Choice of Living Space

Apartments-

Apartments are residential spaces in an exceedingly multi-unit building also termed as a flat. Apartments have increasingly become the foremost supplied property type across cities in India due to modern-day amenities, contemporary looks, and better security. Additionally, it is hassle-free as issues regarding water and power supply, and maintenance is usually taken care of by the societies and developers. Thus, if you’re buying a property for the end user, flats might be the simplest option unless you wish the freedom to style your own house. 

Apartments are categorized into segments like LIG, MIG and HIG flats as they cater to the housing needs of individuals belonging to income groups. Depending upon the carpet area, a number of bedrooms, amenities and locality preference, the flats maybe belonging to categories like 1 RK, 1 BHK, 2 BHK, 3 BHK and so on.

Taxation:
You are entitled to tax benefits if you take a home loan to purchase an apartment. This is applicable if property is meant for end-use, you’re allowed to claim a tax deduction of up to Rs 2 lakh per yr on the interest amount and a deduction of Rs 1 lakh is applicable on the principle amount borrowed. In cases where you rent the property on which you take the loan, the rent received would be considered as income and would be taxable.

Types of the apartment –

In India, the kinds of apartments are-

Builder flats: 

Flats developed by individual builders are called builder flats. These are not a part of an enormous, organized township. These flats cannot exceed four floors usually. Thus, these are the smaller versions of multi-storey apartments. Generally, each floor comprises of single flat.

Multi-storey apartments: 

Multi-storey apartments are the general answer when someone asks ‘what is apartment’. These apartments have a variety of flats on a single floor. They are well organized and most common in major metro cities.

Duplex/Penthouse: 

Duplexes and Penthouses are actually a subcategory of Multi-storey apartments and are, the most expensive residential unit in any multi-floor building. They are usually on the topmost floor or higher floors of a multi-floor building. Usually, many units are merged into one to make these luxury residences.

Row houses: 

Row houses are a series of homes are made adjacent to every other, and that they share common walls. Row houses are developed by the State-owned housing boards where they need to complete a housing development in limited budget and time span. They are often confused with bungalows and villas but they are essentially very different.

Studio Apartments

Studio Apartments are all the smaller apartments that are categorized by bedroom, kitchen, and living area i.e. BHK. Studio Apartments are purchased to earn rental yields and most common configurations are two or three BHK units that are usually fully furnished. These have good appreciation potentials and variety of facilities.


Taxation

The tax deductions same as the Apartments

Serviced Apartments

A Serviced Apartment is a Modern concept where we can rent a home for shorter durations compared to a full lease contract of a normal apartment. Serviced apartments are stylishly furnished apartment which is less costly than equivalent hotel rooms. With rising in online room bookings this segment has seen a lot of demand in the real estate market. They have all the necessary services available for the user who leases them.

Serviced apartments are very popular due to secure investment as they permit you to earn a fixed income you are able to have a long-term lease that may incorporate nominal management and maintenance. Compared to other residential investments, serviced apartments offer higher yields with relatively low risk.

Taxation

The tax deductions that are applicable to serviced apartments are the same as those of rental apartments.

Villas/ Independent Houses-

What is a Villa/ Independent House?

It is a very common question among real estate property seekers. 

Villa/ Independent House is a private unit of residence; where the floor plan is fixed. There is no possibility for expanding a villa, except that you just can add floors above it as per the state rules and policies. They are one of the luxury segments of the real estate sector.

Independent houses or villas are preferred by those that want properties that provide a certain degree of independence and at the same time wish to avoid the effort of constructing a home. Usually, the construction is such that the property opens directly to the street which might be separated by a garden or veranda, car-park or other utility. Villas have certain drawbacks relating to issues of the lack of security, power and water backup etc. Nowadays villa schemes are made by developers in gated communities that have shared access to the various facilities.

Property experts pitch Luxury villas in Mumbai to people with sophisticated tastes in high standards of living. If the people are comfortable with the concept of community living but don’t want to share their premises with others, they will opt for the villa. Buyers searching for the most effective villas in town may need to shell more money as compared to what’s required to buy an apartment within the same area.

Taxation-

You are entitled to tax benefits if you take a home loan to purchase an apartment. This is applicable if a property is meant for end-use, you’re allowed to claim a tax deduction of up to Rs. 2 lakhs per yr. on the interest amount and a deduction of Rs. 1 lakh is applicable on the principle amount borrowed. In cases where you rent the property on which you take the loan, the rent received would be considered as income and would be taxable. Taxations are the same as that of apartments