June 30, 2014

Understanding Property Tax

Owning a house is a dream come true for many people. But with the ownership, comes the responsibility of paying tax on it, which is called a house tax or a property tax. In other words, a property tax is a tax levied on property that the owner is required to pay. This tax is levied by governing authority of the jurisdiction in which the property is located. The property tax may be paid to the National Government, a State or a Municipality. Also, multiple jurisdictions may impose tax on the same property. In lieu of the normal property tax, a ‘service charge’ is permissible too. The normal property tax is coupled up with a number of other taxes; for example, water tax, drainage tax and conservancy tax.



Understanding Property Tax

This property tax or house tax is a local tax imposed on buildings, along with appurtenant land, and has to be paid by the owners. Authority to collect property tax is given to the states that in turn identify the valuation method, the slab rates applicable and the collection procedure.    

Exemption from property tax

Property tax can be exempted for the given reasons:

*      Land, which is not occupied
*      Property that belongs to the Central government
*      Property which is under a foreign mission
*      Rural property  that come under the Panchayats, the rate structure is flat in this case

*      But, in urban areas that come under the municipal jurisdiction, it is a bit progressive with almost 80% of assessments falling within the first two slabs.

Calculation of property tax

The value of the property is the base for calculation of tax on it. Some of the governing authority calculates the tax not just based on the size, but also the location, covered area and quality of construction. The money thus collected is used to maintain the infrastructure like construction and repairing of roads, cleaning of sewer system, maintenance of parks, etc.

Steps for calculation of property tax

Here are the steps to calculate the property tax:

Step 1>> Find out the assessed value of buildings and lands owned.. This estimated value of the property can be calculated by the official tax assessor. 

Step 2>> Next, verify the estimated property tax rates for the upcoming year.
The preceding years’ tax rates and their variations will also come in handy for the calculation of property tax.  

Step 3>> Deduct or subtract any property tax exemption that qualify, from the total assessed value of the property. Before completing this step, one has to consult the tax officer as the deductions differ from state to state. In majority of the cases, deductions on property tax are granted to disabled persons, widows and senior citizens.

Step 4>> Lastly, multiply the amount that you get after the deductions (if any) with the property tax rate for the approaching year. In order to know the total projected amount that you have to pay as property tax, you need to add up the amounts calculated for each taxing district.
The tax figure obtained here may vary from the actual amount as the official tax rates are determined at the end of the fiscal year. It is always important to keep a higher budget then the estimated amount.

New update

Property Tax


After a thorough research, it has been found that a considerable number of properties are not included while calculating property tax. Also, the one which are included are not accurately assessed and thus the deficit in collection. To eradicate all these issues across India, the eGov Property Tax system is introduced. In eGov, there are 3 ways in which Property Tax is calculated:

*      ARV – Annual Rental Value
*      CVS – Capital Value System
*      UAS – Unit Area System

Any of the above methods are used to derive the property tax. After the launch of eGov tool, the whole system that manages properties and their taxation is entirely computerized. It handles the registration of a new property, transfer, amalgamation and winding of any property.  

Features of eGov Property

Following are the features of eGov:

*      Accurate and complete data base
*      User friendly, pay anywhere system
*      Offers online payment by credit card
*      Provides report at city, ward and street levels
*      Improves tax compliance and hence the total collection  

June 29, 2014

Is wall panelling becoming more famous in Indian Homes?

Perfect interiors complete your dream home. In order to achieve this, people have started focusing more on the interior architecture and are spending significant cost for the best designs. Wall panelling is one of the architectural elements that are used to improve the aesthetic look of the house. They are usually light in weight, easy to install and are available in various textures to choose from. These wall panels are used to cover your plain looking walls that are poor in condition. It is mainly used to give a new look to the room.

wall panelling

Advantages of Wall panelling

•    Wall panels are cost effective. You can avoid painting and use wall panels instead, which are light-weighted and demand low installation charges when compared to other decorative options that are available.
•    Wall panels are widely used for their durability and long lasting quality. The additives added to the material make it tough and enduring.
•    Easy maintenance is a key feature. These panels can be washed with soap and water unlike paints which require that extra care.
•    Removing and recycling of wall panels prove to be effortless.
•    Wall panels cover the flawed walls with a variety of designs to choose from.
•    These panels are also waterproof, fire and termite resistant, thus keeping you free of maintenance charges. 

 Disadvantages of Wall panelling

•    If there is water damage in your walls, it leaves a stain on the panels. Also, once     panelled, it is difficult to trace the damaged part of wall that was concealed.
•    Such moisture problems in your walls can cause hidden moulds, which might sometimes be seen through the wall panels.
•    Also, regular wear and tear may loosen the plaster panels. This needs fixing to avoid the plaster from falling apart.
•    Plastic wall panels are not eco-friendly and hence add up to non-degradable pollution.

Types of Wall Panels

The wall panels are of various types based on their design, texture and usage, as explained below:

Wooden Panels

 famous in Indian Homes

Wood panels are the widely opted material owing to its durability and various design patterns.. The wainscot oak is a type of wood that is used traditionally on the lower portion of a wall to give it an alluring effect. The wainscot panelling includes flat, raised and bead board panels and can be chosen according to one’s interest. These panels are also available in engineered wood which are less expensive than the solid wood.  

A plywood is a thin sheet of wood veneer glued together to form panels. It is light in weight and cost effective, making it a perfect choice for low budgeted wall panelling. It lasts long than the solid wood panels. However, Medium Density Fibreboard (MDF) panels are a popular choice for wooden panelling due to their UV-resistance, non-fading, easy maintenance and recycling nature.
Stained Glass Panels

A variety of stained glass panels are gaining popularity among home interiors these days. These glass panels come in a multitude of colours and textures. You can choose clear cathedral glasses, opaque or bevelled glass patterns; all depending on your taste for panels.
Faux Panels

In most homes, faux finishes are preferred for wall panelling. The faux panelling gives the look of bricks, stones or fabrics. Also, they are comparatively less expensive than the other panels. The faux material is a mixture of polyurethane, vinyl and wooden particles that contribute to the look of real stones or bricks. These panels are preferred for their light weight easy to install options and cost.

Wall Panelling Expense

Wall panelling charges vary according to the material used, size, colour and design. Generally in India, the prices range from between Rs 150 and  500 per sq. ft., based on the choice of your wall panel. You can get the price estimate and then choose the panel to best suit your budget.

Current Trend in the Indian Market

Wall panelling is not new for the Indian market. It is widely used in offices and business centres for its decorative quality. Until few years back, wall panelling was only used for commercial buildings, but as trends changed, even Indian homes have started adapting to such decorative wall panels.
In metro cities like New Delhi, Mumbai, Bengaluru etc. people always opt for affordable designing ideas, which led to the development of prefabricated housing solutions. Prefab materials like steel frames, panels for walls, ceilings and floors, factory made doors and windows are widely used today.
To conclude, it seems like the housing architecture in India is moving towards prefab materials. In the near future, we are very likely to witness many more Indian homes opting for this less expensive and easy to use wall panels.

June 28, 2014

Avoiding Bad Financial Decisions

These days everyone has an opinion on financial matters. Advice on your finance is doled out by everyone from friends to co-workers. Many times though, these seemingly innocent words of wisdom can turn out to be terrible suggestions. It is important to filter out the good opinions from the bad ones and here is a small list of common misconceptions about finance.

Tips, Invest, Credit Card,

Improving Credit Card Rating: A common idea is that in order to improve your credit card score, you should always maintain a balance on your credit card and only pay back the minimum amount. This is a terrible plan that many people believe in. Keeping balance on your card will only increase your debt as you have to pay back interest on the borrowed amount. The goal should always be to maintain a zero balance in your account. Paying back your credit immediately is the only way to keep debt as low as possible.

Shut unused Credit Card accounts: It is felt that hanging on to unused credit card accounts can become a major liability and that getting them closed as soon as possible is the smart thing to do. But if you are someone with good self-control, then it is a great idea to keep those credit cards which you rarely use. Banks and lenders need to know if you have the discipline not to exploit credit. Closing down accounts can actually reduce your credit rating. Keeping all your accounts open and using them from time to time is the smartest thing to do.
Avoiding Bad Financial Decisions

Low Monthly EMIs are a great option: These days most products are available on EMI deposits which require only a manageable amount each month. While this is okay for small purchases, it is best not to get fooled by low EMIs while buying a car or a house. There will always be hidden costs and you might end up paying a lot more than you bargained for. Always, always have an idea of how much you will be paying totally.

Taking investment tips from friends: Following through with stock exchange investments on the basis of advice from friends is never a good idea. Even if you are assured that it is a “sure thing”, think twice before going in for it. Or at least research and study the proposition carefully. Many people have made decisions in the blind belief of friendship and gone on to suffer. Remember that if someone has a great idea to make a quick buck, they would be doing it themselves instead of telling others about it.

Using your retirement fund to pay bills: Whether your retirement savings are in the form of provident funds or some other plan, it is never a good idea to break it open in order to pay temporary bills. This advice is usually given by friends or relatives who do not want to take the burden of helping out. Never break into retirement funds as the long-term repercussions can be very bad. If there is absolutely no other option, even filing for bankruptcy makes more sense.

June 27, 2014

Want to invest in a market that generates formidable returns? Kochi is the place for you

Although Cochin aka Kochi is not blinking on the realty map when compared to its other counterparts, Kochi is fast becoming a city that is luring in many home buyers and real estate developers. Known for having loads of potential, Kochi is soon attracting trade and commerce business because of its proximity to the sea. Steady commercial growth, expansion of the IT sector and infrastructure developments are some of the reasons that are flourishing the realty sector here. With developments in projects like Metro rail now being in the pipeline, Kochi real estate is all set to witness a major transformation.

Kochi Real estate

Becoming one of the most sought-after cities in the country, the city has attracted a number of real estate developers who have fulled the realty business with an investment of of over $ 2 billion. Drawing a lot of foreign investment from localites based in the Middle Eastern countries, many state-of-the-art residential projects and healthcare facilities have mushroomed. Real estate developers are now cashing on this trend and are buying land in large parcels to create projects ranging from multi-storeyed buildings to gated communities. Flats for sale in Kochi are estimated to hover anywhere between Rs 3,779 to 4,083 per square feet. Localities like Edapally, Panampilly Nagar, Thevara and Edapally are scattered with a number of residential projects that range from mid-segment to uber-luxurious projects.

Apart from the developing social ultrastructure, the introduction of a number of MNCs (Multi-National Companies) is driving the realty market of Kochi. The introductions of IT Parks in Kakkanad and the Cochin Vallarpadam International Cointainer Teerminal are major projects that are roping in many migrants from across the country. Flats for sale in Kochi especially close to the IT parks are dominated by working professionals. Becoming a more favourable market for the investors, non-residing residents are now buying apartments only for the sole reason that they could be rented out later. A 2BHK apartment for rent in a locality like Kakkanad that is dominated by a number of IT parks costs Rs 8 to 14 per sq ft depending is the house is semi or fully-furnished.

 Kochi is the place for you property

Kochi is well connected to other cities via rail and airways, however the traffic bottlenecks have always been a cause of concern for the localities residing here. Catering to this problem is the Metro Rapid Transit System (MRTS), the metro will not only flourish the Kochi real estate sector it will also reduce travel time drastically. The financial capital of Kerala is all set to receive a metro rail and the projects is estimated to cost over Rs 5,000 crore. Slated to complete in the next two years, localities between Aluva and Petta will be most beneficial. Property prices in corridors around metro have already started appreciate. The demand for properties in between Aluva and Petta like Palarviatom, Companypady and Kalamassery is increasing day by day.

For all those who are looking towards buying a property for investment purposes, Kochi is a safe bet for you. Not only will the property prices in the city appreciate over the time, the developing social infrastructure of the city will also increase the capital value of your property.

Whitefield as Industrial & Real Estate Hub

Whitefield forms the essential part of Bengaluru, Karnataka. It was named after DS White, founder of the Eurasian and Anglo Indian Association of Former Madras. The area has been built in concentric circles, with the Innermost circle facing the greens and the Outer circle encircling the Inner one. But according to the original plan, there had to have been a third middle circle, but due to water scarcity in those days, that plan was dropped and only two circles, the Inner circle and Outer circle was built. In Olden days, Whitefield being located much farther in the city, people came here in search of peace and quiet as this area had lovely farmhouses, was very much away from the daily commotions of a cosmopolitan city. Today Whitefield is far better known for its famous Sathya Sai Baba Ashram and as a hub for many Multinational IT companies. Because of which Whitefield properties have now become so priceless and everyone are so keen to invest there.

Whitefield as Industrial & Real Estate Hub

Whitefield has its own Traffic and Transit Management Centre in EPIP (Export Promotion Industrial Park), which helps the commuters to park their vehicles at these centers and take a bus to reach their respective destinations. It is also very well connected by 2 major 4-lane roads. Of which first one is, Whitefield road connecting Bangalore city with Whitefield through Mahadevpura and Varthur through Marathahalli. Both of these roads intersect with the Karnataka State Highway 35(SH 35). Many Villas in Whitefield like Zonasha Paradiso, Tulip Villas, and J R Valley are situated close to these roads. Nearby Railway Station is just about 3km from the Whitefield bus stop. A wide range of service offered by BMTC also helps a lot in extensive city bus connectivity. The area is connected so well that, the property demands have gone up very much and we always get to see “Flats for sale in Whitefield” hoardings in all the nooks and corners of this city.

Whitefield Real Estate Hub

Apart from that Whitefield has many good social infrastructures like schools, International schools, Hospitals and many malls. Holy Cross schools, Euro-school Whitefield, Inventure Academy, and Vydehi School for Excellence are few such International schools found in that locality.  Many Apartments in Whitefield are ideally located near schools and colleges, that students find it easier to commute. Some well known colleges in this locality are Sri Sathya Sai Institute of Higher Medical Sciences, International School of Management Excellence and so forth. The Export Promotion Industrial Park (EPIP) developed in this area was India’s first IT park zone which now has many world renowned IT and ITES companies. Brigade Tech Park, Sigma Technology Park are also few of the IT parks with some world renowned companies like TCS, Quest, Accenture, iGATE Global Solutions, Dell Services, Mindtree Ltd, Oracle in them.
                                                         
Shopping is always a fun thing to do when there are so many options available, and this area has a huge list of shopping malls and irresistible eateries with many different cuisines, which makes it even more enjoyable. Some of those giant shopping malls comprises of The Forum Value Mall, Phoenix Market City, Park Square Mall, Total Mall, Bangalore Central, Inorbit etc. This locality also has many fast foods centers like KFC, Pizza Huts, and Subway but apart from these, there are also multi cuisine restaurants like Flavors of China, Copper Chimney, Tuscana, and Chung Wah and many more such yummy eateries.

Coming to Real Estate aspect, the area has developed greatly from being a small suburb into a great epicenter comprising of many hot selling properties and the number of houses for sale in Whitefield locality has increased over the years. Many prestigious and leading builders have developed their properties in this locality, with the growing demands of huge number of migrants to this area, the property prices are sky high. But as this being a hot spot, people don’t seem to hesitate in purchasing them. We can very well say that properties in this area sell like Hot Cakes. Few of the well known property developers found here include Brigade Group, DSR Infrastructure, Prestige Shantiniketan, SSVR Lotus Pond and many more. The Property prices of multi-storey apartment range from rs.4393 to rs.4623 per square feet. So the starting sale price of 2BHK residential flats in Whitefield is said to be around rs.35 lakhs.
 

June 26, 2014

Advantages of Property Investment in Tier 2 and Tier 3 Cities

Indian cities are generally classified as Tier 1, Tier 2 or Tier 3 based on real estate, business and commercialization. Tier 1 cities include most of the well-developed metros such as Chennai, Mumbai, Delhi, Kolkata and Bengaluru. These cities are extremely commercialized metros with huge infrastructure and well developed roads. Properties in these cities are very highly priced. Tier 2 cities are the next set of cities, which are comparatively smaller than Tier 1 cities; for example, Pune, Vishakhapatnam, Coimbatore, Cochin and Ahmedabad. These cities are slowly witnessing a growth in both commercial and residential aspects in recent times, owing to the fact that Tier 1 cities have reached a saturation point in terms of development. Realtors find these cities to be lucrative spots for future developments. Tier 3 cities like Trichy, Madurai, Baroda and Nasik are in the initial stage of development.

Property Investment in chennai

Tier 1 metro cities have become so congested that the real estate developers have slowly started to shift their base to the Tier 2 and Tier 3 cities. These cities are nowadays viewed as an excellent investment option because of the growing demands and increasing property prices in the Tier 1 cities. Apart from that, many IT/ITES companies have started looking up various cost-effective Tier 2 and 3 cities because of the increase in labor costs, increasing real estate prices and attrition of infrastructure. In comparison with Tier 1 cities, there are many advantages of purchasing a property in Tier 2and Tier 3 cities.

Property Investment in Tier 2 and Tier 3 Cities

•    Affordable prices are one of the major reasons for increasing developments in the Tier 2 and Tier 3 cities. Real estate prices in these cities are roughly two-fifths of those in well-established cities. Tier 2 and Tier 3 cities are considered to be a good alternative with regards to many requirements like house rent, education, etc. as they are comparatively cheaper than those of major cities.

•    Many Government initiatives are being taken up for providing infrastructural facilities, building management and also for the creation of many SEZs in these areas, which in turn play a vital role in the development of such small cities. Pharmaceuticals, automotive companies and many financial, corporate, and real estate companies have started their projects in these cities, hoping to turn them into business havens in the future.

•    Better connectivity of these Tier 2 and Tier 3 cities also adds to their advantages. Well-connected roads like state highways and national highways do in fact ease transport issues. Most of the Tier 2 and Tier 3 cities have good railways and roadways and have very good transport facilities like government-run buses, etc. Apart from that, cities like Madurai and Cochin are also among well-known tourist destinations, which in turn attracts lots of tourists; and so, having good transport is an added advantage.

•    Manpower and infrastructure in most of the Tier 2 and Tier 3 cities is experiencing a boom with more & more companies coming up. Apart from this, there are also many infrastructural developments with state-of-the-art buildings, which in turn attract lots of skilled manpower to these localities. Developing cities of Tier 2 and Tier 3 sectors offer peaceful residential properties for investors, when compared to that of noisy and commercialized metro cities.

•    Tier 2 and Tier 3 cities offers good quality transportation, shopping facilities, lower cost of living and better townships, all of which attract many property buyers to these areas. Most of the properties in these localities are either purchased by NRIs or retired folk, who want to reside in a peaceful locality unlike the city metros. Home buyers purchasing properties purely for investment purpose prefer these localities as they are very cost-effective and have a better standard of living.

Most of the metro city residents consider investments in Tier 2 and Tier 3 cities as a very good option owing to their nearness to major localities and cost-effectiveness. Real estate markets in these areas are experiencing significant change in recent times.

June 24, 2014

Luxury Living: Converting Spare Rooms to Home Theatres

The concept of home theatres has caught on in a big way in the last few years. Changes in technology have made the components readily available in the market. They have become much more affordable also. The layout of the home theatre is an integral part of getting the best performance out of your widescreen HDTV and surround sound. Unfortunately, setting up the room for ideal home theatre viewing is not exactly easy. Proper planning into seating, lighting and speaker placement can make a big difference to the final performance of your home theatre.

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Traditionally the living room has been the popular place for a TV. But from a home theatre point of view it is far from an ideal choice. There are a large number of entrances and multiple windows which will reduce the acoustic aesthetics. Also there will always be a large number of other appliances and products in a living room.

The best option is to go for a spare bedroom or basement for the home theatre setup. The inconvenience to other family members will be minimal during the construction process as these rooms are secluded. In a living room there are many different activities that must be accommodated and the home theatre will have to be planned around these. However in a basement you can play around with your ideas painlessly. Also in a home theatre set up light control is of utmost importance. In a living room, blocking out light and darkening the room are not feasible options. The most important step in getting a home theatre system is to plan and choose your components carefully.

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Some systems are built to replicate a modern movie theatre setting – complete with chairs that can fold and are kept at different angles for a great viewing appearance. If this seems too ambitious then you can plan it out in the style of a living room. You can accomplish this using recliners, sofas and tables. Whatever your idea is, it can be easily accomplished with proper planning. It will also provide you with a clearer idea of your seating layout.

The layout is the most important aspect. It affects how the screen looks, how many people can enjoy it and the overall viewing experience. So perhaps it is not a bad idea to consult professionals in the field. Not only can they help you with sound-proofing the room but they might have some excellent ideas which you would not have thought of. The overall quality will also be much better.

Luxury Living

If you are doing it yourself, then take care to look up layouts and features from all possible sources. Ask friends who have had it done at their homes. Look up online and in magazines to get a good idea. Then combine these with your own personal tastes to create your own layout. Convey these ideas to a professional also so they can guide you to create the perfect setting for your home theater.

June 23, 2014

Trivandrum Real Estate Market Roundup

Trivandrum or Thiruvananthapuram is the capital of the state of Kerala in India, dubbed as god’s own country. This administrative capital boasts of its progressive developed yet maintaining is quaint and peaceful outlook. We can say that Trivandrum is truly the best of both worlds. Today many individuals not just the residents or natives of Kerala are looking to buy villas in Trivandrum. It is considered as an ideal retirement place with its good infrastructure and facilities coupled with calm and less crowded surroundings. Today many builders are constructing apartments in Trivandrum as retirement adobes or senior citizen friendly homes. This is an emerging market that will help create a whole new segment of housing in the city.

Trivandrum real estate
On the other hand this political heartland of Kerala is also becoming an IT Hub with growing industries. Did you know that India’s first Information Technology Park Techopark started in 1995 is in Trivandrum? Additionally it is in the forefront of space exploration with Vikram Sarabhai Space Centre & India Space Research Organization in suburban Trivandrum. With many such developments and achievements, the city has been well thought out and planned by authorities of the municipal council. Adding to the many important infrastructure developments, Trivandrum and its economy have two new projects that will help the local real estate scenario. The two upcoming developments charted out for the city are:

•    Vizhinjam International Sea Port
•    Thiruvananthapuram Monorail

Being a coastal city, trade and commerce in Trivandrum is heavily relied on the sea way. The VISL (Vizhinjam International Sea Port) is perhaps one of the largest infra projects planned in the state of Kerala. The state government is floating the project with INR 6595 crores of investment and was announced in December 2013. This container transshipment terminal certainly holds the potential of being one of the largest ports in the world. Although there has been a temporary glitch with Chief Minister Oomen Chandy trying to fill the financial gap for funding this project. With the support from the central government, this project might do a ton of good to the real estate in the region. The improved employment and spending power will result in buyers investing in apartments in Trivandrum or Villas in Trivandrum depending on their preference. Areas close to the port like Neyyatinkara will see large scale developments like multi storey apartments in Trivandrum suburbs.

Trivandrum real estate market

The monorail project will is another infra development which will truly change the face of the city. Apart from a good network in the city, the monorail will extend to The Trivandrum Airport and suburbs like Neyyatinkara. Will these developments in hand this is the right time to invest in a property in Trivandrum. Real estate essential consisting of villas in Trivandrum, will move towards larger gated communities and uber luxury multi storied apartment complexes. 2018 will definitely bring about a change in the realty sector in Kerala. Ideally the developers and builders will start acquiring land starting this year so that they have enough supply to map the increased demand that the VISL and IT sector is going to create.

June 20, 2014

About Locality & Projects of Wakad, Pune

Situated on the North-West of Pune, Wakad is among the fastest growing localities in the city. Some of the key growth drivers of Wakad include its close proximity to the Hinjewadi Infotech Park and Mumbai Expressway (West), which connects it with all important places. It is also popular as the gateway of Pune to Mumbai because of close proximity to this expressway.

This region has potential of developing into vibrant neighborhood, which can offer a good lifestyle, better connectivity, and proximity to the all nearby major work places. Major residential investment places in and around Wakad include Hinjewadi (4 Km), Pimpri Chinchwad (5 Km), Aundh (8 Km), Baner (7 Km), Nigdi (8.8 Km), Kalewadi Phata (6.4 Km), Jagtap Dairy (4.9 Km), and so on. These residential investment up-markets are easily accessible from here through road transportation and railway.

Connectivity of the Locality

Wakad suburb lies on the North-West of Pune, which has excellent connectivity with the important nearby localities. It is situated at Mumbai Pune Bypass Road, which is linked to all major roads like Wakad Road, Pashan Road, Kalewadi Road, Hedgewar path, Link Road, Pimpri-Chinchwad Road, Aundh Road, Hinjewadi Road, Bhumkas Dash Grunge Road, Hinjewadi Road, etc. These roads give excellent connectivity to the areas that are in its proximity such Hinjewadi, Aundh, Pimpri Chinchwad, and many others. Nearest railway stations include Pimpri Railway Station (6.2 Km), Akurdi Railway Station (7.4 Km), Chinchwad Railway Station (6.1 Km), and Pune Railway Station (18 Km). Pune Lohegaon Airport is 21.8 Km from Wakad.

Property availability chart of Wakad, Pune

Availability of Residential Units as per Unit Type



Supply of 2 BHK apartments in Wakad is 52% of the total supply. Whereas, there is 35% supply of 3 BHK apartments, 1 BHK apartments is 7% and supply of more than 3 BHK apartments is 6%. 

Availability of Residential Units as per area


Apartments covering 1000-1500 square feet area have 50% property availability and less than 1000 square feet have 21% property availability in Wakad. While, there is 19% property availability of apartments that cover 1500-2000 square feet. Flats spread over more than 2000 square feet have lesser availability that includes 10% only.

Availability of Residential Units as per budget 



Above graph gives the authentic information regarding property availability according to the budget of home buyers. Availability of properties ranging between Rs. 20 to 50 lackh is 43%. Apartments between the ranges of Rs. 50 lackh to 100 lakhc have 46% units. Whereas, there are 1% flats that range from Rs. 10 to 20 lackh. In addition, flats less than Rs. 10 lackh have only 1% availability.

Price Trend in Wakad  


 

As compared to the year 2009, Wakad has witnessed a continuous in property prices in 2010 and 2011. Average residential property price in 2009 was about Rs. 4708 per Sq.ft. which increased to Rs. 5029 per Sq.ft. in 2010 and Rs. 5350 Sq.ft in 2011 respectively. The tremendous down in property prices over the past two years is 5 percent.