Monthly Archives: Feb 2019

Buying property Real Estate Real Estate News Smart Residential Living

Land Conversion Became Simpler Through Online in Karnataka/commonfloor

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The State Government took a significant decision of cutting down on procedures and made the end-to-end process online. Conversion of agricultural land for non-agricultural use will now happen within a month as the government has simplified the process and launches affidavit-based online land-use conversion.

This move has been taken to approach the increasing complaints from the landowners and took after the unnecessary delay made by the authorities in the process of land conversion. The new process will not only speed up the process of land conversion by reducing unnecessary delays and paperwork but also will help to control the widespread corruption in the entire process.

This online system will speed up activities such as housing, solar projects, infrastructure, development, tourism projects among others need lands. This move will enhance the ease of doing business in Karnataka.

Earlier, a citizen seeking conversion of his land/plot of agriculture land had to submit about 20 documents including a host of NOCs including those related to land acquisition and tenancy laws along with the application. In many cases, they would run from one place to another trying to get these documents or bribe to get these services or just quit their attempts showing unwillingness.

State Cabinet accepted a proposal from the Revenue Department and decided to reduce the number of documents to be submitted to 2-3. An applicant will now have to submit RTC copy for the current year, a copy of mutation record, an 11E sketch (only if the land conversion request falls within the same survey number) along with an affidavit. After getting the required documents, the Revenue Department will collect the rest by communicating with other departments through its online process. If a department doesn’t submit its comments within one month from the date of the receipt of the document, then the revenue department will assume that they have no objection, and initiate the process of conversion.

What is Agricultural Land?

Agricultural lands are mainly for agricultural activities. Law doesn’t allow to build houses, industries, factories, etc. on the agricultural land despite the ownership of the property. Non-farmers are not able to buy agricultural land in India.

What is Non-agricultural land?

If any activity in the nature of development is carried over on the land which makes land unfit for cultivation is known as Non-agricultural land. You can develop on the said land provided only after obtaining all the necessary permissions from the local authority.

Things to know about Land Conversion?

Lands that have been declared as agricultural cannot be used for residential, commercial or industrial purposes; without conversion of the same into non-agricultural land. The process of converting agricultural land into a non-agricultural land is called land conversion, or in other words, DC Conversion as the conversion is generally endorsed by a Deputy Commissioner.

Online process of land conversion

Under the online system, the applicant needs to submit a request with land details as well as information like the survey number and an affidavit. For half-done conversion or if the RTC has multiple owners or in case of Pyki RTCs, the applicant must submit an 11E sketch.

The software will forward the application to the concerned Urban Development Authority (UDA) and the officials will verify the details after confirming if the request is in compliance with the master plan of the area.

Once the details are verified, the officials will ask the applicant to pay an online fee and fine, if any. The authorized deputy commissioner will digitally sign the conversion order which could be downloaded and printed by the user.

For online process applicants can visit the official website: www.bhoomi.karnataka.gov.in

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Affordable Housing blog Real Estate Real Estate News Smart Residential Living

GST Update: New GST Rates For Real Estate

GST

The Goods and Service Tax (GST) Council in its 33rd meeting has been conducted on Wednesday, 24th February 2019. The discussion on real estate related issues have been discussed and The lower tax burden on home buyers is expected to push demand in the segment which will, in turn, will keep developers committed to building more affordable homes. The decision will provide relief to the middle-class homebuyers in metros as well as non-metro cities. At the same time, the decision is expected to help the govt’s move towards achieving its target of “Housing for All by 2022”.

Demand for residential properties is expected to receive a major boost following GSTthe government’s decision to reduce the Goods & Service Tax (GST) rates for under-construction projects to 5% from the effective rate of 12%. Keeping in mind the objectives of  “Housing for All by 2022”, the government has reduced the GST to marginal 1% for affordable housing. Apart from that, completed projects which have received Occupancy Certificate (OC) will not attract GST.

Rationalization of GST Rate:

Residential Segment Type

Existing Effective GST Rate

New Effective GST Rate

ITC Availability

Residential properties outside affordable segment

12%

5%

Without ITC

Affordable housing properties

8%

1%

Without ITC

3. New Definition of Affordable housing – A residential house/flat of carpet area up to 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities having a value up to Rs 45 lacks.

Both conditions will have to be met – house having a carpet area of 50 sq mtr valued at 50 lacs will be taxable at 5% and not 1%.

As per GST Council, Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata, and Mumbai (the whole of MMR).

4. Builders for the above types of residential projects will not be eligible to claim the input credits. As a result, the elimination of Input Credit Tax benefit may hit profitability for the supply side.

5. Transferable Development Rights /Joint Development Agreements / Long term lease premium and FSI(Floor space index) transfers shall be exempted only in case if it pertains to a taxable residential project, in other words, TDR(Transfer of Development Agreements) for commercial projects will be taxable @ 18%

6. Above changes will be effective from 1st April 2019 after notifications are issued

How will the new GST Rate Benefit the Homebuyers?

  1. Now the homebuyers will get a fair price deal. Earlier, the GST Tax rate was 8% for affordable housing properties and 12% for regular housing projects. But in the GST Council Meet that happened on Feb 24, 2019, the GST rate was cut down to 1% for affordable housing projects and 5% for regular housing projects, with no input tax credit.

  2. Affordable Housing plans will get attracted to GST at 1%.

  3. The interest of the homebuyers/consumers towards buying a property has been increased.

  4. Input Tax Credit not being passed on home buyers/consumers will not be an issue.

  5. Un-utilized ITC(Input Tax Credit), which has been used as the cost of the project should be removed and should lead to a better price.

  6. Tax structure and tax compliance should become simpler for builders.

Note:
TDR – Transfer of Development Rights
JDA – Joint Development Agreements
FSI – Floor Space Index
ITC – Input Tax Credit

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blog Infrastructural development Real Estate Real Estate News Smart Residential Living

Noida Metro Aqua Line: A Boon to Noida & Gr. Noida’s Real Estate

The much awaited ‘Aqua Line’ of Metro Rail from Noida to Greater Noida was flagged off by Uttar Pradesh Chief Minister Yogi Adityanath and Union minister Hardeep Singh on January 25, 2019.

Vision: “A World Class Metro with Sustainable Development”

Mission: “To Provide Safe, Reliable & Eco-Friendly Transportation Services For People”

Highlights:

  • The final and mandatory safety inspection of the corridor was done last month by the Commissioner of Metro Rail Safety (CMRS) which gave its approval of the NMRC for launching commercial operations.
  • Known as the Aqua line, the two Real estate hotspots metro would run between Sector 51 in Noida and Depot Station in Greater Noida.
  • The 29.7-kilometer (18.5 mi) Aqua Line has 21 stations. The line starts from Noida Sector 51 metro station and will run through sectors 51, 50, 76, 101, 81, NSEZ, 83, 137, 142, 143, 144, 145, 146, 147 and 148 in Noida; after this it will enter Greater Noida and will go through Knowledge Park-II, Pari Chowk, Alpha-1, Delta-1 and GNIDA Office before terminating in Depot Station. The entire route will be on elevated track. This line will have an interchange station with the Delhi Metro at Noida Sector 52 metro station.
  • The 49th battalion of the UP Provincial Armed Constabulary has been entrusted with the responsibility of security on the Aqua Line, while some private security agency will also be deployed soon.
  • The security personnel of the Aqua Line metro is being trained by the CISF (Central Industrial Security Force), which also guards the Delhi Metro.
  • Clocking an average speed of 37.5 kmph. Trains are designed to run at a maximum speed of 80 kmph.
  • All the stations will have platform screen doors for passenger safety. As of now, 102 lifts and 81 escalators have been commissioned.
  • The Aqua line will have 19 rakes with 4 cars each. These all are lightweight cars made up of stainless steel. A four-coach rake will be able to carry 1034 passengers (maximum capacity).
  • NMRC will have its own security system, ticketing system, and metro cards. Aqua line Metro cards will not be valid on Delhi metro and vice versa.

Connectivity to Delhi metro (Blue line metro):

  • After getting off the Aqua Line, a commuter has to cover a stretch of 200 meters to take Delhi Metro’s Blue Line at Noida City Centre metro station as the Aqua Line does not directly connect the commuters with Blue Line metro.

Fare:

  • The Noida Metro Rail Corporation Ltd had in December 2018 announced fares for the Aqua Line, with the minimum being ₹9 and the maximum ₹50. Commuters could by QR-coded paper tickets or use smart cards to take a ride.

Impact on Realty:

Developers, who have built residential projects in Greater Noida and Noida property markets pitch affordability as their USP’s when compared to Delhi and Gurgaon, Property in Noida and Greater Noida is way more affordable.

Still, builders are struggling to find buyers for their affordable housing projects, reason could be the absence of robust transport network was the biggest cause why homebuyers were not keen to invest in past half a decade amid rising new project launches in Noida and Greater Noida The Aqua line would inspire the home seekers to start making a move now also the housing demand and prices may rise in Noida and well as Greater Noida, with the launch of a new metro rail service, linking the twin cities in western Uttar Pradesh, according to real estate developers and consultants.

People who already own a property in Noida and Greater Noida would see the connectivity pain disappear, and worth of their asset moving up. Investors, who invested on the property here for rental income can relax and have a reason to cheer as they will have more takers due to improvements in connectivity, tenants willing to shell out more money. According to Haris Murshid of the Skydeck Infrastructure, rental prices may go up by five or six percent.

Aqua Line to boost housing demand in Noida, Greater Noida: Experts

”The upgrading of Infrastructure due to metro connectivity is expected to help in drive the demand for residential units in the region. Also, it is expected to have a positive fallout on the commercial and retails segments, as well,” said Abhinav Joshi, head of research for CBRE India. In the past also, Joshi said, metro lines have played a crucial role in uplifting the real estate profile of areas that it connects.

Realtors’ body CREDAI said that sectors along the Noida Expressway will have better connectivity now.

“Commuting will become easier from places like Noida Extension too. The market works on sentiment and the sentiment is positive in the real estate sector,” said Prashant Tiwari, president of CREDAI western UP. With improved infrastructure, he expects demand and rates for properties in Noida and Greater Noida region to get a big boost.

The new metro line has provided great relief to home buyers of this area, said Deepak Kapoor, director, Gulshan Homz. Dhiraj Jain, the director, Mahagun Group, said the benefit of the metro will be shared by both, the residents as well as the real estate sector.

“The inauguration of the Aqua Line will also hike the rates of the units by 20 percent in the area, along with a boost in sales,” Jain said. Sagar Saxena, project head for Spectrum Metro, said several commercial and housing projects are being developed in sectors along the route of the Aqua Line. “This is a big day for the realty sector of Noida and Greater Noida,” he said.

Around 2006, several projects were launched in sectors 74, 75, 76, 77, 78, 51 and 50, when the average rates at that time were approximately Rs 2,000 per sq ft, said Haris Murshid of Skydeck Infrastructure, a commercial property consultant. “Today, the rates in these sectors is approximately around Rs 4,500 per sq ft,” Murshid said, adding that there would be no immediate impact on prices. “Maybe, after 1.5 or two years, the impact will be seen. As of now, only rental prices may go up by five or six percent,” he said.

Trends & Updates

A Comparative Analysis by Commonfloor for Noida & Greater Noida Real Estate Market has shown a steady but positive sentiment towards the Property Transactions post the announcement of the Aqua Line.

Listing Trends:

Property Listings in Noida & Greater Noida has shown a steady decline till Sep’18, then shown a steady growth on month on month basis. Expansion of Noida Metro i.e. Aqua Line may be a main factor behind the same.

LT

 

New Launch Inventories:

Newly Launched Inventories have shown a tremendous incline from 580 Inventories in Quarter 2 2018 to 1653 Newly Launched Inventories in Quarter 3 2018. Though there are a slight dip in First Quarter 2019 i.e. 818 Newly Launched Inventories in Jan’19, it can be increased at the end of the Quarter as more & more Investors & End users are heading towards Noida & Greater Noida.

NLI

 

Price Trends:

Sector 144 has shown a maximum appreciation of 0.13% in Basic Price from Quarter 2 to Quarter 4 in 2018, followed by Pari Chowk & Alpha – 1 with an appreciation of 0.08% each.

Similarly, Sector 50, Sector 51 & Sector 143 have shown a decline in Basic Price of 0.08% from Quarter 2 to Quarter 4 in 2018.

PT

Since, Noida, Noida Extension and Greater Noida will get better approachability to the national capital of Delhi, property in these markets would become even more remunerative as an investment option.

The sigh of relief to the national capital Delhi as more and more people would move to Noida and Greater Noida with increased mobility and the affordable market, Delhi where the housing options are very limited and expensive while migrant population numbers rise year after year.

Traffic on Delhi roads would decrease, too, as more and more people would take a metro ride to work. It is worth mentioning that authorities have been struggling to decongest Delhi roads, but the desired results have yet to be achieved, With a Metro network in place, traffic on roads would subside, the commute will be easier, pollution levels will come down.

The NMRC project has also generated significant direct and indirect employment of skilled, semi-skilled and unskilled workforce.

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CommonFloor Real Estate Excellence Awards 2019

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CommonFloor Is an Indian Online Real Estate portal founded in 2007 that combines property search, apartment management, and vendor management. CommonFloor has announced the felicitation of the winners at CommonFloor Real Estate Excellence Awards 2019.

The event was coordinated to celebrate the key players in various dimensions of the real estate sector and provide a platform for stakeholders to examine the future of the real estate industry. The main agenda of this event was to highlight the digital media influence on Real Estate.

The winners were perceived across individual, real-estate projects, builder, and allied categories. The selection process was established on several imperative factors which are predominant in determining the on-ground company performance, construction element, and project prominence.

The Chief Guest of the CommonFloor Real Estate Excellence Awards 2019 was Sri. Manjunath Prasad IAS – The Commissioner, BBMP. Guests of Honour: Sri.H.P.Sudam Das – State Information Commissioner & Sri.N.Krishna Raju – KPCC Treasurer, while Guest Speaker of the CommonFloor Real Estate Excellence Awards 2019 Sri.Srinivasan – CEO of SNN Group.

Below are the honored winners in the respective categories:

  • Best Developer in Construction Quality – Villas – 2018 – 2019:
    Whitestone projects are awarded as the best developer in construction quality(Villas) as they have been setting high standards on national and international markets implementing the safety and stability to the real estate industry.

  • Best Developer of the Year 2018 – 2019  – Premium Villas:
    NVT Quality lifestyle has been awarded as the best developer of the year 2018-2019 (premium villas) for their expertise in constructing the premium villas such as NVT Life Square.

  • Most Influential Woman in Real Estate 2018 – 2019:
    Ms. Uzma Irfan from prestige group has been awarded as the Most Influential Woman in Real Estate as she has been credited for strengthening the public image of the company. Also, she has played an instrumental role in communication and marketing by assisting the company in its various networking forums.

  • Best Developer in integrated township Development 2018-2019:
    Brigade Enterprises  Ltd is awarded as the best developer in integrated township development as it is one of India’s leading developers with over three decades of experience in building positive experiences by transforming the skyline of cities in South India.

  • Best conceptualized project of the year 2018-2019:
    Iconest 3 from Icon homes are awarded as the best-conceptualized project of the year 2018-2019 because it is an ultimate reflection of the urban chic lifestyle that hosts in its lap exclusively designed residential apartments, each being an epitome of elegance and simplicity

  • Upcoming Apartment Project of the Year 2018 – 2019:
    Vaishnavi Serene from Vaishnavi Group has been awarded as the best upcoming apartment project of the year 2018-2019 because it is an unmatched residential property that offers plenty of benefits that includes prime location, comfortable and lavish lifestyle, great amenities, healthy locality, and high return.

  • Best Project of the Year -  2018 – 2019 Product & Design:
    Sekhar Alturas from Sekhar group is awarded as the Best Project of the Year -  2018 – 2019 Product & Design as it is a project that relentlessly focuses on setting new standards and benchmarks for the industry that has been maintaining its treasured reputation which had garnered the trust of its customers.

  • Best Property Consultant of the Year 2018 – 2019:
    Capitalist Yard formally is known as prop floor realty are awarded as the Best Property Consultant of the Year 2018-2019 because it is an emerging real estate service provider established in Bengaluru that aims to provide quality services to its customers.

  • Best Interior Design Company of the Year 2018 – 2019:
    Bonito Designs are awarded as the Best Interior Design Company of the Year 2018 – 2019 because their endeavor is to deliver a concept that will become a permanent source of positive energy and enthusiasm that combines the aspects that defines the space that you would love to live in.

  • Best Developer in Construction Quality 2018 – 2019 – Apartments:
    Meda group is awarded as the Best Developer in Construction Quality 2018 – 2019 – Apartment as the group has completed acquisitions worth RS 300 crores and completed projects of 4 lakh sqft. that are forging communities to the customers and have timely delivered the emphasis 0n quality.

  • Premium Villa Project of the Year 2018 – 2019:
    Golden Enclave by VRR & Co. is awarded as the Premium Villa Project of the Year 2018 – 2019 because this project is engineered by renowned architects as they have been involved in producing various residential and commercial projects with beautifully crafted interiors as well as exteriors.

  • Best Developer in Professional Excellence -Villas 2018 – 2019:
    42 Estates LLP has been awarded as the Best Developer in Professional Excellence -Villas 2018 – 2019 because it is a growing company that has no long history but has been built by the minds having their experience and excellence in real estate industry of more than 20 years. style and luxury are the cornerstones of their work.

  •  Emerging Developer in Construction Quality 2018 – 2019 – Apartment:
    Chamundi Builders has been awarded as the emerging developer in construction quality 2018-2019(apartment)  because it is one among the leading property developers in Bangalore with a reputation of quality construction and commitment to timeless values.

  • Most Trusted Real Estate Brand 2018 – 2019 – Customer Choice:
    Sobha Limited has been awarded as the Most  Trusted Real Estate Brand 2018 – 2019 – Customer Choice because it is one of the largest and only backward real estate integrated players in the country who strived for benchmark quality, Customer-centric approach in all the spheres of business conduct.

  • Best Developer in Professional Excellence -Apartments 2018 – 2019:
    Salarpuria Sattva Group has been awarded as the Best Developer in Professional Excellence -Apartments 2018 – 2019 as the group is one of India’s leading property development, management and consulting organization which is one of the most preferred brands the country today.

  • Best Developer in Professional Excellence 2018 – 2019 – Apartment:
    Sumo group has been awarded as the Best Developer in Professional Excellence 2018 – 2019 – Apartment because it is one of the best promoters with the intention of developing a residential living and working spaces that are environmentally responsive and culturally focused on the lifestyle and timeless appeal.

  • Best Premium Plotted Developer of the Year 2018 – 2019:
    Royal Retreat Homes Pvt Ltd has been awarded as the Best Premium Plotted Developer of the Year 2018 – 2019 because it is built on the foundations of trusted leadership, total transparency and an unwavering commitment to excellence in every endeavor that mainly focuses on commercial real estate development in India.

  • Best Developer of the Year 2018 – 2019 – Landscaped Project:
    SNN Builders Pvt Ltd has been awarded as the Best Developer of the Year 2018 – 2019 – Landscaped Project because SNN made a strong foray into the Real Estate sector in Bangalore. SNN also established the Government recognized school in its SNN raj serenity project for the children of the laborers working in the site.

  • Lifestyle Project of the Year 2018 – 2019:
    Mahaveer Ranches from Mahaveer Group has been awarded as the Lifestyle Project of the Year 2018 – 2019 because this project is engineered by internationally renowned architects of Mahaveer group, that went on to develop the skyline of Bangalore and earned the reputation of fine real estate company.

  • Innovation in Construction Quality 2018 – 2019:
    Bren Corporation has been awarded as the Innovation in Construction Quality 2018 – 2019 because Bren is not just about creating homes but its a way of creativity that drives the philosophy of development that continually innovates to enhance the customer experience and quality standards.

  • Marketeer of the Year 2018 – 2019:
    Mr. Anupam Mishra from Liveinn Buildtech has been awarded as the Marketeer of the Year 2018 – 2019 because he has 17 years of experience in business development, sales, and marketing. Also, specialized in strategy formulation and brand promotion.

  • Outstanding Contribution to Real Estate – 2018 – 2019:
    Mr. RAVI PURAVANKARA from PURAVANKARA Ltd has been awarded as the Outstanding Contribution to Real Estate – 2018 – 2019 because the company has expanded its presence across India since 1975 and also it is one among the first to obtain FDI in the Indian real estate industry. Mr. Ravi Purvankara is a doyen in the Real Estate landscape of India and an icon to aspire.

  • Best Developer of the Year Construction Quality 2018 – 2019 – Villaments:
    Known for the trademark quality constructions especially villaments, Tanvi Asset Holdings LLP has been awarded as the Best Developer of the Year Construction Quality 2018 – 2019 – Villaments

  • Real Estate Website of the year 2018 – 2019:
    Homes247.in has been awarded as the Real Estate Website of the year 2018 – 2019 because as it is a Global Online Real Estate aggregator that connects and engage the buyers and sellers across India and provide an end to end assistance.

  • Young Entrepreneur of the Year 2018 – 2019:
    Harish.K.N from Prop Advisors because Prop Advisors has very fast become one of India’s leading property advisory company.

  • Channel Partner of the Year 2018 – 2019 – Builder Choice:
    Elegance Enterprises has been awarded as the Channel Partner of the Year 2018 – 2019 – Builder Choice because it is the best real estate consultant company in Bangalore.

  • Premium Apartment Project of the Year  2018 – 2019:
    VRR Fortuna from V.R.R & Co Builders & Developers has been awarded as the Premium Apartment Project of the Year  2018 – 2019 because it is constructed with the world-class amenities that are finely crafted, spacious and vastu compliment.

  • Best Developer of the Year 2018 – 2019 – Plots:
    Bhumi Constructions & Developers has been awarded as the Best Developer of the Year 2018 – 2019 – Plots because they are known for their aesthetics and for being very practical in their focus on customer needs.

  •  Emerging Developer in Professional Excellence 2018 – 2019 – Villaments:
    Tanvi Asset Holdings LLP has been awarded as the  Emerging Developer in Professional Excellence 2018 – 2019 – Villaments because it is a young, new age construction company established over 5 years ago with a sole motive of creating the passionate living and working spaces.

  • Affordable Housing Developer of the Year 2018 – 2019:
    5th Elements realty has been awarded as the Affordable Housing Developer of the Year 2018 – 2019 because it understands and respects the customer dreams and works with a single-minded goal of bringing the dream to life.

  • Emerging Plotted Developer of the Year 2018 – 2019:
    CK Brad Projects Pvt Ltd has been awarded as the Emerging Plotted Developer of the Year 2018 – 2019 because it is one of the most valuable and admired real estate development companies that is a pioneer in shaping lifestyle and developing elegantly designed.

  • Best Emerging Contractor of the Year 2018 – 2019:
    UNO HQ has been awarded as the Best Emerging Contractor of the Year 2018 – 2019 because they created the brand in the country that takes up small to mid-sized interior and construction projects.

  • Commercial Project of the Year 2018 – 2019 :
    Vaishnavi Spectrum from Vaishnavi Group has been awarded as the Commercial Project of the Year 2018 – 2019 because their core values and organizational culture are rooted in the vision of building trend-setting urban homes that provide the luxury of a superior quality of life to their customers.

  • Best Quality in Apartment and Villa 2018 – 2019:
    Goyal & Co has been awarded as the Best Quality in Apartment and Villa 2018 – 2019 because it is one of the leading Real Estate development company in India and it has systematically built on its credibility and goodwill with every project it has launched over years.

  • Real Estate Most Enterprising  CEO  2018 – 2019:
    Mr.Pavan Kumar Vajram from Vajram Group has been awarded as the Real Estate Most Enterprising  CEO  2018 – 2019 as he is the chairmen and CEO of Vajram Group and has the distinguished track record in building and managing high growth organizations in technology and Real Estate segments

  • Best Premium Plotted Developer of the Year 2018 – 2019:
    Reliable Developers has been awarded as the Best Premium Plotted Developer of the Year 2018 – 2019. it has developed both top quality urban and luxury living spaces spread across 1000 acres in the last two decades.

  • Best Property Consultant of the Year 2018 – 2019:
    Liveup Solutions Pvt Ltd has been awarded as the Best Property Consultant of the Year 2018 – 2019 because liveup is a fast-growing technology that enabled home buying solutions company where a team of professional and experienced consultants guiding the customers to find the right fit for their requirements.

  • Best Luxury Condominiums North Bangalore 2018-2019:
    Vajram group has been awarded as the Luxury Condominiums  North Bangalore 2018 – 2019 as they develop high quality residential and commercial projects in select markets in Bangalore and other parts of south India with a vision to build high-quality living spaces that showcase innovative design and contemporary architecture.


    VRR FortunaVRR Golden EnclaveNVT Life Square, Vajram TiaraIconest 3Vaishnavi SereneSekhar AlturasSNN Raj Serenity, Mahaveer Ranches

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Union Budget 2019 Highlights

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Union Budget 2019 brings reason to cheers for Real Estate

  1. TDS threshold on rental income raised from Rs.180000 to Rs.240000

  2. The benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for taxpayers having capital gains up to 2 crore rupees, can be exercised once in a lifetime.

  3. Benefit under Sec 80 (i) BA being extended for one more year, for all housing projects approved till the end of 2019-20.

  4. Income tax relief on Notional Rent from unsold houses extended to 2 years.

  5. Moreover, the GST council will take

  6.  steps to reduce the tax burden on home-buyers.

  7. A notional rent is applicable to the second house if someone has more than one house, has been waived off, considering the needs of citizens.

Budget_CF.png


For the common m
an, industrialist, and farmers

  1. Businesses with less than Rs.5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.

  2. Individual taxpayers with annual income up to Rs.5L rupees to get a full tax rebate. This will provide tax saving of up to Rs 12,500 for all taxpayers.

  3. 2% interest subvention on loan of Rs.1Cr for GST registered MSME (The Micro Small & Medium Enterprises) units.

  4. 2% interest subvention to farmers pursuing animal husbandry and fisheries.

  5. Mega pension Yojna, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs.3000 per month, with a contribution of Rs.100 per month, for workers in the organized sector after 60 years of age.

  6. Under Pradhan Mantri Kisan Samman Nidhi, Rs.6000 per year for each farmer, in three installments, to be transferred directly to the farmer’s bank account, for farmers with less than 2 hectares landholding.

  7. Individuals with gross income up to Rs.6.5L will not need to pay any tax if they make an investment in Provident Funds and prescribed equities.

  8. Standard tax deduction for a salaried person raised from Rs.40000 to Rs.50000. A standard deduction of Rs.40000 for the salaried class. This additional deduction was proposed in lieu of existing deductions of Rs 15000 for medical reimbursement and Rs 19200 for transport.

  1. In a relief for the common man, most daily-use items are now under 0-5% tax slab under GST.

  2. Gratuity limit increased from Rs 10 lakh to Rs 30 lakh.

  3. 75% of woman beneficiaries under PM MudraYojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women.

  4. In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.

  5. The 22nd AIIMS will be set up in Haryana soon.

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