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There isn’t really a dictionary definition of a ‘luxury home’ per se, except that it exudes a sense of lavishness and affluence. More specifically, luxury homes constitute the crème de la crème of real estate properties in the area, are usually opulent in their dimensions, use top-of-the-drawer materials, finishes, appliances and design, and offer upscale features that make the residences safer, more comfortable and fun to live in.

Here are some of the key attributes that create a luxury home:

# Prime location: Coveted locations can often determine the exclusivity of a residence. A desired location could be a happening strip of exciting cafes and restaurants and hip stores, overlooking an expansive lake or even the dead end of a quiet residential street.

# Design & décor: Lavish design and décor inspired by global architectural trends or based on a heritage theme/grand monument can add distinction to a residence and catapult it to the domain of luxury home. Smart architecture can create interesting nooks and crannies for art enthusiasts, embellishing the property with elegant arches and porticos, or go for cutting-edge modern deconstruction language.

# Smart tech features: A luxury home must also be tech-smart. Such features include high-end security systems with Internet-connected cameras, motion-sensor lighting, timer-set lights, sunlight-sensing curtains, smart thermostat to help reduce energy costs, smart audio systems, etc.

# Luxe amenities: To heighten the aura of exclusivity, luxury residences come with lavish amenities like a fitness room for an exclusive gym experience, mini theatres, edge pool, sitting plazas, secure play zones for children, walk-in closets and dressing areas, storage island with charging station, and lots more.

# Spa-standard bathroom: A spa experience at home where you can soak your stress away. That’s what a luxury home can offer. So, developers usually make sure that the master bathroom in the apartment gives you that feel. From skid-safe flooring, top-of-the-line marble tiles to soaking tubs, rain-head showers, it gives you the works. Such bathrooms are designed in such a way as to ensure maximum natural light filtering through. Other elements like wooden furniture, stone countertops, aroma candles, etc complete the spa experience.

# Lavish kitchen: Luxury homes often come with high-end, restaurant-standard kitchens equipped with industry-grade appliances like a multiple-burner gas stove, granite countertops, warming drawers to keep food at optimum temperatures before being served, etc. Keeping in mind the need to cater to a large number of guests, such elite kitchens can also boast a wine refrigerator, large islands with storage and prep tops, etc.

# Entertainment zone: Bring the entertainment home. You can actually do that in many luxury homes these days. From large projection screen/high-definition TV to studio-quality surround-sound speakers to video game consoles and gaming chairs or even some mini indoor games like futsal or table tennis, the entertainment zone provides you with enough reasons to stay home and have fun with family and friends.

# A view to die for: Through careful planning of the layout and design, such luxury lairs usually take great care to maximize the drama of the ambient surroundings by offering breathtaking vistas from multiple corners of your home. Large balconies, French windows, terrace gardens and other such elements accentuate the view to elevate your home to the realms of the ethereal.

Kolkata is very much in the middle of a boom in the commercial real estate market, which is powered by a clutch of new businesses setting up shop in the city and many existing ones expanding operations, to go with strategic infrastructure developments including the new Metro lines offering fast and smooth connectivity across the city.

However, make no mistake, navigating your way through the commercial real estate market is a huge challenge. To face up to it, you will need to plan meticulously based on your business needs, costs involved, the ideal location, long-term expansion plans, market outlook, legal aspects, etc. The goal must be to find a commercial property that allows your business to thrive.

Here are some essential guidelines to navigate this segment:

# Ideal location: Location is the key that can unlock the route to your business success. Choose a strategic location that gives you capital appreciation as well as incremental rentals. Also consider where your customers are, better accessibility for staff, amenities offered and of course, the growth potential of the area down the line. A prime or downtown location also gives you extra leverage with banks for loans.

# Connectivity: Easy connectivity to other key locations like airport, train stations, CBD, etc. boosts the value of your commercial property. It ensures more and frequent footfalls since your location would then likely have a plethora of other attractions in the form of restaurants and cafes, pubs and clubs, shopping malls and other entertainment options.

# Infrastructure: Easy access to basic infrastructure and amenities like 24×7 power backup, clean drinking water, high-speed internet, state-of-the-art security systems and protocols, ample and comfortable parking space, adequate number of elevators/escalators, washrooms, etc. is an absolutely vital requirement for your commercial property. So, don’t forget to check these out.

# Structural integrity: Make sure that the property is structurally stable and if it’s a resale one, check for the wear and tear it has endured. It’s always wise to seek the guidance of a structural expert while evaluating the strength and stability of the construction.

# Fix a budget: You must have some kind of a ceiling in mind in terms of budget, since you might be required to fork out up to one-fourth of the agreed price tag as initial payment. Make sure you don’t stretch yourself beyond ideal capacity, since there will always be a more favourable window of opportunity round the corner. Also, scan for hidden costs so that you aren’t dealt a rude surprise.

# Flexibility: A great leverage is the flexibility to expand or lease out the commercial property at a later date as you deem fit. This leeway gives you an edge over your competitors since you can ride the tailwinds in the market should the opportunity present itself.

# Beware of litigations: Make sure there are no ongoing litigations on the property you are investing in. In case there are any legal snags, it could set you back by years and lakhs. Your real estate advisor or lawyer can go through all the documents with a toothcomb to make sure any lurking litigation doesn’t come back to bite you. Also check on the documented usage of the property you are investing in.

While navigating the challenges in commercial real estate transactions, the importance of property consultants can never be overemphasized. From homework to negotiation to transaction facilitation, property consultants can play a pivotal role by ensuring a smooth and successful transaction.

In Kolkata, some of the commercial real estate hotspots include: Sector V, Salt Lake, Chowringhee area, Rajarhat, New Town and Kasba industrial area.

Technological innovation at a breakneck clip has transformed the way we buy, sell, market or manage properties, and the Kolkata market is no exception. Emerging property technology (proptech) solutions like virtual/augmented reality, artificial intelligence, blockchain, big data analytics and Internet of Things (IoT) have collectively been a gamechanger, having a profound influence on the city’s real estate industry.

Not only are these innovations enhancing customer experience, smart tech is helping in streamlining operations, while augmenting efficiency across the value chain in the property segment. From identification of land and planning, to pre-sales marketing and post-sales service – real estate developers are using cutting-edge tech in every sphere to save time and costs, while boosting transparency.

Through immersive 3D virtual tours, home buyers can get a clear idea of the spatial layout and detailing of under-construction projects so that they can reasonably accurately visualize the end product before they commit to a transaction. Some augmented reality apps even enable you to virtually furnish your future home, thus positively impacting decision-making.

Realtors are also making use of AI and ML (machine learning) by way of using chatbots to handle customer posers 24×7 remotely, while AI algorithms help analyze erstwhile sales data and customer trends to help in planning new project launches and fixing pricing. Blockchain tech, on its part, is contributing to enhanced security and more efficient management of land records.

Here are some of the smart tech solutions transforming Kolkata’s realty segment:

# Digital property search: The days of trudging around town to find the perfect property solution are over, thanks to the digital revolution. The online real estate platforms have made property searches so much more convenient, as with just a few clicks, you can locate a clutch of properties in your preferred location that suit your budget. You can also converse online with property agents or the realtors directly.

# Virtual tours: The integration of virtual reality (VR) and 3D tours into the real estate domain has made property searches a breeze. From the comfort of your home, you can take an immersive virtual walkthrough of your dream home. The technology gives you a near-perfect sense of actual dimensions of under-construction projects.

# Data analytics: Thanks to the emergence of big data and predictive analytics, mountains of information on key subjects like property pricing and customer preferences can all be stitched together cogently for deriving key understandings. For the real estate industry, this is a boon since developers and marketing professionals can now adopt a largely foolproof data-driven approach to devise product-mix and pricing, thus minimizing risks and optimizing returns on investment.

# Smart homes: Thanks to the use of IoT (Internet of Things) devices, our homes are getting smarter by the day. Today, contraptions like thermostats, automated security systems, controlled lighting, etc. are transforming the way we utilize our living spaces. Use of such technology has also enabled the real estate industry to offer home-buyers greater energy efficiency, convenience and better security protocols. Needless to say, use of IoT devices hugely enhances the market value of any property.

# Blockchain tech: If there is one particular technological advancement that has improved a key attribute of the real estate industry in Kolkata, it is blockchain and smart contracts. Secure, transparent and tamper-proof transactions are what customers always seek, and is an element of constant anxiety. This technology can now enable automated, self-executing agreements between buyers and sellers, often negating the need for traditional intermediaries, thus cutting costs and reducing fear of fraud.

A leave and licence agreement is a legal document that gives the licensee permission to occupy the property of the licensor. As opposed to a rental arrangement, a leave and licence agreement gives the landlord greater power and does not transfer right of enjoyment of the property to the tenant. The licensee or tenant can only use the property for a certain period of time, adhering to some terms and conditions and the right of possession remains with the owner. Also, unlike leases, a leave and license agreement is not transferable.

Salient features of a leave and licence agreement:

# Owner-to-tenant transfer of interest is not mandated

# There are no property rights created

# The licensor and licensee can mutually agree on licence fee, deposit amount and other applicable levies

# The most common practice is to create a contract of 11 months’ duration

# The powers are skewed towards the owner when it comes to cancellation of the agreement or eviction of the tenant

How is a leave and licence agreement different from a lease?

# A leave and licence agreement doesn’t create an interest in property unlike a lease

# In a lease, the tenant gets exclusive possession of an immovable property while a leave and licence agreement simply allows the licensee to occupy a certain property

# A leave and licence agreement is not transferable like a lease

# The licensor can cancel a licence in a leave and licence agreement, but a lessor can’t revoke a lease

# While licences are determined by the grantor, leases are not

# A lease agreement creates heritable rights, but licences don’t

What are the pluses of a leave and licence agreement?

# It gives more power to the owner and makes eviction easier

# It doesn’t confer rights to the property, simply permission to occupy

# Property rights are not created in favour of the lessee

# Doesn’t involve any transfer of interest

# Falls under Indian Contract Act and not the Rent Control Act, since it’s not a tenancy

Points to remember before signing an L&L agreement:

# Party clause: The names of the owner and tenant, along with their respective addresses and proof of identity, are mandatorily required. If the deed is commercial in nature, the name of the firm as well as the corporate identification number (CIN) are necessary

# Definitions clause: This spells out all the terms and conditions of the agreement

# Premise clause: This must incorporate the situation, space, price and built-up areas of the rental property

# Responsibilities: The obligations and responsibilities of both parties must be clearly mentioned and those conditions must be legally binding

# Dispute resolution: The agreement must lay down modalities of resolving disputes, like arbitration, conciliation or moving court

Gone are the days when fixed deposits and gold were the only instruments of investment preferred by women. A recent market analysis reveals that nearly 68% of Indian women today are choosing real estate as a reliable and profitable avenue of investment over FDs and gold. While the risk appetite has surely increased, a clutch of tax benefits offered by the government also make this route more lucrative for women.

Here are some of the tax reliefs women enjoy:

# On home loan interest: Women can avail tax deduction on home loan interest payments under Section 24(b) of the Income Tax Act, going up to Rs 2 lakh per year. This can lead to substantial savings over the years.

# On home loan principal: Women investing in real estate can also claim tax cuts on the repayment of the principal amount of their home loan. This benefit can be claimed under Section 80C of the Income Tax Act, and is capped at Rs 1.5 lakh per financial year. Taxable income is significantly reduced, whittling down tax obligation.

# Benefits of joint ownership: When women opt for joint ownership of a property with a spouse or any other family member, both the parties can claim tax deduction benefits on both interest and principal components of their home loan.

# On capital gains: Selling any real estate property entails substantial capital gains tax. But women enjoy considerable slack in this regard. Under Section 54 of the Income Tax Act, a woman can claim total exemption from capital gains tax if she reinvests the proceeds from the sale of one residential property into another one within two years or builds a new property within three years.

# Lower stamp duty: In some states, women can enjoy a discounted rate of stamp duty for property registration if the property is in the name of a woman or co-owned by her. This rebate eases the burden of initial investment.

# Bonanza for first-timers: A few state governments offer supplementary benefits for women purchasing a residential property for the first time in the shape of extra rebate on stamp duty and registration fees, thus smoothening the entry process for them.

# Depreciation benefit: Women who live in rental properties can avail of tax deduction due to wear and tear by way of depreciation. Even when the property is not generating positive cash flow, it can provide a tax rebate.

In today’s scenario, women have emerged as a prominent segment of real estate buyer across the country, and are influencing market trends as well, more so in metros and large cities. So much so, that developers are heeding their preferences with utmost alacrity and planning their fresh portfolio of products as per the preferences of women buyers.

Several government schemes are also contributing towards women’s home ownership. A case in point is the Pradhan Mantri Awas Yojana (PMAY), which ordains that to qualify for the scheme, homes must be registered in the name of a woman or by making a woman joint owner. This has also provided a shot in the arm for women from the poorer sections of society. So, at both ends of the property-buying spectrum, women are playing an increasingly active role.

A deed of exchange can be signed by property owners once they make up their minds to transfer rights to their properties to one another, in the process, becoming the owner of the other person’s property. A deed like this can be worked out between two parties for the purpose of exchanging immovable property, cash and other similar assets. According to the Transfer of Property Act 1882, a deed of exchange is different from a sale deed as the latter involves money changing hands for the transaction. In an exchange deed, only the method specified for the transfer of such property by sale may be used to transfer the property once the exchange is completed.

What is recorded in a deed of exchange?

# The date on which the exchange is made

# Specifications of the asset, including location and area of properties

# Names, addresses and contact details of the parties involved in the transaction

# A statement mentioning the property transaction as an exchange

# Signatures of the parties involved along with witnesses

# Registration fee or stamp duty applied on the transaction

Difference between exchange and sale deeds:

Since exchange transactions are different from sale transactions, the parties involved will have to prepare an exchange deed instead of a sale deed in order to exchange an immovable property. In case one of the involved parties chooses to pay in cash for the immovable property, the transaction will be deemed a sale instead of an exchange. Two properties can however be exchanged by the creation of two separate sale deeds.

Stamp duty implications:

In the case two separate sale deeds are created, the parties involved in the exchange must pay stamp duty for both the agreements. The payable stamp duty is usually determined by the property which has a higher market value. It is up to the exchanging parties to figure out the mode of sharing this levy.

Income-tax implications:

If the owner of an immovable property holds it for over two years, any gain or loss made on the exchange is deemed to be “long-term”. However, if the exchange is done inside two years of acquisition of the property, the profit or loss is regarded as “short-term”. In certain cases, just the differential amount is mentioned in the exchange deed. To arrive at the quantum of capital gains in such cases, the owner must find out the present market value according to stamp duty as well as dig deeper to uncover the cost of the property at the time of purchase. If the owner holds the property for over two years, he/she is entitled to indexation benefits and tax reliefs under sections 54, 54 EC and 54 F.

Principles of property exchange:

For an exchange deed, a minimum of two parties and two properties are required, with each party owning a property. The exchange of properties has to be reciprocal, which means Party A must transfer his/her property to Party B, and Party B must likewise transfer his/her property to Party A. It is possible to substitute movable or immovable property for one another. Each of the parties will receive the property through this transaction without any prior interest and will enjoy the privileges and is “subordinate to the seller’s liability concerning what he gives and the buyer’s rights and liabilities with respect to what he takes”. The exchange will be valid only after the properties are physically delivered to the respective parties.

Vastu Shastra is an ancient science that helps us iron out the creases in our lives and keeps evil forces and negative energy at bay. Since proper vastu can create a safe and protective environment for us, it is imperative that all the living spaces in the house are planned with vastu elements in mind. The puja room, which is the holy recess in our house, is no exception. When planned and laid out in accordance with vastu guidelines, the puja room can bring us boundless joy, peace and wealth.

For maximum positive energy to be channelized into your puja room, follow these tips:

# The puja room should be situated on the north, east or north-east direction of the house

# If the ceiling of the puja room can be designed as a pyramid-like structure, more positive energy can be concentrated in the room

# In a multi-storied house, the puja room should be on the ground level, but not in the basement or underneath the stairway

# It’s not a good idea to have your puja space inside your bedroom or having a wall of the puja room adjacent to the bedroom or toilet

# Go for lighter colours like white, light blue or pale yellow and avoid darker or brighter shades. It brings on a feeling of peace

# Ideally, the door to the puja room should be a double-shutter one with a threshold

# Don’t place an idol right at the entrance and make sure that it’s not taller than 9 inches, while sitting at least 6 inches from the floor level

# The person praying should be facing towards the east or north, and fire offerings or yajnas should be done facing east

# It is regarded as inauspicious to keep photographs or paintings of a deceased relative, death or conflict in the puja room

# It is advisable to have a window towards the north-east direction

# Artificial lights can always be used to augment the light coming from diyas

# No broken idols should be kept in the puja room and idols should not face each other

# The puja room should not be used for storage purposes

# Keeping a crystal conch shell in the puja room is considered auspicious

# The puja room must always be kept squeaky clean

# Cabinets in the puja room should be placed in the south-east direction to ensure that natural light is not obstructed

Remember, your puja room is not just about radiating positive vibes in the house, but also a vehicle that helps you connect with divine energies. So, when you follow the vastu guidelines for your puja room meticulously, it can reward you and your family by driving away all the negative energy and inject your home with joy and positivity.

The benefits of a vastu-compliant puja room are many, like improved focus, positive energy flow, peace of mind, spiritual growth, family bonding and an overall sense of well-being.

When the ownership rights and responsibilities of a property are collectively held by two or more individuals by a legal arrangement, it is called joint ownership. In this arrangement, each co-owner holds a predetermined share or interest in the property, with equal participation in all kinds of decision-making, financial commitments and potential benefits/losses linked with the co-owned asset. This is essentially a cooperative approach to investing in real estate.

There are primarily four different modes of joint ownership of a property:

# Joint tenancy

In this arrangement, the property’s title deed is based on the principle of unit, providing each owner equal share in the property. The moot factors of unity in this format of co-ownership are unity of title, time, interest and possession. This agreement works on the law of survivorship and in the event of death of one joint owner, his/her share automatically passes on to the surviving owners. Joint tenancy can be created through a will or deed, even if not by intestacy. Also, joint tenancy can be seamlessly transferred, vesting in the new owner the same legal right in the property, according to Section 44 of the Transfer of Property Act, 1882.

# Tenancy in entirety

A variation of the joint tenancy model, this type of joint ownership is exclusive to married couples recognized in some jurisdictions with unique benefits for spouses. Like joint tenancy, tenancy by entirety includes the right of survivorship, which means in case of death of one spouse, the other spouse inherits the entire property. Joint ownership in this model can stand altered in the event the spouses mutually agree to alter the arrangement or file for divorce. Spouses holding tenancy in entirety are not allowed to sell the property or transfer their share to a third party, unless mutually agreed.

# Tenancy in common

This denotes an arrangement when two or more people jointly hold a property, bound only by unity of title, but not by unity of possession, time and interest. Also, tenancy in common does not function on the concept of survivorship, and each common tenant can transfer his/her interest in the property. Interestingly, if a joint ownership agreement doesn’t mention any specific mode of ownership in the document, the ownership model is by default considered tenancy in common. In this format, co-owners can hold unequal sections of the property, thus allowing a more customized holding pattern. Tenancy in common doesn’t include the right of survivorship and in the event of a co-owner’s demise, his/her share doesn’t automatically transfer to the surviving co-owners. It can be passed on to heirs or designated beneficiaries.

# Coparcenary This form of ownership of property among members of Hindu Undivided Families (HUFs) was established by the Hindu Succession Act, 1956, wherein an unborn child can have an equal share in an HUF property, akin to joint tenancy. After the child is born, a coparcener automatically becomes a shareholder of the property jointly held by the HUF. The coparcenary format doesn’t function on the model of survivorship, and the member’s undivided share in the property is passed on to his/her heirs after death, but not to the other coparceners. This model also allows a coparcener of an HUF to sell his/her share in the joint family property.

Your credit score is a three-digit number that summarizes your credit history and reflects your credit behaviour in the past. This is an index of how efficiently you have managed all your credit products, including home loans, personal or car loans, business borrowing, credit cards, etc. More commonly referred to as CIBIL score, this number is a parameter that determines how much you can borrow from banks and NBFCs.

Lenders provide their customers’ credit information every month and the credit score is calculated on that basis. In other words, your credit score tells banks/NBFCs if it’s safe to lend you money, whether you can/will repay a new loan within the stipulated timeframe. So, every time you apply for a loan or a new credit card, the lender runs a background check on your creditworthiness and ability to repay with the credit bureau before accepting your request.

CIBIL score varies within a band of 300 to 900, and your aim should be to keep it on the higher side to improve your chances of securing fresh credit. Banks and non-banking lenders usually consider a credit score of 750 as a reliable parameter to approve a loan or a credit card. Some even make an exception and accept a credit score of 700-plus.

How does one check credit score?

To determine your credit score, you will have to undergo a CIBIL (Credit Information Bureau India Ltd) check. CIBIL is the foremost credit rating agency in India, tracking your creditworthiness, thus making the financial markets more transparent and better structured, while helping them to manage risks better. Since January 2017, RBI has instructed all four licensed credit information companies to provide one free credit score and report annually.

To do an online CIBIL check, these are the steps to take:

# Visit the CIBIL website

# Fill out the form provided with all the essential information sought including personal details like phone number, email address, etc, and proceed to the next step

# Furnish all the supplementary details sought, including your PAN, and proceed to the next step

# Provide accurate answers to all the queries regarding your loans, credit cards, etc, and your CIBIL score will be computed and the complete credit report generated

Once your account is created, there are a few more steps:

# You will receive suggestions on different paid subscription options (in the event of requiring more than an annual report). In case you don’t need multiple reports, it’s free and select “No Thanks”

# You can now use your login and password created in Step 2 and log into your account

# You will then need to authenticate yourself to receive an email on your registered account. Just click on the link and enter the OTP sent in the mail. This will take you to a prompt to change your password and login again

# Once logged in, all your personal details will be visible. You just have to add your contact number and click “Submit”

# Once the form is submitted, your dashboard will reflect your CIBIL score. You can also get your credit report on the dashboard

Moving houses can be a daunting process, with so many loose ends to tie up and boxes to tick. However, with the right planning and preparation, the task of packing and moving can become a lot less stressful and the switch to the new place much smoother.

From decluttering to packing, arranging for transportation and ensuring safe passage of your valuable possessions – an entire gamut of elements must be taken care of for a seamless shift from Point A to Point B.

Here are a few useful tips for packing while moving house:

# Downsize and declutter: Try to figure out the most essential items that you will need in your new home and get rid of things you won’t require. One of the best thumb rules for decluttering is discard anything you haven’t used in the past one year.

# Use appropriate boxes: To lessen the chances of damage to your belongings and for ease of transportation, use boxes of correct sizes, like larger boxes for lighter items like pillows and linens and smaller ones for relatively heavier boxes like appliances, books, etc.

# Follow a loading pattern: Heavy boxes should be loaded first at the bottom, preferably towards the front of the vehicle. This ensures proper load distribution and balance, thus minimizing chances of damage to your precious belongings.

# Plug the gaps: While packing your stuff, ensure those are tightly placed in the boxes, with no empty space between items. Plug gaps with soft items like towels, sheets or paper. Keeping the boxes tight will ensure that your things reach your new home safe and sound and with no breakage.

# Label diligently: Stick proper labels on your boxes indicating the nature of items inside and in which part of the new home those are supposed to be unpacked. Even better if you attach numbers to your boxes so that you can maintain an easy inventory for a smooth unpacking experience.

# Seal boxes properly: After each box is packed, you must ensure that you use duct tape to secure it properly, sealing the seams at the top and bottom. To make your belongings doubly safe, wrap the roll of tape around the boxes, covering the edges well. This also makes handling simpler.

# Protect fragile items: When packing your bone China and your precious framed wall paintings, make sure you take extra caution by using bubble wrap and packing paper to prevent friction and damage. You can use masking tape and padding for an extra layer of security.

# Packing shoes and clothes: Put folded clothes into cardboard boxes, while you can use wardrobe boxes for your hanging clothes so that unpacking becomes easier. While packing shoes, you can use shoe bags and socks or clothing as padding to make the transfer easier.

# Keep electronics safe: Your TV set as well as your speaker systems and other electronic items need special care and extra padding while packing. You can use quilted padding or other forms of cushioning for that added protection and always make sure that these items are not in prone position during transit.

Yes, packing is not an easy task, in fact it can be quite tedious and draining. But with right planning and preparation and by giving yourself enough time to arrange for storage and transportation, you can always make sure that nothing goes majorly wrong.