Indian Real Estate Market Shows Resilient Growth Despite Global Uncertainties
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| The Indian real estate market has displayed remarkable resilience in the first half of 2023, thanks to favorable government policies and the stability provided by the RBI’s decision to hold interest rates steady. Price trends across major cities show growth, with Gurugram leading the way at a 12% year-on-year increase. The demand for properties priced above Rs 1 crore has also grown, with Mumbai dominating sales in this segment. Tier-2 cities like Lucknow and Jaipur are rising in prominence as attractive destinations for homebuyers. Institutional investments in the housing sector are driving innovation and shaping the future of the industry. Despite external factors, the real estate market in India is set for continued growth. |
Rent Agreement: A Guide to Hassle-Free Renting Experience
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| Rent agreements, legally referred to as ‘leave and license agreements’, are essential for both homeowners and tenants to protect their rights. The agreement should include details such as the duration, renewal terms, lock-in period, rent charges, notice period, repair rights, dispute resolution, and termination conditions. It is typically for 11 months but can be negotiated. Homeowners should renew agreements after 11 months to avoid becoming tenants at sufferance. Rent increases can only occur with tenant consent. Notarized agreements have no legal sanctity; stamp duty payment and registration are required. Stamp duty varies by state. Homeowners should also consider police verification and pet registration as precautions. |
Revised Rules for Premature Closure of National Savings Time Deposit Accounts in Post Offices
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| The Government has introduced new rules for premature closure of National Savings Time Deposit accounts offered by Post Offices. Under the new rules, if a 5-year Post Office Time Deposit account is closed after four years but before maturity, the post office savings account interest rate will be paid. Additionally, if a 2 or 3-year Post Office Fixed Deposit account is closed after 1 year, the interest paid will be 2% less than the specified rate. These changes aim to provide depositors with a clearer understanding of the conditions for premature closure. |
Government Introduces Changes to Senior Citizen’s Savings Scheme
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| The Indian government has made changes to the Senior Citizen’s Savings Scheme (SCSS) through the Senior Citizen’s Savings (Fourth Amendment) Scheme, 2023. The changes include a deduction for premature closure, specific rules for maturity and account extension, and provisions for joint accounts after the death of the primary account holder. Interest rates on extended accounts will be based on the rates applicable at the time of maturity. |
Financial Planning Tips for Parents on Children’s Day
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| Children’s Day is a time for parents to reflect on their children’s future and make strategic financial plans. Key tips include setting clear financial goals, starting early to maximize the power of compounding, understanding risk tolerance, exploring investment options, opting for child-specific investment plans, considering education loans, teaching financial literacy, and incorporating financial gifts. |
