Latur, Maharashtra Property Guide
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Get Returns From Real Estate Without Buying Property: Understanding REIT Investment In India
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Is it possible to sell real estate without co-owner approval?
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What do you mean by FERA?
FERA, enacted in 1973, regulated foreign exchange dealings in India. Replaced by FEMA in 2000, which focuses on managing foreign exchange while promoting trade and investments. Key differences include property acquisition criteria, shifting from citizenship under FERA to residency under FEMA. -
The finest cement for plastering a home
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Latur, Maharashtra Real Estate News
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What occurs in India if property taxes are not paid for ten years?
Non-payment of property taxes for ten years can lead to severe penalties, legal action, and even foreclosure in India. It's crucial for property owners to understand the implications and address any arrears immediately. -
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CBRE decodes real estate through the spiritual tourism lens
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According to the CREDAI-CRE Matrix report, India’s demand for Grade-A office space will exceed 70 million square feet by 2024.
In Q1CY24, Grade A office space demand in India surged, driven by key cities. CEDAI predicts demand will hit 70 MSF by 2024, supported by economic growth. -
India’s Commercial Real Estate Is On Track For Successful Growth This Year
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DLF is one of the real estate companies on the list of the fifteen most valuable companies in India
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Land Conversion from Agricultural Land to Residential Land
Converting agricultural land to residential or commercial in India requires navigating state-specific laws and obtaining approvals from revenue or planning authorities. The process involves fees and extensive documentation, with timelines varying by state.
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Overview of Latur
Latur, found in Maharashtra's Marathwada region, is a city featuring a mix of historical value, industrial gains, and chances for real estate investment.
Industrial and Economic Focus
- Latur is called the 'Sugar Belt of India' for its vast sugarcane and sugar industries.
- This city is central for agro-industries, including soybean, edible oil, and food processing.
- Latur features specialized industrial parks like the Latur Food Park, Latur Textile Park, and Latur Infotech Park, supported by MIDC and the government's Special Economic Zone policy.
Connectivity and Infrastructure
- Latur provides good connections via road, rail, and air. The city has its own domestic airport managed by Reliance and is well-linked by buses from the Maharashtra State Road Transport Corporation (MSRTC) and other private firms.
Tourist Spots
- Latur houses numerous tourist sites, such as historical buildings like Kharosa Caves and Udgir Fort, and religious destinations like Sidhheshwar & Ratneshwar Temple, Shri Ashtvinayak Mandir, and Shri Virat Hanuman Mandir. These spots make the city an attractive spot for commercial real estate investments.
Real Estate Market
Property Costs
- Property prices in Latur start at about ₹5,000 to ₹6,521 per square foot, with an average around ₹6,364 per square foot. In areas like Ganj Golai, prices go up to ₹20,000 per square foot.
Well-Known Areas
- Ganj Golai: Positioned in Latur city's core, this region provides great connections and essential amenities nearby. Property values here vary between ₹5,000 to ₹20,000 per square foot.
- Udgir: This place is famous for light traffic and has basic amenities, making it a good choice for commercial real estate.
- Latur MIDC: Located in the industrial zone, properties here are priced around ₹5,230 per square foot.
Investment Tips
RERA Approval
- Before buying a property, make sure the builder and the property meet RERA rules to keep the deal fair and clear.
Locality Study
- The area you choose greatly affects the property’s price and profit chances. Check that the place has solid connections, basic needs, and no legal or environmental problems.
Stamp Duty and Registration Fees
- In Latur, stamp duty is at 1% of the property's value, with charges also at 1% for registration.
PropertyWala's Summary
Latur makes a great choice for real estate investment. The city’s strong industrial sector, especially in agriculture, and its rising tourism sector, combined with its well-built infrastructure, make it appealing. By focusing on RERA compliance, exploring areas, and understanding local market trends, investing in Latur's commercial real estate can lead to good returns. Plus, its growing food processing sector means more long-term potential.