New Tenancy Act in Tamil Nadu

Mar 29,2019 / By Prahalad Singh / No Comment

New Tenancy Act in Tamil Nadu:

Last week, Chief Minister of Tamil Nadu has begun an exclusive portal www.tenancy.tn.gov.in under a new act called The Tamil Nadu Regulations of Rights and Responsibilities of Landlords and Tenants Act 2017 which is meant to balance the rights of the tenants and owners. It also aimed at replacing the old Tamil Nadu Buildings (Lease and Rent Control) Act. 1960, also known as the Rent Control Act.

As per the terms of this law, all tenancy agreements should be written and shall be compulsorily registered with the rent authority.

In 2017, the state government had submitted the bill in the assembly to execute the tenancy act that will cover all the metropolitan areas but it was passed a year later.

Who will be the rent authority?
In this portal, people can create a tenancy registration number under the tenancy act utilizing which they can register their agreements with the relevant rent authority. Rent authorities would be appointed in every district, supervised by a deputy collector rank officer to settle the disputes between tenants and owners.

Will they establish Rent courts and tribunals under this act?
Yes, Rent court and tribunals will also be established as part of the new act in each district.

Specifications and highlights of TNRRRLT Act, 2017
Immediate Execution of the Act: The TNRRRLT Act came into effect on the 22nd February 2019, and the act also governs and mandates those tenancy agreements executed prior to the enactment of this law. Moreover, even people who have already rented out places will have to register their agreements with the concerned rent authority within the next 90 days.

Compulsory registration: Although the old Rent Control Act directed registration of the tenancy agreements going beyond 11 months or over Rs. 50,000 in value, the new act directs all tenancy agreements to be registered with the Rent Authority, regardless the term and value of the tenancy. It covers both commercial and residential occupancies including the use of educational premises but does not include the premises registered under the Factories Act, 1948.

Who can fill the application?
The application may be filed by both landlord and tenant.

Why written agreement and registration Require?
As per Section 4 of the Act, all occupancies shall be made by way of an agreement. Also in respect of verbal occupancies formed before the start of the Act, the individuals shall modify the terms of the tenancy in writing within 90 days from the date of notification of the Act.

Requirements under the Stamp Act: It is also mentioned in the new act that all tenancy agreements are to be stamped as per Article 35 of the Indian Stamp Act, 1899.

Independent Registration: Registration is independent under this new Act of registration needed under the Indian Registration Act. Both parties are still responsible to register the agreements as per the Indian Registration Act excluding registering the agreement with the Rent Authority under the new act.

Would this act cover leave, license, property management agreements?
The act is aimed to be a complete code of tenancy. License agreements being of a similar nature are also covered. As the registration under this act is mandated for tenancy/lease agreements. Therefore, despite the agreement is titled or termed ‘license’ or ‘leave & license’, ‘Property Management Agreement’, if the terms or titled of the agreement form any right in the immovable property, then such agreement has to be registered under this Act. The ‘terms’ of the contract will define the nature of the agreement and not the ‘title’ given to such agreement.

Is registration required on renewal?
The rules drafted in this matter direct that any renewal is treated as a fresh tenancy demanding registration again. Contrary to the old law, the process of registration has been made online and there is no fee for registration of the tenancy agreement, though, nominal service charges be placed by the portal for registration.

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34th GST council meeting highlights.

Mar 25,2019 / By Supriya Mogarala / No Comment

34TH GST Council meeting in INDIA Highlights:

Decisions captured by the GST Council in the 34th meeting held on 19 March 2019 concerning GST rate on Real Estate Sector at New Delhi has discussed the details for implementations of the proposals made by the council in its 33rd meeting for lower efficient GST rate of 1% on affordable houses and 5% on the construction of houses except affordable house. The council has made a decision that the approach of the transformation is as follows:

Option in that respect of ongoing projects:

• The promoters shall be given one time option to pay tax at the previous rates (8% or 12% with ITC) on ongoing projects (projects where the construction and booking have started before 1st April 2019) which have not been finished by 31st March 2019.

• The option shall be operated once within the prescribed time frame and where the option is not regulated within the prescribed time limit, the latest GST rates shall be applied.

New Tax Rates:

New tax rates shall be appropriate to new or ongoing projects which have operated the option to pay tax in the new government are as follows:

New rate of 1% without ITC (input tax credit) on the construction of affordable housing will be available for all houses those who meet the description of affordable houses as determined by the GSTC and affordable houses being established in ongoing projects existing under the central and state housing schemes presently eligible for compromising rate of 8% GST (after 1/3rd land discount)
The new rate of 5% without input tax credit shall be suitable for the construction of all the houses other than affordable houses unless the affordable houses are booked before 1st April 2019. New rates shall be available to pay on installments on or before 1st April 2019. Also, commercial properties in which the carpet area is not more than 15% of the total carpet area of all the properties.

Circumstances for the new tax rates:

The new tax rate of 1% (on affordable housing) and 5% (on other than affordable houses) will be available under the following conditions.

The input tax credit may not be available

80% of input services can be purchased from recognized and registered personalities on the shortfall of purchases from 80%. Tax should be paid by the builder at 18% on RCM basis. However, tax on cement purchased from the unregistered person should be paid at 28% under RCM and RCM under capital goods at applicable rates.

Conversion for ongoing projects electing for the new tax rates:

• Ongoing projects and projects that have not been completed by 31st March 2019 opting for new tax rates shall changeover the ITC according to the prescribed method

• The changeover formula approved by the GST Council for residential projects to deduce the ITC taken for percentage completion of construction as on 1st April 2019 is to arrive at ITC for the entire project and then based on the percentage booking of flats and percentage invoicing the ITC eligibility is the determined transition would thus be on the pro data based on a formula that credit in proportion to the booking of the flat and invoicing done for the booked flat available to subject to a few safeguards.

The following analysis that will be applied to TDR/FSI and Long term lease for those projects those originate after 1st April 2019:

• The supply of long term lease of land by the owner to the developer will be an exempted subject to the condition that the constructed flats are sold before the issuance of completion certificate and tax paid on them. The exemption shall be withdrawn in case of flats that are sold after the issuance of completion certificate, but such withdrawal will be limited to 1% of value in the case of affordable housing and 5% of the value in case of those other than affordable housing. This will achieve fair taxation between the under construction and ready to move property.

• The accountability to pay the tax on TDR, FSI, and long term lease will be shifted from the landowner to the builder under the reverse charge mechanism (RCM)

Modification to ITC Rules:

• ITC rules will be modified to develop the clarity on the monthly and final determination of ITC and reversal theory of Real Estate projects. The change would clarify the procedure for accounting the input tax credit to commercial units that would continue to be eligible for input tax credit in a mixed project.

• The decisions of the GST Council have been presented in the simple language for better understanding and the same would be effective through circulars which alone shall have the force of law.

The progress for the implementation certainly of the new tax structure is acknowledged as it will give enough time to adapt operations to the latest structure. Justifying GST on under construction properties has been one of the Real Estate sector’s foremost requests. The move to reduce GST, combined with the implantation of RERA, will boost the demand and firmly renovate the sector.

Smart Residential Living

TOP LUXURY RESIDENTS IN METRO CITIES

Mar 8,2019 / By Supriya Mogarala / No Comment

TOP LUXURY PROJECTS OF METRO CITIES

Luxury residents have always been an admirable scarcity that would often let people go out of the way to secure everyone’s dreams of owning a luxurious and magnificent resident. The Real Estate in India has tangled the way of living spaces are designed. Luxury residents have transformed the vitality and outlook of Real Estate in India. These luxury projects provide a high-quality standard of living with some magnificent amenities that are bizarre, posh and spacious. Outstanding designs and flawless engineering are some of the factors that define a luxury apartment.

BANGALORE – SOBHA AVENUE BY SOBHA LIMITED

Sobha Avenue by Sobha Limited is a graciously crafted posh project that is established in luxury, comfort, and peace located in Whitefield, Bangalore. Whitefield’s USP is its crucial location and is a mixed residential extravagant neighborhood that is among one of the most Real Estate destinations in the city. Sobha Avenue is designed in such a way that it takes care of every element of life. It offers wide amenities to suit the needs of residents for the finest community living. Being well known for its excellent landscaped garden this project helps the residents to relax by refresh by providing a calm environment. This project is an array of world-class amenities such as gymnasium, Clubhouse, Kids pool, Play Area etc. besides that, proper safety equipment’s are installed to assure the safety of the residents.

This integrated township is located in Whitefield that is in the troupe with many famous schools, hospitals, shopping destinations, tech parks, and every civic amenity required. Varthur Road and Martahalli are well connected to Whitefield. The nearest metro station is at Hope Farm Junction that is about 5km away and further has great connectivity at Varthur with the metro grid. Many IT parks such as International Tech Park, HM Tech Park, and Brigade Tech Park are located in the close proximity with Sobha Avenue.

It is about 16.7 kilometers away from the City Railway Station
About 50 Kilometers from the Bangalore International Airport.

About the Builder:

Apart from the amenities that can be characterized, Sobha Avenue’s purchase process has become easier with the home loan offers and easy payment plans. This luxurious project is developed by Sobha limited, One of the largest Real Estate players in India who strived for standard quality and customer-centric approach with uncompromising business ethics. As of 31^st December 2014, Sobha has completed 90 Real Estate projects and 258 contractual projects covering about 6.31 million square meters.

Price Trend:

Sobha Avenue has shown the price appreciation of 3.07% when compared from Q4 2017 to Q4 2018. There is a constant appreciation in the BSP on Qtr on Qtr basis for Sobha Avenue.

CHENNAI – CASAGRAND BLOOM BY CASAGRAND BUILDER PVT. LTD.

Casagrand Bloom is a luxury enclave of magnificent Villas located in Thirumudivakkam, Chennai. These residential villas in Chennai offer you the kind of life that modernizes you to live the life to the fullest. The floor plan of Casagrand Bloom offers 3 BHK and 4 BHK luxurious villas that are the unique blend of spacious and ventilated rooms. The master plan of this project comprises of unique design with Spanish themed architecture that affirms a world-class lifestyle and famed accommodation in Villas in Chennai. Out of many world-class amenities, the amenities in this project comprises of Swimming Pool, Gymnasium, and backup Electricity etc.

This property consists of 159 units on a 10-acre expanse with a private garden space that is located at a peaceful and serene residential location of Chennai. There are numerous schools, colleges, leading IT hubs, and hospitals around this location. This project is located in very close proximity with Madras Export Processing Zone (MEPZ) and outer ring road. This project also includes a private garden space. Casagrand Bloom boasts of 159 units laid out over an expanse of 10 acres.

Thirumudivakkam bus stop is 1.2 km away from this project
Pallavaram Railway Station is 7km away
Chennai international airport is 15km away and can be reached within less than 30 minutes

About the Builder:

Casagrand Real Estate Enterprise has always been committed to building aspirations and delivering values to its customers. In the last two years, they have developed over 68 landmark properties of 9 million Sq. Ft. Of prime residential real estate across Chennai, Bengaluru, and Coimbatore. In the fourteenth year of their journey, Casagrand is all set to progress further forward with projects worth over 6500 crores in the pipeline.

Price Trend:

Casagrand Bloom has shown the price appreciation of 2.63% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 100 per Sq. Ft since Q2 2018 & is constant till now

HYDERABAD – CADOL CASHMERE COURT BY CADOL PROPERTIES

Cadol Cashmere Court is an ultimate contemplation of urban chic lifestyle located in Mokila, Hyderabad. The project hosts in its exclusively designed Residential Villas, Each being an epitome of charm and modesty that boasts its architectural excellence. It comprises of 3 BHK Villas that are finely crafted, inspiring in design, stirring in luxury and committed to providing houses with incomparable quality. These villas are spacious, well ventilated and Vastu compliant. Besides that it offers an array of world-class amenities such as Landscaped Garden, Play Area, Rain Water Harvesting, indoor games etc. also, all the equipment’s are installed to assure the safety of its residents.

Mokila is one of the locality that has favored the growth of Real estate in Hyderabad. It is in proximity to the financial district of Gachibowli and IT hubs at Kokapet. There is a number of schools, colleges, hospitals, bank branches and recreation centers in the vicinity. This locality is well connected to Gachibowli, Kokapet, and Hi-tech city. Apart from appreciating the good connectivity to major areas, APSRTC is running buses from Shankarpally to Mokila. Cadol Cashmere Court is in the troupe with every civic amenity required, so that you spend less time on road and more time at home. Also, this project is 271.2 Km away Via NH65 from Amaravati, the future first smart city of India. This project also promises high returns in the future due to its amazing location which connects with the major parts of the city.

Shankarpally Railway Station is located 8.3 km away
Rajiv Gandhi International Airport is 43.2 km away from this project

About the Builder:

Cadol Cashmere Court is engineered by internationally revived architects of Cadol Properties. This group has been involved in producing various residential and commercial projects with beautifully crafted interiors and exteriors as well. Cadol is one of the leading real estate developers which has over 7 years of service excellence in Hyderabad. They have successfully completed many residential housing projects and many more plot layouts. Cadol has an active and dedicated executive team that safeguards high-quality standards and timely deliveries.

Price Trend:

Cadol Cashmere Court has shown the price appreciation of 14% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 50 per Sq. Ft since Q2 2018 & is constant till now

PUNE – GOKHALE RAHULKUNJ BY GOKHALE CONSTRUCTIONS

Gokhale Rahulkunj is a tenderly built residential apartment project located in Rambaug Colony, Pune. This multi-storied project comprises of 2 BHK and 3 BHK Apartments that varies from 1029- 1339 square feet each. The interiors in this project are beautifully crafted with all modern and trendy fittings which give these apartments, a contemporary look. Out of many world-class amenities, the array of amenities offered in this project are Landscaped Garden, Water Management system, Multi-purpose Hall, Gymnasium, and proper security instruments are installed in order to assure everyone’s safety.

It is located in Rambaug Colony that is in the troupe with many famous schools, hospitals, shopping malls, tech parks, grocery stores, restaurants, recreational centers and every civic amenity required. Also, it is located in very close proximity with the western suburb of the Pune city, Kothrud. Rambaug Colony experienced rapid growth in commercial and residential real estate. It provides major connectivity to all other major parts of the Pune city

This project located 8.6 km away to the Pune railway station via Karve road
18.1 km away from Pune international airport. This project is located 85.5 Km away from Mumbai-Pune Expressway.

About the Builder:

Gokhale Constructions is a leading group in the Real Estate market in Pune. This builder group has earned its name and fame because of the timely delivery of world-class residential Apartments and quality of material used according to the appeal of the customers. The group has been involving in producing various residential and commercial projects with interiors as well as exteriors.

Price Trend:

Gokhale Rahulkunj has shown the price appreciation of 2.10% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 100 per Sq. Ft since Q2 2018 & is constant till now

KOLKATA – ECOPRIME DHIR VILLA BY ECOPRIME HIGHRISES PVT. LTD.

Ecoprime Dhir Villa is one of the most popular residential project located in Dhakuria, Kolkata. It is an ultimate reflection of urban chic lifestyle each being the essence of elegance and integrity. It comprises of 3 BHK apartments that are finely organized to provide houses with unmatched quality. These apartments are spacious, well ventilated and Vastu compliant. The floor plan of this project presents the most exciting and dynamic floor plans designed for an extraordinary lifestyle and the master plan of this project offers people a strong connection to their surroundings, promoting a sense of community balancing this with a definite private address for individual homeowners.

This project offers an array of world-class amenities such as intercom, lift, play area, landscaped garden, etc. There is a number of advantages of living in apartments with good locality. The location of Ecoprime Dhir Villa makes sure that home-seekers are choosing the right apartments for themselves. It is one of the most prestigious addresses of Kolkata with many facilities and utilities in Dhakuria. Dhakuria is a home of numerous schools, colleges, hospitals. The employment opportunities around this area might be really positive because of the construction of the proposed Kolkata – Dhanbad Expressway.

This project is 13.2 Km away from Kolkata Railway Station
22.2 Km away from Kolkata international airport via Bangoan – Kulpi road

About the Builder:

This project is developed by Ecoprime Highrises Private Limited, a well-known player in the real estate industry. Their focus from day to day has been to provide the best quality real estate products. This group has been tangled in producing various residential and commercial projects with beautifully designed interiors as well as exteriors. Apart from that, they provide the best customer services and upcoming values.

Price Trend:

Ecoprime Dhir Villa has shown the price appreciation of 2% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 50 per Sq. Ft since Q2 2018 & is constant till now

AHMEDABAD – KP VILLAS BY KP SANGHVI INFRASTRUCTURES PVT. LTD.

KP Villas is an ultimate contemplation of the urban hic lifestyle located in Sanand, Ahmedabad. This project aims to enrich the lifestyle by setting new standards for quality, safety, and interior design. The ambiance of KP Villas is truly an extraordinary sight to behold. This project hosts in its lap exclusively designed in residential Villas, each being an essence of elegance and simplicity. KP Villas comprises of 4 BHK and 5 BHK Villas that are finely crafted with beautiful interiors. This project offers a pattern of amenities such as Landscaped Garden, Gymnasium, Play Area, Health Facilities. Besides that proper security equipment’s are installed to ensure the safety of homeowners.

KP Villas is located at Sanand, The Real Estate destination of Ahmedabad. This project is in association with many schools, hospitals, shopping destinations, tech parks and every civic amenity required to spend less time on the road and more at home.

This project is located 29 Km away from Ahmadabad Railway station
Located at a distance of 45.2 Km away from Sardar Vallabhai Patel Airport (AMD) via NH 147
26.7 Km away from Ahmedabad Central Bus station.

About the Builder:

KP Villas is engineered by KP Sanghavi Infrastructures. KP Sanghavi has raised the standards of living, with a responsibility towards qualitative work resulting in premium results that drive a passion and innovation at each stage of their journey. The group has been involved in producing various residential and commercial projects with delightfully designed interiors as well as exteriors.

Price Trend:

KP Villas has shown the price appreciation of 5.71% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 150 per Sq. Ft since Q2 2018 & is constant till now

MUMBAI – OBEROI SKY CITY BY OBEROI REALTY LTD.

Oberoi Realty presents Sky City at Borivali, Mumbai. This project is designed as a revelation offering beautifully crafted homes with grand design aesthetics and acres of open spaces with thoughtfully chosen amenities that soaks in the admirable luxury where residents can mingle with the brilliant community. This project is a home for many world-class amenities. Drawing the beauty from multi-terraced gardens, Sky City is literally an aesthetic experience on many levels. Sylvan nooks and corners, breath-taking entrances, grand pathways, and a rare equanimity; every amenity here has been finely thought through to create a living environment that transforms the prosaic into the dimension of dreams.

This project is located in Borivali East, the greenest neighborhood of Mumbai that is in close proximity with Mumbai – Pune Expressway. This project is in a troupe with many schools, colleges, hospitals, and this project is also well connected to business districts and leisure options like malls, theatres, and other escapes. The western express highway is also located in very close proximity with Borivali East.

This project is located 2.5 Km away from Borivali Railway Station
15.3 Km away from Chhatrapati Shivaji International Airport.

About the Builder:

This project is developed by Oberoi Realty, the best construction company in India for over three decades now. Oberoi Realty has been an ensign of trust, transparency and differentiated service in the Real Estate sector in Mumbai. Their growth and responsibility have both been built on adherence to vision, and mission.

Price Trend:

Oberoi Sky City has shown the price appreciation of 1.42% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 100 per Sq. Ft since Q2 2018 & is constant till now

NAVI MUMBAI – KAMADHENU SAI SAAKSHAAT E WING BY KAMDHENU REALTIES PVT. LTD.

Kamadhenu Sai Saakshat E Wing is an unmatched residential property located in Kharghar, Navi Mumbai. The project offers plenty of benefits that world-class amenities, prime location, comfortable and lavish lifestyle, healthy environment and high return on investment. This property is spread over an area of 1 acre with 26 floors that offer 3 BHK apartment of various sizes. The master plan of this project is designed in such a way that these apartments comprises of wide space with perfect ventilation at every corner of the house and the interiors are wonderfully crafted with designer tiled floor, granite counter slab in kitchen, modern fittings in the bathroom and huge windows for proper sunlight. There are many world-class amenities that are offered in this project. All these features together assure many choices to relax, revitalize at home. Apart from all these, security devices are installed to ensure the safety to the residents.

This project is located in Kharghar, the latest real estate destination in Navi Mumbai. It is strategically located and provides direct connectivity to nearly all other major points in and around Navi Mumbai. It is one of the most eminent addresses of the city with easy access to many famed schools, colleges, hospitals, public gardens, and several other public amenities. Also, this project has easy access to all the metro stations around this location.

It is 10.1 Km away from Panvel Suburban Railway station and 14.6 Km away from Navi Mumbai Railway station
35.1 Km away from Chhatrapati Shivaji International Airport.

About the Builder:

This project is developed by Kamdhenu Group, an eminent name in the real estate industry that has been constructing a remarkable quality living, commercial edifices for the last 25 Years. The group is well known for its quality and timely completion of every endeavor undertaken. Not just living spaces but the hospitality industry is also one such area where Kamdhenu Realities are making their impact slowly but steadily. After constructing utility projects the group went on to develop various other residential projects around India.

Price Trend:

Kamdhenu Sai Saakshaat E Wing has shown the price appreciation of 1.54% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 50 per Sq. Ft since Q2 2018 & is constant till now.

FARIDABAD – ADORE HAPPY HOMES GRAND BY ADORE REALTECH PVT. LTD.

Adore Happy Homes Grand is an ongoing project that is an ultimate reflection of elegance located in Sector 85, Faridabad. The project hosts in its lap entirely designed Residential Apartments, each being a symbol of elegance and simplicity. This project comprises of 2 BHK and 3 BHK apartments that are finely crafted and committed to providing houses with unmatched quality. These apartments are spacious, well ventilated and Vastu compliant. This project offers an array of world-class amenities fixed with perfect interiors and proper security equipment are installed to ensure the safety of its homeowners.

This project is located in Sector 85, Faridabad. This project is in a crew with famous schools, colleges, shopping destinations, tech parks, and every civic amenity required. There are numerous metro stations around this locality that are in the troupe with this project

This project is located 6.5 Km away from Faridabad Railway Station
Located 39.4 Km away from Indira Gandhi International Airport via Chennai – Delhi highway.

About the Builder:

Adore Happy Homes Grand is engineered by internationally renowned architects of Adore Realtech. The group has been involved in producing various residential and commercial projects. This group was founded in the year 2015 with a vision to be a progressive enterprise, the Group’s interest across various verticals focuses on rewarding business ideas and creating feasible solutions.

Price Trend:

Adore Happy Homes Grand has shown the price appreciation of 1.42% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 50 per Sq. Ft since Q2 2018 & is constant till now.

GHAZIABAD – GAUR SIDDHARTHAM BY GAURS GROUP

Gaur Siddhartha Vihar is a new prelaunch establishing in Siddharth Vihar, Ghaziabad. This project is covered by 5 acres of land which has multiple units of 2 BHK that favors for purely residential society for dream home residences. This project is constructed in a way that it provides a perfect view about Ghaziabad area. This project is configuring the latest earthquake proof resistance architecture. This project offers a bunch of world-class amenities that are engineered by internationally renowned architects. These apartments are vast, comfortable, well ventilated and Vastu flexible.

This project is an ensemble with many schools, colleges, shopping destinations, tech parks, and every civic amenity required and allows you to spend less time on the road and more time at home.

This project is just 3.4 km away from Ghaziabad Railway station and can be reached within less than 15 minutes
36.3 Km away from Indira Gandhi international airport via Delhi – Meerut Expressway.
This project is located 16.4 Km away from Delhi – Meerut Expressway.

This project is located in one of the hottest investment destinations in India

About the Builder:

This project is developed by Gaurs Group. The foundation of Gaurs Group was laid in the year 1995 and since then the company has never looked back. Since the very first year, the company has been busy in creating residential as well as commercial spaces that exceed international quality, architectural excellence, and customer satisfaction. This group has been satisfying the expectations of thousands of customers and crafting brilliance with its elegant projects since 1995. Gaurs Group has also been a campaigner in the field of Green Construction and proactive with the concept of Solid Waste Management which helps them achieve the mission of “Zero Garbage City” in their township projects.

Price Trend:

Gaurs Siddhartham has shown the price appreciation of 1.42% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 50 per Sq. Ft since Q2 2018 & is constant till now.

GREATER NOIDA – 16^TH PARKVIEW GAUR YAMUNA CITY BY GAURS GROUP

16^th Parkview Gaur Yamuna City is a struggle luxury enclave of brilliant Apartments in Yamuna Expressway, Greater Noida. It is one of the most desired projects by the group since it is located in the closest proximity with Yamuna Expressway, the present largest expressway in India. This offers an astonishing and amazing view which will become one of the most preferred residential choices in NCR. The development of this project comes under facilities like gymnasium, Jacuzzi, play area, drop off the plaza and circulates its homeowners with 65% greenery and open area with affordable pricing.

The main USP of this project is its location. It is located in sector 19, Yamuna Expressway. This project is in a troupe with many schools, colleges, tech parks, etc. there are many metro stations that are connected to various parts of the city located within the closest proximity to this project. This project is located 38 Km away via Taj Express Highway from Raya Railway Station. This project also pledges high return on investment due to its location that connects to the major parts of the city and also this project has a unique demand because it’s located in the surrounding area of Yamuna Expressway. The project also offers a temple with a sitting area, aroma garden, and many more unique amenities.

About the Builder:

This project is developed by Gaurs Group. The foundation of Gaurs Group was laid in the year 1995 and since then the company has never looked back. Since the very first year, the company has been busy in creating residential as well as commercial spaces that exceed international quality, architectural excellence, and customer satisfaction. This group has been satisfying the expectations of thousands of customers and crafting brilliance with its elegant projects since 1995. Gaurs Group has also been a campaigner in the field of Green Construction and proactive with the concept of Solid Waste Management which helps them to achieve the mission of “Zero Garbage City” in their township projects.

Price Trend:

16th Parkview Gaur Yamuna City has shown the price appreciation of 1.78% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 50 per Sq. Ft since Q2 2018 & is constant till now.

GURGAON – CENTRAL PARK FLOWER VALLEY VILLAS BY SWETA ESTATES PVT. LTD.

Central Park Flower Valley Villas is a mesmerizing villa township located at Sohna Road, Gurgaon. The project hosts in its lap exclusively designed residential Villa’s, each being a symbol of elegance and simplicity. The villas come fully built-up or expandable with 3/6 BHK option that is finely crafted and devoted to providing houses with unmatched quality. This project offers an array of world-class amenities with extraordinarily designed interiors as well as exteriors. This project offers an array of world-class amenities that are properly engineered by well-known architects.

LOCATION ADVANTAGES:

27.3 Km from IGI Airport
9.5 Km from Central Park Resorts
Located in foothills of Aravalli
Leading Retails, Educational institutions, Healthcare & Hotels in proximity
20.8 Km away from Golf Course Extension Road
24 Km away from GHH Railway station

This project is enveloped by verdant surroundings so that the homeowners spend less time on the road and more time at homes. Proper safety equipment is installed to ensure that residents live safely and happily.

About the Builder:

Central Park Flower Valley Villas is devised by internationally esteemed architects of Sweta Estates Pvt Ltd. The group has been keenly involved in producing various residential and commercial projects with magnificently crafted interiors as well as exteriors. The company is passionate and committed to creating excellence in the Real Estate industry in India. It has unparalleled expertise in creating elegantly designed living spaces that display the highest standards of global quality.

Price Trend:

Central Park Flower Valley Villas has shown the price appreciation of 1.47% when compared from Q4 2017 to Q4 2018.

NOIDA – ANTRIKSH GRAND VIEW BY ANTRIKSH GROUP

Antriksh Grand View aims to cultivate lives by setting new standards for customer centricity, architectural design, quality and safety located in Sector 150, Noida. This project offers beautiful 3 BHK Apartments in Noida that comes with a view that reflects beauty in its true sense by ensuring exclusivity and privacy to its homeowners. From styling the floor to spacious balconies, standard quality, and high-quality fixtures, every little detail here grants it a magnetic look from both inside and outside. It comprises of many world-class amenities that are very unique that includes swimming pool, greenery etc.

It is located at sector 150, Noida that is in a troupe with many famous schools, colleges, recreational centers, hospitals, tech parks and every civic amenity required. This locality is well suited for the ones who want to enjoy a modern lifestyle. It is strategically located in a locality that gives unmatched availability from all the vital areas.

It is located 38.8 Km away from New Delhi Railway Station via Noida- Greater Noida Expressway
48.7 Km away from Indira Gandhi International Airport. This locality is located in very close proximity with Noida – Greater Noida Expressway

About The Builder:

Antriksh Group is one of the Real estate player in India from 1986. They develop both residential and commercial projects and have created many projects in multiple cities around the country by providing a quality product to innovate the technology for their projects. The company has a lot of experience to work with reputed and well-established architects like Development Consultant, In house Architect’s etc. the company has won the best performing and quality construction awards from different organizations.

Price Trend:

Antriksh Grand View has shown the price appreciation of 4.23% when compared from Q4 2017 to Q4 2018

THANE – NEW ROYAL HEIGHTS BY NEW ROYAL CONSTRUCTIONS CO.

New Royal Heights, A mix to give away really modern outlook towards life located at Kopri, Thane. These residential apartments are wonderfully crafted bearing all your needs that offer 2 BHK Apartments at one of the prime locality in Thane constructed with proper ventilation and uncluttered wide space. This project is one such where luxury comes with affordability and the inhabitants enjoy the perks of living in one of the best localities of town. The amenities installed within this project are Play area, Gymnasium, health facilities and proper security instruments are installed in such a way to ensure the safety to its customers.

This project located in the very prime location of Thane that is Kopri which has great connectivity with major parts of the city and also accessible to the nearest metro stations. This project is in association with every civic amenity required to have a pleasant life and also troupe with many schools, hospitals, and recreational centers to let its residents spend more time in their houses. It is strategically located in a locality that gives unmatched availability from all the vital areas.

This project is located very close to Thane Railway Station with a distance of 2.3 Km
19.6 Km away from Chhatrapati Shivaji International Airport.

About The Builder:

New Royal Construction Co is a leading player in Thane Real estate industry that builds their every home with a focus on quality, useful detailing and value for money. Their desire is to earn trust and confidence while they launch their new commercial and residential projects all over India. This company is focused on its future expansion with properties in rapidly developing locations.

Price Trend:

New Royal Heights has shown the price appreciation of 1.35% when compared from Q4 2017 to Q4 2018. The BSP was constant for Q4 2017 & Q1 2018, then there was an appreciation of Rs 200 per Sq. Ft since Q2 2018 & is constant till now

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Properties to Get Costlier as Stamp Duty in Mumbai Hiked to 6%/commonfloor

Mar 5,2019 / By Prahalad Singh / No Comment

Stamp duty and registration charges in Mumbai continue one of the largest sources of revenue for the state government of Maharashtra. As a matter of fact, the government has been pitching on Mumbai’s real estate boom to encourage growth and development.

The Maharashtra government’s decision to raise a 1% surcharge on stamp duty for properties in Mumbai, could negatively affect the realty market and home buyers, nowadays when property deals are already charged with high tax rates.

It would be raised on the sale, lease, mortgage, and gift of real estate transaction, within the area of the Brihanmumbai Municipal Corporation (BMC). The existing stamp duty on houses in Mumbai is 5%, which will now increase to 6%, making properties more costly.

Stamp Duty CF

How the Stamp Duty Hike Will Impact the Homebuyers?

This move is particularly discouraging for the mid-segment homebuyers who are thinking of buying property due to easy availability of options and reduce interest rates currently.

Hence, if the ready reckoner rate for a property is Rs 2.75 lakhs and the agreement value is Rs 5,50,000,00 lakhs, then, the stamp duty will be calculated on the agreement value of Rs 5,50,000,00 lakhs.

A Comparative Study of Property Charges Before the Hike

Assume you buy a 200 sqm flat near Andheri where the Ready Reckoner rate for residential property is Rs 264200 per sq.mt. Considering the property’s agreement value is the same as the Ready Reckoner Rate in the locality, your property price calculation will be as follows:

Total Cost of the property before the hike
A. Area of the flat	200 sqm
B. Ready Reckoner Rate	Rs 2,75,000/sqm
C. Price of flat (AxB)	Rs 5,50,00,000
D. Stamp Duty (5% of C)	Rs 27,50,000
E. Registration fee (1% of C or 30,000, whichever is less)	Rs 30,000
F. Total cost (C+D+E)	Rs 5,77,80000

A Comparative Study of Property Charges After the Stamp Duty Hike

Total Cost of the property after the hike
A. Area of the flat	200 sqm
B. Ready Reckoner Rate	Rs 2,75,000/sqm
C. Price of flat (AxB)	Rs 5,50,00,000
D. Stamp Duty (6% of C)	Rs 33,00,000
E. Registration fee (1% of C or 30,000, whichever is less)	Rs 30,000
F. Total cost (C+D+E)	Rs 5,8330000

The above table is showing that before rate hike one has to Pay Rs.5,77,80000 for a 200 sqm flat in Maharashtra but after a rise of 1% as a surcharge, for the same property, people have to pay Rs.58330000 which goes Rs.550000 more.

But wait, this isn’t the actual cost of the apartment. There are many other un-advertised costs which are hidden and are calculated over and above the advertised price. And yes, do n’t make the mistake of underestimating these costs as they normally make up to 20% of the advertised cost.

Here are what all the costs a builder/developer will charge you when you actually buy the apartment/property and sign the buyer’s agreement in Maharashtra:

What Are the Hidden Charges a Homebuyer Have to Pay to Buy a Flat in Mumbai?

Nature	Amount in Rs.	Calculation Basis
BSP	3000000	1200 Sq. feet * 2,500
PLC	120000	4% of BSP. PLC location depends on buyers
EEC & FFEC	60000	1200 Sq. ft * Rs. 50 per Sq. ft.
EDC & IDC	120000	1200 Sq.ft. * Rs.100/ Sq.ft.
Open Car parking space	125000	Fixed amount (differ from project to project)
Covered parking space	200000	Fixed amount (differ from project to project)
Club membership	45000	Fixed amount (differ from project to project)
Power back-up	30000	Fixed amount (differ from project to project)
Electric Connection charges	3000	Fixed amount (Approximate value)
Water, Drainage, and Sewerage	3000	Fixed amount (Approximate value)
Stamp Duty	180000	6% of BSP. Need to be paid to the government
Registration Fees	30000	1% for every state
GST Tax	360000	12% of BSP. Need to be paid to the government
Total Advertise Cost	3000000
Total (Extra and hidden costs)	1276000
Grand Total	4276000

Please note that all the charges are calculated on the basis of Super Built-up Area and not Built-up Area. As per industry standards, the difference between the super area and built-up area is approximately 18-20%. i.e. while you pay the price for 1200 sq.ft. (super area), the actual built-up area in your apartment would be somewhat 960 sq.ft. (1200 – 20% of 1200) = 960 sq.ft.

Government’s Decision to Deduce the GST Rates

This is not the end. Recently, the GST Council has made a 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

Once the decision will come into force, the property rate will decrease and will benefit the homebuyers across the nation. The above property calculation table where the GST rate is taken as 12% on the BSP, the buyer has to pay Rs.3,60,000 as GST charges on their home. The purchase will be reduced by Rs.2,10,000 (Rs.360000 – Rs.1,50,000). We can say that homebuyers will save up to Rs.2,10,000 on their purchase.

How the Stamp Duty Hike Will Impact the Mumbai Property Market?

Property in Mumbai is remarkably overpriced and most of the demand is moving towards Navi Mumbai and Thane. Now, those who are moving from the suburbs to the Island City will be the ones who would be most affected. If the surcharge is imposed, homebuyers will move to Thane and Navi Mumbai for their housing needs more actively.

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Properties to Get Costlier as Stamp Duty in Mumbai Hiked to 6%/commonfloor