Jalgaon is a city situated in North Maharashtra and is sometimes referred to as the “Banana City of India’. This is due to the fact that two-thirds of the total banana production in Maharashtra comes from Jalgaon. This city is well connected by roadways, and trains and has an airport. Further, there are several places in Jalgaon where one can go to spend their leisure time with friends and family.
So, if you are someone who is planning to invest in residential real estate in Jalgaon, here are some of the factors that you need to consider before investing.
Top Reasons to Invest in Residential Real Estate in Jalgaon
Individuals who want to invest in residential real estate in Jalgaon should know the following things about the city:
The city of Jalgaon has excellent connectivity; thanks to the roads and rapidly developing highways. Further, the city is well connected to the rest of the country through the Jalgaon Junction Railway Station. Several inter and intra-city bus stands in Jalgaon enhance the transportation facility of this region.
Jalgaon has several colleges and universities, namely the North Maharashtra University, Nutan Maratha College and Mooljee Jetha College. Further, the city has two popular medical colleges, namely Dr Ulhas Patil Medical College and Hospital and Government Medical College. A lot of students from around the county come to this city to pursue higher education. This increases the demand for co-living spaces and hostels, which in turn can help you generate a consistent rental income.
Investment Opportunities in Residential Real Estate in Jalgaon
Here are some of the prominent locations where one can invest in residential real estate in Jalgaon:
- Adarsh Nagar
Adarsh Nagar is one of the most popular neighbourhoods in Jalgaon. There are several entertainment centres and educational institutions that make residing here quite convenient. Further, people tend to invest in residential real estate in this location due to the presence of hospitals and healthcare centres in close proximity. The average price for real estate in this location starts from ₹5,666 per sq. ft.
- Additional MIDC
In recent months, this locality of Jalgaon has seen a significant rise in residential real estate investment due to several reasons, such as smooth connectivity, an abundance of educational centres, etc. The approximate price for real estate in this location starts from ₹1,968 per sq. ft.
Things to Consider Before Investing in a Residential Property in Jalgaon
Some of the important things to consider before buying a real estate property in Jalgaon are as follows:
- Safety and Security
Safety and security of any real estate property is something that people take into account while investing in one. Hence, one should always check the criminal history and past criminal records of a particular location. Further, they should also know the distance to the nearest police station.
Additional security measures, such as operational CCTV cameras, security guards and fire extinguishing equipment guarantees additional security.
- RERA Authentication
In order to safeguard the interests of the unregulated real estate sector, the Real Estate Regularity Authority Act 2016 was passed. As per the regulations of this act, every commercial and residential real estate property has to be registered with their respective state’s RERA.
In this regard, all brokers and builders in Jalgaon have to mandatorily register their properties on the Maharashtra Government’s official RERA portal. Any individual can check the details related to their property by visiting this website.
Stamp Duty in Jalgaon
In the following table, we are going to learn about the applicable stamp duty rates in Jalgaon:
|Areas||Stamp Duty Rates|
|Mumbai and suburban areas||5%|
Further, the stamp duty rates for different sales agreements are as follows:
|Sales Agreement||Stamp Duty Rates|
|Power of attorney||5% on properties in municipal areas3% on properties under gram panchayat provisions|
|Agricultural or residential property gift sales agreement transferred to a family member||₹200|
Registration Charges in Jalgaon
The property registration charge in Jalgaon is 1% of the total cost of the property. However, the price of the property must be below ₹30 lakh. On the other hand, the registration charge for properties costing above ₹30 lakh is ₹30,000.
Jalgaon Residential Real Estate Sector- What’s the Forecast?
Recently Maharashtra Government has announced to set up of a metro network covering a distance of 300 km in the next two years. This will enhance the connectivity in the state enhancing residential real estate investments.
Further, the state RERA board will start on-site visits from February 2023 to inspect the project sites and submit the reports accordingly. This will reduce the discrepancies while investing in residential real estate in Maharashtra.
Residential Real Estate vs Other Asset Classes
In this section, we are going to see the key distinctions between residential real estate and other significant asset classes:
Residential Real Estate vs Gold
Gold is a more risky and volatile asset than a residential real estate property. On the other hand, residential real estate generates a higher return on investment considering the steady rental income. Further, residential property has several tax advantages. Residential real estate acts as a good long-term investment option, while gold can be a viable option for both long and short-term investments.
Residential Real Estate vs Commercial Real Estate
Investments in commercial real estate are considerably more expensive than residential properties and hence higher are the chances of credit risks. Further, finding tenants for commercial properties can be a hassle. Considering the fact that residential real estate investments come with tax advantages, this option can help you get higher returns on investment.
Residential Real Estate vs Stocks and Mutual Funds
You can start your investment in stocks and mutual funds even with a nominal sum. However, investing in residential real estate requires a large quantum. Nevertheless, in order to generate consistent and high returns from stocks and mutual funds, you will need to have a considerable knowledge about the market.
Investments in residential real estate property are less risky and help you earn decent returns. Further, you can enjoy several tax benefits from residential real estate unlike stocks and mutual funds.
Residential Real Estate vs Bonds
Both bonds and residential real estate can be great sources of passive income. Investments in bonds are less risky than investing in residential real estate and offer decent returns as well.
If you want to earn a stable income through bonds, register on our homepage and start your investment journey with us.
|Parameters||Residential Real Estate||Stocks & Mutual Funds||Gold||Commercial Real Estate||Bonds|
Steps to Invest in Residential Real Estate in Jalgaon
Follow these steps if you want to invest in residential real estate in Singrauli:
Step 1: Plan a budget which you will follow while buying residential real estate in Jalgaon.
Step 2: Make a list of a few places and do on-site research on them.
Step 3: Seek professional help from an advisor to comprehend the projected growth of the area.
Step 4: After verifying the RERA authority of your chosen residential property, finalise the deal and purchase the property.
Step 5: To have the property transferred into your name, pay all fees that are required, such as the registration and stamp duties. Additionally, think about paying brokers or real estate advisors the service fees.
Step 6: You should check for documents like title deeds, property assessment extracts, encumbrance certificates, and other government papers.
Step 7: Last but not the least, buy an insurance plan to protect your newly acquired residential property.
Jalgaon is one of the fastest developing and most promising cities in India. This district offers an ideal scope for both commercial and residential real estate investment. This is due to the abundance of facilities, such as educational institutions, entertainment centres, shopping complexes and convenient transportation.
Individuals looking forward to invest in this city should keep in mind the factors mentioned above and make an informed decision accordingly.
Frequently Asked Questions
What is Jalgaon famous for?
Jalgoan is well known across the country for producing the purest form of gold. Further, the city cultivates the major portion of bananas for the state of Maharashtra.
What is the most populated village in Jalgaon?
As per the 2011 census, Kasoda is the most populated village in the Jalgaon district with a population of about 35,000 people.
What are the benefits of investing in residential real estate property?
Some of the beneficial aspects of investing in residential real estate are as follows:
Appreciation of the property worth
Consistent cash flow through rental income
Secure and safe investment option
What are the categories of real estate property?
Real estate properties are divided into two categories, namely residential real estate and commercial real estate.