Guide for Sirsa Residential Real Estate Investment ￼
Bordering Punjab and Rajasthan, Sirsa is situated on the edge of the Thar Desert in the westernmost region of Haryana. The two closest destinations located only 250 km and 260 km away are New Delhi and Chandigarh, respectively. Other nearby cities include Fatehabad, Hisar, Mandi Dabwali, Nohar, and Hanumangarh. This makes it easy to carry trade and business which in turn improves the economy.
Thus, if an investor is looking to invest in residential real estate in Sirsa, here is a detailed insight into the development and opportunities involved. Let’s learn more.
Top Reasons to Invest in Residential Real Estate in Sirsa
These pointers mentioned below are the main reasons to invest in residential real estate in Sirsa:
- Developing Economy
Sirsa’s economy is in the growth stage as more and more industries are opening up. The primary occupation of the locals of Sira is agriculture. The two-crop system followed here includes the cultivation of Paddy, Cotton, and Bajra in the Kharif season. Whereas, in Rabi season the inhabitants of Sirsa grow Barley, Wheat and Gram.
However, apart from this, there are many industries that run here including wrapping papers, seed processing, milk chilling, agriculture implements, rice shelling, chemicals, leather goods and more.
Being the oldest city in north India, it has a rich history and artefacts to discover to people. Not to mention, there is an amazing fact associated with its name that ‘Sirsa’ is taken from the name ‘Sairishaka’ mentioned in the epic the Mahabharata.
People come here from all parts of the world to attend Hindu festivals including Dussehra, Teej, and Panchami. Also, the city holds a few crowd-gathering annual events like Baisakhi Mela, Mela Sacha Sauda, and Mela Ram Deva. Other tourist attractions include Salasar Dham, Tara Baba Kutia, etc.
Residential Real Estate Investment Opportunities in Sirsa
The following locations improve the investment opportunities for investors in Sirsa. Find details of what facilities are available here which make people reside here below:
Huda is a hot spot located in Sirsa and famous because of the easy availability of entertainment centres and educational institutes. Moreover, the presence of hospitals and medical centres in close proximity makes it convenient for people to live here.
Commuting to different places is also not a problem here. The roads connect well to the railway station, bus stand and junctions to reach any part of the country.
The average property price here ranges from ₹70 lakh to ₹1 crore.
- Aggarwal Colony
This is another well-known neighbourhood of the city where people look for settling. It is because of the several schools, colleges, healthcare centres and other amenities located nearby which makes it easy to reside here. In addition, there are inter/intra state bus stands and railway stations located within just a few kilometres.
Also, travelling here is easy as it is facilitated by buses, cars and other transportation modes. Moreover, there are choices in home structures too. So, residents can choose to stay in two-storey, flats, bungalows and other homes.
Average property price here ranges from₹40 lakh to ₹60 lakh
Things to Consider Before Purchasing a Residential Property in Sirsa
Consider these following things related to Sirsa residential real estate before investing in it:
- RERA Registration
The Real Estate Regulatory Authority which is a statutory body governed under the Real Estate Regulatory Authority Act 2016 looks after RERA registration. This scheme was established by the government to protect the interest of homebuyers and bring security to the real estate sector.
As a result, it bought transparency and accountability in all real estate transactions. This is because it made it compulsory for builders and buyers to register under the state RERA site. Thus, information about the property owner, transfer details and others are readily available.
- Social Welfare
The government of Sirsa benefits its inhabitants by taking prompt social welfare measures. These include Widow Pension, Old Age Pension, Pension to the Handicapped and more. Moreover, the Supplementary Nutrition Programme, and Integrated Child Development Services Scheme launched for youngsters of Sirsa promote well-being.
ICDS or Integrated Child Development Services under the health department in Sirsa also look after the immunisation of people.
Stamp Duty in Sirsa
The following are the stamp duty charges applicable in Sirsa:
|Stamp Duty for Urban Area
|Stamp Duty for Rural Area
The rate for stamp duty also depends on the various types of documents used. The details are as follows:
|Stamp Duty for Urban Area
|Stamp Duty for Rural Area
|Sale / Conveyance Deed
|8% of Market Value or Property Value (Higher of the two)
|6% of Market Value or Property Value (Higher of the two)
|Special Power of Attorney
|General Power of Attorney
Registration Charges in Sirsa
The following are the registration charges applicable for Sirsa.
|₹90 lakh and above
|₹80 lakh to ₹90 lakh
|₹70 lakh to ₹80 lakh
|₹60 lakh to ₹70 lakh
|₹50 lakh to ₹60 lakh
|₹40 lakh to ₹50 lakh
|₹25 lakh to ₹40 lakh
|₹20 lakh to ₹25 lakh
|₹10 lakh to ₹20 lakh
|₹5 lakh to ₹10 lakh
|₹50,001 to ₹5 lakh
|Up to ₹50,000
Sirsa Residential Real Estate Sector – What’s the Forecast?
Investors can expect to earn a high return by investing in Sirsa residential real estate sector. It is because the state government of this city has been supportive of its development. For example, Chief Minister Manohar Lal Khattar announced a development work worth ₹575 crores for Sirsa.
Additionally, the government launched two portals Nagar Darshan and Gram Darshan where people can upload demand for development work. He even laid a foundation and started stones of 38 projects costing ₹369 crores.
Residential Real Estate vs Other Asset Classes
The following detailed comparison between residential real estate and other asset classes will give a clear view of the investment opportunities one can seize:
Residential Real Estate vs Stocks or Mutual Funds
No doubt, stocks or mutual fund investments can yield a higher return than real estate investments. However, when speaking of consistency, the latter is a better choice. This is because stocks or mutual funds are highly volatile in nature and riskier. However, real estate can offer stable earnings.
Residential Real Estate vs Gold
Gold is considered a safe asset because it is very rare for its price to decrease over a large period. Thus, people opt for it for both short-term and long-term investment options. However, when seeking higher returns through long-term investment, residential real estate can be a good option. It allows investors to earn passive income also.
Residential Real Estate vs Commercial Real Estate
Though commercial real estate investment options can fetch higher ROI than the residential real estate, the former is slightly complicated. As there are lease agreements and paperwork involved it may be hard to decipher. However, this is not the problem in residential real estate. Also, there are many tax benefits attached to it.
Residential Real Estate vs Bond
There are advantages to investing in both bonds and residential real estate. Bonds offer stability and secured income in the future. On the contrary, residential real estate offers a high return on investment. Also, choosing a bond as the investment option brings tax benefits.
Are you interested in investing in bonds? Secure your future investment by registering on our site now.
The table given below compares the above asset classes based on their liquidity, volatility, risks and ticket price.
|Residential Real Estate
|Stocks & Mutual Funds
|Commercial Real Estate
Steps to Invest in Residential Real Estate in Sirsa
Follow these steps to invest in residential real estate in Sirsa. The process involves:
Step 1: Prepare a budget by analysing your finances and how much you can set aside for investment.
Step 2: Shortlist a few locations where you want to invest in. However, make sure to make this decision by taking the amenities, surroundings and other factors into consideration.
Step 3: If still unsure you can approach a real estate consultant for in-depth knowledge of the concerned location.
Step 4: Run the RERA authentication and finalise the deal if everything seems perfect.
Step 5: Make payment by clearing stamp duty and registration charges to transfer the name.
Step 6: Have a glance at the Property Assessment Extract, Title Deed and Encumbrance Certificate to avoid unforeseen issues.
Step 7: Complete the process by getting an insurance plan for house protection.
Due to its location and government measures, Sirsa is developing as a prime residential real estate for investment purposes. The rising tourism and industrial activities have given a nudge to the city to become an ideal place for people to live in.
Frequently Asked Questions
What is the penalty if an individual doesn’t pay stamp duty in Haryana?
If an individual does not clear his/her payment within four months from the day of execution of the deed, he/she attracts a penalty of up to 10% under Section 23 of the Registration Act 1908.
What are the five top localities offering real estate investment opportunities?
The top localities facilitated by amenities, hospitals and education centres and offering investment opportunities are Housing Board Colony, Huda, Aggarwal Colony, Agrasain Colony, and Kalanwali Road.
What are the services available in the RERA site of Haryana?
Haryana RERA allows homebuyers to search for registered projects online. In addition, they can check agents, launch complaints, search for complaints, register projects, register agents and more.