apartment you purchase.

7. Builder’s Reputation

It is your job as a buyer/investor to research the Builder or Developer`s track record. By reviewing recent projects constructed by the same builder, you may obtain a sense of his market position and make an informed decision about the builder`s standards. In general, every wise developer keeps their entire profile in a magazine or brochure.

Simply read it before purchasing it for the apartment. You may also estimate whether or not the builder will be able to offer the unit on a secure possession date by looking at the prior history.

How Much Does A Flat Cost In Thane?

  • The average price of a flat in Thane is 1.36 crore and has been declining for the past 6 months compared to the rest of the cities.

The recent pricing trend in Thane gives investors and end-users a clear indicator of the direction in which the property trend in Mumbai is headed. Identifying the optimum price movement for properties in Thane is critical for investors who want to maximise their profits by purchasing or selling real estate assets at the optimal time.

How Can I Buy A Flat In Thane?

  • In the event, you are looking for a flat in Thane; you must keep in mind the following things. They are:

1. Evaluate Home Loan Eligibility

Home loan eligibility is determined by repayment capacity, income, current obligations, and EMIs. You may locate a home loan eligibility calculator online if you wish to check your loan eligibility. The amount of the loan to be sanctioned varies by bank and is determined by RBI regulations.

When making such a major investment, it is necessary to set up a certain budget for your new home. This can be accomplished by careful planning and assessment. As property isn`t purchased every day, your budget should strike the right balance between managing monthly payments (if you`re considering a home loan) and not sacrificing on your dream home.

When setting a budget, be sure that the property you`re looking for is within your resources. Its EMI should not exceed a certain threshold, over which you will have to make sacrifices in your daily demands.

2. Stamp Duty Registration Charges

Stamp duty registration is another aspect of financial planning that you will be obliged to pay. This is the sum you`ll have to pay the government to have your property registered in your name. While deciding on a budget, look into the stamp duty registration fees in your location for the type of property you want to buy. The cost of stamp duty registration varies by location and city.

3. Inquire About Additional Charges

You may require the help of a team of real estate experts while purchasing a home. Real estate agents, lenders or mortgage brokers, home inspectors, land surveyors, lawyers or notaries, and others should all be taken into consideration.

Find out how much the maintenance fee will be and whether or not parking will be included in the price or if you will have to pay extra for it. Other non-essential charges include House Insurance and interior design costs, which you may require immediately after purchasing your new home.

4. Location Survey

Purchasing a property in a desirable location is usually beneficial, particularly if you live with your family. Your family will always require all of the public amenities in the area so that they can live comfortably.

However, if you are on a tight budget, you can choose a region next to the major site and travel a few kilometres for schools, hospitals, shopping malls, and other everyday necessities. It`s not just about the location when it comes to choosing a site; it`s also about the neighbourhood. Everyone wants to live in a better environment, thus having a good understanding of the surrounding area is essential.

5. Resale Value

Even if you are purchasing a home for personal use rather than investment, you may need to sell your home at some point for a variety of reasons, both good and bad. In this case, it`s a good idea to look into property rates and trends in that area to ensure that you obtain a fair return on your investment.

As real estate investment has so many advantages and disadvantages, it should always be done with a long-term perspective in mind. Property prices can sometimes remain static in some areas while increasing dramatically in others. As a result, it is preferable to do a proper analysis of the property and determine the resale property worth of your new home.

6. Recruiting A Realtor

Finding a residence directly from the owner can be challenging, and learning everything you can about the property on your own can be exhausting. So, the next step in buying a new home is to hire a real estate agent or agency.

You can conduct a local search to seek a real estate broker in the area. You can even use an online real estate portal to find a home for you and contact the owner or broker directly through the portal. This will undoubtedly save you time as you will not have to go out and look for the type of house that you desire.

Keep these factors in mind when you plan to buy a property in Thane. It will help you get your dream home easily.

You Can Also Check Some Prominent Residential Properties In Thane - Click here